Mulberry Industries, Ramaco Resources Enter Into Non-Binding MOU To Negotiate Offtake Partnership To Bolster America's Domestic Rare Earth And Permanent Magnet Supply Chain

Mulberry Industries, a Georgia-based vertically integrated manufacturer of high-performance permanent magnets and advanced electrical systems, and Ramaco Resources, (NASDAQ:METC, METCB))) ("Ramaco") a leading developer of critical minerals and rare earth elements at its Brook Mine in Wyoming, today announce that they have entered into a non-binding memorandum of understanding ("MOU") to negotiate an offtake partnership that will bolster America's domestic rare earth and permanent magnet supply chain.

Under the MOU, Ramaco Resources will negotiate an agreement to provide Mulberry Industries, on a non-exclusive basis, with a supply of customized oxide blends that include the rare earth elements samarium, NdPr, yttrium, gallium and Dy/Tb. Mulberry will use this domestic feedstock to bolster its existing 10-year rare earth stockpile to manufacture advanced permanent magnets at its facility in Georgia for customers across the defense, aerospace, automotive, and robotics industries.

Mulberry Industries has reported that its end-to-end production flow is 60% more streamlined than industry peers, enhancing speed and efficiency. This process incorporates a proprietary fifth-generation Grain Boundary Diffusion (GBD) technology that uses 30%–80% less heavy rare earths, which are costly and supply-constrained. The result is lighter, more powerful magnets for demanding aerospace and defense applications.

Ramaco Resources' Brook Mine in Wyoming is America's first new rare earth element and critical mineral mine in over seventy years and will be initially focused on the vertically integrated production of commercial oxides. Full-scale mining and construction of a pilot processing facility is underway at the Brook Mine near Sheridan, Wyoming.

This potential partnership aims to reduce the United States' reliance on China, which currently controls most rare earth mining and over 90% of refining, metallization and magnet manufacturing.