Slide 1: Investor Presentation: Second Quarter 2025 Results
This presentation speaks of the date of issuance, Aug. 1, 2025, except that it has been modified only to emphasize the developmental nature of the Brook Mine and our rare earth operations. INVESTOR PRESENTATION Se cond Quarter 2025 Re sults 1
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements: steel, explosives and tires; The information in this presentation includes “forward-looking statements” within the meaning of Section 27A of the • timely review and approval of permits, permit renewals, extensions and amendments by regulatory authorities; Secur
Slide 3: Ramaco at a Glance
RAMACO AT A GLANCE Ramaco (NASDAQ: METC, METCB) is a cost-optimized, “pure play” metallurgical coal producer in Appalachia. Sweden Finland Ramaco’s strong pipeline to nearly double production as UK Canada Belgium Netherlands market conditions warrant has enabled us to make Poland Ukraine Germany Cze
Slide 4: Investment Thesis
INVESTMENT THESIS Leading Metallurgical Coal Business “Pure Play” Metallurgical Coal Company Industry Leading Cost Control With Met coal is a key component in steel production, crucial to Despite an overall decline in metallurgical coal pricing in 2024, both national defense and infrastructure devel
Slide 5: Second Quarter 2025 Results and Metallurgical Coal Update
SECOND QUARTER 2025 RESULTS AND METALLURGICAL COAL UPDATE
Slide 6: First Quartile Position on U.S. Cost Curve
FIRST QUARTILE POSITION ON U.S. COST CURVE Our cash costs remain among the industry’s lowest in the U.S. Solid Quarterly Margins 1 Met Coal Cash Costs 2 Ramaco’s low cash costs per ton $140 $250 $125 places us easily in the first quartile of $120 $200 Realized Price $100 $115 the U.S. cost curve. Ma
Slide 7: Solid Track Record of Executing on Growth
SOLID TRACK RECORD OF EXECUTING ON GROWTH Ramaco has a strong 5+ year track record of growth, while maintaining a solid balance sheet Total coal production (in mm of tons) Revenue (in $MM) Initial production began in 2017. 4 3.7 $800 $694 Since then, Ramaco has consistently 3.2 $666 executed on its
Slide 8: 2025 Ramaco Resources Guidance
2025 RAMACO RESOURCES GUIDANCE Full-Year Committed 2025 Sales Volume(g) Volume Avg Price 2024 2025 Guidance (In millions, except per ton amounts which are in $ per ton) Company Production (‘000 tons) 3,900 – 4,300 (f) 3,671 Sales (‘000s tons)(a) 4,100 – 4,500 (f) 3,989 North America, fixed priced 1.
Slide 9: Medium-Term Potential to Almost Double Production
MEDIUM-TERM POTENTIAL TO ALMOST DOUBLE PRODUCTION Ramaco annual production (in millions of tons) 7+ Over the medium-term Ramaco is capable of organically growing met coal production to >7 million tons. 4.1 Ramaco has both the financial and 3.7 operational optionality to prudently 3.2 and opportunist
Slide 10: Metallurgical Quality Breakdown
METALLURGICAL QUALITY BREAKDOWN Production growth is focused to create a long-term, high value portfolio, with a majority of high value low-vol and mid-vol coals. 2024 Production(1) Medium-Term Production Outlook(2) 2% 1% 3% 1% Semi-Soft Thermal Semi-Soft Thermal 17% High-Vol B+ 22% 29% 2% High-Vol
Slide 11: The Brook Mine: A Nationally Important Rare Earths and Critical Minerals Opportunity
THE BROOK MINE: A NATIONALLY IMPORTANT RARE EARTHS AND CRITICAL MINERALS OPPORTUNITY
Slide 12: Ramaco's REE and Critical Minerals Opportunity
RAMACO’S REE AND CRITICAL MINERALS OPPORTUNITY In 2023 Ramaco announced a potentially transformative discovery of rare earths and critical minerals at its Wyoming based Brook Mine China’s Market Share of Critical Oxides is Dominant Background: China has banned the export of gallium, germanium and he
Slide 13: Nationally Important REE and Critical Minerals
NATIONALLY IMPORTANT REE AND CRITICAL MINERALS Critical Minerals & End Markets / Select Applications Mission-Critical Properties Rare Earths Scandium oxide ✓ Critical role in development of lightweight aircraft and Scandium-Aluminum alloy spacecraft parts 3D printed Terran 1 ✓ Boosts performance of
Slide 14: Ramaco's Brook Mine Advantages
RAMACO’S BROOK MINE ADVANTAGES Ramaco’s Brook Mine has four distinct advantages: Estimated TREO Grade Distribution 1) The majority of Brook’s estimated REEs and Critical Minerals are 70% 65% found in coal, shale and clay, which is generally less expensive and 60% more easily processed than REEs foun
Slide 15: Key Highlights from Ramaco's Brook Mine
KEY HIGHLIGHTS FROM RAMACO’S BROOK MINE Over 40% of the total estimated REO basket consists of primary magnetic REOs of neodymium, praseodymium, dysprosium and terbium, as well as gallium, germanium, and scandium. Of note, these 7 REOs and Critical Minerals are anticipated to account for ~99% of ann
Slide 16: Differentiated Basket of High-Value Minerals
DIFFERENTIATED BASKET OF HIGH-VALUE MINERALS High-Value Mix of Heavy REEs and Critical Minerals Supports Attractive Economics Unique Basket Composition… …Leads to Advantaged Price Position Among Peers 2 TREO + Ga + Ge Oxides Percent of Production Grade vs. Ore Quality (Recovered) Scandium Others1 $1
Slide 17: Summary of Fluor's Preliminary Economic Assessment
SUMMARY OF FLUOR’S PRELIMINARY ECONOMIC ASSESSMENT Summary Released July 2025 Summary PEA Highlights 1: Estimated Brook Mine Revenue (in $MM) Steady-state annual production of ~1,240 tons of rare earths and 352 378 378 378 378 critical minerals. – $378MM revenue, $143MM EBITDA (38% margin) at steady
Slide 18: Significant REE and Critical Mineral Momentum
SIGNIFICANT REE AND CRITICAL MINERAL MOMENTUM July 11, 2025: The Brook Mine Opens The Brook Mine in the National Spotlight WY Governor Mark Gordon, U.S. Energy Secretary Chris Wright, and Ramaco CEO Randy Atkins highlight the importance of U.S. rare earths. U.S. Energy Secretary, Chris Wright at the
Slide 19: Next Steps at the Brook Mine
NEXT STEPS AT THE BROOK MINE Path Towards Commercial-Scale Processing Supported by the NETL and Other Third Parties: ➢ Pilot processing plant on-site at NETL: The Department of Energy’s National Energy the Brook Mine, hope to be Technology Laboratory analysis shows that complete by year-end, with pi
Slide 20: Appendix
APPENDIX
Slide 21: Ramaco Resources Business Lines
RAMACO RESOURCES BUSINESS LINES Multiple ways to invest in our businesses; each with unique value characteristics In mid-2023, Ramaco Resources distributed Class B common stock (Ticker: METCB) to existing shareholders. Under the dual class structure, METC represents the interest in the mining operat
Slide 22: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES (In thousands) Q2 2025 2024 Adjusted EBITDA and Net Debt are used as supplemental Reconciliation of Net Income non-GAAP financial measures by management and to Adjusted EBITDA external users of our financial statements, such as Net Income (loss) $ (13,974) $ 11,19
Slide 23: Reconciliation of Non-GAAP Measures Continued
RECONCILIATION OF NON-GAAP MEASURES CONTINUED (In thousands, except per ton amounts) Q2 2025 Q1 2025 Non-GAAP Cash Cost Per Ton is used as a supplemental non-GAAP financial measure by management and external Reconciliation of Cost of Sales to Non-GAAP Cash Cost Per Ton users of our financial stateme
Slide 24: Investor Relations
250 West Main Street, Suite 1900 Lexington, Kentucky 40507 Investor Relations: info@ramacometc.com 859-244-7455 24