Ramaco Investors Sue Company Over “Hoax” Brook Mine Claims

A class action lawsuit has been filed against Ramaco Resources METC -7.05% ▼ on January 30, 2026.

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The federal securities class action alleges that plaintiffs acquired Ramaco stock at artificially inflated prices between July 31, 2025 and October 23, 2025, known as the “Class Period”. Plaintiffs are now seeking compensation for financial losses incurred upon public revelation of the company’s alleged misconduct during that time. To learn whether you may be eligible for a recovery under this securities lawsuit, click here.

Company Background

Ramaco is a self-described leading critical minerals producer. As such, it supplies metallurgical coal for the steelmaking industry, and develops a “world-class deposit of rare earth elements at the fully permitted Brook Mine, the first new REE mine in America in 70 years.”

In addition to the Brook Mine, which is located in Sheridan, Wyoming, the company says it has mines in West Virginia and Virginia. In all, the company says it has nine deep mines and three surface and highwall mines. Ramaco also claims that it exports material sourced from its mines to customers in approximately 20 countries overseas, as well as to North American customers.

Ramaco, which has approximately 800 employees, maintains its executive, financial, and administrative headquarters in Lexington, Kentucky.

Why are Shareholders Angry?

Ramaco and two of its senior officers (the “Individual Defendants”) are now accused of deceiving investors by lying and withholding important information about the company’s business practices and prospects during the Class Period.

Specifically, they are accused of omitting truthful information about the extent of mining activity that took place after groundbreaking at the Brook Mine from SEC filings and related material. By knowingly or recklessly doing so, they allegedly caused Ramaco stock to trade at artificially inflated prices during the time in question.

The truth came out On October 23, 2025. That’s when investigative market reporter and short seller Wolfpack Research published a report leveling numerous allegations against Ramaco. For example, the report alleged that Brook Mine is a “hoax” and a “Potemkin Mine” which was not, in fact mined after its July groundbreaking. As detailed in the complaint, the report alleges that the company “built this mine for show,” and reveals that, as shown by drone footage taken three months after the mine’s opening, no active work appears to have occurred.” The report also states that “[d]espite multiple site visits during working hours over several weeks” Wolfpack researchers “never observed the equipment mentioned in news reports or any active work.”

Taking a Closer Look

As alleged, Ramaco and/or the Individual Defendants repeatedly made false and misleading public statements throughout the Class Period.

In a press release issued at the beginning of the Class Period, for instance, the Company stated in relevant part: “The company commenced mining of the Brook Mine in June 2025. Tonnage is being mined in order to provide feedstock for testing in the company’s pilot plant which will optimize the ultimate processing and refinement of rare earth and critical mineral concentrates into oxides.”

Next, during an earnings presentation hosted by the company on August 1, 2025, Ramaco stated in pertinent part: “Our mine is already permitted, and opened officially in July 2025 with the ribbon cutting attended by Secretary of Energy Chris Wright, the entire Wyoming Congressional delegation, and the Governor of Wyoming.”

Then, in a quarterly report filed with the SEC on August 1, 2025, the company stated in relevant part: “As is the case with any mining asset that is not yet in commercial production, there is no assurance that we will be able to successfully develop the Brook Mine into a commercial scale mine.

Lastly, in a September 18. 2025 letter to stockholders Ramaco stated in pertinent part: “We have launched our fall drilling program at the Brook Mine, with two rigs now operating to complete 15 new holes before winter weather sets in. This program will expand the reach of the deposit and to continue upgrading the quality of our defined resource.”

Actions You May Take

If you have purchased the company’s stock during the Class Period, you may join the class action as a lead plaintiff, remain a passive class member, or opt out of this litigation and pursue individual claims that may not be available to the class as a whole. To learn more about your options, click here.

The deadline to file for lead plaintiff in this class action is March 31, 2026.

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