Ramaco Resources: Hold Rating Amid Transition to Rare Earth Elements and Critical MineralsWe initiate at EW, $17.5 PT. We are initiating coverage of Ramaco Resources (METC) at Equal-weight with a $17.5 PT. METC is developing its The Brook Mine: Ramaco's Crown Jewel project, a thermal coal deposit found to hold rare earth elements (REE) & critical minerals (CM). The company's legacy metallurgical coal portfolio, which produces high- quality met coal for the steel industry, stands to benefit as coking coal prices find support from production suspensions in Australia, the anti-involution movement in China, and an improving blast furnace outlook in India. The Brook Mine project could transform the company if successfully developed (with our $57/sh bull case including the upsize project), as it would position it to capitalize on US government initiatives to secure REE and CM supply chains (see here).