Slide 1: Investor Presentation: Third Quarter 2024 Results
INVESTOR PRESENTATION Third Quarter 2024 Results 1
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements: We caution you that these forward-looking statements are subject to a number of risks, uncertainties and assumptions, which The information in this presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities are diffic
Slide 3: Ramaco at a Glance
RAMACO AT A GLANCE Ramaco is a low-cost, “pure play” metallurgical coal company. We have a strong pipeline to double production as market conditions warrant. We pay a meaningful dividend and have a solid balance sheet with minimal net debt. When combined with our Rare Earth Element deposit, Ramaco h
Slide 4: 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 5: Metallurgical Coal Growth
METALLURGICAL COAL GROWTH
Slide 6: Solid Track Record of Executing on Growth
SOLID TRACK RECORD OF EXECUTING ON GROWTH Strong 5+ year track record of growth and execution Revenue (in $MM) Total coal sales (in mm of tons) $694 $566 3.5 2.4 2.2 $283 1.9 1.7 1.7 $228 $230 $169 Initial production began in 2017. Since then, Ramaco has consistently executed on its 2018 2019 2020 2
Slide 7: Global Coal Sales
GLOBAL COAL SALES Ramaco coal has been sold into 20 countries, with a growing focus on sales into Asian markets Sweden Finland UK Canada Netherlands Poland Belgium Germany Ukraine Czech Republic Romania South Korea Italy Turkey USA Spain Japan India Indonesia Brazil South Africa 7
Slide 8: Medium-Term Potential to More Than Double Production
MEDIUM-TERM POTENTIAL TO MORE THAN DOUBLE PRODUCTION Ramaco annual production (in millions of tons) 7+ Ramaco expects to achieve its goal of 5 million tons of annualized sales in 4Q24 at the high end of guidance. In 2024, Ramaco anticipates 3.8 growing production almost 20% vs 3.2 2023, despite chal
Slide 9: 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 Outlook(1) Medium-Term Production Outlook(2) 2% 1% 3% 2% Semi-Soft Thermal Semi-Soft Thermal 17% High-Vol B+ 21% 30% 2% H
Slide 10: Rare Earth Elements (REE) Potential
RARE EARTH ELEMENTS (“REE”) POTENTIAL
Slide 11: Ramaco's REE Deposit
RAMACO’S REE DEPOSIT Potentially transformative discovery; It is anticipated that The Fluor Corporation will provide a preliminary techno-economic analysis of the project in early December. REE Background: What Are REEs: Rare earth elements (REEs) are critical minerals essential to the energy transi
Slide 12: Brook Mine Advantages; Key Highlights from Weir's 1H24 Technical Report
BROOK MINE ADVANTAGES; KEY HIGHLIGHTS FROM WEIR’S 1H24 TECHNICAL REPORT SUMMARY We believe Ramaco’s Brook Mine has 3 distinct advantages: Brook Mine Estimated Max & Avg TREO By Lithology (in ppm) The majority of its estimated REEs are found in coal and clay, which is generally 1 12,000 less expensiv
Slide 13: Key Highlights from Weir's 1H24 Technical Report Summary (Continued)
KEY HIGHLIGHTS FROM WEIR’S 1H24 TECHNICAL REPORT SUMMARY (CONTINUED) 38% of the total estimated REO basket consists of primary magnetic REOs of neodymium, praseodymium, dysprosium and terbium, secondary magnetic REOs, and gallium & germanium. In addition, we are seeing strong potential domestic offt
Slide 14: Third Quarter of 2024 Results
THIRD QUARTER OF 2024 RESULTS
Slide 15: Third Quarter Performance Review
THIRD QUARTER PERFORMANCE REVIEW Strong growth platform coupled with a conservative balance sheet remain core principles Total coal production (000s of tons) Total Debt (in $MM) Due to both improved productivity and continued increases in 972 901 844 production, third quarter sales of 719 745 $105 $
Slide 16: Solid Margins Despite Decline in Met Coal Pricing
SOLID MARGINS DESPITE DECLINE IN MET COAL PRICING Our margins remained strong despite the fall in metallurgical coal prices in 2024 Solid Quarterly Margins 1 Met Coal Cash Costs 2 $140 $250 $130 Ramaco has reduced cash costs $120 $200 Realized Price per ton2 from $118 in 1Q24 to $102 $100 $110 $102
Slide 17: 2024 Ramaco Resources Guidance
2024 RAMACO RESOURCES GUIDANCE Full-Year 2023 2024 Guidance Company Production (tons) 3,700 – 3,900 3,174 Sales (tons)(a) 3,900 – 4,100 3,455 Committed 2024 Sales Volume(f) Volume Avg Price (In millions, except per ton amounts) Cash Costs Per Ton - Company Produced(b) $ 106 – 109 $ 110 North America
Slide 18: Appendix
RAMACO APPENDIX
Slide 19: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES (In thousands) 3Q 2024 2023 2022 2021 2020 2019 2018 Adjusted EBITDA and Net Debt are used as supplemental non-GAAP financial measures by Reconciliation of Net Income to Adjusted EBITDA management and external users of our financial Net Income (loss) $ (239) $ 82,
Slide 20: Reconciliation of Non-GAAP Measures Continued
RECONCILIATION OF NON-GAAP MEASURES CONTINUED Non-GAAP Cash Cost Per Ton is used as a supplemental (In thousands, except per ton amounts) Q3 2024 Q1 2024 2023 1 non-GAAP financial measure by management and external users of our financial statements, such as Reconciliation of Cost of Sales to Non-GAA
Slide 21: 250 West Main Street, Suite 1900 Lexington, Kentucky 40507 info@ramacometc.com
250 West Main Street, Suite 1900 Lexington, Kentucky 40507 Investor Relations: info@ramacometc.com 859-244-7455 21