Ramaco Resources, Inc. · NASDAQ:METC
Ramaco Resources — Q3 2025 Earnings Presentation
26 slides from Ramaco Resources's earnings presentation, Oct 28, 2025
Slide 1: Investor Presentation: Third Quarter 2025 Results
INVESTOR PRESENTATION Third Quarter 2025 Results 1
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements: • timely review and approval of permits, permit renewals, extensions and amendments by regulatory authorities; The information in this presentation includes “forward-looking statements” within the meaning of Section 27A of the • our ability to comply with certa
Slide 3: Reserve, Resource and Other Mining Disclosures
RESERVE, RESOURCE AND OTHER MINING DISCLOSURES This presentation includes various statements about our mineral reserves and resources relating to the Elk Creek Complex, Berwind Complex, Knox Creek Complex, Maben Complex and Brook Mine, which are derived, for the most part, from, and in some instance
Slide 4: Ramaco at a Glance
RAMACO AT A GLANCE Ramaco (NASDAQ: METC, METCB) is a cost-efficient, “pure play” metallurgical coal producer in Appalachia. Ramaco’s Sweden UK Finland strong pipeline, allowing it to nearly double production as market Belgium Canada Netherlands Poland conditions warrant, has enabled us to make consi
Slide 5: Investment Thesis
INVESTMENT THESIS Rare Earths and Critical Economically Attractive Rare Earths and Critical Differentiated and Nationally Important REE Minerals Mineral Opportunity and Critical Mineral Basket Opportunity Developing the Wyoming based Brook Mine, an economically viable In addition to primary magnetic
Slide 6: 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 7: Brook Mine Production Expansion and Acceleration
BROOK MINE PRODUCTION EXPANSION AND ACCELERATION Announced an increase in oxide production from 1,240 to 3,414 tons short tons per year.1 Revised mine plan with higher cut-off concentration grade of almost 500ppm. EBITDA of >$500MM by 2028, up 276% vs Fluor PEA Revised total Capex requirement of $1,
Slide 8: 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 Dominant1 Background: China has banned the export of gallium, germanium and h
Slide 9: 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 ü Critical role in development of lightweight aircraft and Scandium-Aluminum alloy spacecraft parts 3D printed Terran 1 ü Boosts performance of
Slide 10: Ramaco's Brook Mine Advantages
RAMACO’S BROOK MINE ADVANTAGES1 Ramaco’s Brook Mine has four distinct advantages: Estimated TREO Grade Distribution 1) The majority of its estimated REEs and Critical Minerals are found 60% 50.3% comingled in coal, shale and clay, which we believe is generally less 50% expensive and more easily proc
Slide 11: Key Highlights from Ramaco's Brook Mine
KEY HIGHLIGHTS FROM RAMACO’S BROOK MINE It is currently estimated that almost 40% of the total estimated REO production 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 a
Slide 12: Ramaco's Upsized Assessment of Brook Mine
RAMACO’S UPSIZED ASSESSMENT OF BROOK MINE Upsized Summary Released September 2025 Summary of Expansion and Acceleration1 Estimated Brook Mine Revenue (in $MM) Steady-state annual production of ~3,414 tons of rare earths and 969 1,038 1,038 1,038 1,038 critical minerals. – $1,038MM revenue, $552MM EB
Slide 13: Brook Mine Project Production Expansion and Acceleration Summary
BROOK MINE PROJECT PRODUCTION EXPANSION AND ACCELERATION SUMMARY1 Brook Mine Development Options Coal Production Level – High Graded (MM tons) 2.0 5.0 Adjusted EBITDA Total Production and Size Net (MM Debt are used as supplemental stpy) non-GAAP financial measures by management and Coal Production (
Slide 14: 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 15: Recent Milestones & Next Steps at the Brook Mine
RECENT MILESTONES & NEXT STEPS AT THE BROOK MINE Next Steps: Construction of a pilot processing facility broke ground in October 2025, and is anticipated to be operational by mid-2026 Preliminary Ribbon-Cutting Upsized Public Pre-Feasibility Upsizing of Groundbreaking Creation Of Economic Ceremony &
Slide 16: Third Quarter 2025 Results and Metallurgical Coal Update
THIRD QUARTER 2025 RESULTS AND METALLURGICAL COAL UPDATE
Slide 17: 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 $115 Realized Price $100 the U.S. cost curve. Ma
Slide 18: 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) Initial production began in 2017. $800 $694 4 $666 3.7 3.7 Since then, Ramaco has executed on $566 $579 3.2 its
Slide 19: 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) 3,700 – 3,900 3,671 Sales (‘000s tons)(a) 3,800 – 4,100 3,989 North America, fixed priced 1.6 $ 151
Slide 20: 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. 3.7 3.8 3.2 2.7 2.2 Ramaco has both the financial and 1.8 1.9 1.7 operational optionality to prude
Slide 21: 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 22: Appendix
APPENDIX
Slide 23: 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 24: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES (In Thousands) Q3 2025 Q2 2025 Q1 2025 2024 Q3 2024 Adjusted EBITDA and Net Debt are used as supplemental Reconciliation of Net Income to Adjusted EBITDA non-GAAP financial measures by management and Net Income $(13,308) $(13,974) $(9,457) $11,192 $(239) external
Slide 25: Reconciliation of Non-GAAP Measures Continued
RECONCILIATION OF NON-GAAP MEASURES CONTINUED (In thousands, except per ton amounts) Q3 2025 Q2 2025 Q1 2025 Non-GAAP Cash Cost Per Ton is used as a supplemental Reconciliation of Cost of Sales to Non-GAAP Cash non-GAAP financial measure by management and external Cost Per Ton users of our financial
Slide 26: Investor Relations
250 West Main Street, Suite 1900 Lexington, Kentucky 40507 Investor Relations: info@ramacometc.com 859-244-7455 26