Ramaco Announces New Leadership Structure to Accelerate Growth

Rhea-AI Summary

Ramaco Resources (NASDAQ: METC) announced a new leadership structure to foster growth. With nearly 1,000 employees, the company has restructured its finance and operations teams. Scott Spears, John Marcum, and Jeremy Sussman will take on new roles in the finance group, while Paul Horn, Chris Blanchard, and Toby Edwards will lead the mining operations. The leadership changes aim to support Ramaco's expanding coal and critical mineral projects. Additionally, Ramaco has hired four new executives earlier this year to further bolster growth.

Positive

• Leadership restructuring aims to support accelerated growth.
• Scott Spears promoted to EVP for Planning and Analysis.
• John Marcum promoted to EVP for Production.
• Jeremy Sussman to focus more on investor relations.
• Paul Horn promoted to EVP for Mine Operations.
• Chris Blanchard to oversee new coal production and rare earth Brook Mine development.
• Toby Edwards to oversee development of Maben property.
• New executive hires: Jason Bragg, David Dyer, Evan Jenkins, and Alex Moyes.

Negative

• No new financial data or revenue projections provided.
• Potential for transitional challenges with leadership changes.
• Leadership changes could lead to temporary inefficiencies.

LEXINGTON, Ky., May 23, 2024 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company") announced today it has made several leadership changes, aimed at supporting and accelerating the Company's growth as it reaches new milestones. Ramaco became a public company seven years ago and currently employs nearly 1,000 employees in operations located in West Virginia, Virginia, Kentucky and Wyoming.

To facilitate this growth, Ramaco has made several personnel changes within its finance and operations groups.

In its finance and accounting group, Ramaco has realigned its senior team to include three Executive Vice Presidents (EVP) who will oversee various inter-related and overlapping aspects of its financial affairs:

• Scott Spears has been promoted to serve as an EVP for Planning and Analysis. He will oversee all external audit and public reporting activities, as well as IT and general financial and investment modeling.
• John Marcum will now focus on internal production accounting and all mine related financial matters as EVP for Production.
• Jeremy Sussman will continue as EVP and Chief Financial Officer to oversee all general accounting and finance. He will also focus more on investor relations as well as our new and expanded development projects.

In its mining and operations group Ramaco has shifted operational responsibilities among its senior executive mining team in order to manage its expanding coal operations in the East as well as the emerging critical mineral development project in the West:

• Paul Horn will be promoted to EVP for Mine Operations and assume day to day, on the ground responsibility for mine activities in the East.
• Chris Blanchard will become EVP for Mine Planning and Development. He will oversee the execution and planning of all new coal production and infrastructure in the East. His new role will also include the development of the rare earth Brook Mine in Wyoming and its related processing and refining infrastructure to support Ramaco's critical mineral production.
• Toby Edwards will continue as an SVP to oversee the development of the company's Maben property in Southern West Virginia, acquired in 2022.

"We are rapidly growing not only in terms of numbers of employees and production, but also direction. To process all of this expansion, we are continually refining how we manage, staff, and assign responsibilities," said Randall Atkins, Chairman and CEO of Ramaco Resources. "We are proud at the depth of the management talent at our entire senior level and congratulate Paul and Scott for their new roles and responsibilities. All of these new realignments at our senior level will better enable us to manage our overall activities in this rapidly changing environment."

Earlier this year, Ramaco initiated its leadership restructuring with the hiring of four new additions to its executive team. Jason Bragg was recently hired as the new VP for Land working from Charleston, West Virginia. David Dyer was brought onto the team in Lexington as VP for Marketing & Analysis. Additionally, earlier this year Evan Jenkins was hired as Ramaco's new General Counsel and Alex Moyes as Director of Critical Minerals in Wyoming.

About Ramaco Resources, Inc. 
Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, as well as an emerging potential producer of rare earth elements and critical minerals in Wyoming. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. The Company currently has four active mining complexes in Central Appalachia and the Brook Mine in Sheridan, Wyoming, where the company and researchers from the Department of Energy's National Energy Technology Laboratory have discovered potentially world-class deposits of rare earth elements and critical minerals. Contiguous to the Wyoming mine Ramaco operates a research and pilot facility related to the production of advanced carbon products and materials from coal as well as a testing facility for its rare earth production. In connection with these activities, it holds a body of roughly 50 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks. For more information about us, please visit our website at www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.

View original content:https://www.prnewswire.com/news-releases/ramaco-announces-new-leadership-structure-to-accelerate-growth-302154520.html

SOURCE Ramaco Resources, Inc.

FAQ

What leadership changes did Ramaco Resources announce?

Ramaco announced new roles for Scott Spears, John Marcum, Jeremy Sussman, Paul Horn, Chris Blanchard, and Toby Edwards to support its growth.

When did Ramaco Resources announce the new leadership structure?

Ramaco announced the new leadership structure on May 23, 2024.

What will Scott Spears' role be at Ramaco Resources?

Scott Spears will serve as EVP for Planning and Analysis, overseeing external audit, public reporting, IT, and financial modeling.

Who will focus on investor relations at Ramaco Resources?

Jeremy Sussman, EVP and CFO, will focus more on investor relations.

Who will oversee the development of the Brook Mine in Wyoming?

Chris Blanchard, EVP for Mine Planning and Development, will oversee the Brook Mine development.

What are the new executive hires at Ramaco Resources?

Jason Bragg, David Dyer, Evan Jenkins, and Alex Moyes are the new executives hired earlier this year.

What is the stock symbol for Ramaco Resources?

Ramaco Resources trades under the stock symbol METC.