Ramaco Resources Inc. $METC
Wolfpack Research • Published October 23, 2025 • Brook Mine Is a Hoax and a Potemkin Fantasy
CORE INVESTMENT THESIS
Ramaco Resources (METC) is a modern day fraud that has manipulated key data to make its rare earths project, Brook Mine, appear profitable to investors when in reality it's a worthless hole in the ground that isn't even being actively dug.
After consulting 15 mining industry experts with over 400 years of combined experience—including 6 PhDs—not one believed Brook Mine was economically feasible. Some described it as a "pump and dump," "shit show," and "science project." Wolfpack concludes that METC shareholders will be sorely disappointed when it comes to light that Brook Mine "will never be viable."
COMPANY OVERVIEW
CRITICAL RED FLAGS
METC projects selling scandium oxide at $3,750/kg when Western-friendly sources offer it at <$700/kg. Market price has declined 84% since 2019, not increased as METC claims.
METC projects $611M annual scandium sales when the entire global market is only $25M. They claim to sell 75x what the world needs (excluding Bloom Energy).
Weekly drone footage reveals no active digging at Brook Mine since the July "grand opening." Ceremonial coal pile and traffic cones remain untouched. Pilot plant construction claimed to start "later this summer" only broke ground days before earnings call.
Brook Mine's rare earth concentrations are less than the average abundance of Earth's outer crust. Experts say grades are "exceedingly low" and "no rare earth mine in the world mines grades that low."
📊 METC's Scandium Fantasy vs. Global Market Reality
METC's projected scandium revenue exceeds the entire global market by 2,444%. Experts call this "fraud."
💰 Scandium Oxide Price Comparison (per kilogram)
METC inflates scandium oxide price by 5x to make Brook Mine appear economically viable on paper.
KEY PLAYERS
Randall Atkins
CEO, Ramaco Resources
Previously found liable for $32 million in a bankruptcy proceeding for "conversion" (legal term for theft). Experts describe him as a "master manipulator" running a "long-term pump and dump." Purchased Brook Mine for $2 million in 2011 and has used it to repeatedly raise money through various failed initiatives.
Charlie Atkins
Brother of CEO, Former Executive
Convicted for tax fraud twice (1987 and 2017). Led METC's "Coal to Cars" initiative before being removed from the company after his second tax fraud conviction. Part of The Securities Group tax fraud scheme with brother Randall.
Chris Wright
U.S. Department of Energy Secretary
Attended the July 2025 "grand opening" of Brook Mine, ceremoniously shoveling coal with Randall Atkins. Proclaimed the event as "America answering the call" for rare earth independence from China. The heavy machinery shown at the event has since disappeared from the site.
Fluor Corporation
Engineering Firm
Produced the Preliminary Economic Assessment (PEA) Summary declaring Brook Mine economically viable. However, METC provided the pricing inputs (not Fluor), enabling the favorable conclusion. Former Fluor engineers warn "you can say anything" in a PEA and that companies have "final say" over consultants.
Yorktown Partners
Private Equity Investor
Long-time mining private equity backer of METC. Opportunistically dumped $30 million worth of stock following the company's scandium-driven stock pump in 2025. Classic insider exit behavior.
15 Industry Experts
Mining PhDs & Veterans (400+ Years Experience)
Wolfpack interviewed 15 experts (6 PhDs) with over 400 years of combined experience. Not one thought Brook Mine was economically feasible. Quotes include "fraud," "pump and dump," "shit show," and "science project." Consensus: "There's nobody I've talked to that thinks this is actually a legitimate effort."
🗣️ What The Experts Actually Said
"This looks, smells, and walks like fraud. It talks like fraud. It probably is fraud."
— Expert 9, U.S. Government Advisor on Rare Earth Policy"The only value of this thing is a stock manipulation play. It's a pump and dump. That's what it's been ever since it began."
— Expert 1, 40+ Years Mining Experience, Rare Earth Authority"They're exceedingly, exceedingly low grade…there is no rare earth mine in the world that even comes close to mining grades that are that low."
— Expert 2, 40+ Years Experience, Leading Rare Earth Expert"The report they put out was not a report. It was the most incompetent pieces of paper assembled together with a staple I've ever read."
— Expert 11, Former C-Suite Rare Earth Executive, 40+ YearsTIMELINE OF DECEPTION
2011
PurchaseRandall Atkins purchases failed thermal coal mine (Brook Mine) for $2 million. Strange investment as thermal coal economics deteriorating due to natural gas.
2017
Failed Scheme #1"Coal to Cars" initiative promoted—claiming Brook Mine coal suitable for carbon fiber feedstock. Led by Charlie Atkins before second tax fraud conviction. Debunked by 2023 study.
2023
Failed Scheme #2Claims Brook Mine could supply U.S. with rare earths for 100 years. Wolfpack Research exposes that rare earth concentrations are below Earth's average crust. Stock falls from $16.78 to $6.68.
May 2025
Current SchemeSuddenly "discovers" scandium, gallium, germanium—now 83% of projected revenue. Stock pumps 5x from $8 to $39. Experts call it "fraudium, scamium, and storium."
July 2025
Grand Opening HoaxTheatrical "grand opening" with DOE Secretary Chris Wright. Heavy machinery leased for show. Weekly drone footage reveals no mining activity since event—ceremonial coal pile still untouched.
October 2025
Wolfpack ExposesWolfpack publishes damning report with 15 expert interviews. Reveals 5x scandium price inflation, phantom demand, zero mining progress, and that "this will never be viable."
Wolfpack Research's Verdict
According to Wolfpack Research, Ramaco Resources ($METC) is a modern day fraud that has manipulated key data to make its rare earths project appear profitable when 15 industry experts with over 400 years of combined experience—including 6 PhDs—unanimously concluded it is not economically feasible. Brook Mine projects 59% of revenue from scandium oxide sales at $3,750/kg when market reality is <$700/kg, creating a phantom $611 million annual market that is 25x larger than the entire global demand. Weekly drone surveillance reveals no active mining despite a theatrical July "grand opening," while competitors secure real government funding and joint ventures. Wolfpack Research concludes that shareholders will be "sorely disappointed" when it comes to light that Brook Mine "will never be viable," and that the only value is "a stock manipulation play—a pump and dump."