Ramaco Resources : Q1 2026 Ramaco Resources Inc. Earnings Presentation

Published: 2026-05-11 16:57:00 ET METC

Published on 05/11/2026 at 04:57 pm EDT

F i r s t Ǫ u a rt er 2026 R es u l t s

This presentation speaks of the date of issuance,

May 11, 2026.

Ramaco has shipped its metallurgical coal to steelmakers in over 20 countries.

Ramaco (NASDAǪ: METC, METCB) is advancing toward becoming a dual platform company, as a high-quality, low-cost metallurgical coal producer in Appalachia and is transitioning to develop an exploratory rare earth and critical minerals project in Wyoming.

Our reserve pipeline allows us to nearly double coal production as market conditions warrant. If successfully developed, the Brook Mine1 has the potential to become a significant domestic source of rare earth elements feedstock and other critical mineral oxides such as gallium, germanium, and scandium. These are used as fundamental inputs for a range of mission critical end products, including the semi-conductor and defense industries.

3.8 mm tons

Sales Volume

(2025)

$48GMM

Liquidity

(As of March 31, 2026)

Key Metrics

$0.GB

Market Capitalization

(As of May 8, 2026)

$537MM

Revenue

(2025)

$37MM

Buyback of ~2.5 mm Shares (5% of Outstanding)

(As of May 8, 2026)

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. 3

Rare Earths and Critical Minerals Opportunity

Leading Metallurgical Coal Business With Advantaged Low-Cost Position

Leading Low-Cost Metallurgical Coal Company

Met coal is a key component in steel production, crucial to both national defense and infrastructure development.

Ramaco is a producer of high-quality met coal for customers both in the U.S. and around the world, with a

strong growth pipeline.

Industry Leading Cost Control

Despite an overall decline in metallurgical coal pricing in 2024-25, Ramaco's cash costs of $98 per ton1 for both FY25 and 1Ǫ26 are among the lowest of our publicly traded peer group.

Potential Transformational Opportunity For Rare Earths and Critical Minerals2

Ramaco is also evaluating an exploratory opportunity to produce and refine rare earth elements, and other critical minerals, from a thermal coal project at the Brook Mine in Wyoming.

See "Reconciliation of Non-GAAP Measures" in the Appendix.

Differentiated and Nationally Important REE and Critical Mineral Basket2

The Brook Mine is estimated to contain inferred mineral resources of gallium, germanium, and scandium - elements classified as critical minerals by the U.S. Department of the Interior. In addition, the Brook Mine's inferred mineral resources include both light and heavy magnetic REEs. Further analysis suggests high purity alumina and quartz are potential opportunities for the Brook Mine.

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 converted into mineral reserves in the future. Inferred mineral 4

resources are not mineral reserves and do not have demonstrated economic viability.

A STRATEGIC POTENTIAL RARE EARTHS AND CRITICAL MINERALS OPPORTUNITY

Our recently updated flowsheet utilizes carbochlorination as the dominant technology. This is used for nearly all existing commercial titanium processing today.

Ramaco has filed patents and trade secret protections supporting this process across a robust IP portfolio, which utilizes coal-based feedstock.

Under the revised flowsheet, most rare earth elements would be processed via a simplified route to produce a mixed rare earth carbonate (MREC) for sale to third-party refiners. This

eliminates the technically complex and costly solvent extraction separation process.

Updated flowsheet is expected to support high levels of critical mineral oxide production of high purity gallium and related products that target the semi-conductor industry.

(1) The Brook Mine is currently an exploration stage property with respect 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 converted into mineral reserves in the future. 6

The picture on the top right shows the Brook Mine opening ceremony in July 2025. The picture on the bottom right shows the coal and ore storage facility construction as of May 2026.

Estimated TREO Grade Distribution

60%

50%

40%

30%

20%

10%

50.3%

23.4%

14.2%

2.7%

> 2,000

Approximate Grade (TREO ppm)

Estimated Brook Mine In-Place REO Tons

1,392

498

273

131

107

Ramaco's Brook Mine has four distinct potential advantages:

% of Tonnage

1.3%

3.5%

4.5%

0.1%

1,000 -

750 -

500 -

400 -

300 -

200 -

< 200

2,000

1,000

750

500

400

300

The rare earth elements and critical mineral feedstock in the Brook Mine's inferred mineral resource occur 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.

The Brook Mine contains an inferred mineral resource of gallium, germanium, and scandium. It also includes both light and heavy magnetic REEs, including neodymium, praseodymium, dysprosium, and terbium2. Further analysis suggests high purity alumina and quartz are also potential opportunities for the Brook Mine.

Total

Primary Magnetics

Gallium G Germanium

Scandium

Tons Grade

('000) (ppm)

Tons Grade

('000) (ppm)

Tons Grade

('000) (ppm)

Tons Grade

('000) (ppm)

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. The property is strategically located near Sheridan, WY, and major rail and interstate highway transportation arteries.

The Brook Mine will initially produce mineralized feedstock for pilot scale feasibility and optimization analysis, and ultimately at a full-scale commercial refining facility2.

Source: Weir International, Inc.

See "Forward-Looking Statements". We do not currently have any mineral reserves associated with our rare earth project at Brook Mine. 7

Inferred mineral resources are not mineral reserves and do not have demonstrated economic viability.

Primary Magnetic REOs: Gallium, Germanium,

23% Scandium: 14%

Initial estimates by Weir International Inc. - on less than 30% of the total area of the Brook Mine - have shown 1.4 million of in place REO tons. These contain primary magnetic REOs of neodymium, praseodymium, dysprosium and terbium, as well as critical minerals like gallium, germanium, and scandium. Over the past year, China has essentially banned the export to the U.S. of the majority of these same heavy REEs and Critical Minerals.

We believe the Brook Mine contains by far the highest basket price overall value 2 (in terms of expected revenue per ton TREO) which is also more than 15x higher than our peer group average3.

$1,000

Brook Mine,

$527

$100

Peer REE ł CM Mines

$10

100

1,000

TREO, ppm

10,000

100,000

Estimated Brook Mine TREO -

In-Place % Of Elements1

Estimated Brook Mine Max G Avg TREO By

Lithology (in ppm)1

Advantaged Value Proposition Versus Peers2

Primary Magnetic

REOs: 20%

Gallium, Germanium,

Scandium: 17%

Grade vs. Ǫuality (Recovered)

35%

30%

16,000 14,909

14,000

12,000

10,000

25%

Primary

Magnetics

Gallium,

28.8%

Scandium,

Germanium

20%

15% 13.5%

10%

15.0%

8,000

6,000

4,000

2,000

7,589 7,358

6,516

4,398 4,358 4,273 4,212 3,857

2,267

8.4%

7.7%

10.9%

808 430 888

451 415

388

406

579

395

838 372

1,146

3.6%

2.1%

0.4%

1.0%

2.6% 2.4%

3.2%

0.4%

Max PPM

Avg PPM

Other Ho Gd Sm

La Ce Ge Sc Ga Tb Dy Pr Nd

Coal

Clay / Silt

Other

Carbonaceuous Material

Claystone

Scoria

Not_Logged

Coal_Mixed

Sandstone

Unconsolidated

Shale

$/(kg TREO + Ga + Ge Oxides) Recovered

Source: Weir International, Inc.

Based on management internal estimates of both the Brook and peer mines, using equivalent REE + critical mineral prices as of Fluor's July 2025 conceptual study; Actual prices may vary.

The Brook Mine is currently an exploration stage property with respect 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 converted into mineral reserves in the future.

Working With Highly Experienced Third Parties:

Updated conceptual study prepared by Hatch

expected mid-year 2026.

Pre-Feasibility Study ("PFS") prepared by Hatch expected for late 2026.

Construction of exterior pilot plant testing facility in Sheridan expected completion for summer 2026.

Continuing third party metallurgical testing to support the PFS phase, in parallel with ramp-up of internal laboratory operations at the iCAM research facility throughout second half of 2026.

Completion and commencement of the full pilot operations to begin in 2027.

Semiconductors

Power electronics

UV Photodetectors Sensors

F18A Hornet

Radome (GaN AESA Radar,

RTX)

Semiconductors

Fiber Optics Solar Cells Infrared Optics

High power

communication hardware (Lockheed Martin Bus Demo)

Select Applications

Permanent Magnet Motors

Wind Turbines Phosphors LED Lighting

MRI, PET

Scanners

Aerospace & Defense

Glass & Ceramic Additives

Electric Vehicles

Consumer Electronics

Laser Technology

Critical Minerals G

Rare Earths

End Markets / Select Applications

Mission-Critical Properties

Critical role in production of high-performance semiconductors

High thermal stability and wide operating temperature range enable its use in challenging environments

Gallium oxide

Critical role in development of lightweight aircraft and spacecraft parts

Boosts performance of Solid Oxide Fuel Cells, used in the development of efficient energy systems

Scandium-Aluminum alloy

3D printed Terran 1 (85%), Terran R (>G5%)

Scandium oxide

Critical role in production of high-performance semiconductors

Use in fiber optic cables significantly reduces signal loss, vital input to secure communication networks

Germanium oxide

High demand for permanent magnets in rapidly growing EV markets drives criticality

Vital input for conversion of kinetic energy into electrical energy within wind turbines and other green energy applications

Utilized to catalyze efficiency across a wide range of technological and industrial industries

Light Rare Earth Oxide (Nd, Pr)

Heavy Rare Earth Oxide (Tb, Dy)

July 11, 2025: The Brook Mine Groundbreaking Ceremony

The Brook Mine in the National Spotlight

WY Governor Mark Gordon, U.S. Energy Secretary Chris Wright, and Ramaco CEO Randy Atkins highlight the importance of U.S. rare earths.

U.S. Energy Secretary Chris Wright at the ribbon cutting ceremony for the Brook Mine.

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 mine1.

Background:

Rare earth elements (REEs) are critical minerals essential to national security used in defense technologies, high-capacity EV batteries, 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 semiconductors 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 of Critical Oxides is Dominant2

China has in the past restricted the export of scandium, gallium, germanium and heavy rare earths

100%

80%

60%

40%

20%

95%

>90%

85%

65%

>60%

Gallium Heavy Rare

Earths

(Tb, Dy)

Light Rare

Earths

(Nd, Pr)

Scandium

Germanium

Importance to Energy

Trump Administration Will Set Price Floors Across Range of Industries to Combat China, Bessent Says

"When you are facing a nonmarket economy like China, then you have to exercise industrial policy… we're going to set price floors and the forward buying to make sure that this doesn't happen again"

CNBC, October 15, 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 on China"

Reuters, October 7, 2025

Phosphorus

Tellurium

Low

Not Critical

Near Critical

Critical

High

Supply Risk

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

Aluminum Fluorine

Manganese Titanium

Light and Heavy Rare Earths

including Dysprosium, Terbium,

Neodymium, Praseodymium & Iridium

Magnesium Silicon Carbide

Copper Electrical Steel Silicon

Lithium Nickel

Uranium

High

U.S. Government Materials Assessment Designates REEs as Critical3

Low

Source: Goldman Sachs Research Report (October 2025); McKinsey Market Research Report; CNN Report (April 2025); EconoFact (July 2025); Rare Earths Report; Ǫuantum Reach (July 2025). 12

Source: U.S. Department of Energy, based on U.S. Department of Energy 2023 Critical Minerals Assessment.

2026E* Medium

Term Capability

2025A

2024A

2023A

2022A

2021A

2020A

2019A

2018A

0.5

2017A

2.7

2.2

1.7

1.9

1.8

3.9

3.8

3.7

3.2

Ramaco Annual Production (in millions of tons)

Medium-term potential to nearly double production

Initial production began in

2017. Since then, Ramaco has executed to opportunistically grow low-cost production to almost 4 million tons in 2025.

Over the medium-term

Ramaco is capable of organically growing met coal production to >7 million tons.

Ramaco has both the financial

and operational optionality to prudently and opportunistically approach growth during challenging market conditions.

$200

2025

2024

2023

2022

2021

2020

$169

$283

$400

$537

$566

$600

$666

$694

Revenue (in $MM)

$800

(*) Based on the midpoint of guidance of 3.7 - 4.1 million tons

2026 Production(1)

Semi-Soft

Thermal

26%

High-Vol B+

25%

Low-Vol

Mid-Vol

40%

High-Vol A

Medium-Term Production Outlook(2)

Semi-Soft

Thermal

17%

High-Vol B+

Mid-Vol

50%

Low-Vol

29%

High-Vol A

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.

Anticipated production at midpoint of guidance. Totals may not add due to rounding.

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. Totals may not add due to rounding.

Our cash costs remain among the industry's lowest in the U.S.

Ramaco's low cash costs per ton places us in the first quartile of the U.S. cost curve.

Due to strong cost control, 1Ǫ26 cash margins remained meaningfully

$140

$120

Margins

$100

$80

$60

$40

$20

$250

$200

$150

$100

$50

Met Coal Cash Costs 2

Solid Ǫuarterly Margins 1

$150

$130

$110

$90

$70

$50

$98

Realized Price

positive, compared to many of our

peers with negative margins at current prices.5

Benchmark pricing, while above its recent lows, remains trading below the global cost curve, especially for high-vol. As such, several high-profile domestic and foreign mines have recently closed or idled.

$/short ton FOB mine.

Margins Per Ton Realized Price

U.S. Met Coal Spot Price 3

$500

$400

$300

$200

$100

Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26

Peer 1 Peer 2 Ramaco Peer 3 Peer 4 Peer 5

Global Coal Capex 4

$12

$10

2009 2011 2013 2015 2017 2019 2021 2023 2025

$/short ton FOB mine; Cash costs are for 1Ǫ26. See "Reconciliation of Non-GAAP Measures" in the Appendix. Peers include (alphabetically): Alpha, Core, Coronado, Peabody, Warrior. Source: Company documents.

In $/metric tonne FOB port for U.S. High Vol (monthly average). Source: Platts.

In $ Billion, adjusted for inflation in 2023 dollars. Source: Jefferies, Nov. 2023. 16

Based on management estimates of current pricing relative to historical costs.

Full-Year 2026 Guidance

2025

Company Production ('000 tons)

3,700 - 4,100

3,826

Sales ('000s tons)(a)

4,100 - 4,500

3,834

Cash Costs Per Ton Sold(b)

$ 95 - 100

$ $98

Other

Capital Expenditures ($' 000)(c)

$ 85,000 - 90,000

$ 64,282

Selling, general and administrative expense ($' 000)(d)

$ 67,000 - 72,000

$ 69,363

Depreciation, depletion and amortization $

75,000 - 80,000

$ 68,155

Interest expense, net ($' 000)

1,000 - 2,000

$ 7,804

Effective tax rate(e)

20 - 25%

17%

Idle Mine Costs ($' 000)

2,000 - 3,000

$ 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

1.0

$ 107

Total, fixed price

2.1

$ 124

Indexed price

1.4

Total committed tons

3.5

expense ($ '000)

(a) All full-year 2026 guidance is as of May 11, 2026, when the Company reported first quarter of 2026 earnings. Guidance includes purchased coal; (b) Excludes transportation costs and idle mine costs; See "Reconciliation of Non-GAAP Measures" in the Appendix; (c) Excludes capitalized interest; (d) Includes stock-based compensation; (e) Normalized to exclude discreet items; (f) Amounts as of April 30, 2026 include purchased coal. Totals may not add due to rounding. Includes impact from demurrage and other logistics and related fees.

Multiple ways to invest in our businesses; each with unique value characteristics

In mid-2023, Ramaco distributed Class B common stock (Ticker: METCB) to existing shareholders. Under the dual class structure, METC represents the interest in the mining operations of both Met Coal and Rare Earth Elements. METCB represents an interest in our Coal Infrastructure Assets, Coal Royalties, potential future Royalties from Rare Earth Elements, and IP Licensing from Advanced Carbon Products.

METC - Met Coal Operations METCB - CORE

Large, high-quality met coal reserve base. Goal of almost doubling production to >7 millions tons per year over the medium term.

Committed to maintaining its position on the low-end of the cost curve over the long-term.

Advantaged infrastructure and geographic flexibility.

A deposit of rare earth elements and critical minerals which has the potential for being developed into an important domestic source.

Class A Common Stock (METC).

CORE stands for "Carbon Ore - Rare Earth".

Significant current income from non-cost bearing royalties on coal reserves mined primarily by Ramaco. Income tied to coal prices and production growth.

Significant fixed fee-based income from Ramaco's preparation plants and rail loadouts. Income tied to Ramaco's production growth.

Potential future royalties from a deposit of rare earth elements which may be developed into an important domestic source.

Class B Common Stock (METCB); stock dividend associated with CORE. Current stock dividend yield of ~7%.

(In Thousands) Ǫ1 2026

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 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.

Reconciliation of Net Income to Adjusted EBITDA

Net Income $(18,31G)

DDCA 16,613

Interest Expense, Net 334

Income Tax Expense (benefit) (5,835)

EBITDA (7,207)

Stock-Based Compensation 4,908

Accretion of asset retirement obligation 506

Adjusted EBITDA $(1,7G3)

(In thousands, except per ton amounts)

Ǫ1 2026

Reconciliation of Cost of Sales to Non-GAAP Cash

Cost Per Ton

Cost of Sales

$108,514

Less: Adjustments to reconcile to Non-GAAP Cash Cost

of Sales

Transportation Costs

(19,967)

Idle and Other Costs

(1,367)

Non-GAAP Cash Cost of Sales

$87,180

Tons Sold

892

Non-GAAP Cash Cost Per Ton Sold (FOB Mine)

$G8

Disclaimer

Ramaco Resources Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 20:49 UTC.