Ramaco Resources, Inc.

Previous wording

We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia. Our metallurgical coal development portfolio primarily includes the following properties: Elk Creek, Berwind, Knox Creek, and Maben. We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic customer base, North American blast furnace steel mills and coke plants, as well as international metallurgical coal consumers. In June 2025, we initiated evaluation of our rare earth element and other critical minerals project near Sheridan, Wyoming (the “Brook Mine”). That mine has initially provided representative mineralized material for short-term pilot-scale testing of the feedstock with the goal of supporting more advanced mining studies ultimately establishing its rare earth element mineral reserves and resources for processing at a full-scale commercial processing facility into rare earth element and other critical mineral oxides. Contiguous to the Brook Mine, the Company operates a carbon research facility related to the potential production of advanced carbon products and materials from coal.

Current wording

We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and are exploring a coal, rare earth, and other critical minerals project in Wyoming. Our metallurgical coal development portfolio primarily includes the following properties: Elk Creek, Berwind, Knox Creek, and Maben. We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic customer base, North American blast furnace steel mills and coke plants, as well as to international metallurgical coal consumers. In mid-2025, we held a ribbon cutting and groundbreaking event at our rare earth element and other critical mineral exploration stage property near Sheridan, Wyoming (the “Brook Mine”). The Brook Mine is currently an exploration stage property with respect to its rare earth element and other critical mineral operations. The Brook Mine initially produced representative material to serve as feedstock for testing, with the goal of demonstrating the viability of processing rare earth elements and other critical minerals and establishing mineral reserves. There is no assurance that we will be able to successfully develop the Brook Mine into a commercial scale mine, and there is no certainty that any part of the inferred mineral resources estimated will be converted into higher confidence mineral resources and eventually mineral reserves in the future. Contiguous to the Brook Mine, the Company operates a carbon research facility related to the production of advanced carbon products and materials from coal.

Previous wording

Our primary source of revenue is the sale of metallurgical coal. We maintain 85 million reserve tons and 1,337 million measured and indicated resource tons of high-quality metallurgical coal. Our plan is to continue the development of our existing properties and grow annual production over the next few years to possibly as much as seven million clean tons of metallurgical coal annually, subject to market conditions, permitting and additional capital deployment in the medium-term. We may also acquire additional reserves or infrastructure that contribute to our focus on long-term value creation, operational efficiency and lower costs.

Current wording

Our primary source of revenue is the sale of metallurgical coal. We maintain 85 million reserve tons and an additional 1,337 million measured and indicated resource tons of high-quality metallurgical coal. Our plan is to continue the development of our existing properties and grow annual production over the next few years to possibly as much as seven million clean tons of metallurgical coal annually, subject to market conditions, permitting and additional capital deployment in the medium-term. We may also acquire additional coal reserves or infrastructure that contribute to our focus on long-term value creation, operational efficiency and lower costs.

Previous wording

Global metallurgical coal markets remained soft in the first quarter of 2026 due to constrained economic growth in some regions of the world and continued conflict overseas. Reduced global steel production and oversupply in the market have led to a reduction in the price steel producers are willing to pay for their metallurgical coal feedstock. Overall steel demand will likely remain weak in the near term; however, supply cuts have begun occurring for higher

Current wording

Global metallurgical coal markets remained soft in the second quarter of 2026 due to constrained economic growth in some regions of the world and continued conflict overseas. Reduced global steel production and oversupply in the market have led to a reduction in the price steel producers are willing to pay for their metallurgical coal feedstock. Overall steel demand will likely remain weak in the near term; however, supply cuts have begun occurring for higher cost operations which is expected to positively impact pricing. Longer term, the Company believes that limited global investment in new coking coal production capacity, the industrialization of emerging economies, expansion of urbanization globally, and an eventual return to economic growth will support coking coal markets overall.

Previous wording

During the three months ended March 31, 2026, we sold 892,000 tons of coal and recognized $121.6 million of revenue. Of this amount, 31% of our revenue was from sales into North American markets, including Canada, and 69% of our revenue was from sales into export markets. During the same period of 2025, we sold 946,000 tons of coal and recognized $134.7 million of revenue, of which 33% was from sales into North American markets, including Canada, and 67% was from sales into export markets. Sales into export markets, which often include index-based pricing, generally have greater exposure to variability in pricing from period to period. The Company’s exports have not been materially delayed or otherwise affected by recent severe weather events, dockworker labor disputes, global conflicts or recently enacted U.S. tariffs.

Current wording

During the six months ended June 30, 2026, we sold 1.9 million tons of coal and recognized $266.4 million of revenue. Of this amount, 29% of our revenue was from sales into North American markets, including Canada, and 71% of our revenue was from sales into export markets. During the same period of 2025, we sold 2.0 million tons of coal and recognized $287.6 million of revenue, of which 37% was from sales into North American markets, including Canada, and 63% was from sales into export markets. Sales into export markets, which often include index-based pricing, generally have greater exposure to variability in pricing from period to period. The Company’s exports have not been materially delayed or otherwise affected by recent severe weather events, dockworker labor disputes, global conflicts or recently enacted U.S. tariffs.

Previous wording

As of March 31, 2026, the Company had outstanding performance obligations of approximately 1.1 million tons for contracts with fixed sales prices averaging $137 per ton, excluding freight, as well as 1.8 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 88% of these commitments in 2026 and 12% of these commitments in 2027. Refer to Note 9 of Part I, Item 1 for additional information.

Current wording

As of June 30, 2026, the Company had outstanding performance obligations of approximately 0.7 million tons for contracts with fixed sales prices averaging $139 per ton, excluding freight, as well as 1.6 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 85% of these commitments in 2026 and 15% of these commitments in 2027. Refer to Note 9 of Part I, Item 1 for additional information.

Previous wording

In the first three months of 2026, our segment capital expenditures were $17.5 million, excluding capitalized interest of $0.2 million. In the first three months of 2025, our segment capital expenditures were $20.9 million, excluding capitalized interest of $0.5 million. The decrease in capital expenditures was due to higher spending in 2025 on the Company’s strategic growth projects, specifically at the Maben preparation plant.

Current wording

In the first six months of 2026, our segment capital expenditures were $43.4 million, excluding capitalized interest of $0.5 million. In the first six months of 2025, our segment capital expenditures were $34.6 million, excluding capitalized interest of $0.7 million. The increase in capital expenditures was mainly attributable to the construction of a new rail loadout at our Maben complex and adding mining sections at our Berwind complex as part of our growth commitments in our low-vol portfolio.

Previous wording

The Company produced 1.0 million tons of coal during the first three months of 2026, consistent with the first three months of 2025. The Company expects full-year production volumes in 2026 between 3.7 and 4.1 million tons with an ability to vary production dependent on market conditions.

Current wording

The Company produced 1.9 million tons of coal during the first six months of 2026 compared to 2.0 million tons of coal in the corresponding period of 2025. The Company expects full-year production volumes in 2026 between 3.6 and 3.9 million tons with an ability to vary production dependent on market conditions.

Previous wording

Our ongoing business development efforts are focused on the timely and prudent advancement of our rare earth elements and other critical minerals property, the assessment of associated processing facilities to support the future production of rare earth element minerals and coal-to-carbon based products and other critical minerals products.

Current wording

Our ongoing business development efforts are focused on the timely and prudent advancement of our rare earth elements and other critical minerals property, the assessment of associated processing facilities to support the future production of rare earth element minerals and other critical minerals products, and coal-to-carbon based products.

Previous wording

In the first three months of 2026, our segment capital expenditures were $2.2 million, excluding capitalized interest of $0.1 million. In the first three months of 2025, our segment capital expenditures were $0.1 million. The increase in capital expenditures was attributable to the continued expansion of the Brook Mine project.

Current wording

In the first six months of 2026, our segment capital expenditures were $6.7 million, excluding capitalized interest of $0.3 million. In the first six months of 2025, our segment capital expenditures were $0.5 million. The increase in capital expenditures was attributable to the continued expansion of the Brook Mine project.

Previous wording

Net income and Adjusted EBITDA for the three months ended March 31, 2026 were negatively impacted by the continued unfavorable global metallurgical coal markets and metallurgical coal price indices. This occurred due to a variety of macroeconomic factors, including the continued Chinese oversupply of steel into a muted global economic environment. Refer toNon-GAAP Financial Measures later in Item 2 for more information regarding Adjusted EBITDA.

Current wording

Net income and Adjusted EBITDA for the three and six months ended June 30, 2026 were negatively impacted by the continued unfavorable global metallurgical coal markets and metallurgical coal price indices. This occurred due to a variety of macroeconomic factors, including the continued Chinese oversupply of steel into a muted global economic environment. Refer toNon-GAAP Financial Measures later in Item 2 for more information regarding Adjusted EBITDA.

Previous wording

Revenue. Coal sales revenue for the three months ended March 31, 2026 was $121.6 million, approximately 10% lower than the same period in 2025 driven by the negative impact of pricing and a 6% decrease in tons sold. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in revenue. There are no revenues from the Company’s Rare Earths and Critical Minerals segment at this time.

Current wording

Revenue. Coal sales revenue for the three months ended June 30, 2026 was $144.8 million, approximately 5.3% lower than the same period in 2025 driven by the negative impact of pricing and a 2.1% decrease in tons sold. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in revenue. There are no revenues from the Company’s Rare Earths and Critical Minerals segment at this time.

Previous wording

Depreciation, depletion, and amortization. Depreciation, depletion, and amortization expense totaled $16.6 million and $17.5 million for the three months ended March 31, 2026 and 2025, respectively. The decrease quarter-to-quarter was related to a $1.6 million decrease in development amortization and depletion, partially offset by general increases in plant and equipment versus 2025.

Current wording

Depreciation, depletion, and amortization. Depreciation, depletion, and amortization expense totaled $16.8 million and $17.0 million for the three months ended June 30, 2026 and 2025, respectively. The decrease quarter-to-quarter was related to a $0.3 million decrease in development amortization and depletion and a $0.2 million decrease in finance lease amortization, partially offset by general increases in plant and equipment versus 2025.

Previous wording

*Selling, general, and administrative.*Selling, general, and administrative (“SG&A”) expenses were $20.3 million and $14.6 million for the three months ended March 31, 2026 and 2025, respectively. The $5.7 million increase in 2026 was primarily due to an increase in professional service and general mine expenses of $2.4 million and labor costs of $1.7 million, with the remaining increase attributable to the development of our rare earth element and critical minerals project.

Current wording

*Selling, general, and administrative.*Selling, general, and administrative (“SG&A”) expenses were $17.6 million and $15.2 million for the three months ended June 30, 2026 and 2025, respectively. SG&A expenses for the three months ended June 30, 2026 include a $1.2 million reversal of a legacy accrued expense established in 2023 following resolution of the related matter. In addition to this matter, the increase in 2026 was also due to an increase in labor costs of $2.1 million, including stock compensation, with the remaining increase attributable to the development of our rare earth element and critical minerals project.

Previous wording

*Other income (expense), net.*Other income (expense), net was consistent for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, with $0.5 million in other income in each of the respective periods.

Current wording

*Other income (expense), net.*Other income (expense), net was $0.2 million for the three months ended June 30, 2026 compared $0.7 million for the three months ended June 30, 2025. The decrease in 2026 was associated with activities ancillary to our operations such as rail rebates, scrap sales and other miscellaneous income.

Previous wording

*Interest expense, net.*Interest expense, net was $0.3 million for the three months ended March 31, 2026 compared to $2.2 million for the same period in 2025. The decrease in 2026 was largely due to increased interest income of $3.1 million from U.S. treasury securities, offset by an increase in interest expense of $1.2 million associated with the issuance of 2030 Senior Notes in the fiscal quarter ended September 30, 2025 and 2031 Convertible Senior Notes in the fiscal quarter ended December 31, 2025.

Current wording

*Interest expense, net.*Interest expense, net was $1.5 million for the three months ended June 30, 2026 compared to $2.8 million for the same period in 2025. The decrease in 2026 was largely due to increased interest income of $2.2 million from U.S. treasury securities, offset by an increase in interest expense of $1.2 million associated with the issuance of 2030 Senior Notes in the fiscal quarter ended September 30, 2025 and 2031 Convertible Senior Notes in the fiscal quarter ended December 31, 2025.

Previous wording

*Cost of sales.*Our cost of coal sales for the three months ended March 31, 2026 was $108.5 million, approximately 5% lower than the same period in 2025 driven by the decrease in tons sold described above. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in cost of sales. There are no cost of sales from the Company’s Rare Earths and Critical Minerals segment at this time.

Current wording

*Cost of sales.*Our cost of coal sales for the six months ended June 30, 2026 was $236.7 million, approximately 4.7% lower than the same period in 2025 driven by the decrease in tons sold described above. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in cost of sales. There are no cost of sales from the Company’s Rare Earths and Critical Minerals segment at this time.

Previous wording

Income tax expense (benefit). The effective tax rate for the three months ended March 31, 2026 and 2025 was a benefit of 19.0% and 31.2%, respectively, excluding the impact of discrete items. Discrete items for the periods consisted of stock-based compensation. The lower effective tax rate for the quarter ended March 31, 2026 compared to March 31, 2025 was primarily driven by a lower expected percentage depletion deduction. The primary differences from the federal statutory rate of 21% are related to state taxes, non-deductible expenses, the foreign-derived intangible income deduction, production tax credits, and depletion expense for income tax purposes.

Current wording

Income tax benefit (expense). The effective tax rate for the six months ended June 30, 2026 and 2025 was a benefit of 20.0% and 23.5%, respectively, excluding the impact of discrete items. Discrete items for the periods consisted of stock-based compensation. The lower effective tax rate for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by a lower expected percentage depletion deduction. The primary differences from the federal statutory rate of 21% are related to state taxes, non-deductible expenses, production tax credits, and depletion expense for income tax purposes.

Previous wording

Revenue. Coal sales revenue for the three months ended March 31, 2026 was $121.6 million, approximately 10% lower than the same period in 2025 driven by the negative impact of pricing and a 6% decrease in tons sold. The decrease in tons sold occurred in both domestic and export markets, which each decreased by approximately 6%. Revenue per ton sold decreased 4% from $142 per ton for the three months ended March 31, 2025 to $136 per ton for the three months ended March 31, 2026 and was driven by the variability in index-based pricing for export sales. Revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, also decreased 7% from $122 per ton for the three months ended March 31, 2025 to $114 per ton for the three months ended March 31, 2026. Refer to Non-GAAP Financial Measures later in Item 2 for more information regarding this measure. The decrease in the Company’s revenue per ton sold measures was largely due to the decrease in metallurgical coal prices, specifically within U.S. high-vol indices, due to the macroeconomic conditions discussed earlier. We expect metallurgical coal prices to remain volatile in the near term.

Current wording

Revenue. Coal sales revenue for the three months ended June 30, 2026 was $144.8 million, approximately 5.3% lower than the same period in 2025 driven by the negative impact of pricing and a 2.1% decrease in tons sold. The decrease in tons sold was attributable to a 32.0% decrease in domestic tons sold, offset by a 16.7% increase in export tons sold. Revenue per ton sold decreased 3.5% from $142 per ton for the three months ended June 30, 2025 to $137 per ton for the three months ended June 30, 2026. Revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, also decreased 5.7% from $123 per ton for the three months ended June 30, 2025 to $116 per ton for the three months ended June 30, 2026. Refer to Non-GAAP Financial Measures later in Item 2 for more information regarding this measure. The decrease in the Company’s revenue per ton sold measures were largely due to the decrease in metallurgical coal prices, specifically within U.S. high-vol indices, due to the macroeconomic conditions discussed earlier. We expect metallurgical coal prices to remain volatile in the near term.

Previous wording

*Cost of sales.*Our cost of coal sales for the three months ended March 31, 2026 was $108.5 million, approximately 3% lower than the same period in 2025 mainly attributable to the 6% decrease in tons sold discussed above. Cost of sales per ton sold increased 3% from $119 per ton for the three months ended March 31, 2025 to $122 per ton for the three months ended March 31, 2026 due to increased transportation costs and idle mine costs of $1.9 million. Cash cost per ton sold (FOB mine), a non-GAAP measure which excludes transportation costs and idle mine costs, remained consistent at $98 per ton for three months ended March 31, 2025 and March 31, 2026. Refer to Non-GAAP Financial Measures later in Item 2 for more information regarding this measure.

Current wording

*Cost of sales.*Our cost of coal sales for the three months ended June 30, 2026 was $128.2 million, approximately 3.1% lower than the same period in 2025 mainly attributable to the decrease in tons sold discussed above. Cost of sales per ton sold decreased 1.6% from $123 per ton for the three months ended June 30, 2025 to $121 per ton for the three months ended June 30, 2026. Cash cost per ton sold (FOB mine), a non-GAAP measure which excludes transportation costs and idle mine costs, decreased 3.9% from $103 per ton for three months ended June 30, 2025 to $99 per ton for three months ended June 30, 2026. Refer to Non-GAAP Financial Measures later in Item 2 for more information regarding this measure. The decrease in the Company’s cost of sales per ton sold measures were largely due to our increased efforts to produce from cost effective mines in a challenging macroeconomic coal environment discussed earlier.

Previous wording

Segment adjusted EBITDA. Segment adjusted EBITDA for the three months ended March 31, 2026 decreased by $10.0 million compared to the same period in 2025 driven by the revenue and cost of sales items discussed above.

Current wording

Segment adjusted EBITDA. Segment adjusted EBITDA for the three months ended June 30, 2026 decreased by $2.5 million compared to the same period in 2025 driven by the revenue and cost of sales items discussed above.

Previous wording

*Segment adjusted EBITDA.*Segment adjusted EBITDA for the three months ended March 31, 2026 decreased by approximately $2.4 million compared to the same period in 2025 primarily driven by increased labor and professional service costs to develop the Brook Mine rare earth elements and critical minerals project in 2026.

Current wording

*Segment adjusted EBITDA.*Segment adjusted EBITDA for the three and six months ended June 30, 2026 decreased by $1.2 million and $3.6 million, respectively, compared to the same periods in 2025 primarily driven by increased labor and professional service costs to develop the Brook Mine rare earth elements and other critical minerals project in 2026.

Previous wording

maturity date and increase the size of the facility. The amended facility has a maturity date of December 30, 2030 (subject to a springing maturity tied to convertible indebtedness), and provides an initial aggregate revolving commitment of $350.0 million as well as an accordion feature to increase the size by an additional $150.0 million subject to certain terms and conditions set forth in the Credit Agreement. The amended facility provides the Company with additional flexibility to pursue further growth in production while meeting normal operating requirements. The terms of the amended facility also require the Company to maintain certain covenants, including fixed charge coverage ratio and compensating balance requirements. Borrowings under the amended facility may not exceed the borrowing base as determined under the amended formula included in the agreement.

Current wording

On December 30, 2025, the Company entered into a Third Amended and Restated Credit and Security Agreement, which includes KeyBank National Association and multiple lending parties, in order to, among other things, extend the maturity date and increase the size of the facility. The amended facility has a maturity date of December 30, 2030 (subject to a springing maturity tied to convertible indebtedness), and provides an initial aggregate revolving commitment of $350.0 million as well as an accordion feature to increase the size by an additional $150.0 million subject to certain terms and conditions set forth in the Credit Agreement. The amended facility provides the Company with additional flexibility to pursue further growth in production while meeting normal operating requirements. The terms of the amended facility also require the Company to maintain certain covenants, including fixed charge coverage ratio and compensating balance requirements. Borrowings under the amended facility may not exceed the borrowing base as determined under the amended formula included in the agreement.

Previous wording

At March 31, 2026, we had $355.2 million of cash and cash equivalents and $133.6 million of remaining availability under our Revolving Credit Facility for future borrowings. Cash and cash equivalents include $7.5 million of compensating balances held in dedicated accounts to assure future credit availability under the revolver. The Company’s total current assets were $542.7 million and were in excess of total current liabilities by $431.5 million as of the balance sheet date.

Current wording

At June 30, 2026, we had $282.5 million of cash and cash equivalents and $117.6 million of remaining availability under our Revolving Credit Facility for future borrowings. Cash and cash equivalents include $7.5 million of compensating balances held in dedicated accounts to assure future credit availability under the revolver. The Company’s total current assets were $460.6 million and were in excess of total current liabilities by $351.8 million as of the balance sheet date.

Previous wording

Significant uses of cash during the first three months of 2026

Current wording

Significant uses of cash during the first six months of 2026

Previous wording

There were no material changes to the Company’s contractual obligations from those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The Company's contractual commitments and obligations include repayments of long-term debt, including senior unsecured notes and convertible senior notes, minimum coal lease and royalty obligations, payments under financing and operating leases, take-or-pay obligations associated with rail and export terminal transportation contracts, and insurance premium financing. In addition, the Company has asset retirement obligations and workers' compensation and occupational disease obligations that represent additional material cash requirements.

Current wording

There were no material changes to the Company’s contractual obligations from those disclosed in the Annual Report. The Company's contractual commitments and obligations include repayments of long-term debt, including senior unsecured notes and convertible senior notes, minimum coal lease and royalty obligations, payments under financing and operating leases, take-or-pay obligations associated with rail and export terminal transportation contracts, and insurance premium financing. In addition, the Company has asset retirement obligations and workers' compensation and occupational disease obligations that represent additional material cash requirements.

Previous wording

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenue and expenses reported for the period then ended. A discussion of our critical accounting policies and estimates is included in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates” of the Annual Report. There were no material changes to our critical accounting policies during the three months ended March 31, 2026.

Current wording

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenue and expenses reported for the period then ended. A discussion of our critical accounting policies and estimates is included in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates” of the Annual Report. There were no material changes to our critical accounting policies during the six months ended June 30, 2026.

Previous wording

Adiscussion of off-balance sheet arrangements is included under the heading “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Off-Balance Sheet Arrangements” in the Annual Report. There were no material changes during the three months ended March 31, 2026.

Current wording

Adiscussion of off-balance sheet arrangements is included under the heading “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Off-Balance Sheet Arrangements” in the Annual Report. There were no material changes during the six months ended June 30, 2026.