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, 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.

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 eventually demonstrating the viability of processing rare earth elements and other critical minerals and to support studies that could establish 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 reportable segments, which are primarily based on the Company’s internal organizational structure and types of controlled mineral deposits, are its two operating segments—Metallurgical Coal and Rare Earths and Critical Minerals. Where applicable, prior period amounts have been recast to conform to this segment reporting structure, which was modified during the third quarter of 2025.

Current wording

Our reportable segments, which are primarily based on the Company’s internal organizational structure and types of controlled mineral deposits, are its two operating segments—Metallurgical Coal and Rare Earths and Critical Minerals.

Previous 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.

Current wording

the market have led to a reduction in the price steel producers are willing to pay for their metallurgical coal feedstock; however, U.S. metallurgical coal indices and spot prices increased modestly in Q3 2026 as supply cuts have begun occurring for higher cost operations. 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 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.

Current wording

During the nine months ended September 30, 2026, we sold 3.0 million tons of coal and recognized $416.5 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 2.9 million tons of coal and recognized $408.6 million of revenue, of which 38% was from sales into North American markets, including Canada, and 62% 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 U.S. tariffs.

Previous 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.

Current wording

As of September 30, 2026, the Company had outstanding performance obligations of approximately 2.1 million tons for contracts with fixed sales prices averaging $139 per ton, excluding freight revenue, as well as 1.2 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 34% of these commitments in 2026 and 66% of these commitments in 2027. Refer to Note 9 of Part I, Item 1 for additional information.

Previous 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.

Current wording

In the first nine months of 2026, our segment capital expenditures were $74.7 million, excluding capitalized interest of $0.9 million. In the first nine months of 2025, our segment capital expenditures were $45.9 million, excluding capitalized interest of $0.9 million. The increase in capital expenditures was mainly attributable to the construction of a new rail loadout and the development of the Beckley Crystal Mine at our Maben complex, in addition to adding mining sections at our Berwind complex, each of which is part of our growth commitments in our low-vol portfolio.

Previous 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.

Current wording

The Company produced 2.7 million tons of coal during the first nine months of 2026 compared to 2.9 million tons of coal in the corresponding period of 2025. The Company expects full-year production volumes in 2026 between 3.6 and 3.8 million tons with an ability to vary production dependent on market conditions.

Previous wording

The Company continues to move forward with its potential rare earth elements and other critical minerals deposit evaluation at the Brook Mine. The timeline for our rare earth elements and other critical minerals initiatives is subject to the completion of ongoing test work, engineering studies, and the continued updating of mine designs, as well as the receipt of all required federal, state, and local permits and licenses and compliance with applicable regulatory requirements.

Current wording

The Company continues to move forward with its potential rare earth elements and other critical minerals deposit evaluation at the Brook Mine. The timeline for our rare earth elements and other critical minerals initiatives is subject to the completion of ongoing test work, engineering studies, and the continued updating of mine designs, as well as the receipt of all required federal, state, and local permits and licenses and compliance with applicable regulatory requirements. In July 2026, the Company released an Initial Assessment Report from Hatch Associates Consultants, Inc. (“Hatch”) which evaluates a previously announced carbochlorination-based refining and flowsheet process for the Brook Mine project. This Initial Assessment Report is expected to be followed by a Pre-Feasibility Study, also to be prepared by Hatch, when sufficient metallurgical results are available from bench scale testing along with an updated mineral resource estimates based on latest drilling and analytical studies.

Previous wording

Critical mineral production, including mill throughput and feed grades, is subject to further technical validation, including additional infill and step-out drilling, geological modeling, mine planning, and metallurgical testing. 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.

Current wording

Critical mineral production, including mill throughput and feed grades, is subject to further technical validation, including additional infill and step-out drilling, geological modeling, mine planning, and metallurgical testing. There is no assurance that we will be able to successfully develop the Brook Mine into a commercial scale mine, and there is no

Previous 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.

Current wording

In the first nine months of 2026, our segment capital expenditures were $9.2 million, excluding capitalized interest of $0.5 million. In the first nine months of 2025, our segment capital expenditures were $2.4 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 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.

Current wording

Net income and Adjusted EBITDA for the three and nine months ended September 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 six months ended June 30, 2026 was $266.4 million, approximately 7.4% lower than the same period in 2025 driven by the negative impact of pricing and a 3.8% 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 September 30, 2026 was $150.1 million, approximately 24.0% higher than the same period in 2025 driven by a 23.3% increase 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

*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.

Current wording

*Cost of sales.*Our cost of coal sales for the three months ended September 30, 2026 was $133.8 million, approximately 31.4% higher than the same period in 2025 driven by the increase 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

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.

Current wording

Depreciation, depletion, and amortization. Depreciation, depletion, and amortization expense totaled $17.6 million and $17.1 million for the three months ended September 30, 2026 and 2025, respectively. The increase quarter-to-quarter was mainly attributable to general increases in property, plant, and equipment versus 2025.

Previous 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.

Current wording

*Other income (expense), net.*Other income (expense), net was an expense of $0.9 million for the three months ended September 30, 2026 compared to income of $0.1 million for the three months ended September 30, 2025. The change was mainly attributable to a decrease in income generating activities ancillary to our operations such as rail rebates, scrap sales and other miscellaneous income.

Previous 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.

Current wording

*Interest expense, net.*Interest expense, net was $1.4 million for the three months ended September 30, 2026 compared to $2.3 million for the same period in 2025. The decrease in 2026 was mainly attributable to increased interest income of $0.9 million driven by U.S. treasury securities.

Previous wording

Income tax benefit (expense). The effective tax rate for the three months ended June 30, 2026 and 2025 was a benefit of 21.3% and 12.7%, respectively. The lower effective tax rate for the quarter ended June 30, 2025 compared to 2026 was primarily driven by the impact of changes to the annual effective tax rate made in that period. 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.

Current wording

Income tax benefit (expense). The effective tax rate for the three months ended September 30, 2026 and 2025 was a benefit of 22.1% and 19.9%, respectively. The lower effective tax rate for the quarter ended September 30, 2025 compared to the quarter ended September 30, 2026 was primarily driven by the impact of changes to the estimated annual effective tax rate made in each period. 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 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.

Current wording

Revenue. Coal sales revenue for the nine months ended September 30, 2026 was $416.5 million, approximately 1.9% higher than the same period in 2025 driven by a 4.4% increase in tons sold offset by the negative impact of pricing. 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

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 nine months ended September 30, 2026 was $370.5 million, approximately 7.0% higher than the same period in 2025 driven by the increase 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

Depreciation, depletion, and amortization. Depreciation, depletion, and amortization expense totaled $33.4 million and $34.6 million for the six months ended June 30, 2026 and 2025, respectively. The decrease was related to a $1.9 million decrease in development amortization and depletion and a $0.4 million decrease in finance lease amortization, partially offset by general increases in plant and equipment versus 2025.

Current wording

Depreciation, depletion, and amortization. Depreciation, depletion, and amortization expense totaled $51.1 million and $51.7 million for the nine months ended September 30, 2026 and 2025, respectively. The decrease was related to a

Previous 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.

Current wording

Selling, general, and administrative. SG&A expenses were $57.1 million and $49.8 million for the nine months ended September 30, 2026 and 2025, respectively. SG&A expenses for the nine months ended September 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 $7.3 million, including stock compensation, with the remaining increase attributable to costs associated with our internal reorganization and the development of our rare earth element and critical minerals project.

Previous wording

*Other income (expense), net.*Other income (expense), net was $0.7 million for the six months ended June 30, 2026 compared to $1.2 million for the six 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.

Current wording

*Other income (expense), net.*Other income (expense), net was an expense of $0.2 million for the nine months ended September 30, 2026 compared to income of $1.3 million for the nine months ended September 30, 2025. The change was mainly attributable to a decrease in income generating activities ancillary to our operations such as rail rebates, scrap sales and other miscellaneous income.

Previous wording

*Interest expense, net.*Interest expense, net was $1.9 million for the six months ended June 30, 2026 compared to $5.0 million for the same period in 2025. The decrease in 2026 was largely due to increased interest income of $5.6 million from U.S. treasury securities, offset by an increase in interest expense of $2.5 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 $3.2 million for the nine months ended September 30, 2026 compared to $7.3 million for the same period in 2025. The decrease in 2026 was mainly attributable to increased interest income of $6.6 million driven by U.S. treasury securities, offset by an increase in interest expense of $2.5 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

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.

Current wording

Income tax benefit (expense). The effective tax rate for the nine months ended September 30, 2026 and 2025 was a benefit of 20.7% and 22.2%, respectively, excluding the impact of discrete items. Discrete items for the periods consisted of management compensation and stock-based compensation. The lower effective tax rate for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily driven by higher non-deductible executive compensation under Section 162(m) and a lower expected percentage depletion deduction, partially offset by non-taxable production tax credits. 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 six months ended June 30, 2026 was $266.4 million, approximately 7.4% lower than the same period in 2025 driven by the negative impact of pricing and a 3.8% decrease in tons sold. The decrease in tons sold was attributable to a 22.3% decrease in domestic tons sold, offset by a 6.2% increase in export tons sold. Revenue per ton sold decreased 3.5% from $142 per ton for the six months ended June 30, 2025 to $137 per ton for the six months ended June 30, 2026. Revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, also decreased 6.6% from $123 per ton for the six months ended June 30, 2025 to $115 per ton for the six 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.

Current wording

Revenue. Coal sales revenue for the three months ended September 30, 2026 was $150.1 million, approximately 24.0% higher than the same period in 2025 driven by a 23.3% increase in tons sold. The increase in tons sold was attributable to an increase of 18.9% and 25.7% in domestic (including Canada) and export tons sold, respectively. Revenue per ton sold was $139 per ton, which is consistent with the three months ended September 30, 2025. Revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, also remained consistent with the three months ended September 30, 2025 at $120 per ton. Refer to Non-GAAP Financial Measures later in Item 2 for more information regarding this measure. 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 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.

Current wording

*Cost of sales.*Our cost of coal sales for the three months ended September 30, 2026 was $133.8 million, approximately 31.4% higher than the same period in 2025 driven by the increase in tons sold described above. Cost of sales per ton sold increased 6.0% from $117 per ton for the three months ended September 30, 2025 to $124 per ton for the three months ended September 30, 2026. Cash cost per ton sold (FOB mine), a non-GAAP measure which excludes transportation costs and idle mine costs, also increased 7.2% from $97 per ton for the three months ended September 30, 2025 to $104 per ton for the three months ended September 30, 2026. Refer to Non-GAAP Financial Measures later in Item 2 for more information regarding this measure. The increase in the Company’s cost of sales per ton sold measures was largely due to elevated diesel and rebar prices compared to the prior year.

Previous wording

Segment adjusted EBITDA. Segment adjusted EBITDA for the six months ended June 30, 2026 decreased by $12.5 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 September 30, 2026 decreased by $3.8 million compared to the same period in 2025 driven by the cost of sales items discussed above.

Previous 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.

Current wording

Revenue. Coal sales revenue for the nine months ended September 30, 2026 was $416.5 million, approximately 1.9% higher than the same period in 2025 driven by a 4.4% increase in tons sold offset by the negative impact of pricing. The increase in tons sold was attributable to a 12.0% increase in export tons sold, offset by a 9.6% decrease in domestic (including Canada) tons sold. Revenue per ton sold decreased 2.1% from $141 per ton for the nine months ended September 30, 2025 to $138 per ton for the nine months ended September 30, 2026. Revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, also decreased 4.1% from $122 per ton for the nine months ended September 30, 2025 to $117 per ton for the nine months ended September 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 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.

Previous wording

*Cost of sales.*Our cost of coal sales for the six months ended June 30, 2026 was $236.7 million, approximately 3.2% lower than the same period in 2025 mainly attributable to the decrease in tons sold discussed above. Cost of sales per ton sold increased 0.8% from $121 per ton for the six months ended June 30, 2025 to $122 per ton for the six months ended June 30, 2026 due to a $4.2 million increase in transportation and idle costs, offset by cost efficiencies realized from our increased efforts to produce from cost effective mines in a challenging macroeconomic coal environment discussed earlier. Cash cost per ton sold (FOB mine), a non-GAAP measure which excludes transportation costs and idle mine costs, decreased 3.0% from $101 per ton for the six months ended June 30, 2025 to $98 per ton for the six months ended June 30, 2026 in alignment with the previous explanation. 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 nine months ended September 30, 2026 was $370.5 million, approximately 7.0% higher than the same period in 2025 driven by the increase in tons sold described above. Cost of sales per ton sold increased 1.7% from $120 per ton for the nine months ended September 30, 2025 to $122 per ton for the nine months ended September 30, 2026. This increase is largely due to elevated diesel and rebar prices and an increase in transportation and idle costs per ton sold, offset by our increased efforts to produce from cost-effective mines in a challenging macroeconomic coal environment. Cash cost per ton sold (FOB mine), a non-GAAP measure which excludes transportation costs and idle mine costs, was consistent with the nine months ended September 30, 2025 at

Previous 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.

Current wording

Segment adjusted EBITDA. Segment adjusted EBITDA for the nine months ended September 30, 2026 decreased by $16.5 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 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.

Current wording

*Segment adjusted EBITDA.*Segment adjusted EBITDA for the three and nine months ended September 30, 2026 decreased by $2.1 million and $5.5 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

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.

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 a fixed charge coverage ratio. Borrowings under the amended facility may not exceed the borrowing base as determined under the amended formula included in the agreement.

Previous 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.

Current wording

At September 30, 2026, we had $233.0 million of cash and cash equivalents and $141.7 million of remaining availability under our Revolving Credit Facility for future borrowings. The Company’s total current assets were $424.2 million and were in excess of total current liabilities by $316.8 million as of the balance sheet date.

Previous wording

Significant uses of cash during the first six months of 2026

Current wording

Significant uses of cash during the first nine months of 2026

Previous wording

uncollected at period end, an increase in inventory due to production and inventory valuation, and an increase in accrued liabilities due to the timing of vendor payments.

Current wording

to operating cash outflow driven primarily by an increase in accounts receivable due to higher Q3 2026 shipments which remained uncollected at period end, an increase in inventory due to production and cost of production, and an increase in prepaid and other assets.

Previous wording

All dividends declared to date for Class B common stock were based on 20% of CORE royalty and infrastructure fees for the previous quarter.

Current wording

Dividends for Class B common stock are based on a percentage of CORE royalty and infrastructure fees for the previous quarter. The Company’s fourth quarter 2026 dividend, to be paid in cash during the fourth quarter, is based on 10% of royalty and infrastructure fees earned in the third quarter of 2026.

Previous wording

Refer to Note 14 of Part I, Item 1 for additional information regarding dividends declared subsequent to the date of the financial statements.

Current wording

Refer to Note 7 of Part I, Item 1 for additional information regarding dividends declared during the first nine months of 2026. Refer to Note 14 of Part I, Item 1 for additional information regarding dividends declared subsequent to the date of the financial statements.

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 six months ended June 30, 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 and estimates during the nine months ended September 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 six months ended June 30, 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 nine months ended September 30, 2026.

Previous wording

Non-GAAP revenue per ton sold -Non-GAAP revenue per ton sold (FOB mine) is calculated as coal sales revenue less transportation revenues and demurrage, divided by tons sold. We believe revenue per ton sold (FOB mine) provides useful information to investors as it enables investors to compare revenue per ton we generate against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal prices from period to period excluding the impact of transportation costs which are beyond our control. The adjustments made to arrive at these measures are significant in understanding and assessing our financial performance. Revenue per ton sold (FOB mine) is not a measure of financial performance in accordance with U.S. GAAP and, therefore, should not be considered as a substitute to revenue under U.S. GAAP.

Current wording

Non-GAAP revenue per ton sold -Non-GAAP revenue per ton sold (FOB mine) is calculated as coal sales revenue less transportation revenues and demurrage, divided by tons sold. We believe revenue per ton sold (FOB mine) provides useful information to investors as it enables investors to compare revenue per ton we generate against similar measures made by other publicly traded coal companies and more effectively monitor changes in coal prices from period to period excluding the impact of transportation costs which are beyond our control. The adjustments made to arrive at these measures are significant in understanding and assessing our financial performance. Revenue per ton sold (FOB mine) is not a measure of financial performance in accordance with U.S. GAAP and, therefore, should not be considered as a substitute for revenue under U.S. GAAP.