Slide 1: Investor Presentation: Fourth Quarter 2025 Results
This presentation speaks of the date of issuance, Feb. 26, 2026, except that it has been modified only to emphasize the developmental nature of the Brook Mine and our rare earth operations. INVESTOR PRESENTATION Fourt h Qua rt er 20 25 Re sult s 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: Ramaco at a Glance
RAMACO AT A GLANCE Ramaco (NASDAQ: METC, METCB) is a cost-efficient, Sweden pure-play metallurgical coal producer in Appalachia. Our Finland UK reserve pipeline, allows us to nearly double production as Canada Belgium Netherlands Poland Germany Ukraine Czech Republic market conditions warrant. This
Slide 4: Investment Thesis
INVESTMENT THESIS Leading Metallurgical Coal Business Leading Pure-Play Metallurgical Coal Company Industry Leading Cost Control With 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
Slide 5: The Brook Mine: A Strategic and Important Rare Earths and Critical Minerals Opportunity
THE BROOK MINE: A STRATEGIC AND IMPORTANT RARE EARTHS AND CRITICAL MINERALS OPPORTUNITY
Slide 6: Brook Mine Development Update
BROOK MINE DEVELOPMENT UPDATE1 Ramaco, has developed a proprietary, patent-pending processing design for enhanced recovery of targeted minerals. A novel flowsheet utilizes carbochlorination as the dominant technology . This is used for nearly all commercial titanium processing today. Ramaco plans to
Slide 7: Updated Flowsheet Benefits
UPDATED FLOWSHEET BENEFITS Internal projections estimate material increases in incremental revenue and free cash flow compared to Fluor’s original 2025 PEA and the upsized development scenario from the latest shareholder letter.1 Updated flowsheet supports high levels of production of high purity ga
Slide 8: Key Anticipated Milestones
KEY ANTICIPATED MILESTONES Next Steps: Working With Highly Experienced Third Parties: Revised Preliminary Economic Assessment expected mid-year from Hatch. Pre-Feasibility Study prepared by Hatch expected for late 2026. Construction of exterior pilot plant testing facility in Sheridan expected compl
Slide 9: 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. In July 2025 it broke ground on the new mine. China’s Market Share of Critical Oxides is Dominant1 Background: China ha
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: 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. This is less expensive to mine and more 50% easily processed than REE
Slide 12: Key Highlights from Ramaco's Brook Mine
KEY HIGHLIGHTS FROM RAMACO’S BROOK MINE • It is currently estimated that less than 30% of the total area of the Brook Mine contains 1.4 million in place REO tons conta ining primary magnetic REOs of neodymium, praseodymium, dysprosium and terbium, as well as gallium, germanium, and scandium. Over th
Slide 13: 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 14: Fourth Quarter 2025 Results and Metallurgical Coal Update
FOURTH QUARTER 2025 RESULTS AND METALLURGICAL COAL UPDATE
Slide 15: Solid Track Record of Executing on Growth
SOLID TRACK RECORD OF EXECUTING ON GROWTH Medium-term potential to almost double production Ramaco Annual Production (in millions of tons) Initial production began in 7+ 2017. Since then, Ramaco has executed on its plan to 3.7 3.8 3.9 opportunistically grow 3.2 2.7 production. 1.8 1.9 1.7 2.2 0.5 Ov
Slide 16: 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. 2026 Production(1) Medium-Term Production Outlook(2) 2% 1% 3% 1% Semi-Soft Thermal Semi-Soft Thermal 17% High-Vol B+ 26% 25% 2% High-Vol
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 $120 places us easily in the first quartile of $120 $110 $200 Realized Price the U.S. cost curve. $100 $1
Slide 18: 2026 Ramaco Resources Guidance
2026 RAMACO RESOURCES 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 $ 142
Slide 19: Appendix
APPENDIX
Slide 20: 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 21: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES (In Thousands) 2025 Reconciliation of Net Income to Adjusted EBITDA Net Income $(51,446) • Adjusted EBITDA and Net Debt are used as supplemental non-GAAP financial measures by DD&A 68,155 management and external users of our financial Interest Expense, Net 7,804 s
Slide 22: Reconciliation of Non-GAAP Measures Continued
RECONCILIATION OF NON-GAAP MEASURES CONTINUED • Non-GAAP Cash Cost Per Ton is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. (In thousands, except per ton amounts) Q4 2
Slide 23: Investor Relations
250 West Main Street, Suite 1900 Lexington, Kentucky 40507 Investor Relations: info@ramacometc.com 859-244-7455 23