LEXINGTON, Ky., May 14, 2025 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB) Ramaco is proud to announce that Aurelia Skipwith Giacometto, a valued member of the Ramaco Resources, Inc., Board of Directors, has joined Earth & Water Law, LLC (E&W Law) as a partner. Aurelia has over 20 years of experience in agriculture, wildlife conservation, and energy development. Most recently, she served as the 14th Secretary of the Louisiana Department of Environmental Quality (LDEQ). In 2019, prior to her p ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38003 RAMACO RESOURCES, INC. (Exact name of registrant as specified in its charter) Delaware 38-4018838 (State or ...

Guidance: Exhibit 99.1 RAMACO RESOURCES REPORTS FIRST QUARTER 2025 RESULTS LEXINGTON, KY., May 12, 2025 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company"), is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and future developer of rare earth and critical minerals in Wyoming. Today it reported financial results for the three months ended March 31, 2025. FIRST QUARTER 2025 HIGHLIGHTS MARKET COMMENTARY / 2025 OUTLOOK Sales and Marketin ...

LEXINGTON, Ky., March 18, 2025 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB) ("Ramaco Resources" or the "Company") today announced changes to its senior management and Board of Directors (the "Board").E. Forrest Jones, Jr., has been hired by the Company to serve as its new General Counsel, bringing a career of immense legal experience in the minerals and coal industry.  Mr. Jones has been a member of the Board since 2021 and resigned as a director of the Company effective March 14, 2025, to t ...

Revenue and Sales Performance - The company reported revenue of $666.3 million for 2024, a decrease of approximately 4% compared to $693.5 million in 2023, despite an increase in sales volume from 3.5 million tons to 4.0 million tons [497]. - The average revenue per ton sold decreased by 17% from $201 in 2023 to $167 in 2024, driven by volatility in index-based pricing for export sales [498]. - Non-GAAP revenue (FOB mine) decreased to $559.3 million in 2024 from $588.6 million in 2023, a decline of $29.4 million or 5% [515]. - Tons sold increased to 3.99 million in 2024, up by 534,000 tons or 15.5% from 3.46 million tons in 2023 [515]. - Total revenue for 2024 was $666,295, a decrease of 3.9% from $693,524 in 2023 [615]. Income and Profitability - Net income for 2024 was $11.2 million, significantly lower than $82.3 million in 2023, primarily due to decreased metallurgical coal price indices [494]. - Adjusted EBITDA for 2024 was $105.8 million, down from $182.1 million in 2023, reflecting the impact of lower coal prices and macroeconomic factors [494]. - Operating income decreased to $16,636 in 2024, compared to $95,245 in 2023, reflecting a decline of 82.5% [615]. - Net income for 2024 decreased to $11.2 million from $82.3 million in 2023, representing a decline of 86.4% [512]. - The company reported a basic earnings per share of $0.11 for Class A shares in 2024, down from $1.06 in 2023 [615]. Capital Expenditures and Investments - Total capital expenditures for 2024 were $68.8 million, down from $82.9 million in 2023, reflecting progress on strategic growth projects [488]. - The Company expects capital expenditures of approximately $60-70 million in 2025, including roughly $20 million for growth capital related to increasing production at the Elk Creek Complex and Berwind mine [551]. - The Company spent $68.8 million on capital additions in 2024, down from $82.9 million in 2023, reflecting substantial progress in production growth initiatives [550]. Debt and Financing - Interest expense decreased to approximately $6.1 million in 2024 from $8.9 million in 2023, primarily due to debt repayment from previous acquisitions [507]. - The company completed a debt offering of $57.5 million in Senior Unsecured Notes due 2029, with an interest rate of 8.375% per annum [535]. - The company repaid $38.2 million more in acquisition-related financing in 2023 compared to 2024, resulting in a net cash used for financing activities decrease of $31.7 million [524]. - The Company had no valuation allowance for deferred income taxes as of December 31, 2024 [574]. Assets and Liabilities - Total current assets decreased to $167,634 in 2024 from $189,739 in 2023, a decline of 11.6% [613]. - Total liabilities increased to $311,880 in 2024, up from $296,231 in 2023, an increase of 5.3% [613]. - The Company’s total costs and expenses increased to $649,659 in 2024 from $598,279 in 2023, an increase of 8.6% [615]. - The Company has a total of $158.4 million in significant contractual obligations as of December 31, 2024, with $20.2 million due in the next year [552]. Production and Operational Performance - The company produced 3.7 million tons of coal in 2024, an increase from 3.2 million tons in 2023, with expectations for 2025 production volumes between 4.2 and 4.6 million tons [489]. - Cost of sales increased by approximately 8% to $533.3 million in 2024, with cost per ton sold decreasing by 6% from $143 in 2023 to $134 in 2024 [500]. - Total inventories increased to $43,358,000 in 2024 from $37,163,000 in 2023, representing a growth of about 16% [633]. Market Conditions and Future Outlook - The company expects metallurgical coal prices to remain volatile in the near term due to macroeconomic conditions and reduced steel demand [498]. - The company is exposed to fluctuations in market pricing due to its shift towards more export sales, which increases revenue volatility [581]. - The company continues to assess its rare earth elements and critical minerals deposit in Wyoming, with plans to begin construction of a pilot processing facility in mid to late 2025 [491]. Internal Controls and Compliance - The Company has identified a material weakness in internal control over financial reporting due to insufficient accounting resources [600]. - The Company’s internal control over financial reporting was not effective as of December 31, 2024, based on the criteria established by COSO [598]. - The Company had no significant uncertain tax positions requiring liability recognition as of December 31, 2024, and 2023, indicating a strong compliance position [655].

Company Overview - Ramaco Resources, Inc. operates and develops high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and is also a developing producer of rare earth and critical minerals in Wyoming [5] - The company has four active metallurgical coal mining complexes in Central Appalachia and is in the initial stages of production for a rare earth and coal mine near Sheridan, Wyoming [5] Dividend Announcement - The Board of Directors declared a quarterly Class A common stock dividend of $0.06875 per share, payable in Class B common stock [2][4] - Shareholders of record on May 30, 2025, will receive the dividend on June 13, 2025, with no fractional shares issued; instead, cash will be paid for any fractional shares [3][2] Market Conditions - Current metallurgical coal market conditions are described as weak, with expectations for continued weakness in the coming months [4] - Despite the reduced dividend, the company maintains a roughly 3% dividend yield, which is the highest among publicly traded metallurgical coal peers [4] - The company remains cautiously optimistic about market strengthening in the second half of the year due to rising supply cuts in the metallurgical space [4]

Financial Performance - In Q4 2024, Ramaco Resources achieved Adjusted EBITDA of $29.2 million, a 24% increase from $23.6 million in Q3 2024[3]. - Net income for Q4 2024 was $3.9 million, a significant increase of approximately 1,700% compared to a loss of $0.2 million in Q3 2024[3]. - Year-end liquidity reached a record $137.8 million, up over 50% from the previous year[32]. - Net income for 2024 was $11,192,000, a significant decrease of 86.4% compared to $82,313,000 in 2023[51]. - Adjusted EBITDA for 2024 was $105,792,000, down 41.8% from $182,126,000 in 2023[54]. Sales and Production - The company sold over 1.1 million tons of metallurgical coal in Q4 2024, marking a 10% increase compared to Q3 2024[9]. - Overall production for Q4 2024 was 954,000 tons, up 28% year-over-year from Q4 2023[26]. - The Elk Creek complex produced a record 672,000 tons, representing a 63% increase from the previous year[27]. - Full-year 2024 production was 3,671,000 tons, with guidance for 2025 set at 4,200,000 to 4,600,000 tons[37]. - Committed sales volume for 2025 is 3.5 million tons, with an average price of $145 per ton[40]. Costs and Margins - Non-GAAP cash cost per ton sold decreased by $6 per ton, or 6%, to $96 per ton in Q4 2024, down from $102 per ton in Q3 2024[3]. - Cash costs were $96 per ton sold, a 10% decrease from the same period in 2023[28]. - Cash margins decreased to $33 per ton, down from $68 per ton in Q4 2023[29]. - The company expects to maintain cash margins of $33 per ton sold in Q4 2024, down just $1 per ton from Q3 2024[10]. Market Conditions - The metallurgical coal indices declined by $12 per ton, or 6%, in Q4 2024 compared to Q3 2024, and by $80 per ton, or 30%, compared to Q4 2023[3]. - U.S. metallurgical coal pricing fell to $129 per ton, a 26% decrease compared to $175 per ton in Q4 2023[28]. - Non-GAAP revenue per ton sold (FOB mine) decreased to $129 in Q4 2024 from $175 in Q4 2023, a decline of 26.29%[55]. Capital Expenditures and Assets - Capital expenditures for Q4 2024 totaled $11.9 million, down from $18.0 million in Q4 2023[33]. - Capital expenditures for 2024 were $55,236,000, down from $82,904,000 in 2023, a decrease of 33.6%[51]. - Total assets increased to $674,686,000 in 2024 from $665,836,000 in 2023, representing a growth of 1.28%[49]. - Total current liabilities decreased to $122,428,000 in 2024 from $169,986,000 in 2023, a reduction of 28%[49]. Future Outlook - The company anticipates tons sold in Q1 2025 to be between 850,000 and 950,000, with a projected 33% increase in shipments for Q2 2025[7]. - Ramaco plans to commence full-scale mining for rare earth and critical minerals by July 2025, following positive preliminary results from testing[20]. Taxation - The effective tax rate for full-year 2024 was 25%, with Q4 2024 tax expense recognized at $2.2 million[34].

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Core Insights - Ramaco Resources is developing the Brook Mine, which is projected to be the only primary source mine for gallium, germanium, and scandium in the world [1][2][3] - Fluor Corporation's preliminary techno-economic analysis indicates that the Brook Mine project is both commercially and technologically feasible [1][2][3] - The mine contains one of the largest unconventional deposits of rare earth elements and critical minerals sourced from coal and carbonaceous ore, as recognized by the U.S. Department of Energy's NETL [2][3] Economic Projections - Preliminary financial modeling suggests strong economics and financial returns, even with lower capital investment compared to traditional hard rock REE mines [2][4] - Scandium, gallium, and germanium oxides are expected to account for approximately 70% of potential revenue, with these elements and magnetic rare earth elements constituting over 95% of potential revenue [2][3] Development Plans - Ongoing substantial metallurgical and chemical testing is expected to be finalized in Q1 2025, with a full scoping study anticipated in Q2 2025 [2][3] - The company plans to high-grade the extraction process to focus on higher value oxide products [2][4] - Construction of a commercial pilot plant is on track to begin in the second half of 2025 [2][5] Strategic Importance - The Brook Mine's unique characteristics, such as being non-radioactive and easier to process, minimize energy-intensive processes typically associated with hard rock mining [3][4] - The recent export ban by China on gallium and germanium, which are critical materials, highlights the strategic importance of the Brook Mine [2][3] Company Overview - Ramaco Resources operates in southern West Virginia and southwestern Virginia, focusing on high-quality metallurgical coal and developing rare earth and critical minerals in Wyoming [6] - The company has four active metallurgical coal mining complexes and is in the initial stages of production for coal and rare earth development near Sheridan, Wyoming [6]

Revenue and Sales Performance - The company sold 2.9 million tons of coal during the first nine months of 2024, generating $495.4 million in revenue, a slight increase from $490.8 million in the same period of 2023[96]. - Revenue for the three months ended September 30, 2024, was $167.4 million, approximately 10% lower than the same period in 2023, driven by a 13% decrease in revenue per ton sold from $188 to $164[103]. - Coal sales revenue for the nine months ended September 30, 2024, was $495.4 million, approximately 1% higher than the same period in 2023, driven by a 16% increase in tons sold[111]. - Revenue per ton sold decreased 13% from $199 per ton for the nine months ended September 30, 2023, to $173 per ton for the same period in 2024[111]. - Non-GAAP revenue (FOB mine) for the three months ended September 30, 2024, was $138,829,000, down from $156,533,000 in the prior year, reflecting a decrease of $17,704,000[138]. - Non-GAAP revenue (FOB mine) for the nine months ended September 30, 2024, was $414,317,000, slightly down from $416,185,000 in the same period of 2023, a decrease of $1,868,000[138]. Costs and Expenses - Total costs and expenses for the nine months ended September 30, 2024, were $485.1 million, compared to $432.8 million in the same period of 2023, reflecting increased costs of sales[101]. - Cost of coal sales for the nine months ended September 30, 2024, totaled $397.2 million, a 12% increase compared to $354.4 million for the same period in 2023[113]. - Cost of sales for the three months ended September 30, 2024, was $134,731,000, down from $144,635,000 in the same period of 2023, a decrease of $9,904,000[139]. - Non-GAAP cash cost of sales for the three months ended September 30, 2024, was $104,573,000, compared to $112,803,000 in the same period of 2023, a decrease of $8,230,000[139]. - Non-GAAP cash cost of sales for the nine months ended September 30, 2024, was $312,511,000, compared to $274,233,000 in the same period of 2023, an increase of $38,278,000[139]. Profitability and Financial Results - The company reported a net loss of $239,000 for the three months ended September 30, 2024, compared to a net income of $19.5 million in the same period of 2023[100]. - The company’s adjusted EBITDA for the nine months ended September 30, 2024, was $76.6 million, down from $123.7 million in the same period of 2023, impacted by softening coal markets[100]. - Adjusted EBITDA for the three months ended September 30, 2024, was $23,617,000, a decrease from $45,407,000 in the same period of 2023[135]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $76,596,000, compared to $123,675,000 in the same period of 2023, a decrease of $47,079,000[135]. Market Conditions and Future Outlook - The global metallurgical coal market has softened in 2024 due to constrained economic growth and increased steel exports from China, impacting pricing and demand[95]. - The company expects to satisfy approximately 36% of its outstanding performance obligations of 1.7 million tons with fixed sales prices averaging $151 per ton in Q4 2024[97]. - The company continues to assess its potential rare earth and critical minerals deposit in Wyoming, with elevated levels of rare earth elements and plans for a demonstration processing facility by mid to late 2025[98]. - The company is focused on potential acquisitions of reserves or infrastructure to maintain its competitive edge in geology and cost[93]. Cash Flow and Capital Expenditures - Cash flows provided by operating activities were $97.0 million during the first nine months of 2024, primarily driven by net earnings adjusted for non-cash expenses[123]. - Capital expenditures totaled $57.9 million, including $12.3 million for the Maben preparation plant, which was commissioned in October 2024[124]. - The company anticipates lower capital spending in the fourth quarter of 2024 as most of the annual growth capital expenditures occurred in the first half of 2024[124]. Debt and Financial Position - Interest expense, net, decreased from $7.3 million for the nine months ended September 30, 2023, to $4.5 million for the same period in 2024[117]. - The effective tax rate for the nine months ended September 30, 2024, was 28%, compared to 21% for the same period in 2023[118]. - The company had $22.9 million of cash and cash equivalents and $57.9 million of remaining availability under its Revolving Credit Facility as of September 30, 2024[122]. Securities and Registration - The company filed a shelf registration statement to sell securities at an aggregate initial offering price of up to $400.0 million on September 1, 2023[130].