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- Ramaco Resources, Inc. (NASDAQ: METC, METCB) ("Ramaco" or the "Company") today announced that it has executed a non-binding memoranda of understanding ("MOU") with Bedrock Semiconductor Inc. ("Bedrock"). The MOU confirms potential strategic relationships involving critical minerals from Ramaco's exploratory Brook Mine rare earth and critical-mineral project in Wyoming (the "Brook Mine").
Bedrock is a Pennsylvania based corporation engaged in the development, manufacturing, and commercialization of gallium nitride (GaN) semiconductor materials and device technologies. Their technology for high-voltage GaN-on-GaN power devices is intended to transform energy efficiency and performance for AI data centers, electric vehicles, renewable energy and industrial power systems. Under the MOU, Ramaco and Bedrock agree to negotiate a supply of gallium feedstock or other essential elements from the Brook Mine project. The contemplated relationship is intended to support the development of a resilient, secure, and domestic supply chain for gallium-based semiconductor devices starting from the raw materials.
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.
"It is important to Ramaco to remain aligned with the technologies that will shape the next generation of gallium devices and semiconductor manufacturing. Bedrock represents the type of innovative company driving future demand for ultra-high-purity gallium materials, and this MOU displays how Brook Mine critical minerals can support those emerging applications.
By combining Ramaco's potential domestic resource base with Bedrock's expertise in advanced gallium nitride materials and high-performance semiconductor technologies, we believe this proposed relationship could help strengthen and diversify the supply of materials that are increasingly critical to the U.S. defense, electronics and semiconductor industries," said Randall Atkins, Chairman and CEO of Ramaco Resources.
"Bedrock's GaN substrates and GaN-on-GaN devices require a lot more gallium than GaN devices grown on silicon or silicon carbide substrates. But currently over 95% of gallium is produced in China. Developing a supply relationship with Ramaco is important for Bedrock to be able to source gallium domestically. Fortunately, Ramaco's Brook Mine is expected to meet Bedrock's demand for gallium for decades to come," said Troy Baker, CEO of Bedrock Semiconductor Inc.
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, Senior Vice
President-Rare Earths & Critical Minerals
orin.atkins@ramacometc.com
About Bedrock Semiconductor Inc.
Bedrock Semiconductor Inc. is a U.S.-based semiconductor technology company developing advanced gallium nitride ("GaN") materials and high-performance GaN-on-GaN semiconductor devices. The Company manufactures freestanding native GaN substrates and develops radio-frequency and high-voltage power devices designed to deliver greater efficiency, performance, and reliability than conventional semiconductor technologies. Bedrock's technologies are being developed for applications across data centers, telecommunications, radar and satellite systems, electric vehicles, renewable energy, and other advanced electronic infrastructure. News and additional information about Bedrock Semiconductor Inc. are available at https://bedrocksemi.com/. For more information, contact the company at troy@bedrocksemi.com.
Contact:
Troy Baker, Bedrock Semiconductor
troy@bedrocksemi.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 other essential elements from the Brook Mine project, 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.
