Ramaco Resources Inc. (METC, METCB, METCL)

The stock is trading at ~76x its coal business EBITDA because 93-96% of the market cap is attributable to the Brook Mine rare earth project, not the coal business. Here's the breakdown: H1 2025 adjusted EBITDA was only $17.8 million, which annualizes to ~$36 million. Cash margins per ton fell from $43.78 to $19.59 year-over-year, and Q2 net loss was $14...