Slide 1: Investor Presentation: Second Quarter 2026 Results
RAMACO RESOURCES, INC. (NASDAQ: METC, METCB) INVESTOR PRESENTATION Second Quarter 2026 Results AUGUST 2026 This presentation speaks as of the date of issuance, August 4, 2026.
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements: • geology, equipment, permitting, site access and operational risks and new technologies related to our mining and The information in this presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities exploration project
Slide 3: Ramaco at a Glance
RAMACO AT A GLANCE DUAL CRITICAL MINERAL PLATFORM Ramaco is advancing its dual critical mineral platform. We are a producer of high-quality, low-cost metallurgical coal in Appalachia. We are also an emerging developer of a vertically integrated rare earth and other critical minerals supply chain pro
Slide 4: Investment Thesis
INVESTMENT THESIS LEADING METALLURGICAL COAL BUSINESS WITH ADVANTAGED LOW-COST POSITION 1 Leading Metallurgical Coal Company 2 Leading Industry in Cost Control Met coal is now a critical mineral which is a key component in steel production Ramaco’s cash costs of $99 per ton 1 2Q26 are among the lowe
Slide 5: The Brook Mine: A Strategic Rare Earths and Critical Minerals Opportunity
THE BROOK MINE: A STRATEGIC RARE EARTHS AND CRITICAL MINERALS OPPORTUNITY 5
Slide 6: Brook Mine Development Update
BROOK MINE DEVELOPMENT UPDATE Carbochlorination will be the dominant process technology in the Brook Mine flowsheet, independently confirmed by Hatch. Our recently updated flowsheet utilizes carbochlorination as the dominant technology. This A proven, 75-year-old 1 has been used for over 75 years an
Slide 7: Ramaco's Brook Mine Potential Advantages
RAMACO'S BROOK MINE POTENTIAL ADVANTAGES Ramaco’s Brook Mine has four distinct potential advantages: 1 Soft sedimentary host rock 2 A large, differentiated resource basket The rare earth elements and critical mineral feedstock in the Brook The Brook Mine contains a large multi-generational inferred
Slide 8: Future Brook Critical Mineral Complex
FUTURE BROOK CRITICAL MINERAL COMPLEX The Brook project provides the complete upstream, midstream, and downstream solution for the U.S. critical mineral supply chain. Upstream Midstream Downstream Brook Mine Processing Plant2 Strategic Critical Minerals Terminal (SCMT)2 • Multi-generational year min
Slide 9: Internal Reorganization Update
INTERNAL REORGANIZATION UPDATE We have substantially completed the necessary steps for the internal corporate reorganization previously announced in March 2026. Ramaco will be reorganized into four principal divisions: Ramaco Resources, Inc. Eastern Metallurgical Coal Rare Earth, Critical Minerals &
Slide 10: Key Metrics from Ramaco's Brook Mine
KEY METRICS FROM RAMACO'S BROOK MINE Modelled at a price discount to 1 published indexes1 Brook Mine Summary Carbochlorination - Annual Average Over 40-year Life-of-Mine We model projections using material price discounts across all oxide, Revenue Price % Of % of metal, or MREC products. Given the g
Slide 11: Brook Mine Economic Estimates: 2026 vs 2025
BROOK MINE ECONOMIC ESTIMATES: 2026 VS 20251 Updated internal modelling shows a step change against the 2025 Fluor report. Comparison of Brook Mine Economics: 2026 Vs. 2025 July 2026 July 2025 $8.0B $1.3B2 Hatch Report - Upsized Fluor Report Change Projected NPV Avg. Annual Adj. EBITDA Economics +56
Slide 12: Key Future Milestones
KEY FUTURE MILESTONES Near-term technical and operational milestones for the Brook Mine. Updated Technical Report Summary prepared by Weir WORKING WITH HIGHLY EXPERIENCED THIRD PARTIES 1 International expected 2H26. 2 Pre-Feasibility Study (“PFS”) expected 1H27. Construction of base building pilot p
Slide 13: Nationally Important REE and Critical Minerals
NATIONALLY IMPORTANT REE AND CRITICAL MINERALS The Brook Complex, comprised of a vertically integrated mine, refinery, and stockpile/storage terminal, has the potential to supply distinct critical- industry supply chains. These components underpin allied semiconductor, defense, energy, grid infrastr
Slide 14: Critical Minerals and REE Opportunity
CRITICAL MINERALS AND REE OPPORTUNITY In 2023, Ramaco announced the potential discovery of rare earths and other critical minerals at its Wyoming-based Brook Mine. In July 2025, we broke ground on the new mine 1. Background: Rare earth elements (REEs) are critical minerals essential to national secu
Slide 15: Second Quarter 2026 Financial Results + Metallurgical Coal Update
SECOND QUARTER 2026 FINANCIAL RESULTS + METALLURGICAL COAL UPDATE 15
Slide 16: Solid Track Record of Executing on Growth
SOLID TRACK RECORD OF EXECUTING ON GROWTH Medium-term potential to nearly double production Ramaco Annual Production (in millions of tons) Initial production began in 2017. Since then, 1 7+ Ramaco has executed to opportunistically grow low-cost production to almost 4 million tons. 3.7 3.8 3.8 3.2 2.
Slide 17: Metallurgical Quality Breakdown
METALLURGICAL QUALITY BREAKDOWN New production growth is focused to create a long-term, high-value portfolio, with a majority of production being high value low-vol and mid-vol coals. 2026 Production(1) Medium-Term Production Outlook(2) 2% 1% 3% 1% Semi-Soft Thermal Semi-Soft Thermal 16% High-Vol B+
Slide 18: 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 sub $100 per ton low cash $120 $250 $150 costs place us in the first quartile of $100 $200 Realized Price $130 $80 the U.S. cost curve. Ma
Slide 19: 2026 Ramaco Forward Guidance
2026 RAMACO FORWARD GUIDANCE Full-Year Committed 2026 Sales Volume(f) Volume Avg Price 2025 2026 Guidance (In millions, except per ton amounts which are in $ per ton) Company Production (‘000 tons) 3,600 – 3,900 3,826 Sales (‘000s tons)(a) 4,000 – 4,300 3,834 North America, fixed priced 1.1 $ 138 Se
Slide 20: Appendix
APPENDIX KY RaMACO RESOURCES 20
Slide 21: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES Adjusted EBITDA and Non-GAAP Cash Cost Per Ton are used as supplemental non-GAAP financial measures by management and (In Thousands) Q2 2026 external users of our financial statements, such as industry analysts, Reconciliation of Net Income to Adjusted EBITDA inve
Slide 22: Investor Relations
INVESTOR RELATIONS info@ramacometc.com 859-244-7455 RAMACO RESOURCES, INC. (NASDAQ: METC, METCB) 250 West Main Street, Suite 1900 Lexington, Kentucky 40507