Exhibit 99.4

Brook Mine Rare Earth Project Preliminary Economic Assessment (PEA) Summary

July 1, 2025

Ramaco Commentary

This Preliminary Economic Assessment Summary (PEA Summary) has been internally prepared by Ramaco Resources, Inc. (Ramaco) by redacting certain data, information and processes prepared by Fluor Corporation (Fluor) for Ramaco which we believe to be proprietary. This has been done in order to only summarize and protect such proprietary and confidential data, information and processes provided to Ramaco by Fluor.

Ramaco believes that the summarization and redaction of the data, information and processes provided by Fluor as presented herein does not affect the overall findings and conclusions presented herein in the PEA Summary. Ramaco reserves all its intellectual property ownership and rights to any and all of the details, data and information disclosed herein. It also does not waive its rights or ownership regarding the proprietary data, information and processes described herein.

The following statement below from Fluor accompanied the presentation of the original PEA Summary.

Fluor Statement

Fluor has been engaged by Ramaco Resources, Inc. (Ramaco) to prepare this report. Fluor is currently under contract to Ramaco to perform services in addition to and independent of this report. This report was prepared solely for the use and benefit of Ramaco by Fluor and is based in part on information not within the control of Ramaco and entirely on information not within the control of Fluor. While it is believed that the information contained herein will be reliable under the conditions and subject to the limitations set forth herein, neither Ramaco nor Fluor guarantees the accuracy of completeness thereof. The prime objective of this report is to review relied upon information provided by Ramaco to determine an AACE Class 5 estimate for the project. The use of this report or any information contained therein shall be at the user’s sole risk. Such use shall constitute an agreement to release, defend, and indemnify Ramaco and Fluor from and against any and all liability in connection therewith (including any liability for special, indirect, incidental or consequential damages), whether such liability arises in contract, negligence, or otherwise.

Fluor is a registered service mark of Fluor Corporation

TABLE OF CONTENTS

Ramaco Resources Inc. (Ramaco) is exploring the establishment of a rare earth elements (REE) production facility at the Brook Mine site near Sheridan, Wyoming, United States. To support this study, Ramaco engaged Fluor Corporation to conduct a PEA, including an AACE Class 5 capital and operating cost estimate, for the processing facilities. This report presents the results of this assessment.

The PEA is based on a conceptual flowsheet and mass balance with inputs derived from metallurgical testing at Hazen Research Inc., combined with key data from Ramaco, including ore feed grades and product pricing. Fluor also utilized in-house data to determine equipment pricing and benchmark inputs for the capital and operating cost estimates, which were integral to the financial model developed jointly by Ramaco and Fluor.

Recent test work indicates that high REE extraction rates from the Brook Mine deposit are achievable. The multi-stage leach method yielded the highest extraction rates for REEs, Scandium, Gallium, and Germanium, with all REEs exceeding 90% extraction and over 80% when combined with the three most valuable critical minerals. These results form the basis of the process design for the PEA.

The PEA estimates the capital cost for the proposed processing facility at $533.1 million (USD) excluding mine-related capital and residue placement, and the operational cost at $71.22 (USD) per tonne of mill feed excluding mining and filter cake residue handling. Approximately 85% of the processing costs are attributed to reagents and consumables. Based on these inputs, the financial model estimated an unlevered pre-tax internal rate of return (IRR) of 38% and a payback period of 5 years (base case).

The presence of high-value minerals such as Scandium, Gallium, and Germanium in the Brook Mine deposit is crucial to the project’s success, potentially accounting for up to 82% of the revenue. Scandium sales alone account for 58% of the revenue.

Below is more specific information about the process design, estimate development, risks, and opportunities as well as a recommended action plan.

To develop the metallurgical process design, along with the conceptual flowsheet and mass balance, Fluor utilizes Metso’s HSC Chemistry Software to simulate the processing circuit. The simulation model is built using available process feed data and results from metallurgical laboratory testing. Specific unit operations are incorporated to achieve the desired process outcomes.

The accuracy and reliability of the simulation are closely tied to the progression of laboratory and pilot plant test work. These tests provide essential thermodynamic and kinetic data for each unit operation, which are critical for refining the model. As the project advances, the simulation is continuously updated with new and evolving process information.

Below are the steps typically employed to develop the process simulation.

Once established, simulation becomes a powerful tool for evaluating alternative processing strategies, enabling the identification of more cost-effective and efficient options.

The block flow diagram provided in Figure 1, is an illustration of Brook Mine processing facility with the capacity of 1,000 t/a of Total Critical Mineral Oxides (CMO) comprising of Rare Earth Oxides (TREO) + Scandium (Sc) + Gallium (Ga) + Germanium (Ge) oxides. This process design is the basis for the PEA estimate.

Figure 1. High-Level Block Flow Diagram – Brook Mine Rare Earth Project.

For this PEA, Fluor generated a capital estimate that meets the AACE Class 5 level CAPEX requirements. It is one of the main inputs for the financial model, which in turn will aid Ramaco in determining the level of economic benefit achieved by processing the Brook Mine rare earth deposit.

This deliverable represents an AACE Class 5 level estimate, for a 1,000-tonne-per-year TREO mining operation focused on rare earth minerals, specifically Total Rare Earth Oxides (TREO) and CMO.

A process simulation of the Brook Mine was developed to support this estimate, which provided a mass balance aligned with the specified plant capacity. Based on this simulation, a Process Design Criteria (PDC) document was created, serving as the foundation for the mechanical equipment list (MEL).

The MEL was priced using a combination of:

This priced equipment list formed the basis of the capital cost estimate.

For additional scope elements including site preparation and improvements, plant roads, site infrastructure, power supply and distribution, plant utilities, and water systems – costs were estimated using percentage-based benchmarks derived from Fluor’s database for similar plant types.

Below is a list of the assumptions and qualifications used in determining the capital expense estimate.

The capital cost estimate is $579 million including escalation of $21 million and a contingency of $85 million for the process plant scope. Ramaco provided estimates for mining, pilot plant, and residue handling. The capital cost estimate is effective Q2-2025 and has an accuracy of -30% /+50%. The following Table 1 provides an indicative total cost (ITC) estimate by area.

CAPITAL COST ESTIMATE SUMMARY

Figure 2. Summary of Initial Capital Cost Estimate

The process operating cost estimate meets the requirements for a PEA and encompasses all processing areas from mill feed through to product handling. The estimate is structured into four primary cost categories:

The estimate reflects one full year of operation at nameplate capacity. Historical or quoted costs were escalated to the estimate base date using Fluor’s standard escalation practices.

The following items are excluded from this estimate:

Over the 42-year life-of-mine, the average annual process operating cost is estimated at $188.4 million, equating to:

Notably, reagents and consumables account for approximately 85% of total process operating costs. A summary of the OPEX costs is shown below in Figure 3.

Figure 3. Annual OPEX Summary and Cost per tonne of TREO+Sc+Ga+Ge+Oxides.

The process risks and opportunities originate from three interrelated parts, namely, low ore feed grade, high reagent consumption, and unique bespoke combinations of elements. Figure 4 and Figure 5 below outline the risks and opportunities with suitable actions to mitigate or promote the outcomes.

Figure 4. Project Risks and Potential Mitigations

Figure 5. Project Opportunities and Promotive Actions

To make sure that the Brook Mine Rare Earth Element and Critical Mineral Project progress as expected, the following key initiatives must be executed:

Based on the findings of the PEA and the accompanying pricing provided by Ramaco, Fluor concludes that there is a technically and economically viable pathway to production. Fluor recommends that Ramaco continue advancing the Brook Mine Rare Earth Project. This includes advancing geological studies, progressing with further engineering studies for both the mine and the processing plant to increase confidence in the overall design, execution strategy, schedule, and cost estimates.

The PEA estimates the capital cost for the proposed processing facility at $533.1 million USD, excluding mine-related capital expenditures and residue placement infrastructure. Operating costs are projected at $71.22 USD per tonne of mill feed, excluding mining and filter cake residue handling. Notably, approximately 85% of processing costs are attributed to reagents and consumables.

Based on these inputs, the financial model projects an unlevered pre-tax IRR of 38% and a payback period of 5 years under the base case scenario.

These results support continued investment in the project, with a focus on optimizing reagent use, refining and enhancing the process design, and validating assumptions through additional technical studies.