Ramaco Resources, Inc.

Previous wording

Our primary source of revenue is the sale of metallurgical coal. We are a pure-play metallurgical coal company with 66 million reserve tons and 1,352 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 approximately seven million clean tons of metallurgical coal, subject to market conditions, permitting and additional capital deployment in the medium-term. We may make acquisitions of reserves or infrastructure that continue our focus on advantaged geology and lower costs.

Current wording

Our primary source of revenue is the sale of metallurgical coal. We maintain 66 million reserve tons and 1,352 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 approximately seven million clean tons of metallurgical coal, subject to market conditions, permitting and additional capital deployment in the medium-term. We may make acquisitions of reserves or infrastructure that continue our focus on advantaged geology and lower costs.

Previous wording

Global metallurgical coal markets softened in 2024 due to constrained economic growth in some regions of the world and continued conflict overseas. The global steel market experienced slower growth, especially in China, resulting in elevated levels of Chinese steel exports. These conditions have led steel companies to both cut back on their own production and to reduce the price they are willing to pay for their metallurgical coal feedstock. For 2025, overall steel demand will likely remain weak in the near term; however, supply cuts may occur for higher cost operations absent a significant upward movement in 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

Global metallurgical coal markets softened in 2024 and continued to do so in 2025 due to constrained economic growth in some regions of the world and continued conflict overseas. The global steel market experienced slower growth, especially in China, resulting in elevated levels of Chinese steel exports. These conditions have led steel companies to both cut back on their own production and to reduce the price they are willing to pay for their metallurgical coal feedstock. For 2025, overall steel demand will likely remain weak in the near term; however, supply cuts may occur for higher cost operations absent a significant upward movement in 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 first three months of 2025, we sold 0.9 million tons of coal and recognized $134.7 million of revenue. Of this amount, 33% of our revenue was from sales into North American markets, including Canada, and 67% of our revenue was from sales into export markets. During the same period of 2024, we sold 0.9 million tons of coal and recognized $172.7 million of revenue, of which 31% was from sales into North American markets, including Canada, and 69% 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

Current wording

During the six months ended June 30, 2025, we sold 2.0 million tons of coal and recognized $287.6 million of revenue. Of this amount, 37% of our revenue was from sales into North American markets, including Canada, and 63% of our revenue was from sales into export markets. During the same period of 2024, we sold 1.8 million tons of coal and recognized $328.0 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

Previous wording

As of March 31, 2025, the Company had outstanding performance obligations of approximately 1.5 million tons for contracts with fixed sales prices averaging $154 per ton, excluding freight, as well as 2.6 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 67% of these commitments in 2025, 32% of these commitments in 2026, and the remaining 1% in 2027. Refer to Note 8 of Part I, Item 1 for additional information.

Current wording

As of June 30, 2025, the Company had outstanding performance obligations of approximately 1.1 million tons for contracts with fixed sales prices averaging $154 per ton, excluding freight, as well as 2.0 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 60% of these commitments in 2025 and 40% of these commitments in 2026. Refer to Note 8 of Part I, Item 1 for additional information.

Previous wording

In the first three months of 2025, our total capital expenditures were $20.3 million, excluding capitalized interest of $0.5 million. In the first three months of 2024, our capital expenditures were $18.7 million, excluding capitalized interest of $0.2 million. The increase in capital expenditures was due to the Company’s progress related to strategic growth projects specifically at the Maben preparation plant.

Current wording

In the first six months of 2025, our total capital expenditures were $35.5 million, excluding capitalized interest of $0.7 million. In the first six months of 2024, our capital expenditures were $40.1 million, excluding capitalized interest of $0.6 million. The decrease in capital expenditures was due to lower spending in 2025 on the Company’s strategic growth projects, specifically at the Maben preparation plant.

Previous wording

The Company produced 1.0 million tons during the first three months of 2025 compared to 0.8 million tons during the first three months of 2024 as a result of the increase in capacity and completed development work. The Company expects full-year production volumes in 2025 between 3.9 and 4.3 million tons with an ability to vary production dependent on market conditions.

Current wording

The Company produced 2.0 million tons during the first six months of 2025 compared to 1.7 million tons during the first six months of 2024 as a result of the increase in capacity and completed development work. The Company expects full-year production volumes in 2025 between 3.9 and 4.3 million tons with an ability to vary production dependent on market conditions.

Previous wording

The Company continues to assess its potential rare earth elements and critical minerals deposit in Wyoming. Analysis performed to date indicates elevated levels of rare earth elements along with significant concentrations of critical minerals gallium and germanium, which were banned for export to the United States by China on December 2, 2024. The Company hopes to complete its techno-economic analysis of the overall commercial aspects of the potential opportunity and begin construction of a pilot processing facility in mid to late 2025. The Company recently received a $6.1 million matching grant from the Wyoming Energy Authority, which will be applied toward development of the pilot plant and related facilities at the Brook Mine.

Current wording

The Company continues to move forward with its potential rare earth elements and critical minerals deposit development in Wyoming. Analyses performed to date indicate elevated levels of rare earth elements along with significant concentrations of critical minerals gallium and germanium, which were banned for export to the United States by China on December 2, 2024. The Company, in conjunction with Fluor Corporation, has completed its preliminary economic assessment that demonstrates the viability of commercial development of rare earth and critical minerals processing. The Company recently received a $6.1 million matching grant from the Wyoming Energy Authority, which will be applied toward the development of the initial laboratory/pilot plant and related facilities at the Brook Mine.

Previous wording

Net income and Adjusted EBITDA for the three months ended March 31, 2025 were negatively impacted by the softening of global metallurgical coal markets and the decrease in 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, 2025 were negatively impacted by the softening of global metallurgical coal markets and the decrease in 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

Three Months EndedMarch 31, 2025 Compared to Three Months Ended**March 31, 2024

Current wording

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

Previous wording

Revenue.Coal sales revenue for the three months ended March 31, 2025 was $134.7 million, approximately 22% lower than the same period in 2024 driven by the negative impact of pricing offset partially by the 2% increase in tons sold. The increase in tons sold occurred in export markets, which increased 8% but were offset partially by the decrease in North America volumes. Revenue per ton sold decreased 24% from $186 per ton for the three months ended March 31, 2024 to $142 per ton for the three months ended March 31, 2025 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 21% from $155 per ton for the three months ended March 31, 2024 to $122 per ton for the three months ended March 31, 2025. Refer toNon-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 due to the decrease in metallurgical coal prices as U.S. metallurgical coal price indices continued to fall in the first quarter of 2025 by an average of 27% quarter over quarter 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, 2025 was $153.0 million, approximately 2% lower than the same period in 2024 driven by the negative impact of pricing, offset partially by the 18% increase in tons sold. The increase in tons sold occurred in both North American and export markets, which increased by 29% and 13%, respectively, and was aided by the Company’s increased capacity for production achieved during late 2023. Revenue per ton sold decreased 16% from $170 per ton to $142 per ton while revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, also decreased 14% from $143 per ton to $123 per ton. 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 due to the decrease in metallurgical coal prices as U.S. metallurgical coal price indices fell by an average of 20% during the three months ended June 30, 2025 compared to the same period of 2024 as a result of 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, 2025 was $114.1 million, approximately 18% lower than the same period in 2024 despite the 2% increase in tons sold discussed above. Cost of sales per ton sold decreased 19% from $150 per ton for the three months ended March 31, 2024 to $121 per ton for the three months ended March 31, 2025. Cash cost per ton sold(FOB mine), a non-GAAP measure which excludes transportation costs, alternative mineral development costs, and idle mine costs, decreased 17% from $118 per ton for the three months ended March 31, 2024 to $98 per ton for the three months ended March 31, 2025. Refer toNon-GAAP Financial Measures later in Item 2 for more information regarding this measure. Mine costs for the first quarter of 2025 benefited from efficiencies gained from increased production versus the same period in 2024.

Current wording

Cost of sales.Our cost of coal sales for the three months ended June 30, 2025 was $134.2 million, approximately 9% higher than the same period in 2024 driven by the 18% increase in tons sold discussed above. Cost of sales per ton sold decreased 7% from $134 per ton to $124 per ton. Cash cost per ton sold(FOB mine), a non-GAAP measure which excludes transportation costs, alternative mineral development costs, and idle mine costs, decreased 5% from $108 per ton to $103 per ton. Refer toNon-GAAP Financial Measures later in Item 2 for more information regarding this measure. Mine costs for the second quarter of 2025 benefited from efficiencies gained from increased production versus the same period in 2024.

Previous wording

*Depreciation, depletion, and amortization.*Depreciation, depletion, and amortization expense totaled $17.5 million and $15.2 million for the three months ended March 31, 2025 and March 31, 2024, respectively. The increase quarter-to-quarter was related to general increases in plant and equipment and production versus 2024.

Current wording

*Depreciation, depletion, and amortization.*Depreciation, depletion, and amortization expense totaled $17.0 million and $15.9 million for the three months ended June 30, 2025 and 2024, respectively. The increase quarter-to-quarter was related to general increases in plant and equipment and production versus 2024.

Previous wording

*Selling, general, and administrative.*Selling, general, and administrative (“SG&A”) expenses were $14.6 million and $14.1 million for the three months ended March 31, 2025 and March 31,2024, respectively. The $0.5 million

Current wording

*Selling, general, and administrative.*Selling, general, and administrative (“SG&A”) expenses were $15.2 million and $10.9 million for the three months ended June 30, 2025 and 2024 respectively. The $4.3 million increase in 2025 was primarily due to an increase in professional service expenses.

Previous wording

*Other income (expense), net.*Other income (expense), net was $0.5 million for the three months ended March 31, 2025, compared to $0.6 million for the three months ended March 31, 2024.

Current wording

*Other income (expense), net.*Other income (expense), net was $0.7 million for the three months ended June 30, 2025, compared to $2.5 million for the three months ended June 30, 2024. The $1.8 million decrease was principally due to a non-recurring transportation damage settlement in the prior year resulting in greater transportation-related income at that time.

Previous wording

*Interest expense, net.*Interest expense, net was $2.2 million for the three months ended March 31, 2025 compared to $1.3 million for the same period in 2024. The increase in 2025 was largely due to issuance of the 8.375% Senior Unsecured Notes due 2029 (the “Senior Notes due 2029”) in late 2024.

Current wording

*Interest expense, net.*Interest expense, net was $2.8 million for the three months ended June 30,2025 compared to $1.5 million for the same period in 2024. The increase in 2025 was largely due to issuance of the 8.375% Senior Unsecured Notes due 2029 (the “Senior Notes due 2029”) in late 2024.

Previous wording

*Income tax expense (benefit).*The effective tax rate for the three months ended March 31, 2025 and March 31, 2024 was 31% and 21%, respectively, excluding the impact of discrete items. The primary differences from the federal statutory rate of 21% are related to state taxes, non-deductible expenses, the foreign-derived intangible income deduction, and depletion expense for income tax purposes.

Current wording

*Income tax expense (benefit).*The effective tax rate for the three months ended June 30, 2025 and 2024 was 12.7% and 26.3%, respectively, excluding the impact of discrete items. Discrete items for the periods included items for management compensation and stock-based compensation. The primary differences from the federal statutory rate of 21% are related to state taxes, non-deductible expenses, the foreign-derived intangible income deduction, and depletion expense for income tax purposes.

Previous wording

At March 31, 2025, we had $43.5 million of cash and cash equivalents and $74.9 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 $164.0 million and were in excess of total current liabilities by $39.6 million as of the balance sheet date.

Current wording

At June 30, 2025, we had $28.1 million of cash and cash equivalents and $59.2 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 $154.9 million and were in excess of total current liabilities by $41.1 million as of the balance sheet date.

Previous wording

Significant sources and uses of cash during the first three months of 2025

Current wording

Significant sources and uses of cash during the first six months of 2025

Previous wording

The Class B common stock dividends were calculated based on 20% of the previous quarter’s CORE royalty and infrastructure fees as shown below. Refer to Note 6 of Part I, Item 1 for additional information regarding dividends.

Current wording

The Class B common stock dividends are calculated based on 20% of the previous quarter’s CORE royalty and infrastructure fees as shown below. Refer to Note 6 of Part I, Item 1 for additional information regarding dividends.

Previous wording

The Company anticipates declaring similar dividends on a quarterly basis in future periods; however, future declarations of dividends are subject to Board of Directors’ approval and may be adjusted as business needs or market conditions change.

Current wording

As of the issuance of these financial statements, the Board of Directors has not declared a dividend for the third quarter of fiscal year 2025. The Company anticipates declaring a similar dividend for the third quarter of fiscal year 2025 and on a quarterly basis in future periods; however, future declarations of dividends are subject to Board of Directors’ approval and may be adjusted as business needs or market conditions change.

Previous wording

Our primary use of cash includes capital expenditures for mine development and ongoing operating expenses. We expect to fund our capital and liquidity requirements for the next twelve months and the reasonably foreseeable future with cash on hand, borrowings under our revolving credit facility, projected cash flows from operations, and, if

Current wording

Our primary use of cash includes capital expenditures for mine development and ongoing operating expenses. We expect to fund our capital and liquidity requirements for the next twelve months and the reasonably foreseeable future with cash on hand, borrowings under our revolving credit facility, projected cash flows from operations, and, if warranted, capital raised under the Company’s shelf registration discussed below. Factors that could adversely impact our future liquidity and ability to carry out our capital expenditure program include the following:

Previous wording

If future cash flows were to become insufficient to meet our liquidity needs or capital requirements, due to changes in macroeconomic conditions or otherwise, we may reduce our expected level of capital expenditures for new mine production and/or fund a portion of our capital expenditures through the issuance of debt or equity securities, new debt arrangements, or from other sources such as asset sales.

Current wording

If future cash flows were to become insufficient to meet our liquidity needs or capital requirements, due to changes in macroeconomic conditions or otherwise, we may reduce our expected level of capital expenditures for new mine

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 first three months of 2025.

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 the six months ended June 30, 2025.

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 first three months of 2025.

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, 2025.