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- Ramaco Resources, Inc. (NASDAQ: METC, METCB) ("Ramaco" or the "Company") today announced that it has entered into a non-binding memorandum of understanding ("MOU") with Indium Corporation relating to the supply of gallium and germanium from Ramaco's exploratory Brook Mine rare earth and critical-mineral project in Wyoming (the "Brook Mine").
Indium Corporation, headquartered in Clinton, New York, is a global leader in advanced electronic materials and specialty metals serving the semiconductor, electronics, aerospace, defense, and advanced manufacturing industries. The company is recognized for its expertise in the refining, purification, alloy development, and manufacture of high-performance materials, including gallium- and germanium-based products used throughout the semiconductor value chain. Indium Corporation manufactures and supplies electronics-assembly materials, including semiconductor packaging materials, thermal interface materials, solder products, and specialty metals.
Under the MOU, Ramaco and Indium Corporation agree to negotiate the potential supply of gallium and germanium from the Brook Mine project.
The MOU is non-binding, and any future supply or offtake arrangements will be subject to the completion of due diligence, negotiation, and execution of definitive agreements, successful development of the Brook Mine project, and other applicable conditions.
"Indium Corporation brings decades of experience supplying advanced electronic materials to the global semiconductor industry. We believe this MOU demonstrates a promising opportunity to introduce Brook Mine gallium and germanium into established domestic and allied supply chains. By combining Ramaco's potential domestic resource base with Indium Corporation's global materials expertise and established presence in advanced technology manufacturing, we believe this proposed relationship could strengthen and diversify the supply of materials that are increasingly critical to the U.S. electronics, semiconductor, and advanced manufacturing industries," said Randall Atkins, Chairman and CEO of Ramaco Resources.
"Gallium and germanium play an important role in many of the advanced technologies that are shaping our future," said Indium Corporation President and CEO Ross Berntson. "At Indium Corporation, our expertise has always been rooted in materials science and in helping our customers solve complex challenges with reliable, high-performance materials. This MOU with Ramaco Resources, Inc. represents an opportunity to explore how our capabilities can complement a potential U.S. source of these critical materials, while supporting the development of more resilient and diversified supply chains for the industries we serve."
About Ramaco Resources
Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, and southwestern Virginia and exploring a coal, rare earth and other critical minerals project in Wyoming. The Company's executive offices are located in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. The Company currently has four active metallurgical coal mining complexes in Central Appalachia and one coal mine and rare earth element and other critical mineral exploration stage property near Sheridan, Wyoming (the "Brook Mine"). The Brook Mine remains an exploration stage property, and no assurance can be given that it will be successfully developed into a commercial scale mine or that any inferred mineral resources estimated will be converted into higher confidence mineral resources or eventually mineral reserves. Contiguous to the Brook Mine, the Company operates a carbon research facility related to the potential production of advanced carbon products and materials from coal. In connection with these activities, it holds a body of more than 70 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks. News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at https://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455 or info@ramacometc.com.
Contact:
Orin Atkins, Ramaco Resources
orin.atkins@ramacometc.com
About Indium Corporation
Indium Corporation® is a premier materials refiner, manufacturer, and supplier to the global electronics, semiconductor, thin-film, and thermal management markets. Products include solders and fluxes; brazes; thermal interface materials; sputtering targets; indium, gallium, germanium, and tin metals and inorganic compounds; and NanoFoil®. Founded in 1934, the company has global technical support and factories located in China, Germany, India, Malaysia, Mexico, Singapore, South Korea, the United Kingdom, and the U.S. News and additional information about Indium Corporation are available at https://www.indium.com. For more information, contact the company at +1 315-853-4900 or askus@indium.com.
Contact:
Jingya Huang, Senior Marketing Communications Manager, Indium Corporation
jhuang@indium.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements related to future business arrangements and agreements, future production volumes and sales, anticipated capital expenditures, expected demand for gallium and germanium, the development and commercialization of the Brook Mine rare earth and critical mineral project, projected operating costs and margins, and the Company's financial guidance and outlook. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved.
These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
These factors include, without limitation, unexpected delays in our current mine development activities, the failure of our various business counterparties to perform, increased government regulation in the United States or internationally, the impact of tariffs imposed by the United States and foreign governments, the further decline of demand for gallium and germanium and underperformance of the railroads, the Company's ability to successfully develop the exploratory Brook Mine rare earth and critical mineral project, including whether the Company's exploration target and estimates for such mine are realized, the timing of the initial production of rare earth concentrates, the development of a pilot and ultimately a full scale commercial processing facility. Mineral resources are not mineral reserves and do not meet the threshold for reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the inferred mineral resources estimated at Brook Mine will be converted into higher confidence mineral resources and eventually mineral reserves in the future. Rare earth and critical minerals are a new initiative for us and, as such, has required and will continue to require us to make significant investments to build out our rare earth and other critical mineral capabilities.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.
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SOURCE Ramaco Resources, Inc.
