Financial Analysis

NOTE 9COMMITMENTS 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 small amount of surety bonds that secure performance obligations. Bonds outstanding at December 31, 2025 totaled approximately $36.0 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 $21.9 million, $27.9 million, and $35.0 million for the years ended December 31, 2025, 2024 and 2023, 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. Minimum royalty obligations under coal leases total $31.8 million cons …

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NOTE 6DEBT Our outstanding debt consisted of the following: December 31, (In thousands) 2025 2024 Revolving Credit Facility $ $ Equipment loans 56 416 Senior Notes, net 116,592 88,135 Convertible Senior Notes, net 334,769 Total debt $ 451,417 $ 88,551 Current portion of long-term debt 56 359 Total long-term debt $ 451,361 $ 88,192 9.00% Senior Unsecured Notes due 2026 On July 13, 2021, we completed an offering of $34.5 million, in the aggregate, of the Companys 9.00% Senior Unsecured Notes due 2026 (the 2026 Senior Notes). These notes mature on July 30, 2026, unless redeemed prior to maturity. The 2026 Senior Notes bear interest at a rate of 9.00% per annum, payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing on July 30, 2021. We may redeem the 2026 Senior Notes in whole or in part, at our option, at any time on or after July 30, 2023, or upon certain change of control events, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest to, but not including, the date of redemption. Issuance-related costs for the 2026 Senior Notes included underwriters fees, attorney, accounting and filing costs totaling $2.4 million. The outstanding principal remained at $34.5 million as of December 31, 2024 and was repaid in full on July 31, 2025 with the proceeds from the issuance of 8.250% Senior Unsecured Notes due 2030 described below. 8.375% Senior Unsecured Notes due 2029 On November 27, 2024, the Co …

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Year ended December 31, (In thousands) 2025 2024 2023 Metallurgical Coal Segment Coal Sales North American revenue $ 196,963 $ 221,664 $ 227,484 Export revenue, excluding Canada 339,655 444,631 466,040 Total revenue $ 536,618 $ 666,295 $ 693,524 …

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NOTE 12INCOME TAXES Ramaco Resources, Inc. is organized as a corporation under the laws of Delaware. Ramaco Resources, Inc. files a consolidated U.S. federal tax return with its wholly owned subsidiaries. All our operations are wholly within the United States, but our products are sold to customers worldwide. Income tax expense (benefit) consisted of the following: Years ended December 31, (In thousands) 2025 2024 2023 Federal Current $ 992 $ 2,018 $ 2,817 Deferred (12,221) 1,746 17,323 State Current 31 35 819 Deferred 504 (71) 1,391 Total $ (10,694) $ 3,728 $ 22,350 The items accounting for differences between income taxes computed at the federal statutory rate and the provision recorded for income taxes were as follows: Years ended December 31, (In thousands) 2025 2024 2023 Income taxes computed at the federal statutory rate $ (13,049) 21.0% $ 3,134 21.0% $ 21,938 21.0% $ $ $ State taxes, net of federal benefits (a) (938) 1.5% 214 1.4% 1,210 1.2% Effect of changes in tax laws or rates 1,449 (2.3%) (166) (1.1%) 350 0.3% Nontaxable or nondeductible items Percentage depletion (1,600) 2.6% (2,410) (16.1%) (1,717) (1.6%) 162(m) compensation limitation 2,126 (3.4%) 6,172 41.4% 5,716 5.5% Stock-based compensation 504 (0.8%) (3,299) (22.1%) (3,395) (3.3%) Other 317 (0.5%) 397 2.7% 210 0.2% Tax credits 0.0% (21) (0.1%) (170) (0.2%) Effect of cross-border tax laws IRC 250 FDII 0.0% (1,475) (1.4%) Other adjustments 497 (0.9%) (293) (2.0%) (317) (0.3%) Total $ (10,694) 17.2% $ 3,728 25 …

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NOTE 7LEASES The Company has various finance leases for mining equipment, which generally include 3-5 year terms and expire through 2030. In addition, we have two operating leases for office space with initial terms of approximately five and six years that run through 2027 and 2030, respectively, including the office space in Charleston, WV that commenced in the first quarter of 2024 resulting in the recognition of an additional right-of-use asset and lease liability of approximately $1.0 million. Amortization of right-of-use assets associated with finance leases was $7.8 million, $10.4 million, and $8.5 million in 2025, 2024, and 2023, respectively, as discussed in Note 3. Interest expense recognized for financing lease liabilities was $1.5 million, $0.9 million, and $0.6 million in 2025, 2024, and 2023, respectively. Operating lease expense was $0.4 million, $0.4 million, and $0.2 million in 2025, 2024, and 2023, respectively. Right-of-use assets and lease liabilities are determined as the present value of the lease payments, discounted using either the implicit interest rate in the lease or, more commonly, our estimated incremental borrowing rate based on similar terms, payments and the economic environment where the leased asset is located. Below is a summary of our leases: (In thousands) Classification December 31, 2025 December 31, 2024 Right-of-use assets Financing Financing lease right-of-use assets, net $ 15,763 $ 12,437 Operating Other assets 1,115 1,324 Total right …

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Recent Accounting Standards Updates In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 standardizes categories for the effective tax rate reconciliation, requires disaggregation of income taxes paid and additional income tax-related disclosures, and is effective for the Company for annual fiscal periods beginning after December 15, 2024. The Company has retrospectively adopted ASU 2023-09 in the current year which impacts the Companys disclosures within Note 12. Because the ASU affects disclosures only, the adoption did not affect the Companys Consolidated Statements of Operations or Consolidated Balance Sheets. 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 Companys 2027 annual financial statements and on a quarterly basis thereafter. Early adoption is permitted, and the amendments may be applied prospectively to repo …

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NOTE 11RELATED PARTY TRANSACTIONS Legal Services Some of the professional legal services we receive are provided by Jones & Associates (Jones), a related party. Legal services incurred for Jones in 2025, 2024, and 2023 totaled less than $0.1 million, $0.1 million, and zero, respectively. Mr. Jones subsequently became the Companys General Counsel on May 1, 2025. Ramaco Foundation During 2025, t he Company made a charitable cash contribution of $0.5 million to the Ramaco Foundation, which was recognized in Other income (expense), net , on the Consolidated Statements of Operations. The Ramaco Foundation is an unconsolidated not-for-profit organization whose board of directors includes several members of the Companys management and board of directors. Other Professional Services The Company has also entered into professional services with four other related parties, which have been aggregated due to immateriality. Professional services incurred for these related parties were $0.2 million, $0.2 million, and $0.3 million in 2025, 2024, and 2023, respectively. …

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NOTE 10REVENUES 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 approximately 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: Year ended December 31, (In thousands) 2025 2024 2023 Metallurgical Coal Segment Coal Sales North American revenue $ 196,963 $ 221,664 $ 227,484 Export revenue, excluding Canada 339,655 444,631 466,040 Total revenue $ 536,618 $ 666,295 $ 693,524 Annual revenues for 2025 include less than a $0.1 million net decrease 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 December 31, 2025, the Company had outstanding performance obligations of approximately 1.1 million tons for contracts with fixed sales prices averaging $142 per ton as well as 1.2 million of additional tons for contracts with index-based pricing mechanisms . The Com …

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"NOTE 14SEGMENT 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 Companys reportable segments, which are primarily based on the Companys internal organizational structure and types of controlled mineral deposits, are its two operating segmentsMetallurgical Coal and Rare Earths and Critical Minerals (no operating segments have been aggregated). 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 Com …

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NOTE 2SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and U.S. Securities and Exchange Commission regulations. The financial statements are presented on a consolidated basis for all periods presented. All significant intercompany balances and transactions between consolidated entities have been eliminated in consolidation. Certain prior year amounts in the Notes to Consolidated Financial Statements have been adjusted to conform to current presentation. Use of estimates The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates are related to the quantity and value of coal inventories, stock-based compensation, asset retirement obligations, occupational disease obligations, evaluation of long-lived assets for impairment, quantities and values of coal reserves, depletion and amortization, useful lives, and income taxes. Revenue Recognition Our primary source of revenue is from the sale of coal t …

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NOTE 8EQUITY On June 12, 2023, an amendment to the Companys amended and restated certificate of incorporation was approved by shareholder vote to reclassify the Companys existing common stock as shares of Class A common stock and create a separate Class B common stock. We are authorized to issue up to a total of 225,000,000 shares of Class A common stock and 35,000,000 shares of Class B common stock as well as 50,000,000 shares of preferred stock, each having a par value of $0.01 per share. 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 Companys common stock with an opportunity to participate directly in the financial performance of the Companys CORE assets on a stand-alone basis, separate from the Companys metallurgical coal operations. CORE assets were acquired initially as part of the Companys 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 Companys current expectations: Royalty fees derived from the royalties …

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NOTE 15SUBSEQUENT EVENTS On February 25, 2026, the Company announced that the Board of Directors declared a stock dividend of $0.1489 per share on the Companys Class B common stock to be payable on March 27, 2026 to shareholders of record on March 13, 2026. Given that this payment will occur in the form of Class B shares, Class B holders will receive a number of shares of Class B common stock for each share of Class B common stock determined by dividing $0.1489 by the closing transaction price of the Class B common stock on March 13, 2026. * * * * * …

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