Author: Gold News Club

Gold’s Longer-Term Trend Remains Bullish, Technical Analysis Shows  The Wall Street Journal

Coeur Mining to buy New Gold in $7B all-stock deal (CDE:NYSE)  Seeking Alpha

Source: Streetwise Reports 10/31/2025

Ramaco Resources Inc. (METC:NASDAQ; METCB:NASDAQ) increased rare earth oxide output at its Brook Mine by 175% and signed a strategic DOE partnership to advance U.S. mineral independence. The company ended Q3 2025 with record liquidity of US$272 million and continues to expand its dual platform of metallurgical coal and critical minerals.

Ramaco Resources Inc. (METC:NASDAQ; METCB:NASDAQ) has issued numerous press releases recently.

On October 27, the company reported a net loss of US$13.3 million and adjusted EBITDA of US$8.4 million for the third quarter of 2025. Despite persistent pressure in the metallurgical coal market, the company recorded its highest-ever quarter-end liquidity at US$272.4 million, including more than US$77 million in net cash. This strong liquidity position was bolstered by a US$200 million public equity offering completed in August.

The company sold 873,000 tons of metallurgical coal during the quarter at an average realized price of US$120 per ton. Cash costs per ton sold declined to US$97, down from US$103 in the previous quarter. These cost controls helped increase cash margins per ton from US$20 to US$23 sequentially.

Year-over-year, total tons sold declined 15% from 1.02 million tons in Q3 2024, while average prices decreased 12% from US$136 per ton. Nevertheless, Ramaco maintained its first-quartile cost position in the U.S. metallurgical coal industry, aided by disciplined production and spending.

At quarter-end, Ramaco had total debt of US$116.5 million and cash and cash equivalents of US$193.8 million. The company redeemed its 2026 Senior Notes and replaced them with a US$65 million issuance of 2030 Senior Notes at a lower interest rate of 8.25%.

Sales commitments for 2025 were fully allocated at the high end of the company’s guidance range, totaling 3.9 million tons. Of this volume, 3.3 million tons were contracted at fixed prices averaging US$128 per ton. Domestic commitments of 1.6 million tons were secured at an average price of US$151 per ton, while export commitments of 1.7 million tons averaged US$107 per ton.

Ramaco also announced on October 30 the signing of a Cooperative Research and Development Agreement (CRADA) with the U.S. Department of Energy’s National Energy Technology Laboratory (NETL). The 5-year umbrella agreement builds on a longstanding relationship between Ramaco and NETL, and is expected to support collaborative research across rare earth elements, critical minerals, carbon derivatives, and advanced materials. The company plans to integrate artificial intelligence, advanced computing, and quantum technologies to enhance its exploration and processing efforts at the Brook Mine in Wyoming.

“This far-reaching new CRADA agreement will initially focus on Ramaco’s rare earth and critical mineral development and reflects the strength of our longstanding partnership with NETL,” said Ramaco Chairman and CEO Randall Atkins in the announcement. “We hope that our work through this agreement will help accelerate Ramaco’s own commercial efforts at the Brook Mine as we seek to advance the nation’s strategic interest in rapidly developing new critical mineral supply capability.”

NETL, which was involved in the original discovery of rare earths at the Brook Mine in 2018, will collaborate through the DOE’s METALLIC program, a multi-laboratory initiative supporting technology development across the critical minerals supply chain.

Most recently, on October 31, Ramaco announced it would be collaborating with Goldman Sachs on its initiative to establish a Strategic Critical Minerals Terminal (“SCMT”) at Ramaco’s Brook Mine facility in Wyoming.

According to the press release, “Ramaco believes that its Brook Mine site offers significant advantages for the SCMT stockpile placement due to its strategic location and infrastructure access. The site benefits from direct connectivity to the BNSF railroad and is adjacent to a major interstate highway, both of which are expected to facilitate efficient transportation and distribution of materials to defense contractors and industrial consumers nationwide.”

Accelerating the Dual Platform: Metallurgical Coal and Critical Minerals

Ramaco’s third quarter was marked by the rapid advancement of its Brook Mine rare earth and critical minerals project in Sheridan, Wyoming. Following a July groundbreaking and a September expansion announcement, the company formally initiated the construction of its Pilot Plant Oxide facility in October. This facility is designed to process several tons per day of rare earth and critical mineral feedstock and is expected to be operational by mid-2026.

As part of the expansion, Ramaco increased its base case annual oxide production estimate to 3,414 short tons, up 175% from the 1,240-ton level cited in the Fluor Preliminary Economic Assessment. According to internal projections, this expansion could generate US$1.04 billion in revenue and US$552 million in EBITDA at steady-state operation.

In a concurrent strategic move, Ramaco announced plans to develop the nation’s first Strategic Critical Minerals Terminal (SCMT) at the Brook Mine site. The facility is expected to serve as a national stockpile for rare earth and critical mineral oxides. Ramaco intends to process both its own ore and potentially third-party ore at this site, anchoring a vertically integrated domestic supply chain.

According to company data, approximately 99% of Brook Mine’s projected annual revenue will come from seven high-value materials: neodymium, praseodymium, dysprosium, terbium, scandium, gallium, and germanium. Several of these elements, such as scandium and terbium, have recently seen significant price increases and are currently restricted from export to the United States by China.

Ramaco has partnered with Zeton Inc. to build a prototype pilot plant in Ontario, which will be relocated to Wyoming once the local pilot facility is complete. The Prefeasibility Study, led by Hatch Inc., remains on track for completion in early 2026.

The company’s dual platform strategy positions it as both a cost-advantaged metallurgical coal producer and a vertically integrated developer of rare earth and critical minerals. According to Ramaco’s management, this approach supports U.S. national supply chain goals and broadens its participation in industrial and defense markets.

Global Trade Tensions Push Rare Earth Security to Forefront

Global concerns over rare earth supply intensified in mid-October after China moved to tighten export restrictions. According to an October 13 report from Seeking Alpha, rare earth-related stocks surged following the announcement, as markets reacted to the potential for supply disruptions across key industries such as semiconductors and electric vehicles. The report noted that rare earths are essential to high-tech applications, including defense systems, and that the United States had become “too reliant on unreliable sources of critical minerals.” With China accounting for approximately 90% of global rare earth product output, the move has accelerated international efforts to diversify supply chains.

The following day, CNBC reported that China’s Ministry of Commerce imposed broad controls on rare earth exports intended for military use. Analysts warned the decision could significantly hinder U.S. defense production. Gracelin Baskaran, a critical minerals expert at the Center for Strategic and International Studies, said the action “undermined the development of the defense industrial base at a time when there is rising global tension.”

Rare earth magnets remain critical to U.S. defense capabilities, forming key components in fighter aircraft, submarines, drones, and missile systems. According to the U.S. Geological Survey, about 70% of U.S. rare earth imports come from China, while the International Energy Agency has estimated that China controls roughly 60% of mining and more than 90% of refining capacity worldwide.

Wharton professor Jeremy Siegel called it “scandalous” that the U.S. lacks a rare earth strategic reserve, citing heavy dependence on foreign refining. Wolfe Research analysts described China’s new export licensing rules as “massively disruptive,” with the potential to impact defense, semiconductor, and automotive sectors if fully implemented. Economists, including Alicia Garcia Herrero of Natixis, highlighted the exposure of major U.S. companies such as Apple, Nvidia, and leading automakers to the tightening trade environment.

Later that day, Global Market Insights reported growing investor interest in uranium and rare earth elements, citing increased demand linked to clean energy goals and geopolitical uncertainty. The report noted that companies involved in both sectors were seeing renewed attention as nations and industries prioritized critical mineral independence and sought to secure stable domestic sources.

Expert Analysis Highlights Long-Term Strategic Potential

On October 29, Chen Lin of What is Chen Buying? What is Chen Selling? issued a positive assessment of Ramaco Resources following the company’s third quarter earnings call and recent developments in the global rare earths market. He noted that despite met coal price pressures, Ramaco’s rare earths segment remained on track, citing the company’s announced increase in oxide production from 1,240 to 3,414 tons per year. He referenced internal EBITDA projections of over US$500 million annually by 2028 under prior assumptions and stated that “they can easily make 1 billion per year using the spot price.”

Chen emphasized scandium as a central revenue driver for Ramaco’s Brook Mine, estimating that it could account for more than 50% of projected revenue. He highlighted that the U.S. Department of Defense had recently signed a scandium contract at pricing 60% higher than Ramaco’s base assumptions.

“This is an obvious case that needs government support,” he stated, suggesting the company would benefit from a similar offtake contract or floor pricing to advance to commercial production. [OWNERSHIP_CHART-11470]

He also cited the potential of the Brook Mine to produce large quantities of critical minerals such as gallium and germanium and viewed Ramaco as an increasingly strategic player in the U.S. rare earth supply chain. According to Chen, the U.S. will likely use the current grace period in Chinese export control enforcement to build a domestic strategic reserve of rare earths. He considered Ramaco a key part of that effort, stating, “I believe the U.S. will use the 1-year ‘grace period’ to build up rare earth supply as quickly as possible.”

Chen outlined multiple investment approaches for Ramaco stock, ultimately reiterating his support for the company based on its long-term prospects and strategic positioning in the rare earth sector.

Ownership and Share Structure¹

About 8.78% of the company is owned by insiders and management, and about 67.43% is owned by institutions. The rest is retail.

Top shareholders include Yorktown Partners with 17.02%, Discovery Capital Management with 6.22%, and BlackRock Institutional Trust with 5.05%.

Its market cap is US$1.77 billion with 55.16 million shares outstanding. It trades in a 52-week range of US$6.25 to US$57.80.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Important Disclosures:

1. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
2. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

( Companies Mentioned: METC:NASDAQ;METCB:NASDAQ,
)

Source: Streetwise Reports 10/31/2025

Banyan Gold Corp. (BYN:TSX.V; BYAGF:OTCQB) intersected high-grade silver at its AurMac Project in Yukon, confirming 2021 results of 1841.14 g/t over 16.8 meters. The discovery adds a new silver dimension to the gold-focused deposit, with assays pending from follow-up drilling.

Banyan Gold Corp. (BYN:TSX.V; BYAGF:OTCQB) has reported the intersection of visible silver mineralization from its latest drill program at the AurMac Project in Yukon, Canada. According to the company, the results confirm high-grade silver first encountered during 2021 drilling near surface at the Powerline Deposit.

The results highlight multiple intercepts, including 1841.14 grams per tonne (g/t) silver over 16.8 meters within a broader 103.6 meter interval grading 302.68 g/t silver in hole AX-21-142. Additional intervals from earlier drill holes showed consistent silver mineralization, such as 20.22 g/t silver over 30.5 meters in AX-21-143 and 11.22 g/t silver over 18.9 meters in AX-24-542. A newly drilled hole, AX-25-803, successfully intersected the targeted high-grade Keno-style vein, with assays pending.

“We have long recognized the potential for Keno-style silver mineralization at AurMac,” said President and CEO Tara Christie in the news release. Vice President of Exploration Duncan Mackay added that leveraging the database of oriented core has allowed the company to refine targeting, with preliminary testing confirming the structure orientation.

The silver mineralization appears to be hosted in steeply dipping iron-carbonate veins containing sphalerite, galena, and occasional electrum. These zones are noted to be discrete from the gold domains of the deposit and, according to Banyan, may present opportunities for selective mining.

Banyan’s AurMac Project hosts a pit-constrained indicated mineral resource of 2.274 million ounces of gold (112.5 million tonnes grading 0.63 g/t) and an inferred resource of 5.453 million ounces of gold (280.6 million tonnes grading 0.60 g/t), based on the company’s June 28, 2025, estimate. The project benefits from existing infrastructure, including road access, a nearby powerline, and cell service.

Silver Surges Past US$53 as Supply Constraints Tighten and Demand Soars

According to an October 14 report from The Financial Times, a physical silver shortage has contributed to a premium of up to US$2 between the London bullion market and COMEX futures in New York. Wheaton Precious Metals CEO Randy Smallwood attributed the disparity to tight supply, stating, “There is a serious squeeze on, and you can’t buy substantive physical volumes of silver; it’s just not available.”

Low silver inventories in London and increased festival-season demand from India were also cited as contributing factors. MKS Pamp analyst Nicky Shiels described the situation as “unprecedented tightness in silver,” noting that it had “left the linchpin of the physical market in London broken.” In a sign of the market strain, traders reportedly transported silver by air from New York to London, a practice typically reserved for gold.

Concerns about the functioning of the physical silver market intensified later in the month. MarketWatch noted on October 14 that technical drivers had “supercharged the silver rally” and warned that conditions could become “even more extreme.” Bank of America maintained a positive outlook on the metal, setting a US$65 per ounce target for 2026. Lead analyst Michael Widmer forecast a 30% price increase, citing expectations of a physical supply deficit, despite the possibility of a short-term demand pullback.

On October 28, Flywheel Publishing reported that the spot silver price had risen US$2.88 above futures pricing, placing the market in backwardation — a rare condition in which immediate prices exceed those for future delivery. The publication stated this was only the third deep backwardation event in the past 50 years, surpassing the US$2.50 spread seen during the Hunt Brothers’ speculative run in 1980. Analysts quoted in the report viewed the development as a potential indicator of broader dislocations in the silver market, which also affected gold.

The metal’s industrial applications remain central to the discussion. Flywheel Publishing highlighted silver’s use in consumer electronics, solar panels, and battery technologies, adding that daily paper silver trading volumes on the London Bullion Market Association (LBMA) rivaled annual global mine supply. The report also noted rising silver accumulation by sovereign entities, as well as seasonal buying tied to Diwali celebrations in India.

Silver Exploration Expands in Yukon

Jeff Clark of Gold Advisor highlighted on October 29 that visible silver mineralization had been intersected during the current drill program at a Yukon-based project, building on high-grade results first announced in 2021. Clark reported that assays from 2021 included 1841.14 grams per tonne (g/t) silver over 16.8 meters within a broader intercept of 302.68 g/t silver over 103.6 meters. Other notable results included 20.22 g/t silver over 30.5 meters and 11.22 g/t silver over 18.9 meters.

Clark noted that the company’s current mineral resource estimate includes 7.7 million ounces of gold but no silver. However, management viewed the emerging silver zones as potentially significant. According to CEO Tara Christie, “Drilling at Powerline will further define our gold deposit and at the same time also test to identify favorable structures that host high-grade silver mineralization at AurMac.”

Vice President of Exploration Duncan Mackay added that the team had refined their silver targets using a database of oriented drill core. He stated, “Preliminary testing has successfully intersected the high-grade vein (assays pending), with additional drillholes planned to further test this highly prospective zone.” Mackay emphasized that the work could contribute to a deeper understanding of the connection between the established intrusion-related gold mineralization and the high-grade Keno-style silver zones.

Clark described the development as adding a new dynamic to the project and observed that the intersection of silver in a gold-focused system suggested broader mineral potential in the region.

On October 29, Paradigm Capital issued a positive flash note following Banyan Gold Corp.’s announcement that it intersected high-grade visible silver mineralization at the Powerline deposit within its AurMac Project in Yukon.

Analysts Don Blyth, Lauren McConnell, Don MacLean, and Jeff Banwell noted that the silver appears to represent a later-stage mineralizing event that cross-cuts the dominant gold veining. While the current 7.7Moz gold resource does not include silver, the team viewed the silver as a potential value-add. If further delineated, a silver stream could contribute to development financing for AurMac.

The report stated that Banyan remains well-capitalized, having completed a CA$31.4 million financing on October 16 with strategic investor Alpayana. Paradigm emphasized that gold continues to drive project value but acknowledged that the emerging silver zones add an important dimension. The firm maintained its positive outlook and continues to monitor upcoming drill results and PEA progress.

Expanding the Scope at AurMac

The current silver-focused drilling effort has added a new dimension to the AurMac Project, complementing the existing gold resource. Banyan, in its investor presentation, has indicated that the presence of high-grade Keno-style silver structures within the core of Powerline could support future selective development alongside bulk-tonnage gold mining. [OWNERSHIP_CHART-7310]

Ongoing drilling is aimed at further defining these silver zones, with additional assays pending and follow-up holes planned. The company also maintains exposure to silver through its Hyland Gold Project, where a recent resource update outlined 2.63 million ounces of indicated silver and 0.86 million ounces of inferred silver alongside associated gold resources.

Banyan plans to present updates at several industry events throughout November, including the New Orleans Investment Conference, Deutsche Goldmesse in Frankfurt, the Yukon Geoscience Forum in Whitehorse, and 121 Mining Investment Dubai. These appearances offer opportunities for the company to showcase the evolving exploration potential at AurMac and other assets.

Ownership and Share Structure¹

As for ownership, 4.77% Banyan Gold is held by institutions. Of those, Franklin Advisors holds the most with 3.24% with IXIOS Asset Management behind them at 1.53%

Strategic entity Victoria Gold Corp owns the most with 9.10%. Management and Insiders own 6.68%, with the most held by CEO Tara Christie, with 3.77%, and David Reid with 1.53%.

The rest is retail.

Banyan Gold has 317.29 million free float shares, a market cap of CA$330.66 million, and a 52-week range of CA$0.1700 – CA$0.7400.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Important Disclosures:

1. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
2. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

( Companies Mentioned: BYN:TSX.V;BYAGF:OTCQB;,
)

Gold Drops Back Below $4,000 After China Ends Tax Incentive  Bloomberg.com

Gold Falls on Reports of China’s Finance Ministry Ending Tax Incentive for Gold Sales  The Wall Street Journal

Gold Drops Back Below $4,000 After China Ends Tax Incentive  Yahoo Finance

Wall Street says tokenization will change global markets. Gold is next.  Yahoo Finance