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RAMACO RESOURCES RAMACO RESOURCES , INC . ( NASDAQ : METC , METCB ) INVESTOR PRESENTATION Second Quarter 2026 Results AUGUST 2026 This presentation speaks as of the date of issuance , August 4 , 2026 .
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Forward Looking Statements: The information in this presentation includes “forward -looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact included in this presentation, regarding our strate gy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward -looking statements, although not all forward-looking statements contain such identifying words. These forward -looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward -looking statements, you should keep in mind the risk factors and other cautionary statements described under, but not limited to, the heading “Risk Factors” included in Ramaco’s Quarterly Report and elsewhere in the Annual Report on Form 10 -K. Forward-looking statements may include statements about: • the Brook Mine and the Company’s rare earth elements (“REE”) and other critical minerals projects 1; • identification and implementation of commercially feasible extraction processes, and establishment of pilot and commercial production extraction facilities; • anticipated coal production levels, costs, sales volumes, and revenue; • timing and ability to complete major capital projects; • economic conditions in the metallurgical coal, steel, and rare earth elements and critical mineral industries; • expected costs to develop planned and future mining operations, including the costs to construct necessary processing, refuse disposal and transport facilities; • the availability of the equipment and components necessary to construct our pilot and commercial production extraction facilities; • estimated quantities or quality of our metallurgical coal reserves and rare earth elements and other critical mineral inferred resources; • our ability to obtain additional financing on favorable terms, if required, to complete the acquisition of additional metallurgical coal reserves or to fund the operations and growth of our business, including our rare earth elements and other critical mineral project and exploration; • maintenance, operating or other expenses or changes in the timing thereof; • the financial condition and liquidity of our customers; • competition in coal and rare earth elements and other critical mineral markets; • the price and demand for metallurgical coal, thermal coal, and rare earth elements and other critical mineral products; • compliance with stringent domestic and foreign laws and regulations, including environmental, climate change and health and safety regulations, and permitting requirements, as well as changes in the regulatory environment, the adoption of new or revised laws, regulations and permitting requirements; • potential legal proceedings and regulatory inquiries against us; • the impact of weather and natural disasters on plant construction, demand, production, and transportation; • purchases by major customers and our ability to renew sales contracts; • credit and performance risks associated with customers, suppliers, contract miners, co -shippers and traders, banks, and other financial counterparties; • geology, equipment, permitting, site access and operational risks and new technologies related to our mining and exploration projects and mining in general; • transportation availability, performance, and costs; • availability, timing of delivery and costs of key supplies, capital equipment or commodities such as diesel fuel, steel, explosives, and tires; • timely review and approval of permits, permit renewals, extensions, and amendments by regulatory authorities; • our ability to comply with certain debt covenants; • tax payments to be paid for the current fiscal year; • our expectations relating to dividend payments and our ability to make such payments; • the anticipated benefits and impacts of previous acquisitions; • risks related to Russia’s invasion of Ukraine and the international community’s response; • our ability to successfully pursue our rare earth element and other critical minerals mining, processing, refining, and commercialization activities which is a type of mining we have not previously pursued; • the impacts of trade policy in the United States, China or other countries; • whether the estimates of rare earth element oxides in the mineralized material in our Brook Mine are realized and whether we are ever able to establish rare earth element resources or reserves; • whether we are able to successfully develop the Brook Mine into a commercial scale mine; • risks related to weakened global economic conditions and inflation; • risks related to the Company’s tracking stock structure and separate performance of its Carbon Ore -Rare Earth (“CORE”) assets; and • other risks identified in this presentation that are not historical. We caution you that these forward -looking statements are subject to a number of risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control, incident to the development, production, gathering and sal e of coal. Moreover, we operate in a very competitive and rapidly changing environment and additional risks may arise from time to time. It is not possible for our management to predict all of the risks associated with our business, including those described under the heading “Risk Factors” included in Ramaco’s Annual Report on Form 10 -K, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to diff er materially from those contained in any forward -looking statements we may make. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward -looking statements we make in this presentation are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied in the forward -looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward -looking statements as a prediction of actual results. All forward-looking statements, expressed or implied, included in this presentation are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise required by applicable law, we disclaim any duty to update any forward -looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. DISCLAIMER 2 1 The Brook Mine is currently an exploration stage property as it relates to its rare earth element and critical minerals operations. 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 upgraded to higher confidence mineral resources and converted into mineral reserves in t he future. Inferred mineral resources are not mineral reserves and do not have demonstrated economic viability. Note the Hatch report is at a conceptual level of study and, accordingly, all estimates and projections contained therein are based on limited and preliminary data. The estimates were completed to AACE Class 5 with an accuracy of -35/+50% with a contingency of 30% on the process plant. The study was based on 100% inferred mineral resources which are speculative, and t here is no certainty that the results of the conceptual study will be realized. Howev er, if no Inferred mineral resources were included in the cash flow of the conceptual study, then there would be no project. Therefore, while the work, results, estimates and projections are not definitive, they may nonetheless be considered generally indicative of the nature and quality of the Project. The economic estimates, including the NPV, IRR, adjusted EBITDA and revenue figures, are preliminary in nature and are based on inferred mineral resources. Inferred mineral resources are categorized as too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and therefore there is no certaint y that these preliminary economic estimates will be realized. These estimates are internally prepared by Ramaco and are not the output of a conceptual st udy, pre-feasibility study or feasibility study prepared by a qualified person under Regulation S-K, Subpart 1300. A pre- feasibility study will be necessary to support the production schedule laid out in the economics, including the timing of construct ion and commercial operation.
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RAMACO AT A GLANCE 3 Brook Mine in Sheridan, WY Metallurgical coal operations International points of sale DUAL CRITICAL MINERAL PLATFORM Ramaco is advancing its dual critical mineral platform. We are a producer of high-quality , low-cost metallurgical coal in Appalachia. We are also an emerging developer of a vertically integrated rare earth and other critical minerals supply chain project in Wyoming. Our met coal reserve pipeline allows us to nearly double future coal production as market conditions warrant. The Brook Mine1 has the potential to become a significant domestic source of rare earth elements feedstock and other critical mineral oxides and metals such as gallium, germanium, and scandium. These products are used as fundamental inputs for a range of mission critical end products, including the semi- conductor and defense industries.U.S. operations and international metallurgical coal customer footprint 3.8M tons Sales Volume (2025) $537M Revenue (2025) $400M Liquidity (As of June 30, 2026) $0.6B Market Capitalization (As of Aug. 4, 2026) $66M Share Buyback ~4.6mm shares ( ~8%) 1 See footnote 1 on disclaimer slide.
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INVESTMENT THESIS 4 LEADING METALLURGICAL COAL BUSINESS WITH ADVANTAGED LOW-COST POSITION 1 Leading Metallurgical Coal Company Met coal is now a critical mineral which is a key component in steel production and crucial to both national defense and infrastructure development. Ramaco produces high -quality met coal for global customers both in the U.S. and around the world, with a strong growth pipeline. 2 Leading Industry in Cost Control Ramaco’s cash costs of $99 per ton 1 2Q26 are among the lowest of our publicly traded peer group. This has helped us maintain strong margins despite an overall multi-year decline in metallurgical coal pricing . RARE EARTHS AND CRITICAL MINERALS SUPPLY CHAIN OPPORTUNITY 3 Potential Transformational Opportunity For Rare Earths and Critical Minerals 2 At our Brook Mine in Wyoming Ramaco is pursuing a vertically-integrated rare earth elements and critical minerals supply chain development for upstream feedstock production, midstream refining and separation as well as downstream marketing and stockpiling. 4 Differentiated and Nationally Important REE and Critical Mineral Basket2 Ramaco released last week an independent conceptual study prepared by Hatch Ltd. Internal modeling using the financial information on capex and opex from Hatch shows an NPV of $8 billion for the Brook Mine and average annual adjusted EBITDA of $1.3 billion 3. These figures represent a material increase in key financial metrics for the Brook Project relative to the 2025 Fluor report. 1 See “Reconciliation of Non -GAAP Measures” in the Appendix. 2 See footnote 1 on disclaimer slide. 3 Adjusted EBITDA is a non -GAAP financial measure. Because the amounts presented are forward -looking projections, the Company is u nable to reconcile projected adjusted EBITDA to the most directly comparable GAAP financial measure without unreasonable effo rt, primarily due to the difficulty of predicting the timing and amount of items that would be required for a GAAP measure, including future ca pital expenditures, taxes, financing costs and other non -cash or non -recurring items, which may be significant.
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THE BROOK MINE: A STRATEGIC RARE EARTHS AND CRITICAL MINERALS OPPORTUNITY 5
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BROOK MINE DEVELOPMENT UPDATE 6 Carbochlorination will be the dominant process technology in the Brook Mine flowsheet , independently confirmed by Hatch. 1 A proven, 75-year-old process route Our recently updated flowsheet utilizes carbochlorination as the dominant technology. This has been used for over 75 years and today in nearly all existing commercial titanium processing. 2 Independent confirmation from Hatch With the recent release of the Hatch conceptual study, the change in the separation and refining process has a dramatic impact on both the Brook Mine project economics, and the product slate allocation of the critical mineral s and rare earths that we will be capable of producing 1. 3 Revenue tied to semiconductor demand The carbochlorination flowsheet allows for approximately 75% of our anticipated Brook Mine revenue to be tied to key semiconductor related commodities such as gallium metal, germanium oxide, high purity alumina and high -purity silica 1. These also tie to the strong growth markets in A I and data centers. 1 See footnote 1 on disclaimer slide; The Brook Mine is currently an explora tion stage property with respect to its rare earth element and critical minerals operations. There is no assurance tha t 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 upgraded in their confidence category and converted into mineral reserves in the future.
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RAMACO'S BROOK MINE POTENTIAL ADVANTAGES 7 Ramaco’s Brook Mine has four distinct potential advantages: 1 Soft sedimentary host rock The rare earth elements and critical mineral feedstock in the Brook Mine's inferred mineral resource occurs mainly within softer sedimentary rocks, including shale and clay . Compared to conventional hard rock deposits, these are softer materials and contain de minimis harmful radioactive tailings. 2 A large, differentiated resource basket The Brook Mine contains a large multi-generational inferred mineral resource of gallium, germanium, and scandium. It also includes both light and heavy magnetic REEs, including neodymium, praseodymium, dysprosium, and terbium1. Further analysis in Hatch’s Conceptual Study notes high-purity alumina and silica as potential meaningful revenue opportunities for the Brook Mine via the carbochlorination flowsheet. 3 Permitted since 2020, with national profile Since 2020 the Brook Mine has held an active coal mining permit. In July 2025 we held a ribbon cutting ceremony attended by U.S. Energy Secretary Chris Wright, along with the Wyoming governor and entire congressional delegation. 4 Strong logistics and location The property has strong logistics and is strategically located near Sheridan, WY , and intersected by major rail and interstate highway transportation arteries. 1 See footnote 1 on disclaimer slide. The Brook Mine will produce mineralized feedstock for initial pilot scale feasibility and optimization analysis, and then ult imately as planned feedstock for full -scale commercial refining facility 1.
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Upstream Brook Mine Midstream Processing Plant2 Downstream Strategic Critical Minerals Terminal (SCMT)2 • Multi-generational year mine life on 4,500 acres permitted; 11,000 acres of additional resource exploration potential. • The Brook Mine1 has the potential to become a significant domestic source of rare earth elements feedstock and other critical mineral oxides and metals such as gallium, germanium, and scandium. • Low-radioactivity feedstock; coal doubles as the carbochlorination reagent. • Proposed critical mineral refinery on a 173 -acre block. • Carbochlorination is the dominant global processing route for titanium-dioxide pigment. • Technology proven at scale by Japan's titanium industry for ~75 years. • Co-located adjacent to Brook Mine and Processing Plant, the proposed SCMT will provide stockpiling capabilities, a strategic inventory, and physical hub for critical minerals markets for the U.S. and Asia. • Located adjacent to existing rail, interstate infrastructure, with access to U.S. West Coast ports. • Hatch Engineering has provided the initial scope of climate-controlled warehouse and outdoor stockpile. FUTURE BROOK CRITICAL MINERAL COMPLEX 8 The Brook project provides the complete upstream, midstream, and downstream solution for the U.S. critical mineral supply chain. 1 See footnote 1 on disclaimer slide. 2 Images of Processing Plant and Strategic Critical Minerals Terminal are conceptual renderings provided by Hatch Engineerin g.
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Royalty & Infrastructure Ramaco Resources, Inc. This division consists of the Company’s established eastern U.S. metallurgical coal mining production and sales operations. This division holds the majority of the Company’s mineral rights, real property interests, and infrastructure assets in both coal, and potential rare earth and critical minerals, across the U.S. This division will operate the potential future mine production at the exploratory Brook Mine development and conduct downstream sales and marketing. This division will own the potential future processing, separation and refining operations for rare earth and critical mineral feedstock. Eastern Metallurgical Coal Mining Rare Earth, Critical Minerals & SCMT Critical Minerals Refining & Processing INTERNAL REORGANIZATION UPDATE 9 We have substantially completed the necessary steps for the internal corporate reorganization previously announced in March 2026. Ramaco will be reorganized into four principal divisions: Note: Reorganization expected to be completed in Q3 2026 .
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KEY METRICS FROM RAMACO'S BROOK MINE 10 1 Modelled at a price discount to published indexes1 We model projections using material price discounts across all oxide, metal, or MREC products. Given the geopolitical and supply chain realities we believe that comparison to Chinese government-published spot indexes is fundamentally misguided. 2 Revenue weighted to semiconductor demand1 The carbochlorination flowsheet allows for approximately 75% of our anticipated Brook Mine revenue to be tied to key semiconductor related commodities such as gallium metal, germanium oxide, high- purity alumina and high-purity silica. They are also drivers across the AI and data center industries. 1 See footnote 1 on discla imer slide. 3 Future upside being explored1 Current NPV and EBITDA figures do not factor in: a) additional potential economic upside and processing efficiency from the use of blending recycled E-waste and PVC waste into our feedstock before processing and b) the possible production of other additional minerals that are currently being studied. Brook Mine Summary Carbochlorination - Annual Average Over 40-year Life-of-Mine Tonnes Revenue ($ MM) Price ($/Tonne) % Of Production % of Revenue Gallium & Related (Semiconductor Industry) Gallium Metal 69 $172 $2,500,000 0.1% 10% Germanium Oxide 16 $47 $2,880,000 0.0% 3% HPA (Alumina) 23,696 $711 $30,000 37.8% 43% HPS (Silica) 37,256 $335 $9,000 59.5% 20% Subtotal 61,036 $1,265 $20,723 97% 76% Rare Earth Elements Scandium Oxide 79 $298 $3,750,000 0.1% 18% MREC 1,519 $110 $72,107 2.4% 7% Subtotal 1,598 $408 $255,027 3% 24% Total 62,635 $1,672 $26,702 100% 100% Above figures exclude thermal coal revenue
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BROOK MINE ECONOMIC ESTIMATES: 2026 VS 20251 11 Updated internal modelling shows a step change against the 2025 Fluor report. $8.0B Projected NPV +567% vs. 2025 Fluor report $1.3B2 Avg. Annual Adj. EBITDA +792% vs. 2025 Fluor report 1 Net present value The Brook Mine projected NPV has increased 567% to $8.0 billion since the release of our 2025 third -party report from Fluor. 2 Adjusted EBITDA The average projected annual adjusted EBITDA is $1.3 billion 2. This has increased by almost 800 % from that same 2025 report. Comparison of Brook Mine Economics: 2026 Vs. 2025 July 2026 Hatch Report - Upsized July 2025 Fluor Report Change Economics Plant Feed (Mtonnes/y Thru Plant) * 3.5 2.6 35% Capex ($B; Before Contingency) $3.2 $0.5 540% Capex ($B; After Contingency) $4.0 $0.6 567% Annual EBITDA ($ M) $1,276 $143 792% NPV8 ($B; Pre-tax) $8.0 $1.2 567% NPV8 ($B; Post-tax) $6.4 $1.0 537% Production (T onnes) Gallium & Related (Semiconductor Industry) Gallium Metal** 69 66 4% Germanium Oxide 16 8 96% High Purity Alumina 23,696 - NA High Purity Silica 37,256 - NA Subtotal 61,036 74 82,061% Rare Earth Elements MREC*** 1,519 993 53% Scandium Oxide 79 59 34% Subtotal 1,598 1,052 52% Total 62,635 1,126 5,460% *Hatch includes 0.9 M tonnes of mineralized coal. Excludes thermal coal sales. **Gallium was previously oxide. Now it is metal. Metal equivalents shown. ***REEs were in oxide form previously; Now in MREC form; Includes all REEs. 1 See footnote 1 on disclaimer slide. 2 Adjusted EBITDA is a non -GAAP financial measure. Because the amounts presented are forward -looking projections, the Company is u nable to reconcile projected adjusted EBITDA to the most directly comparable GAAP financial measure without unreasonable effo rt, primarily due to the difficulty of predicting the timing and amount of items that would be required for a GAAP measure, including future ca pital expenditures, taxes, financing costs and other non -cash or non -recurring items, which may be significant. T his disclaimer als o refers to the EBITDA figure in the above chart.
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KEY FUTURE MILESTONES 12 Near-term technical and operational milestones for the Brook Mine. WORKING WITH HIGHLY EXPERIENCED THIRD PARTIES 1 Updated Technical Report Summary prepared by Weir International expected 2H26. 2 Pre-Feasibility Study (“PFS”) expected 1H27. 3 Construction of base building pilot plant testing facility in Sheridan expected completion for fall 2026. 4 On-going independent metallurgical testing to support the PFS phase, in parallel with ramp-up of internal Ramaco laboratory operations at the iCAM research facility throughout 2H26. 5 Commencement of the full pilot operations to begin in 2027. Targeted full commercial production in 2031.
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The Brook Complex, comprised of a vertically integrated mine, refinery, and stockpile/storage terminal, has the potential to supply distinct critical - industry supply chains . These components underpin allied semiconductor, defense, energy, grid infrastructure and technology development , enabling critical components across the defense, electronics, semiconductor, data center and AI ecosystems. Potential product s from Brook 1 are listed below, along with their key applications: · Semiconductors · 5G / 6G networks · Data center LEDs & lasers · Infrared and precision optics · AI server power electronics · Lithium-ion battery separators · LED sapphire substrates · Semiconductor components · CMP polishing slurries · Battery thermal insulation · Coatings & adhesives · Pharma & food grades · Permanent magnets · EV & industrial motors · Wind turbines & generators · Data center & grid infrastructure · Defense & aerospace · Aluminum-scandium alloys · Aerospace & lightweight structures · Solid-oxide fuel cells · 5G / 6G applications NATIONALLY IMPORTANT REE AND CRITICAL MINERALS 13 Rare Earths (NdPr, Tb, Dy, Etc) Gallium & Germanium Scandium High-Purity Alumina High-Purity Silica 1 See footnote 1 on disclaimer slide.
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Background: Rare earth elements (REEs) are critical minerals essential to national security used in defense technologies, high -capacity EV b atteries, medical devices, smartphones, and more. China has in the past restricted the export of gallium, germanium and scandium, critical minerals used in the production of s emiconductors and defense technologies, increasing the need for domestic sources. The International Energy Agency predicts demand for REEs may grow as much as sevenfold by 2040. China’s Market Share and U.S. Government Materials Assessment Designates REEs as Critical3 95% >90% 85% 65% >60% 0% 20% 40% 60% 80% 100% Gallium Heavy Rare Earths Light Rare Earths Scandium Germanium (NdPr) China’s Market Share of Critical Oxides is Dominant2 China has in the past restricted the export of scandium, gallium, germanium and heavy rare earths (Tb, Dy) US in Talks to Set Up $5 Billion Fund for Critical Mineral Deals “The US is in talks to set up a $5 billion fund to invest in mining, in what would be the government’s most significant foray into dealmaking to boost supplies of critical minerals.” Bloomberg, September 16, 2025 Trump Administration Pivots to Buying Stakes in Critical Sectors “The Trump administration is ramping up efforts to secure U.S. supply chains for critical minerals and semiconductors by converting federal grants to companies into equity stakes aimed at reducing [dependence] on China” Reuters, October 7, 2025 1 The Brook Mine is currently an exploration stage property with respect to its rare earth element and critical minerals operat ions. 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 mineral reserves in the future. 2 Source: Goldman Sachs Research Report (October 2025); McKinsey Market Research Report; CNN Report (A pril 2025) ; EconoFact (July 2025); Rare Earths Report; Quantum Reach (July 2025). 3 Source: U.S. Department of Energy, based on U.S. Department of Energy 2023 Critical Minerals Assessment. CRITICAL MINERALS AND REE OPPORTUNITY 14 In 2023, Ramaco announced the potential discovery of rare earths and other critical minerals at its Wyoming -based Brook Mine. In July 2025 , we broke ground on the new mine 1.
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SECOND QUARTER 2026 FINANCIAL RESULTS + METALLURGICAL COAL UPDATE 15
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Revenue (in $M) $169 $283 $566 $694 $666 $537 $515 $0 $200 $400 $600 $800 2020 2021 2022 2023 2024 2025 LTM 2026 0.5 1.8 1.9 1.7 2.2 2.7 3.2 3.7 3.8 3.8 7+ 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2026E* Medium Term Capability Ramaco Annual Production (in millions of tons) (*) Based on the midpoint of guidance of 3.6 – 3.9 million tons. SOLID TRACK RECORD OF EXECUTING ON GROWTH Medium-term potential to nearly double production 16 1 Initial production began in 2017. Since then, Ramaco has executed to opportunistically grow low-cost production to almost 4 million tons. 2 Ramaco has recently announced the initiation of deep mine production at its Maben and expansion at Berwind complex to increase low- vol quality to 50% of overall production. 3 Over the medium-term Ramaco is capable of organically growing met coal production to >7 million tons. 4 Ramaco has both the financial and operational optionality to prudently and opportunistically approach growth during challenging market conditions.
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1 Anticipated production at midpoint of guidance. Totals may not add due to rounding. 2 Anticipated production is based on internal forecasting at a ~6 million ton per annum level. Additional production to get from ~6 to ~7 million tons would likely be high -vol. Actual production is subject to market conditions and Board approvals. T otals may not add due to rounding. New production growth is focused to create a long-term, high-value portfolio, with a majority of production being high value low-vol and mid-vol coals. 2026 Production(1) Medium-Term Production Outlook(2) 26% Low-Vol 40% High-Vol A 6% Mid-Vol 24% High-Vol B+ 3% Semi-Soft 1% Thermal 50% Low-Vol 29% High-Vol A 2% Mid-Vol 16% High-Vol B+ 2% Semi-Soft 1% Thermal METALLURGICAL QUALITY BREAKDOWN 17
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1 $/short ton FOB mine. 2 $/short ton FOB mine; Cash costs are YTD through 2Q26 for Ramaco and 1Q26 for peers, as not all have reported 2Q26 results. See “Reconciliation of Non -GAAP Measures” in the Appendix. Peers include (alphabetically): Alpha, Core, Coronado, Peabody, Warrior. Source: Company documents. 3 In $/metric tonne FOB port for U.S. High Vol A (monthly average). Source: Platts. 4 In $ Billion, adjusted for inflation in 2023 dollars. Source: Jefferies, Nov. 2023. 5 Based on management estimates of current pricing relative to historical costs. Solid Quarterly Margins 1 Met Coal Cash Costs 2 U.S. Met Coal Spot Price 3 Global Coal Capex 4 Ramaco’ s sub $100 per ton low cash costs place us in the first quartile of the U.S. cost curve. Due to strong cost control, 2Q26 cash margins remained meaningfully positive. This compares to many of our peers with negative margins at current prices.5 Benchmark pricing, though above its recent lows, trades below the global cost curve, especially for high-vol coal. This has resulted in several high-profile domestic and foreign operations and mines recently closing or idled. $98 $50 $70 $90 $110 $130 $150 Peer 1 Peer 2 Ramaco Peer 3 Peer 4 Peer 5 $0 $2 $4 $6 $8 $10 $12 2009 2011 2013 2015 2017 2019 2021 2023 2025 $0 $100 $200 $300 $400 $500 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Jul-26 $0 $50 $100 $150 $200 $250 $0 $20 $40 $60 $80 $100 $120 Realized Price Margins Margins Per Ton Realized Price Per Ton FIRST QUARTILE POSITION ON U.S. COST CURVE Our cash costs remain among the industry’s lowest in the U.S. 18
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(a) All full -year 2026 guidance is as of August 4, 2026, when the Company reported second quarter of 2026 earnings. Guida nce inc ludes purchased coal; (b) Excludes transportation costs and idle mine costs; See “Reconciliation of Non -GAAP Measures” in the Ap pendix; (c) E xcludes capitalized interest; (d) Includes stock -based compensation; (e) Normalized to exclude discrete items; (f) Amounts as of June 30, 2026 inclu de purchased coal. Totals may not add due to rounding. Includes impact from demurrage and other logistics and related fees. Full-Year 2026 Guidance 2025 Company Production (‘000 tons) 3,600 – 3,900 3,826 Sales (‘000s tons)(a) 4,000 – 4,300 3,834 Cash Costs Per T on Sold(b) $ 96 – 99 $ $98 Other Capital Expenditures ($’ 000)(c) $ 92,000 - 97,000 $ 64,282 Selling, general and administrative expense ($’ 000)(d) $ 70,000 - 74,000 $ 69,363 Depreciation, depletion and amortization expense ($ ‘000) $ 72,000 - 76,000 $ 68,155 Interest expense, net ($’ 000) $ 3,000 - 4,000 $ 7,804 Effective tax rate(e) 20 - 25% 17% Idle Mine Costs ($’ 000) $ 3,000 - 4,000 $ 3,059 Committed 2026 Sales Volume(f) Volume Avg Price (In millions, except per ton amounts which are in $ per ton) North America, fixed priced 1.1 $ 138 Seaborne, fixed priced 1.4 $ 108 Total, fixed price 2.5 $ 121 Indexed price 1.3 Total committed tons 3.8 2026 RAMACO FORWARD GUIDANCE 19
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APPENDIX 20
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Adjusted EBITDA and Non-GAAP Cash Cost Per Ton are used as supplemental non-GAAP financial measures by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe Adjusted EBITDA and Non-GAAP Cash Cost Per Ton are useful because each allows us to more effectively evaluate our operating performance. We define Adjusted EBITDA as net income plus net interest expense; equity-based compensation; depreciation, depletion, and amortization expenses; income taxes; certain non-operating expenses (charitable contributions), and accretion of asset retirement obligations. Its most comparable GAAP measure is net income. We define Non-GAAP Cash Cost Per Ton as cash cost of coal sales less transportation costs, alternative mineral development costs, and idle and other costs, divided by tons sold. We believe this enables investors to compare cash cost per ton for the Company against similar measures made by peers and more effectively monitor changes in coal costs from period to period excluding the impact of transportation costs, which are beyond our control, and alternative mineral costs, which are more developmentally focused currently. The adjustments made to arrive at these measures are significant in understanding and assessing the Company’s financial performance. Its most comparable GAAP measure is Cost of Sales. Cash cost per ton sold (FOB mine) is not a measure of financial performance in accordance with GAAP and therefore should not be considered as a substitute for cost of sales under GAAP. Reconciliations of net income to Adjusted EBITDA and Non-GAAP Cash Cost Per Ton are included to the right of this page. Adjusted EBITDA and Non-GAAP Cash Cost Per Ton are not intended to serve as substitutes for GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. (In Thousands) Q2 2026 Reconciliation of Net Income to Adjusted EBITDA Net Income $(15,230) DD&A 16,810 Interest Expense, Net 1,518 Income Tax Expense (benefit) (3,689) EBITDA (591) Stock-Based Compensation 5,255 Accretion of asset retirement obligation and other expense 1,040 Adjusted EBITDA $5,704 (In thousands, except per ton amounts) YTD 2026 Q2 2026 Reconciliation of Cost of Sales to Non-GAAP Cash Cost Per Ton Cost of Sales $236,690 $128,176 Less: Adjustments to reconcile to Non-GAAP Cash Cost of Sales Transportation Costs (42,436) (22,469) Idle and Other Costs (2,623) (1,256) Non-GAAP Cash Cost of Sales $191,631 $104,451 Tons Sold 1,948 1,056 Non-GAAP Cash Cost Per Ton Sold (FOB Mine) $98 $99 RECONCILIATION OF NON-GAAP MEASURES 21
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250 West Main Street, Suite 1900 Lexington, Kentucky 40507 INVESTOR RELATIONS info@ramacometc.com 859-244-7455 RAMACO RESOURCES, INC. (NASDAQ: METC, METCB)