Slide 1: Investor Presentation Second Quarter 2024 Results
INVESTOR PRESENTATION S ec ond Quar t er 2 024 R es ul ts 1
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements: to time. It is not possible f or ou r management to predict all of the risks associated with our business, inc lu ding those desc ribed The information in this presentation includes “forw ard-looking statements” within the meaning of Sec tion 27A of the Secu ri
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 Can ada Neth erlands Poland Belgium Germany Ukraine Czec h Republic Romania South Korea Italy Tu rkey USA Spain Jap an 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+ Achieved original long-term goal of selling 4 million tons of annualized sales in 2H23. 4.0 Anticipates growing production by 3.2 >25% in 2024 vs. 2023. 2.7 2.2 1.8 1.9 1.7 Capable of organically g
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) 1% 3% 2% Thermal 2% Semi-Soft Thermal Mid-Vol 17% High-Vol B+ 21% High-Vol B
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; recently updated Weir Technical Exploration Report showed meaningfully higher concentrations and tonnage at Ramaco’s Brook Mine REE Background: What Are REEs: Rare earth elements (REEs) are critical minerals essential to the energy transitio
Slide 12: Key Highlights from Weir International's 1H24 Technical Report Summary
KEY HIGHLIGHTS FROM WEIR INTERNATIONAL’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 less expensive and more easil
Slide 13: Key Highlights from Weir International's 1H24 Technical Report Summary (Continued)
KEY HIGHLIGHTS FROM WEIR INTERNATIONAL’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. Estimated Brook Mine TREO Distribution by O
Slide 14: Second Quarter of 2024 Results
SECOND QUARTER OF 2024 RESULTS
Slide 15: Second Quarter Performance Review
SECOND 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) 2Q24 net income was up >100% vs. 876 901 844 $142 1Q24 due to solid cost control on 745 719 record production. This was $
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 2023 Met Coal Cash Costs 2 $140 $250 $150 Committed to low-end of U.S. cost $120 $200 Realized Price $130 curve despite inflation; Costs per $
Slide 17: 2024 Ramaco Resources Guidance
2024 RAMACO RESOURCES GUIDANCE Full-Year 2023 2024 Guidance Company Production (tons) 3,800 – 4,200 3,174 Sales (tons)(a) 4,000 – 4,400 3,455 Committed 2024 Sales Volume(f) Volume Avg Price (In millions, except per ton amounts) (b) Cash Costs Per Ton - Company Produced $ 105 – 111 $ 110 North Americ
Slide 18: Appendix
oe ee RAMACO APPENDIX
Slide 19: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES (In thousands) Q2 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 $ 4,815 $ 82,313 $ 1
Slide 20: Reconciliation of Non-GAAP Measures Continued
RECONCILIATION OF NON-GAAP MEASURES CONTINUED (In thousands, except per ton amounts) Q2 2024 Q1 2024 2023 1 Non-GAAP Cash Cost Per Ton is used as a supplemental non-GAAP financial measure by management and Reconciliation of Cost of Sales to Non-GAAP Cash Cost Per Ton external users of our financial
Slide 21: Contact
250 West Main Street, Suite 1900 Lexington, Kentucky 40507 Investor Relations: info@ramacometc.com 859-244-7455 21