Slide 1: Investor Presentation Third Quarter 2023
INVESTOR PRESENTATION Third Quarter 2023 1
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements: with our business, including those described under the heading “Risk Factors” included in Ramaco’s Annual Report on Form 10-K, nor can we assess the The information in this presentation includes “forward-looking statements” within the meaning of Section 27A of
Slide 3: Ramaco at a Glance
RAMACO AT A GLANCE Key Highlights Dual Class Structure Two The Path Forward Key US Supplier of “Pure play” metallurgical coal company Ways to Play We expect continued production and Critical Materials free cash flow growth from our core Metallurgical coal is a key component in the production of stee
Slide 4: Ramaco Resources Business Lines
RAMACO RESOURCES BUSINESS LINES Multiple Ways to Invest in our Businesses; Each With Unique Value Characteristics Ramaco Resources recently distributed a new class of common stock, the Class B common stock (Ticker: METCB). This was distributed to existing shareholders to provide holders with direct
Slide 5: Ramaco Track Record of Performance
RAMACO TRACK RECORD OF PERFORMANCE Strong 5+ year track record of consistent execution Total coal sales (company produced; in millions of tons) Revenue (in $MM) Since initial production began in $566 $491 2017, METC has consistently 2.4 2.4 2.2 executed on its plan to grow 1.9 1.7 1.7 production and
Slide 6: Medium-Term Potential to More Than Double Production
MEDIUM-TERM POTENTIAL TO MORE THAN DOUBLE PRODUCTION Ramaco annual production (in millions of tons) 6.5 The Company recently achieved its original long-term goal of achieving 4 million tons of annualized sales in 3Q23. The Company can produce at 4+ million tons per annum for the foreseeable future w
Slide 7: Metallurgical Quality Breakdown
METALLURGICAL QUALITY BREAKDOWN Production growth is focused to create a long-term, high value portfolio. Almost 80% of production at our anticipated 6.5 million ton1 level is expected to be higher quality Low Vol, Mid Vol, and High Vol A coal, with the flexibility to pivot production based on marke
Slide 8: Global Coal Sales
GLOBAL COAL SALES Ramaco coal has been sold in almost 20 countries, having recently increased its Asian footprint Sweden Finland UK Canada Netherlands Poland Belgium Germany Ukraine Czech Republic Romania South Korea Italy Turkey USA Spain Japan India Indonesia Brazil South Africa 8
Slide 9: Third Quarter Highlights
THIRD QUARTER HIGHLIGHTS Long-term Goal of ~4 Mtpa Achieved; Net Income up 158% vs. 2Q23; Net Debt down $46 MM vs. 2Q23 Third Quarter Highlights and Commentary Net Income & Adjusted EBITDA Up Meaningfully Vs. 2Q23 – The Company had net income of $19.5 million (Adjusted EPS of $0.45)1 compared to $7.
Slide 10: Third Quarter Overview
THIRD QUARTER OVERVIEW Continued execution drove record sales and strong QoQ increases in net income and Adjusted EBITDA Chg. vs Strong execution led to record coal sales, 3Q23 2Q23 2Q 3Q22 Chg. YoY 2023 YTD 2022 YTD Chg. YoY which annualized to ~4 million tons per Total Tons Sold (000) 996 715 39%
Slide 11: Third Quarter Performance Review
THIRD QUARTER PERFORMANCE REVIEW Strong growth profile coupled with solid balance sheet remains core to our principles Total coal production (000s of tons) Total coal sales (000s of tons) 876 996 Third quarter production of 719,000 tons was 834 down from 2Q23 production of 876,000 tons due 658 695 7
Slide 12: Low Cash Mine Costs; Strong Margins
LOW CASH MINE COSTS; STRONG MARGINS Third quarter of 2023 coal price weakness highlights the importance of our low-cost platform YTD Met Coal Cash Costs 1 Strong Quarterly Margins ($MM) Our mine costs are among the industry’s lowest. $140 $140 $250 Margins Per Short Ton FOB Mine Despite industry-wid
Slide 13: Rare Earth Elements (REE) Potential
RARE EARTH ELEMENTS (“REE”) POTENTIAL
Slide 14: Ramaco's REE Deposit
RAMACO’S REE DEPOSIT Potentially transformative discovery REE Background: What Are REEs?: Rare earth elements (REEs) are critical minerals essential to the energy transition. They are used in many applications such as electric vehicles, wind turbines, smartphones, and defense applications. Almost 90
Slide 15: Key Highlights from Weir International's Oct. 2023 Update
KEY HIGHLIGHTS FROM WEIR INTERNATIONAL’S MOST RECENT OCT. 2023 UPDATE TO ITS MAY 2023 TECHNICAL REPORT SUMMARY We believe Ramaco’s Brook Mine has 3 distinct advantages: Brook Mine Estimated TREO Concentration & Distribution (%) The majority of its estimated REEs are found in clay, which are generall
Slide 16: Key Highlights from Weir International's Oct. 2023 Update
KEY HIGHLIGHTS FROM WEIR INTERNATIONAL’S MOST RECENT OCT. 2023 UPDATE TO ITS MAY 2023 TECHNICAL REPORT SUMMARY 23% of the total estimated REO basket consists of primary magnetic REOs of neodymium, praseodymium, dysprosium and terbium. An additional 6% of the estimated REO basket consists of secondar
Slide 17: 2023 Ramaco Resources Guidance
2023 RAMACO RESOURCES GUIDANCE Full-Year Full-Year Committed 2023 Sales Volume(f) Volume Avg Price 2023 Guidance 2022 (In millions, except per ton amounts) Company Production (tons) Elk Creek Mining Complex 2,100 - 2,250 2,033 Berwind & Knox Creek & Maben Mining Complex 1,000 - 1,150 651 North Ameri
Slide 18: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES (In thousands) Q3 2023 Q2 2023 Q3 2022 YTD 2023 YTD 2022 Adjusted EBITDA and Net Debt are used as supplemental non-GAAP Reconciliation of Net Income to Adjusted EBITDA financial measures by management and external users of our financial statements, such as industr
Slide 19: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES (In thousands) Q3 2023 Q2 2023 Q3 2022 YTD 2023 YTD 2022 Adjusted EPS is used as supplemental non-GAAP financial measures by Reconciliation of Earnings Per Share To Adjusted Earnings Per Share management and external users of our financial statements, such as indu
Slide 20: Contact: Lexington, Kentucky
250 West Main Street, Suite 1900 Lexington, Kentucky 40507 Investor Relations: info@ramacometc.com 859-244-7455 20