Ramaco Resources, Inc. (METC)

CIK: 0001687187. SIC: 1220 Silver Ores. Latest 10-K as of: 2026-02-26.

SIC breadcrumb: Mining > SIC Major Group 12 > SIC 1220 Silver Ores

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1687187. Latest filing source: 0001104659-26-020479.

Selected Fundamentals

Metric	Value	Unit	FY	Filed
Revenue	536,618,000	USD	2025	2026-02-26
Net income	-51,446,000	USD	2025	2026-02-26
Assets	1,140,569,000	USD	2025	2026-02-26

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001687187.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	5,216,000	61,036,000	227,574,000	168,915,000	168,915,000	283,394,000	565,688,000	693,524,000	666,295,000	536,618,000
Net income	-7,515,000	-15,417,000	25,074,000	24,934,000	-4,907,000	39,759,000	116,042,000	82,313,000	11,192,000	-51,446,000
Operating income	-7,530,000	-15,893,000	24,096,000	29,532,000	-19,093,000	39,533,000	150,387,000	95,245,000	16,636,000	-55,956,000
Diluted EPS		-0.41	0.62	0.61	-0.12	0.90	2.60	1.73	0.11	-0.99
Operating cash flow	-3,861,000	-8,469,000	36,183,000	42,382,000	13,312,000	53,340,000	187,870,000	161,036,000	112,665,000	1,969,000
Dividends paid							20,041,000	25,820,000	24,602,000	4,340,000
Assets	119,209,092	148,098,000	188,244,000	226,813,000	228,623,000	329,033,000	596,339,000	665,836,000	674,686,000	1,140,569,000
Liabilities	35,420,969	34,701,000	47,135,000	56,730,000	59,528,000	117,959,000	287,141,000	296,231,000	311,880,000	657,003,000
Stockholders' equity	-4,985,000	113,397,000	141,109,000	170,083,000	169,095,000	211,074,000	309,198,000	369,605,000	362,806,000	483,566,000
Cash and cash equivalents	5,197,000	5,934,000	6,951,000	5,532,000	5,300,000	21,891,000	35,613,000	41,962,000	33,009,000	440,347,000

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net margin	-144.08%	-25.26%	11.02%	14.76%	-2.91%	14.03%	20.51%	11.87%	1.68%	-9.59%
Operating margin	-144.36%	-26.04%	10.59%	17.48%	-11.30%	13.95%	26.58%	13.73%	2.50%	-10.43%
Return on equity		-13.60%	17.77%	14.66%	-2.90%	18.84%	37.53%	22.27%	3.08%	-10.64%
Return on assets	-6.30%	-10.41%	13.32%	10.99%	-2.15%	12.08%	19.46%	12.36%	1.66%	-4.51%
Liabilities / equity		0.31	0.33	0.33	0.35	0.56	0.93	0.80	0.86	1.36
Current ratio	4.12	1.31	1.17	1.68	1.46	1.86	0.91	1.12	1.37	5.46

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001687187.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarter	End Date	Revenue	Net Income	Diluted EPS	Method
2021-Q1	2021-03-31			0.10	reported discrete quarter
2021-Q2	2021-06-30			0.23	reported discrete quarter
2021-Q3	2021-09-30			0.16	reported discrete quarter
2022-Q1	2022-03-31			0.92	reported discrete quarter
2022-Q2	2022-06-30			0.74	reported discrete quarter
2022-Q3	2022-09-30			0.60	reported discrete quarter
2022-Q4	2022-12-31	135,227,000			derived Q4 = FY annual - nine-month YTD
2023-Q1	2023-03-31	166,360,000		0.57	reported discrete quarter
2023-Q2	2023-03-31		25,257,000		reported discrete quarter
2023-Q2	2023-06-30	137,469,000		0.17	reported discrete quarter
2023-Q3	2023-06-30		7,556,000		reported discrete quarter
2023-Q3	2023-09-30	186,966,000		0.40	reported discrete quarter
2023-Q4	2023-12-31	202,729,000	30,038,000		derived Q4 = FY annual - nine-month YTD
2024-Q1	2024-03-31	172,676,000	2,032,000	0.00	reported discrete quarter
2024-Q2	2024-03-31		2,032,000		reported discrete quarter
2024-Q2	2024-06-30	155,315,000		0.08	reported discrete quarter
2024-Q3	2024-06-30		5,541,000		reported discrete quarter
2024-Q3	2024-09-30	167,411,000		-0.03	reported discrete quarter
2024-Q4	2024-12-31	170,892,000	3,858,000		derived Q4 = FY annual - nine-month YTD
2025-Q1	2025-03-31	134,656,000	-9,457,000		reported discrete quarter
2025-Q2	2025-03-31		-9,457,000		reported discrete quarter
2025-Q2	2025-06-30	152,959,000			reported discrete quarter
2025-Q3	2025-06-30		-13,974,000		reported discrete quarter
2025-Q4	2025-12-31		-14,705,000		derived Q4 = FY annual - nine-month YTD
2026-Q1	2026-03-31	121,613,000	-18,319,000		reported discrete quarter

Quarterly Charts

Macro Cross-References

CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
UNRATE - Unemployment Rate
FEDFUNDS - Federal Funds Effective Rate
CES0500000003 - Average Hourly Earnings of All Employees, Total Private
DFEDTARU - Federal Funds Target Range - Upper Limit
DFEDTARL - Federal Funds Target Range - Lower Limit
DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
PCEPI - Personal Consumption Expenditures: Chain-type Price Index
PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
PPIACO - Producer Price Index by Commodity: All Commodities
T10YIE - 10-Year Breakeven Inflation Rate
U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
PAYEMS - All Employees, Total Nonfarm
CIVPART - Labor Force Participation Rate
EMRATIO - Employment-Population Ratio
UNEMPLOY - Unemployed
CE16OV - Employment Level
ICSA - Initial Claims
JTSJOL - Job Openings: Total Nonfarm
JTSQUR - Quits: Total Nonfarm
GDPC1 - Real Gross Domestic Product
A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
INDPRO - Industrial Production: Total Index
TCU - Capacity Utilization: Total Index
HOUST - New Privately-Owned Housing Units Started: Total Units
PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
RSAFS - Advance Retail Sales: Retail Trade
PCE - Personal Consumption Expenditures
DSPIC96 - Real Disposable Personal Income
PSAVERT - Personal Saving Rate
M2SL - M2
BOPGSTB - U.S. International Trade in Goods and Services: Balance
MSPUS - Median Sales Price of Houses Sold for the United States
HSN1F - New One Family Houses Sold: United States
RHORUSQ156N - Homeownership Rate in the United States
TTLCONS - Total Construction Spending: Total Construction in the United States
RRVRUSQ156N - Rental Vacancy Rate in the United States
TOTALSL - Total Consumer Credit Owned and Securitized
REVOLSL - Revolving Consumer Credit Owned and Securitized
DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
GDP - Gross Domestic Product
GPDI - Gross Private Domestic Investment
GCE - Government Consumption Expenditures and Gross Investment
PCEC - Personal Consumption Expenditures
NETEXP - Net Exports of Goods and Services
GFDEBTN - Federal Debt: Total Public Debt
GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
FYFSD - Federal Surplus or Deficit
FGRECPT - Federal Government Current Receipts
FGEXPND - Federal Government: Current Expenditures
MANEMP - All Employees, Manufacturing
USCONS - All Employees, Construction
USTRADE - All Employees, Retail Trade
USFIRE - All Employees, Financial Activities
USGOVT - All Employees, Government
AWHAETP - Average Weekly Hours of All Employees, Total Private
DGORDER - Manufacturers' New Orders: Durable Goods
NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
BUSINV - Total Business Inventories
EXPGS - Exports of Goods and Services
IMPGS - Imports of Goods and Services
IR - Import Price Index (End Use): All Commodities
PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001104659-26-058647.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-05-11. Report date: 2026-03-31.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report, as well as the financial statements and related notes appearing elsewhere in this Quarterly Report. The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. We caution you that our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences are discussed elsewhere in this Quarterly Report, particularly in the “Cautionary Note Regarding Forward-Looking Statements” and in our Annual Report and in this Quarterly Report under the heading “Item 1A. Risk Factors,” all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law.

Overview

We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia. Our metallurgical coal development portfolio primarily includes the following properties: Elk Creek, Berwind, Knox Creek, and Maben. We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic customer base, North American blast furnace steel mills and coke plants, as well as international metallurgical coal consumers. In June 2025, we initiated evaluation of our rare earth element and other critical minerals project near Sheridan, Wyoming (the “Brook Mine”). That mine has initially provided representative mineralized material for short-term pilot-scale testing of the feedstock with the goal of supporting more advanced mining studies ultimately establishing its rare earth element mineral reserves and resources for processing at a full-scale commercial processing facility into rare earth element and other critical mineral oxides. Contiguous to the Brook Mine, the Company operates a carbon research facility related to the potential production of advanced carbon products and materials from coal.

Our reportable segments, which are primarily based on the Company’s internal organizational structure and types of controlled mineral deposits, are its two operating segments—Metallurgical Coal and Rare Earths and Critical Minerals. Where applicable, prior period amounts have been recast to conform to this segment reporting structure, which was modified during the third quarter of 2025.

Metallurgical Coal Segment

Our primary source of revenue is the sale of metallurgical coal. We maintain 85 million reserve tons and 1,337 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 possibly as much as seven million clean tons of metallurgical coal annually, subject to market conditions, permitting and additional capital deployment in the medium-term. We may also acquire additional reserves or infrastructure that contribute to our focus on long-term value creation, operational efficiency and lower costs.

The overall outlook of the metallurgical coal business is dependent on a variety of factors such as pricing, regulatory uncertainties, and global economic conditions. Coal consumption and production in the U.S. are driven by several market dynamics and trends including the U.S. and global economies, the U.S. dollar’s strength relative to other currencies and accelerating production cuts. Blast furnace steelmaking is more prevalent outside the U.S. compared to domestic steel production, which creates demand for exports of metallurgical coal, including demand growth in the Asia Pacific.

Global metallurgical coal markets remained soft in the first quarter of 2026 due to constrained economic growth in some regions of the world and continued conflict overseas. Reduced global steel production and oversupply in the market have led to a reduction in the price steel producers are willing to pay for their metallurgical coal feedstock. Overall steel demand will likely remain weak in the near term; however, supply cuts have begun occurring for higher

Table of Contents

cost operations which is expected to positively impact pricing. Longer term, the Company believes that limited global investment in new coking coal production capacity, the industrialization of emerging economies, expansion of urbanization globally, and an eventual return to economic growth will support coking coal markets overall.

During the three months ended March 31, 2026, we sold 892,000 tons of coal and recognized $121.6 million of revenue. Of this amount, 31% of our revenue was from sales into North American markets, including Canada, and 69% of our revenue was from sales into export markets. During the same period of 2025, we sold 946,000 tons of coal and recognized $134.7 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 materially delayed or otherwise affected by recent severe weather events, dockworker labor disputes, global conflicts or recently enacted U.S. tariffs.

As of March 31, 2026, the Company had outstanding performance obligations of approximately 1.1 million tons for contracts with fixed sales prices averaging $137 per ton, excluding freight, as well as 1.8 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 88% of these commitments in 2026 and 12% of these commitments in 2027. Refer to Note 9 of Part I, Item 1 for additional information.

The metallurgical coal markets are volatile in nature; therefore, the Company prioritizes managing its financial position and liquidity, while managing costs and capital expenditures and returning value to its shareholders.

In the first three months of 2026, our segment capital expenditures were $17.5 million, excluding capitalized interest of $0.2 million. In the first three months of 2025, our segment capital expenditures were $20.9 million, excluding capitalized interest of $0.5 million. The decrease in capital expenditures was due to higher spending in 2025 on the Company’s strategic growth projects, specifically at the Maben preparation plant.

The Company produced 1.0 million tons of coal during the first three months of 2026, consistent with the first three months of 2025. The Company expects full-year production volumes in 2026 between 3.7 and 4.1 million tons with an ability to vary production dependent on market conditions.

Rare Earths and Critical Minerals Segment

Our ongoing business development efforts are focused on the timely and prudent advancement of our rare earth elements and other critical minerals property, the assessment of associated processing facilities to support the future production of rare earth element minerals and coal-to-carbon based products and other critical minerals products.

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

Critical mineral production, including mill throughput and feed grades, is subject to further technical validation, including additional infill and step-out drilling, geological modeling, mine planning, and metallurgical testing. There is no assurance that we will be able to successfully develop the Brook Mine into a commercial scale mine, and there is no certainty that any part of the inferred mineral resources estimated will be converted into higher confidence mineral resources and eventually mineral reserves in the future.

In the first three months of 2026, our segment capital expenditures were $2.2 million, excluding capitalized interest of $0.1 million. In the first three months of 2025, our segment capital expenditures were $0.1 million. The increase in capital expenditures was attributable to the continued expansion of the Brook Mine project.

No revenues have been recognized from the Company’s Rare Earths and Critical Minerals segment to date.

Table of Contents

Consolidated Results of Operations

Three months ended March 31,

(In thousands, except per share amounts)

2026

2025

Revenue

121,613

134,656

Costs and expenses

Cost of sales (exclusive of items shown separately below)

108,514

114,132

Asset retirement obligations accretion

506

402

Depreciation, depletion, and amortization

16,613

17,542

Selling, general and administrative expenses

20,285

14,602

Total costs and expenses

145,918

146,678

Operating income (loss)

(24,305)

(12,022)

Other income (expense), net

485

505

Interest expense, net

(334)

(2,230)

Income before tax

(24,154)

(13,747)

Income tax expense (benefit)

(5,835)

(4,290)

Net income (loss)

(18,319)

(9,457)

Earnings per common share

Basic - Class A

(0.30)

(0.19)

Basic - Class B

(0.15)

(0.20)

Diluted - Class A

(0.30)

(0.19)

Diluted - Class B

(0.15)

(0.20)

Adjusted EBITDA*

(1,793)

9,788

Net income and Adjusted EBITDA for the three months ended March 31, 2026 were negatively impacted by the continued unfavorable global metallurgical coal markets and metallurgical coal price indices. This occurred due to a variety of macroeconomic factors, including the continued Chinese oversupply of steel into a muted global economic environment. Refer to Non-GAAP Financial Measures later in Item 2 for more information regarding Adjusted EBITDA.

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Revenue. Coal sales revenue for the three months ended March 31, 2026 was $121.6 million, approximately 10% lower than the same period in 2025 driven by the negative impact of pricing and a 6% decrease in tons sold. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in revenue. There are no revenues from the Company’s Rare Earths and Critical Minerals segment at this time.

Cost of sales. Our cost of coal sales for the three months ended March 31, 2026 was $108.5 million, approximately 5% lower than the same period in 2025 driven by the decrease in tons sold described above. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in cost of sales. There are no cost of sales from the Company’s Rare Earths and Critical Minerals segment at this time.

Depreciation, depletion, and amortization. Deprecia

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization. Confidence: high. Filing date: 2026-02-26. Report date: 2025-12-31.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion is intended to assist you in understanding our results of operations and our present financial condition and contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. We caution you that our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences are discussed elsewhere in this Annual Report, particularly in the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors,” all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law.

Overview

We are a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth and critical minerals in Wyoming. Our metallurgical coal development portfolio primarily includes the following properties: Elk Creek, Berwind, Knox Creek, and Maben. We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic customer base, North American blast furnace steel mills and coke plants, as well as to international metallurgical coal consumers. In mid-2025, we initiated development of our rare earth element and critical mineral operations near Sheridan, Wyoming (the “Brook Mine”). The Brook Mine initially produced representative ore material to serve as feedstock for testing, with the goal of demonstrating the viability of processing rare earth elements and critical minerals at a full-scale commercial facility and ultimately establishing mineral reserves and resources. Contiguous to the Brook Mine, the Company operates a carbon research facility related to the production of advanced carbon products and materials from coal.

Table of Contents

Metallurgical Coal Segment

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. 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.

During the year ended December 31, 2025, we sold 3.8 million tons of coal and recognized $536.6 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 4.0 million tons of coal and recognized $666.3 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 materially delayed or otherwise affected by recent severe weather events, dockworker labor disputes, or recently enacted U.S. tariffs.

As of December 31, 2025, the Company had outstanding performance obligations of 1.1 million tons for contracts with fixed sales prices averaging $142 per ton, excluding freight, as well as 1.2 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 97% of the committed tons in 2026 and the remainder in 2027. Refer to Note 10—Revenues in Item 8, Part II for additional information.

In 2025, our segment capital expenditures were $60.5 million, excluding capitalized interest of $1.2 million. In 2024, our capital expenditures were $69.7 million, excluding capitalized interest of $1.5 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.

The Company produced 3.8 million tons in 2025 compared to 3.7 million tons in 2024 as a result of the increase in capacity and completed development work.

Table of Contents

Rare Earths and Critical Minerals Segment

Our ongoing business development efforts are focused on the timely and prudent advancement of our rare earth elements and critical minerals operations, the establishment of associated processing facilities and the production of rare earth element minerals and coal-to-carbon based products and critical minerals products.

We plan to target the processing and production of a number of rare earth elements and critical minerals which include heavy magnetic rare earth elements, like terbium and dysprosium, and critical minerals, like gallium, germanium and scandium which are, from time to time subject to strict export licensing requirements and changing destination-specific restrictions (including export bans or restrictions to the United States) imposed by the Chinese government. These planned initiatives provide substantial growth opportunities in future periods.

In 2023, we announced the discovery of a major deposit of primary magnetic rare earth elements and critical minerals at our mine, the Brook Mine near Sheridan, Wyoming. The Brook Mine rare earth elements and critical minerals site has what we believe to be the largest unconventional deposit of rare earth elements and critical minerals discovered to date in the United States, as well as the first new rare earth elements mine in the United States in 70 years. We had a ribbon cutting and groundbreaking at the Brook Mine in July 2025 and the overall development of this mine and processing project is proceeding.

Since the July groundbreaking of the Brook Mine, we have rapidly moved to build on this momentum to transition into what we believe will be the nation’s first dual platform critical minerals company focused on both metallurgical coal and rare earth elements and critical minerals. In July 2025, the Fluor Corporation issued a Preliminary Economic Assessment (PEA) which noted both the technical and economic viability of the Brook Mine based on its findings and the product pricing information provided by the Company.

Contiguous to the Wyoming mine, we operate a carbon research facility called the iCAM Research Center which is related to the production of high value advanced carbon products and materials from coal. In connection with these activities, we hold a body of more than 70 intellectual property patents and pending applications, exclusive licensing agreements and various trademarks.

To support the expansion of our rare earth elements and critical minerals operations, we plan to actively engage with federal and state officials to expand the existing approved Brook Mine permit covering roughly 4,500 acres to include our entire approximately 15,800 acres of control. Our commercial processing facility will be similarly designed to increase its processing capacity and accommodate higher levels of production.

Before advancing to a full-scale commercial plant, we will test various processes at a pilot facility to be located at the Brook Mine site near our iCAM Research Center outside Sheridan. In addition, we received a $6.1 million matching grant from the Wyoming Energy Authority’s Energy Matching Fund to be applied toward development of the pilot facility.

Based on pilot testing results, we expect to proceed to engineering and designing the full commercial plant, with a construction period to be validated and updated upon the completion of a pre-feasibility study to be followed by a subsequent two-year shakedown period for the plant to be optimized to reach full steady-state capacity.

We will also continue advancing geological work to refine our understanding of the deposit, with targeted infill drilling to tighten spacing, enhance grade control, and improve resource classification. We are also engaged in expansion drilling outside the existing permit boundary and into deeper formations.

On September 17, 2025, we received a new geological TRS from Weir, updated from the March 2025 study. As a result, management has undertaken a revised mine plan designed around a higher cutoff concentration grade for the Brook Mine deposit. The Brook Mine represents a geologically unique rare earth elements deposit located along the northwestern margin of the Powder River Basin. Stratigraphy in the area is steeply dipping and intersected by multiple fault and fracture systems, which likely facilitated secondary mobilization and concentration of rare earth elements via

Table of Contents

fluid flow, enriching favorable coal and associated carbonaceous materials. Given these factors, similar rare earth element grades are not expected to be repeatable elsewhere within the Powder River Basin.

While current drilling and core sampling have focused within our initial 4,500-acre permitted area, we control and own all coal and other minerals on an additional roughly 11,500 acres of contiguous land. Historic lithologic and wireline logs suggest these areas share similar geologic characteristics. Multiple high-grade assay results near the existing permit boundary reinforce the expectation that rare earth elements mineralization extends beyond the current permitted area.

To support our transition and growth plans, in July 2025, the Company issued $65.0 million aggregate principal amount of our 2030 Senior Notes and, in early August 2025, we raised approximately $200.0 million from an offering of our Class A common stock (before deducting underwriting discounts and commissions and other offering expenses payable by the Company). Subsequently, in November 2025, the Company issued $345.0 million aggregate principal amount of our 2031 Convertible Senior Notes, and in December 2025, the Company entered into a Third Amended and Restated Credit and Security Agreement that increased our available revolving credit commitments to $500 million (comprising an initial $350 million asset based revolving commitment plus a $150 million incremental accordion feature) and extended the stated maturity of the credit facility to December 30, 2030 (subject to a springing maturity tied to convertible indebtedness).The commitments under the previous Revolving Credit Agreement were $200 million with a $75 million accordion feature. We believe these capital raises and increased liquidity have positioned us to more effectively implement our evolution into a dual platform critical minerals company.

The timeline to production and expanded production for our rare earth elements and critical minerals initiatives is subject to obtaining all required federal, state, and local permits and licenses and complying with applicable regulatory requirements, as the project is designed and developed without encountering unforeseen delays. Critical mineral production, including mill throughput and feed grades, is subject to further technical validation, including additional infill and step-out drilling, geological modeling, mine planning, and metallurgical testing. We intend to pursue these activities in parallel with our ongoing development plans to support the timely and prudent advancement of the Brook Mine and associated processing facilities.

We have also made notable additions to our executive management team in 2025 to lead in the development of the Rare Earths and Critical Minerals segment as we continue to refine mineral recovery, extraction methodology, and processing capacity assumptions within the mine plan and flowsheet. To assist in the continued development of the project, the Company has officially retained Hatch Ltd. to lead its ongoing pre-feasibility study. Hatch was selected for its technical expertise in rare earth element processing and will oversee test work, pilot plant design, and process optimization. This pre-feasibility study is expected to provide key information for future permitting, investment, and offtake discussions aligning with the Company’s strategy to accelerate project development.

Recently, the Company has developed a fundamental alternative flowsheet design for the processing of its rare earth elements and critical minerals from coal deposits. This process is both proprietary and patent-pending and has been developed by our new internal critical minerals processing team. This design improves upon the solvent extraction processing techniques previously modeled and outlined in the PEA prepared in July 2025 by the Fluor Corporation. Independent third-party testing, design, optimization and preparation of detailed economics for the change in flowsheet design, including a revised PEA being prepared by Hatch, are in process. This PEA will generate revised economics utilizing the new flowsheet. As part of this new flowsheet analysis, Hatch is expected to provide a pilot plant re-design of the interior infrastructure of the pilot plant. The subsequent more detailed pre-feasibility study, also being prepared by Hatch, is now expected for completion by late 2026.

In the fourth quarter of 2025, the Company announced an initiative to establish a Strategic Critical Minerals Terminal ("SCMT") at the Brook Mine. This initiative is being pursued to help the private and public sector overcome supply chain risks and ensure uninterrupted access to strategic materials. The SCMT is designed to position us to become the most comprehensive, vertically integrated upstream producer of critical minerals and rare earth elements in the United States. The SCMT is expected to provide long-term strategic stockpiling, storage, and inventory management solutions for our broad basket of critical minerals and rare earths.

Table of Contents

During 2025, our segment capital expenditures were $4.5 million compared to $0.2 million in 2024. The increase in capital expenditures was attributable to the continued expansion of the Brook Mine project.

No revenues have been recognized from the Company’s Rare Earths and Critical Minerals segment to date.

The activities at the Brook Mine may result in a material change to our operating results and financial condition in future periods as the project continues to develop. The future financial statement impact is largely dependent on the development activities described above and the subsequent achievement of commercial production. At this time, we are unable to estimate the potential financial impact to future periods.

Overview

Consolidated Results of Operations

Years ended December 31,

(In thousands, except per share amounts)

2025

2024

2023

Revenue

536,618

666,295

693,524

Costs and expenses

Cost of sales (exclusive of items shown separately below)

453,389

533,293

493,793

Asset retirement obligations accretion

1,667

1,465

1,403

Depreciation, depletion, and amortization

68,155

65,615

54,252

Selling, general and administrative expenses

69,363

49,286

48,831

Total costs and expenses

592,574

649,659

598,279

Operating (loss) income

(55,956)

16,636

95,245

Other income (expense), net

1,620

4,407

18,321

Interest expense, net

(7,804)

(6,123)

(8,903)

Income (loss) before tax

(62,140)

14,920

104,663

Income tax (benefit) expense

(10,694)

3,728

22,350

Net (loss) income

(51,446)

11,192

82,313

Earnings (loss) per common share

Basic - Single class (through 6/20/2023)

—

0.71

Basic - Class A

(0.99)

0.11

1.06

Total

(0.99)

0.11

1.77

Basic - Class B

(0.43)

0.50

0.42

Diluted - Single class (through 6/20/2023)

—

0.70

Diluted - Class A

(0.99)

0.11

1.03

Total

(0.99)

0.11

1.73

Diluted - Class B

(0.43)

0.47

0.40

Adjusted EBITDA*

36,055

105,792

182,126

Table of Contents

Net income and Adjusted EBITDA 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 to Non-GAAP Financial Measures below for an explanation of the Company’s calculation of Adjusted EBITDA.

Year Ended December 31, 2025 compared to Year Ended December 31, 2024

Our revenue includes sales to customers of Company-produced coal as well as smaller amounts of coal purchased from third parties. We include amounts billed by us for transportation to our customers within revenue and transportation costs incurred within cost of sales.

Revenue. Coal sales for the full-year 2025 were $536.6 million, approximately 19% lower than the same period in 2024 driven by the negative impact of pricing and a 4% decrease in tons sold. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in revenue. There are no revenues from rare earth elements and critical minerals at this time.

Refer to Note 2—Summary of Significant Accounting Policies—Concentrations and Note 10—Revenues in Item 8, Part II for additional information regarding sales to customers.

Cost of sales. Our cost of coal sales for the full-year was $453.4 million, approximately 15% lower than the same period in 2024 driven by the closure of the Jawbone mine in Q3 2024 and the idling of the Rockhouse Eagle mine and Laurel Fork mine in 2025. In addition, trucking costs were reduced at the Maben complex subsequent to commissioning in Q4 2024. See the “Metallurgical Coal Segment” section below for further discussion of year-over-year changes in cost of sales. There are no cost of sales from rare earth elements and critical minerals at this time.

Asset retirement obligation accretion. ARO accretion was $1.7 million for 2025 and was 14% higher than 2024 driven by an increase in asset retirement obligations incurred during the year.

Depreciation, depletion, and amortization. Depreciation, depletion, and amortization expense totaled $68.2 million in 2025 compared to $65.6 million in 2024. The increase in 2025 was due to the increases in plant and equipment and production versus 2024.

Selling, general and administrative (“SG&A”) expenses. SG&A expenses were $69.4 million for 2025 compared to $49.3 million for 2024. The increase in 2025 compared to 2024 was driven by an increase of approximately $9.1 million in professional service expenses, a $5.2 million increase in internal labor costs and $7.1 million in development costs which are each mainly attributable to the development of our rare earth element and critical minerals operations.

Other income (expense), net. Other income, net was $1.6 million in 2025 compared to $4.4 million in 2024. The net decrease in 2025 compared to 2024 is primarily driven by the $2.2 million recovery of previously incurred demurrage and other transportation-related matters in 2024, a $1.2 million lost coal recovery claim in 2024, and an actuarial gain of $0.5 million associated with the Company’s occupational disease benefit obligation in 2024 compared to a $0.2 million actuarial loss in 2025.

Interest expense, net. Interest expense, net was approximately $7.8 million in 2025 as compared to $6.1 million in 2024. The increase in net interest expense in 2025 was primarily due to the issuance of our Senior Notes due 2029 in late 2024.

Income tax expense. We recognized an income tax benefit of $10.7 million compared to an expense of $3.7 million in 2025 and 2024, respectively, driven by the decrease in income before taxes. Refer to Note 12—Income Taxes in Item 8, Part II for an explanation of differences versus the statutory rate of 21%.

Table of Contents

Year Ended December 31, 2024 compared to Year Ended December 31, 2023

Please see Part I, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our 2024 Annual Report on Form 10-K for a discussion of the results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023.

Segment Results

Metallurgical Coal Segment

Coal sales and Segment Adjusted EBITDA information is summarized as follows:

Years ended December 31,

(In thousands)

2025

2024

Increase (Decrease)

Revenue

536,618

666,295

(129,677)

Tons sold

3,834

3,989

(155)

Total revenue per ton sold (GAAP basis) (a)

140

167

(27)

Cost of sales

453,389

528,538

(75,149)

Tons sold

3,834

3,989

(155)

Total cost of sales per ton sold (GAAP basis) (a)

118

132

(14)

Segment Adjusted EBITDA (b)

69,389

119,514

(50,125)

(a) Refer to Non-GAAP Financial Measures below for supplemental calculations of revenue per ton sold (FOB mine) and cash cost per ton sold (FOB mine).

(b) Segment Adjusted EBITDA is management’s primary segment measure of profit or loss in assessing segment performance and deciding how to allocate the Company’s resources. See Note 14—Segment Reporting in Item 8, Part II for additional information on the calculation of Segment Adjusted EBITDA. Refer to Non-GAAP Financial Measures below for an explanation of the Company’s calculation of Segment Adjusted EBITDA.

Our revenue includes sales of Company-produced coal and coal purchased from third parties. We include amounts billed by us for transportation to our customers within revenue and transportation costs incurred within cost of sales.

Year Ended December 31, 2025 compared to Year Ended December 31, 2024

Revenue. Coal sales for the full-year 2025 were $536.6 million, approximately 19% lower than the same period in 2024 driven by the negative impact of pricing and a 4% decrease in tons sold. The decrease in tons sold is attributable to export markets, which decreased by 6% primarily due to timing differences in shipments to foreign customers. Revenue per ton sold decreased 16% from $167 per ton to $140 per ton while revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, also decreased 14% from $140 per ton to $120 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 was driven by the variability in index-based pricing for export sales. We expect metallurgical coal prices to remain volatile in the near term.

Cost of sales. Our cost of coal sales for the full-year was $453.4 million, approximately 14% lower than the same period in 2024 driven by the closure of the Jawbone mine in Q3 2024 and the idling of the Rockhouse Eagle mine and Laurel Fork mine in 2025. In addition, trucking costs were reduced at the Maben complex subsequent to commissioning in Q4 2024. Cost of sales per ton sold decreased 11% from $132 per ton to $118 per ton. Cash cost per ton sold (FOB mine), a non-GAAP measure which excludes transportation costs and idle mine costs, decreased 7% from $105 per ton

Table of Contents

to $98 per ton. Mine costs in 2024 were impacted negatively by challenging geology and labor constraints which improved during 2025.

Segment adjusted EBITDA. Segment adjusted EBITDA for the full-year 2025 was $69.4 million, approximately 42% lower than the same period in 2024 driven by the revenue and cost of sales items discussed above.

Rare Earths and Critical Minerals Segment

As of December 31, 2025, the Company has not recorded any revenues or cost of sales from the Rare Earths and Critical Minerals segment. Segment Adjusted EBITDA is shown below:

Year ended December 31,

(In thousands)

2025

2024

Increase (Decrease)

Segment Adjusted EBITDA (a)

(18,277)

(6,277)

(12,000)

(a) Segment Adjusted EBITDA is management’s primary segment measure of profit or loss in assessing segment performance and deciding how to allocate the Company’s resources. See Note 14--Segment Reporting in the notes to the unaudited Condensed Consolidated Financial Statements for additional information on the calculation of Segment Adjusted EBITDA. Refer to Non-GAAP Financial Measures below for an explanation of the Company’s calculation of Segment Adjusted EBITDA.

Segment adjusted EBITDA. Segment adjusted EBITDA for the full-year 2025 decreased by approximately $12.0 million compared to 2024 primarily driven by increased labor and professional service costs to develop the Brook Mine rare earth elements and critical minerals project in 2025.

Non-GAAP Financial Measures

Adjusted EBITDA. Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance.

We define Adjusted EBITDA as net income plus net interest expense; stock-based compensation; depreciation, depletion, and amortization expenses; income taxes; accretion of asset retirement obligations; and, when applicable, certain other non-operating and expense items that are non-recurring and not related to the underlying business performance. A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended

Table of Contents

to serve as a substitute to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.

Years ended December 31,

(In thousands)

2025

2024

2023

Reconciliation of Net Income to Adjusted EBITDA

Net (loss) income

(51,446)

11,192

82,313

Depreciation, depletion, and amortization

68,155

65,615

54,252

Interest expense, net

7,804

6,123

8,903

Income tax (benefit) expense

(10,694)

3,728

22,350

EBITDA

13,819

86,658

167,818

Stock-based compensation

17,569

17,466

12,905

Other non-operating (a)

500

203

—

Other expense (b)

2,500

—

Accretion of asset retirement obligation

1,667

1,465

1,403

Adjusted EBITDA

36,055

105,792

182,126

(a) Represents income tax penalties and charitable contributions.

(b) Represents non-recurring expenses incurred in connection with the structuring of a strategic critical minerals terminal.

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

Year ended December 31,

(In thousands)

2025

2024

Increase (Decrease)

Metallurgical Coal Segment

Revenue

536,618

666,295

(129,677)

Less: Adjustments to reconcile to Non-GAAP revenue (FOB mine)

Transportation

75,070

107,031

(31,961)

Non-GAAP revenue (FOB mine)

461,548

559,264

(97,716)

Tons sold

3,834

3,989

(155)

Non-GAAP revenue per ton sold (FOB mine)

120

140

(20)

Refer to coal sales information for revenue per ton sold (GAAP basis) calculations.

Table of Contents

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

Year ended December 31,

(In thousands)

2025

2024

Increase (Decrease)

Metallurgical Coal Segment

Cost of Sales:

453,389

528,538

(75,149)

Less: Adjustments to reconcile to Non-GAAP cash cost of sales

Transportation costs

75,327

106,241

(30,914)

Idle and other costs

3,059

1,529

1,530

Non-GAAP cash cost of sales

375,003

420,768

(45,765)

Tons sold

3,834

3,989

(155)

Non-GAAP cash cost per ton sold (FOB mine)

105

(7)

Refer to coal sales information for cost per ton sold (GAAP basis) calculations.

2026 Sales Commitments

As of December 31, 2025, we had entered into forward sales contracts for approximately 1.1 million tons to North American customers at an average fixed price of $142 per ton, excluding freight, and 1.2 million additional tons to export customers priced against various benchmark indices. The Company expects to satisfy approximately 97% of these commitments in 2026 and the remainder in 2027. Sales commitments of another 0.8 million tons were obtained subsequent to December 31, 2025.

The annual contracting season with North American steel producers generally occurs in late-summer through the fall. As stated above, we had entered into forward sales contracts with certain North American customers at an average fixed price of $142 per ton, excluding freight, as of December 31, 2025. This is lower than the average fixed price of $152 per ton, excluding freight, that was obtained during the previous contracting season for North America.

Liquidity and Capital Resources

Our primary source of cash is proceeds from the sale of our coal production to customers and financing activities. Our primary uses of cash include the investment in the development of our rare earth elements and critical mineral platform, cash costs of coal production, capital expenditures, acquisitions, royalty payments, and other operating expenditures.

Table of Contents

Cash flow information is as follows:

Years ended December 31,

(In thousands)

2025

2024

2023

Consolidated statement of cash flow data:

Cash flows from operating activities

1,969

112,665

161,036

Cash flows used in investing activities

(83,665)

(70,835)

(72,211)

Cash flows from (used in) financing activities

489,041

(50,788)

(82,517)

Net change in cash and cash equivalents and restricted cash

407,345

(8,958)

6,308

Cash flows provided by operating activities during 2025 decreased $110.7 million versus the prior year driven by lower cash earnings. Changes in operating assets and liabilities were unfavorable on a net basis by approximately $39.4 million compared to the prior year, which was driven by increases to inventory in the current year.

Net cash used for investing activities during 2025 increased by $12.8 million versus the prior year primarily due to land and mineral acquisitions of approximately $18.5 million in 2025, offset by $4.5 million lower capital expenditures in 2025 compared to 2024. The decrease in capital expenditures was due to the Company’s continued progress related to strategic growth projects and, therefore, the need for less growth capital expenditures.

Net cash from financing activities was $539.8 million higher in 2025 versus 2024, primarily due to approximately $398.5 million in long-term debt proceeds, net of $11.5 million in issuance costs, partially offset by $32.8 million of capped call purchases in conjunction with the Company’s convertible debt issuance during the period. The Company repaid $34.5 million in previously existing long-term debt during 2025. In 2024, the Company issued long-term debt resulting in net cash proceeds of $55.2 million and had net revolver repayments of 56.5 million. In addition, the Company completed a common stock offering during 2025 resulting in $189.0 million in cash inflows during the period and paid approximately $20.3 million less cash dividends in 2025 compared to 2024.

On June 21, 2023, the Company distributed Class B common stock, a tracking stock, to provide existing holders of the Company’s common stock an opportunity to participate directly in the financial performance of the Company’s CORE assets on a stand-alone basis, separate from the Company’s metallurgical coal operations. CORE assets were acquired initially by the Company as part of the Company’s acquisition of Ramaco Coal in the second quarter of 2022. The financial performance of CORE assets consists of the following non-cost-bearing revenue streams based on the Company’s current expectations:

●

Royalty fees derived from the royalties associated with the Ramaco Coal and Amonate reserves, which we believe approximates 3% of Company-produced coal sales revenue excluding coal sales revenue from Knox Creek,

●

Infrastructure fees based on $5.00 per ton of coal processed at our preparation plants and $2.50 per ton of loaded coal at the Company’s rail load-out facilities, and

●

Future income derived, if and when realized, from rare earth elements, critical minerals, and advanced carbon products initiatives.

Dividends paid on the tracking stock allow the Company to return to Class B common stockholders a portion of the savings from royalties and infrastructure usage fees resulting from the acquisition of Ramaco Coal. In addition, the tracking stock provides an opportunity for Class B common stockholders to participate directly in the potential revenue growth associated with the development of carbon products and rare earth elements. Separate financial statements for CORE have not been included as exhibits to this filing since CORE’s financial performance and dividends will be evaluated based on non-cost-bearing revenue streams, at least initially, and other potential forms of passive income rather than reduced by allocated costs and expenses.

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

Table of Contents

Three months ended December 31,

Year ended December 31,

(In thousands)

2025

2024

2025

2024

Royalties

Ramaco Coal

2,217

2,569

9,980

10,817

Amonate Assets

812

625

2,936

4,023

Other

—

Total Royalties

3,029

3,201

12,928

14,883

Infrastructure Fees

Preparation Plants (Processing at $5.00/ton)

3,427

4,032

16,492

17,075

Rail Load-outs (Loading at $2.50/ton)

1,730

2,176

7,985

8,049

Total Infrastructure Fees (at $7.50/ton)

5,157

6,208

24,477

25,124

CORE Royalty and Infrastructure Fees

8,186

9,409

37,405

40,007

Total Cash Available for Dividend for Class B Common Stock

8,186

9,409

37,405

40,007

20% of Cash Available for Dividend for Class B Common Stock

1,637

1,882

7,481

8,001

Refer to Part II, Item 8, Note 15 for information regarding dividends declared subsequent to the date of the financial statements.

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.

Restricted cash balances at December 31, 2025 and December 31, 2024 were both $0.8 million and consisted of funds held in escrow for potential future workers’ compensation claims. Restricted cash balances were included in other current assets on the Consolidated Balance Sheets.

Please see Part I, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our 2024 Annual Report on Form 10-K for a discussion of the Company’s cash flows for the year ended December 31, 2024 as compared to the year ended December 31, 2023.

Indebtedness

At December 31, 2025, we had $467.5 million of outstanding debts, or $451.4 million net of unamortized issuance costs. Our indebtedness was comprised of $122.5 million of senior note debt ($116.6 million net of unamortized discounts and issuance costs), $345.0 million of convertible senior note debt ($334.8 million net of unamortized discounts and issuance costs), and less than $0.1 million debt related to various equipment loans. Of these amounts, less than $0.1 million is contractually due in 2026.

The Company’s net outstanding debt increased $363.2 million in 2025 due to the issuance of $65.0 million of 8.250% Senior Unsecured Notes due 2030 (the 2030 Senior Notes), offset by the repayment of $34.5 million of 9.00% Senior Unsecured Notes due 2026, and $345.0 million of 0.0% Convertible Senior Notes due 2031 (the 2031 Convertible Senior Notes). Revolver borrowings, which are typically used for the management of our normal operating cash position, were repaid in full at December 31, 2025.

Table of Contents

The Company completed the public offering of 2030 Senior Notes on July 31, 2025 at an aggregate principal amount of $57.0 million with an option for the underwriters to purchase an additional $8 million of aggregate principal, which was exercised by the underwriters on August 1, 2025. The 2030 Senior Notes mature on July 31, 2030, unless redeemed prior to maturity and bear interest at a rate of 8.25% per annum, payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing on October 30, 2025. The Company may redeem the 2030 Senior Notes in whole or in part, at the Company’s option, at any time on or after July 31, 2027, or upon certain change of control events, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest to, but not including, the date of redemption. Issuance-related costs for the 2030 Senior Notes included underwriters’ fees, attorney, accounting and filing costs totaling $3.5 million. The net proceeds were used to redeem all of the Company’s outstanding 9.00% Senior Notes Due 2026, with remaining proceeds to be used for general corporate purposes, including funding the acceleration of rare earth development, funding future investments, making capital expenditures, and funding working capital.

The Company completed the public offering of 2031 Convertible Senior Notes on November 4, 2025 at an aggregate principal amount of $300.0 million with an option for the underwriters to purchase an additional $45.0 million of aggregate principal, which was exercised by the underwriters on November 5, 2025. The 2031 Convertible Senior Notes do not bear regular interest and the principal amount does not accrete. The 2031 Convertible Senior Notes mature on November 1, 2031, unless earlier repurchased, redeemed or converted. Issuance-related costs for the 2031 Convertible Senior Notes included underwriters’ fees, attorney, accounting and filing costs totaling $10.5 million. Approximately $32.8 million of the net proceeds were used to fund the cost of entering into capped call transactions in conjunction with the issuance. We intend to use the remainder of the net proceeds to fund the development of our rare earth elements and critical minerals project, for strategic growth opportunities and for general corporate purposes.

Before August 1, 2031, noteholders will have the right to convert their 2031 Convertible Senior Notes only upon the occurrence of certain events. From and after August 1, 2031, noteholders may convert their 2031 Convertible Senior Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its Class A common stock or a combination of cash and shares of its Class A common stock, at the Company’s election. The initial conversion rate will be 30.5460 shares of the Class A Common Stock per $1,000 principal amount of 2031 Convertible Senior Notes, which represents an initial conversion price of approximately $32.74 per share of the Class A common stock.

The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition, upon a Make-Whole Fundamental Change (as defined in the indenture governing the 2031 Convertible Senior Notes), the conversion rate may be increased for a specified period of time based on the trading price of the Company’s Class A common stock. The maximum increase to the conversion rate in such an event is 41.2371 shares per $1,000 principal amount, which results in up to approximately 14,226,800 additional shares if all 2031 Convertible Senior Notes are converted during such period and fully settled in shares.

The 2031 Convertible Senior Notes are redeemable, in whole or in part, at the Company’s option at any time on or after November 6, 2028, and on or before the 40th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Class A common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days during the 30 consecutive trading days ending on the trading day immediately before the date the Company sends the related redemption notice; and (2) the trading day immediately before the date the Company sends such redemption notice. In addition, calling (or the deemed calling of) any convertible note for redemption will constitute a Make-Whole Fundamental Change with respect to that convertible note, in which case the conversion rate will be increased in certain circumstances if it is converted after it is called for redemption.

In addition to the debts discussed above, the Company finances the payment of premiums associated with various insurance policies. The Company’s liability at December 31, 2025 was $4.0 million, which must be repaid in 2026.

Table of Contents

The Company also has various finance leases for mining equipment, which generally include terms from three to five years. The Company’s total lease liability minimums for finance leases at December 31, 2025 was $19.1 million, which includes $7.7 million due in 2026 and $11.4 million due thereafter.

Refer to Note 6—Debt and Note 7—Leases in Item 8, Part II for additional information on indebtedness and leases.

In the normal course of business, we are a party to certain off-balance sheet arrangements, such as bank letters of credit and performance or surety bonds. Liabilities related to these arrangements are not reflected in Consolidated Balance Sheets, and we do not expect any material adverse effects on our financial condition, results of operations, or cash flows to result from these arrangements. We primarily use surety bonds to secure our financial obligations related to reclamation and other matters. Total surety bonds outstanding at December 31, 2025 were approximately $36.0 million.

Liquidity

On December 30, 2025, the Company entered into a Third Amended and Restated Credit and Security Agreement, which includes KeyBank National Association and multiple lending parties, in order to, among other things, extend the maturity date and increase the size of the facility. The amended facility has a maturity date of December 30, 2030 (subject to a springing maturity tied to convertible indebtedness), and provides an initial aggregate revolving commitment of $350.0 million as well as an accordion feature to increase the size by an additional $150.0 million subject to certain terms and conditions, including lenders’ consent. The amended facility provides the Company with additional flexibility to pursue further growth in production while meeting normal operating requirements. The terms of the amended facility also require the Company to maintain certain covenants, including fixed charge coverage ratio and compensating balance requirements. Borrowings under the amended facility may not exceed the borrowing base as determined under the amended formula included in the agreement.

At December 31, 2025, we had $440.3 million of cash and cash equivalents and $80.7 million of 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 is party to an arrangement that began in 2023 whereby our cash and cash equivalents are placed at various banks in amounts no greater than the $250,000 FDIC-insured limit to help safeguard against potential losses in the financial sector. The Company’s total current assets were $597.6 million and were in excess of total current liabilities by $488.1 million as of the balance sheet date.

The terms of the Revolving Credit Facility include covenants limiting the ability of the Company to incur additional indebtedness, make investments or loans, incur liens, consummate mergers and similar fundamental changes, make restricted payments, and enter into transactions with affiliates. The terms of the facility also require the Company to maintain certain covenants, including a fixed charge coverage ratio and compensating balance requirements. A fixed charge coverage ratio of not less than 1.10:1.00 must be maintained by the Company during any period when excess availability is less than 12.5% of the maximum borrowing amount, tested as of quarter-end for the trailing four fiscal quarters. In addition, the Company must maintain an average daily cash balance of $5.0 million, as determined on a monthly basis, in a dedicated account as well as an additional $1.5 million and $1.0 million in separate dedicated accounts to assure future credit availability. At December 31, 2025, the Company was in compliance with all debt covenants under the Revolving Credit Facility.

As stated earlier, our primary use of cash includes our investment in the development of our rare earth elements and critical mineral platform, capital expenditures for mine development, infrastructure, and equipment as well as ongoing operating expenses. As of the date of this Annual Report, 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 the

Table of Contents

Revolving Credit Facility, and projected cash flows from operations. Factors that could adversely impact our future liquidity and ability to carry out our capital expenditure program include the following:

●

Project overruns related to the development of the Brook Mine, including but not limited to increased costs to extract and process rare earth elements and critical minerals into oxides and other products

●

Timely delivery of our product by rail and other transportation carriers;

●

Late payments of accounts receivable by our customers;

●

Cost overruns in our purchases of equipment needed to complete our mine development plans;

●

Delays in completion of development of our various mines, processing plants and refuse disposal facilities, which would reduce the coal we would have available to sell and our cash flow from operations; and

●

Adverse changes in the metallurgical coal markets that would reduce the expected cash flow from operations.

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.

On August 5, 2025, the Company filed an automatic shelf registration statement, which was effective upon filing, to sell any combination of Class A common stock, Class B common stock, preferred stock, depositary shares, debt securities, warrants, and rights. No securities may be sold until a prospectus supplement describing the method and terms of any future offering is delivered

Working Capital

Accounts receivable was $54.4 million at December 31, 2025, which declined $19.2 million versus December 31, 2024 driven by the $42.9 million decrease in fourth quarter revenues year over year. Inventories were $87.2 million at December 31, 2025, which were $43.8 million higher versus December 31, 2024 driven by increased production and decreased sales. Accounts payable were $41.6 million at December 31, 2025, down $7.3 million from December 31, 2024 due to variations in spending and the timing of vendor payments.

Capital Requirements

During 2025 we spent $64.3 million for capital additions, net of grant proceeds of $0.2 million, compared to $68.8 million during 2024. The decrease in 2025 was due largely due to the substantial progress made by the Company in achieving its initiatives to grow production.

We anticipate capital expenditures of approximately $85-90 million in 2026, which includes roughly $40 million of growth capital related to our commercialization efforts in Wyoming and the increase in production at our low volatile metallurgical coal complexes.

Contractual Obligations

The following table summarizes our significant contractual obligations at December 31, 2025:

Payments due by period

2 – 3

4 – 5

More than 5

(In thousands)

Total

1 year

years

Minimum coal lease and royalty obligations

31,873

3,711

7,422

13,318

Debt, excluding interest

467,556

—

122,500

345,000

Insurance financing

4,042

—

Leases

20,396

8,146

9,517

2,733

—

Take-or-pay obligations

12,318

6,292

6,026

—

Total

536,186

22,247

22,965

132,655

358,318

Table of Contents

Minimum royalties represent the contractual minimum amounts to be paid monthly, quarterly or annually for the right to access mineral properties and mine certain reserves and resources. The amounts are generally recoupable against future production royalties to be paid.

Refer to the previous discussion of Indebtedness above for additional information regarding the Company’s outstanding debt, insurance financing, and finance leases. Leases payments in the table above include payments for both financing and operating leases.

Take-or-pay obligations represent those liquidated damage obligations as determined by contract volume minimums for transportation of coal at the representative rates of transportation or a portion thereof. Additional take-or-pay commitments are currently in negotiation and are not reflected in the table above.

Asset retirement obligations have been excluded from the table above. Accounting for asset retirement obligations requires a number of estimates, including the amount and timing of payments to satisfy the obligation. The total liability recognized on the Company’s balance sheet for asset retirement obligations was $34.9 million at December 31, 2025. Refer to Critical Accounting Policies and Estimates below as well as Note 4—Asset Retirement Obligations in Item 8, Part II for additional information.

Estimated payments related to worker’s compensation and occupational disease obligations have also been excluded from the table above. Refer to Critical Accounting Policies and Estimates below for additional information related to these obligations. Refer also to Note 5—Accrued Liabilities and Other Liabilities in Item 8, Part II for additional information.

Critical Accounting Policies and Estimates

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.

Coal Reserves. Our coal reserves and resources are generally updated on an annual basis. There are numerous uncertainties inherent in estimating quantities and values of coal reserves and resources, including many factors beyond our control. As a result, estimates of coal reserves and resources are by their nature uncertain. Information about our reserves and resources consists of estimates based on engineering, economic, and geological data assembled by third-party qualified persons. Information used to determine recoverable reserves and resources include geological conditions, historical production from the area compared with production from other producing areas, assumed effects of regulations and taxes by governmental agencies, assumptions governing future prices, and future operating costs. Each of these may in fact vary considerably from the assumptions used in estimating reserves and resources. For these reasons, estimates of economically recoverable quantities of coal attributable to a particular group of properties, and classification of these reserves and resources based on risk of recovery and estimates of future net cash flows, may vary substantially. Actual production, revenues, and expenditures with respect to reserves and resources will likely vary from estimates and these variances may be material. Variances could affect our projected future revenues and expenditures, valuation of coal reserves and resources, and amortization and depletion of mine development costs and mineral rights.

Asset Retirement Obligations. We initially recognize as a liability an asset retirement obligation, or ARO, associated with the retirement of a tangible long-lived asset in the period in which it is incurred or a reasonable estimate of fair value can be made, with an associated increase in the carrying amount of the related long-lived asset. The initially recognized asset retirement cost is amortized using the same method and useful life as the long-lived asset to which it relates. Accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value. The liability is reduced as the reclamation work is performed and the related costs are applied.

Estimating the ARO requires management to make estimates and judgments regarding timing and existence of a liability, as well as what constitutes adequate restoration. Inherent in the fair value calculation are numerous assumptions

100

Table of Contents

and judgments including the ultimate costs, inflation factors, credit-adjusted discount rates, and the timing of the related cash flows. On at least an annual basis, we review our ARO liabilities and make necessary adjustments for significant increases in disturbed acreage, mining permit changes, significant mine plan revisions, and changes in cost estimates or timing of performance. To the extent future revisions are made to the ARO liability, a corresponding adjustment is made to the related asset.

If our assumptions differ from actual experience, or if changes in the regulatory environment occur, our actual cash expenditures and costs that we incur could be materially different than currently estimated.

Occupational Disease (Pneumoconiosis) Obligations. We recognize as a liability to provide for occupational illness (pneumoconiosis) benefits to eligible employees, former employees and dependents as required by the Mine Act. The occupational illness benefit obligation represents the present value of the actuarially computed liabilities for such benefits over the employees’ applicable years of service.

Estimating the future occupational disease (pneumoconiosis) benefits requires management to make estimates and judgments regarding timing and existence of a liability utilizing third-party actuaries to assist in preparing what constitutes adequate liability amounts. Inherent in the calculation are numerous assumptions and judgments including the ultimate costs, mortality factors, credit-adjusted discount rates, and timing of settlement. These estimates are subject to uncertainty due to a variety of factors, including limited Ramaco-specific claim volume, developments regarding medicine and treatment, and future cost trends. As a result, volatility in future estimates may occur and actual costs could differ significantly from the estimated amounts. The Company recognized a $0.2 million actuarial loss in the fourth quarter of 2025 due in part to a 0.3% decrease in the discount rate assumption.

Impairment of Long-lived Assets. We review our held-and-used long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which are generally at the mine level or at the mining complex level for mines that share infrastructure and/or developed access.

Events and circumstances that may trigger a recoverability assessment include, but are not limited to, a current expectation that a long-lived asset will be disposed of significantly before the end of its previously estimated useful life, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in the physical condition of the asset(s), and an accumulation of costs significantly in excess of the amount originally expected. We generally do not view short-term declines in metallurgical coal prices as a triggering event for conducting impairment tests because of historic price volatility. In addition, a temporary idling of operations at a particular mine or complex may or may not be viewed as a triggering event depending on the remaining life of the mine, the length of time the mine is expected to be idle, and the amount of incremental costs expected to resume operations.

When events or changes in circumstances occur that trigger a recoverability test, the test is performed by comparing projected undiscounted cash flows from the use and eventual disposition of an asset or asset group to its carrying amount. If the projected undiscounted cash flows are less than the carrying amount, an impairment loss is recorded for the excess of the carrying amount over the estimated fair value of the asset or asset group, if any.

We make various assumptions, including assumptions regarding future cash flows in our assessments of long-lived assets for impairment. The assumptions about future cash flows and growth rates are based on the current and long-term business plans related to the long-lived assets.

Income Taxes. We are required to estimate the amount of tax payable or refundable for the current year and the deferred income tax liabilities and assets for future consequences of events that have been reflected in our financial statements or tax returns for each tax paying jurisdiction in which we operate. This process requires management to make judgments regarding the timing and probability of the ultimate tax impact of various agreements and transactions. We initially recognize the effects of a tax position when it is more than 50% likely, based on the technical merits that the position will be sustained upon examination. Our determination of whether or not a tax position has met the recognition threshold depends on the facts, circumstances, and information available at the reporting date.

101

Table of Contents

We provide for deferred income taxes for temporary differences arising from differences between the financial statement and tax basis of assets and liabilities existing at each balance sheet date using enacted tax rates. A valuation allowance may be recorded to reflect the amount of future tax benefits that management believes are not likely to be realized. The assessment takes into account expectations of future taxable income or loss, available tax planning strategies and the reversal of temporary differences. The development of these expectations involves the use of estimates such as production levels, operating profitability, timing of development activities and the cost and timing of reclamation work. If actual outcomes differ from our expectations, we may record an additional valuation allowance through income tax expense in the period such determination is made. The Company had no valuation allowance at December 31, 2025.

Actual income taxes could vary from the estimates and judgments above due to future changes in income tax law, significant changes in the jurisdictions in which we operate, our ability to generate sufficient future taxable income, or unpredicted results from the final determination of each year’s liability by taxing authorities. These changes could have a significant impact on our financial position.

Recent Accounting Pronouncements. See Note 2—Summary of Significant Accounting Policies—Recent Accounting Pronouncements in Item 8, Part II.