Slide 1: Investor Presentation First Quarter 2025 Results
INVESTOR PRESENTATION Fi rst Qu a rte r 2 02 5 Re s ult s 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 Sweden Ramaco (NASDAQ: METC, METCB) is a low- UK Fin land cost, “pure play” metallurgical coal Belgium Can ada Neth erlands Poland Ukraine producer in Appalachia. It has built a strong Germany Czec h Republic Spain Italy Romania Tu rkey South Korea pipeline to almost double produc
Slide 4: Investment Thesis
INVESTMENT THESIS “Pure Play” Metallurgical Coal Company Industry Leading Cost Control Met coal is a key component in steel production, crucial to Despite an overall decline in metallurgical coal pricing in both national defense and infrastructure development. 2024, Ramaco reduced its cash costs per
Slide 5: First Quarter 2025 Results
FIRST QUARTER 2025 RESULTS RAMACO
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 has reduced cash costs per $140 $250 $125 ton2 from $118 in 1Q24 to $98 in 1Q25. $120 $200 Realized Price $100 $115 This places us easily in
Slide 7: First Quarter Performance Review
FIRST QUARTER PERFORMANCE REVIEW Strong growth platform coupled with a conservative balance sheet remain core principles Total coal production (000s of tons) Total coal sales (000s of tons) 1,050 First quarter production of 1.0 mm 989 1,500 tons was a quarterly record due to 1,000 972 954 1,023 1,12
Slide 8: 2025 Ramaco Resources Guidance
2025 RAMACO RESOURCES GUIDANCE Full-Year Committed 2025 Sales Volume(f) 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 3,671 Sales (‘000s tons)(a) 4,100 – 4,500 3,989 North America, fixed priced 1.6 $ 152
Slide 9: Metallurgical Coal Growth
METALLURGICAL COAL GROWTH RAMACO
Slide 10: Solid Track Record of Executing on Growth
SOLID TRACK RECORD OF EXECUTING ON GROWTH Ramaco has a strong 5+ year track record of growing both production and shareholder returns Revenue (in $MM) Total coal production (in mm of tons) $800 $694 $666 4 3.7 $566 3.2 $600 2.7 3 2.2 $400 Initial production began in $283 2 1.7 $169 2017. Since then,
Slide 11: 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 12: 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 13: Rare Earth Elements and Critical Minerals Potential
RARE EARTH ELEMENTS AND CRITICAL MINERALS POTENTIAL
Slide 14: Ramaco's REE and Critical Minerals Deposit
RAMACO’S REE AND CRITICAL MINERALS DEPOSIT In 2023 Ramaco announced a potentially transformative discovery of rare earths at its Wyoming based Brook Mine; It is anticipated that Fluor Corporation will provide a preliminary economic analysis of the project this quarter Background: What Are REEs: Rare
Slide 15: Ramaco's Brook Mine Advantages
RAMACO’S BROOK MINE ADVANTAGES Estimated TREO Grade Distribution Ramaco’s Brook Mine has four distinct advantages: 65% 70% 60% 1) The majority of its estimated REEs and Critical Minerals are 50% % of Tonnage found in coal, shale and clay, which is generally less expensive 40% 30% 23% and more easily
Slide 16: 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 >95% of ann
Slide 17: Brook Mine Product Profile
BROOK MINE PRODUCT PROFILE Potential application areas for primary products Scandium oxide 1 00 % Scandium-Aluminum alloy 3D printed Terran 1 (85%), Terran R (>95%) Gallium oxide >95 % Germanium oxide >60 % Gallium Arsenide & F18A Hornet Radome High power communication Gallium Nitride wafer (GaN AES
Slide 18: Appendix
APPENDIX
Slide 19: 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 20: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES (In thousands) Q1 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) $ (9,457) $ 11,192
Slide 21: Reconciliation of Non-GAAP Measures Continued
RECONCILIATION OF NON-GAAP MEASURES CONTINUED (In thousands, except per ton amounts) Q1 2025 Q4 2024 Q1 2024 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
Slide 22: Investor Relations: info@ramacometc.com
250 West Main Street, Suite 1900 Lexington, Kentucky 40507 Investor Relations: info@ramacometc.com 859-244-7455 22