December 26, 2025 - 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 o?take 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.

"This Ramaco Resources partnership diversi?es our rare earth sourcing so we can continue to scale quickly and ensure long-term supply chain freedom for our customers," said Kevin Feng, CEO of Mulberry Industries. "By working with trusted partners like Ramaco Resources, we can establish a secure, ex-China supply chain for permanent magnets right here at home that strengthens America's economic and national security."

"Ramaco is proud to pursue a partnership with Mulberry Industries to supply domestically sourced rare earth oxide blends that underpin a resilient, ex China permanent magnet supply chain," said Randall Atkins, Chairman and CEO of Ramaco Resources. "With mining at the Brook Mine in Wyoming commencing earlier this year and construction of a pilot plant now underway, we will be positioned to deliver reliable feedstock tailored to Mulberry's advanced magnet manufacturing. Together, we seek to build a durable, transparent supply chain that helps U.S. innovators scale with confidence for the decade ahead."

Mulberry Industries makes neodymium-iron (NdFeB), samarium-cobalt (SmCo), and aluminum-nickel-cobalt (AlNiCo) permanent magnets that are vital components for advanced technologies. Mulberry Industries is one of the only end-to-end producers in the West of SmCo magnets, which are essential for a variety of defense applications. For example, a single F-35 ?ghter jet contains about 50 pounds of SmCo magnets that are critical for ?ight control, targeting, and power systems.

Mulberry Industries has reported that its end-to-end production ?ow is 60% more streamlined than industry peers, enhancing speed and e?ciency. This process incorporates a proprietary ?fth-generation Grain Boundary Di?usion (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 ?rst 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 re?ning, metallization and magnet manufacturing.

About Mulberry Industries

Mulberry Industries is a Georgia-based vertically integrated manufacturer of high-performance permanent magnets and advanced electrical systems. As America's only end-to-end permanent magnet manufacturer, we source raw and rare earth materials, re?ne, and metalize them to produce permanent magnets that are essential for the defense, aerospace, automotive, and robotics industries – building towards a fully ex-China supply chain that strengthens America's economic and national security.

About Ramaco Resources

Ramaco Resources, Inc. is a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth and critical minerals in Wyoming. The Company's executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. The Company currently has four active metallurgical coal mining complexes in Central Appalachia and one coal mine and rare earth development near Sheridan, Wyoming in the initial stages of production.

In 2023, the Company announced that a major deposit of primary magnetic rare earths and critical minerals was discovered at its mine near Sheridan, Wyoming. Contiguous to the Wyoming mine, the Company currently operates a carbon research and pilot facility related to the development and production of advanced carbon products and materials derived from coal. In connection with these activities, it holds a body of roughly 76 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks.