On December 11, 2023, Wolfpack Research published a report on Ramaco entitled "METC: Pumping and Dumping Nearly Worthless Dirt". Noting that the Company's stock price "recently soared following a Wall Street Journal article that hyped its Brook Mine as a potential source of up to $37 billion in rare earth elements", the report from Wolfpack stated that "[t]here is no way to profitably mine them" and estimated that the Company "would lose ~$88 billion if they were ever able to extract, process and sell $37 billion of REEs from the Brook Mine." The report further asserted that Ramaco "has likely performed" extractability tests and "is sitting on disappointing results." On this news, Ramaco's stock price fell $0.60 per share, or 3.58%, to close at $16.18 per share on December 11, 2023.