Slide 1: Investor Presentation: Fourth Quarter and Full Year 2024 Results
INVESTOR PRESENTATION F o u r t h Q u a r t e r a n d F u l l Ye a r 2 0 2 4 R e s u l t 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 is a low-cost, “pure play” UK Finland metallurgical coal company with a strong pipeline to almost double production as Canada Belgium Netherlands Poland Ukraine Germany Czech Republic Spain Italy Romania Turkey South Korea market conditions warrant. The Company USA J
Slide 4: Investment Thesis
INVESTMENT THESIS “Pure Play” Metallurgical Coal Company Industry Leading Cost Control Met coal is a key component in steel production, which is Despite an overall decline in metallurgical coal pricing in crucial to national defense and infrastructure development. 2024, Ramaco reduced its cash costs
Slide 5: Fourth Quarter and Full Year 2024 Results
FOURTH QUARTER AND FULL YEAR 2024 RESULTS
Slide 6: 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 throughout 2024 Solid Quarterly Margins 1 Met Coal Cash Costs 2 $115 $140 $250 Ramaco has reduced cash costs per $120 $110 $200 ton2 from $118 in 1Q24 to $96 in 4Q24, Realized
Slide 7: Fourth Quarter Performance Review
FOURTH 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) 1200 Due to both improved productivity 972 954 1000 844 901 1,500 and continued increases in 745 1,023 1,122
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) Company Production (tons) 4,200 – 4,600 3,671 Sales (tons)(a) 4,400 – 4,800 3,989 North America, fixed priced 1.6 $ 152 Seaborne, fixed priced 0.3 $ 111 C
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 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 3 2.7 2.2 $400 Initial production began in $283 2 1.7 $169 2017. Since then, Ramaco $200
Slide 11: Medium-Term Potential to Almost Double Production
MEDIUM-TERM POTENTIAL TO ALMOST DOUBLE PRODUCTION Ramaco annual production (in millions of tons) 7+ Ramaco is capable of organically growing production to >7 million tons over the medium-term. 4.4 Ramaco has both the financial and 3.7 operational flexibility to take a 3.2 prudent approach to growth
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 Potentially transformative discovery; It is anticipated that Fluor Corporation will provide a preliminary economic analysis of the project in the coming months Background: What Are REEs: Rare earth elements (REEs) are critical minerals essential to national
Slide 15: Ramaco's Brook Mine Advantages
RAMACO’S BROOK MINE ADVANTAGES Estimated TREO Grade Distribution Ramaco’s Brook Mine has four distinct advantages: 80% 67% 70% 1) The majority of its estimated REEs and Critical Minerals are 60% 50% % of Tonnage found in coal and clay, which is generally less expensive and 40% more easily processed
Slide 16: Key Highlights from Weir's 2024 Technical Report
KEY HIGHLIGHTS FROM WEIR’S 2024 TECHNICAL REPORT 38% of the total estimated REO basket consists of primary magnetic REOs of neodymium, praseodymium, dysprosium and terbium, secondary magnetic REOs, and gallium & germanium. Weir is currently in the process of updating its Technical Report for 2025 to
Slide 17: Brook Mine Product Profile
BROOK MINE PRODUCT PROFILE Potential application areas and current pricing Scandium ~$750/kg oxide 100% Scandium-Aluminum alloy 3D printed Terran 1 (85%), Terran R (>95%) ~$400/kg Gallium oxide >9 5 % Gallium Arsenide & F18A Hornet Radome High power communication Gallium Nitride wafer (GaN AESA Rada
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) 2024 Adjusted EBITDA and Net Debt are used as supplemental Reconciliation of Net Income to Adjusted non-GAAP financial measures by management and EBITDA external users of our financial statements, such as Net Income (loss) $ 11,192 industry analysts
Slide 21: Reconciliation of Non-GAAP Measures Continued
RECONCILIATION OF NON-GAAP MEASURES CONTINUED (In thousands, except per ton amounts) Q4 2024 Q1 2024 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 st
Slide 22: Investor Relations
250 West Main Street, Suite 1900 Lexington, Kentucky 40507 Investor Relations: info@ramacometc.com 859-244-7455 22