Form 8-K

8-K — Ramaco Resources, Inc.

Accession: 0001213900-26-082907

Filed: 2026-07-29

Period: 2026-07-28

CIK: 0001687187

SIC: 1220 (BITUMINOUS COAL & LIGNITE MINING)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — ea0299533-8k_ramaco.htm (Primary)

EX-99.1 — RAMACO RESOURCES - BROOK MINE CRITICAL MINERALS PROJECT - INITIAL ASSESSMENT REPORT DATED JULY 28, 2026 (ea029953301ex99-1.htm)

EX-99.2 — SHAREHOLDER LETTER ISSUED BY RAMACO RESOURCES, INC. DATED JULY 29, 2026 (ea029953301ex99-2.htm)

EX-99.3 — PRESS RELEASE ISSUED BY RAMACO RESOURCES, INC. DATED JULY 29, 2026 (ea029953301ex99-3.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT

REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 28, 2026

Ramaco Resources, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-38003

38-4018838

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

250 West Main Street, Suite 1900

Lexington, Kentucky 40507

(Address of principal executive offices, including zip code)

(859) 244-7455

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act

(17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the

Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the

Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b)

of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.01 par value

METC

Nasdaq Global Select Market

Class B Common Stock, $0.01 par value

METCB

Nasdaq Global Select Market

8.375% Senior Notes due 2029

METCZ

Nasdaq Global Select Market

8.250% Senior Notes due 2030

METCI

Nasdaq Global Select Market

Indicate by check mark whether the registrant is

an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of

the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check

mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item

7.01 Regulation FD Disclosure.

On July 28, 2026, Ramaco Resources, Inc. (the

"Company") received from Hatch Associates Consultants, Inc. a conceptual study titled “Ramaco Resources - Brook Mine Critical Minerals Project

– Initial Assessment Report” relating to the Company’s exploratory Brook Mine rare earth and critical minerals project

(the “Hatch Report”). A copy of the Hatch Report is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated

herein by reference.

On July 29, 2026, the Company issued a letter

to stockholders from its Chairman and Chief Executive Officer, Randall W. Atkins, regarding the latest developments at the Company’s

exploratory Brook Mine rare earth and critical minerals project (the “Shareholder Letter”). The Shareholder Letter discusses

the Hatch Report and the Company’s internal projections. A copy of the Shareholder Letter is attached as Exhibit 99.2 to this Current

Report on Form 8-K and is incorporated herein by reference.

On July 29, 2026, the Company issued a press release

(the “Press Release”), announcing that it has released the Hatch Report and posted the following to its website at www.ramacoresources.com:

● The Shareholder Letter;

● The Hatch Report; and

● A video presented during the Ramaco Research Rodeo.

A copy of the Press Release is attached as Exhibit

99.3 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished in this Current Report

on Form 8-K under Item 7.01, including Exhibits 99.1, 99.2, and 99.3 attached hereto, shall not be deemed “filed” for purposes

of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities

of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the

“Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item

9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit

No.

Description

99.1

Ramaco Resources – Brook Mine Critical Minerals Project – Initial Assessment Report dated July 28, 2026

99.2

Shareholder Letter issued by Ramaco Resources, Inc. dated July 29, 2026

99.3

Press Release issued by Ramaco Resources, Inc. dated July 29, 2026

104

Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURE

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RAMACO RESOURCES, INC.

Date: July 29, 2026

By:

/s/ Randall W. Atkins

Randall W. Atkins

Chairman, Chief Executive Officer

EX-99.1 — RAMACO RESOURCES - BROOK MINE CRITICAL MINERALS PROJECT - INITIAL ASSESSMENT REPORT DATED JULY 28, 2026

EX-99.1

Filename: ea029953301ex99-1.htm · Sequence: 2

Exhibit 99.1

This document contains the Hatch Associates Consultants, Inc. Report, as issued on July 28, 2026.

The report is the property of Ramaco Resources, Inc.

including all rights relating to the use of this document or its contents.

Ramaco

Resources - Brook Mine Critical Minerals Project

Initial

Assessment Report - July 28, 2026

Ramaco

Resources

Brook Mine Critical Minerals Project

Initial

Assessment Report

/s/ F. Delgado

2026-07-28

Issued

for Use

Various

Delgado

Woloschuk

Date

Rev.

Status

Prepared

Checked

Approved

Client

H376597-0000-100-146-0002, Rev. 0

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - July 28, 2026

Table

of Contents

Section

1 – Introduction

Section

2 – Process Definition

Section

3 – Capital Cost Estimate

Section

4 – Operating Cost Estimate

Section

5 – Preliminary Execution Strategy and Schedule

Section

6 – Project Risk and Opportunities

H376597-0000-100-146-0002, Rev. 0

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 1 - Introduction - July 28, 2026

Ramaco

Resources

Brook Mine Critical Minerals Project

Initial

Assessment Report - Section 1 - Introduction

2026-07-28

Issued

for Use

Law

Gorst

Delgado

Date

Rev.

Status

Prepared

Checked

Approved

Client

H376597-0000-100-146-0002_SE01, Rev. 0

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 1 - Introduction - July 28, 2026

Table

of Contents

Introduction

1-1

1.1

Project Context

1-1

1.2

Background and Study Objectives

1-2

1.2.1

Typical Project Development Phases

1-2

1.2.2

Concept Study

1-2

1.2.3

Initial Assessment

1-2

1.2.4

Initial Assessment Study (Revised)

1-3

1.2.5

Area / Plant Scope and Battery Limits

1-4

1.2.6

Exclusions

1-4

1.2.7

Work Breakdown Structure

1-4

List

of Figures

Figure

1-1. Typical FEL Process for Project Execution.

1-2

H376597-0000-100-146-0002_SE01, Rev. 0

Page 1-i

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 1 - Introduction - July 28, 2026

1. Introduction

1.1 Project

Context

Ramaco

Resources Inc. is looking to expand their Brook Mine operations to extract and recover critical minerals such as gallium, germanium,

scandium, and Rare Earth Elements (REEs) incidental to the coal operation. In addition to recovering the critical minerals, the facility

plans to generate high purity alumina (HPA) and high purity silica (HPS) as byproducts.

The

facility features a carbo-chlorination process, commercially applied within the titanium industry, for the extraction and recovery of

the critical minerals. The base-case configuration is intended to process approximately 1.3 million dry metric tonnes of ROM material

per year. A higher-capacity scenario has also been assessed for an Order of Magnitude CAPEX and OPEX only, doubling throughput to 2.6

million tonnes per annum of critical mineral feed while excluding mineralized coal from the feed stream.

This

is a greenfield project based in Ramaco Resources’ Brook Mine in northeastern Wyoming, in proximity to the mining site to facilitate

transportation logistics. The ROM is primarily made up of soft claystones and carbonaceous shales incidental to and adjacent or proximate

to coal seams, allowing for conventional surface mining with potential economic and environmental benefits compared to traditional hard

rock REE extraction. This also enables the feedstock to be used as an energy source for the carbo-chlorination reactors.

The

status of the process work is summarized as follows:

● A

test work plan was developed to confirm a preliminary flowsheet developed in 2025. This flowsheet

mainly comprised of a caustic leach followed by a two-staged acid leach for the recovery

of critical minerals and REEs. Subsequent testing of this process observed high reagent and

water consumption and rheological challenges. Alternative hydrometallurgical approaches were

also found to yield minimal critical mineral recovery.

● Ramaco

engaged a third-party laboratory to perform a carbo-chlorination feasibility trial study.

Based on the results, Ramaco started construction of their personal bench-scale laboratory

to further research carbo-chlorination.

● A

concept level study based on the carbo-chlorination technology was conducted by Hatch. This

included a conceptual flowsheet, a mass balance, and an AACE Class 5 cost estimate.

● The

process definition is to incorporate carbo-chlorination test work results once they become

available during the next phase of the project, improving the cost estimates to Class 4.

H376597-0000-100-146-0002_SE01, Rev. 0

Page 1-1

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 1 - Introduction - July 28, 2026

1.2 Background

and Study Objectives

1.2.1 Typical

Project Development Phases

phased project development approach is advocated for complex metallurgical projects such as this critical mineral recovery project. The

Front-End Loading (FEL) approach, as shown in Figure 1-1, is typically applied for processing facilities and is recommended for developing

this project.

Figure

1-1: Typical FEL Process for Project Execution.

Parallel

activities would include test work, environmental and permitting approvals, and other owner’s activities.

1.2.2 Concept

Study

July 2025, Ramaco Resources, in collaboration with Fluor Corporation, issued a conceptual study report for the recovery the critical

minerals from the Brook Mine deposit. The facility capacity was based on 1,000 mt per annum of Critical Mineral Oxide (CMO) equivalent.

This included a conceptual flowsheet, mass balance, a Class 5 capital cost estimate (CAPEX) and an operating cost estimate (OPEX). Based

on the economics, Ramaco looked to further the project development to a Class 4 estimate.

1.2.3 Initial

Assessment

Hatch was contracted by Ramaco Resources to conduct a Pre-Feasibility

Study (PFS) and produce a Class 4 estimate based on the Fluor conceptual study. The Fluor study had defined a flowsheet that made use

of caustic leaching to extract critical minerals followed by two stages of acid leach to purify and extract REEs. The Pre-Feasibility

Study (PFS)process development commenced in September 2025, used the same flowsheet, and had an increased facility capacity of 3,000 mt

per annum of CMO equivalent.

As part of the Pre-Feasibility Study (PFS), Hatch and Ramaco

engaged SGS and ElementUSA to complete test work to validate the Fluor conceptual study flowsheet. Due to difficulties replicating conceptual

study results, testing deviated to finding alternative technologies for recovering the critical minerals. As of March 2026, collaboration

with both laboratories were suspended as Ramaco looked to pursue pyrometallurgical options and neither were equipped to perform the studies.

H376597-0000-100-146-0002_SE01, Rev. 0

Page 1-2

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 1 - Introduction - July 28, 2026

the flowsheet was modified to incorporate carbo-chlorination, the Hatch PFS was paused in December 2025 and a revised Initial Assessment

study was started in its place due to insufficient flowsheet definition. The next phase of the project is scheduled to recommence following

the conclusion of the Hatch Initial Assessment Study and will incorporate Ramaco test work results. Test work conducted by Ramaco is

set to start in September 2026, once construction of the bench-scale laboratory is complete.

1.2.4 Initial

Assessment Study (Revised)

March 2026, Hatch started revising the process definition for the Brook Mine Rare Earth Project based on client input. Ramaco engaged

Kingston Process Metallurgy Inc. (KPM) to provide preliminary information in regards to carbo-chlorination technology for the recovery

of critical minerals.

The

new flowsheet is a novel process of existing technology with pyrometallurgical and hydrometallurgical operations to recover critical

minerals as gallium metal, GeO2, Sc2O3 and Mixed Rare Earth Carbonates (MREC). Carbo-chlorination is

typically utilized to selectively chlorinate and extract critical minerals from a quartz-clay feedstock. Preliminary data from KPM has

been incorporated into the design.

The

main objective of the Initial Assessment Study is to provide a preliminary process definition to assess the financial viability of the

Brook Mine REE Project. Tasks completed by Hatch to meet this objective include:

● Generating

process deliverables including the Block Flow Diagram (BFD), Process Design Basis (PDB),

Process Design Criteria (PDC), and Mass & Energy Balance (MEB). If applicable, test data

has been incorporated.

● Developing

a high level facility layout and overall footprint requirements.

● Creating

a preliminary Mechanical Equipment List (MEL) and preparing technical specifications for

major equipment supply packages to issue to vendors for budgetary proposals to support the

CAPEX.

● Developing

a capital cost estimate as per AACE Class 5 guidelines with an intended accuracy of +30%/-50%.

● Developing

an operating cost estimate.

● Preparing

a preliminary execution strategy and schedule.

● Developing

a study final report.

H376597-0000-100-146-0002_SE01, Rev. 0

Page 1-3

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 1 - Introduction - July 28, 2026

1.2.5 Area

/ Plant Scope and Battery Limits

The

scope and battery limits for some process areas (as listed below) are defined in the following subsections to aid in communicating roles

and responsibilities.

Refer

to the PDB (H376597-0000-210-226-0002) for additional information.

1.2.5.1 Beneficiation

● All

Beneficiation equipment.

● Utilities

are assumed to be shared and distributed from the Process Plant. A local substation or e-house

may be available, and needs to be further evaluated in the next phases of the project development.

● ROM

and coal delivered via trucks by Ramaco. Battery limit at the truck discharge station.

● Instrumentation

and controls required to operate the system.

● All

foundations and structures required for the Beneficiation area.

1.2.5.2 Process

Plant

● All

equipment required for the Process Plant.

● Utility

distribution within the plant boundaries. Power battery limit at the high voltage power supplied

to the incoming terminals of the plant substation. Includes the main substation and downstream

electrical distribution. Water battery limit at the tie-in from the local well.

● Instrumentation

and controls required to operate the system.

● All

foundations and structures required for the Process Plant.

1.2.6 Exclusions

The

following are excluded from the Hatch project scope of work:

● Off-site

infrastructure such as power supply, access roads, natural gas supply, and raw water supply.

● Waste

and tailings management.

Those

are covered by Ramaco under the Owner’s Cost.

1.2.7 Work

Breakdown Structure

Refer

to the Work Breakdown Structure (WBS, H376597-0000-100-026-0001) for a comprehensive list of each area identified in the project.

H376597-0000-100-146-0002_SE01, Rev. 0

Page 1-4

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

Ramaco

Resources

Brook Mine Critical Minerals Project

Initial

Assessment Report - Section 2 - Process Definition

2026-07-28

Issued

for Use

Hodkinson

Gorst

Delgado

Date

Rev.

Status

Prepared

Checked

Approved

Client

H376597-0000-100-146-0001_SE02, Rev. 0

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

Table

of Contents

Process Definition

2-1

2.1

Process Design Basis

2-1

2.2

Process Overview

2-2

2.3

Process Description

2-4

2.3.1

2300 Fuel, Steam, Air and Cooling

Water Systems

2-4

2.3.2

2400 Water and Sewage Systems

2-5

2.3.3

3100 Physical Separation

2-6

2.3.4

3200 Pre-Treatment

2-7

2.3.5

4100 Carbo-Chlorination

2-9

2.3.6

4200 Critical Mineral Recovery

2-11

2.3.7

4300 Rare Earth Recovery

2-13

2.3.8

4500 Residue Management

2-16

2.3.9

4600 Chlorine Recovery

2-17

2.3.10

5100 Liquid Reagents

2-18

2.3.11

5200 Solid Reagents

2-18

2.3.12

5300 Gas Reagents

2-18

2.4

Process Model

2-19

2.5

Mass & Energy Balance

2-20

2.5.1

Key Elemental Recoveries

2-20

2.5.2

Utility Recovery

2-22

List of

Figures

Figure 2-1:

Process Overview Excluding the Reagents and Utilities.

2-3

Figure 2-2:

Two-Stage Crude Fractional Distillation System.

2-10

List of

Tables

Table 2-1:

Key Operational Parameters for the Brook Mine Critical

Mineral Project.

2-1

Table 2-2:

Causes for Product Loss in Model.

2-20

Table 2-3:

Key Elemental Recovery Overview.

2-21

Table 2-4:

Overall Water Balance for the Brook Mine Process Plant.

2-22

Table 2-5:

Overview of Process Water Usage and Recovery.

2-23

Table 2-6:

Overview of DI Water Users.

2-24

Table 2-7:

Overview of Cooling Water Users.

2-25

Table 2-8:

Overview of Steam Usage and Condensate Return.

2-26

H376597-0000-100-146-0001_SE02, Rev. 0

Page 2-i

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

2. Process

Definition

2.1 Process

Design Basis

This

section provides an overview of key parameters in the Brook Mine Critical Minerals Project Process Design Basis (PDB). The key criteria,

including the plant utilization, throughput, feed material composition, and production rates are summarized in Table 2-1 below. Where

ROM is the Run of Mine, TREE is the Total Rare Earth Elements, CMO is the Critical Mineral Oxides (Total Rare Earth Oxides (TREO), Sc2O3,

Ga2O3 , and GeO2), HPA is High Purity Alumina, and HPS is High Purity Silica.

Table

2-1: Key Operational Parameters for the Brook Mine Critical Mineral Project.

Parameter

Units

Values

Plant

Availability

Annual

Operating Hours

/ y

8,059

ROM

Annual Throughput Flowrate1

dry

million mt / y

1.3

ROM

Critical Mineral Concentration

ppm

404.46

TREE

Concentration

ppm

344

Concentration

ppm

20.9

Concentration

ppm

37.2

Concentration

ppm

2.4

Coal

Critical Mineral Concentration

ppm

334.01

TREE

Concentration

ppm

307.01

Concentration

ppm

Concentration

ppm

Concentration

ppm

Target

CMO Equivalent Production2

dry

mt / y

574

Original

Target HPA Production

/ y

1,800

Updated

Target HPA Production – July 20263

/ y

11,848

Target

HPS Production

/ y

18,617

1 This

flowrate does not account for coal throughput, which is varied based on carbo-chlorination

demand.

2 This

production rate is based on the equivalent oxide production of Ga metal, GeO2,

Sc2O3, and mixed rare earth carbonate (MREC).

3 An

updated HPA production rate was provided by Ramaco (email: “RE: HPA Production”,

received July 8th, 2026). While the original production rate is used for the process

definition and site plan, the updated HPA production rate is the basis for the CAPEX and

OPEX.

H376597-0000-100-146-0001_SE02, Rev. 0

Page 2-1

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

General parameters were either based

on the previously completed report by Fluor, provided by Ramaco through email or RFI correspondences. Feed critical mineral concentrations

for the ROM and coal were based on third-party test work and confirmed by Ramaco (refer to RFI 0006, H376597-0000-210-465-0006).

The

target CMO production rate is based on CMO-equivalent flowrates and an assumed 90% overall recovery of CMOs. This value excludes any

critical minerals introduced by the coal. The actual CMO recoveries can be found in the Section 2.5.

For

more information refer to the PDB (H376597-0000-210-226-0002).

2.2 Process

Overview

This

section provides a process plant overview based on Work Breakdown Structure (WBS – H376597-0000-100-026-0001). Area 4400, Tailings

Filtration and Storage, was excluded from Hatch’s scope of work.

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Figure

2-1: Process Overview Excluding the Reagents and Utilities.

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Process

operations within each WBS block is summarized as follows:

● Physical

Separation: feed preparation by reducing particle size distribution, with some quartz removal

from the ROM.

● Pre-Treatment:

ROM drying and calcination, coal coking, and applicable off-gas treatment.

● Carbo-Chlorination:

chlorination of the ROM and coke leading to the volatilization of select species. The gas

stream is passed through a series of de-sublimators and fractional distillation to systematically

remove select species.

● Critical

Mineral Recovery: individually recovered Ga, Ge, Al, and Si streams are refined to produce

Ga metal, GeO2, HPA, and HPS.

● Chlorine

Recovery: any chloride-rich waste or purge streams are combined to produce Cl2

gas which is recycled to the Carbo-Chlorination area.

● Rare

Earth Recovery: non-volatilized chloride solids from Carbo-Chlorination are leached in water

and treated to produce Sc2O3 and MREC.

● Residue

Management: any hydrometallurgical waste streams (including crud) from the process are combined,

neutralized, crystallized, and dried prior to disposal.

For

more information, refer to Section 2.3.

2.3 Process

Description

This

section provides an overview of the process areas within the plant. The process descriptions are presented in accordance with Figure

2-1 and the WBS (H376597-0000-100-026-0001).

For

additional information, refer to the PDB (H376597-0000-210-226-0002), Process Design Criteria (PDC, H376597-0000-210-210-0001), Block

Flow Diagram (BFD, H376597-0000-210-252-0005), and Stream Table (H376597-0000-210-216-0002).

2.3.1 2300

Fuel, Steam, Air and Cooling Water Systems

2.3.1.1 2310

Plant Air System

This

system excludes any air requirement for the Air Separation Plant. Refer to Section 2.3.12 for additional information.

Plant

air is sourced from compressed air on-site. Compressed air is generated using air compressors. The compressed air is temporarily stored

in the air receivers before distribution. The pressure is then dropped to the desired value depending on the user requirement. Plant

air is distributed throughout the site for dust collection, pneumatic conveying, plate filter requirements, polishing filter requirements,

and reagent offloading.

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2.3.1.2 2320

Instrument Air System

Plant

air is used to supply instrument control. A portion of low pressure air is dried using air dryers. The instrument air is distributed

to various users within the plant.

2.3.1.3 2330

Steam Generation and Distribution

This

area distributes live steam to end users. Saturated steam is generated in a natural gas fired boiler package supplemented by a glycol

heat recovery system from the Residue Oxidation area. The steam is distributed at 152°C and 5 bar(a) to supply the Mechanical Vapour

Recompression (MVR) systems, distillation columns and ROM dryers. Returned steam condensate and DI water (as make-up source) are used

to produce fresh steam.

2.3.1.4 2340

Cooling Water Systems

This

area produces and distributes cooling water to remove excess heat from heat exchangers, de-sublimators, and distillation columns. An

evaporative cooling tower is used to produce 25°C water that is distributed throughout the plant and returned at 50°C. Process

water is used as make-up source to the cooling tower, supplementing tower losses from evaporation, drift or blowdown.

2.3.2 2400

Water and Sewage Systems

2.3.2.1 2410

Deionized Water Production and Distribution System

This

area produces and distributes deionized (DI) water for impurity-sensitive areas. It is used as diluent, cake wash water, and hydrolysis

water source for the production of GeO2, MREC, and Sc2O3. DI water is supplemented by treated process

water and is distributed throughout the plant at 25°C. Details regarding the DI water production package are to be defined by vendors.

2.3.2.2 2420

Process Water and Condensate Distribution System

This

area produces and distributes process water throughout the plant. Process water is distributed at 50°C to supply de-sublimators,

filters, centrifuges, leach tanks, gas scrubbers, and mineral process water system. Process water from the de-sublimators and recovered

from MVR systems are cooled to 50°C and re-distributed as process water. Process water is supplemented by treated raw well water.

Details regarding the raw water treatment package are to be defined by vendors.

2.3.2.3 2430

Potable Water Production and Distribution System

Potable

water is supplemented by the process water. It is currently assumed that treated raw water (i.e., fresh process water) is sufficient

to meet potable water requirements. Potable water is distributed at ambient temperature for ablutions, drinking fountains, eyewash and

safety showers.

2.3.2.4 2440

Fire Water System

Treated

process water is used as source of fire water. An off-take from the treated raw water stream is used as make-up water for the fire water

system.

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2.3.3 3100

Physical Separation

2.3.3.1 3110

ROM Feeding

ROM

and REE-enriched coal are transported via trucks from the mines to their respective comminution circuits. Both feed streams contain levels

of critical minerals (Ge, Ga, Sc), REEs, kaolinite (Al2O3∙2SiO2∙2H2O), and impurities.

See the PDB (H376597-0000-210-226-0002) for additional information.

2.3.3.2 3120

Comminution

The

ROM feed is sent through a series of two crushers, first decreasing the P80 to 40 mm via a tooth rolled crusher and then to 10 mm via

a roller crusher. The crushed ROM is sent to a 2-day storage stockpile and conveyed to downstream operation using a subterranean apron

feeder.

The

coal feed is sent through a primary roller crusher to decrease the P80 to the target size (TBD, pending carbo-chlorination test work).

As the target coal size is currently unknown, a single roller crusher is assumed to be sufficient. The crushed coal is sent to a 2-day

storage stockpile and conveyed to the Coking area using a subterranean apron feeder.

2.3.3.3 3130

Wet Scrubbing

Wet

Scrubbing is used to further decrease particle size and separate the quartz-clay agglomerates, promoting quartz removal downstream.

The

stockpiled ROM is passed through attrition cells to eliminate agglomeration that may have formed during stockpiling. Mineral process

water is added to slurry the ROM to 65 wt.% solids. The slurry is pumped to a log washer to increase residence time for agglomeration

breakdown. Additional mineral process water is added to achieve a 10 wt.% solids slurry. The slurry is then pumped to the Flotation area.

2.3.3.4 3140

Flotation (Quartz Removal)

The

slurry from Wet Scrubbing is pumped to a de-sliming cyclone to separate fine particles from coarser ones. Fine particles are sent directly

to the Thickening & Dewatering area while coarser particles are sent to a flotation conditioning tank. Mineral process water is added

to the slurry to dilute it to 15 wt.% solids. The slurry is pumped to the flotation bank where the flotation collector and frother are

added to promote collection of clay and mica, rejecting quartz in the process.

Flotation

bank overflow is sent to the Thickening & Dewatering area while the underflow is sent to a centrifuge to dewater the quartz solids

for disposal. The centrate is sent to the Thickening & Dewatering area to recapture any fine particles entrained.

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2.3.3.5 3150

Thickening & Dewatering

The

Thickening & Dewatering area recovers as much mineral process water as possible. This step is essential to minimizing fresh process

water demand to the Wet Scrubbing area and to decreasing energy consumption in the Pre-Treatment area (i.e., ROM drying and roasting).

The

flotation overflow slurry, along with the flotation centrifuge centrate and de-sliming overflow, is sent to a thickener. The thickener

underflow is pumped to a centrifuge to decrease the solid moisture content to 35 wt.% and the cake is conveyed to the ROM Drying area.

The thickener overflow and centrifuge centrate are sent to the Mineral Process Water System to recycle the water.

2.3.3.6 3160

Mineral Process Water System

Water

from the Thickening & Dewatering system is recovered in the Mineral Process Water System. A 2.5 wt.% purge line is included on the

recovered water line to prevent build-up of impurities. Fresh process water is used as make-up source for the mineral process water in

this area. Mineral process water is solely used within the Physical Separation area (WBS 3100).

2.3.4 3200

Pre-Treatment

2.3.4.1 3210

Drying (Kaolinite)

Conveyed

solids from the Thickening & Dewatering area are sent to a kaolinite dryer to decrease cake moisture content from 35 wt.% to 8 wt.%.

The dryer is indirectly heated by steam. The dried cake is sent to the ROM Calcining area. The evaporated water is condensed and recovered

as process water.

2.3.4.2 3220

Calcining (Kaolinite)

Dried

ROM from the Drying area is passed through a roaster to convert 95% of the kaolinite into meta-kaolinite, generating water in the process.

Any water present is evaporated.

This

conversion improves aluminum and silicon chlorination in the Carbo-Chlorination area and prevents potential operational difficulties

from having water present in the system. Pyrite is expected to be oxidized in this roaster, producing SOx by-products (represented as

SO2 and to be confirmed by test work) that require neutralization in the Roaster Off-Gas System area.

2.3.4.3 3230

Roaster Off-Gas System

The

ROM roaster off-gas is sent to the Roaster Off-Gas System. This system is composed of two parts: solids recapture, and off-gas treatment.

Solids entrained in the off-gas from the roaster are mainly recovered by a cyclone. The remaining off-gas is then sent through a spray

cooler followed by a trim cooler to reduce the stream temperature to 220°C, as per baghouse temperature limitations. Once cooled

to 220°C, the stream is passed through dust baghouses to recover all residual solids. All recovered solids are sent to the Carbo-Chlorination

area.

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The

off-gas discharge from the baghouse is sent to a neutralization packed bed scrubber. Dilute sodium hydroxide (2 wt.%) is passed through

the scrubber to solubilize and neutralize the SOx species present in the off-gas.

The

neutralized solution is then pumped to the ZLD Neutralization, Evaporation & Drying area. The scrubber vent is sent to a stack for

ventilation to the atmosphere.

2.3.4.4 3240

Coking (Coal)

Coal

from a stockpile is conveyed to a nitrogen-blanketed furnace for coking. As the Carbo-Chlorination area is highly sensitive to the presence

of water, coal is transformed into coke within the furnace unit. The coal is mined locally within Brook Mine and contains critical minerals

and kaolinite. Within the furnace unit, kaolinite is converted into meta-kaolinite (refer to Reaction 1) and all water present is evaporated.

Similarly to the Calcining area, pyrite is expected to partially degrade, generating some amounts of sulphur gas due to the oxygen-free

environment that will require neutralization.

The

furnace off-gas is sent to the Coking Off-Gas System area to recover the coke and neutralize undesired species.

2.3.4.5 3250

Coking Off-Gas System

The

Coking Off-Gas System is identical to the Roaster Off-Gas System, where the solids are first recaptured and then the off-gas treated

via neutralization scrubber. The air addition in the trim cooler oxidizes the sulphur generated from Reaction 4, producing other SOx

species that are neutralized in the scrubbing unit as per Reaction 3.

Recovered

solids are sent to the Carbo-Chlorination area. Refer to Section 2.3.4.3 for additional information.

Residual

organic species found in the off-gas and generated during the coking process are to be used as syngas by the client. This is outside

the scope of this study.

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2.3.5 4100

Carbo-Chlorination

2.3.5.1 4110

Carbo-Chlorination

Roasted

ROM is conveyed from the Calcining area to the carbo-chlorination fluidized bed reactors, which operate at 1,050°C. Chlorine gas,

from the Chlorine Recover area, is injected into the reactors as chlorine source and fluidizing agent. Coke from the Coking area is added

to facilitate reduction of oxide species and react with free oxygen to form carbon monoxide, driving the chlorination reactions (outlined

below) forward. Impurities are listed in Reactions 6 to 15, where “M” indicates an impurity element.

Carbo-chlorination

off-gas is sent to cyclones to recapture fine solids and recombine with the solid discharge. The carbo-chlorination solids are cooled

via a paddle cooler to 100°C and then conveyed to the Water Leach area. The remaining off-gas stream is sent to the De-Sublimation

1 area for the recovery of desired species.

2.3.5.2 4120

De-Sublimation 1 (Alkali Salt Removal)

The

Alkali Salt Removal de-sublimator cools the carbo-chlorination off-gas to 400°C, selectively de-sublimating REEs and other species

that may have unintentionally been vaporized or sublimated. The off-gas from the de-sublimator is sent to a cyclone to recapture fine

solids. The solids are sent to the Water Leaching area while the gas stream is sent to a secondary de-sublimation unit, De-Sublimation

2.3.5.3 4130

De-Sublimation 2 (Ferric Removal)

The

Ferric Removal de-sublimator cools the gas stream from the first de-sublimator to 280°C to de-sublimate FeCl3. The off-gas

is sent to a cyclone followed by a ceramic filter to recapture all the de-sublimated solids. It is then sent to De-Sublimation 3. The

solids are sent to the Residue Oxidation area to recover the chlorine as Cl2 gas.

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2.3.5.4 4140

De-Sublimation 3 (Al / Ga Recovery)

The

Al / Ga Recovery de-sublimation system is made up of a pre-cooler and a de-sublimating venturi scrubber. The pre-cooler lowers the gas

temperature to 150°C via indirect cooling with cooling water. The cooled gas is then sent to a venturi scrubber where a Ga-rich n-dodecane

solution is used to further cool the gas to 140°C. This temperature drop de-sublimates AlCl3 and condenses GaCl3.

The GaCl3 is then subsequently displaced into n-dodecane due to its high organic solubility.

centrifuge is used to separate the Ga-rich n-dodecane from the AlCl3 solids. The solids are sent to the Alumina Separation

& Recovery area while the Ga-rich n-dodecane is primarily recycled to the venturi scrubber to further concentrate the solution. A

small bleed of the concentrated solution is sent to the Gallium Separation & Recovery area for gallium metal production.

2.3.5.5 4150

Off-Gas Separation

The

off-gas from the De-Sublimation 3 area is sent to a pre-condenser unit. This unit lowers the temperature to 50°C, the chloride species

are condensed and the incondensable species are sent to off-gas treatment. This step decreases the volumetric flow downstream. Following

the pre-condenser, the liquor is sent to a two-stage crude fractional distillation system to recover Ge- and Si-rich solutions. Figure

2-2 below outlines the fractional distillation system and the destination of each discharge stream.

Figure

2-2: Two-Stage Crude Fractional Distillation System.

The

residual off-gas stream from the pre-condenser is passed through a packed bed scrubber to neutralize any residual SOx and Cl2

that may be present. Dilute sodium hydroxide (2 wt.%) is passed through the scrubber and the neutralized discharge is sent to the

ZLD Neutralization, Evaporation & Drying area. The remaining gas is sent through a thermal oxidizer to convert CO into CO2

and then through to a stack for ventilation to atmosphere.

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2.3.6 4200

Critical Mineral Recovery

2.3.6.1 4210

Gallium Separation & Recovery

The

Ga-rich n-dodecane bleed from the De-Sublimation 3 area is sent to a Ga stripping mixer-settler. The organic solution is contacted with

DI water to hydrolyze and re-solubilize Ga in the aqueous solution. The organic discharge is returned to the De-Sublimation 3 centrifuge

to be used as fresh n-dodecane. The aqueous discharge is first passed through a pair of multimedia filters to recover any entrained organic

and then sent to the Ga precipitation tank. The recovered organic is sent to the n-Dodecane Crud Treatment area to ensure proper phase

separation prior to recycling the n-dodecane.

Aqueous

Ga is precipitated as Ga(OH)3 via pH adjustment to pH 7 with a sodium hydroxide solution.

The

slurry is passed through a thickener and filter press to reduce the moisture content to 25 wt.%. The cake is then re-dissolved in

DI water and sodium hydroxide for electrowinning. For the re-dissolution step, sodium hydroxide pellets are used to minimize reagent

impurity entrainment. The dissolved solution is fed to electrowinning cells to produce Ga metal. The metal (in liquid form) drains from

the electrode and pools at the bottom of the cell. This is then decanted off and packaged in plastic bottles. The residual electrowinning

solution is partially recycled to the re-dissolution tank while the remainder is sent to the ZLD Neutralization, Evaporation & Drying

area.

2.3.6.2 4220

Alumina Separation & Recovery

Solids

from the De-Sublimation 3 centrifuge are sent through a n-dodecane displacement step. As n-dodecane and AlCl3 have similar

boiling/sublimation points, it is difficult to properly separate them from one another. As such, a centrifuge is used to displace the

n-dodecane with hexane, an organic with a much lower boiling point (~69°C). This allows for recovery of AlCl3 as the wet

cake is sent through a drying unit to evaporate the hexane. Hexane can then be condensed and recycled. Displaced n-dodecane is recovered

and recycled back to the De-Sublimation 3 area.

Dried

aluminum solids are split into two streams based on target annual HPA production: one for HPA production and the other sent to Chlorine

Recovery area for Cl2 gas generation. The HPA production line sends the solids to a pyrolysis reactor operating at 1,150°C

where pure oxygen is injected to produce alumina.

Off-gas

from the reactor is passed through a cyclone to recover any solids entrained and then sent to the Chlorine Recovery area to recover chlorine

from any unreacted AlCl3.

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The

Al2O3 solids are sent to a furnace, where they are held at 1,100°C for 3 hours to ensure conversion of all

Al2O3 solids to the alpha form. The product is then cooled to 70°C for packaging into bulk bags.

2.3.6.3 4230

Germanium Separation & Recovery

The

Ge-rich solution from the Off-Gas Separation crude fractional distillation system is sent to a HCl-azeotropic still operating at 108°C

to remove impurities (i.e., Si, Ti, and P). DI water is added to the still to hydrolyze the impurities.

While

Ge also hydrolyzes in the presence of water, the acid generated from the other reactions re-solubilize the Ge as it is soluble in hydrochloric

acid solutions greater than 7.8 M. Within the still, water, hydrochloric acid and GeCl4 are expected to evaporate at 108°C.

The vapour is condensed and sent to a decanter operating at 40°C to selectively extract the GeCl4 as it is a much denser

liquor than water and hydrochloric acid.

The

water and hydrochloric acid solution is partially recycled to the azeotropic still and the residual is sent to the ZLD Waste Neutralization,

Evaporation & Drying area. The azeotropic still bottom discharge, primarily containing SiO2, TiO2 and H3PO3,

is sent to the ZLD Waste Neutralization, Evaporation & Drying area.

water is added to the concentrated GeCl4 solution to hydrolyze the Ge, allowing it to precipitate and be recovered following

a solid-liquid separation.

The

product is dried at 110°C to a moisture content of 5%. It is then cooled to 50°C and packaged into drums.

2.3.6.4 4240

Silica Separation & Recovery

The

Si-rich solution from the crude fractional distillation system (see Figure 2-2) is split into two streams based on annual target HPS

production: one for HPS production and the other sent to Chlorine Recovery area for Cl2 gas generation. The silica production

line sends the liquid SiCl4 to a flame pyrolysis reactor operating at 1,200°C where pure oxygen is injected to produce

silica.

Off-gas

from the reactor is passed through a cyclone and ceramic filter to recover any solids entrained and then sent to the Chlorine Recovery

area to recover chlorine from any unreacted SiCl4. The solids are sent to a cooler prior to packaging and storage of the silica

product in bulk bags.

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2.3.7 4300

Rare Earth Recovery

2.3.7.1 4310

Water Leaching

Unreacted

solids and non-volatilized chloride species from the Carbo-Chlorination area are sent to the Water Leaching area where water is used

to repulp and dissolve the chloride solids. This includes the dissolution of REEs and some impurities. The slurry is pumped to filter

presses to separate the residual solids from the liquor. The solids are sent to the Waste ZLD Neutralization, Evaporation & Drying

area for disposal. The liquor is sent to an evaporation unit to remove excess water from the solution. A MVR is included as part of the

evaporation system to decrease steam consumption.

The

concentrated solution is sent to the Al-Sc Hydroxide Recovery area for separation of Al and Sc from the liquor. The evaporator condensate

is recycled in the plant as process water.

2.3.7.2 4320

Al-Sc Hydroxide Recovery

The

concentrated liquor from Water Leaching evaporator is pumped to a ferric reduction tank, where elemental iron is added to reduce any

ferric present to ferrous form.

Ferrous

ions have greater solubility in less acidic (i.e., more neutral) pH conditions. This is necessary to prevent the co-precipitation of

Fe with products in downstream units.

The

solution is pumped through candle filters to remove any Fe that remained undissolved. The filtrate is sent to a pH adjustment tank for

the precipitation of Al and Sc. Sodium hydroxide is added to achieve a target pH of 4 and selectively precipitate Al(OH)3

and Sc(OH)3.

The

resulting slurry is then pumped through filter presses. The Sc-rich cake is sent to the Scandium Separation area while the filtrate is

sent to the Rare Earth Separation area.

2.3.7.3 4330

Scandium Separation

The

solids precipitated in Al-Sc Hydroxide Recovery are re-dissolved in hydrochloric acid at a pH of 0.2. The tank is maintained at 35°C

to minimize organic volatilization in the solvent-extraction (SX) units downstream.

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The

solution is sent through a candle filter to ensure that minimal solids are present prior to SX. Presence of solids in mixer-settlers

increase the rate of crud formation.

After

filtration, the solution is passed through a Sc SX circuit which includes extraction, washing and stripping stages. Exact number of mixer-settlers

per section is still pending and to be determined based on test work. The organic extractant used for this circuit is PC-88A (aka P507,

Ionquest 801). It is diluted in kerosene and TBP is used as a modifier to aid in the organic phase stability. For the extraction stages,

the O:A ratio is 6:1 and the following extraction extents are expected based on literature, where R represents PC-88A.

99%

The

raffinate from the extraction stage is sent through a pair of multimedia filters to remove any entrained organics and is then pumped

to the ZLD Neutralization, Evaporation & Drying area for disposal. Recovered organic from the multimedia filters is sent to Sc Extractant

Crud Treatment area.

Following

extraction, the loaded organic phase is sent to the washing stage to remove entrained impurities (i.e., Al), improving the overall Sc

recovery. A 1 M hydrochloric acid solution is used to wash and scrub the organic solution. The O:A ratio for this stage is based on stoichiometric

requirement.

Used

washing solution is sent to the extraction mixer-settlers to recover any Sc that may have accidentally been scrubbed out of the organic

phase.

The

washed, loaded organic solution is sent to the stripping stage. A 2 M sodium hydroxide solution is used to strip scandium from the organic

phase, ensuring a solution pH above 14 so that scandium remains soluble. Within the same stage, partial saponification of the organic

phase is performed. Saponification of PC-88A is required to control the operating pH in the extraction stage and improve extraction extent.

Only 30% saponification was specified to prevent the formation of a third phase in the mixer-settlers. The O:A ratio for this stage is

based on stoichiometric requirement.

30%

The

stripped organic solution is returned to the extraction stage and the loaded strip liquor (LSL) is passed through multimedia filters

to remove any entrained organic prior to being pumped to the Scandium Oxide Production area. Recovered organic from the multimedia filters

is sent to the Sc Extractant Crud Treatment.

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2.3.7.4 4340

Scandium Oxide Production

The

Sc-rich solution from the Scandium Separation is sent to a precipitation tank, where hydrochloric acid is added to neutralize the pH

to 8.5. This results in the precipitation of scandium as a hydroxide.

The

slurry is then pumped through a thickener and filter press to recover the solids as a wet cake. The scandium cake is calcined at 800°C

to produce scandium oxide solids, evaporating any water present in the process.

The

calciner discharge is then cooled, packaged in drums and sent to storage. The residual filtrate is sent to the ZLD Waste Neutralization,

Evaporation & Drying area for disposal.

2.3.7.5 4350

Rare Earth Separation

The

filtrate from the Al-Sc Hydroxide Recovery area is sent to a precipitation tank where sodium hydroxide is added to neutralize the solution

pH to 6.5. This is expected to precipitate the REEs as hydroxides.

The

resulting slurry is pumped through a thickener followed by filter presses and the solids are sent to the MREC Production area while the

filtrate is sent to ZLD Neutralization, Evaporation & Drying for disposal.

2.3.7.6 4360

MREC Production

The

REE hydroxide solids from Rare Earth Separation are re-leached with hydrochloric acid and passed through a candle filter to separate

the liquor from un-dissolved solids.

The

liquor is then pumped to a series of carbonate precipitation tanks, where a sodium carbonate solution (15% Na2CO3)

is added and the REEs are precipitated as hydrated carbonates.

Filter

presses are used to isolate the solids, which are washed with DI water prior to being conveyed to a drying unit to decrease the moisture

content to ≤5%. The dried solids are cooled, packaged and sent to storage.

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2.3.8 4500

Residue Management

2.3.8.1 4510

ZLD Neutralization Evaporation & Drying

Waste

streams from various hydrometallurgical process areas are combined in a neutralization tank. Acidic or basic solids are repulped in the

tank using either process water or water from liquid waste streams. Hydrochloric acid or sodium hydroxide solutions are added to neutralize

the mixture to a pH of 7.

The

slurry is then passed through filter presses to separate the solids from the liquor. While the solids are directly sent to the drying

unit, the liquor is sent to an evaporative crystallization system to concentrate and precipitate impurities. The evaporative crystallization

system operates at 103°C and contains an evaporator, crystallizer, centrifuge and MVR circuit. The centrifuge centrate is recirculated

to the crystallizer feed to concentrate the solution and maximize precipitation of impurities. The centrifuge cake is sent to a drying

unit.

Cakes

from the neutralization solid-liquid separation and the centrifuge are conveyed and combined at the feed of a rotary dryer. The dryer

operates at 110°C and dries the combined cake to 5% moisture. The dried cake is then conveyed to an on-site stockpile for storage.

2.3.8.2 4520

n-Dodecane Crud Treatment

The

ventilation gas from the Gallium Separation & Recovery mixer-settler is passed through a condenser where the aqueous and organic

vapors are condensed at low temperatures. The vent gas stream is then passed through a mist eliminator to remove residual organic or

aqueous mist and then through an activated carbon column prior to being released to atmosphere. The condensed and coalesced liquids from

the condenser and mist eliminator are drained by gravity to a condensate tank.

Any

organic crud that accumulates in the Ga stripping mixer-settler is manually removed using a portable crud pump. This crud is sent to

a crud tank to be combined with the backwash liquor stream from the organic recovery multimedia filters. The mixed crud solution is pumped

to a three phase centrifuge where the phases (aqueous, organic, and solid) are separated. The organic phase is sent to the recovered

organic tank and is pumped to the De-Sublimation 3 area. The recovered aqueous phase is sent to the gallium precipitation section to

recover any residual gallium present. The solid crud is stored in crud drums for disposal.

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Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

2.3.8.3 4530

Sc Extractant Crud Treatment

Ventilation

gases from the Scandium Separation SX mixer-settlers are combined and passed through a condenser where the aqueous and organic vapors

are condensed at low temperatures. The vent gas stream is then passed through a mist eliminator to remove residual organic or aqueous

mist and then through an activated carbon column prior to being released to atmosphere. The condensed and coalesced liquids from the

condenser and mist eliminator are drained by gravity to a condensate tank.

Any

organic crud that accumulates in the SX mixer-settlers are manually removed using a portable crud pump. This crud is sent to a crud tank

to be combined with the backwash liquor stream from the scandium organic recovery multimedia filters. The mixed crud solution is pumped

to a three phase centrifuge where the phases (aqueous, organic, and solid) are separated. The organic phase is sent to the recovered

organic tank and is pumped to the Scandium Separation organic feed tank. The recovered aqueous phase is sent to the Scandium Separation

SX feed tank to recover any residual scandium present. The solid crud is stored in crud drums for disposal.

2.3.9 4600

Chlorine Recovery

2.3.9.1 4610

Residue Oxidation

Anhydrous

chloride mixtures and off-gas streams from Areas 4100 and 4200 are sent through two stages of oxidation at different operating temperatures

to recover Cl2. The first stage operates at 600°C and oxygen is added to promote the oxidation of iron.

Natural

gas is used to maintain the operating temperature in the unit due to the heating demand for the vaporization of incoming chloride species.

The gas discharge is sent to the second oxidation stage while the solids generated are separated and disposed.

The

second oxidation stage operates at 1000°C and has excess pure oxygen added to allow for the oxidation of the remaining chloride species.

The

above oxidation reactions generate significant excess energy. As such, heat integration via a glycol intermediate has been included,

though it would need to be confirmed by vendors. It is proposed that the glycol would be used as cooling medium for the second oxidation

stage. The heated glycol is then used as heating medium for steam generation – decreasing the cooling water demand for the oxidation

stage and energy demand for fresh steam production.

H376597-0000-100-146-0001_SE02, Rev. 0

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Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

The

gas discharge is sent to the Chlorine Quench & Off-Gas Treatment area and the solids generated are separated and disposed.

2.3.9.2 4620

Chlorine Quench & Off-Gas Treatment

The

gas from the Residue Oxidation area is sent through a quenching unit to drop the stream temperature to 50°C. This condenses any water

and hydrochloric acid that may have been produced as a result of organic degradation and other impurity reactions. Other condensable

species are also removed at this stage. The condensed solution is sent to the ZLD Neutralization, Evaporation & Drying area for disposal.

The

cooled chlorine gas is compressed and returned to the Carbo-Chlorination area to be used as a chlorinating agent.

2.3.10 5100

Liquid Reagents

Liquid

reagents are delivered to the facility either in metal drums or tanker trucks. Upon arrival, the reagents are unloaded using pumps for

transfer to their respective storage tanks. The storage tanks are specifically designed to safely hold their respective reagents until

needed for various applications within the facility.

2.3.11 5200

Solid Reagents

Iron

powder is delivered to the facility in bulk bags. The bags are lifted to a bag breaker and discharged into a storage hopper for use in

the Al-Sc Hydroxide Recovery area.

Soda

ash is delivered to the facility in bulk bags. The bags are lifted to a bag breaker and discharged into a tank where the solids are mixed

with DI water to produce a 15% soda ash solution. The soda ash solution is passed through a candle filter to remove any undissolved solids.

Solids are collected in a skip and sent to the ZLD Neutralization, Evaporation & Drying area for disposal. The filtered soda ash

solution is stored in a tank for distribution within the plant.

Sodium

hydroxide pellets are delivered to the facility in sealed drums. The drums are stored in proximity to the Gallium Separation & Recovery

area and periodically emptied into a storage hopper for distribution. As sodium hydroxide pellets are highly hygroscopic, residence time

in the storage hopper is kept to a minimum to minimize handling concerns.

Flotation

collector is delivered to the facility in bulk bags. The bags are lifted to a bag breaker and discharged into a storage hopper for use

in the Wet Scrubbing area.

2.3.12 5300

Gas Reagents

Chlorine

gas is delivered to site in liquified form. It is unloaded using pumps for transfer to pressurized vessels for distribution to the Carbo-Chlorination

area.

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Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

air separation plant is located on site, in proximity to the processing areas. The separation plant is responsible for producing pure

oxygen and pure nitrogen for use within the plant. The argon residue is to be packaged and sold as a by-product. The capacity of the

air separation plant is based on the oxygen requirement for the process plant. Details regarding the air separation plant are to be provided

by the vendor.

2.4 Process

Model

The

Mass & Energy Balance (MEB) for this study was developed in Kenwalt SysCAD, a plant simulation software, based on steady-state operation.

Brook Mine’s elevation was used to determine the ambient pressure of the model (i.e., 1,210 m elevation leading to 87.6 kPa(a)).

The

mineralogy of the ROM and coal feeds were determined based on test work either conducted by Ramaco or by a third-party laboratory. The

carbon composition of the ROM was assumed to be variable and could be modified based on heating requirements in the ROM roaster unit.

Refer to Section 2.1 or the PDC (H376597-0000-210-210-0001) for additional detail on feed composition.

Reagent

composition and purity level were based on typical supplier specifications. Raw water treatments for plant utilization (i.e., Raw Water

Treatment and DI Water Production Package) were not modeled due to the insufficient information on the well water quality. Other utilities

used were modeled based on the specifications in the PDB (H376597-0000-210-226-0002) and PDC (H376597-0000-210-210-0001).

Physical

and thermodynamic properties for each chemical species within the plant were defined based on available data from HSC (v.6 and v.10),

OLI Studio (v.12.5), NIST chemistry database, and literature. If a species was found to be missing critical information, it was assumed

that it shared properties with a similar species.

Equipment

heat losses, especially in pyrometallurgical units, were not modeled due to insufficient process definition. Any pH parameters were confirmed

using the MSE-SRK database within OLI Studio.

limited test work was available for the unit operations within the plant, reaction extents were either based on literature, client data,

or assumptions. Based on client input, overall recovery of gallium and germanium were set to be 94% and 84%, respectively (H376597-0000-210-034-0004).

These recovery extents were achieved by varying the chlorination extents of Ga and Ge in the carbo-chlorination unit. Optimal recovery

was assumed for all subsequent stages. An overview of major product losses is summarized in Table 2-2 below.

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Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

Table

2-2: Causes for Product Loss in Model.

Location

Affected

Element

Description

REE

Carbo-Chlorination

Expected

chlorination of species limit the overall recovery of products.

Crude

Fractional Distillation

External

modeling indicated Ge losses due to its low concentration.

Filters

Liquid

elements passed through filters had some losses to the cake moisture.

Additional

information regarding the MEB results are discussed in Section 2.5 below.

2.5 Mass

& Energy Balance

This

section provides a high level summary on the critical mineral deportments and utility recovery. For more information refer to the Stream

Table (H376597-0000-210-216-0002) and the PDC (H376597-0000-210-210-0001).

Values

presented in this section are based on the original HPA production rate of 1,800 metric tonnes per annum (refer to Section 2.1).

2.5.1 Key

Elemental Recoveries

Expanding

on the information summarized in Table 2-2, the overall recovery of the critical minerals as well as Al and Si are summarized below in

Table 2-3.The recovery of Al and Si is intentionally low, since the target HPA and HPS production rates were less than the total amount

of Al and Si chlorinated (see Section 2.1). Therefore portions of the AlCl3 and SiCl4 were sent to the Chlorine

Recovery area to recover Cl2 for the carbo-chlorination unit.

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Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

Table

2-3: Key Elemental Recovery Overview.

REE

Source

(kg

/ h)

ROM

Feed

14,700

6.06

0.39

47,600

3.40

56.1

REE-Enriched

Coal

119

0.20

0.03

805

0.46

7.82

Destination

HPA

0.8%

Metal

94%

High

Purity GeO2

84%

HPS

0.7

Sc2O3

79%

MREC

80%

Rejected

Quartz

53%

Chlorination

Oxide Solids

74.5%

7.5

22%

ZLD

Waste

24.7%

7.7

22%

21%

20%

the carbo-chlorination unit, the reaction extents for Sc and the REEs were assumed to be 80% as insufficient information on the reaction

kinetics was available. For more information, refer to the PDC (H376597-0000-210-210-0001). Unreacted Sc and REE were assumed to not

leach in water and would be sent to Residue Management. Additional Sc losses were due to the Sc SX extraction extent and filtration steps,

bringing the overall recover of Sc to 79%. It was assumed that there were no additional REE losses.

The

reaction extents for Ga and Ge were varied in the carbo-chlorination unit to achieve the target overall recovery of 94% and 84%, respectively

(refer to H376597-0000-210-034-0004). Carbo-chlorination was the main determining factor for Ga recovery, with minor other losses. For

Ge, however, additional losses were tied to the crude fractional distillation where the low Ge concentration led to Ge losses to the

HPS product and Chlorine Recovery waste.

The

overall recovery of Al was dictated by the carbo-chlorination unit kinetics. Aluminum availability was based on kaolinite conversion

to meta-kaolinite in the ROM roaster and coking furnace, limited to 95% in the former. Only meta-kaolinite was then expected to chlorinate

in the carbo-chlorination unit, at an 80% conversion rate. This resulted in un-reacted kaolinite and meta-kaolinite being disposed of

in the Residue Management area. The overall Al recovery as HPA was 0.8%.

The

overall Si recovery was also based on the quartz removal and the carbo-chlorination unit. Quartz removal in the Physical Separation area

decreased the Si feed to the carbo-chlorination units. Only meta-kaolinite-bound Si was expected to be chlorinated and as such the remaining

un-reacted kaolinite, meta-kaolinite, and quartz were disposed in the Residue Management or the Chlorine Recovery areas. The Si recovery

as HPS was intentionally 2%.

All

elemental deportments will need to be confirmed by test work in later phases.

H376597-0000-100-146-0001_SE02, Rev. 0

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Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

2.5.2 Utility

Recovery

Raw

water is planned to be sourced from a well, making its consumption an area of concern. The overall water balance for the plant is summarized

in Table 2-4. Current raw water consumption is at 385.4 t / h. To be noted, the preliminary air separation plant budgetary quote from

Messer indicated a make-up water demand of 200 gpm (~45 t/h) and water waste discharge of 100 gpm (~22.5 t/h) that are excluded from

the values presented in Table 2-4.

Table

2-4: Overall Water Balance for the Brook Mine Process Plant.

Water

Input

Water

Output

Source

Flow

(t / h)

Destination

Flow

(t / h)

Raw

Water

385.4

Cooling

Tower

312.1

ROM

Feed

25.7

ROM

Roaster Off-Gas Treatment Vent

60.1

NaOH

Reagent (50 wt.%)

4.5

Rejected

Quartz Cake

18.4

Coal

Feed

4.0

Waste

ZLD Dryer Vent

11.4

HCl

Reagent (35 wt.%)

1.2

Boiler

9.3

TBP

(99 wt.%)

4.39x10-6

Coking

Off-Gas Treatment Vent

7.4

Waste

ZLD Cake

3.2

Carbo-Chlorination

Off-Gas Treatment Vent

2.2

Other

Outputs

0.1

Total

420.8

Total

Out

424.1

Difference

3.26

Water

Generated (in reaction blocks)

3.34

Water

Consumed (in reaction blocks)

0.08

Overall

Difference

0.000

Primary

water losses are due to the cooling tower blowdown, drift and evaporation losses. Standard evaporative cooling tower assumptions were

used in the model and will require confirmation from vendors. Alternative cooling tower technologies may need to be investigated to reduce

these losses. Similarly, boiler water losses are due to pressure let down and boiler blowdown, with the latter requiring confirmation

from vendors.

Other

water losses were from off-gas treatment scrubbers and unrecovered water vapour from calciners, dryers and roasters. Due to the moisture

content in the waste cakes (5 wt.% and 25 wt.% for the rejected quartz and ZLD cake, respectively), additional water is also lost in

those streams. Filtration test work and vendor technology may be able to decrease water losses in cake moisture. The water flowrates

include any bound water that may be present (ex. Al2O3∙2SiO2∙2H2O, [REE]2CO3∙xH2O).

Release or formation of bound water is assumed to not impact water generation/consumption.

H376597-0000-100-146-0001_SE02, Rev. 0

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Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

For

a detailed utilities breakdown on the:

● Process

water consumption, refer to Table 2-5

● DI

water usage, refer to Table 2-6

● Cooling

water usage and return, refer to Table 2-7

● Steam

usage and condensate return, refer to Table 2-8.

2.5.2.1 Process

Water

Process

water is used in the system when the purity is not the primary concern or as alternative cooling medium for high temperature areas. Table

2-5 provides a detailed breakdown and rationale for the major process water users and recovery sources.

Table

2-5: Overview of Process Water Usage and Recovery.

Description

Flow

(t / h)

Addition

Rationale

Process

Water Users

De-Sublimation

1 (Alkali)1

486.2

Maintain

operating temperature at 400°C

Cooling

Tower

312.1

Evaporation/drift/blowdown

losses (6.2%)

De-Sublimation

2 (Ferric Removal)1

231.4

Maintain

operating temperature at 280°C

Mineral

Process Water

108.9

Make

up water loss to purge (2.5%)

Water

Leaching

87.8

40%

solids in feed and 0.5 t / t dry solids wash ratio

Carbo-Chlorination

Off-Gas Treatment

66.5

NaOH

solution diluent used to neutralize SO2 and dissolve HCl

Roaster

Off-Gas Treatment

54.3

NaOH

solution diluent used to neutralize SO2

Coking

Off-Gas Treatment

37.4

NaOH

solution diluent used to neutralize SO2

Al-Sc

Hydroxide Precipitation Filters

0.2

0.5

t/t dry solids

Total

Process Water Usage

1,384.8

Process

Water Recovery

Return

from De-Sublimation 1

486.2

Return

from De-Sublimation 1

Return

from De-Sublimation 2

231.4

Return

from De-Sublimation 2

ZLD

Condensate

225.8

ZLD

Condensate

ROM

Dryer Condensate

47.7

ROM

Dryer Condensate

Water

Evaporator Condensate

39.3

Water

Evaporator Condensate

Total

Process Water Recovered

1,030.5

Make-Up

Raw Water

354.3

Excluding

make-up to DI water package

1 Process

water was used as cooling medium for both the de-sublimation unit 1 and 2 instead of cooling

water due to the high unit operating temperatures.

H376597-0000-100-146-0001_SE02, Rev. 0

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Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

Any

water condensate from the MVR systems (ZLD System and Water Evaporator) is treated as process water and may no longer meet the purity

requirement for the steam boiler, therefore it is treated as process water. Raw water is required to make up the difference in recovered

to usage demand.

2.5.2.2 DI

Water

discussed in Section 2.3.2.1, DI water is used when there are concerns about product purity and impurity entrainment. Table 2-6 provides

a detailed breakdown on the DI water usage. The process water make-up flow presented does not account for any waste streams generated

from the DI water treatment package.

Table

2-6: Overview of DI Water Users.

Description

Flow

(t / h)

Addition

Rationale

Boiler

Condensate Make-Up

24.7

Blowdown

losses (5%)

Gallium

Stripping

1.8

O:A

ratio of 20:1

Scandium

Solvent Extraction (Stripping)

1.7

O:A

ratio of 10:1

Scandium

Solvent Extraction (Washing)

1.1

O:A

ratio of 15:1

Other

Users

1.9

Total

DI Water Usage

31.1

Process

Water Make-Up

31.1

water is used in the steam boiler to reduce scaling and in the SX circuits to reduce crud formation. The “Other Users” category

accounts for water consumption for various filtration, dilution, and re-pulping steps necessary for critical mineral production.

2.5.2.3 Cooling

Water

Cooling

water is used throughout the plant to regulate unit operating temperatures and condense vapours. All used cooling water is returned to

the cooling tower and process water is used as make-up source to account for cooling tower losses. A detailed breakdown of the cooling

water usage is summarized below in Table 2-7.

H376597-0000-100-146-0001_SE02, Rev. 0

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Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

Table

2-7: Overview of Cooling Water Users.

Description

Flow

(t / h)

Addition

Rationale

Stage

2 Oxidizer

1311.5

Discharge

temperature of 1000°C

Process

Water Cooler

809.3

Discharge

temperature of 50°C

ROM

Dryer Condenser

528.7

Condense

water present in vent

Al-Ga

De-Sublimator Discharge Cooler

482.0

Discharge

temperature of 55°C

Chlorinated

ROM Cooler

458.1

Discharge

temperature of 100°C

Chlorine

Quench Condenser

332.7

Discharge

temperature of 50°C

Crude

Fractional Distillation Columns

225.3

Maintain

temperature profiles of the two-stage system

Chlorination

Off-Gas Separation Pre-Condenser

170.6

Discharge

temperature of 56.8°C

Al-Ga

De-Sublimator Pre-Cooler

161.0

Discharge

temperature of 150°C

Water

Leach Evaporator Cooler

66.6

Discharge

temperature of 50°C

Hexane

Condenser

44.7

Condense

hexane present in off-gas

Water

Leach Recirculation Cooler

41.8

Maintain

operating temperature of 80°C

SiCl4

Pyrolysis Reactor

32.5

Maintain

operating temperature of 1200°C

Silica

Product Cooler

18.8

Discharge

temperature of 70°C

HCl-Azeotropic

Still

57.2

Maintain

temperature profile (76 - 108°C)

Other

Users

7.3

Total

Cooling Water Usage

4748.3

Make-up

Process Water

312.1

Evaporation/drift/blowdown

losses (6.2%)

Total

Water to Cooling Tower

5060.3

2.5.2.4 Steam

Steam

is used as the heating medium in dryers, distillation columns, and MVR systems. A detailed breakdown of the steam users and condensate

return is summarized in Table 2-8.

H376597-0000-100-146-0001_SE02, Rev. 0

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Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 2 - Process Definition - July 28, 2026

Table

2-8: Overview of Steam Usage and Condensate Return.

Steam

Destination

Flow

(t/h)

Addition

Rationale

Steam

Users

ROM

Dryer

62.8

Heat

source to maintain 120°C

Waste

ZLD MVR System

13.4

Make-up

duty source

Crude

Fractional Distillation Columns

11.2

Maintain

temperature profiles of the two-stage system

Boiler

Loss

4.7

Boiler

blowdown loss (5%)

Steam

Condensate Pressure Letdown

4.5

Letdown

pressure to atmospheric

Water

Leach Evaporation MVR System

2.0

Make-up

duty source

Total

Steam Usage

98.7

Condensate

Returns

Condensate

from ROM Dryer

62.8

Condensate

from Crude Fractional Distillation

11.2

Total

Condensate Recovery

74.0

Water Make-Up

24.7

Steam

sent to MVR systems are recovered as process water.

Significant

DI water make up is required due to the condensates from MVR systems not being returned to the boiler. MVR systems combine steam with

process vapour and, as such, the combined condensate no longer meets the purity requirement for boilers. The MVR condensate is instead

used as process water within the plant.

H376597-0000-100-146-0001_SE02, Rev. 0

Page 2-26

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 3 - Capital Cost Estimate - July 28, 2026

Ramaco

Resources

Brook Mine Critical Minerals Project

Initial

Assessment Report - Section 3 - Capital Cost Estimate

2026-07-28

Issued

for Use

Estrada

Tillous

Delgado

Date

Rev.

Status

Prepared

Checked

Approved

Client

H376597-0000-100-146-0002_SE03, Rev. 0

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 3 - Capital Cost Estimate - July 28, 2026

Important

notice to reader

This

report (the “Report”), has been prepared by Hatch Ltd. (“Hatch”) for the sole and exclusive use of Ramaco Resources

(the “Client”) for the purpose of assisting the management of the Client with respect to Brook Mine Rare Earth Project (the

“Asset”) must not be used for any other purpose. Hatch does not accept and disclaimers any and all responsibility and liability

arising from any use or reliance on this Report by any third party, or any modification or misuse of this Report.

1. This

report contains opinions, conclusions and recommendations made by Hatch, using its professional

judgment and reasonable care. Estimates have been prepared by Hatch, using its professional

judgment and exercising due care consistent with the agreed level of accuracy. Any use of

or reliance upon this report and estimate by Client is subject to the following conditions:

a. The

report and estimates being read in the context of and subject to the terms of the Consultant

Service Agreement between Hatch and Ramaco Resources (the “Agreement”), including

any methodologies, procedures, techniques, assumptions and other relevant terms or conditions

that were specified or agreed therein;

b. The

report, including the estimates contained herein, being read as a whole, with sections

or parts hereof read or relied upon in context;

c. The

conditions of the site may change over time (or may have already changed) due to natural

forces or human intervention, and Hatch takes no responsibility for the impact that such

changes may have on the accuracy or validity or the observations, conclusions and recommendations

set out in this report; and

d. The

estimate is based on several factors over which Hatch has no control, including without limitation

site conditions, cost and availability of inputs, etc., and Hatch takes no responsibility

for the impact that changes to these factors may have on the accuracy or validity or this

estimate.

e. This

report is a Scoping Study and, accordingly, all estimates and projections contained herein

are based on limited and incomplete data. Therefore, while the work, results, estimates and

projections herein may be considered to be generally indicative of the nature and quality

of the Project, they are not definitive. No representations or predictions are intended as

to the results of future work, nor can there be any promises that the estimates and projections

in this report will be sustained in future work.

H376597-0000-100-146-0002_SE03, Rev. 0

Page 3-i

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 3 - Capital Cost Estimate - July 28, 2026

2. The

report and estimates are based on information made available to Hatch by the Client or by

certain third parties, and unless stated otherwise in the report, Hatch has not verified

the accuracy, completeness or validity of such information, makes no representation regarding

its accuracy and hereby disclaims any liability in connection therewith.

3. Any

use of this report by any third party is at that party’s sole risk, and neither Hatch

nor any of its directors, officers or employees shall have any liability to any third party

for such use for any reason, including negligence.

4. This

Report is subject to the State of Wyoming and the city of Sherida, Wyoming and all disputes

will be submitted to the International Chamber of Commerce (“ICC”) for resolution

in accordance with its rules then in force. The arbitration will be held in English and in

the city of Sheridan, Wyoming or such other location the parties may agree.

H376597-0000-100-146-0002_SE03, Rev. 0

Page 3-ii

Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 3 - Capital Cost Estimate - July 28, 2026

Table

of Contents

Capital Cost Estimate Basis

3-1

3.1

Introduction

3-1

3.2

Acronyms and Abbreviations

3-1

3.3

Project and phase description

3-1

3.4

Estimate Summary

3-1

3.4.1

Estimate Summary by WBS

3-1

3.4.2

Summary by Trade

3-3

3.4.3

Accuracy Statement

3-4

3.5

Estimating Tools

3-4

3.5.1

Exclusions, Assumptions and Qualifications

3-4

3.6

Structure & Coding

3-6

3.6.1

Work Breakdown Structure (WBS)

3-6

3.6.2

Trade Codes

3-6

3.7

Direct Costs

3-7

3.7.1

Basis by Commodity

3-7

3.7.2

Labor

3-12

3.8

Indirect cost

3-13

3.8.1

Temporary construction facilities and services

3-13

3.8.2

Freight and Logistics

3-14

3.8.3

EPCM

3-14

3.8.4

Spare parts

3-15

3.8.5

Vendor’s representatives at site

3-15

3.8.6

First Fills

3-15

3.8.7

Pre-Operational Testing

3-15

3.9

Owner Costs

3-16

3.10

Contingency

3-16

3.11

OoM estimate for 2.6 MTPA capacity plant

3-17

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Initial Assessment Report - Section 3 - Capital Cost Estimate - July 28, 2026

List

of Table

Table 3-1:

List of Acronyms

3-1

Table 3-2:

Estimate Summary by WBS level 2

3-2

Table 3-3:

Estimate Summary by Trade

3-3

Table 3-4:

Trade Codes Used

3-6

Table 3-5:

Mechanical equipment and tanks supply cost

by source of information

3-7

Table 3-6:

Summary of equipment supply by type of equipment

3-8

Table 3-7:

Buildings cost summary

3-9

Table 3-8:

Owner’s Costs summary

3-16

Table 3-9:

Order of Magnitude Estimate for Expansion

3-18

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Initial Assessment Report - Section 3 - Capital Cost Estimate - July 28, 2026

3. Capital

Cost Estimate Basis

3.1 Introduction

This

document was prepared by the Project Estimating Manager on behalf of the Project Manager.

The

audience for this document includes the Project Owner, Project Manager, Business Unit Owner, and those parties that need to understand

the approach taken to develop the Capital Cost Estimate.

The

purpose of this document is to report the estimate results for the Initial Assessment study phase, the methodology used and the premises

and information taken into account.

3.2 Acronyms

and Abbreviations

The

Table 3-1 below provides a list of acronyms and their corresponding full forms used throughout this document for reference.

Table

3-1: List of Acronyms

Acronym

Full

Form

AACE

Association

for the Advancement of Cost Engineering

BoE

Basis

of Estimate

BoP

Balance

of Plant

USD

United

States Dollars

CAPEX

Capital

Expenditure

Construction

Management

Engineering

and Procurement

MTO

Material

Take-Off

PPE

Personal

Protective Equipment

Q1,

Q2, Q3, Q4

First

Quarter, Second Quarter, Third Quarter, Fourth Quarter

QRA

Quantitative

Risk Assessment

TBD

be discussed

WBS

Work

Breakdown Structure

3.3 Project

and phase description

For

project phase and description, please review Section 1 of this report.

3.4 Estimate

Summary

3.4.1 Estimate

Summary by WBS

The table below presents the results of the estimate by physical

and intangible area using the work breakdown structure agreed with Ramaco at level 2.

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Initial Assessment Report - Section 3 - Capital Cost Estimate - July 28, 2026

Table

3-2: Estimate Summary by WBS level 2

WBS

Code

WBS

description

Total

Cost

(MUSD)

1000

General

- Project Wide

49.56

1100

Site

Preparations

49.56

2000

Site

Preparations and Infrastructure

131.67

2200

Site

Power Distribution

39.32

2300

Fuel,

Steam, Air and Cooling Water Systems

25.18

2400

Water

and Sewage Systems

43.33

2500

Raw

Material, Product and By-product Storage

2600

Laboratory

5.00

2700

Non-Process

Buildings

18.84

3000

Beneficiation

294.59

3100

Physical

Separation

130.96

3200

Pre-Treatment

163.63

4000

Process

Plant

791.20

4100

Carbo-Chlorination

237.46

4200

Critical

Mineral Recovery

247.62

4300

Rare

Earth Recovery

77.86

4400

Tailings

Filtration and Storage

4500

Residue

Management

200.10

4600

Chlorine

Recovery

20.16

4700

Product

Handling & Packaging

8.00

4900

Process

Building(s)

0.00

5000

Reagents

Storage and Supply

29.48

5100

Liquid

Reagents

4.17

5200

Solid

Reagents

2.28

5300

Gas

Reagents

13.80

5400

Reagents

Unloading Station

3.00

5900

Reagent

Building(s)

6000

Offsite

Infrastructure and Facilities (out of Hatch Scope)

6100

Site

Access

6200

Utilities

6300

Accommodations

Camp

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WBS

Code

WBS

description

Total

Cost

(MUSD)

Direct

Cost

1,296.49

7000

Indirects

440.45

7100

Temporary

Construction Facilities and Services

90.75

7200

Freight

50.99

7300

EPCM

233.37

7400

Miscellaneous

45.89

7500

Pre-Operational

Testing

19.45

DC+IC

Direct

+ Indirect Cost

1,736.94

8000

Contingency

521.08

9000

Owners

Costs

327.02

TIC

Total

Installed Cost

2,585.05

3.4.2 Summary

by Trade

The

summary by trade or discipline applied to the current stage of the project is shown below:

Table

3-3: Estimate Summary by Trade

Code

Trade

Description

Total

Cost

(MCAD)

Site

development

49.56

CSE

Structural

support

58.19

Buildings

246.76

Instrumentation

and controls

59.64

Electrical

equipment and bulks

214.53

Mechanical

equipment

519.13

Tanks

25.65

Piping,

fittings, valves and insulation

106.53

Multidiscipline

allowances

16.50

Total

Direct Cost

1,296.49

Indirect

Cost

440.45

Total

Project Indirect Costs

440.45

DC+IC

Direct

+ Indirect Cost

1,736.94

Contingency

521.08

Owner’s

Costs

327.02

TIC

Total

Installed Cost

2,585.05

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3.4.3 Accuracy

Statement

The

capital cost estimate was prepared in accordance with the AACE guidelines for a Scope Study: Class 5 estimate, with an intended accuracy

range of -30% to +50%.

The

estimate is based on very limited information, equipment sizing, and a chosen region but not exact location. Major mechanical equipment

and tanks have been listed and priced. All other costs are factored and derived of the equipment supply cost. More details will be provided

in the following sections.

3.5 Estimating

Tools

The

estimate was produced in MS Excel and delivered in pdf format. A copy of the estimate details and summaries are provided in MS Excel

format.

3.5.1 Exclusions,

Assumptions and Qualifications

The

capital cost estimate was compiled based on the following assumptions and qualifications:

● Discipline

Mechanical equipment list (MEL) for mechanical equipment. Preliminary vendor’s quotes

for key equipment packages, all other equipment was priced according with Hatch in-house

database or using allowances when the capacity of the equipment is indetermined.

● Factored

installation from equipment supply cost according with benchmarks in the region.

● Electrical

equipment and bulks, Piping, insulation, instrumentation and controls, civil and structural

works cost was calculated as allowances, factored consistently with benchmarks for other

projects similar facilities or areas.

● A

preliminary layout was created for the Initial Assessment study, the preliminary size of

buildings and process areas were provided.

● The

indirect costs were introduced as allowances factored from direct cost or equipment supply

cost where applicable.

● The

estimate base date is Q2 2026.

● All

costs are provided in US Dollars; the estimate is presented in US Dollars.

● The

estimate is nominal to the base date and currency. Escalation and currency fluctuations beyond

the base date are excluded.

● None

of the prices is based on contracts of biding quotations.

3.5.1.1 Exclusions

● Given

the non-specific site location of the plant, no information was provided for the excavations

and fills needed to level the surface. For estimation purposes only, the site is assumed

to be levelled. Not massive excavations and fills are considered to provide an even terrain

for construction. This assumption requires review after the location of the plant is defined

and the preparations efforts are quantified.

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● The

need of deep foundations as piles is excluded. A geotechnical report is being prepared at

the moment. After the results of the geotechnical investigation and recommendations are provided,

this assumption will be reviewed.

● Construction

centralized camp and operation camp have been excluded.

● The

cost of infrastructure and equipment to provide feedstocks, power, fuel, gas, potable and

demineralized water, and reagents outside of the boundary of the project is excluded (Transmission

lines, reagents plant, gas pipeline, etc.). These costs are covered under Owner’s Cost

as indicated by Ramaco.

● The

cost of stack areas and stockpiling facilities is excluded.

● Pre-Commercial

production costs that occur after facilities are handed over to the owner are excluded.

● Sustaining

capital costs and closure costs are excluded (client has indicated that these costs are being

considered in the Financial Model, prepared by Ramaco). The capital cost estimate is limited

to costs relating to project construction and complete pre-operational testing tills hot

commissioning.

● Estimate

is based on EPCM or Design – Bid – Build execution model and excludes any risk

premium or subcontractor’s fees associated with an EPC model.

● Land

purchase and rentals are excluded from Hatch’s scope. This exclusion also considers

the land needed for final disposal of unused material produced from excavations (considered

under Owner’s cost provided by Ramaco).

● Any

cost related to environmental evaluation, permitting and mitigation projects is excluded

(considered under Owner’s Cost provided by Ramaco).

● Financial

costs and Insurances are excluded (considered under Owner’s Cost provided by Ramaco).

● Escalation

beyond the base date.

● Impacts

of foreign currency exchange rate variations are excluded.

● Allowances

for significant changes to the scope of the project are excluded.

● Management

reserves are excluded for risks events not contemplated in contingency such as non-predictable

variations in market conditions that could affect equipment, commodities and / or labour

costs, labour unrest, disputes with residents, geotechnical or process related design issues,

delays due to the considerably late receipt of equipment or materials, significant poor performance

by contractors, force majeure, etc.

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● Allowances

are excluded for the risks associated with the US political, legal, or regulatory environment,

including:

♦ The

risk of changes to any laws, regulations, rules, or policies, or the governmental or judicial

interpretation thereof

♦ The

risk of the client failing to comply with any such laws, regulations, rules or policies and

the costs of any resulting penalties, fines, suits, etc.

♦ The

risk of the client not being able to obtain or maintain any permits, licenses and other authorisations

required for the project or construction.

● Any

other exclusion stated in this document.

3.6 Structure

& Coding

3.6.1 Work

Breakdown Structure (WBS)

The

WBS is a logical division and sub-division of the work into a 1 to 4-level hierarchical manner. Within the WBS, the Project is divided

into Areas, Facilities, and Sub-facilities or Systems. For the present study only a WBS at level 3 have been developed to identify equipment

in different process areas.

3.6.2 Trade

Codes

Commodity

Codes are used to collect the estimate items into groups of work of a similar nature or discipline. The standard Commodity Code is an

alpha character which is directly aligned with the project standard discipline descriptions.

Table

3-4: Trade Codes Used

Trade

Code

Trade

Site

development

CSE

Structural

support

Buildings

Instrumentation

and controls

Electrical

equipment and bulks

Mechanical

equipment

Tanks

Piping,

fittings, valves and insulation

Multidiscipline

allowances

Indirect

Costs

Contingency

Owner’s

Costs

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Initial Assessment Report - Section 3 - Capital Cost Estimate - July 28, 2026

3.7 Direct

Costs

Direct

costs include all the permanent equipment, materials and labor associated with the physical construction of the permanent facility /

asset, and includes:

● Supply,

assembly, and installation of permanent equipment and tanks

● Supply,

fabrication, and installation of bulk materials

● Supplemental

resources for equipment and bulk material installation, such as labor and construction equipment

● Site

preparations and the construction of ancillary facilities and systems

● Supply,

fabrication and erection of permanent buildings and associated services

● Contractor’s

distributable costs such as mobilization and demobilization, overheads and profit, supervision,

general construction equipment including construction cranes, small tools and consumables

used in construction, etc.

the following sections the basis of Direct Cost is explained.

3.7.1 Basis

by Commodity

3.7.1.1 Mechanical

costs

Mechanical

costs consist of permanent equipment, tanks, and the associated labor and material costs required to install them.

Mechanical Equipment List (MEL) was provided by engineering including capacity and construction materials when was possible a determination.

This

list was priced using budgetary quotes from vendors, in-house database from recent projects with similar needs. When the capacity was

undetermined an allowance was included according with recent estimate experience.

All

equipment costs of reference from previous projects were escalated to the base date (Q2 2026).

This

is the equipment supply cost distributed according with the source of information:

Table

3-5: Mechanical equipment and tanks supply

cost by source of information

Source

MUSD

of total supply

Quote

67.11

18%

Database

253.77

69%

Allowances

47.76

13%

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was considered that some of the equipment needed to complete the balance of plant is not listed. To cover that cost, a factor between

5% and 10% was applied to the equipment listed cost in each area.

Table

3-6: Summary of equipment supply by type of equipment

Equipment

Total

supply cost MUSD

of the total supply cost

Fluid

Bed Roaster

116.07

31%

Crystallizer

Packages

35.07

10%

Cylindrical

Tanks

18.47

Flame

Reactor

17.65

Fluid

Bed Reactors

14.17

Filter

Press

12.69

Cyclones

10.42

Paddle

Coolers

9.56

Heat

Exchanger Coolers

9.28

Water

Treatment Package

7.29

GAC

Columns

7.00

Rotary

Dryers

5.93

Venturi

Scrubbers

5.17

Centrifugal

Pumps

5.15

Evaporator

Package

4.67

Distillation

Columns

4.50

Plate

Magnets

4.00

Mixer

Settlers

3.12

Belt

Conveyors

3.03

De-Sublimators

3.00

Bagging

Systems

3.00

Rotary

Kilns

2.50

Other

listed equipment

35.33

10%

Non-listed

equipment

31.57

The

installation was calculated as a factor of the Equipment cost as follows:

● 30%

factor for Mechanical equipment isolated or non-modular and Tanks

● 15%

factor for modular equipment.

Labor

inclusions are stated in 3.7.2.

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3.7.1.2 Buildings

and major structures

layout and model was developed at the Initial Assessment study phase containing the preliminary footprint of buildings. The size and

conditions per building was provided to estimation and a parametrical calculation of structural steel, concrete, cladding, foundation

excavations and fills, roofing and architectural finishes cost was prepared. The resulting cost per square foot was applied to the buildings

footprint to obtain the their cost.

Table

3-7: Buildings cost summary

Building

/ Structure

Conditions

Length

(ft)

Width

(ft)

Height

(ft)

Total

Cost

(MUSD)

INSTRUMENT

AIR SYSTEM

Warehouse

Structure Building

2.09

STEAM

GENERATION AND DISTRIBUTION

Open

structure supporting equipment

1.13

COOLING

WATER SYSTEM

Open

structure supporting equipment

192

7.38

DEIONIZED

WATER PRODUCTION AND DISTRIBUTION SYSTEM

Open

structure supporting equipment

0.38

PROCESS

WATER AND CONDENSATE DISTRIBUTION SYSTEM

Open

structure supporting equipment

192

15.30

FIRE

WATER SYSTEM

Open

structure supporting equipment

2.46

GATE

HOUSE

Single

Story Building

0.75

ADMINISTRATION

BUILDING

Single

Story Building

385

7.93

WAREHOUSE

BUILDING - PARTS/ PRODUCT STORAGE

Warehouse

Structure Building with 5T crane

199

6.22

MAINTENANCE

SHOP

Warehouse

Structure Building with 5T crane

122

3.94

STOCKPILE-SURGE

BUILDING-ROM

Warehouse

Structure Building

199

225

29.86

STOCKPILE-SURGE

BUILDING-COAL

Warehouse

Structure Building

160

154

13.64

WET

SCRUBBING

Open

structure supporting equipment

1.89

FLOTATION

Open

structure supporting equipment

112

3.54

THICKENING

AND DEWATERING

Open

structure supporting equipment

212

176

13.63

MINERAL

PROCESS WATER SYSTEM

Outdoor

tanks

160

2.09

DRYING

(KAOLINITE)

Open

structure supporting equipment

0.81

CALCINING

(KAOLINITE)

Open

structure supporting equipment

0.82

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Building

/ Structure

Conditions

Length

(ft)

Width

(ft)

Height

(ft)

Total

Cost

(MUSD)

ROASTER

OFF-GAS SYSTEM

Open

structure supporting equipment

160

9.29

COKING

(COAL)

Open

structure supporting equipment

0.44

COKING

OFF-GAS SYSTEM

Open

structure supporting equipment

160

2.48

CARBO-CHLORINATION

Open

structure supporting equipment

128

4.68

DE-SUBLIMATION

1 (AKALI SALT REMOVAL)

Open

structure supporting equipment

0.62

DE-SUBLIMATION

2 (FERRIC REMOVAL)

Open

structure supporting equipment

1.54

DE-SUBLIMATION

3 (Al/Ga REMOVAL)

Open

structure supporting equipment

2.46

OFF-GAS

SEPARATION

Open

structure supporting equipment

2.46

GALLIUM

SEPARATION & RECOVERY

Open

structure supporting equipment

2.26

ALUMINA

SEPARATION & RECOVERY

Open

structure supporting equipment

1.51

GERMANIUM

SEPARATION & RECOVERY

Open

structure supporting equipment

0.29

SILICA

SEPARATION & RECOVERY

Open

structure supporting equipment

128

3.02

WATER

LEACHING

Open

structure supporting equipment

321

128

20.74

Al-Sc

HYDROXIDE RECOVERY

Open

structure supporting equipment

2.26

SCANDIUM

SEPARATION

Open

structure supporting equipment

128

1.51

SCANDIUM

OXIDE PRODUCTION

Open

structure supporting equipment

0.58

RARE

EARTH SEPARATION

Open

structure supporting equipment

1.70

MREC

PRODUCTION

Open

structure supporting equipment

2.26

ZLD

NEUTRALIZATION, EVAPORATION AND DRYING

Open

structure supporting equipment

417

257

44.19

n-DODECANE

CRUD GTREATMENT

Open

structure supporting equipment

2.46

EXTRACTANT CRUD TREAMENT

Open

structure supporting equipment

2.39

RESIDUE

OXIDATION

Open

structure supporting equipment

128

3.28

REAGENTS

STORAGE AND SUPPLY

Warehouse

Structure Building with 5T crane

199

6.22

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Building

/ Structure

Conditions

Length

(ft)

Width

(ft)

Height

(ft)

Total

Cost

(MUSD)

LIQUID

REAGENT STORAGE AND SUPPLY - HYDROXIDE ACID

Outdoor

tanks

0.14

LIQUID

REAGENT STORAGE AND SUPPLY - SODIUM HYDROXIDE

Outdoor

tanks

0.20

LIQUID

REAGENT STORAGE AND SUPPLY - KEROSENE

Outdoor

tanks

0.03

LIQUID

REAGENT STORAGE AND SUPPLY - HEXANE

Outdoor

tanks

0.09

GAS

REAGENT STORAGE AND SUPPLY

Warehouse

Structure Building with 5T crane / To be provided by gas reagent operator - Just foundations needed

513

199

13.80

3.7.1.3 Disciplines

cost

All

costs associated to other disciplines apart from Mechanical equipment and process plateworks was factored from the total equipment and

tanks installed cost as follows:

3.7.1.3.1 Site

preparations:

This

cost includes:

● Civil

works needed to prepare the site for the construction (excluded massive excavation and fills,

blasting or any work needed to remove slopes, fill ponds or any considerable unevenness in

the terrain).

● Internal

roads, sidewalks, fences, gates, ponds and exterior lighting.

The

allowance used to cover these works is 10% of Equipment installed cost, in accordance with the cost benchmarked in processing plants

of similar size.

3.7.1.3.2 Equipment

structural support:

Inside

buildings and in the exterior, concrete footings, containment areas, platforms, hangers, handrails, ladders and pipe-racks are needed

to support the equipment and tanks.

cover the cost of supports not accounted in the Table 3-7: Buildings cost summary, a factor between 5% to 20% was applied to the equipment

installed cost per area according to Hatch in-house benchmarking.

3.7.1.3.3 Electrical

equipment and bulks:

This

cost includes:

● Supply,

install and testing electrical equipment to distribute power and protections across the plant

● Supply

and install of complete e-houses inside the plant

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● Supply

and install of all the power cable, grounding system, lightning protection to distribute

power across the plant

● Supply

and install of All the trays, conduits, duct banks and accessories needed to protect and

support the power cable.

factor between 25% and 40% was applied to the equipment installed cost to account for the electrical equipment and bulks cost, according

to Hatch in-house benchmarking.

3.7.1.3.4 Piping

and insulation

This

cost includes:

● Supply

and installation of all the pipelines and pipes inside the plant not included in equipment

packages. Including fittings and special pieces, coating when needed, testing and finishings.

● Supply

and installation of all the flow in-line valves.

● Supply

and installation of all the insulation needed for piping.

factor between 10% and 30% was applied to the equipment installed cost to account for the piping and insulation cost, according to Hatch

in-house benchmarking.

3.7.1.3.5 Instrumentation

and controls

This

cost includes:

● Supply

and installation of all the devices need to monitor and control the process, excluded those

that are included in equipment packages

● Supply

and installation of materials needed for the correct functioning of instrumentation, panels,

cable, fiber optic, conduits, etc.

● Supply

and installation of communication and monitoring system, DCS, including CCTV and other circuits

not associated with the process

● Complete

plant programing and integration.

factor of 15% was applied to the equipment installed cost to account for the piping and insulation cost.

3.7.2 Labor

The

labor all-in cost is the summary of workforce, construction equipment and contractor’s distributable cost. It represents contractor’s

installation and fabrication rates. In the present estimate the labor was either factored from equipment supply cost or included in general

discipline factors.

The

labor cost includes the following:

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● Fully

burdened workforce (including vacations, payroll, benefits, overtime)

● Construction

equipment including operation (rentals, fuel, maintenance, insurances)

● Contractor’s

distributable, or contractor’s indirect costs such us:

♦ Personal

Protection Equipment (PPE) for the direct and indirect workers

♦ Small

tools and consumables

♦ Living

Out Allowance (LOA) for workers coming from locations beyond 60 km from the work site

♦ Supervision

at site

♦ Indirect

support labor

♦ Temporary

trailers and other facilities required

♦ Office

support

♦ HSE

and quality control

♦ Insurances

♦ Overhead

♦ Profit.

Work

regime considered: The work regime to consider must be studied in the following phase, with a clear view of the percentages of workers

coming from Sheridan and other locations.

For

the purpose of the estimate, following the benchmarks used, approximately 50% of the workers are in an extended regime of 10 hrs per

day, 6 days per week (Local labor) and 50% are in an extended regime of 10 hrs per day, 2 weeks on-site and one week of-site.

centralized construction camp have been included in the cost.

3.8 Indirect

cost

Indirect

costs were estimated as factored allowances based on historical information from large size projects in North America, adjusted to account

for site specific conditions.

description of what is included in the indirect costs is presented below:

3.8.1 Temporary

construction facilities and services

The

cost associated with the temporary facilities covers the following items:

● Construction

area development including temporary diversion ditching, laydown / staging areas, material

borrow quarries and stockpiles, temporary roads, etc.

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● The

supply and installation of temporary utilities infrastructure such as for water, power, fuel

storage and distribution

● Temporary

buildings, such as, offices and trailers for managing and owner’s team, ablution blocks,

etc.

● Site

office supplies, furniture

● Communications

systems and local area network required to support the site construction activities.

The

cost associated with the temporary construction Services covers the following items:

● Costs

for electrical energy to be used during construction

● Administration,

warehousing, cleaning and maintenance services

● Communications

services (phone and internet) required during construction and

pre-operational testing

● Security

● Water

distribution during construction

● Medical

services (Emergencies and controls)

● Mobile

equipment in warehouses and workshops

● Heavy

lift cranes (not in the scope of contractors).

The

cost of temporary facilities and services have been calculated as 7% of Direct Cost.

3.8.2 Freight

and Logistics

The

Freight and Logistics covers costs for the transportation of equipment (Mechanical, tanks and electrical) from the anticipated market

to the plant site.

cost of 10% of equipment supply was included in the estimate to cover the transport, storage and handling of the equipment. This factor

is consistent with a combination of equipment obtained in the country and some packages from other continents. After vendor’s or

region of supply selection a more detailed study can be done.

This

cost of freight does not includes tariffs or duties applied to the equipment import.

3.8.3 EPCM

is assumed that equipment supply packages will be grouped as set out in the project execution strategy and that established construction

contractors will be engaged to complete the site work.

The

cost for EPCM services covers the following:

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Initial Assessment Report - Section 3 - Capital Cost Estimate - July 28, 2026

● Preliminary

studies such as Pre-feasibility study, feasibility study and basic engineering.

● Detailed

engineering

● Procurement

of equipment, materials, and contracts

● Construction

management

● Project

controls / reporting

● Project

administration

● Health,

Safety and Environmental requirements

● QA/QC

● Office

expenses, communication, IT services, etc.

● Travel

costs associated with the EPCM team.

The

cost of EPCM was estimated as 15% of the Direct Cost.

3.8.4 Spare

parts

The

equipment spare parts to be used during commissioning and critical spare parts were included in the estimate as 3.5% of equipment supply

cost.

3.8.5 Vendor’s

representatives at site

some cases, to fulfil the requirement of equipment manufacturer’s warranties and guarantees, selected manufacturers require their

representatives to complete an inspection of their equipment prior to it being placed into operation.

Cost

for vendor representatives to be on site during construction and/or pre-operational testing, depending on the nature of the equipment

have been included in the estimate as 1.5% of equipment supply cost.

3.8.6 First

Fills

The

cost of common and expected fill consumables to be using during pre-operational testing and commissioning. This cost excludes feedstock

and reagents, and was calculated as 1% of the equipment supply cost.

3.8.7 Pre-Operational

Testing

Costs

for Pre-Operation Testing covers planning and supervision services during commissioning. The team participation will be extended till

hot commissioning, or the moment where the plant is handover to the client to start the ramp-up process.

The

cost of pre-operational testing have been addressed as an allowance of 2% of the Direct Cost.

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Initial Assessment Report - Section 3 - Capital Cost Estimate - July 28, 2026

3.9 Owner

Costs

Owner’s

costs were provided by the client. Please see the summary in the Table 3-8.

The

cost of owner’s costs was integrated in the estimate, Owner’s cost contingency was considered imbedded in each cost area.

Table

3-8: Owner’s Costs summary

WBS

MUSD

of OC

9110

Owner’s

Project Management

10.20

3.2%

9120

Owner’s

Travel & Expenses

2.50

0.8%

9150

Owner’s

IT/IS Services

1.00

0.3%

9160

Owner’s

3rd Party Consultants

5.00

1.6%

9210

Land

Acquisition

3.75

1.2%

9230

Easement

2.70

0.9%

9300

Legal

& Permitting

11.55

3.7%

9410

Insurance

2.45

0.8%

9710

Project

Support Costs

9.00

2.9%

9900

Exploration

and Mining and Offsite Infrastructure

278.87

84.7%

Total

Owner’s costs

327.02

100%

3.10 Contingency

Contingency

included in the cost estimate is an allowance for normal and expected items of work which must be performed within the defined scope

of work and project execution plan as covered by the cost estimate, but which could not be explicitly foreseen or described at the time

the estimate was completed.

The

contingency amount is an integral part of the cost estimate, and it should be assumed that contingency will be spent in completing the

project. Contingency does not cover significant scope changes, price escalation, currency fluctuations. Contingency does not include

allowances for project “event” risks such as labour unrest, blockades, adverse market conditions, force majeure, or any of

the items that are specifically excluded from the cost estimate.

Typical

uncertainties applicable to contingency:

● Insufficient

information due to incomplete engineering and/or lack of vendor or conditions information

● Equipment

or material costs obtained by ratio or update from historical costs or previous estimates.

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Initial Assessment Report - Section 3 - Capital Cost Estimate - July 28, 2026

Contingency

allowances have been included as 40% of the sum of the estimated Direct and Indirect costs.

Contingency

= 30% x (Direct Costs + Indirect Costs)

3.11 OoM

estimate for 2.6 MTPA capacity plant

Order of Magnitude (OOM) estimate was developed for a different plant capacity using, as a reference the estimate presented above for

a plant capacity of 1.3 MTPA.

The

revised estimate was prepared by identifying and adjusting the areas affected by the change in capacity requirements. Specific areas

were determined to experience cost increases as a result of the new requirements, while other areas remained unchanged.

the table below a summary of the estimate is presented showing the factors used:

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Initial Assessment Report - Section 3 - Capital Cost Estimate - July 28, 2026

Table

3-9: Order of Magnitude Estimate for Expansion

Area

1.3

MTPA

capacity

(MUSD)

Capacity

factor

2.6

MTPA

capacity

(MUSD)

Site

Development

49.56

1.60

79.29

Site

Power Distribution

39.32

2.00

78.64

Fuel,

Steam, Air and Cooling Water Systems

25.18

1.60

40.28

Water

and Sewage Systems

43.33

1.60

69.33

Laboratory

5.00

1.60

8.00

Non-Process

Buildings

18.84

1.20

22.61

Physical

Separation

66.31

1.60

106.10

Physical

Separation building

64.65

1.50

96.97

Pre-Treatment

149.80

1.60

239.68

Pre-Treatment

building

13.83

1.50

20.75

Carbo-Chlorination

237.46

1.60

379.93

Critical

Mineral Recovery

247.62

1.60

396.19

Rare

Earth Recovery

77.86

1.60

124.58

Residue

Management

151.06

1.60

241.69

Residue

Management building

49.05

1.50

73.57

Chlorine

Recovery

20.16

1.60

32.25

Product

Handling & Packaging

8.00

2.00

16.00

Reagents

Storage and Supply

6.22

1.60

9.96

Liquid

Reagents

4.17

1.60

6.68

Solid

Reagents

2.28

1.60

3.65

Gas

Reagents

13.80

1.60

22.07

Reagents

Unloading Station

3.00

1.60

4.80

Direct

Cost

1,296.49

2,073.03

Indirect

Cost

440.45

704.26

Contingency

521.08

833.19

Owner’s

Cost

327.02

389.67

Total

Cost

2,585.05

4,000.15

Same

base date, currency and exclusions stated in the section 3 are applicable to the estimate.

H376597-0000-100-146-0002_SE03, Rev. 0

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Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 4 - Operating Cost Estimate - July 28, 2026

Ramaco

Resources

Brook Mine Critical Minerals Project

Initial

Assessment Report - Section 4 - Operating Cost Estimate

2026-07-28

Issued

for Use

Law

Gorst

Delgado

Date

Rev.

Status

Prepared

Checked

Approved

Client

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Ramaco Resources - Brook Mine Critical Minerals Project

Initial Assessment Report - Section 4 - Operating Cost Estimate - July 28, 2026

Table

of Contents

Operating Cost

4-1

4.1

OPEX Estimate Summary

4-1

4.1.1

Maintenance Expense

4-2

4.1.2

Reagents Expense

4-2

4.1.3

Energy / Utilities Expense

4-3

4.1.4

Labour Expense

4-5

4.2

OPEX Basis of Estimate

4-7

4.2.1

Reagents

4-7

4.2.2

Consumables

4-8

4.2.3

Energy / Utilities

4-9

4.2.4

Plant Labour

4-10

4.2.5

Maintenance

4-13

4.2.6

General & Administration (G&A)

4-13

4.2.7

Transportation & Logistics

4-13

4.2.8

Allowances & Fees

4-13

4.2.9

Contingency

4-13

4.3

OPEX Case Study – Increased Throughput

4-14

List

of Figures

Figure

4-1: Total OPEX Category Breakdown.

4-2

Figure

4-2: Reagent Annual Cost Breakdown.

4-3

Figure

4-3: Energy / Utilities Annual Cost Breakdown.

4-4

Figure

4-4: Electricity Cost Breakdown per WBS.

4-4

Figure

4-5: Plant Organization Chart.

4-12

List

of Tables

Table 4-1: OPEX

Summary.

4-1

Table 4-2: Plant Labour Count

and Total Compensation.

4-6

Table 4-3: Reagent Unit Cost

and Consumption.

4-8

Table 4-4: Consumable Unit

Cost and Consumption.

4-9

Table 4-5: Utilities Unit

Cost and Consumption.

4-10

Table 4-6: OPEX Comparison

for 2.6M vs. 1.3M tpa ROM.

4-14

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Initial Assessment Report - Section 4 - Operating Cost Estimate - July 28, 2026

4. Operating

Cost

Total

operating cost is summarized in the following section. This estimate has been escalated based on increased HPA production (i.e., from

1,800 to 11,848 mt/y HPA), as per the request of Ramaco (email: “RE: HPA production”, received July 8th, 2026).

For additional information regarding unit price, unit quantity, factors, and salaries, refer to Section 4.2.

4.1 OPEX

Estimate Summary

The

Operating Cost Estimate (OPEX) for the plant is 150.7 M USD. A breakdown of the expenses are shown in Table 4-1 and Figure 4-1 below,

where CMO is the Critical Mineral Oxides equivalent (i.e., rare earth oxides, Sc2O3, GeO2, Ga2O3)

and “Other” includes transportation logistics, allowances, and fees. Contingency and General & Administration (G&A)

have been excluded from the estimate, as per Ramaco’s request.

Table

4-1: OPEX Summary.

Cost

Component

Annual

Operating Cost

(M USD)

Unit

Cost

(USD / mt ROM)

Percentage

Total OPEX

Reagents

72.2

55.6

48%

Utilities

23.8

18.3

16%

Consumables

3.2

2.4

Labour

22.0

16.9

15%

Maintenance

17.9

13.8

12%

G&A

Other

11.7

9.1

Total

(excl. contingency)

150.7

116.1

100%

Contingency1

Total

(incl. contingency)

150.7

116.1

100%

1 Per

Ramaco’s request, contingency was excluded from this estimate. Hatch advises on the

inclusion of contingency to account for inherent uncertainties at this level of estimate

maturity.

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Initial Assessment Report - Section 4 - Operating Cost Estimate - July 28, 2026

Figure

4-1: Total OPEX Category Breakdown.

Major

categories impacting the OPEX are the Maintenance, Reagents, Utilities, and Labour. Additional information regarding each of these categories

is discussed in the sections below.

4.1.1 Maintenance

Expense

Maintenance

expenses account for the costs of maintenance materials and the annual contract works, with the former making up the majority of the

cost (i.e., 94%). The 4% maintenance materials factor was based on typical pyrometallurgical and hydrometallurgical plants and was applied

to the direct equipment and material costs from the capital cost estimate (CAPEX, H376597-0000-622-624-0001). Maintenance labour is accounted

for in the general labour cost. As the Class 5 CAPEX estimates the equipment cost to be 421 M USD, the maintenance materials cost was

estimated to be approximately 16.9 M USD per annum. See Section 4.2.5 for additional information.

4.1.2 Reagents

Expense

Total

annual reagent cost is 72.2 M USD. A breakdown of cost per reagent is presented in Figure 4-2 below. The “Other” category

includes sodium hydroxide pellets, some organics (kerosene, TBP, PC-88A, n-dodecane), iron powder, soda ash, and flotation frother.

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Initial Assessment Report - Section 4 - Operating Cost Estimate - July 28, 2026

Figure

4-2: Reagent Annual Cost Breakdown.

Main

contributors to the reagent expense are chlorine gas and sodium hydroxide.

Ramaco

is currently exploring alternative chlorine gas sourcing – i.e., chlorine recovery from PVC waste products – that could potentially

decrease the procurement cost of chlorine gas. The alternative avenue is assumed to decrease the procurement cost to 100 USD per

metric tonne of gas resulting in an annual savings of ~18 M USD. Refer to Section 6 – Project Risks & Opportunities for more

information.

Primary

sodium hydroxide consumption is in the off-gas treatment for the neutralization of SOx species and in waste neutralization. The sodium

hydroxide consumption for waste neutralization could be decreased by recycling HCl-rich waste solutions (such as the Ge decanter waste)

as reagent within the plant. This would save on hydrochloric acid and sodium hydroxide costs. However, test work is required to ensure

these changes would not contaminate products such as MREC and Sc2O3.

4.1.3 Energy

/ Utilities Expense

Energy

accounts for 16% of the total OPEX. A breakdown of total energy cost per type is shown in Figure 4-3 below. Costs associated with water

and coal consumption were excluded from the diagram as they were assumed to not have any fees, as per RFI 0009 (H376597-0000-210-465-0009).

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Initial Assessment Report - Section 4 - Operating Cost Estimate - July 28, 2026

Figure

4-3: Energy / Utilities Annual Cost Breakdown.

shown in the above figure, electricity accounts for 97% of the energy cost. A further breakdown of electricity cost per Work Breakdown

Structure (WBS) is shown below in Figure 4-4, where “Allowance” is a fixed 15% factor allocated for HVAC and conveyance needs.

The “Other Areas” includes the following areas and account for minor electrical demand from pumps, agitators, small dryers,

etc.:

●

Area 3200 – Pre-Treatment

●

Area 4500 – Residue Management

●

Area 4100 – Carbo-Chlorination

●

Area 5100 – Liquid Reagents

●

Area 4200 – Critical Mineral Recovery

●

Area 5200 – Solid Reagents

Figure

4-4: Electricity Cost Breakdown per WBS.

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Initial Assessment Report - Section 4 - Operating Cost Estimate - July 28, 2026

Area

5300 accounts for the majority of electrical demand due to the air separation plant, which based on a preliminary vendor quotation would

require 11.7 MW to operate.

4.1.4 Labour

Expense

Labour

cost to staff the plant during steady-state operation is estimated to be 22 M USD per annum. A breakdown of staff positions, salaries

and annual cost are outlined in Table 4-2, where the position salary accounts for total compensation (inclusive of benefits, pensions,

etc.). See Section 4.2.4 for additional information.

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Table

4-2: Plant Labour Count and Total Compensation.

Staff

Position

No.

of Shift Workers

(# / shift)

No.

of Day Workers

Total

Employees

Position

Salary

(USD / y)

Annual

Cost

(USD / y)

Administration

Operations

Manager

222,000

Superintendent1

161,000

Executive

Assistant / Administrative Clerk

63,600

190,800

Specialist

99,800

Accountant

116,700

Security

55,200

552,000

HSE

/ Training Coordinators

94,100

188,200

Nurse

87,300

Production

Superintendent

161,000

General

Foreman2

127,800

766,800

Shift

Foreman2

120,400

3,612,000

Plant

Operators2

98,767

7,407,500

Controls

Control

Room Supervisor

127,800

Control

Room Operators

117,700

2,354,000

Engineers

Chief

Process Engineer

175,500

Process

Control Engineer

164,600

329,200

Process

Engineer2

159,100

795,500

Laboratory

Chief

Assayer

127,200

Assayer

75,600

756,000

Maintenance

Superintendent

161,000

Foreman

120,400

602,000

Planner

120,400

Clerk

63,600

Millwrights

/ Tradesman

91,600

916,000

Welder

/ Fabricator

115,100

690,600

Machinist

98,100

196,200

Electrician

103,300

516,500

Instrument

Technician

126,800

634,000

Serviceman

/ Tool Crib Attendant

58,200

1 Positions

that may be shared with the Brook Mine facilities.

2 These

positions are distributed in different process areas. The number presented is the sum required

for the overall plant.

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Initial Assessment Report - Section 4 - Operating Cost Estimate - July 28, 2026

4.2 OPEX

Basis of Estimate

The

OPEX is based on a typical steady-state operating year after ramp-up. The following parameters were used to estimate the costs associated

with plant operation:

● The

currency is based on US dollars with a base rate of Q1 2026.

● The

intended accuracy is consistent with a conceptual study level definition.

● All

costs are exclusive of taxes or duties.

● No

forward escalation was included.

● Feed

and product transport costs are excluded.

● No

consideration is given to long term variation or averages for reagent / utility pricing or

labour costs.

● No

allowance for overhead costs is considered in this estimate.

● At

Ramaco’s request, contingency has been excluded from this OPEX, and no allowance for

unknown risks is included. As a result, the estimate carries an increased level of cost uncertainty

and associated risk.

The

estimate covers all costs expected during standard operation including:

●

Reagents & Consumables

●

General & Administration (G&A)

●

Energy / Utilities

●

Transportation & Logistics

●

Plant Labour

●

Allowances & Fees

●

Maintenance

The

calculation methodology applied for each section of the OPEX is summarized below. Detailed estimate information, including major inputs,

can be found in the OPEX estimate (H376597-0000-622-624-0001).

4.2.1 Reagents

Reagent

unit rates were either provided by Ramaco or Hatch’s internal database based on prior vendor quotations. Consumption rates were

calculated based on the Mass & Energy Balance (MEB) Stream Table (H376597-0000-210-216-0002, Rev. G). An allowance (5 vol.%)

was included for annual replacement of organic solutions to account for expected degradation during operation. A breakdown of the reagent

unit costs and consumptions is provided in Table 4-3 below.

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Table

4-3: Reagent Unit Cost and Consumption.

Reagent

Unit

Cost

Unit

Consumption

Unit

Cost Source

Hydrochloric

Acid (35 wt.%)

360

USD

/ mt

1.9

/ h

Hatch

in-house budgetary quote.

Sodium

Hydroxide (50 wt.%)

424

USD

/ mt

8.9

/ h

Sodium

Hydroxide (Pellets)

855

USD

/ mt

3.4

/ h

Kerosene

2,055

USD

/ mt

5.91

/ h

TBP

8,095

USD

/ mt

0.51

/ h

PC-88A

9,256

USD

/ mt

1.31

/ h

n-Dodecane

600

USD

/ mt

13.91

/ h

Client

response to RFI 0009. Received May 27, 2026.

Hexane

1,066

USD

/ mt

562.3

/ h

Hatch

in-house budgetary quote.

Iron

Powder

1,680

USD

/ mt

16.5

/ h

Soda

Ash

530

USD

/ mt

67.7

/ h

Flotation

Collector

5,720

USD

/ mt

31.8

/ h

Flotation

Frother

2,650

USD

/ mt

3.2

/ h

Chlorine

Gas

300

USD

/ mt

11.1

/ h

Client

email: “PVC and E-waste opportunity statements”. Received May 29, 2026.

1 These

unit consumptions account for the annual replacement allowance factored on an hourly basis.

4.2.2 Consumables

General

consumables considered in the OPEX include product packaging materials (bulk bags, drums, etc.), filter cloths, polish filter socks,

and pallets. Non-quantified consumables are accounted for as part of a General Consumables allowance (see Section 4.2.8).

The

unit cost of product packaging materials were either sourced from vendors or provided by Ramaco. Consumption rates for product packaging

were based on the maximum allowable volume or weight for a given item. A cost allowance per filtration area was allocated to the filter

cloths and polish filter socks based on in-house data. Filter cloth demand was based on preliminary equipment sizing of filter presses

and candle filters. A breakdown of consumable unit cost and consumption is shown below.

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Initial Assessment Report - Section 4 - Operating Cost Estimate - July 28, 2026

Table

4-4: Consumable Unit Cost and Consumption.

Consumable

Unit

Cost

Unit

Consumption

Unit

Cost Source

Fiber

Drums

USD

/ drum

13,721

drums

/ y

Uline

Fiber Drums, 55 gallons.

Plastic

Bottles

2.90

USD

/ bottle

2,118

bottles

/ y

Uline

EZ-Pour F-Style Jugs

Bulk

Bags

9.99

USD

/ bag

15,012

bags

/ y

Palmetto

Industries Bulk Bags (FIBC) - Duffle Top, Flat Bottom, 35” x 35” x 40” .

Pallets

USD

/ pallet

18,442

pallets

/ y

Uline

New Wood Pallets, Heat-Treated Export. 48” x 48".

Filter

Cloth1

USD

/ m2

7,851

/ y

Allowance

1 This

cost includes material and installation.

Hatch

assumed that fiber drums would be used to package GeO2, MREC, and Sc2O3, while plastic bottles would

be used for liquid gallium metal and bulk bags would be used for Al2O3 and SiO2. Pallets are assumed

to be used for the transportation of fiber drums and bulk bags, with each pallet carrying either 4 drums or 1 bulk bag.

4.2.3 Energy

/ Utilities

This

section considers costs associated with energy consumption from local grids, natural gas, coal, and diesel as well as any associated

costs with water consumption.

Energy

consumption was calculated based on preliminary sizing of major equipment. Unit costs were either provided by Ramaco or based on recent

U.S. Energy Information Administration (EIA) data. A miscellaneous power consumption factor (15%) on the total power requirement has

been included to account for HVAC and conveyance demand. An diesel allowance of 200 L / day was allocated for all non-electric vehicles

(i.e., forklifts, utility vehicles, etc.).

Water

consumption was calculated based on the MEB Stream Table and Staffing Plan. A potable water allowance (300 L / person / day) has been

included based on prior Hatch experience. As per the client response to RFI 0009 (H376597-0000-210-465-0009), no consumption cost is

associated with water as it is being pumped from a local well.

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Table

4-5: Utilities Unit Cost and Consumption.

Utilities

Unit

Cost

Unit

Consumption

Unit

Cost Source

Water

Raw

Water

USD

/ m3

387

/ h

Client

response to RFI 0009.

Potable

Water

USD

/ m3

300

/ person / day

Water

USD

/ m3

/ h

Electricity

Consumption

94.0

USD

/ MW

30.4

Client

email: “Operating Cost Estimate – Client Comments”. Received July 9, 2026.

Connection

USD

/ MW

Client

response to RFI 0009.

Other

Natural

Gas

1.30

USD

/ MW

66.4

U.S.

Energy Information Administration. Converted from cubic feet.

Diesel

0.94

USD

/ L

200

/ day

Coal

USD

/ mt

29.3

/ h

Client

response to RFI 0009.

4.2.4 Plant

Labour

The

staffing plan and labour rates from the previous conceptual study were used as basis for this phase.

Staffing

was divided into three main groups: production, maintenance, and administration. Production was further broken down into the following

six subgroups, based on the WBS:

● Area

2300, 2400, 4700, 5000 – Reagents, Utilities & Product Storage

● Area

3100 – Physical Separation

● Area

3200 – ROM Drying & Roasting, Coal Coking

● Area

4100, 4220, 4240, 4600 – Carbo-Chlorination & Pyrolysis

● Area

4210, 4230 – Gallium & Germanium Recovery

● Area

4300 – Water Leach, REE & Scandium Recovery.

Each

production area was assigned a general manager (i.e., general foreman), a shift foreman, and a series of operators. Number of operators

per area was based on process complexity and expected operator workload. With the exception of the Reagents, Utilities & Product

Storage area, a process engineer was also assigned to each area.

Within

the administrative group, some positions have been highlighted as optional for this facility. The HR specialist and accountant are assumed

to be shared with the existing Brook Mine facility, as such their salaries were excluded from this estimate. The nurse is assumed to

solely be a day position due to the plant’s proximity to the local hospital. The administration superintendent is currently assumed

to be a day position but there is the potential for the role to be shared with the other Brook Mine facility and removed from this estimate.

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Shifts

were defined as 12-hour shifts with an expected roster of two day shifts and two night shifts followed by four days off. Five workers

would be required to cover one shift work position, accounting for leave and illness.

The

labour plant is outlined in Figure 4-5 below, where the administrative superintendent has been highlighted as an optional position that

could be shared with the Brook Mine staff. The HR specialist and accountant have excluded based on assumptions listed above.

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Figure

4-5: Plant Organization Chart.

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4.2.5 Maintenance

allocation for maintenance material expenses was included in the OPEX. Maintenance materials costs were factored based on the CAPEX mechanical

and material cost. A factor of 4% was used for the plant based on typical plants (pyrometallurgical and hydrometallurgical) and due to

the high temperatures, and chlorine corrosion risks. This factor does not include maintenance labour, which is captured in the labour

cost.

annual contract work allowance was added in case of additional maintenance expenses. An allowance of 1 million USD per year was included.

4.2.6 General

& Administration (G&A)

Administrative

expenses costs include, and are not limited to, software licenses, business travel, training, etc. As per Ramaco’s request, G&A

has been excluded from the OPEX as the expenses will be account for by the Owner.

4.2.7 Transportation

& Logistics

residue handling & off-site transportation fee of 1 USD / mt was included for the disposal of rejected quartz, ZLD waste, Chlorine

Recovery (Area 4600) waste and crud waste outside of the plant site. This includes transportation of the waste to a dry stacking area.

Costs

for final product outbound logistics were excluded in this study.

4.2.8 Allowances

& Fees

General

consumables allowance was factored based on the total OPEX excluding contingency. This cost accounts for non-quantified reagents (ex.

cooling tower reagents) and consumables (ex. ceramic filters). A factor of 0.5% was used for the plant.

Equipment

facility fees have been included for the air separation plant based on the preliminary vendor quotation from Messer as part of their

Build, Own & Operate program.

4.2.9 Contingency

Ramaco’s request, contingency has been excluded from this OPEX, and no allowance for unknown risks is included. As a result, the

estimate carries an increased level of cost uncertainty and associated risks.

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4.3 OPEX

Case Study – Increased Throughput

The

following table summarizes an order-of-magnitude OPEX based on an increased ROM throughput (i.e., from 1.3 to 2.6 million dry tonnes

per annum), in comparison with the original throughput of 1.3Mtpa ROM.

Table

4-6: OPEX Comparison for 2.6M vs. 1.3M tpa ROM.

Cost

Component

2.6

Mtpa ROM

1.3

Mtpa ROM

Annual

Operating Cost

Unit

Cost

Annual

Operating Cost

Unit

Cost

USD)

(USD

/ mt ROM)

USD)

(USD

/ mt ROM)

Reagents

144.3

55.5

72.2

55.6

Utilities

47.5

18.3

23.8

18.3

Consumables

6.3

2.4

3.2

2.4

Labour

8.5

16.9

Maintenance

29.9

11.5

17.9

13.8

G&A

Other

23.4

9.0

11.7

9.1

Total

(excl. contingency)

273.4

105.2

150.7

116.1

Contingency1

Total

(incl. contingency)

273.4

105.2

150.7

116.1

1 Per

Ramaco’s request, contingency was excluded from this estimate. Hatch advises on the

inclusion of contingency to account for inherent uncertainties at this level of estimate

maturity.

The

cost components were costed as per the Basis of Estimate and scaled accordingly based on the increased ROM throughput. The following

exceptions were made for the order-of-magnitude estimate:

● The

staffing plan was assumed to be unchanged.

● Daily

allowances (ex. Diesel, potable water) were assumed unchanged.

● Maintenance

material allowance was based on the direct mechanical equipment & material cost, escalated

using the 6/10th rule.

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Initial Assessment Report - Section 5 - Preliminary Execution Strategy and Schedule - July 28, 2026

Ramaco

Resources

Brook Mine Critical Minerals Project

Initial

Assessment Report - Section 5 - Preliminary Execution

Strategy and Schedule

2026-07-28

Issued

for Use

Delgado

D’Cunha

Gorst

Date

Rev.

Status

Prepared

Checked

Approved

Client

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Initial Assessment Report - Section 5 - Preliminary Execution Strategy and Schedule - July 28, 2026

Table

of Contents

Preliminary Execution Strategy and Schedule

5-1

5.1

Engineering Development

5-1

5.1.1

Scoping Study

5-1

5.1.2

Pre-Feasibility Study

5-1

5.1.3

Feasibility Study (FS)

5-2

5.1.4

Basic Engineering/FEED

5-3

5.2

Conceptual Plot Plan

5-4

5.2.1

Site Constraints

5-4

5.2.2

Site Laydown and/or Expansion

5-5

5.2.3

1110 – Site Access Roads

5-6

5.2.4

1210 – Electrical Power Supply

5-7

5.2.5

1220 – Raw Water Supply

5-7

5.2.6

2120 – Roads and Stormwater Management

5-7

5.2.7

2130 – Stormwater Ponds

5-7

5.2.8

2210 – Main Substation

5-8

5.2.9

2710 – Gatehouse Building

5-9

5.2.10

2720 – Administration Building

5-9

5.2.11

2750 – Maintenance Building

5-10

5.2.12

2750 – Warehouse – Parts and Products

5-10

5.2.13

3120 – Grade Benches for Crushing Circuit

5-11

5.3

Procurement Strategy

5-12

5.4

Permitting

5-14

5.5

Execution Schedule

5-14

List of Figures

Figure 5-1:

Plot Boundaries.

5-5

Figure 5-2:

Laydown / Expansion Areas.

5-5

Figure 5-3:

General Plant Access Road.

5-6

Figure 5-4:

Haul Truck Access Point.

5-6

Figure 5-5:

Tie-in To Electrical Grid.

5-7

Figure 5-6:

Pond Arrangements.

5-8

Figure 5-7:

Electrical Switchyard.

5-8

Figure 5-8:

Gatehouse.

5-9

Figure 5-9:

Administration Building.

5-10

Figure 5-10:

Maintenance Building.

5-10

Figure 5-11:

Product Storage Building.

5-11

Figure 5-12:

Grade Benches for Crushing Circuit.

5-12

Figure 5-13:

ROM / Coal Stockpiles and Reclaim.

5-12

List of Tables

Table 5-1:

Major Equipment Supply Contracts.

5-13

Table 5-2:

Major Construction Contracts.

5-13

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5. Preliminary

Execution Strategy and Schedule

high-level strategy and schedule for executing the Brook Mine Critical Minerals Project has been developed, including:

● Identifying

phases of engineering development.

● Identifying

critical equipment supply packages.

● Presenting

a level 1 schedule for executing the project and discussing opportunities and risks of the

different flowsheet options.

5.1 Engineering

Development

The

following subsections discuss the assumed program for engineering development. A staged project delivery model is recommended as indicated

in the following subsections. The novel nature of the process necessitates a rigorous engineering development program.

5.1.1 Initial

Assessment Study

The

initial Assessment Study study was completed by a small team, primarily consisting of process engineers. The objective of the scoping

phase was to advance understanding of the process options in preparation for the Pre-Feasibility Study (PFS, Option Selection) phase.

It is expected the pre-feasibility study will be completed in parallel to metallurgical test work.

Initial

Assessment study tasks include:

● Developing

the process design criteria (PDC) including incorporating available test data.

● Developing

block flow diagrams (BFD) and preliminary mass-energy balances (MEB).

● Developing

a conceptual level plot plan for each option.

● Identify

major utility requirements including power supply, water supply, etc.

● Develop

capital estimates according to AACE Class 5 guidelines and operating cost estimates.

5.1.2 Pre-Feasibility

Study

The

objective of the Pre-Feasibility Study (PFS) is to advance the flowsheet options based on test work data and then to select the preferred

option to use as the basis of the Feasibility Study (FS) phase. The PFS team will consist mostly of process engineers supported by some

discipline engineers and cost estimators.

PFS

tasks include:

● For

each option:

♦ Advancing

process deliverables such as the PDC and MEB, and developing process flow diagrams (PFDs).

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♦ Advancing

the plot plan.

♦ Obtaining

budget quotes for the supply of major equipment.

♦ Generating

capital cost estimates according to AACE Class 4 (-/+30%) guidelines and operating cost estimates.

♦ Assessing

environmental considerations.

♦ Developing

a level 2 project execution schedule.

● Completion

of a preliminary geotechnical investigation. As required, the sites will be assessed and

the information is to be incorporated in engineering development.

● Selection

of a preferred process option.

● Developing

a workplan for the FS phase of the project.

The

PFS phase is expected to take 9–11 months to complete.

5.1.3 Feasibility

Study (FS)

The

main objective of the FS is to develop, for the selected process option, the project definition sufficiently to support an economic decision.

The FS team will include process engineers, discipline engineers, planners, and estimators.

Tasks

required to meet this objective include:

● Advancing

the process deliverables including the PDC, PFDs and MEB. Available test data to be incorporated

when possible.

● Completing

applicable (secondary) trade-off studies to establish the plant configuration and to minimize

the project’s carbon footprint.

● Completing

a feasibility level geotechnical investigation to support the feasibility study designs.

● Developing

Piping and Instrumentation Diagrams.

● Developing

a 3D model of the facility and associated site plans.

● Development

of Functional Descriptions including Control and Operating Philosophy.

● Supporting

the permitting effort including providing emissions inventory data.

● Progressing

discipline engineering to FS level including discipline design criteria, mechanical equipment

list, high-level piping & instrument diagrams (P&IDs), single line diagrams (SLDs),

process control architectural diagrams, and IO lists.

● Completing

a preliminary Hazard and Operability Study (HAZOP).

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● Preparing

detailed technical specifications for major equipment supply packages and issuing to vendors

for multiple budgetary proposals to support the CAPEX and project execution schedule.

● Preparing

a project execution strategy and level 3 schedule.

● Developing

a capital cost estimate as per AACE Class 3 guidelines with an intended accuracy of +/- 15%.

High-level material take-offs (MTOs) will be developed for all disciplines (for example,

concrete MTOs will be developed based on building footprints with consideration for equipment

loads and geotechnical conditions, structural steel MTOs will be generated based on building

volumes and in-house data).

● Developing

an operating cost estimate with an intended accuracy of +/- 15%.

● Completing

a project risk review workshop.

● Developing

the FS final report.

The

FS will be used by Ramaco in support of its internal project gate review program to secure approval and funding for the project.

5.1.4 Basic

Engineering/FEED

The

objective of the Basic Engineering/FEED phase will be to prepare the project to proceed with full execution. Home office engineering

and procurement teams would ramp-up in preparation for EPCM.

Assumed

Basic Engineering/FEED tasks include the following:

● Developing

commercial documents to support issuing requests for proposals to vendors and contractors.

● Issuing

RFPs for critical equipment supply packages, obtaining firm price bids and completing bid

clarifications, evaluations, and recommendations in preparation for award.

● Completing

a geotechnical investigation to support detailed engineering.

● Developing

and firm price bid packages for the supply of other major equipment, obtaining multiple bids,

complete clarifications, bid evaluations and recommendations for award.

● Updating

the 3D model to incorporate available vendor data and input from the preliminary HAZOP.

● Developing

Site Preparations and Early Work contract documents and issuing to contractors to obtain

firm price bids. Complete bid clarifications and evaluations in preparation to award.

● Developing

a detailed project execution plan and schedule.

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● Developing

the Project Procedures Manual (PPM).

● Re-estimating

the project CAPEX.

● Generating

the “project control documents” (CAPEX and schedule).

5.2 Conceptual

Plot Plan

Ramaco

provided Hatch with a suggested location for the commercial plant site. This location took into consideration the local topography, existing

road layout, property boundary line as well as permit area. Hatch has developed the layout with the assumption that grading will be carried

out by Ramaco to provide a level site for the main plant, with appropriate benches to accommodate the crushing circuit.

See

drawings H376597-0000-203-290-0001 & 0002 for Site Plan and Plot Plan. Some key aspects of the layout are discussed on the following

pages.

5.2.1 Site

Constraints

The

site area has 4 general constraints:

A. West

Side – Existing county roads and private road and Ramaco’s property line

B. North

Side – Ramaco property line / Permit area

C. East

side – Existing creek

D. South

Side – Existing Interstate Highway

Hatch

was advised to locate the plant at least 500 ft from the property and road constraints. Hatch placed the fenceline ~500 ft from the west

side roads. During the project model review, Ramaco advised that there is leased area and it prefers all plant entities, including parking

lots to reside on owned real property. This lot boundary was subsequently added to the layout, which highlights the fact that the proposed

parking locations straddle the boundary between owned and leased property. A layout modification to relocate the parking areas within

the owned property will be facilitated in the next project phase. Refer to. Refer to Figure 5-1.

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Figure

5-1: Plot Boundaries.

5.2.2 Site

Laydown and/or Expansion

Areas

for plant operations laydown have been situated within the current layout. These areas may be utilized, in part, for expansion purposes.

Note, that it is always advisable to allow for permanent laydown areas to facilitate efficient plant operations. Refer to Figure 5-2

for areas marked for these purposes.

Figure

5-2: Laydown / Expansion Areas.

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5.2.3 1110

– Site Access Roads

Access

for road vehicles has been provided along the existing Coal Bank Rd. One access road is south of the plant, while the other is across

from the existing Slater Creek Rd. Both of these access points are south of the existing private road, South Ash Creek Rd. See

Figure 5-3 below.

Figure

5-3: General Plant Access Road.

is common practice to separate haul truck traffic from road traffic for practicality and safety purposes. For the current layout, the

approach taken is to have a separate haul truck access point to a raised bench within the site, allowing for a rear dump station to the

primary crushing circuit for both ROM and Coal feeds. It is assumed that Ramaco will grade local roads to ensure access at this elevation

meets acceptable grade inclines for safe operation of the haul trucks. Refer to Figure 5-4.

Figure

5-4: Haul Truck Access Point.

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5.2.4 1210

– Electrical Power Supply

is assumed that there will be an electrical tie-in from south of the existing interstate highway, running north to the south west corner

of the plant. See Figure 5-5.

Figure

5-5: Tie-in To Electrical Grid.

5.2.5 1220

– Raw Water Supply

is the assumption that raw water will be accessible to the site by means of locally drilled wells.

5.2.6 2120

– Roads and Stormwater Management

The

site roads have been laid out with 13 ft wide lanes, along with 4 ft wide shoulders. The road layout can accommodate 40 ft truck trailers

(60 ft minimum road radius for main plant roads). There is an allowance for 40 ft easements from a building/structure to the edge of

road shoulders, which allows for space for buried services, e.g. firewater lines, and/or drainage systems, e.g. stormwater ditches. An

allowance of 10ft clearances adjacent to the road shoulders has been included for these utility/drainage purposes (allowance to be verified

in the next phases of the project).

5.2.7 2130

– Stormwater Ponds

For

the current project phase, the layout has provision for three stormwater ponds for surface water runoff requirements across the site.

The ponds’ location take advantage of natural topographical runoff valleys. Refer to Figure 5-6.

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Figure

5-6: Pond Arrangements.

5.2.8 2210

– Main Substation

The

electrical switchyard is located in the Southwest quadrant of the plot. It is separated from the plant by an interior fence, allowing

access from the west by the local utility corporation, and from the east by plant personnel. Refer to Figure 5-7.

Figure

5-7: Electrical Switchyard.

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5.2.9 2710

– Gatehouse Building

gatehouse is located at the west entrance of the plant to validate deliveries and monitor incoming and outgoing trucks. Gatehouse personnel

can direct incoming vehicles to staging, the truck scale or through to the main plant area. This scale is dedicated to a lane that runs

adjacent to a bypass lane, as some trucks do not need to be weighed before entering the plant. For vehicles transporting materials and

feedstock into the facility, an accurate record must be made of their payload. As such, a truck scale has been included with a clear

view to the gatehouse. Refer to Figure 5-8. In addition, the gatehouse will serve as the first entry point for visitors and staff. Alternatively

the general staff could enter through to the administration building by means of a controlled turnstile through the perimeter fence.

Figure

5-8: Gatehouse.

5.2.10 2720

– Administration Building

The

administration building is the primary building which houses the largest contingent of operations personnel. It is located on the

west end of the plot, adjacent to both the employee parking area and the employee entrance gate and thus allows for swift evacuation

out of the plant area in the event of an emergency. The Administration Building consists of a single-story building on grade and would

be fully finished with heating and air conditioning systems. Floor plans have not yet been developed but the layout area assumes inclusion

of a control room, change rooms, laboratory, lunch room, medical room, meeting rooms, offices, security office, training room, and washrooms.

Refer to Figure 5-9.

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Figure

5-9: Administration Building.

5.2.11 2750

– Maintenance Building

Maintenance Building is also included, adjacent to the administration building, for general maintenance to be performed on plant equipment,

as well as select mobile equipment such as forklifts and small trucks. The building has space allocation for parts storage, two washrooms

and an office. The building is on the west side of the truck yard, across from the warehouse, which allows for efficient retrieval of

additional spare parts from stores. There are 4 vehicle access doors to accommodate road vehicles, forklifts or bobcats, and a 20 ft

flatbed truck for delivery of larger equipment such as agitator assemblies. An overhead crane will be installed to allow for equipment

to be loaded off and onto a truck. Refer to Figure 5-10.

Figure

5-10: Maintenance Building.

5.2.12 2750

– Warehouse – Parts and Products

warehouse is included in the west half of the plant. This building would house end products, general supplies and general equipment spare

parts on steel racking allowing for 3 pallets high of storage (to allow a general forklift to handle warehouse operations). Should the

building be required to increase the storage capacity, the plant layout can be modified in the next project phase to extend the footprint

to suit. An option would be to increase the building height to accommodate taller racking, however, that would necessitate using reach

trucks to lift loads to higher levels.

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The

building has been designed with two grade level loading bays (via ramp) to accommodate hard side containers with rear door loading. In

addition, there is a drive-in bay to permit loading/unloading of a 20 ft flatbed trailer by means of an overhead crane. The 20 ft flatbed

truck can then distribute materials throughout the site. A washroom has been included within the layout for the building. Refer to Figure

5-11.

Figure

5-11: Product Storage Building.

5.2.13 3120

– Grade Benches for Crushing Circuit

The

inclusion of a crushing circuit requires a difference in elevations to permit a gravity fed crusher feed system. This arrangement often

utilizes the local topography to establish an elevated bench for the haul trucks to dump loads into a feed bin/hopper.

Downstream

of this primary stage crushing, are either secondary crushers or transfer stations (if required). The crushed material is then conveyed

to a crushed stockpile (within an enclosed building for environmental purposes). From there, a reclaim system is utilized to provide

a constant feed to the process. Two options were considered for the reclaim system:

(1)

Front end loader transfer from stockpile to feed hopper along conveyor, or

(2)

Subterrain reclaim feeder along with tunnel.

For

the purposes of this project phase, Ramaco suggested that we consider a below ground feeder arrangement which requires a tunnel below

the stockpiles. In order to establish a shallow angle on the transfer conveyor, an elevated bench was considered to minimize the overall

circuit footprint, i.e. having the stockpile buildings on the same grade elevation as the main plant would require a greater distance

between the receiving process equipment and the stockpiles due to the maximum angle of the conveyor arrangement. Refer to Figures Figure

5-12 and Figure 5-13.

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Figure

5-12: Grade Benches for Crushing Circuit.

Figure

5-13: ROM / Coal Stockpiles and Reclaim.

5.3 Procurement

Strategy

Engineering, Procurement and Construction Management (EPCM) execution strategy is assumed for the project.

Major

process equipment supply packages, and assumed vendor post-award design and fabrication durations, are listed in Table 5-1. Durations

are assumed based on experience from previous projects. Note that equipment supply durations may vary considerably due to recent supply

chain disruptions.

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Table

5-1: Major Equipment Supply Contracts.

Package

Title

Lead

Time (in weeks)

Large

Transformers

110

Fluid

Bed Calciners

Solvent

Extraction

Filter

Presses

Evaporators

and Crystallizers

Baghouses

Scrubbers

Cooling

Towers

list of assumed major construction contracts are highlighted in Table 5-2. At this stage of project development, it is assumed that the

construction contracting strategy will not change significantly between process flowsheet options, with only the scope and size of the

major contracts changing.

Table

5-2: Major Construction Contracts.

Package

No.

Package

Title

Remarks

Type