# EDGAR Filing Document

**Accession Number:** 0001687187
**File Stem:** 0001213900-25-102891
**Filing Date:** 2025-10
**Character Count:** 275795
**Document Hash:** ce3e9c9241b6d06413fac2bd1b7a7548
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-102891.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001213900-25-102891

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ramaco Resources, Inc.
- **CENTRAL INDEX KEY:** 0001687187
- **STANDARD INDUSTRIAL CLASSIFICATION:** BITUMINOUS COAL & LIGNITE MINING [1220]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38003
- **FILM NUMBER:** 251422098

**BUSINESS ADDRESS:**
- **STREET 1:** 250 WEST MAIN STREET
- **STREET 2:** SUITE 1800
- **CITY:** LEXINGTON
- **STATE:** KY
- **ZIP:** 40507
- **BUSINESS PHONE:** (859) 244-7455

**MAIL ADDRESS:**
- **STREET 1:** 250 WEST MAIN STREET
- **STREET 2:** SUITE 1800
- **CITY:** LEXINGTON
- **STATE:** KY
- **ZIP:** 40507

?xml version='1.0' encoding='ASCII'?

**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 September 30, 2025**

or

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp; to**

**Commission File Number: 001-38003**

**RAMACO RESOURCES, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **38-4018838** |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification No.) |
| **250 West Main Street, Suite 1900** |  |
| **Lexington, Kentucky** | **40507** |
| (Address of principal executive offices) | (Zip code) |

---

**(859) 244-7455 (Registrant's telephone number, including area code)**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Class A Common Stock, $0.01 par value** | **METC** | **NASDAQ Global Select Market** |
| **Class B Common Stock, $0.01 par value** | **METCB** | **NASDAQ Global Select Market** |
| **8.375% Senior Notes due 2029** | **METCZ** | **NASDAQ Global Select Market** |
| **8.250% Senior Notes due 2030** | **METCI** | **NASDAQ Global Select Market** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☒ <br> Non-accelerated filer ☐ Smaller reporting company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

As of October 27, 2025, the registrant had 55,159,985 and 10,842,581 outstanding shares of Class A and Class B common stock, respectively.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **[PART I. FINANCIAL INFORMATION](#a_001)** | **[PART I. FINANCIAL INFORMATION](#a_001)** |  |
| Item 1. | [Financial Statements](#a_002) | 1 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_003) | 21 |
| Item 3. | [Quantitative and Qualitative Disclosures about Market Risk](#a_004) | 31 |
| Item 4. | [Controls and Procedures](#a_005) | 31 |
| **[PART II. OTHER INFORMATION](#a_006)** | **[PART II. OTHER INFORMATION](#a_006)** |  |
| Item 1. | [Legal Proceedings](#a_007) | 32 |
| Item 1A. | [Risk Factors](#a_008) | 32 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_009) | 34 |
| Item 3. | [Defaults Upon Senior Securities](#a_010) | 34 |
| Item 4. | [Mine Safety Disclosures](#a_011) | 34 |
| Item 5. | [Other Information](#a_012) | 34 |
| Item 6. | [Exhibits](#a_013) | 35 |
| [SIGNATURES](#a_014) | [SIGNATURES](#a_014) | 36 |

---

i

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q (this "Quarterly Report") includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact included in this report, regarding our strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans, and objectives of management are forward-looking statements. When used in this Quarterly Report, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under, but not limited to, the heading "Item 1A. Risk Factors" included in this Quarterly Report and elsewhere in the Annual Report of Ramaco Resources, Inc. (the "Company") on Form 10-K for the year ended December 31, 2024 (the "Annual Report") filed with the United States Securities and Exchange Commission (the "SEC") on March 17, 2025, as well as other filings of the Company with the SEC.

Forward-looking statements may include statements about:

● the expected commercialization of rare earth elements and critical minerals operations;

● identification and implementation of commercially feasible extraction processes, and establishment of pilot and commercial production extraction facilities;

● anticipated coal and rare earth elements and critical mineral oxide production levels, costs, sales volumes, and revenue;

● timing and ability to complete major capital projects;

● economic conditions in the metallurgical coal, steel, and rare earth elements and critical mineral industries;

● expected costs to develop planned and future mining operations, including the costs to construct necessary processing, refuse disposal and transport facilities;

● the availability of the equipment and components necessary to construct our pilot and commercial production extraction facilities;

● estimated quantities or quality of our metallurgical reserves and rare earth elements and critical minerals resources;

● our ability to obtain additional financing on favorable terms, if required, to complete the acquisition of additional metallurgical coal reserves or to fund the operations and growth of our business, including our rare earth and critical mineral operations;

● maintenance, operating or other expenses or changes in the timing thereof;

● the financial condition and liquidity of our customers;

● competition in coal and rare earth elements and critical mineral markets;

● the price and demand for metallurgical coal, thermal coal, and rare earth elements and critical mineral oxides;

● compliance with stringent domestic and foreign laws and regulations, including environmental, climate change and health and safety regulations, and permitting requirements, as well as changes in the regulatory environment, the adoption of new or revised laws, regulations and permitting requirements;

● potential legal proceedings and regulatory inquiries against us;

● the impact of weather and natural disasters on plant construction, demand, production, and transportation;

ii

● purchases by major customers and our ability to renew sales contracts;

● credit and performance risks associated with customers, suppliers, contract miners, co-shippers and traders, banks, and other financial counterparties;

● geologic, equipment, permitting, site access and operational risks and new technologies related to coal mining, REE and critical minerals mining and mining in general;

● transportation availability, performance, and costs;

● availability, timing of delivery and costs of key supplies, capital equipment or commodities such as diesel fuel, steel, explosives, and tires;

● timely review and approval of permits, permit renewals, extensions, and amendments by regulatory authorities;

● our ability to comply with certain debt covenants;

● tax payments to be paid for the current fiscal year;

● our expectations relating to dividend payments and our ability to make such payments;

● the anticipated benefits and impacts of previous acquisitions;

● risks related to Russia's invasion of Ukraine and the international community's response;

● our ability to successfully pursue our rare earth element mining, processing, refining, and commercialization activities which is a type of mining we have not previously pursued;

● the impacts of trade policy in the United States, China or other countries;

● risks related to weakened global economic conditions and inflation;

● risks related to the Company's tracking stock structure and separate performance of its Carbon Ore-Rare Earth ("CORE") assets; and

● other risks identified in this Quarterly Report and in our Form 10-K that are not historical.

We caution you that these forward-looking statements are subject to a number of risks, uncertainties, and assumptions, which are difficult to predict and many of which are beyond our control, incident to the development, production, gathering and sale of coal. Moreover, we operate in a very competitive and rapidly changing environment and additional risks may arise from time to time. It is not possible for our management to predict all of the risks associated with our business, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Although we believe that our plans, intentions, and expectations reflected in or suggested by the forward-looking statements we make in this Quarterly Report are reasonable, we can give no assurance that these plans, intentions, or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

All forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary statement and speak only as of the date of this Quarterly Report. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report.

iii

PART I - FINANCIAL INFORMATION

**Item 1. *Financial Statements***

 ****

**Ramaco Resources, Inc.**

**Unaudited Condensed Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| *In thousands, except share and per share information* | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Assets |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $193846 | $33009 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 43612 | 73582 |
| &nbsp;&nbsp;&nbsp;Inventories | 81574 | 43358 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other | 9695 | 17685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 328727 | 167634 |
| Property, plant, and equipment, net | 489170 | 482019 |
| Financing lease right-of-use assets, net | 19808 | 12437 |
| Advanced coal royalties | 5446 | 4709 |
| Other | 6504 | 7887 |
| Total Assets | $849655 | $674686 |
| Liabilities and Stockholders' Equity |  |  |
| Liabilities |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $41675 | $48855 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 58467 | 61659 |
| &nbsp;&nbsp;&nbsp;Current portion of asset retirement obligations | 1035 | 1035 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | 140 | 359 |
| &nbsp;&nbsp;&nbsp;Current portion of financing lease obligations | 8966 | 6218 |
| &nbsp;&nbsp;&nbsp;Insurance financing liability | 283 | 4302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 110566 | 122428 |
| Long-term asset retirement obligations | 31208 | 30052 |
| Long-term equipment loans | - | 57 |
| Long-term borrowings on revolving credit facility | - | - |
| Long-term financing lease obligations | 10955 | 7517 |
| Senior notes, net | 116316 | 88135 |
| Deferred tax liability, net | 46386 | 56027 |
| Other long-term liabilities | 7312 | 7664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 322743 | 311880 |
| Commitments and contingencies |  |  |
| Stockholders' Equity |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding | - | - |
| &nbsp;&nbsp;&nbsp;Class A common stock, $0.01 par value, 225,000,000 shares authorized, 55,169,250 at September 30, 2025 and 43,824,999 at December 31, 2024 shares issued and outstanding | 445 | 438 |
| &nbsp;&nbsp;&nbsp;Class B common stock, $0.01 par value, 35,000,000 shares authorized, 10,842,811 at September 30, 2025 and 9,549,914 at December 31, 2024 shares issued and outstanding | 104 | 95 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 509272 | 292739 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 17091 | 69534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 526912 | 362806 |
| Total Liabilities and Stockholders' Equity | $849655 | $674686 |

---

 ****

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

 

 

**Ramaco Resources, Inc.**

**Unaudited Condensed Consolidated Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| <br>*In thousands, except per-share amounts* | **2025** | **2024** | **2025** | **2024** |
| Revenue | $120996 | $167411 | $408611 | $495403 |
| Costs and expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of sales (exclusive of items shown separately below) | 101842 | 134731 | 346326 | 397214 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations accretion | 402 | 354 | 1206 | 1063 |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 17091 | 17811 | 51671 | 48909 |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative | 16143 | 12921 | 49757 | 37932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 135478 | 165817 | 448960 | 485118 |
| Operating (loss) income | (14482) | 1594 | (40349) | 10285 |
| Other income (expense), net | 125 | (76) | 1288 | 3075 |
| Interest expense, net | (2250) | (1696) | (7298) | (4509) |
| (Loss) Income before tax | (16607) | (178) | (46359) | 8851 |
| Income tax (benefit) expense | (3299) | 61 | (9618) | 1517 |
| Net (loss) income | $(13308) | $(239) | $(36741) | $7334 |
| Earnings (loss) per common share \* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic - Class A | $(0.25) | $(0.03) | $(0.74) | $0.05 |
| &nbsp;&nbsp;&nbsp;Basic - Class B | $(0.05) | $0.06 | $(0.36) | $0.48 |
| &nbsp;&nbsp;&nbsp;Diluted - Class A | $(0.25) | $(0.03) | $(0.74) | $0.05 |
| &nbsp;&nbsp;&nbsp;Diluted - Class B | $(0.05) | $0.06 | $(0.36) | $0.46 |

---

*\** *Refer to Notes 7 and 11 for dividends and earnings per common share information*

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

**Ramaco Resources, Inc.**

**Unaudited Condensed Consolidated Statements of Stockholders' Equity**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>*In thousands* | **Class A**<br>**Common**<br>**Stock** | **Class B**<br>**Common**<br>**Stock** | **Additional**<br>**Paid-**<br>**in Capital** |<br>**Retained**<br>**Earnings** | **Total**<br>**Stockholders'**<br>**Equity** |
| Balance at January 1, 2025 | $438 | $95 | $292739 | $69534 | $362806 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 6 | 1 | 3354 |  | 3361 |
| &nbsp;&nbsp;&nbsp;Shares surrendered for withholding taxes payable |  |  | (2680) |  | (2680) |
| &nbsp;&nbsp;&nbsp;Cash dividends and dividend equivalents declared |  |  |  | (1854) | (1854) |
| &nbsp;&nbsp;&nbsp;Non-cash dividends declared and distributed |  | 7 | 12899 | (6556) | 6350 |
| &nbsp;&nbsp;&nbsp;Non-cash dividends declared but not distributed |  |  |  | (3278) | (3278) |
| &nbsp;&nbsp;&nbsp;Net (loss) |  |  |  | (9457) | (9457) |
| Balance at March 31, 2025 | 444 | 103 | 306312 | 48389 | 355248 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 4751 |  | 4751 |
| &nbsp;&nbsp;&nbsp;Cash dividends and dividend equivalents declared |  |  |  | (1864) | (1864) |
| &nbsp;&nbsp;&nbsp;Non-cash dividends declared and distributed |  |  | 3278 |  | 3278 |
| &nbsp;&nbsp;&nbsp;Net (loss) |  |  |  | (13974) | (13974) |
| Balance at June 30, 2025 | 444 | 103 | 314341 | 32551 | 347439 |
| Stock-based compensation |  |  | 4731 |  | 4731 |
| &nbsp;&nbsp;&nbsp;Stock options exercised | 1 |  | 801 |  | 802 |
| &nbsp;&nbsp;&nbsp;Shares surrendered for withholding taxes payable |  |  | (811) |  | (811) |
| &nbsp;&nbsp;&nbsp;Non-cash dividends declared and distributed |  | 1 | 2123 | (2152) | (28) |
| &nbsp;&nbsp;&nbsp;Class A common stock equity issuance |  |  | 188087 |  | 188087 |
| &nbsp;&nbsp;&nbsp;Net (loss) |  |  |  | (13308) | (13308) |
| Balance at September 30, 2025 | $445 | $104 | $509272 | $17091 | $526912 |
| Balance at January 1, 2024 | $440 | $88 | $277133 | $91944 | $369605 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 4 |  | 4698 |  | 4702 |
| &nbsp;&nbsp;&nbsp;Shares surrendered for withholding taxes payable | (1) |  | (1869) |  | (1870) |
| &nbsp;&nbsp;&nbsp;Cash dividends and dividend equivalents declared |  |  |  | (2201) | (2201) |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  | 2032 | 2032 |
| Balance at March 31, 2024 | 443 | 88 | 279962 | 91775 | 372268 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 4583 |  | 4583 |
| &nbsp;&nbsp;&nbsp;Cash dividends and dividend equivalents declared |  |  |  | (8448) | (8448) |
| &nbsp;&nbsp;&nbsp;Shares surrendered for withholding taxes payable | (6) | (1) | (7811) |  | (7818) |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  | 5541 | 5541 |
| Balance at June 30, 2024 | 437 | 87 | 276734 | 88868 | 366126 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 3970 |  | 3970 |
| &nbsp;&nbsp;&nbsp;Stock options exercised | 1 |  | 533 |  | 534 |
| &nbsp;&nbsp;&nbsp;Shares surrendered for withholding taxes payable |  |  | (158) |  | (158) |
| &nbsp;&nbsp;&nbsp;Cash dividends and dividend equivalents declared |  |  |  | (8409) | (8409) |
| &nbsp;&nbsp;&nbsp;Net (loss) |  |  |  | (239) | (239) |
| Balance at September 30, 2024 | $438 | $87 | $281079 | $80220 | $361824 |

---

 

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

**Ramaco Resources, Inc.**

**Unaudited Condensed Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
| | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| <br>*In thousands* | **2025** | **2024** |
| Cash flows from (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) income | $(36741) | $7334 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligations | 1206 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 51671 | 48909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 1579 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 12844 | 13255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain)/loss on disposal of equipment | - | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (9641) | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 29970 | 33961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 7990 | 5895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (38216) | (15888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (285) | (2504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (3650) | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 3611 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from operating activities | 20338 | 96983 |
| Cash flows from (used in) investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (50139) | (44634) |
| &nbsp;&nbsp;&nbsp;Maben preparation plant capital expenditures | (1948) | (12288) |
| &nbsp;&nbsp;&nbsp;Capitalized interest | (939) | (998) |
| &nbsp;&nbsp;&nbsp;Mineral rights acquisition | (3378) | - |
| &nbsp;&nbsp;&nbsp;Other | 261 | (182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (56143) | (58102) |
| Cash flows from (used in) financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from equity offering | 189000 | - |
| &nbsp;&nbsp;&nbsp;Payment of equity offering costs | (913) | - |
| &nbsp;&nbsp;&nbsp;Proceeds from senior notes | 64931 | - |
| &nbsp;&nbsp;&nbsp;Proceeds from borrowings | 52000 | 136500 |
| &nbsp;&nbsp;&nbsp;Repayment of borrowings | (52282) | (149921) |
| &nbsp;&nbsp;&nbsp;Repayments of senior notes | (34500) | - |
| &nbsp;&nbsp;&nbsp;Proceeds from stock options exercised | 802 | 534 |
| &nbsp;&nbsp;&nbsp;Payment of dividends | (4340) | (24474) |
| &nbsp;&nbsp;&nbsp;Repayments of insurance financing | (4019) | (4032) |
| &nbsp;&nbsp;&nbsp;Repayments of equipment finance leases | (7041) | (6740) |
| &nbsp;&nbsp;&nbsp;Payment of debt issuance costs | (3505) | - |
| &nbsp;&nbsp;&nbsp;Shares surrendered for withholding taxes payable | (3491) | (9846) |
| Net cash from (used in) financing activities | 196642 | (57979) |
| Net change in cash and cash equivalents and restricted cash | 160837 | (19098) |
| Cash and cash equivalents and restricted cash, beginning of period | 33823 | 42781 |
| Cash and cash equivalents and restricted cash, end of period | $194660 | $23683 |
| Cash and cash equivalents | 193846 | 22864 |
| Restricted cash | 814 | 819 |
| Total cash, cash equivalents and restricted cash | 194660 | 23683 |
| Supplemental cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leased assets obtained under new financing leases | 13227 | 9187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures included in accounts payable and accrued liabilities | 8656 | 4584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued dividends and dividend equivalents payable | 34 | 735 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

 

 

**Ramaco Resources, Inc.**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**NOTE 1—BUSINESS AND BASIS OF PRESENTATION**

Ramaco Resources, Inc. (the "Company," "Ramaco," "we," "us" or "our,") is a Delaware corporation formed in October 2016. Our principal corporate and executive offices are located in Lexington, Kentucky with operational offices in Charleston, West Virginia and Sheridan, Wyoming. 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 development of our rare earth element and critical mineral operations near Sheridan, Wyoming (the "Brook Mine"). That mine has initially begun to produce representative ore material for short-term pilot-scale testing of the feedstock with the goal of ultimately establishing its rare earth element mineral reserves and resources for processing at a full-scale commercial processing facility into rare earth element and critical mineral oxides. Contiguous to the Brook Mine, the Company operates a carbon research facility related to the production of advanced carbon products and materials from coal. The Company's operations are organized into two reportable segments: Metallurgical Coal and Rare Earths and Critical Minerals. See Note 12, "Segment Reporting," for additional information.

*Basis of Presentation*—These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all the information and notes required by accounting principles generally accepted in the United States of America ("GAAP") for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024.

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company's financial position as of September 30, 2025, as well as the results of operations and cash flows for all periods presented. In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Intercompany balances and transactions between consolidated entities have been eliminated.

There were no material changes to the Company's significant accounting policies during the nine months ended September 30, 2025 other than the modification of its reportable segment structure described in Note 12, "Segment Reporting".

*Recent Accounting Pronouncements*—In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). The amendments in ASU 2023-09 require reporting entities to disclose annual income taxes paid, net of refunds, disaggregated by federal, state, and foreign taxes and to provide additional disaggregated information for individual jurisdictions that equal or exceed 5% of total income taxes paid, net of refunds. ASU 2023-09 also requires public business entities to disclose additional categories of information about federal, state, and foreign income taxes in their annual rate reconciliation table and provide more information about some categories if the quantitative threshold is met. The ASU will also require disclosure of amounts *and* percentages in the annual rate reconciliation table, rather than amounts *or* percentages, and will eliminate certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective starting with Ramaco's 2025 annual financial statements and may be applied prospectively to only the income tax disclosures provided for 2025 or retrospectively by providing revised disclosures for all periods presented. Early adoption is permitted. The Company is currently evaluating the impact of the ASU; however, incremental disclosures will be provided on a prospective basis in the Company's 2025 annual financial statements upon adoption.

In November 2024, the FASB issued ASU 2024-03, *Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses* ("ASU 2024-03"). The amendments in ASU 2024-03 require public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory, employee compensation, and depreciation, amortization, and depletion expenses for each caption on the income statement where such expenses are included. ASU 2024-03 is effective starting with the Company's 2027 annual financial statements and on a quarterly basis thereafter. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is currently evaluating the extent to which its disclosures will be affected by the ASU.

*Legislation*—On July 4, 2025, the One Big Beautiful Bill Act was enacted in the United States. The One Big Beautiful Bill Act includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through future years. It also added metallurgical coal to the list of "critical minerals" eligible for the section 45X Advanced Manufacturing Tax Credit which significantly alters the tax landscape for metallurgical coal. We expect the 2.5% tax credit to have a positive impact on the Company's net income when it becomes effective in 2026, however, we are currently assessing its impact on our consolidated financial statements.

**NOTE 2—CASH & CASH EQUIVALENTS**

*Cash & cash equivalents* consisted of the following:

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| | | |
|:---|:---|:---|
| *(In thousands)* | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Cash | $22818 | $33009 |
| U.S. Treasury securities | 171028 |  |
| Total cash & cash equivalents | $193846 | $33009 |

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As of September 30, 2025, U.S. Treasury securities held by the Company represent Level 1 securities within the fair value hierarchy and are measured at fair value.

**NOTE 3—INVENTORIES**

*Inventories* consisted of the following:

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| | | |
|:---|:---|:---|
| *(In thousands)* | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Raw coal | $24088 | $19709 |
| Saleable coal | 50230 | 17969 |
| Supplies | 7256 | 5680 |
| Total inventories | $81574 | $43358 |

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**NOTE 4—PROPERTY, PLANT AND EQUIPMENT**

*Property, plant, and equipment, net* consisted of the following:

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| | | |
|:---|:---|:---|
| *(In thousands)* | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Plant and equipment | $373891 | $331899 |
| Mining property and mineral rights | 123910 | 120532 |
| Construction in process | 17581 | 31048 |
| Capitalized mine development costs | 216609 | 199595 |
| Less: accumulated depreciation, depletion, and amortization | (242821) | (201055) |
| Total property, plant, and equipment, net | $489170 | $482019 |

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*Depreciation, depletion, and amortization* included:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| <br>*(In thousands)* | **2025** | **2024** | **2025** | **2024** |
| Depreciation of plant and equipment | $11031 | $9519 | $32289 | $27408 |
| Amortization of right of use assets (finance leases) | 2191 | 2648 | 6085 | 8025 |
| Amortization and depletion of capitalized mine development costs and mineral rights | 3869 | 5644 | 13297 | 13476 |
| &nbsp;&nbsp;&nbsp;Total depreciation, depletion, and amortization | $17091 | $17811 | $51671 | $48909 |

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**NOTE 5—DEBT**

*Long-term debt* consisted of the following:

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| | | |
|:---|:---|:---|
| *(In thousands)* | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Revolving Credit Facility | $— | $— |
| Equipment loans | 140 | 416 |
| Senior Notes, net | 116316 | 88135 |
| Total debt | $116456 | $88551 |
| Current portion of long-term debt | 140 | 359 |
| &nbsp;&nbsp;&nbsp;Total long-term debt | $116316 | $88192 |

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*Revolving Credit Facility—*On May 3, 2024, the Company entered into the First Amendment Agreement ("First Amendment Agreement") to the Second Amended and Restated Credit and Security Agreement (the "Credit Agreement"), which includes KeyBank National Association ("KeyBank") and multiple lending parties, in order to, among other things, extend the maturity date and increase the size of the facility. The amended facility (the "Revolving Credit Facility") has a maturity date of May 3, 2029, and provides an initial aggregate revolving commitment of $200.0 million as well as an accordion feature to increase the size by an additional $75.0 million subject to certain terms and conditions, including lenders' consent. Prior to the First Amendment Agreement, the facility had a maturity date of February 15, 2026, and an initial aggregate revolving commitment of $125.0 million as well as an accordion feature of $50.0 million.

On November 21, 2024, in order to facilitate the 2029 Note Offering described below, the Company entered into a Second Amendment Agreement, which, among other things, amended the Credit Agreement by increasing the amount of "Permitted Additional Unsecured Debt" (as defined in the Credit Agreement) from $45,000,000 to $75,000,000. On July 23, 2025, in order to facilitate the 2030 Note Offering described below, the Company entered into a Third Amendment Agreement, which, among other things, permitted the Company to incur additional indebtedness in the form of unsecured notes to be issued in the 2030 Notes Offering in an aggregate principal amount not to exceed $100.0 million (the "2030 Unsecured Note Basket"), conditioned upon the full redemption of the Company's 2026 Notes issued in July 2021, and reduced the amount of "Permitted Additional Unsecured Debt" from $75.0 million to $15.0 million plus the unused portion of the 2030 Unsecured Note Basket. On August 5, 2025, the Company entered into a Fourth Amendment Agreement, which, among other things, amended the Credit Agreement by removing all negative covenants relating to the issuance of equity securities by the Company. The borrowing base of the amended facility as of September 30, 2025 was $78.6 million based on eligible accounts receivable and inventory collateral and reserve requirements. There were no outstanding borrowings on the Revolving Credit Facility at September 30, 2025.

Revolving loans under the amended facility bear interest at either the base rate plus 2.0% or the Secured Overnight Financing Rate plus 2.5%. The base rate equals the highest of the administrative agent's prime rate, the Federal Funds Effective Rate plus 0.5%, or 3.0%. The effective interest rate for borrowings during the third quarter of 2025 was 6.83%.

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, calculated as of the last day of each fiscal quarter, must be maintained by the Company. 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 September 30, 2025, the Company was in compliance with all debt covenants under the Revolving Credit Facility.

*8.25% Senior Unsecured Notes due 2030—*On July 31, 2025, the Company completed a public offering of 8.25% Senior Unsecured Notes due 2030 (the "2030 Notes") having 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 Note Offering"). The 2030 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 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. The Notes were listed on the Nasdaq Global Select Market (the "NASDAQ") on August 1, 2025 under the symbol "METCI."

The net proceeds from the 2030 Note Offering were used to redeem in full all outstanding amounts under the Senior Notes due in 2026, with remaining proceeds to be used for general corporate purposes, including funding future investments, making capital expenditures and funding working capital. The remaining $34.5 million in aggregate principal of Senior Notes due in 2026 was repaid on July 31, 2025.

*8.375% Senior Unsecured Notes due 2029*—On November 27, 2024, the Company completed an offering of $50.0 million, in the aggregate, of 8.375% Senior Unsecured Notes due 2029 (the "2029 Notes") and on December 11, 2024, the Company closed on an additional $7.5 million of aggregate principal amount of 2029 Notes (the "2029 Note Offering"). The Company incurred transaction-related fees of $2.3 million and third-party debt issuance costs of $0.8 million. The 2029 Notes mature on November 30, 2029, unless redeemed prior to maturity. The 2029 Notes bear interest at a rate of 8.375% per annum, payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing on January 30, 2025. The Company may redeem the 2029 Notes in whole or in part, at the Company's option, at any time on or after November 30, 2026, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest to, but not including, the date of redemption. The Notes were listed on the NASDAQ under the symbol "METCZ."

*Fair Value*—The Company's 2029 Notes had an estimated fair value of $58.7 million and $58.1 million at September 30, 2025 and December 31, 2024, respectively. The Company's 2030 Notes, which were issued on July 31, 2025, had an estimated fair value of $66.6 million at September 30, 2025. The Company's Senior Notes due in 2026, which were repaid on July 31, 2025, had an estimated fair value of $35.6 million at December 31, 2024. The fair values of the Company's Senior Notes were based on observable market prices and were considered a Level 2 measurement based on trading volumes. The difference between the fair value and carrying amount of the Company's remaining debts is not material due to the similarity between the terms of the debt agreements and prevailing market terms available to the Company.

Current Portion of Long-term Debt—The Company's short-term debt at September 30, 2025 and December 31, 2024 comprised of $0.1 million and $0.4 million due under equipment loans with a weighted average interest rate of approximately 4.7% for each period.

*Other—*Lease obligations and liabilities related to insurance premium financing are excluded from the disclosures above.

**NOTE 6—ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES**

*Accrued liabilities* consisted of the following:

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| | | |
|:---|:---|:---|
| *(In thousands)* | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Accrued payables | $25915 | $24590 |
| Accrued compensation | 20685 | 17328 |
| Accrued sales-related taxes | 5054 | 5248 |
| Accrued dividends | 856 | 6660 |
| Other accrued | 5957 | 7833 |
| Total accrued liabilities | $58467 | $61659 |

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*Self-Insurance*—The Company is self-insured for certain losses relating to workers' compensation claims and occupational disease obligations under the Federal Mine Safety and Health Act of 1969, as amended, as well as for employee medical expenses. The Company purchases insurance coverage to reduce its exposure to significant levels of these claims. Self-insured losses are accrued based upon estimates of the aggregate liability for uninsured claims incurred as of the balance sheet date using claims data and actuarial assumptions and, therefore, are subject to uncertainty due to a variety of factors.

The estimated aggregate liability for these items totaled $8.6 million and $8.3 million as of September 30, 2025 and December 31, 2024, respectively. Of the aggregate liability, the amounts included in Other long-term liabilities were $6.3 million and $5.2 million at September 30, 2025 and December 31, 2024, respectively.

Funds held in escrow for potential future workers' compensation claims are considered restricted cash and have been included in prepaid expenses and other on the condensed consolidated balance sheets. Restricted cash balances were $0.8 million at September 30, 2025 and December 31, 2024.

**NOTE 7—EQUITY**

*Common Stock—*On June 12, 2023, an amendment to the Company's amended and restated certificate of incorporation was approved by shareholder vote to reclassify the Company's existing common stock as shares of Class A common stock and create a separate Class B common stock.

The initial distribution of Class B common stock occurred on June 21, 2023 via a stock dividend to existing holders of common stock as of May 12, 2023. On the date of initial distribution, each holder of common stock received 0.2 shares of Class B common stock for every one share of existing common stock held on the record date. Similar actions or modifications occurred for holders of outstanding stock-based awards.

The distribution of the Class B common stock provides existing holders of the Company's common stock with 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 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 advanced carbon products as well as rare earth elements and critical minerals initiatives.

The Company has paid dividends equal to 20% of the total fees above; however, any dividend amounts declared and paid are subject to the sole discretion of the Company's Board of Directors.

In addition, the Board of Directors retains the power to change or add expense allocation policies related to CORE, redefine CORE assets, and redetermine CORE's per-ton usage fees at any time, in its sole discretion, without shareholder approval. Holders of shares of Class A common stock continue to be entitled to receive dividends when and if declared by the Board of Directors subject to any statutory or contractual restrictions on the payment of dividends and to any prior rights and preferences that may be applicable to outstanding preferred stock, if any.

CORE is not a separate legal entity, and holders of Class B common stock do not own a direct interest in the assets of CORE. Holders of Class B common stock are stockholders of Ramaco Resources, Inc. and are subject to all risks and liabilities of the Company as a whole.

With respect to voting rights, holders of Class A common stock and Class B common stock vote together as a single class on all matters submitted to a vote of the stockholders and are entitled to one vote per share. The holders of Class A common stock and Class B common stock do not have cumulative voting rights in the election of directors. Class B common stock does not have any specific voting rights or governance rights with respect to CORE.

With respect to liquidation rights, holders of common stock are entitled to receive ratably the assets available for distribution to the stockholders after payment of liabilities and the liquidation preference of outstanding preferred stock, if any. That is, the rights to residual net assets upon liquidation are equal between holders of Class A and Class B common stock. Holders of Class B common stock do not have specific rights to CORE assets in the event of liquidation.

The Board of Directors also retains the ability, in its sole discretion, to exchange all outstanding shares of Class B common stock into Class A common stock based on an exchange ratio determined by a 20-day trailing volume-weighted average price for each class of stock.

*Class A Common Stock Issuance*—On August 7, 2025, the Company completed an underwritten public offering, with Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC as underwriters, relating to the issuance of 10,666,667 shares of the Company's Class A common stock at a price to the public of $18.75 per share (the "August Offering"). The Underwriters purchased the shares of common stock at a price of $17.71875 per share. The net proceeds to the Company from the August Offering were approximately $188.1 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the August Offering to fund the acceleration of our development of our rare earth elements and critical minerals project, for strategic growth opportunities, and for general corporate purposes.

*Stock-Based Awards*—Stock-based compensation expense totaled $4.7 million and $4.0 million for the three months ended September 30, 2025 and September 30, 2024, respectively. Stock-based compensation expense totaled $12.8 million and $13.3 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. During 2024, the Company granted new stock-based awards and modified certain awards previously granted as discussed below. New stock-based awards granted during the first nine months of 2025 were for Class A common stock, all of which were granted in the first quarter of 2025. There were no Class B stock-based awards granted during the first nine months of 2025.

*Restricted Stock—*We granted 341,295 shares of Class A restricted stock to certain senior executives, key employees, and directors during the first quarter of 2025, having a grant-date fair value of $3.3 million. The aggregate fair value of the awards granted to employees was $2.7 million, which is recognized ratably as expense over the three-year service period unless forfeited. The aggregate fair value of restricted stock granted to directors was $0.6 million, which is recognized ratably as expense over one year unless forfeited. During the vesting period, the participants have voting rights and receive nonforfeitable dividends on the same basis as fully vested common stockholders.

*Restricted Stock Units ("RSUs")—*We granted 713,305 Class A restricted stock units to certain senior executives and key employees during the first quarter of 2025, having a grant-date fair value of $9.81 per share. The aggregate fair value of these awards was $7.0 million, which is recognized ratably as expense over the three-year service period unless forfeited. During the vesting period, the participants have no voting rights and no dividend rights; however, participants are entitled to receive dividend equivalents, which shall be subject to the same conditions applicable to the units and payable at the time the units vest. The recipient will receive one share of Class A common stock for each stock unit vested.

*Performance Stock Units ("PSUs")—*We granted Class A performance stock units to certain senior executives and key employees during the first quarter of 2025. These awards cliff-vest approximately three years from the date of grant based on the achievement of targeted performance levels related to pre-established relative total shareholder return goals. These performance stock units may be earned from 0% to 200% of target depending on actual results. During the vesting period, the participants have no voting rights and no dividend rights; however, participants are entitled to receive dividend equivalents, which shall be subject to the same conditions applicable to the units and payable at the time the units vest. The recipient will receive one share of Class A common stock for each stock unit vested.

Performance stock units are accounted for as awards with a market condition since vesting depends on total shareholder return relative to a group of peer companies. The target number of performance stock units granted during the first quarter of 2025, or 713,305 units, were valued relative to the total shareholder return of a peer group based on a Monte Carlo simulation, which resulted in a grant date fair value of $15.03 per unit. The aggregate fair value of these awards was $10.7 million, which is recognized ratably as expense over the three-year period.

*Modification—* The resignation of one of the Company's executive officers and the separation agreement between the employee and the Company that occurred during the first quarter of 2024 resulted in a net charge to stock compensation expense of $1.2 million during the period. Incremental value of $1.8 million resulted from the continued equity vesting provision included in the separation agreement applicable to the employee's restricted stock awards, which was recognized as an expense. This amount was offset partially by the $0.6 million reversal of previously recognized compensation expense related to the pre-modified restricted stock award ($0.3 million) as well as the forfeiture of restricted stock units and performance stock units (collectively $0.3 million).

*Dividends*–On December 6, 2023, the Company announced that the Board of Directors declared a cash dividend on Class A common stock of $0.1375 per share of Class A common stock, which was paid on March 15, 2024 to shareholders of record on March 1, 2024.

On February 1, 2024, the Company announced that the Board of Directors declared a cash dividend of $0.2416 per share of Class B common stock, which was paid on March 15, 2024 to shareholders of record on March 1, 2024.

On May 8, 2024, the Company announced that the Board of Directors declared cash dividends of $0.1375 per share of Class A common stock and $0.2376 per share of Class B common stock, both of which were paid on June 15, 2024 to shareholders of record on June 1, 2024.

On August 7, 2024, the Company announced that the Board of Directors declared cash dividends of $0.1375 per share of Class A common stock, and a $0.2246 per share of Class B common stock, both of which were paid on September 13, 2024 to shareholders of record on August 30, 2024.

On November 20, 2024, the Company announced that the Board of Directors declared cash dividends of $0.1375 per share of Class A common stock and $0.2364 per share of Class B common stock, both of which were paid on December 16, 2024 to shareholders of record on December 2, 2024.

On December 5, 2024, the Company announced that the Board of Directors declared a quarterly stock dividend of $0.1375 per share of Class A common stock to be payable on March 14, 2025 to shareholders of record as of February 28, 2025. Class A holders received 0.015537 of one share of Class B common stock for each share of Class A common stock held on the record date which was determined by dividing $0.1375 by the February 28, 2025 Class B closing price of $8.85.

On February 18, 2025, the Company announced that the Board of Directors declared a quarterly cash dividend of $0.1971 per share on the Company's Class B common stock. The first quarter dividend was paid on March 14, 2025, to shareholders of record on February 28, 2025.

On March 17, 2025, the Company announced that the Board of Directors declared a reduced quarterly stock dividend of $0.06875 per share of Class A common stock to be payable on June 13, 2025 to shareholders of record as of May 30, 2025. Class A holders received 0.009228 of one share of Class B common stock for each share of Class A common stock held on the record date which was determined by dividing $0.06875 by the May 30, 2025 Class B closing price of $7.45.

On May 12, 2025, the Company announced that the Board of Directors declared a quarterly cash dividend of $0.1811 per share on the Company's Class B common stock. The second quarter dividend was paid on June 13, 2025, to shareholders of record on May 30, 2025.

At the July 2025 Board meeting, the decision was made to suspend the quarterly Class A stock dividend.

On August 22, 2025, the Company announced that the Board of Directors declared a quarterly stock dividend of $0.1918 per share on the Company's Class B common stock to be payable on September 19, 2025 to shareholders of record on September 5, 2025. Class B holders received 0.011988 of one share of Class B common stock for each share of Class B common stock held on the record date which was determined by dividing $0.1918 by the September 5, 2025 Class B closing price of $16.00.

**NOTE 8—COMMITMENTS AND CONTINGENCIES**

*Environmental Liabilities***—**Environmental liabilities are recognized when the expenditures are considered probable and can be reasonably estimated. Measurement of liabilities is based on currently enacted laws and regulations, existing technology, and undiscounted site-specific costs. Generally, such recognition would coincide with a commitment to a formal plan of action. No amounts have been recognized for environmental liabilities.

*Surety Bond**—***In accordance with state laws, we are required to post reclamation bonds to assure that reclamation work is completed. We also have a smaller amount of surety bonds that secure performance obligations. Bonds outstanding at September 30, 2025 totaled approximately $34.7 million.

*Coal Leases and Associated Royalty Commitments*—We lease coal reserves under agreements that require royalties to be paid as the coal is mined and sold. Many of these agreements require minimum annual royalties to be paid regardless of the amount of coal mined and sold. Total royalty expenses were $4.5 million and $6.4 million for the three months ended September 30, 2025 and September 30, 2024, and $17.3 million and $19.5 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. These agreements generally have terms running through exhaustion of all the mineable and merchantable coal covered by the respective lease. Royalties or throughput payments are based on a percentage of the gross selling price received for the coal we mine.

*Contingent Transportation Purchase Commitments—*We secure the ability to transport coal through rail contracts and export terminals that are sometimes funded through take-or-pay arrangements. As of September 30, 2025, the Company's remaining commitments under take-or-pay arrangements totaled $23.4 million, the majority of which relates to two multi-year contracts with total remaining commitments of $11.3 million and $11.8 million until the terms expire in the fourth quarter of 2026 and the first quarter of 2028, respectively. The level of these commitments will generally be reduced at a per ton rate as such rail and export terminal services are utilized against the required minimum tonnage amounts over the contract term stipulated in such rail and export terminal contracts. However, as of September 30, 2025, the Company had no expected volume shortfall resulting in a need for an accrued liability.

*Litigation*—From time to time, we are subject to various litigation and other claims in the normal course of business. Losses related to such contingencies are accrued when/if loss is probable and the amount is reasonably estimable. No losses have been accrued in the consolidated financial statements with respect to such matters. Losses from certain injury-related matters are reasonably possible of occurring; however, an estimate of the possible range of loss cannot be made at this time as no litigation has progressed sufficiently through discovery and development of important facts and legal issues at this time. While it is possible that liability will be assessed against us in the preparation plant purchase matter discussed below, we deem that possibility to be remote.

*Preparation Plant Purchase*

In February 2024, we purchased a Preparation Plant (the "Plant") from EMCOAL, Inc. for $3 million. After this purchase, the Plant was disassembled and transported to the Maben Complex for reassembly. On November 15, 2024, Justice Coal of Alabama, LLC (the "Plaintiff") filed a complaint in the United States District Court for the Southern District of West Virginia, Beckley Division, against Ramaco Resources, Inc., Ramaco Development, LLC, and Maben Coal LLC. On May 5, 2025, the United States District Court for the Southern District of West Virginia granted our Motion to Transfer Venue to the United States District Court for the Northern District of Alabama. On June 3, 2025 Plaintiff amended its Complaint to add EMCOAL, Inc. as a Defendant.

Plaintiff claims their sale of the Plant to EMCOAL, Inc. was not completed and thus EMCOAL, Inc. did not have the right to sell the Plant to us. As a result of Ramaco purchasing the Plant from EMCOAL, Inc., Plaintiff claims in the complaint we are liable for conversion, unjust enrichment, and negligence. Plaintiff has sought damages for these alleged claims. We filed a motion to dismiss Plaintiff's Amended Complaint against us on June 24, 2025 and that motion is currently pending before the Court. We believe we have meritorious defenses to all claims in this matter.

*Storage Silo Partial Failure*

On November 5, 2018, one of our three raw coal storage silos that fed our Elk Creek plant experienced a partial structural failure. A temporary conveying system completed in late-November 2018 restored approximately 80% of our plant capacity. We completed a permanent belt workaround and restored the preparation plant to its full processing capacity in mid-2019. Our insurance carrier, Federal Insurance Company, disputed our claim for coverage based on certain exclusions to the applicable policy and, therefore, on August 21, 2019, we filed suit against Federal Insurance Company and Chubb INA Holdings, Inc. in Logan County Circuit Court in West Virginia seeking a declaratory judgment that the partial silo collapse was an insurable event and to require coverage under our policy. Defendants removed the case to the United States District Court for the Southern District of West Virginia, and upon removal, we substituted ACE American Insurance Company as a defendant in place of Chubb INA Holdings, Inc. The trial in the matter commenced on June 29, 2021, in Charleston, West Virginia.

On July 15, 2021, the jury returned a verdict in our favor for $7.7 million in contract damages and on July 16, 2021, made an additional award of $25.0 million for damages for wrongful denial of the claim under *Hayseeds, Inc. v. State Farm Fire & Cas.*, 177 W. Va. 323, 352 S.E. 2d 73 (W. Va. 1986), including inconvenience and aggravation. On August 12, 2021, the defendants filed a post-trial motion for judgment as a matter of law or in the alternative to alter or amend the judgment or for a new trial. On March 4, 2022, the court entered its memorandum opinion and order on the motion reducing the jury award to a total of $1.8 million, including pre-judgment interest, and also vacated and set aside, in its entirety, the jury award of *Hayseeds* damages. The same day, the court entered the judgment in accordance with the memorandum opinion and order.

On April 1, 2022, we filed a notice of appeal with the U.S. Court of Appeals for the Fourth Circuit. On July 20, 2023, the court rendered a decision reinstating the jury's $7.7 million contract damages verdict. The court further determined that we are entitled to attorney's fees in an amount to be determined on remand. Finally, the court held that we are entitled to *Hayseeds* damages for wrongful denial of the claim but remanded for a new trial on the amount of such damages after affirming that the original $25 million award was excessive. On August 3, 2023, the Defendants-Appellees filed a Petition of Rehearing and Rehearing *En Banc* with the Fourth Circuit. The petition was denied by order dated August 15, 2023. On August 29, 2023, the court clarified that the amount of attorney's fees to be determined on remand included appellate fees. On September 8, 2023, the court entered its amended judgment, which awarded post-judgment interest on the previously awarded and reinstated verdict related to contract (compensatory) damages and the Fourth Circuit thereafter issued its mandate on October 2, 2023. On August 19, 2024, the Court issued a Memorandum Opinion and Order that the Hayseeds damages to be considered in the new trial would include annoyance and inconvenience up to October 2, 2023 with new discovery permitted for the time period of July 15, 2021 through October 2, 2023. The Court also ordered Hayseeds damages to be considered for net economic loss caused by the defendant's delay in settlement be allowed for the time period of July 15, 2021 through October 2, 2023 with new discovery to be permitted for that time period.

The defendants fully paid the portion of the judgment related to contract (compensatory) damages in the court's order and that portion of the matter is considered closed. The Company recognized a $7.8 million gain during 2023, which was recorded in *Other income (expense), net* on the Consolidated Statements of Operations. Of this amount, $2.0 million was included in *Insurance proceeds related to property, plant, and equipment* as part of investing activities on the Consolidated Statements of Cash Flows and the remaining amount was included in operating activities. On April 24, 2024, the Court stated Ramaco is entitled to reasonable attorney fees for both the appeal and the first trial, adding there will be a full *Hayseeds* trial under the timelines set forth above. Regarding the court's determination and award of attorney's fees, the Company accrued an additional loss recovery asset of less than $0.1 million during the third quarter of 2025, bringing the total loss recovery asset to approximately $4.7 million in *Prepaid expenses and other* on the Consolidated Balance Sheet as of September 30, 2025. The corresponding reduction of less than $0.1 million during the third quarter of 2025 was to *Selling, general, and administrative* expense on the Consolidated Statements of Operations. The Company considers that it is probable to recover at least this amount of previously recognized attorneys' fees expenses based upon the developments above.

The matter is now pending before the District Court for a new trial for *Hayseeds* damages, as well as the court's determination and award of attorney's fees. The trial date originally set for July 15, 2025 has been continued and we are currently awaiting a new scheduling order from the court.

**NOTE 9—REVENUE**

Our revenue is derived from contracts for the sale of coal and is recognized when the performance obligations under the contract are satisfied, which is at the point in time control is transferred to our customer. Generally, domestic sales contracts have terms of about one year and the pricing is typically fixed. Export sales have spot or term contracts, and pricing can be either fixed or derived against index-based pricing mechanisms. Sales completed with delivery to an export terminal are reported as export revenue.

Disaggregated information about *Revenue* by segment is presented below:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| <br>*(In thousands)* | **2025** | **2024** | **2025** | **2024** |
| **Metallurgical Coal Segment** |  |  |  |  |
| Coal Sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;North American revenue | $47997 | $54073 | $156552 | $163588 |
| &nbsp;&nbsp;&nbsp;Export revenue, excluding Canada | 72999 | 113338 | 252059 | 331815 |
| Total revenue | $120996 | $167411 | $408611 | $495403 |

---

Revenue for the three and nine months ended September 30, 2025 includes a $0.1 and $0.6 million, respectively, net increase to revenue related to adjustments for performance obligations satisfied in a previous reporting period. These adjustments were due to true-ups of previous estimates for provisional pricing and demurrage as well as price adjustments for minimum specifications or qualities of delivered coal.

As of September 30, 2025, the Company had outstanding performance obligations of approximately 0.6 million tons for contracts with fixed sales prices averaging $164 per ton, excluding freight, as well as 1.2 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 48% of the committed tons in 2025, 48% in 2026, and 3% in 2027. Variable amounts, including index-based prices, have not been estimated for the purpose of disclosing remaining performance obligations as permitted under the revenue recognition guidance when variable consideration is allocated entirely to a wholly unsatisfied performance obligation.

The Company has not recorded any revenues from the Rare Earths and Critical Minerals Segment.

*Concentrations*—During the three months ended September 30, 2025, sales to three individual customers were 10% or more of our total revenue. Sales to these customers represented 15%, 10%, and 11%, respectively, or collectively 36%, of our total revenue during the three-month period. During the nine months ended September 30, 2025, sales to two individual customers were 10% or more of our total revenue. Sales to these customers represented 16% and 11%, respectively, or collectively 27%, of our total revenue during the nine month period. For comparison purposes, the three and nine months ended September 30, 2024, sales to two individual customers were 10% or more of our total revenue and collectively accounted for approximately 22% and 23%, respectively, of our total revenue. Three customers with individual accounts receivable balances equal to 10% or more of total accounts receivable made up approximately 24%, 14%, and 12% of our trade receivables, or collectively 50% of the Company's accounts receivable balance at September 30, 2025.

**NOTE 10—INCOME TAXES**

Income tax provisions for interim periods are generally based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent, or unusual items related specifically to interim periods. The income tax impacts of discrete items are recognized in the period these occur.

Our effective tax rate for the three months ended September 30, 2025 and 2024 was 19.9% benefit and 9.3% expense, respectively, excluding the impact of discrete items. Our effective tax rate for the nine months ended September 30, 2025 and 2024 was 22.2% benefit and 28.0% expense, respectively, excluding discrete items. Discrete items for the periods included items for management compensation and stock-based compensation.

**NOTE 11—EARNINGS (LOSS) PER SHARE**

The computation of basic and diluted earnings per share ("EPS") is shown on the following page:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| <br>*(In thousands, except per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| **Earnings attribution** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A common stock | (12788) | (1245) | $(33874) | $2085 |
| &nbsp;&nbsp;&nbsp;Class A restricted stock awards | - | 52 | 102 | 282 |
| &nbsp;&nbsp;&nbsp;Class B common stock | (571) | 507 | (3665) | 4079 |
| &nbsp;&nbsp;&nbsp;Class B restricted stock awards | 5 | 9 | 13 | 152 |
| &nbsp;&nbsp;&nbsp;Forfeitable dividends declared on unvested stock-based awards | 46 | 438 | 683 | 736 |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(13308) | $(239) | $(36741) | $7334 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30, 2025** | **Three months ended <br> September 30, 2025** | **Three months ended <br> September 30, 2024** | **Three months ended <br> September 30, 2024** |
|  | **Class A** | **Class B** | **Class A** | **Class B** |
| **Dual class EPS calculations** | | | | |
| Numerator |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings for basic earnings per common share | $(12788) | $(571) | $(1245) | $507 |
| Denominator |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average shares used to compute basic earnings per share | 50383 | 10704 | 43378 | 8684 |
| &nbsp;&nbsp;&nbsp;Dilutive effect of stock option awards | - | - | - | 85 |
| &nbsp;&nbsp;&nbsp;Dilutive effect of restricted stock units | - | - | - | 35 |
| &nbsp;&nbsp;&nbsp;Dilutive effect of performance stock units | - | - | - | 166 |
| &nbsp;&nbsp;&nbsp;Dilutive effect of non-cash dividend declared but not issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dilutive effect of conversion of Class B common stock to Class A common stock | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Weighted average shares used to compute diluted earnings per share | 50383 | 10704 | 43378 | 8970 |
| Earnings per common share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.25) | $(0.05) | $(0.03) | $0.06 |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.25) | $(0.05) | $(0.03) | $0.06 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine months ended <br> September 30, 2025** | **Nine months ended <br> September 30, 2025** | **Nine months ended <br> September 30, 2024** | **Nine months ended <br> September 30, 2024** |
|  | **Class A** | **Class B** | **Class A** | **Class B** |
| Numerator |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings for basic and diluted earnings per common share | $(33874) | $(3665) | $2085 | $4079 |
| Denominator |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average shares used to compute basic earnings per share | 46070 | 10257 | 43827 | 8574 |
| &nbsp;&nbsp;&nbsp;Dilutive effect of stock option awards | - | - | 172 | 91 |
| &nbsp;&nbsp;&nbsp;Dilutive effect of restricted stock units | - | - | 64 | 31 |
| &nbsp;&nbsp;&nbsp;Dilutive effect of performance stock units | - | - | 283 | 159 |
| &nbsp;&nbsp;&nbsp;Dilutive effect of non-cash dividend declared but not issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dilutive effect of conversion of Class B common stock to Class A common stock | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Weighted average shares used to compute diluted earnings per share | 46070 | 10257 | 44346 | 8855 |
| Earnings per common share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.74) | $(0.36) | $0.05 | $0.48 |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.74) | $(0.36) | $0.05 | $0.46 |

---

Unvested restricted stock awards have the right to receive nonforfeitable dividends on the same basis as common shares; therefore, unvested restricted stock is considered a participating security to calculate EPS. Under the two-class method, the Company reports separately the net earnings allocated away from holders of Class A and Class B common stock to holders of unvested restricted stock awards.

For accounting purposes, Class B's participation rights in net earnings are, in substance, discretionary based on the power of the Company's Board of Directors to add or modify expense allocation policies, redefine CORE assets, and redetermine CORE's per-ton usage fees at any time, in its sole discretion, without shareholder approval. Therefore, no amount of the Company's net earnings shall be allocated to Class B to calculate EPS other than actual dividends declared during the period for the tracking stock. However, during the three and nine months ended September 30, 2025, dividends declared by the Company were more than consolidated net income (loss) for the period, which resulted in an undistributed net loss for reporting purposes. The resulting undistributed net loss was allocated proportionately between outstanding Class A and Class B common stock based on the rights to residual net assets upon liquidation being equal between holders of Class A and Class B common stock. For the nine months ended September 30, 2025, two dividends were declared for Class A common stock and three dividends were declared for Class B common stock.

Diluted EPS is calculated using the treasury stock method for stock options and restricted stock units. For performance stock units, the awards are first evaluated under the contingently issuable shares guidance, which requires a determination as to whether shares would be issuable if the end of the reporting period were the end of the contingency period. For shares determined to be issuable under performance stock unit awards, the treasury stock method is then applied to determine the dilutive impact of the awards, if any. Unvested restricted stock awards are considered potential common shares as well as participating securities, as discussed previously, and are included in diluted EPS using the more dilutive of the treasury stock method or the two-class method. Since these awards share in dividends on a 1:1 basis with common shares, applying the treasury stock method is antidilutive compared to the basic EPS calculation that allocates earnings to participating securities under the two-class method discussed previously.

Antidilutive shares excluded from the dilutive EPS calculation are presented below:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended <br> September 30, 2025** | **Three months ended <br> September 30, 2025** | **Three months ended <br> September 30, 2024** | **Three months ended <br> September 30, 2024** | **Nine months ended <br> September 30, 2025** | **Nine months ended <br> September 30, 2025** | **Nine months ended <br> September 30, 2024** | **Nine months ended <br> September 30, 2024** |
| <br>*(in thousands)* | **Class A** | **Class B** | **Class A** | **Class B** | **Class A** | **Class B** | **Class A** | **Class B** |
| Antidilutive options | 498712 | 108697 | 648712 |  | 498712 | 108697 | - |  |
| Antidilutive RSUs | 1114381 | 36767 | 717850 |  | 1114381 | 36767 | 302699 |  |
| Antidilutive PSUs (at target) | 1571876 | 228738 | 1057468 |  | 1571876 | 228738 | 315941 |  |

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**NOTE 12—SEGMENT REPORTING**

Pursuant to ASC 280, operating segments are defined as components of an enterprise engaged in business activities from which it may recognize revenues and incur expenses, about which discrete financial information is available and evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance.

During the third quarter of 2025, the Company modified its segment structure largely as a result of activity at the Brook Mine during the period. Beginning with the third quarter of 2025, the Company's 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 (no operating segments have been aggregated). The change in reportable segments also resulted in a change to the CODM's primary segment measure of profit or loss in assessing segment performance as further described below. In conjunction with this change, prior period amounts have been recast to conform to this new segment reporting structure.

The Metallurgical Coal segment operates and develops high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia. The Metallurgical Coal segment generates revenue primarily through the production of metallurgical coal for sale to the steel industry. The Metallurgical Coal segment also generates revenue through the sale of coal purchased from third parties.

The Rare Earths and Critical Minerals segment operates the Brook Mine complex located in Sheridan, Wyoming, where the Company is developing rare earth elements and critical mineral operations in addition to performing initiatives related to coal-to-carbon based products and materials. The Brook Mine has initially begun to produce representative ore material for short-term pilot-scale testing of the feedstock with the goal of ultimately establishing its rare earth element mineral reserves and resources for processing at a full-scale commercial processing facility into rare earth element and critical mineral oxides. No revenues have been recognized from the Rare Earths and Critical Minerals segment.

The Company's CODM, the chief executive officer, regularly reviews financial information at the segment level for the purpose of allocating resources and assessing operating results and financial performance. The CODM uses Segment Adjusted EBITDA as management's primary segment measure of profit or loss in assessing segment performance and deciding how to allocate the Company's resources. This measure enables the CODM to evaluate operational efficiency and segment performance by comparing current results to historical data, while also monitoring variances between actual results and forecasts to inform decisions on capital, personnel and other resource allocations across segments. Segment Adjusted EBITDA is calculated as segment revenues less significant segment expenses, specifically, cost of sales (excluding transportation costs), transportation costs and selling, general and administrative expenses (excluding stock-based compensation expense), as well as certain other segment items. Significant segment expenses and other segment items also exclude certain costs that are non-recurring, non-cash or are not related to the segments' underlying business performance. A reconciliation of total Segment Adjusted EBITDA to consolidated income or loss before income taxes is included in the tables below.

Certain current period costs are incurred at the corporate level and are allocated to the Company's segments. These costs generally include shared service functions such as legal, information technology, finance and accounting, sales, and executive management. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated that is deemed to best represent the expected benefit received by the operating segment. The remaining unallocated corporate costs that are not attributed to the operating segments are reported within Corporate expenses as a reconciling item to our consolidated results. Our allocation methodology is periodically evaluated and may change. A similar allocation of shared service functions is not presented within the recasted prior period information as the benefit to the respective operating segment is not comparable to the current period. The expenses associated with these shared service functions are presented within the Metallurgical Coal segment in the prior period.

As the Company's CODM manages the Company's assets on a consolidated basis, the CODM is not regularly provided asset information for the reportable segments. The Company does not have any material long-lived assets located outside of the United States. For all of the periods presented below, (i) the Company's revenues were derived from U.S.-domiciled operations, and (ii) the Company did not have any intersegment revenues.

The CODM does not regularly review segment asset information at a different asset level or category than those disclosed within the consolidated balance sheet for the purpose of assessing performance and making resource allocation decisions.

The following tables present the Company's reportable segment information:

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended<br> September 30, 2025** | **Three Months Ended<br> September 30, 2025** | |
| <br>*(In thousands)* | **Metallurgical Coal** | **REE & Critical Minerals** |<br>**Total** |
| Revenue | $120996 | $- | $120996 |
| *Significant segment expenses:* |  |  |  |
| Cost of sales (exclusive of transportation costs) | (85476) | - | (85476) |
| Transportation costs | (16366) | - | (16366) |
| Selling, general, and administrative <sup>(a)</sup> | (4420) | (3759) | (8179) |
| Other segment items <sup>(b)</sup> | 1208 | - | 1208 |
| Segment Adjusted EBITDA | 15943 | (3759) | 12184 |
| Corporate expenses <sup>(c)</sup> |  |  | (3233) |
| Stock-based compensation |  |  | (4731) |
| Asset retirement obligations accretion |  |  | (402) |
| Depreciation, depletion, and amortization |  |  | (17091) |
| Other expenses |  |  | (1083) |
| Interest expense, net |  |  | (2250) |
| Income tax benefit (expense) |  |  | 3299 |
| Net (loss) income |  |  | $(13308) |
| Segment capital expenditures | $11510 | $1875 | $13385 |
| Other capital expenditures <sup>(d)</sup> |  |  | 11 |
| Total capital expenditures (including accrued capital expenditures and capitalized interest) |  |  | $13396 |

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*<sup>(a)</sup>* *The primary differences between this significant segment expense and "Selling, general and administrative" within the Company's unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation and unallocated corporate costs, which are included in "Corporate expenses" and "Stock-based compensation" in the table above.*

*<sup>(b)</sup>* *"Other segment items" consists of items within "Other income (expense), net" on the Company's unaudited Condensed Consolidated Statements of Operations, idle costs and other non-recurring costs that are not related to the segments' underlying business performance.*

*<sup>(c)</sup>* *"Corporate expenses" represent costs incurred at the corporate offices that are not specifically attributable to the reportable segments.*

*<sup>(d)</sup>* *Includes amounts not allocated to the reportable segments, primarily related to corporate capital expenditures.*

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended<br> September 30, 2024** | **Three Months Ended<br> September 30, 2024** | |
| <br>*(In thousands)* | **Metallurgical Coal** | **REE & Critical Minerals** |<br>**Total** |
| Revenue | $167411 | $- | $167411 |
| *Significant segment expenses:* |  |  |  |
| Cost of sales (exclusive of transportation costs) <sup>(a)</sup> | (104817) | - | (104817) |
| Transportation costs | (28551) | - | (28551) |
| Selling, general, and administrative <sup>(b)</sup> | (7207) | (1363) | (8570) |
| Other segment items <sup>(c)</sup> | 132 | - | 132 |
| Segment Adjusted EBITDA | 26968 | (1363) | 25605 |
| Corporate expenses <sup>(d)</sup> |  |  | (1744) |
| Stock-based compensation |  |  | (3970) |
| Asset retirement obligations accretion |  |  | (354) |
| Depreciation, depletion, and amortization |  |  | (17811) |
| Other expenses |  |  | (208) |
| Interest expense, net |  |  | (1696) |
| Income tax benefit (expense) |  |  | (61) |
| Net (loss) income |  |  | $(239) |
| Segment capital expenditures | $15751 | $- | $15751 |
| Other capital expenditures <sup>(e)</sup> |  |  | 50 |
| Total capital expenditures (including accrued capital expenditures and capitalized interest) |  |  | $15801 |

---

*<sup>(a)</sup>* *The difference between this significant segment expense and "Cost of sales" within the Company's unaudited Condensed Consolidated Statements of Operations relates to transportation costs, which are presented separately within the table above, and alternative mineral development costs, which are included in "Selling, general, and administrative" in the Rare Earths and Critical Minerals segment in the table above. The presentation of these amounts conform to the current year presentation.*

*<sup>(b)</sup>* *The primary differences between this significant segment expense and "Selling, general and administrative" within the Company's unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation and unallocated corporate costs, which are included in "Corporate expenses" and "Stock-based compensation" in the table above.*

*<sup>(c)</sup>* *"Other segment items" consists of items within "Other income (expense), net" on the Company's unaudited Condensed Consolidated Statements of Operations, idle costs and other non-recurring costs that are not related to the segments' underlying business performance.*

*<sup>(d)</sup>* *"Corporate expenses" represent costs incurred at the corporate offices that are not specifically attributable to the reportable segments.*

*<sup>(e)</sup>* *Includes amounts not allocated to the reportable segments, primarily related to corporate capital expenditures.*

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended<br> September 30, 2025** | **Nine Months Ended<br> September 30, 2025** | |
| <br>*(In thousands)* | **Metallurgical Coal** | **REE & Critical Minerals** |<br>**Total** |
| Revenue | $408611 | $- | $408611 |
| *Significant segment expenses:* |  |  |  |
| Cost of sales (exclusive of transportation costs) <sup>(a)</sup> | (290289) | - | (290289) |
| Transportation costs | (56037) | - | (56037) |
| Selling, general, and administrative <sup>(b)</sup> | (14439) | (12402) | (26841) |
| Other segment items <sup>(c)</sup> | 3516 | - | 3516 |
| Segment Adjusted EBITDA | 51362 | (12402) | 38960 |
| Corporate expenses <sup>(d)</sup> |  |  | (10072) |
| Stock-based compensation |  |  | (12844) |
| Asset retirement obligations accretion |  |  | (1206) |
| Depreciation, depletion, and amortization |  |  | (51671) |
| Other expenses |  |  | (2228) |
| Interest expense, net |  |  | (7298) |
| Income tax benefit (expense) |  |  | 9618 |
| Net (loss) income |  |  | $(36741) |
| Segment capital expenditures | $46841 | $2420 | $49261 |
| Other capital expenditures <sup>(e)</sup> |  |  | 15 |
| Total capital expenditures (including accrued capital expenditures and capitalized interest) |  |  | $49276 |

---

*<sup>(a)</sup>* *Alternative mineral development costs through June 30, 2025 of approximately $3.8 million have been reclassed from "Cost of sales" within the Company's unaudited Condensed Consolidated Statements of Operations to "Selling, general, and administrative" in the Rare Earths and Critical Minerals segment. In addition, transportation costs are included in "Cost of sales" within the Company's unaudited Condensed Consolidated Statements of Operations and are presented separately within the table above. The presentation of these amounts conform to the current period presentation.*

*<sup>(b)</sup>* *The primary differences between this significant segment expense and "Selling, general and administrative" within the Company's unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation and unallocated corporate costs, which are included in "Corporate expenses" and "Stock-based compensation" in the table above.*

*<sup>(c)</sup>* *"Other segment items" consists of items within "Other income (expense), net" on the Company's unaudited Condensed Consolidated Statements of Operations, idle costs and other non-recurring costs that are not related to the segments' underlying business performance.*

*<sup>(d)</sup>* *"Corporate expenses" represent costs incurred at the corporate offices that are not specifically attributable to the reportable segments.*

*<sup>(e)</sup>* *Includes amounts not allocated to the reportable segments, primarily related to corporate capital expenditures.*

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended<br> September 30, 2024** | **Nine Months Ended<br> September 30, 2024** | |
| <br>*(In thousands)* | **Metallurgical Coal** | **REE & Critical Minerals** |<br>**Total** |
| Revenue | $495403 | $- | $495403 |
| *Significant segment expenses:* |  |  |  |
| Cost of sales (exclusive of transportation costs) <sup>(a)</sup> | (313297) | - | (313297) |
| Transportation costs | (80299) | - | (80299) |
| Selling, general, and administrative <sup>(b)</sup> | (19815) | (3618) | (23432) |
| Other segment items <sup>(c)</sup> | 3870 | - | 3870 |
| Segment Adjusted EBITDA | 85862 | (3618) | 82245 |
| Corporate expenses <sup>(d)</sup> |  |  | (4862) |
| Stock-based compensation |  |  | (13255) |
| Asset retirement obligations accretion |  |  | (1063) |
| Depreciation, depletion, and amortization |  |  | (48909) |
| Other expenses |  |  | (796) |
| Interest expense, net |  |  | (4509) |
| Income tax benefit (expense) |  |  | (1517) |
| Net (loss) income |  |  | $7334 |
| Segment capital expenditures | $56757 | $21 | $56778 |
| Other capital expenditures <sup>(e)</sup> |  |  | 216 |
| Total capital expenditures (including accrued capital expenditures and capitalized interest) |  |  | $56994 |

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*<sup>(a)</sup>* *The difference between this significant segment expense and "Cost of sales" within the Company's unaudited Condensed Consolidated Statements of Operations relates to transportation costs, which are presented separately within the table above, and alternative mineral development costs, which are included in "Selling, general, and administrative" in the Rare Earths and Critical Minerals segment in the table above. The presentation of these amounts conform to the current year presentation.*

*<sup>(b)</sup>* *The primary differences between this significant segment expense and "Selling, general and administrative" within the Company's unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation and unallocated corporate costs, which are included in "Corporate expenses" and "Stock-based compensation" in the table above.*

*<sup>(c)</sup>* *"Other segment items" consists of items within "Other income (expense), net" on the Company's unaudited Condensed Consolidated Statements of Operations, idle costs and other non-recurring costs that are not related to the segments' underlying business performance.*

*<sup>(d)</sup>* *"Corporate expenses" represent costs incurred at the corporate offices that are not specifically attributable to the reportable segments.*

*<sup>(e)</sup>* *Includes amounts not allocated to the reportable segments, primarily related to corporate capital expenditures.*

**NOTE 13—RELATED PARTY TRANSACTIONS**

*Legal Services*—Some of the professional legal services we received were provided by Jones & Associates ("Jones"), a related party. Legal services incurred for Jones during the three and nine months ended September 30, 2025 and 2024 totaled less than $0.1 million and zero, respectively. Mr. Jones subsequently became the Company's General Counsel on May 1, 2025.

*Other Professional Services*—The Company has also entered into professional services agreements with three other related parties, which have been aggregated due to immateriality. Professional service fees for these related party transactions totaled less than $0.1 million during the third quarter of 2025.

*Ramaco Foundation* —The Company made a charitable cash contribution of $0.5 million in the third quarter of 2025 to the Ramaco Foundation, which was recognized in Other income (expense), net, on the unaudited condensed consolidated statements of operations. The Ramaco Foundation is an unconsolidated not-for-profit organization whose board of directors includes several members of the Company's management and board of directors.

\* \* \* \* \*

**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 development of our rare earth element and critical mineral operations near Sheridan, Wyoming (the "Brook Mine"). That mine has initially begun to produce representative ore material for short-term pilot-scale testing of the feedstock with the goal of ultimately establishing its rare earth element mineral reserves and resources for processing at a full-scale commercial processing facility into rare earth element and critical mineral oxides. Contiguous to the Brook Mine, the Company operates a carbon research facility related to the 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 66 million reserve tons and 1,352 million measured and indicated resource tons of high-quality metallurgical coal. Our plan is to continue the development of our existing properties and grow annual production over the next few years to approximately seven million clean tons of metallurgical coal, subject to market conditions, permitting and additional capital deployment in the medium-term. We may make acquisitions of reserves or infrastructure that continue our focus on advantaged geology and lower costs.

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 Asia Pacific.

Global metallurgical coal markets softened in 2024 and continued to do so in 2025 due to constrained economic growth in some regions of the world and continued conflict overseas. The global steel market experienced slower growth, especially in China, resulting in elevated levels of Chinese steel exports. These conditions have led steel companies to both cut back on their own production and to reduce the price they are willing to pay for their metallurgical coal feedstock. For 2025, overall steel demand will likely remain weak in the near term; however, supply cuts may occur for higher cost operations absent a significant upward movement in pricing. Longer term, the Company believes that limited global investment in new coking coal production capacity, the industrialization of emerging economies, expansion of urbanization globally, and an eventual return to economic growth will support coking coal markets overall.

During the nine months ended September 30, 2025, we sold 2.9 million tons of coal and recognized $408.6 million of revenue. Of this amount, 38% of our revenue was from sales into North American markets, including Canada, and 62% of our revenue was from sales into export markets. During the same period of 2024, we sold 2.9 million tons of coal and recognized $495.4 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 September 30, 2025, the Company had outstanding performance obligations of approximately 0.6 million tons for contracts with fixed sales prices averaging $164 per ton, excluding freight, as well as 1.2 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 48% of the committed tons in 2025, 48% in 2026, and 3% 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 nine months of 2025, our segment capital expenditures were $45.9 million, excluding capitalized interest of $0.9 million. In the first nine months of 2024, our capital expenditures were $55.8 million, excluding capitalized interest of $1.0 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 2.9 million tons during the first nine months of 2025 compared to 2.7 million tons during the first nine months of 2024 as a result of the increase in capacity and completed development work. The Company expects full-year production volumes in 2025 between 3.7 and 3.9 million tons with an ability to vary production dependent on market conditions.

***Rare Earths and Critical Minerals Segment***

The Company continues to make significant progress on the development of the Brook Mine rare earth elements and critical mineral project. Analyses performed to date indicate elevated levels of rare earth elements along with significant concentrations of critical minerals which were banned for export to the United States by China. In March 2025, the Company received a $6.1 million matching grant from the Wyoming Energy Authority, which shall be applied toward the development of an initial processing laboratory/pilot plant and related facilities at the Brook Mine. Construction of the laboratory/pilot plant began in Q3 2025 and is expected to be completed in mid-2026. Concurrently, in conjunction with Fluor Corporation, the Company has completed its preliminary economic assessment that demonstrates the viability of commercial development of rare earth elements and critical minerals processing. A summary of these findings was released in July 2025.

Earlier in 2025, President Trump issued an emergency declaration which prioritizes domestic critical mineral production as a matter of national security and economic resilience. As a result, the Company has been actively engaged in strategic discussions involving senior officials across the Department of Energy, Department of Interior, Department of War, the Federal Permitting Improvement Steering Council, the President's National Energy Dominance Council, and the National Security Council in response to the shared urgency to reduce reliance on foreign sources of critical mineral production and processing. The Company was requested by various arms of the Administration to consider both the expansion and acceleration of the Brook Mine project. In September 2025, the Company expanded its internal production projections from the preliminary economic assessment and released a Technical Report Summary, prepared by Weir International, Inc., reflecting enhanced project economics and resource efficiency stemming from higher grade resource quality than previously known at the time of the preliminary economic assessment.

In August 2025, concurrent with the rapid evolution of the Brook Mine project, the Company successfully raised gross proceeds of $200 million through an underwritten public offering of its Class A common stock, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. This additional capital provides a significant funding source towards the development of our rare earth elements and critical minerals platform at the Brook Mine.

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. 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, laboratory/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. The pre-feasibility study is expected to be completed in 2026. We expect to proceed to engineering and designing the full commercial oxide plant, with a construction period to be validated and updated upon the completion of the 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.

In the first nine months of 2025, our segment capital expenditures were $2.4 million compared to $0.1 million for the corresponding time period of 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 results of laboratory/pilot plant testing for processing rare earth element and critical mineral concentrates into oxides and subsequent achievement of commercial production. At this time, we are unable to estimate the potential financial impact to future periods.

**Consolidated Results of Operations**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| <br>*(In thousands, except per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| Revenue | $120996 | $167411 | $408611 | $495403 |
| Costs and expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of sales (exclusive of items shown separately below) | 101842 | 134731 | 346326 | 397214 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations accretion | 402 | 354 | 1206 | 1063 |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 17091 | 17811 | 51671 | 48909 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 16143 | 12921 | 49757 | 37932 |
| Total costs and expenses | 135478 | 165817 | 448960 | 485118 |
| Operating (loss) income | (14482) | 1594 | (40349) | 10285 |
| Other income (expense), net | 125 | (76) | 1288 | 3075 |
| Interest expense, net | (2250) | (1696) | (7298) | (4509) |
| Income before tax | (16607) | (178) | (46359) | 8851 |
| Income tax (benefit) expense | (3299) | 61 | (9618) | 1517 |
| Net (loss) income | $(13308) | $(239) | $(36741) | $7334 |
| Earnings per common share |  |  |  |  |
| Basic - Class A | $(0.25) | $(0.03) | $(0.74) | $0.05 |
| Basic - Class B | $(0.05) | $0.06 | $(0.36) | $0.48 |
| Diluted - Class A | $(0.25) | $(0.03) | $(0.74) | $0.05 |
| Diluted - Class B | $(0.05) | $0.06 | $(0.36) | $0.46 |
| Adjusted EBITDA | $8367 | $23617 | $27160 | $76596 |

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Net income and Adjusted EBITDA for the three and nine months ended September 30, 2025 were negatively impacted by the softening of global metallurgical coal markets and the decrease in metallurgical coal price indices. This occurred due to a variety of macroeconomic factors, including the continued Chinese oversupply of steel into a muted global economic environment. Refer to *Non-GAAP Financial Measures* later in Item 2 for more information regarding Adjusted EBITDA.

*Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024*

*Revenue.* Coal sales revenue for the three months ended September 30, 2025 was $121.0 million, approximately 28% lower than the same period in 2024 driven by the negative impact of pricing and a 15% 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.

*Cost of sales.* Our cost of coal sales for the three months ended September 30, 2025 was $101.8 million, approximately 24% 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 in Q2 2025, in addition to reduced trucking costs 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.

*Depreciation, depletion, and amortization.* Depreciation, depletion, and amortization expense totaled $17.1 million and $17.8 million for the three months ended September 30, 2025 and 2024, respectively. The decrease quarter-to-quarter was related to a $1.4 million decrease in development amortization, partially offset by general increases in plant and equipment versus 2024.

*Selling, general, and administrative.* Selling, general, and administrative ("SG&A") expenses were $16.1 million and $12.9 million for the three months ended September 30, 2025 and 2024 respectively. The $3.2 million increase in 2025 was primarily due to an increase in professional service expenses.

*Other income (expense), net.* Other income (expense), net was consistent for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, with $0.1 million in other income and ($0.1) million in other expense, respectively.

*Interest expense, net.* Interest expense, net was $2.3 million for the three months ended September 30, 2025 compared to $1.7 million for the same period in 2024. The increase in 2025 was largely due to issuance of the 8.375% Senior Unsecured Notes due 2029 (the "2029 Notes") in late 2024.

*Income tax expense (benefit).* The effective tax rate for the three months ended September 30, 2025 and 2024 was 19.9% and 9.3%, respectively, excluding the impact of discrete items. Discrete items for the periods included items for management compensation and stock-based compensation. The primary differences from the federal statutory rate of 21% are related to state taxes, non-deductible expenses, the foreign-derived intangible income deduction, and depletion expense for income tax purposes.

*Earnings (loss) per share.* Refer to Note 11 of Part I, Item 1 for information regarding earnings per share calculations for Class A and Class B common stock.

*Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024*

*Revenue.* Coal sales revenue for the nine months ended September 30, 2025 was $408.6 million, approximately 18% lower than the same period in 2024 driven by the negative impact of pricing. 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.

*Cost of sales.* Our cost of coal sales totaled $346.3 million for the nine months ended September 30, 2025 compared to $397.2 million for the same period in 2024. The 13% decrease was driven by the closure of the Jawbone mine in Q3 2024 and the idling of the Rockhouse Eagle mine in Q2 2025, in addition to reduced trucking costs 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.

*Depreciation, depletion, and amortization.* Depreciation, depletion, and amortization expense totaled $51.7 million and $48.9 million for the nine months ended September 30, 2025 and 2024 respectively. The increase year-to-year was related to general increases in plant and equipment and production versus 2024.

*Selling, general, and administrative.* SG&A expenses were $49.8 million and $37.9 million for the nine months ended September 30, 2025 and 2024, respectively. The increase in 2025 was primarily due to an increase in professional service expenses.

*Other income (expense), net.* Other income, net was $1.3 million and $3.1 million for the nine months ended September 30, 2025 and 2024, respectively. The $1.8 million decrease was principally due to a non-recurring transportation damage settlement in the prior year resulting in greater transportation-related income at that time.

*Interest expense, net.* Interest expense, net was $7.3 million and $4.5 million for the nine months ended September 30, 2025 and 2024, respectively. The increase in 2025 was largely due to issuance of the 2029 Notes in late 2024.

*Income tax expense.* The effective tax rate for the nine months ended September 30, 2025 and 2024 was 22.2% and 28.0%, respectively, excluding the impact of discrete items. Discrete items for the periods included items for management compensation and stock-based compensation. The primary differences from the federal statutory rate of 21% are related to state taxes, non-deductible expenses, the foreign-derived intangible income deduction, and depletion expense for income tax purposes.

*Earnings per share.* Refer to Note 11 of Part I, Item 1 for information regarding earnings per share calculations for Class A and Class B common stock.

**Segment Results**

***Metallurgical Coal Segment***

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| <br>*(In thousands)* | **2025** | **2024** | **Increase (Decrease)** | **2025** | **2024** | **Increase (Decrease)** |
| Revenue | $120996 | $167411 | $(46415) | $408611 | $495403 | $(86792) |
| Tons sold | 873 | 1023 | (150) | 2897 | 2867 | 30 |
| Total revenue per ton sold (GAAP basis) <sup>(a)</sup> | $139 | $164 | $(25) | $141 | $173 | $(32) |
| Cost of sales | $101842 | $133368 | $(31526) | $346326 | $393596 | $(47270) |
| Tons sold | 873 | 1023 | (150) | 2897 | 2867 | 30 |
| Total cost of sales per ton sold (GAAP basis) <sup>(a)</sup> | $117 | $130 | $(13) | $120 | $137 | $(17) |
| Segment Adjusted EBITDA <sup>(b)</sup> | $15943 | $26968 | $(11025) | $51362 | $85862 | $(34501) |

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*(a)* *Refer to Non-GAAP Financial Measures 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 12, "Segment Reporting," in the notes to the unaudited Condensed Consolidated Financial Statements for additional information on the 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.

*Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024*

*Revenue.* Coal sales revenue for the three months ended September 30, 2025 was $121.0 million, approximately 28% lower than the same period in 2024 driven by the negative impact of pricing and a 15% decrease in tons sold. The decrease in tons sold is attributable to export markets, which decreased by 22% primarily due to timing differences in shipments to foreign customers. Revenue per ton sold decreased 15% from $164 per ton to $139 per ton while revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, also decreased 12% from $136 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 were due to the decrease in metallurgical coal prices as U.S. metallurgical coal price indices fell by an average of 18% during the three months ended September 30, 2025 compared to the same period of 2024 as a result of the macroeconomic conditions discussed earlier. We expect metallurgical coal prices to remain volatile in the near term.

*Cost of sales.* Our cost of coal sales for the three months ended September 30, 2025 was $101.8 million, approximately 24% lower than the same period in 2024 driven by the 15% decrease in tons sold discussed above and operational efficiencies. Cost of sales per ton sold decreased 10% from $130 per ton to $117 per ton. Cash cost per ton sold *(FOB mine)*, a non-GAAP measure which excludes transportation costs and idle mine costs, decreased 5% from $102 per ton to $97 per ton. Refer to *Non-GAAP Financial Measures* later in Item 2 for more information regarding this measure. Mine costs for the third quarter of 2025 benefited from efficiencies gained from increased production versus the same period in 2024.

*Segment adjusted EBITDA.* Segment adjusted EBITDA for the three months ended September 30, 2025 was $15.9 million, approximately 41% lower than the same period in 2024 driven by the revenue and cost of sales items discussed above.

*Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024*

*Revenue.* Coal sales revenue for the nine months ended September 30, 2025 was $408.6 million, approximately 18% lower than the same period in 2024 driven by the negative impact of pricing, offset by a 1% increase in tons sold. Revenue per ton sold decreased 18% from $173 per ton to $141 per ton while revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, decreased 16% from $145 per ton to $122 per ton. The decrease in the Company's revenue per ton sold measures were due to the decrease in metallurgical coal prices as U.S. metallurgical coal price indices fell by an average of 19% during the nine months ended September 30, 2025 compared to the same period of 2024 as a result of the macroeconomic conditions discussed earlier. We expect metallurgical coal prices to remain volatile in the near term.

*Cost of sales.* Our cost of coal sales totaled $346.3 million for the nine months ended September 30, 2025 compared to $393.6 million for the same period in 2024. The 12% decrease was driven by the closure of the Jawbone mine in Q3 2024 and the idling of the Rockhouse Eagle mine in Q2 2025, in addition to reduced trucking costs at the Maben complex subsequent to commissioning in Q4 2024. Cost of sales per ton sold decreased 12% from $137 per ton to $120 per ton. Cash cost per ton sold (FOB mine), a non-GAAP measure which excludes transportation costs and idle mine costs, decreased 8% from $109 per ton to $100 per ton. Mine costs for the first nine months of 2024 were impacted negatively by challenging geology and labor constraints which improved during the same period of 2025.

*Segment adjusted EBITDA.* Segment adjusted EBITDA for the nine months ended September 30, 2025 was $51.4 million, approximately 40% 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 September 30, 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| <br>*(In thousands)* | **2025** | **2024** | **Increase (Decrease)** | **2025** | **2024** | **Increase (Decrease)** |
| Segment Adjusted EBITDA <sup>(a)</sup> | $(3759) | $(1363) | $(2396) | $(12402) | $(3618) | $(8784) |

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*(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 12, "Segment Reporting," in the notes to the unaudited Condensed Consolidated Financial Statements for additional information on the calculation of Segment Adjusted EBITDA.* 

*Segment adjusted EBITDA.* Segment adjusted EBITDA for the three and nine months ended September 30, 2025 decreased by approximately $2.4 million and $8.8 million, respectively, compared to the same period in 2024 primarily driven by increased labor and professional service costs to develop the Brook Mine rare earth elements and critical minerals project in 2025.

**Liquidity and Capital Resources**

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.

On May 3, 2024, the Company entered into the First Amendment Agreement to the Second Amended and Restated Credit and Security Agreement in order to, among other things, extend the maturity date and increase the size of its existing Revolving Credit Facility. The amended facility has a maturity date of May 3, 2029, and provides an initial aggregate revolving commitment of $200 million as well as an accordion feature to increase the size by an additional $75 million subject to certain terms and conditions, including the 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 September 30, 2025, we had $193.8 million of cash and cash equivalents and $78.6 million of remaining availability under our Revolving Credit Facility for future borrowings. Cash and cash equivalents include $6.5 million of compensating balances held in dedicated accounts to assure future credit availability under the revolver. The Company's total current assets were $328.7 million and were in excess of total current liabilities by $218.2 million as of the balance sheet date.

*Significant sources and uses of cash during the first nine months of 2025*

Sources of cash:

● Cash flows provided by operating activities were $20.3 million during the nine months ended September 30, 2025, which were driven primarily by net earnings adjusted for non-cash expenses including depreciation, depletion, and amortization as well as stock-based compensation. Changes in operating assets and liabilities also contributed to operating cash flow driven primarily by the decrease in accounts receivable due to the collection of fourth quarter 2024 revenues and an increase in inventory.

● Cash inflows for financing activities totaled $196.6 million, which is primarily driven by:

● Net proceeds from a Class A common stock equity issuance of $189.0 million;

● Net proceeds from an Unsecured Senior Note issuance of $64.9 million;

● Repayment of Unsecured Senior Notes of $34.5 million; and

● Repayments of $11.1 million on our existing finance leases and insurance financing

Uses of cash:

● Cash outflows for investing activities totaled $56.1 million, which is primarily driven by:

● Capital expenditures of $52.1 million, including expenditures related to the preparation plant and expansion of our Maben complex. The preparation plant at Maben was commissioned in October 2024, which contributed to the reduced trucking costs at the complex in subsequent periods.

The Class B common stock dividends are calculated based on 20% of the previous quarter's CORE royalty and infrastructure fees as shown below. Refer to Note 7 of Part I, Item 1 for additional information regarding dividends.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| <br>*(In thousands)* | **2025** | **2024** | **2025** | **2024** |
| **Royalties** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ramaco Coal | $2634 | $4072 | $7763 | $9235 |
| &nbsp;&nbsp;&nbsp;Amonate Assets | 820 |  | 2124 | 2411 |
| &nbsp;&nbsp;&nbsp;Other | - | 11 | 12 | 36 |
| Total Royalties | $3454 | $4083 | $9899 | $11682 |
| Infrastructure Fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preparation Plants (Processing at $5.00/ton) | $4184 | $4254 | $13065 | $13043 |
| &nbsp;&nbsp;&nbsp;Rail Load-outs (Loading at $2.50/ton) | 2010 | 1986 | 6255 | 5873 |
| Total Infrastructure Fees (at $7.50/ton) | $6194 | $6240 | $19320 | $18916 |
| CORE Royalty and Infrastructure Fees | $9648 | $10323 | $29219 | $30598 |
| **Total Cash Available for Dividend for Class B Common Stock** | $9648 | $10323 | $29219 | $30598 |
| **20% of Cash Available for Dividend for Class B Common Stock** | $1930 | $2065 | $5844 | $6120 |

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

*Future sources and uses of cash*

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

● 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

● 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.

Refer to Note 5 of Part I, Item 1 for information regarding the Company's Revolving Credit Facility and indebtedness.

**Critical Accounting 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. A discussion of our critical accounting policies and estimates is included in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates" of the Annual Report. There were no material changes to our critical accounting policies the nine months ended September 30, 2025.

**Off-Balance Sheet Arrangements**

A discussion of off-balance sheet arrangements is included under the heading "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Off-Balance Sheet Arrangements" in the Annual Report. There were no material changes during the nine months ended September 30, 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 expense; depreciation, depletion, and amortization expenses; income taxes; accretion of asset retirement obligations; and, when applicable, certain other non-operating items (income tax penalties and charitable contributions). A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| <br>*(In thousands)* | **2025** | **2024** | **2025** | **2024** |
| Reconciliation of Net Income to Adjusted EBITDA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) income | $(13308) | $(239) | $(36741) | $7334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 17091 | 17811 | 51671 | 48909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 2250 | 1696 | 7298 | 4509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (3299) | 61 | (9618) | 1517 |
| &nbsp;&nbsp;&nbsp;EBITDA | 2734 | 19329 | 12610 | 62269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 4731 | 3970 | 12844 | 13255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-operating | 500 | (36) | 500 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligation | 402 | 354 | 1206 | 1063 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $8367 | $23617 | $27160 | $76596 |

---

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 sold (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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| <br>*(In thousands)* | **2025** | **2024** | **Increase (Decrease)** | **2025** | **2024** | **Increase (Decrease)** |
| **Metallurgical Coal Segment** |  |  |  |  |  |  |
| Revenue | $120996 | $167411 | $(46415) | $408611 | $495403 | $(86792) |
| Less: Adjustments to reconcile to Non-GAAP revenue (FOB mine) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transportation | 16131 | 28582 | (12451) | 55780 | 81086 | (25306) |
| &nbsp;&nbsp;&nbsp;Non-GAAP revenue (FOB mine) | $104866 | $138829 | $(33963) | $352831 | $414317 | $(61486) |
| &nbsp;&nbsp;&nbsp;Tons sold | 873 | 1023 | (150) | 2897 | 2867 | 30 |
| Non-GAAP revenue per ton sold (FOB mine) | $120 | $136 | $(16) | $122 | $145 | $(23) |
| *Refer to coal sales information for revenue per ton sold (GAAP basis) calculations* |  |  |  |  |  |  |

---

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 and 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, and alternative mineral costs, which are more developmentally focused at the present time. 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| <br>*(In thousands)* | **2025** | **2024** | **Increase (Decrease)** | **2025** | **2024** | **Increase (Decrease)** |
| **Metallurgical Coal Segment** |  |  |  |  |  |  |
| Cost of Sales: | $101842 | $133368 | $(31526) | $346326 | $393596 | $(47270) |
| Less: Adjustments to reconcile to Non-GAAP cash cost of sales |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transportation costs | 16366 | 28551 | (12185) | 56037 | 80299 | (24262) |
| &nbsp;&nbsp;&nbsp;Idle and other costs | 583 | 244 | 339 | 1728 | 786 | 942 |
| &nbsp;&nbsp;&nbsp;Non-GAAP cash cost of sales | $84893 | $104573 | $(19680) | $288561 | $312511 | $(23950) |
| &nbsp;&nbsp;&nbsp;Tons sold | 873 | 1023 | (150) | 2897 | 2867 | 30 |
| Non-GAAP cash cost per ton sold (FOB mine) | $97 | $102 | $(5) | $100 | $109 | $(9) |
| *Refer to coal sales information for cost per ton sold (GAAP basis) calculations* |  |  |  |  |  |  |

---

 

**Item 3. Quantitative and Qualitative Disclosures about Market Risk**

Disclosures about market risk are included in Item 7A, "Quantitative and Qualitative Disclosures about Market Risk," of our Annual Report.

**Item 4. Controls and Procedures**

As required by Rule 13a-15(b) of the Exchange Act, we have evaluated, under the supervision and with the participation of our management, including our chief executive officer, who serves as our principal executive officer, and our chief financial officer, who serves as our principal financial officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures, and is recorded, processed, summarized and reported within the periods specified in the rules and forms of the SEC. However, based on that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of the end of the period covered by this quarterly report as a result of the material weakness in internal control over financial reporting as described below.

**Previously Reported Material Weakness**

We previously identified a material weakness and concluded that our disclosure controls and procedures as of December 31, 2024, were not effective at the reasonable assurance level as a result of the material weakness in internal control over financial reporting disclosed below. The Company's remediation plan for the material weakness in internal control over financial reporting is also discussed below.

Based on this evaluation, management identified a material weakness related to an insufficiency of appropriately qualified and trained professionals to perform certain control activities necessary to achieve our control objectives. The material weakness also resulted in incomplete or inadequate documentation related to accounting policies and procedures, inappropriate conclusions reached regarding non-routine accounting matters, and insufficient evidence of internal control activities. A material weakness is a control deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. Management concluded that its internal control over financial reporting was ineffective as of December 31, 2024.

**Remediation Plan**

We have executed our plan for remediation to address the material weakness, which included assessing, redesigning, and implementing modifications of our internal controls, and the hiring of additional qualified accounting personnel, while supplementing internal resources with qualified external advisors as needed. While management has taken steps to address the root cause of the material weakness, we will not be able to fully remediate this material weakness until testing of the amended internal controls have demonstrated their operating effectiveness over a sustained period of financial reporting cycles.

**Changes in Internal Control Over Financial Reporting**

We have taken substantial steps toward improving our control environment by executing our remediation plan to address the material weakness, as described above. Except as described above, there were no significant changes in our internal control over financial reporting during our third quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Inherent Limitations on Effectiveness of Controls and Procedures**

Senior members of management do not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

Due to the nature of our business, we may become, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities. While the outcome of these proceedings cannot be predicted with certainty, in the opinion of our management, there are no pending litigation, disputes or claims against us which, if decided adversely, individually or in the aggregate, will have a material adverse effect on our financial condition, cash flows or results of operations. For a description of our legal proceedings, see Note 8 to the Condensed Consolidated Financial Statements included in Part I of this Quarterly Report.

**Item 1A. Risk Factors**

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors and other cautionary statements described under the heading "Item 1A. Risk Factors" included in our Annual Report and the risk factors and other cautionary statements contained in our other SEC filings, which could materially affect our business, financial condition, cash flows, or future results of operations.

Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, also may materially adversely affect our business, financial condition, or future results. Except as set forth below, there have been no material changes in our risk factors from those described in our Annual Report.

***Our growth prospects may be adversely affected by fluctuations in demand for, and prices of, rare earth elements and critical minerals.***

 ****

Changes in the level of demand for, and the market price of (including taxes and other tariffs and fees imposed upon) rare earth elements and critical minerals could significantly affect our growth prospects, which depend in large part on our ability to successfully develop the Brook Mine into a producing mine. As is the case with any mining asset that is not yet in commercial production, there is no assurance that we will be able to successfully develop the Brook Mine into a commercial scale mine. In particular, the prices for rare earth elements and critical minerals may fluctuate and are likely to be affected by numerous factors beyond our control such as interest rates, exchange rates, taxes, inflation, fluctuation in the relative value of the U.S. dollar against foreign currencies, shipping and other transportation and logistics costs, global and regional supply and demand for rare earth minerals and products, potential industry trends and the political and economic conditions of countries that produce and procure rare earth elements and critical minerals. In addition, a future change in the U.S. federal administration could result in changing policies and priorities, including with respect to trade policy and tariffs, taxes and regulation generally, all of which may have a detrimental impact on the demand for rare earth elements and critical minerals and related products.

Furthermore, supply side factors may have a significant influence on price volatility for rare earth elements and critical minerals. Supply of rare earth elements and critical minerals is currently dominated by Chinese producers. The Chinese Central Government regulates production via export bans, quotas and looser environmental standards compared to other countries, and, to a lesser extent, regulation of imports, and has and may continue to change such export bans, production quotas, environmental standards, and import regulations. Over the past few years, there has been significant restructuring of the Chinese market in line with Chinese Central Government policy; however, periods of over-supply or speculative trading of rare earth elements and critical minerals can lead to significant fluctuations in the market price of such products. A prolonged or significant economic contraction in the U.S., China, or worldwide could put downward pressure on market prices of rare earth elements and critical minerals. Protracted periods of low prices for rare earth elements and critical minerals could significantly impact our growth prospects. Demand for rare earth elements and critical minerals may be impacted by demand for downstream products such as hybrid and electric vehicles, wind turbines, robotics, medical equipment, military equipment and other high-growth, advanced motion technologies, as well as demand in the general automotive and electronics industries. By contrast, extended periods of high commodity prices may create economic dislocations that may be destabilizing to rare earth elements and critical minerals supply and demand and ultimately to the broader markets. Strong rare earth elements and critical minerals prices may create economic pressure to identify or create alternate technologies that ultimately could depress long-term demand for rare earth minerals and products, and at the same time may incentivize development of competing mining properties.

Based on all of the above, we cannot provide assurance that mineralization can be mined or processed profitably.

***We do not currently have rare earth elements or critical mineral reserves, and our growth prospects may be adversely affected if we are unable to successfully develop the Brook Mine into a commercial scale mine.***

 ****

As described in the Brook Mine – Initial Assessment technical report summary for the Brook Mine prepared by Weir International, Inc. (September 17, 2025), our estimates of rare earth elements and critical minerals are reported as in-place inferred resources. Mineral resources are not mineral reserves and do not meet the threshold for reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves in the future. Rare earth elements and critical minerals is a new initiative for us and, as such, has required and will continue to require us to make significant investments to build out our rare earth element capabilities. As a new facet of our business, there are heightened risks and uncertainties, and there is no assurance that we will be able to successfully develop the Brook Mine into a commercial scale mine. We have in the past pursued alternative strategies and initiatives outside the scope of our core metallurgical mining business that have not to date resulted in meaningful returns on our investment. We have little to no demonstrated track record of commercial, operational or financial success outside of our core business, and given the uncertainties associated with rare earth elements and critical minerals and the mining thereof, we cannot assure you that this initiative will be successful.

***An increase in the global supply of rare earth element products, dumping, predatory pricing and other anti-competitive tactics taken by our competitors may materially and adversely affect our growth prospects and the price of our common stock.***

 ****

The pricing of and demand for rare earth element products is affected by a number of factors beyond our control, including the global macroeconomic environment and the global supply and demand for products that use rare earth elements and critical minerals. China accounts for the significant majority of global rare earth element and critical mineral production and also dominates the manufacture of metals from rare earth elements, capabilities that are not currently present at scale in the U.S. Over the past few years, there has been significant restructuring of the Chinese rare earth element production industry, further centralizing control over production by state-owned enterprises. Chinese competitors may engage in predatory pricing or other behaviors designed to inhibit competition. Any increase in the amount of rare earth element products exported from China or other nations and increased competition may adversely affect our ability to develop Brook Mine into an economically feasible producing mine or, in the future, our ability to ultimately profitably recover and sell rare earth elements and critical minerals, which could adversely impact our growth prospects and the price of our common stock. As a result of these factors, we may not be able to compete effectively against current and future competitors.

Chinese competitors may have greater financial resources, as well as other strategic advantages to operate, maintain, improve, and possibly expand their facilities. Additionally, our Chinese competitors have historically been able to produce at relatively low costs due to domestic economic and regulatory factors, including less stringent environmental and governmental regulations and lower labor and benefit costs. If we are not able to achieve consistent product quality at our anticipated costs of production, then any strategic advantages that our competitors may have over us, including, without limitation, lower labor, compliance, and production costs, could have a material adverse effect on our growth prospects and the price of our common stock.

***Consolidation of the rare earth elements and critical minerals industry may result in increased competition.***

 ****

Some of our competitors have made, or may make, acquisitions or enter into partnerships or other strategic relationships to achieve competitive advantages. In addition, new entrants not currently considered competitors may enter our market through acquisitions, partnerships, or strategic relationships. We expect these trends to continue as demand for rare earth element materials increases. Industry consolidation may result in competitors with more compelling product offerings or greater pricing flexibility than we may have, or business practices that make it more difficult for us to compete effectively, including on the basis of price, sales, technology or supply. For example, in December 2021, China merged three state entities to establish the China Rare Earth Group Co. Ltd ("China Rare Earth Group"), that accounts for more than half of China's heavy rare earths supplies. China Rare Earth Group has enhanced pricing power of key rare earths, such as dysprosium and terbium, which has brought changes to the global rare earth elements supply chain. These competitive pressures could have a material adverse effect on our growth prospects and the price of our common stock.

***Changes in tax legislation could have an adverse impact on our cash tax liabilities, results of operations or financial condition.***

 ****

The Tax Cuts and Jobs Act of 2017 ("TCJA") reduced the U.S. corporate income tax rate from 35% to 21% and included certain other changes that resulted in a significant reduction of our income tax liability. The recently enacted One Big Beautiful Bill Act of 2025 (the "OBBBA") extends many of the policies first enacted in the TCJA and introduces new rules that will impact our business. OBBBA provides for the temporary 2.5% Advanced Manufacturing Production Credit for metallurgical coal. The tax credit for metallurgical coal production is scheduled to terminate after December 31, 2029, limiting our ability to benefit from this incentive to a short window beginning in 2026. Other key provisions of OBBBA include, but are not limited to, (i) restoration of 100% bonus depreciation for qualified property (e.g., machinery and equipment) acquired and placed in service after January 19, 2025, repealing the TCJA's phase-down that began in 2023, and deduction of domestic research and experimental expenditures in the current period, (ii) new bonus depreciation election allowing the immediate expensing of 100% of the cost basis of "qualified production property" (e.g., manufacturing facilities placed in service in the United States), if construction commences after January 19, 2025, and before January 1, 2029, and the asset is placed in service before January 1, 2031, and (iii) favorable adjustments to the interest deduction rules by permanently restoring the pre-2022 deduction cap on interest expenses with respect to debt incurred in a trade or business to generally 30% of a taxpayer's EBITDA (as opposed to 30% of EBIT, as required under prior law). The Inflation Reduction Act of 2022 (the "IRA") added a variety of incentives to promote clean energy, many of which will be reduced or eliminated under the OBBBA. The IRA also added a new corporate alternative minimum tax of 15% on adjusted financial statement income and an excise tax on share buybacks, both of which remain in effect under the OBBBA. Congress could, in the future, revise or repeal those changes or enact other tax law changes, such as the elimination of tax preferences currently available with respect to coal exploration and development and the percentage depletion allowance. We are unable to predict whether any such changes will ultimately be enacted, but any such changes could have a material impact on our cash tax liabilities, results of operations or financial condition.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

None

**Item 3. Defaults Upon Senior Securities**

None

**Item 4. Mine Safety Disclosures**

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95.1 to this Quarterly Report.

**Item 5. Other Information**

***Rule 10b5-1 trading arrangements***

During the period covered by this Quarterly Report, none of the Company's directors or executive officers has adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended).

***Unresolved Staff Comment***

The Company received a comment letter, dated August 19, 2025, from the staff of the Division of Corporation Finance of the SEC (the "Staff") relating to our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2025. The Staff's comments principally concern: (i) our disclosures and public statements regarding the Preliminary Economic Assessment ("PEA") for the Brook Mine rare earth elements and critical minerals project, including the basis for statements characterizing the project as technically and economically viable in light of the AACE Class 5 classification and the conceptual nature of the underlying exploration target; (ii) the consistency of our disclosures regarding the preparation of the PEA under Regulation S-K Subpart 1300 with our release of a Company-prepared summary and references to the AACE classification system; and (iii) whether our plans to commence carbon ore mining activities and to construct a pilot-scale concentrate processing facility could result in a material change to our operating results or financial condition in future periods, and our related considerations under Item 303 of Regulation S-K.

In response, we explained that the conclusions regarding technical and economic viability referenced in our disclosures were those of Fluor Corporation as set forth in its PEA, based on then-available information and Company-provided pricing, and that the Class 5 designation reflects the preliminary level of project definition and expected accuracy for early-stage cost estimates. We also clarified that our Company-prepared PEA summary was released in accordance with the disclosure framework of Regulation S-K Subpart 1300, that the summary was not a Technical Report Summary under Subpart 1300 and appropriately referenced the AACE classification system. We committed to update the operating results and financial conditions if they change in future periods.

We have not received further communication from the Staff regarding these matters, and the comments therefore remain unresolved as of the date of this Quarterly Report.

**Item 6. Exhibits**

---

| | |
|:---|:---|
| 4.1.1 | [Third Supplemental Indenture dated as of July 31, 2025, between Ramaco Resources, Inc. and Wilmington Savings Fund Society, FSB, as trustee. (incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed July 31, 2025).](https://www.sec.gov/Archives/edgar/data/1687187/000110465925072699/tm2522033d1_ex4-2.htm) |
| 4.1.2 | [Form of 8.250% Senior Note due 2030 (included as Exhibit A to Exhibit 4.1.1 above).](http://www.sec.gov/Archives/edgar/data/1687187/000110465925072699/tm2522033d1_ex4-2.htm) |
| \*†10.1 | [Indemnification Agreement (Michael R. Graney), dated September 15, 2025](ea026160301ex10-1_ramaco.htm) |
| 10.2 | [Third Amendment Agreement, dated July 23, 2025, by and among Ramaco Resources, Inc., Ramaco Development, LLC, RAM Mining, LLC, Ramaco Coal Sales, LLC, Ramaco Resources, LLC, Ramaco Resources Land Holdings, LLC, Ramaco Coal, Inc., Maben Coal LLC, Carbon Resources Development, Inc., Ramaco Coal, LLC, as borrowers, the lenders party thereto, and KeyBank National Association as agent and lender (amending the Second Amended and Restated Credit and Security Agreement, dated February 15, 2023, by and among Ramaco Resources, Inc., the other borrowers party thereto, the lenders party thereto, and KeyBank National Association, as agent, lender, swing line lender and the issuer) (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the Commission on July 24, 2025).](https://www.sec.gov/Archives/edgar/data/1687187/000110465925070253/tm2521201d4_ex10-1.htm) |
| 10.3 | [Structuring Fee Agreement dated July 31, 2025, between Ramaco Resources, Inc. and Lucid Capital Markets, LLC (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed July 31, 2025).](https://www.sec.gov/Archives/edgar/data/1687187/000110465925072699/tm2522033d1_ex10-1.htm) |
| 10.4 | [Fourth Amendment Agreement, dated August 5, 2025, by and among Ramaco Resources, Inc., Ramaco Development, LLC, RAM Mining, LLC, Ramaco Coal Sales, LLC, Ramaco Resources, LLC, Ramaco Resources Land Holdings, LLC, Ramaco Coal, Inc., Maben Coal LLC, Carbon Resources Development, Inc., Ramaco Coal, LLC, as borrowers, the lenders party thereto, and KeyBank National Association as agent and lender (amending the Second Amended and Restated Credit and Security Agreement, dated February 15, 2023, by and among Ramaco Resources, Inc., the other borrowers party thereto, the lenders party thereto, and KeyBank National Association, as agent, lender, swing line lender and the issuer) (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the Commission on August 6, 2025).](https://www.sec.gov/Archives/edgar/data/1687187/000110465925074557/tm2522391d5_ex10-1.htm) |
| \*†10.5 | [Indemnification Agreement (Joseph Manchin III), dated April 18, 2025.](ea026160301ex10-5_ramaco.htm) |
| \*31.1 | [Certification of Chief Executive Officer (principal executive officer) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea026160301ex31-1_ramaco.htm) |
| \*31.2 | [Certification of Chief Financial Officer (principal financial officer) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea026160301ex31-2_ramaco.htm) |
| \*\*32.1 | [Certification of Chief Executive Officer (principal executive officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea026160301ex32-1_ramaco.htm) |
| \*\*32.2 | [Certification of Chief Financial Officer (principal financial officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea026160301ex32-2_ramaco.htm) |
| \*95.1 | [Mine Safety Disclosure](ea026160301ex95-1_ramaco.htm) |
| \*101.INS | Inline XBRL Instance Document |
| \*101.SCH | XBRL Taxonomy Extension Schema Document |
| \*101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| \*101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| \*101.LAB | XBRL Taxonomy Extension Labels Linkbase Document |
| \*101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

† Management contract or compensatory plan or agreement. <br> \* Exhibit filed herewith.

\*\* Furnished herewith. Pursuant to SEC Release No. 33-8212, this certification will be treated as "accompanying" this Quarterly Report and not "filed" as part of such report for purposes of Section 18 of the Exchange Act or otherwise subject to the liability under Section 18 of the Exchange Act, and this certification will not be deemed to be incorporated by reference into any filing under the Securities Act, except to the extent that the registrant specifically incorporates it by reference.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **RAMACO RESOURCES, INC.** | **RAMACO RESOURCES, INC.** |
| October 28, 2025 | By: | /s/ Randall W. Atkins |
|  |  | Randall W. Atkins |
|  |  | Chairman, Chief Executive Officer and Director |
|  |  | (Principal Executive Officer) |
| October 28, 2025 | By: | /s/ Jeremy R. Sussman |
|  |  | Jeremy R. Sussman |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 10.1

**Exhibit 10.1**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement ("Agreement") is made effective as of September 15, 2025, by and between Ramaco Resources, Inc., a Delaware corporation (the "Corporation"), and Michael R. Graney ("Indemnitee").

RECITALS:

WHEREAS, directors, officers and other persons in service to corporations or business enterprises are subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Corporation or business enterprise itself;

WHEREAS, highly competent persons have become more reluctant to serve as directors, officers or in other capacities unless they are provided with adequate protection through insurance and adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

WHEREAS, the Board of Directors of the Corporation (the "Board") has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Corporation and its stockholders and that the Corporation should act to assure such persons that there will be increased certainty of such protection in the future;

WHEREAS, (i) the Second Amended and Restated Bylaws of the Corporation (as may be amended, the "Bylaws") require indemnification of the officers and directors of the Corporation, (ii) Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware ("DGCL") and (iii) the Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive and thereby contemplate that contracts may be entered into between the Corporation and members of the Board, officers and other persons with respect to indemnification;

WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws and the Amended and Restated Certificate of Incorporation of the Corporation (as may be amended, the "Certificate of Incorporation") and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefore, nor to diminish or abrogate any rights of Indemnitee thereunder; and

WHEREAS, (i) Indemnitee does not regard the protection available under the Bylaws and insurance as adequate in the present circumstances, (ii) Indemnitee may not be willing to serve or continue to serve as a director or officer of the Corporation without adequate protection, (iii) the Corporation desires Indemnitee to serve in such capacity, and (iv) Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Corporation on the condition that he be so indemnified.

AGREEMENT:

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Corporation and Indemnitee do hereby covenant and agree as follows:

Section 1 (a) As used in this Agreement:

"Affiliate" of any specified Person shall mean any other Person controlling, controlled by or under common control with such specified Person.

"Corporate Status" describes the status of a person who is or was a director, officer, employee or agent of (i) the Corporation or (ii) any other corporation, limited liability company, partnership or joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Corporation.

"Disinterested Director" shall mean a director of the Corporation who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

"Enterprise" shall mean the Corporation and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Corporation as a director, officer, employee, agent or fiduciary.

"Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

"Expenses" shall mean all reasonable costs, expenses, fees and charges, including, without limitation, attorneys' fees, document and e-discovery costs, litigation expenses, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also shall include, without limitation, (i) expenses incurred in connection with any appeal resulting from, incurred by Indemnitee in connection with, arising out of, or in respect of or relating to, any Proceeding, including, without limitation, the premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent, (ii) for purposes of Section 12(d) hereof only, expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise, (iii) any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, and (iv) any interest, assessments or other charges in respect of the foregoing. "Expenses" shall not include "Liabilities."

"Indemnity Obligations" shall mean all obligations of the Corporation to Indemnitee under this Agreement, including the Corporation's obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

"Independent Counsel" shall mean a law firm of fifty (50) or more attorneys, or a member of a law firm of fifty (50) or more attorneys, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Corporation or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder; provided, however, that the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"Liabilities" shall mean all claims, liabilities, damages, losses, judgments, orders, fines, penalties and other amounts payable in connection with, arising out of, or in respect of or relating to any Proceeding, including, without limitation, amounts paid in settlement in any Proceeding and all costs and expenses in complying with any judgment, order or decree issued or entered in connection with any Proceeding or any settlement agreement, stipulation or consent decree entered into or issued in settlement of any Proceeding.

"Person" shall mean any individual, corporation, partnership, limited partnership, limited liability company, trust, governmental agency or body or any other legal entity.

"Proceeding" shall mean any threatened, pending or completed action, claim, suit, arbitration, alternate dispute resolution mechanism, formal or informal hearing, inquiry or investigation, litigation, inquiry, administrative hearing or any other actual, threatened or completed judicial, administrative or arbitration proceeding (including, without limitation, any such proceeding under the Securities Act of 1933, as amended, or the Exchange Act or any other federal law, state law, statute or regulation), whether brought in the right of the Corporation or otherwise, and whether of a civil, criminal, administrative or investigative nature, in each case, in which Indemnitee was, is or will be, or is threatened to be, involved as a party, witness or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Corporation, by reason of any actual or alleged action taken by Indemnitee or of any action on Indemnitee's part while acting as director or officer of the Corporation, or by reason of the fact that he is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement can be provided under this Agreement

(b) For the purpose hereof, references to "fines" shall include any excise tax assessed with respect to any employee benefit plan; references to "serving at the request of the Corporation" shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a Person who acted in good faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Corporation" as referred to in this Agreement.

Section 2 Indemnity in Third-Party Proceedings. The Corporation shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or reasonably incurred (and, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee's behalf in connection with any Proceeding (other than any Proceeding brought by or in the right of the Corporation to procure a judgment in its favor), or any claim, issue or matter therein.

Section 3 Indemnity in Proceedings by or in the Right of the Corporation. The Corporation shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or incurred by Indemnitee or on Indemnitee's behalf in connection with any Proceeding brought by or in the right of the Corporation to procure a judgment in its favor, or any claim, issue or matter therein. No indemnification for Liabilities and Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Corporation, unless and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to such indemnification.

Section 4 Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, and without limiting the rights of Indemnitee under any other provision hereof, including any rights to indemnification pursuant to Sections 2 or 3 hereof, to the fullest extent permitted by applicable law, to the extent that Indemnitee is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Corporation shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with each successfully resolved Proceeding, claim, issue or matter. For purposes of this Section 4 and without limitation, the termination of any Proceeding or claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

Section 5 Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of Indemnitee's Corporate Status, a witness, or is made (or asked) to respond to discovery requests or a subpoena or similar demand for documents or testimony, in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses suffered or incurred (or, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee's behalf in connection therewith.

Section 6 Additional Indemnification. Notwithstanding any limitation in Sections 2, 3 or 4 hereof, the Corporation shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Corporation to procure a judgment in its favor) against all Liabilities and Expenses suffered or reasonably incurred by Indemnitee in connection with such Proceeding, including but not limited to:

(a) the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL; and

(b) the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

Section 7 Exclusions. Notwithstanding any provision in this Agreement, the Corporation shall not be obligated under this Agreement to indemnify or hold harmless Indemnitee:

(a) for which payment has actually been made to or on behalf of Indemnitee under any insurance policy obtained by the Corporation except with respect to any excess beyond the amount paid under such insurance policy;

(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Corporation within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law;

(c) for any reimbursement of the Corporation by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Corporation, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Corporation pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "***Sarbanes-Oxley Act***"), or the payment to the Corporation of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any settlement arrangements) or in respect of claw-back provisions promulgated under the rules and regulations of the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act; or

(d) except as provided in Section 12(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Corporation or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Corporation provides the indemnification, in its sole discretion, pursuant to the powers vested in the Corporation under applicable law; or

(e) if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful.

Section 8 Advancement. In accordance with the pre-existing requirements of the Bylaws, and notwithstanding any provision of this Agreement to the contrary, the Corporation shall advance, to the extent not prohibited by applicable law, the Expenses reasonably incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within ten (10) days after the receipt by the Corporation of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee's ability to repay the Expenses and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all Expenses reasonably incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Corporation to support the advances claimed. Indemnitee shall qualify for advances upon the execution and delivery to the Corporation of this Agreement, which shall constitute an undertaking providing that Indemnitee undertakes to repay the amounts advanced to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Corporation. This Section 8 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 7 hereof.

Section 9 Procedure for Notification and Defense of Claim.

(a) Indemnitee shall promptly notify the Corporation in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement hereunder following the receipt by Indemnitee of written notice thereof. The written notification to the Corporation shall include a description of the nature of the Proceeding and the facts underlying the Proceeding. To obtain indemnification under this Agreement, Indemnitee shall submit to the Corporation a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. Any delay or failure by Indemnitee to notify the Corporation hereunder will not relieve the Corporation from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay or failure in so notifying the Corporation shall not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Corporation shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

(b) In the event Indemnitee is entitled to indemnification and/or advancement with respect to any Proceeding, Indemnitee may, at Indemnitee's option, (i) retain counsel selected by Indemnitee and approved by the Corporation to defend Indemnitee in such Proceeding, at the sole expense of the Corporation (which approval shall not be unreasonably withheld, conditioned or delayed), or (ii) have the Corporation assume the defense of Indemnitee in such Proceeding, in which case the Corporation shall assume the defense of such Proceeding with counsel selected by the Corporation and approved by Indemnitee (which approval shall not be unreasonably withheld, conditioned or delayed) within ten (10) days of the Corporation's receipt of written notice of Indemnitee's election to cause the Corporation to do so. If the Corporation is required to assume the defense of any such Proceeding, it shall engage legal counsel for such defense, and the Corporation shall be solely responsible for all fees and expenses of such legal counsel and otherwise of such defense. Such legal counsel may represent both Indemnitee and the Corporation (and any other party or parties entitled to be indemnified by the Corporation with respect to such matter) unless, in the reasonable opinion of legal counsel to Indemnitee, there is a conflict of interest between Indemnitee and the Corporation (or any other such party or parties) or there are legal defenses available to Indemnitee that are not available to the Corporation (or any such other party or parties). Notwithstanding either party's assumption of responsibility for defense of a Proceeding, each party shall have the right to engage separate counsel at its own expense. The party having responsibility for defense of a Proceeding shall provide the other party and its counsel with all copies of pleadings and material correspondence relating to the Proceeding. Indemnitee and the Corporation shall reasonably cooperate in the defense of any Proceeding with respect to which indemnification is sought hereunder, regardless of whether the Corporation or Indemnitee assumes the defense thereof. Indemnitee may not settle or compromise any Proceeding without the prior written consent of the Corporation, which consent shall not be unreasonably withheld, conditioned or delayed. The Corporation may not settle or compromise any Proceeding without the prior written consent of Indemnitee.

Section 10 Procedure Upon Application for Indemnification.

(a) Upon written request by Indemnitee for indemnification pursuant to Section 9(a) hereof, if any determination by the Corporation is required by applicable law with respect to Indemnitee's entitlement thereto, such determination shall be made (i) if Indemnitee shall request such determination be made by Independent Counsel, by Independent Counsel, and (ii) in all other circumstances, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (D) if so directed by the Board, by the stockholders of the Corporation; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Corporation (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Corporation hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Corporation will not deny any written request for indemnification hereunder made in good faith by Indemnitee unless a determination as to Indemnitee's entitlement to such indemnification described in this Section 10(a) has been made. The Corporation agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Liabilities and Expenses arising out of or relating to this Agreement or its engagement pursuant hereto.

(b) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(a) hereof, (i) the Independent Counsel shall be selected by the Corporation within ten (10) days of the Submission Date (the cost of such Independent Counsel to be paid by the Corporation), (ii) the Corporation shall give written notice to Indemnitee advising it of the identity of the Independent Counsel so selected and (iii) Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Corporation Indemnitee's written objection to such selection. Such objection by Indemnitee may be asserted only on the ground that the Independent Counsel selected does not meet the requirements of "Independent Counsel" as defined in this Agreement. If such written objection is made and substantiated, the Independent Counsel selected shall not serve as Independent Counsel unless and until Indemnitee withdraws the objection or a court has determined that such objection is without merit. Absent a timely objection, the person so selected shall act as Independent Counsel. If no Independent Counsel shall have been selected and not objected to before the later of (i) thirty (30) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 10(a) hereof (the "Submission Date") and (ii) ten (10) days after the final disposition of the Proceeding, each of the Corporation and Indemnitee shall select a law firm or member of a law firm meeting the qualifications to serve as Independent Counsel, and such law firms or members of law firms shall select the Independent Counsel. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

Section 11 Presumptions and Effect of Certain Proceedings.

(a) In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall, to the fullest extent not prohibited by applicable law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Corporation shall, to the fullest extent not prohibited by applicable law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Corporation (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Corporation (including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

(b) Subject to Section 12(e) hereof, if the person, persons or entity empowered or selected under Section 10 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Corporation of the request therefore, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by applicable law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if (i) the determination is to be made by Independent Counsel and Indemnitee objects to the Corporation's selection of Independent Counsel and (ii) the Independent Counsel ultimately selected requires such additional time for the obtaining or evaluating of documentation or information relating thereto; provided further, however, that such 60-day period may also be extended for a reasonable time, not to exceed an additional sixty (60) days, if the determination of entitlement to indemnification is to be made by the stockholders of the Corporation.

(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Corporation or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee's conduct was unlawful.

(d) Reliance as Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with the reasonable care by the Enterprise. The provisions of this Section 11(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

(e) Actions of Others. The knowledge or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

Section 12 Remedies of Indemnitee.

(a) Subject to Section 12(e) hereof, in the event that (i) a determination is made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement is not timely made pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(a) of this Agreement within ninety (90) days after receipt by the Corporation of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 4 or 5 or the last sentence of Section 10(a) of this Agreement within ten (10) days after receipt by the Corporation of a written request therefor, (v) payment of indemnification pursuant to Sections 2, 3 or 6 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Corporation or any other Person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of Indemnitee's entitlement to such indemnification or advancement. Alternatively, Indemnitee, at Indemnitee's option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. The Corporation shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

(b) In the event that a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 12 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 12 the Corporation shall have the burden of proving Indemnitee is not entitled to indemnification or advancement, as the case may be.

(c) If a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is entitled to indemnification, the Corporation shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a prohibition of such indemnification under applicable law.

(d) The Corporation shall, to the fullest extent not prohibited by applicable law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Corporation is bound by all the provisions of this Agreement. It is the intent of the Corporation that Indemnitee not be required to incur Expenses associated with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder. The Corporation shall indemnify Indemnitee against any and all such Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Corporation of a written request therefore) advance, to the extent not prohibited by applicable law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advancement from the Corporation under this Agreement or under any directors' and officers' liability insurance policies maintained by the Corporation, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement or insurance recovery, as the case may be.

(e) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding; provided that, in absence of any such determination with respect to such Proceeding, the Corporation shall advance Expenses with respect to such Proceeding.

Section 13 Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

(a) The rights of indemnification and to receive advancement as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee's Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement than would be afforded currently under the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

(c) The Corporation shall maintain an insurance policy or policies providing liability insurance providing reasonable and customary coverage as compared with similarly situated companies (as determined by the Board in its reasonable discretion) for directors, officers, employees, or agents of the Corporation or of any other Enterprise, and Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies and such policies shall provide for and recognize that the insurance policies are primary to any rights to indemnification, advancement or insurance proceeds to which Indemnitee may be entitled from one or more Persons with whom or which Indemnitee may be associated to the same extent as the Corporation's indemnification and advancement obligations set forth in this Agreement. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Corporation has director and officer liability insurance in effect, the Corporation shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Corporation shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

(d) In the event of any payment under this Agreement, the Corporation shall not be subrogated to the rights of recovery of Indemnitee, including rights of indemnification provided to Indemnitee from any other person or entity with whom Indemnitee may be associated; provided, however, that the Corporation shall be subrogated to the extent of any such payment of all rights of recovery of Indemnitee under insurance policies of the Corporation or any of its subsidiaries.

(e) The indemnification and contribution provided for in this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of Indemnitee.

Section 14 Duration of Agreement; Not Employment Contract. This Agreement shall continue until and terminate upon the latest of: (i) ten (10) years after the date that Indemnitee shall have ceased to serve as a director, officer, employee or agent of the Corporation or any other Enterprise, (ii) the date of final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement hereunder and of any proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto or (iii) the expiration of all statutes of limitation applicable to possible Proceedings to which Indemnitee may be subject arising out of the Indemnitee's Corporate Status. The indemnification provided under this Agreement shall continue as to the Indemnitee even though he or she may have ceased to be a director of the Corporation or of any the Corporation's direct or indirect subsidiaries or to have Corporate Status. This Agreement shall be binding upon the Corporation and its successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee's heirs, executors and administrators. This Agreement shall not be deemed an employment contract between the Corporation (or any of its subsidiaries or any other Enterprise) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee's employment with the Corporation (or any of its subsidiaries or any other Enterprise), if any, is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment contract between Indemnitee and the Corporation (or any of its subsidiaries or any other Enterprise), other applicable formal severance policies duly adopted by the Board, or, with respect to service as a director of the Corporation, by the Certificate of Incorporation, the Bylaws or the DGCL.

Section 15 Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by applicable law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Section 16 Enforcement.

(a) The Corporation expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer, employee or agent of the Corporation, and the Corporation acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer, employee or agent of the Corporation.

(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the Bylaws and applicable law, and shall not be deemed a substitute therefore, nor diminish or abrogate any rights of Indemnitee thereunder.

Section 17 Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver.

Section 18 Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received:

(i) If to Indemnitee, at such address as Indemnitee shall provide to the Corporation.

(ii) If to the Corporation to:

Ramaco Resources, Inc.

250 West Main Street, Suite 1900

Lexington, Kentucky 40507

Attention: Board of Directors

or to any other address as may have been furnished to Indemnitee by the Corporation.

Section 19 Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Corporation, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for Liabilities or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by the Corporation and Indemnitee as a result of the event(s) and transaction(s) giving cause to such Proceeding; and (b) the relative fault of the Corporation (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and transaction(s).

Section 20 Applicable Law. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.

Section 21 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

Section 22 Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed effective as of the day and year first above written.

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| | |
|:---|:---|
| RAMACO RESOURCES, INC. | RAMACO RESOURCES, INC. |
| By: | /s/ Randall W. Atkins |
| Name: | Randall W. Atkins |
| Title: | Chairman and Chief Executive Officer |
| INDEMNITEE | INDEMNITEE |
| By: | Michael R. Graney |
| Name: | Michael R. Graney |

---

[Signature Page to Indemnification Agreement]

## Exhibit 10.5

**Exhibit 10.5**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement ("Agreement") is made effective as of April 18, 2025, by and between Ramaco Resources, Inc., a Delaware corporation (the "Corporation"), and Joseph Manchin, III ("Indemnitee").

RECITALS:

WHEREAS, directors, officers and other persons in service to corporations or business enterprises are subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Corporation or business enterprise itself;

WHEREAS, highly competent persons have become more reluctant to serve as directors, officers or in other capacities unless they are provided with adequate protection through insurance and adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

WHEREAS, the Board of Directors of the Corporation (the "Board") has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Corporation and its stockholders and that the Corporation should act to assure such persons that there will be increased certainty of such protection in the future;

WHEREAS, (i) the Second Amended and Restated Bylaws of the Corporation (as may be amended, the "Bylaws") require indemnification of the officers and directors of the Corporation, (ii) Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware ("DGCL") and (iii) the Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive and thereby contemplate that contracts may be entered into between the Corporation and members of the Board, officers and other persons with respect to indemnification;

WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws and the Amended and Restated Certificate of Incorporation of the Corporation (as may be amended, the "Certificate of Incorporation") and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefore, nor to diminish or abrogate any rights of Indemnitee thereunder; and

WHEREAS, (i) Indemnitee does not regard the protection available under the Bylaws and insurance as adequate in the present circumstances, (ii) Indemnitee may not be willing to serve or continue to serve as a director or officer of the Corporation without adequate protection, (iii) the Corporation desires Indemnitee to serve in such capacity, and (iv) Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Corporation on the condition that he be so indemnified.

AGREEMENT:

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Corporation and Indemnitee do hereby covenant and agree as follows:

Section 1 (a) As used in this Agreement:

"Affiliate" of any specified Person shall mean any other Person controlling, controlled by or under common control with such specified Person.

"Corporate Status" describes the status of a person who is or was a director, officer, employee or agent of (i) the Corporation or (ii) any other corporation, limited liability company, partnership or joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Corporation.

"Disinterested Director" shall mean a director of the Corporation who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

"Enterprise" shall mean the Corporation and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Corporation as a director, officer, employee, agent or fiduciary.

"Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

"Expenses" shall mean all reasonable costs, expenses, fees and charges, including, without limitation, attorneys' fees, document and e-discovery costs, litigation expenses, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also shall include, without limitation, (i) expenses incurred in connection with any appeal resulting from, incurred by Indemnitee in connection with, arising out of, or in respect of or relating to, any Proceeding, including, without limitation, the premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent, (ii) for purposes of Section 12(d) hereof only, expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise, (iii) any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, and (iv) any interest, assessments or other charges in respect of the foregoing. "Expenses" shall not include "Liabilities."

"Indemnity Obligations" shall mean all obligations of the Corporation to Indemnitee under this Agreement, including the Corporation's obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

"Independent Counsel" shall mean a law firm of fifty (50) or more attorneys, or a member of a law firm of fifty (50) or more attorneys, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Corporation or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder; provided, however, that the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"Liabilities" shall mean all claims, liabilities, damages, losses, judgments, orders, fines, penalties and other amounts payable in connection with, arising out of, or in respect of or relating to any Proceeding, including, without limitation, amounts paid in settlement in any Proceeding and all costs and expenses in complying with any judgment, order or decree issued or entered in connection with any Proceeding or any settlement agreement, stipulation or consent decree entered into or issued in settlement of any Proceeding.

"Person" shall mean any individual, corporation, partnership, limited partnership, limited liability company, trust, governmental agency or body or any other legal entity.

"Proceeding" shall mean any threatened, pending or completed action, claim, suit, arbitration, alternate dispute resolution mechanism, formal or informal hearing, inquiry or investigation, litigation, inquiry, administrative hearing or any other actual, threatened or completed judicial, administrative or arbitration proceeding (including, without limitation, any such proceeding under the Securities Act of 1933, as amended, or the Exchange Act or any other federal law, state law, statute or regulation), whether brought in the right of the Corporation or otherwise, and whether of a civil, criminal, administrative or investigative nature, in each case, in which Indemnitee was, is or will be, or is threatened to be, involved as a party, witness or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Corporation, by reason of any actual or alleged action taken by Indemnitee or of any action on Indemnitee's part while acting as director or officer of the Corporation, or by reason of the fact that he is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement can be provided under this Agreement

(b) For the purpose hereof, references to "fines" shall include any excise tax assessed with respect to any employee benefit plan; references to "serving at the request of the Corporation" shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a Person who acted in good faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Corporation" as referred to in this Agreement.

Section 2 Indemnity in Third-Party Proceedings. The Corporation shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or reasonably incurred (and, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee's behalf in connection with any Proceeding (other than any Proceeding brought by or in the right of the Corporation to procure a judgment in its favor), or any claim, issue or matter therein.

Section 3 Indemnity in Proceedings by or in the Right of the Corporation. The Corporation shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or incurred by Indemnitee or on Indemnitee's behalf in connection with any Proceeding brought by or in the right of the Corporation to procure a judgment in its favor, or any claim, issue or matter therein. No indemnification for Liabilities and Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Corporation, unless and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to such indemnification.

Section 4 Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, and without limiting the rights of Indemnitee under any other provision hereof, including any rights to indemnification pursuant to Sections 2 or 3 hereof, to the fullest extent permitted by applicable law, to the extent that Indemnitee is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Corporation shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with each successfully resolved Proceeding, claim, issue or matter. For purposes of this Section 4 and without limitation, the termination of any Proceeding or claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

Section 5 Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of Indemnitee's Corporate Status, a witness, or is made (or asked) to respond to discovery requests or a subpoena or similar demand for documents or testimony, in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses suffered or incurred (or, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee's behalf in connection therewith.

Section 6 Additional Indemnification. Notwithstanding any limitation in Sections 2, 3 or 4 hereof, the Corporation shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Corporation to procure a judgment in its favor) against all Liabilities and Expenses suffered or reasonably incurred by Indemnitee in connection with such Proceeding, including but not limited to:

(a) the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL; and

(b) the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

Section 7 Exclusions. Notwithstanding any provision in this Agreement, the Corporation shall not be obligated under this Agreement to indemnify or hold harmless Indemnitee:

(a) for which payment has actually been made to or on behalf of Indemnitee under any insurance policy obtained by the Corporation except with respect to any excess beyond the amount paid under such insurance policy;

(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Corporation within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law;

(c) for any reimbursement of the Corporation by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Corporation, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Corporation pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "***Sarbanes-Oxley Act***"), or the payment to the Corporation of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any settlement arrangements) or in respect of claw-back provisions promulgated under the rules and regulations of the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act; or

(d) except as provided in Section 12(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Corporation or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Corporation provides the indemnification, in its sole discretion, pursuant to the powers vested in the Corporation under applicable law; or

(e) if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful.

Section 8 Advancement. In accordance with the pre-existing requirements of the Bylaws, and notwithstanding any provision of this Agreement to the contrary, the Corporation shall advance, to the extent not prohibited by applicable law, the Expenses reasonably incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within ten (10) days after the receipt by the Corporation of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee's ability to repay the Expenses and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all Expenses reasonably incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Corporation to support the advances claimed. Indemnitee shall qualify for advances upon the execution and delivery to the Corporation of this Agreement, which shall constitute an undertaking providing that Indemnitee undertakes to repay the amounts advanced to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Corporation. This Section 8 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 7 hereof.

Section 9 Procedure for Notification and Defense of Claim.

(a) Indemnitee shall promptly notify the Corporation in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement hereunder following the receipt by Indemnitee of written notice thereof. The written notification to the Corporation shall include a description of the nature of the Proceeding and the facts underlying the Proceeding. To obtain indemnification under this Agreement, Indemnitee shall submit to the Corporation a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. Any delay or failure by Indemnitee to notify the Corporation hereunder will not relieve the Corporation from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay or failure in so notifying the Corporation shall not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Corporation shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

(b) In the event Indemnitee is entitled to indemnification and/or advancement with respect to any Proceeding, Indemnitee may, at Indemnitee's option, (i) retain counsel selected by Indemnitee and approved by the Corporation to defend Indemnitee in such Proceeding, at the sole expense of the Corporation (which approval shall not be unreasonably withheld, conditioned or delayed), or (ii) have the Corporation assume the defense of Indemnitee in such Proceeding, in which case the Corporation shall assume the defense of such Proceeding with counsel selected by the Corporation and approved by Indemnitee (which approval shall not be unreasonably withheld, conditioned or delayed) within ten (10) days of the Corporation's receipt of written notice of Indemnitee's election to cause the Corporation to do so. If the Corporation is required to assume the defense of any such Proceeding, it shall engage legal counsel for such defense, and the Corporation shall be solely responsible for all fees and expenses of such legal counsel and otherwise of such defense. Such legal counsel may represent both Indemnitee and the Corporation (and any other party or parties entitled to be indemnified by the Corporation with respect to such matter) unless, in the reasonable opinion of legal counsel to Indemnitee, there is a conflict of interest between Indemnitee and the Corporation (or any other such party or parties) or there are legal defenses available to Indemnitee that are not available to the Corporation (or any such other party or parties). Notwithstanding either party's assumption of responsibility for defense of a Proceeding, each party shall have the right to engage separate counsel at its own expense. The party having responsibility for defense of a Proceeding shall provide the other party and its counsel with all copies of pleadings and material correspondence relating to the Proceeding. Indemnitee and the Corporation shall reasonably cooperate in the defense of any Proceeding with respect to which indemnification is sought hereunder, regardless of whether the Corporation or Indemnitee assumes the defense thereof. Indemnitee may not settle or compromise any Proceeding without the prior written consent of the Corporation, which consent shall not be unreasonably withheld, conditioned or delayed. The Corporation may not settle or compromise any Proceeding without the prior written consent of Indemnitee.

Section 10 Procedure Upon Application for Indemnification.

(a) Upon written request by Indemnitee for indemnification pursuant to Section 9(a) hereof, if any determination by the Corporation is required by applicable law with respect to Indemnitee's entitlement thereto, such determination shall be made (i) if Indemnitee shall request such determination be made by Independent Counsel, by Independent Counsel, and (ii) in all other circumstances, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (D) if so directed by the Board, by the stockholders of the Corporation; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Corporation (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Corporation hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Corporation will not deny any written request for indemnification hereunder made in good faith by Indemnitee unless a determination as to Indemnitee's entitlement to such indemnification described in this Section 10(a) has been made. The Corporation agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Liabilities and Expenses arising out of or relating to this Agreement or its engagement pursuant hereto.

(b) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(a) hereof, (i) the Independent Counsel shall be selected by the Corporation within ten (10) days of the Submission Date (the cost of such Independent Counsel to be paid by the Corporation), (ii) the Corporation shall give written notice to Indemnitee advising it of the identity of the Independent Counsel so selected and (iii) Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Corporation Indemnitee's written objection to such selection. Such objection by Indemnitee may be asserted only on the ground that the Independent Counsel selected does not meet the requirements of "Independent Counsel" as defined in this Agreement. If such written objection is made and substantiated, the Independent Counsel selected shall not serve as Independent Counsel unless and until Indemnitee withdraws the objection or a court has determined that such objection is without merit. Absent a timely objection, the person so selected shall act as Independent Counsel. If no Independent Counsel shall have been selected and not objected to before the later of (i) thirty (30) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 10(a) hereof (the "Submission Date") and (ii) ten (10) days after the final disposition of the Proceeding, each of the Corporation and Indemnitee shall select a law firm or member of a law firm meeting the qualifications to serve as Independent Counsel, and such law firms or members of law firms shall select the Independent Counsel. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

Section 11 Presumptions and Effect of Certain Proceedings.

(a) In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall, to the fullest extent not prohibited by applicable law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Corporation shall, to the fullest extent not prohibited by applicable law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Corporation (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Corporation (including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

(b) Subject to Section 12(e) hereof, if the person, persons or entity empowered or selected under Section 10 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Corporation of the request therefore, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by applicable law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if (i) the determination is to be made by Independent Counsel and Indemnitee objects to the Corporation's selection of Independent Counsel and (ii) the Independent Counsel ultimately selected requires such additional time for the obtaining or evaluating of documentation or information relating thereto; provided further, however, that such 60-day period may also be extended for a reasonable time, not to exceed an additional sixty (60) days, if the determination of entitlement to indemnification is to be made by the stockholders of the Corporation.

(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Corporation or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee's conduct was unlawful.

(d) Reliance as Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with the reasonable care by the Enterprise. The provisions of this Section 11(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

(e) Actions of Others. The knowledge or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

Section 12 Remedies of Indemnitee.

(a) Subject to Section 12(e) hereof, in the event that (i) a determination is made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement is not timely made pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(a) of this Agreement within ninety (90) days after receipt by the Corporation of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 4 or 5 or the last sentence of Section 10(a) of this Agreement within ten (10) days after receipt by the Corporation of a written request therefor, (v) payment of indemnification pursuant to Sections 2, 3 or 6 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Corporation or any other Person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of Indemnitee's entitlement to such indemnification or advancement. Alternatively, Indemnitee, at Indemnitee's option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. The Corporation shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

(b) In the event that a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 12 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 12 the Corporation shall have the burden of proving Indemnitee is not entitled to indemnification or advancement, as the case may be.

(c) If a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is entitled to indemnification, the Corporation shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a prohibition of such indemnification under applicable law.

(d) The Corporation shall, to the fullest extent not prohibited by applicable law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Corporation is bound by all the provisions of this Agreement. It is the intent of the Corporation that Indemnitee not be required to incur Expenses associated with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder. The Corporation shall indemnify Indemnitee against any and all such Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Corporation of a written request therefore) advance, to the extent not prohibited by applicable law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advancement from the Corporation under this Agreement or under any directors' and officers' liability insurance policies maintained by the Corporation, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement or insurance recovery, as the case may be.

(e) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding; provided that, in absence of any such determination with respect to such Proceeding, the Corporation shall advance Expenses with respect to such Proceeding.

Section 13 Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

(a) The rights of indemnification and to receive advancement as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee's Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement than would be afforded currently under the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

(c) The Corporation shall maintain an insurance policy or policies providing liability insurance providing reasonable and customary coverage as compared with similarly situated companies (as determined by the Board in its reasonable discretion) for directors, officers, employees, or agents of the Corporation or of any other Enterprise, and Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies and such policies shall provide for and recognize that the insurance policies are primary to any rights to indemnification, advancement or insurance proceeds to which Indemnitee may be entitled from one or more Persons with whom or which Indemnitee may be associated to the same extent as the Corporation's indemnification and advancement obligations set forth in this Agreement. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Corporation has director and officer liability insurance in effect, the Corporation shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Corporation shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

(d) In the event of any payment under this Agreement, the Corporation shall not be subrogated to the rights of recovery of Indemnitee, including rights of indemnification provided to Indemnitee from any other person or entity with whom Indemnitee may be associated; provided, however, that the Corporation shall be subrogated to the extent of any such payment of all rights of recovery of Indemnitee under insurance policies of the Corporation or any of its subsidiaries.

(e) The indemnification and contribution provided for in this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of Indemnitee.

Section 14 Duration of Agreement; Not Employment Contract. This Agreement shall continue until and terminate upon the latest of: (i) ten (10) years after the date that Indemnitee shall have ceased to serve as a director, officer, employee or agent of the Corporation or any other Enterprise, (ii) the date of final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement hereunder and of any proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto or (iii) the expiration of all statutes of limitation applicable to possible Proceedings to which Indemnitee may be subject arising out of the Indemnitee's Corporate Status. The indemnification provided under this Agreement shall continue as to the Indemnitee even though he or she may have ceased to be a director of the Corporation or of any the Corporation's direct or indirect subsidiaries or to have Corporate Status. This Agreement shall be binding upon the Corporation and its successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee's heirs, executors and administrators. This Agreement shall not be deemed an employment contract between the Corporation (or any of its subsidiaries or any other Enterprise) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee's employment with the Corporation (or any of its subsidiaries or any other Enterprise), if any, is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment contract between Indemnitee and the Corporation (or any of its subsidiaries or any other Enterprise), other applicable formal severance policies duly adopted by the Board, or, with respect to service as a director of the Corporation, by the Certificate of Incorporation, the Bylaws or the DGCL.

Section 15 Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by applicable law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Section 16 Enforcement.

(a) The Corporation expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer, employee or agent of the Corporation, and the Corporation acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer, employee or agent of the Corporation.

(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the Bylaws and applicable law, and shall not be deemed a substitute therefore, nor diminish or abrogate any rights of Indemnitee thereunder.

Section 17 Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver.

Section 18 Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received:

(i) If to Indemnitee, at such address as Indemnitee shall provide to the Corporation.

(ii) If to the Corporation to:

Ramaco Resources, Inc.

250 West Main Street, Suite 1900

Lexington, Kentucky 40507

Attention: Board of Directors

or to any other address as may have been furnished to Indemnitee by the Corporation.

Section 19 Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Corporation, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for Liabilities or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by the Corporation and Indemnitee as a result of the event(s) and transaction(s) giving cause to such Proceeding; and (b) the relative fault of the Corporation (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and transaction(s).

Section 20 Applicable Law. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.

Section 21 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

Section 22 Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed effective as of the day and year first above written.

---

| | |
|:---|:---|
| RAMACO RESOURCES, INC. | RAMACO RESOURCES, INC. |
| By: | Randall W. Atkins |
| Name: | Randall W. Atkins |
| Title: | Chairman and Chief Executive Officer |
| INDEMNITEE | INDEMNITEE |
| By: | Joseph Manchin, III |
| Name: | Joseph Manchin, III |

---

[Signature Page to Indemnification Agreement]

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)**

**OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, Randall W. Atkins, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 of Ramaco Resources, Inc.
(the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and

&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or
persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: October 28, 2025 | **/s/ Randall W. Atkins** |
|  | **Randall W. Atkins<br> Chairman and Chief Executive Officer** |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)**

**OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, Jeremy R. Sussman, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 of Ramaco Resources, Inc.
(the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and

&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or
persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: October 28, 2025 | **/s/ Jeremy R. Sussman** |
|  | **Jeremy R. Sussman<br> Chief Financial Officer** |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF**

**CHIEF EXECUTIVE OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE**

**SARBANES OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 of Ramaco Resources, Inc. (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Randall W. Atkins, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as
amended; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.

---

| | |
|:---|:---|
| Date: October 28, 2025 | **/s/ Randall W. Atkins** |
|  | **Randall W. Atkins<br> Chairman and Chief Executive Officer** |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF**

**CHIEF FINANCIAL OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE**

**SARBANES OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 of Ramaco Resources, Inc. (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Jeremy R. Sussman, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as
amended; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.

---

| | |
|:---|:---|
| Date: October 28, 2025 | **/s/ Jeremy R. Sussman** |
|  | **Jeremy R. Sussman**<br> **Chief Financial Officer** |

---

## Exhibit 95.1

**Exhibit 95.1**

***Federal Mine Safety and Health Act Information***

We work to prevent accidents and occupational illnesses. We have in place health and safety programs that include extensive employee training, safety incentives, drug and alcohol testing and safety audits. The objectives of our health and safety programs are to provide a safe work environment, provide employees with proper training and equipment and implement safety and health rules, policies and programs that foster safety excellence.

Our mining operations are subject to extensive and stringent compliance standards established pursuant to the Federal Mine Safety and Health Act of 1977 (the "Mine Act"). Mine Safety and Health Administration ("MSHA") monitors and rigorously enforces compliance with these standards, and our mining operations are inspected frequently. Citations and orders are issued by MSHA under Section 104 of the Mine Act for violations of the Mine Act or any mandatory health or safety standard, rule, order or regulation promulgated under the Mine Act.

Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and Item 104 of Regulation S-K require issuers to include in periodic reports filed with the U.S. Securities and Exchange Commission certain information relating to citations or orders for violations of standards under the Mine Act. We present information below regarding certain mining safety and health violations, orders and citations, issued by MSHA and related assessments and legal actions and mine-related fatalities with respect to our coal mining operations. In evaluating this information, consideration should be given to factors such as: (i) the number of violations, orders and citations will vary depending on the size of the coal mine, (ii) the number of violations, orders and citations issued will vary from inspector to inspector and mine to mine, and (iii) violations, orders and citations can be contested and appealed, and in that process, are often reduced in severity and amount, and are sometimes dismissed.

The following tables include information required by the Dodd-Frank Act and Item 104 of Regulation S-K for the current quarter. The mine data retrieval system maintained by MSHA may show information that is different than what is provided herein. Any such difference may be attributed to the need to update that information on MSHA's system and/or other factors. The tables below do not include any orders or citations issued to independent contractors at our mines.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Mine or Operating Name / <br> MSHA Identification Number*** | ***Mine or Operating Name / <br> MSHA Identification Number*** | ***Section 104(a)<br> S&S<br> Citations<sup>(1)</sup>*** | ***Section 104(b)<br> Orders<sup>(2)</sup>*** | ***Section 104(d)<br> Citations and<br> Orders<sup>(3)</sup>*** | ***Section 110(b)(2)<br> Violations<sup>(4)</sup>*** | ***Section 107(a)<br> Orders<sup>(5)</sup>*** | ***Total Dollar<br> Value of MSHA<br> Assessments<br> Proposed<br> (in thousands)<sup>(6)</sup>*** |
| **<u>Active Operations</u>** | **<u>Active Operations</u>** |  |  |  |  |  |  |
| Eagle Seam Deep Mine | - 46-09495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 |
| Stonecoal Branch Mine No. 2 | - 46-08663 | 5 | 0 | 0 | 0 | 0 | $81.0 |
| No. 2 Gas Deep Mine | - 46-09541 | 8 | 0 | 0 | 0 | 0 | $126.3 |
| Michael Powellton Deep Mine | - 46-09602 | 14 | 0 | 0 | 0 | 0 | $85.2 |
| Crucible Deep Mine | - 46-09614 | 5 | 0 | 0 | 0 | 0 | $12.7 |
| Ram Surface Mine No. 1 | - 46-09537 | 4 | 0 | 0 | 0 | 0 | $10.4 |
| Highwall Miner No. 1 | - 46-09219 | 0 | 0 | 0 | 0 | 0 | $0.7 |
| Elk Creek Prep Plant | - 46-02444 | 15 | 2 | 0 | 0 | 0 | $8.0 |
| Maben Surface Mine | - 46-09637 | 0 | 0 | 0 | 0 | 0 | $0.0 |
| Maben Processing Plant | - 46-09662 | 0 | 0 | 0 | 0 | 0 | $0.0 |
| Highwall Miner No. 2 | - 46-09638 | 0 | 0 | 0 | 0 | 0 | $0.0 |
| Berwind Deep Mine | - 46-09533 | 14 | 0 | 0 | 0 | 0 | $107.5 |
| Laurel Fork | - 46-09084 | 16 | 0 | 0 | 0 | 0 | $68.1 |
| Jawbone Mine No. 1 | - 44-07369 | 0 | 0 | 0 | 0 | 0 | $0.0 |
| Triad No. 2 | - 46-09628 | 0 | 0 | 0 | 0 | 0 | $0.0 |
| Big Creek Surface Mine | - 44-07162 | 0 | 0 | 0 | 0 | 0 | $0.0 |
| Highwall Miner No. 3 | - 15-19557 | 0 | 0 | 0 | 0 | 0 | $0.0 |
| Coal Creek Prep Plant (VA) | - 44-05236 | 0 | 0 | 0 | 0 | 0 | $0.4 |
| Berwind Prep Plant | - 46-05449 | 0 | 0 | 0 | 0 | 0 | $0.2 |
| Ram Surface Mine No. 3 | - 46-09578 | 1 | 0 | 0 | 0 | 0 | $0.8 |
| Eagle – Mine No. 2 | - 46-07437 | 0 | 0 | 0 | 0 | 0 | $0.0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Mine or Operating Name /<br> MSHA Identification Number*** | ***Mine or Operating Name /<br> MSHA Identification Number*** | ***Total<br> Number of<br> Mining Related<br> Fatalities*** | ***Received Notice of<br> Pattern of<br> Violations Under<br> Section 104(e)<br> (yes/no)<sup>(7)</sup>*** | ***Legal Actions<br> Pending as of<br> Last<br> Day of Period*** | ***Legal Actions<br> Initiated During<br> Period*** | ***Legal Actions<br> Resolved During<br> Period*** |
| **<u>Active Operations</u>** | **<u>Active Operations</u>** | |  | | | |
| Eagle Seam Deep Mine | - 46-09495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Stonecoal Branch Mine No. 2 | - 46-08663 | 0 | No | 1 | 4 | 4 |
| No. 2 Gas | - 46-09541 | 0 | No | 0 | 3 | 4 |
| Michael Powellton Deep Mine | - 46-09602 | 0 | No | 0 | 1 | 2 |
| Crucible Deep Mine | - 46-09614 | 0 | No | 0 | 3 | 5 |
| Ram Surface Mine No. 1 | - 46-09537 | 0 | No | 1 | 3 | 3 |
| Highwall Miner No. 1 | - 46-09219 | 0 | No | 0 | 0 | 0 |
| Elk Creek Prep Plant | - 46-02444 | 0 | No | 0 | 0 | 0 |
| Maben Surface Mine | - 46-09637 | 0 | No | 0 | 0 | 0 |
| Maben Processing Plant | - 46-09662 | 0 | No | 0 | 0 | 0 |
| Highwall Miner No. 2 | - 46-09638 | 0 | No | 0 | 0 | 0 |
| Berwind Deep Mine | - 46-09533 | 0 | No | 2 | 4 | 5 |
| Laurel Fork | - 46-09084 | 0 | No | 5 | 3 | 3 |
| Jawbone Mine No. 1 | - 44-07369 | 0 | No | 0 | 0 | 0 |
| Triad No. 2 | - 46-09628 | 0 | No | 0 | 0 | 0 |
| Big Creek Surface Mine | - 44-07162 | 0 | No | 0 | 0 | 0 |
| Highwall Miner No. 3 | - 15-19557 | 0 | No | 0 | 0 | 0 |
| Coal Creek Prep Plant (VA) | - 44-05236 | 0 | No | 0 | 0 | 0 |
| Berwind Prep Plant | - 46-05449 | 0 | No | 0 | 0 | 0 |
| Ram Surface Mine No. 3 | - 46-09578 | 0 | No | 0 | 0 | 0 |
| Eagle – Mine No. 2 | - 46-07437 | 0 | No | 0 | 0 | 0 |

---

The number of legal actions pending before the Federal Mine Safety and Health Review Commission as of September 30, 2025, that fall into each of the following categories is as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Mine or Operating Name /<br> MSHA Identification Number*** | ***Mine or Operating Name /<br> MSHA Identification Number*** | ***Contests of<br> Citations and<br> Orders*** | ***Contests of<br> Proposed<br> Penalties*** | ***Complaints for<br> Compensation*** | ***Complaints of<br> Discharge /<br> Discrimination /<br> Interference*** | ***Applications<br> for Temporary<br> Relief*** | ***Appeals of<br> Judge's<br> Ruling*** |
| **<u>Active Operations</u>** | **<u>Active Operations</u>** | | | | | | |
| Eagle Seam Deep Mine | - 46-09495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Stonecoal Branch Mine No. 2 | - 46-08663 | 0 | 1 | 0 | 0 | 0 | 0 |
| No. 2 Gas | - 46-09541 | 0 | 0 | 0 | 0 | 0 | 0 |
| Michael Powellton Deep Mine | - 46-09602 | 0 | 0 | 0 | 0 | 0 | 0 |
| Crucible Deep Mine | - 46-09614 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ram Surface Mine No. 1 | - 46-09537 | 0 | 1 | 0 | 0 | 0 | 0 |
| Highwall Miner No. 1 | - 46-09219 | 0 | 0 | 0 | 0 | 0 | 0 |
| Elk Creek Prep Plant | - 46-02444 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maben Surface | - 46-09637 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maben Processing Plant | - 46-09662 | 0 | 0 | 0 | 0 | 0 | 0 |
| Highwall Miner No. 2 | - 46-09638 | 0 | 0 | 0 | 0 | 0 | 0 |
| Berwind Deep Mine | - 46-09533 | 0 | 2 | 0 | 0 | 0 | 0 |
| Laurel Fork | - 46-09084 | 0 | 5 | 0 | 0 | 0 | 0 |
| Jawbone Mine No. 1 | - 44-07369 | 0 | 0 | 0 | 0 | 0 | 0 |
| Triad No. 2 | - 46-09628 | 0 | 0 | 0 | 0 | 0 | 0 |
| Big Creek Surface | - 44-07162 | 0 | 0 | 0 | 0 | 0 | 0 |
| Highwall Miner No. 3 | - 15-19557 | 0 | 0 | 0 | 0 | 0 | 0 |
| Coal Creek Prep Plant (VA) | - 44-05236 | 0 | 0 | 0 | 0 | 0 | 0 |
| Berwind Prep Plant | - 46-05449 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ram Surface Mine No. 3 | - 46-09578 | 0 | 0 | 0 | 0 | 0 | 0 |
| Eagle – Mine No. 2 | - 46-07437 | 0 | 0 | 0 | 0 | 0 | 0 |

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(1) Mine Act Section 104(a) significant and substantial ("S&S")
citations shown above are for alleged violations of mandatory health or safety standards that could significantly and substantially contribute
to a coal mine health and safety hazard. It should be noted that, for purposes of this table, S&S citations that are included in
another column, such as Section 104(d) citations, are not also included as Section 104(a) S&S citations in this
column.

(2) Mine Act Section 104(b) orders are for alleged failures to totally abate a citation within the time period specified in the citation.

(3) Mine Act Section 104(d) citations and orders are for an alleged unwarrantable failure (i.e., aggravated conduct constituting
more than ordinary negligence) to comply with mandatory health or safety standards.

(4) Mine Act Section 110(b)(2) violations are for an alleged "flagrant" failure (i.e., reckless or repeated) to make
reasonable efforts to eliminate a known violation of a mandatory safety or health standard that substantially and proximately caused,
or reasonably could have been expected to cause, death or serious bodily injury.

(5) Mine Act Section 107(a) orders are for alleged conditions or practices which could reasonably be expected to cause death or serious
physical harm before such condition or practice can be abated and result in orders of immediate withdrawal from the area of the mine affected
by the condition.

(6) Amounts shown include assessments proposed by MSHA on all citations and orders, including those citations and orders that are not
required to be included within the above chart.

(7) Mine Act Section 104(e) written notices are for an alleged pattern of violations of mandatory health or safety standards that
could significantly and substantially contribute to a coal mine safety or health hazard.