Slide 1: Investor Presentation: First Quarter 2026 Results
INVESTOR PRESENTATION This presentation speaks of the date of issuance, First Quarter 2026 Results May 11, 2026. 1
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 exploration projects and minin
Slide 3: Ramaco at a Glance
RAMACO AT A GLANCE Ramaco (NASDAQ: METC, METCB) is advancing toward becoming a dual platform company, as a high-quality, low-cost metallurgical coal producer in Appalachia and is transitioning to develop an exploratory rare earth and critical minerals project in Wyoming. Our reserve pipeline allows
Slide 4: Investment Thesis
INVESTMENT THESIS Leading Metallurgical Coal Business With Leading Low-Cost 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 2024-25, Advantaged both national defense and i
Slide 5: The Brook Mine: A Strategic Potential Rare Earths and Critical Minerals Opportunity
THE BROOK MINE: A STRATEGIC POTENTIAL RARE EARTHS AND CRITICAL MINERALS OPPORTUNITY
Slide 6: Brook Mine Development Update
BROOK MINE DEVELOPMENT UPDATE1 Our recently updated flowsheet utilizes carbochlorination as the dominant technology. This is used for nearly all existing commercial titanium processing today. Ramaco has filed patents and trade secret protections supporting this process across a robust IP portfol
Slide 7: Ramaco's Brook Mine Potential Advantages
RAMACO’S BROOK MINE POTENTIAL ADVANTAGES1 Ramaco’s Brook Mine has four distinct potential Estimated TREO Grade Distribution advantages: 60% 50.3% 50% 1) The rare earth elements and critical mineral feedstock in the Brook Mine's 40% inferred mineral resource occur mainly within softer sedimentary roc
Slide 8: Key Highlights from Ramaco's Brook Mine
KEY HIGHLIGHTS FROM RAMACO’S BROOK MINE • Initial estimates by Weir International Inc. — on less than 30% of the total area of the Brook Mine — have shown 1.4 million of in place REO tons. These contain primary magnetic REOs of neodymium, praseodymium, dysprosium and terbium, as well as critical min
Slide 9: Key Anticipated Milestones
KEY ANTICIPATED MILESTONES Working With Highly Experienced Third Parties: Updated conceptual study prepared by Hatch expected mid-year 2026. Pre-Feasibility Study (“PFS”) prepared by Hatch expected for late 2026. Construction of exterior pilot plant testing facility in Sheridan expected comple
Slide 10: Nationally Important REE and Critical Minerals
NATIONALLY IMPORTANT REE AND CRITICAL MINERALS Critical Minerals & End Markets / Select Applications Mission-Critical Properties Rare Earths Gallium oxide Critical role in production of high-performance Semiconductors F18A Hornet semiconductors Power electronics Radome UV Photodetectors (GaN AESA
Slide 11: Significant REE and Critical Mineral Momentum
SIGNIFICANT REE AND CRITICAL MINERAL MOMENTUM July 11, 2025: The Brook Mine Groundbreaking Ceremony 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 Ch
Slide 12: Ramaco's REE and Critical Minerals Opportunity
RAMACO’S REE AND CRITICAL MINERALS 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 mine1. China’s Market Share of Critical Oxides is Dominant2 Background: China has in the
Slide 13: First Quarter 2026 Results + Metallurgical Coal Update
FIRST QUARTER 2026 RESULTS + METALLURGICAL COAL UPDATE
Slide 14: 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 7+ 2017. Since then, Ramaco has executed to opportunistically 3.7 3.8 3.9 3.2 grow low-cost production to 2.2 2.7 1.8 1.9 1.7 almos
Slide 15: Metallurgical Quality Breakdown
METALLURGICAL QUALITY BREAKDOWN 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 17% High-Vol B+ 26%
Slide 16: 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 $150 places us in the first quartile of the U.S. $120 $200 $130 Realized Price $100 cost curve. $150 Marg
Slide 17: 2026 Ramaco Guidance
2026 RAMACO 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) 3,700 – 4,100 3,826 Sales (‘000s tons)(a) 4,100 – 4,500 3,834 North America, fixed priced 1.1 $ 138 Seaborne,
Slide 18: Appendix
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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 distributed Class B common stock (Ticker: METCB) to existing shareholders. Under the dual class structure, METC represents the interest in the mining operations of bo
Slide 20: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES (In Thousands) Q1 2026 Reconciliation of Net Income to Adjusted EBITDA Adjusted EBITDA and Non-GAAP Cash Cost Per Ton are used Net Income $(18,319) as supplemental non-GAAP financial measures by DD&A 16,613 management and external users of our financial statements
Slide 21: Investor Relations
250 West Main Street, Suite 1900 Lexington, Kentucky 40507 Investor Relations: info@ramacometc.com 859-244-7455 21