Exhibit 99.2

PLEASE SEE THE CAUTIONARY STATEMENT FOLLOWING THIS LETTER

July 1, 2025

Dear Shareholders,

Last May, I wrote you updating the progress we had made with our unique rare earth and critical mineral deposit called the Brook Mine (“Brook”) near Sheridan, Wyoming. We have been providentially blessed that Brook contains what we believe is the largest unconventional deposit of rare earth elements (“REEs”) and critical minerals discovered to date in the United States.

As we have continued our diligence and work alongside both our independent consultants as well as the federal government, we have discovered that the mine and its ultimate development hold significantly greater promise than we originally suspected.

The size of the deposit, its ultimate development potential and the economics of Brook have grown to assume certainly transformational character for Ramaco as a company, but also transformational opportunity for our country. This deposit was first discovered by the Dept. of Energy’s national laboratories under the first Trump Administration.

China may now be dominating these critical materials. But this will be America’s rare earth mine.

Ramaco will be hosting the groundbreaking for the Brook Mine on July 11 in Sheridan. We are honored that representing the federal government at the groundbreaking will be U.S. Secretary of Energy Chris Wright, the entire Wyoming Congressional delegation led by Senator John Barrasso, Senator Cynthia Lummis, and Congresswoman Harriet Hageman, and former U.S. Senator as well as current Ramaco Board member Joe Manchin. We will also be honored by hosting Wyoming Governor Mark Gordon, whose Wyoming Energy Authority has partnered on our future rare earth pilot plant, as well as a number of other State and local elected officials.

Shareholders are certainly welcome and can please contact us for more information at info@ramacometc.com. We intend to schedule a call with shareholders, investors and analysts in the near future to more fully explain the Brook Mine project and next steps.

As I explain in this letter, we have made very significant progress over the past year. There has been continued effort to advance our understanding of the deposit geology. We have done extensive chemical and hydrometallurgical testing. We have also been working with a variety of independent groups like Fluor and others to analyze the deposit in order to develop the optimal processing and separation techniques necessary to commercialize the future oxide production of both our magnetic rare earths and valuable critical minerals.

Before I present both the Fluor and Weir International findings, I want to frame the dimensional potential. We have studied roughly one third or roughly 4,500 acres of a 16,000-acre deposit. Ramaco largely owns the mineral reserves in fee. The overall Brook Mine contains over 1.1 billion tons of coal deposit and is one of the largest private mineral holdings in the West.

As I explain in more detail below, we have reason to believe that as we progress our further analysis of the overall site, and the remaining two thirds of the deposit is then tested and cored at greater depths, that the overall size of the deposit may increase with similar mineral profile characteristics. Interestingly, given the location of the deposit on the far edge of the Powder River Basin (PRB), we have been advised that the rare earth deposit characteristics at the Brook Mine may be narrowly confined to the immediate area of the site.

We received an original mining permit from the State of Wyoming to annually mine roughly 2 million tons of ore contained in coal on the site. We have been encouraged by the federal government in order to meet the nation’s critical supply needs to consider both the acceleration of the timing of development of the mine, as well as a possible future expansion of its production and processing capacity. We will be working with stakeholders to consider our ability to do both, which could enhance the ultimate potential to both our shareholders as well as the country.

As to the mine’s potential, based on the work that we have done with our technical partners, we believe the Brook Mine would support about 3% to 5% of total United States permanent magnet demand, or more than 30% of the demand for U.S. defense applications, which is estimated at 10% of total U.S. magnet metal demand.

I also note that as described in the article linked below, we continue to work with the Dept. of Energy’s National Energy Technology Laboratory on the groundbreaking use of new AI technologies. We are using these to analyze and enhance our geological and testing capabilities both to find and ultimately process our rare earth and critical mineral deposits. We hope to expand our work to include related scientific and technological work alongside other Dept. of Energy national labs as well.

(https://www.energy.gov/technologycommercialization/articles/ai-tool-speeds-critical-mineral-hunt-boosting-us-supply).

We regard our basic business proposition as mining the Brook Mine deposit to provide ore that is ultimately used to make a variety of rare earth and critical mineral oxides manufactured in a processing facility located on the mine site. These oxides will be sold to domestic customers for the ultimate production of magnets, semiconductors and wide variety of other valuable products.

First, I will summarize the principal geological findings as published in the most recent Weir Exploration Target Technical report of March 2025. I would note that our test coring and profile has been confined both to the existing permit area footprint and taken at shallow depths (150-200’). We expect to expand that in the future.

Table 1.4-1   Drilling Programs

As I mentioned earlier, the Brook Mine represents a geologically unique rare earth deposit within the PRB formed we believe some 60 million years ago. While there have been numerous REE assays collected from carbonaceous and claystone intervals throughout the PRB, none to our knowledge have demonstrated the concentration or consistency seen at Brook Mine.

In particular, the Brook Mine deposit has yielded claystone assay grades (on a whole rock basis) ranging from 400 to over 1,000 ppm total critical mineral oxides (CMO) on 6-inch core composites, exceptionally high values in a sedimentary system.

This enrichment is believed to be the result of Brook’s distinctive structural and stratigraphic positioning. The deposit sits along the northwestern margin of the Powder River Basin, where stratigraphy is steeply dipping and intersected by multiple fault and fracture systems.

These structural features likely facilitated secondary mobilization and concentration of REEs via fluid flow, enriching the already favorable host coal and associated carbonaceous materials. Additionally, the Fort Union Formation coal deposits in this area is not only carbon-rich but is also near-surface and more geochemically reactive in this structural setting, further enhancing mineral deposition and preservation.

Given these geologic and structural factors, it is unlikely that similar REE grades are repeatable elsewhere within the PRB, even in areas with comparable lithologies. Brook Mine’s mineralization appears to result from a unique confluence of depositional, diagenetic, and tectonic factors, setting it apart from any known sediment-hosted REE occurrences in the region or indeed the nation.

Importantly, while current drilling and core sampling have focused within Ramaco’s initial 4,500-acre permitted area, Ramaco controls an additional roughly 11,500 acres of contiguous land. Although core drilling has not yet occurred outside the permitted footprint, historic lithologic and wireline logs suggest these areas share similar geologic characteristics, including the same REE-hosting lithologies and structural trends.

Furthermore, multiple high-grade assay results have been encountered in drillholes near the existing permit boundary, reinforcing the expectation that REE mineralization extends beyond the current permitted area. To validate and expand the resource base, Ramaco plans to initiate a new phase of coring and exploration across its broader land package beginning this fall. This work will target areas of similar structural position and lithologic signature, with the goal of confirming resource continuity and significantly increasing the overall scale of the deposit and the ultimate project.

Since I last wrote in 2024, we have also undertaken several significant steps toward the processing of the ore and the commercial development of the Brook Mine REE deposit. Although further testing and analysis is still in progress, based on this body of work the Fluor Corporation has prepared a Preliminary Economic Assessment (PEA) which concluded that the Brook Mine is both technically and commercially feasible.

In summary, Fluor has used the geological, chemical and hydrometallurgical test results to form the basis for determining which methods of extraction, separation, refining and processing could be used to achieve the highest oxide recovery of the most valuable rare earth and critical mineral elements.

We are blazing some new ground here, because most rare earths are found in hard rock formations which are usually characterized by high levels of radioactive tailings. This is why most rare earths are processed and refined in China. By contrast, our mineralized ores are found in coal (which we call carbon ore) and the associated clay, carbonaceous material and shale which comprise the over and under burdens surrounding the coal seams.

Through over more than a year of hydrometallurgical and chemical testing, working with third party laboratories as well as Fluor, Ramaco has developed various proprietary chemical and hydrometallurgical processes with a related flowsheet describing the process flow. This flowsheet includes a multi-step critical mineral liberation process to refine rare earths from what is a unique ore derived from coal and carbonaceous ores.

This was then used to develop the financial models for capex, opex and cash flows of the project. These current results still represent early findings which will require even more testing, refinement and optimization to ultimately get to the best results. The process of developing commercial rare earth and critical mineral oxides from our deposit involves highly technical both proprietary and conventional forms of separation, processing and refining of the raw carbon ore in order to create an oxide product.

In brief summary, ore is fed to the process plant first through a two-stage mineral sizing, followed by a grinding circuit to achieve a target particle size for downstream leaching. Liberation of the rare earths and other critical minerals is achieved in multi-stage leaching and purification processes that include chemical precipitation, solvent extraction, and ion exchange. The products produced from the flowsheet are various separated mixed critical mineral oxides.

Through these refining processes we were able to achieve oxide recovery levels exceeding 90% for the four rare earth elements listed further below in this letter and over 80% when combined with the three most valuable critical minerals. We hope to improve on these recoveries as the process is optimized through the pilot phase. These are regarded as impressive recoveries for this stage of development.

A more complete description of these processes will be in the Fluor PEA, although with Fluor’s consent we are releasing today the key summary findings of their PEA. Their complete report will be delivered to us by July 8. The delay, as previously noted, was engendered by an inability to obtain timely test results from third party laboratories.

Please note that some information contained in both the summary and final PEA has or will be redacted or summarized owing to the proprietary nature of some of the information as well as for protection of our intellectual property rights. The inclusion herein of these redacted or summarized findings does not affect Fluor's overall findings and conclusions.

Based on Fluor’s findings and recommendations of technical and commercial feasibility we have proceeded with mine development (which began in early June) to procure representative carbon ore for ongoing pilot-scale metallurgical testing. A time lapse video of our current mine work will be posted on our website at www.ramacoresources.com.

Before we would proceed to design and construct a full-scale commercial plant, we will test these processes in a pilot processing plant we will construct at the Brook Mine site, near our current iCAM Research Center outside Sheridan. This work will begin later this summer, and the pilot plant will hopefully be in place by year end.

As previously noted, we received a $6.1 million matching grant from the Wyoming Energy Authority’s Energy Matching Fund to be applied toward development of the pilot facility.

This pilot plant will conduct testing to design and optimize the processing techniques for the commercial production of rare earth and critical mineral oxides from a concentrate developed from the Brook Mine ore.

It is expected that the pilot testing will be conducted over an initial period of approximately 6 months to generate product for testing. The pilot plant will be used to validate the flowsheet on a continuous scale and generate product for quality testing. Over the longer term, it will be used to train operators.

A rendering of the pilot facility is shown below:

Based upon results of this pilot testing the full commercial oxide plant will be engineered and designed by Fluor. It is expected that the construction period for the full plant will take approximately 18 months. This would make the project operational in 2027. We would expect a 2-year “shakedown” period for the plant to be optimized and reach full steady state capacity. We will be working to accelerate this timeframe if possible.

In parallel with the pilot plant work, we will continue advancing our geological work to refine the understanding of this unique coal-hosted critical mineral deposit. A targeted infill drilling campaign is being planned to tighten drill spacing in key areas of the deposit, enabling enhanced grade control, and improved resource classification. This work will also inform updates to the block model and support future mine planning and sequencing.

We will also begin expansion of our drilling exploration activity to other areas we control outside the existing permit boundary as well as explore deeper formations where we hope to find both additional and perhaps more concentrated mineral deposits.

On our commercial path, we intend to shortly initiate discussions on supply and procurement arrangements for the sale of oxides with a host of potential domestic customers. The range of possible customers includes both domestic corporations as well as governmental and defense related entities. We are encouraged that our initial outreach to potential customers indicates that the Brook Mine will be able to provide future supply arrangements for specific rare earths and critical minerals that are not currently available from existing domestic sources.

Fluor estimates in the PEA assume that the Brook Mine has an annual production rate of 2 million tons of coal, which once refined and processed would produce steady state annual production of ~1,240 tons of rare earth and critical minerals.

On the revenue front, long term rare earth and critical mineral pricing forecasts were obtained from industry sources. The chart above shows the prices for our most valuable oxide products together with their projected revenue and production metrics.

At this preliminary phase, Fluor’s project cost estimation is approximately $580 million, inclusive of a $106 million for contingency and escalation. At steady state production beginning in 2029 Fluor estimates the project will generate roughly $143 million in annual EBITDA.

Fluor and Ramaco jointly prepared the cash flow statement shown below. Ramaco has calculated an estimated Equity Value using a comparable public company EV/EBITDA. Fluor has calculated a project Payback period and an unlevered-pretax Internal Rate of Return (IRR), again as shown below:

Brook Mine Summary

Cash Flow Build ($ ’000)

Year Ended December 31

Investors, analysts and shareholders are encouraged to draw their own conclusions on valuation. There is currently only one publicly traded rare earth company in the United States which is MP Materials, Inc. (NYSE: MP). Comparing MP’s forward 2028 EV/EBITDA valuation to the proposed Fluor results from the Brook Mine would be as follows:

Ramaco's Brook Mine Peer Comparison

Source: Bloomberg, Fluor, Ramaco

It is perhaps useful to outline some differences between the two companies, since just as in the metallurgical coal business, there are important distinctions between producers even within the same industry.

First starting with geology, the Brook Mine and MP’s Mountain Pass mine represent two fundamentally different types of REE deposits, each with distinct geology, mineralogy, development pathways, and long-term strategic positioning.

Mountain Pass is a well-established, hard rock deposit mined since 1952 and hosted in a carbonatite intrusion, with REEs primarily occurring in the mineral bastnasite, which is rich in light rare earth elements (LREEs), especially cerium (Ce) and lanthanum (La). These two elements comprise almost 85% of Mountain Pass’s total rare earth oxide (TREO) content, with lower amounts of the more valuable mid and heavy rare earth elements (MREEs and HREEs).

In contrast, the Brook Mine is an unconventional, softer sediment-hosted REE deposit, where rare earths are concentrated in carbonaceous claystones and coal seams. The REEs are associated with microcrystalline monazite, clays, and organic matter. Brook exhibits a much more balanced REE distribution, with Ce and La comprising only ~40% of TREO.

The Brook Mine also possesses significantly higher relative proportions of elements like dysprosium, gadolinium, and terbium, elements that are essential for permanent magnets, advanced electronics, and defense technologies. In short, Brook possesses all the key rare earth elements and critical minerals that are necessary to make permanent magnets.

However, in addition the Brook Mine also contains significant amounts of critical minerals such as gallium, scandium, and germanium, which make up more than 20% of the Brook deposit. These are used to make a variety of other valuable products.

From a development and operational standpoint, the differences between the two mines are equally compelling:

Brook Mine ore is soft, composed of unconsolidated to semi-consolidated carbonaceous material. This translates to significantly lower mining, grinding, and energy costs compared to hard, igneous rock, which requires intense crushing and milling.

Brook Mine ore contains negligible concentrations of uranium and thorium, minimizing both handling complexity and future permitting risk. By contrast, Mountain Pass contains elevated levels of radioactive elements, which historically complicated its operations and remain an ongoing regulatory consideration.

Brook Mine ore is enriched not only in REEs but also in gallium (Ga), germanium (Ge), and scandium (Sc), critical elements with growing demand in semiconductors, solar, aerospace, and clean energy. These valuable co-products provide additional revenue streams. 

Ramaco plans to mine, process, and refine REEs entirely on site at the Brook Mine, creating a fully domestic, mine mouth-to-metals operation. Mountain Pass currently mines and concentrates REEs on site but exports most of its concentrate to China for final refining and then sale into Chinese markets. In the future Ramaco has the optionality to consider further on-site vertical integration to produce and manufacture magnets or even semiconductors from its own feedstock. Currently that is only for future consideration.

Mountain Pass has been actively mined for over 50 years, largely extracting the highest-grade material. Brook Mine, by comparison, is in early-stage mine development with significant expansion possibilities ahead. It possesses an estimated 1.7 million tons of critical mineral oxides across just the initial 4,500 permitted acres of a 16,000-acre land package, offering potential for decades of further growth and expansion.

Based on the level of future project capital investment required Ramaco will explore external financing options, in addition to the use of its own capital or existing share structure. These options could include the possibility of accessing capital markets or the potential spin-off of the rare earth operations into a separately traded public vehicle in some manner.

The Company intends to also explore both procurement and funding opportunities that might be available through the federal government and its agencies as well as sales arrangements to private customers. Those discussions will of course impact the direction, scope and nature of future project funding. We expect to clarify our approach to financing as the project advances through its development phases and as we engage in future sales arrangements.

At this time no conclusions have been reached regarding the manner that the Company will proceed in terms of financing the Brook Mine development. All such decisions will be determined by the Company’s Board of Directors.

Questions have also previously arisen regarding Ramaco’s existing dual share structure as it relates to the Brook mine. It is contemplated that once the rare earth project is developed that a royalty stream would be allocated to the METCB shares based on income from production at the Brook Mine rare earth and critical mineral deposit. This would be in addition to royalty income from intellectual property developed in connection with our research into the use of coal to develop advanced high value carbon products and materials.

Our guiding principle for developing this unique opportunity will be what is in the best interest for building long-term value for our shareholders. In parallel, we will work responsibly with our United States government partners to insure an adequate national supply of these critically needed rare elements and critical minerals.

As I said at the outset, this will be America’s mine…hopefully for many decades to come.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Many of the statements contained in this letter constitute “forward-looking statements” within the meaning of the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact included in this letter, regarding our strategy, objectives, intended investigative, research and development efforts, future operations, estimated value of the REE deposits, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this letter the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements may include statements about:

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 the commercial feasibility of mining and extracting Ramaco's REEs, and it is possible that the results described in this letter 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. 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.

NON-GAAP MEASURE- ADJUSTED EBITDA

Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders, and rating agencies. We believe Adjusted EBITDA is useful because it allows us to evaluate our operating performance more effectively.

We define Adjusted EBITDA as revenue minus operating expenses, exclusive of net interest expense, depreciation, depletion, and amortization expenses; income taxes; and accretion of asset retirement obligations.

Point of Contact:

INVESTOR RELATIONS:

info@ramacometc.com

or 859-244-7455

SOURCE Ramaco Resources, Inc.