RARE EARTH ELEMENTS & CRITICAL MINERALS

Brook Mine ICP Analysis of REOs — Source: Weir International, Inc.

Global REE Deposits — Source: NETL

In May 2023, Ramaco announced a major discovery of magnetic rare earth element deposits at our Brook Mine property in Wyoming. This followed eighteen months of extensive core drilling and independent chemical analysis in partnership with researchers with the Department of Energy’s National Energy Technology Laboratory (“NETL”) and geologists at Weir International, Inc. This deposit may one day provide a long-term, dependable domestic source for critical materials needed for advanced military technology, batteries, medical devices, and much more.

The NETL analysis shows that core samples from the Brook Mine represent highly promising, world-class MREE and HREE accumulations. Based on this data, researchers believe the Brook Mine could rank among the more promising rare earth deposits on a worldwide basis, including Chinese HREE deposits. A technical Exploration Report from independent mining engineers at Weir International confirms this thesis.

The majority of REE deposits outside of China are associated with “conventional” mines and found in igneous hard mineral deposits, which makes them both difficult and expensive to mine and process. In contrast, the REEs from the Brook Mine are characterized as “unconventional” because they are largely found in softer clay strata located above and below the coal seams themselves. It is expected they can be mined using normal surface mining techniques and perhaps deeper in-situ forms of mining, and processed in a more economic and environmental manner than conventional REE mines. We believe the mine contains perhaps the largest “unconventional” deposit of REEs discovered in the United States.

The Brook Mine comprises over 15,800 acres outside of Sheridan, Wyoming, one of the largest privately controlled mineral reserves in the Western United States. Roughly 4,500 acres were finally permitted for mining in 2020, which is where the initial exploration and assessment program has been conducted.

Initial mine development at the Brook Mine began in the fourth quarter of 2023, following additional mine planning, pre-development work and assessment. Updates will be provided as deposit and chemical assessments continue.

In May 2023, Ramaco announced a major discovery of magnetic rare earth element deposits at our Brook Mine property in Wyoming. This followed eighteen months of extensive core drilling and independent chemical analysis in partnership with researchers with the Department of Energy’s National Energy Technology Laboratory (“NETL”) and geologists at Weir International, Inc. This deposit may one day provide a long-term, dependable domestic source for critical materials needed for advanced military technology, batteries, medical devices, and much more.

The NETL analysis shows that core samples from the Brook Mine represent highly promising, world-class MREE and HREE accumulations. Based on this data, researchers believe the Brook Mine could rank among the more promising rare earth deposits on a worldwide basis, including Chinese HREE deposits. A technical Exploration Report from independent mining engineers at Weir International confirms this thesis.

The majority of REE deposits outside of China are associated with “conventional” mines and found in igneous hard mineral deposits, which makes them both difficult and expensive to mine and process. In contrast, the REEs from the Brook Mine are characterized as “unconventional” because they are largely found in softer clay strata located above and below the coal seams themselves. It is expected they can be mined using normal surface mining techniques and perhaps deeper in-situ forms of mining, and processed in a more economic and environmental manner than conventional REE mines. We believe the mine contains perhaps the largest “unconventional” deposit of REEs discovered in the United States.

The Brook Mine comprises over 15,800 acres outside of Sheridan, Wyoming, one of the largest privately controlled mineral reserves in the Western United States. Roughly 4,500 acres were finally permitted for mining in 2020, which is where the initial exploration and assessment program has been conducted.

Initial mine development at the Brook Mine began in the fourth quarter of 2023, following additional mine planning, pre-development work and assessment. Updates will be provided as deposit and chemical assessments continue.

Brook Mine ICP Analysis of REOs — Source: Weir International, Inc.

Global REE Deposits — Source: NETL