PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements and detailed notes on accounting policies, debt, leases, equity, revenue, and subsequent events [Unaudited Condensed Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased from **$228.6 million** to **$247.1 million** by June 30, 2021, driven by higher cash and inventories, with stockholders' equity also growing significantly | Metric | Dec 31, 2020 (in thousands) | Jun 30, 2021 (in thousands) | Change | | :-------------------------- | :-------------------------- | :-------------------------- | :----- | | Total Assets | $228,623 | $247,082 | +$18,459 | | Cash and cash equivalents | $5,300 | $19,394 | +$14,094 | | Inventories | $11,947 | $19,575 | +$7,628 | | Total Liabilities | $59,528 | $61,652 | +$2,124 | | Total Stockholders' Equity | $169,095 | $185,430 | +$16,335 | [Unaudited Condensed Consolidated Statements of Operations](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The company achieved significant revenue and net income growth for both the three and six months ended June 30, 2021, primarily due to increased sales volumes and improved metallurgical coal pricing | Metric (in thousands, except per-share) | 3 Months Ended Jun 30, 2021 | 3 Months Ended Jun 30, 2020 | YoY Change | 6 Months Ended Jun 30, 2021 | 6 Months Ended Jun 30, 2020 | YoY Change | | :------------------------------------ | :-------------------------- | :-------------------------- | :--------- | :-------------------------- | :-------------------------- | :--------- | | Revenue | $76,057 | $36,374 | +109.1% | $119,511 | $78,310 | +52.6% | | Total costs and expenses | $69,036 | $40,673 | +69.7% | $111,246 | $81,468 | +36.6% | | Operating income (loss) | $7,021 | $(4,299) | N/A | $8,265 | $(3,158) | N/A | | Net income | $9,942 | $2,652 | +274.9% | $14,085 | $4,614 | +205.3% | | Basic EPS | $0.23 | $0.06 | +283.3% | $0.32 | $0.11 | +190.9% | [Unaudited Condensed Consolidated Statements of Stockholders' Equity](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity increased from **$169.1 million** at January 1, 2021, to **$185.4 million** at June 30, 2021, primarily driven by net income and stock-based compensation | Metric (in thousands) | Balance at Jan 1, 2021 | Stock-based compensation | Net income | Restricted stock surrendered | Balance at Jun 30, 2021 | | :-------------------- | :--------------------- | :----------------------- | :--------- | :--------------------------- | :---------------------- | | Common Stock | $427 | $15 | $(1) | — | $441 | | Additional Paid-in Capital | $158,859 | $2,562 | $(326) | — | $161,095 | | Retained Earnings | $9,809 | — | $14,085 | — | $23,894 | | Total Stockholders' Equity | $169,095 | $3,077 | $14,085 | $(327) | $185,430 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to **$32.9 million** for the six months ended June 30, 2021, while investing activities saw reduced capital expenditures and financing activities resulted in a net cash outflow due to debt repayments | Metric (in thousands) | 6 Months Ended Jun 30, 2021 | 6 Months Ended Jun 30, 2020 | YoY Change | | :------------------------------------ | :-------------------------- | :-------------------------- | :--------- | | Net cash from operating activities | $32,922 | $6,833 | +381.8% | | Net cash from investing activities | $(8,551) | $(18,019) | +52.5% | | Net cash from financing activities | $(10,910) | $15,528 | N/A | | Net change in cash and cash equivalents | $13,461 | $4,342 | +210.0% | | Cash and cash equivalents, end of period | $20,171 | $11,207 | +80.0% | [Notes to Unaudited Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures for the financial statements, covering business, accounting policies, debt, leases, equity, revenue, and subsequent events [NOTE 1—BUSINESS](index=12&type=section&id=NOTE%201%E2%80%94BUSINESS) Ramaco Resources, Inc. operates and develops high-quality metallurgical coal in West Virginia, Virginia, and Pennsylvania, experiencing increased demand and U.S. steel prices in 2021 - The company is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia, and southwestern Pennsylvania[31](index=31&type=chunk) - Global economic recovery in 2021 led to increased demand for metallurgical coal and significantly higher U.S. steel prices, contrasting with declining demand and spot prices in 2020 due to COVID-19[32](index=32&type=chunk) [NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=12&type=section&id=NOTE%202%E2%80%94SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note outlines the basis of presentation for interim financial statements, key accounting policies, and recent accounting pronouncements, including self-insurance and customer concentrations - The company is self-insured for workers' compensation claims, with an estimated aggregate liability of **$1.2 million** at June 30, 2021, and **$1.7 million** at December 31, 2020[37](index=37&type=chunk) - Sales to two customers accounted for approximately **46%** of total revenue for the three months ended June 30, 2021, and **52%** for the six months ended June 30, 2021, indicating customer concentration[41](index=41&type=chunk) - The adoption of ASU 2019-12 (Income Taxes) in Q1 2021 did not materially impact consolidated financial statements, and the company is assessing the impact of ASU No 2020-04 (Reference Rate Reform)[42](index=42&type=chunk)[43](index=43&type=chunk) [NOTE 3—PROPERTY, PLANT AND EQUIPMENT](index=14&type=section&id=NOTE%203%E2%80%94PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) Net property, plant, and equipment slightly decreased to **$177.6 million** at June 30, 2021, with increased capitalized mine development costs offset by accumulated depreciation | Metric (in thousands) | Jun 30, 2021 | Dec 31, 2020 | | :-------------------------------- | :----------- | :----------- | | Plant and equipment | $158,959 | $155,173 | | Construction in process | $4,778 | $7,245 | | Capitalized mine development costs | $81,549 | $74,279 | | Less: accumulated depreciation and amortization | $(67,711) | $(56,242) | | Total property, plant and equipment, net | $177,575 | $180,455 | - Capitalized amounts related to coal reserves at non-operating properties totaled **$14.2 million** as of June 30, 2021, down from **$15.4 million** as of December 31, 2020[44](index=44&type=chunk) | Metric (in thousands) | 3 Months Ended Jun 30, 2021 | 3 Months Ended Jun 30, 2020 | 6 Months Ended Jun 30, 2021 | 6 Months Ended Jun 30, 2020 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total depreciation and amortization | $5,955 | $5,341 | $12,110 | $10,343 | [NOTE 4—DEBT](index=15&type=section&id=NOTE%204%E2%80%94DEBT) The company's debt includes a **$5.0 million** Term Loan and a **$30.0 million** Revolving Credit Facility, with an additional **$3.0 million** Equipment Financing Loan outstanding as of June 30, 2021 - The Revolving Credit Facility has a **$30.0 million** availability, with no amount outstanding at June 30, 2021[47](index=47&type=chunk) - The Term Loan had an outstanding principal balance of **$5.0 million** at June 30, 2021[48](index=48&type=chunk) - The Equipment Financing Loan had an outstanding principal balance of **$3.0 million** at June 30, 2021[50](index=50&type=chunk) - The company was in compliance with all debt covenants under the Credit Agreement at June 30, 2021[49](index=49&type=chunk) [NOTE 5—LEASES](index=15&type=section&id=NOTE%205%E2%80%94LEASES) The company holds various financing leases for mining equipment and one operating lease for office space, with total right-of-use assets of **$5.8 million** and lease liabilities of **$5.4 million** at June 30, 2021 | Metric (in thousands) | Jun 30, 2021 | Dec 31, 2020 | | :-------------------- | :----------- | :----------- | | Total right-of-use assets | $5,813 | $110 | | Total lease liabilities | $5,395 | $110 | - Weighted average remaining lease term for financing leases is **2.8 years** with a discount rate of **4.1%**[55](index=55&type=chunk) [NOTE 6—SBA PAYCHECK PROTECTION PROGRAM LOAN](index=17&type=section&id=NOTE%206%E2%80%94SBA%20PAYCHECK%20PROTECTION%20PROGRAM%20LOAN) The company received an **$8.4 million** PPP Loan in April 2020, which was fully forgiven by the SBA on July 29, 2021, and recognized as other income in 2020 - The company received an **$8.4 million** PPP Loan in April 2020[56](index=56&type=chunk) - The PPP Loan was approved for full forgiveness by the SBA on July 29, 2021, and **$8.4 million** was recognized as other income in 2020[59](index=59&type=chunk)[60](index=60&type=chunk) [NOTE 7—EQUITY](index=19&type=section&id=NOTE%207%E2%80%94EQUITY) The company's stock-based compensation plan reserved **1.7 million** shares for future awards, with expenses totaling **$1.5 million** for Q2 2021 and **$2.6 million** for H1 2021 - **1.7 million shares** were reserved under the current stock-based compensation plan for future awards at June 30, 2021[61](index=61&type=chunk) - Stock-based compensation expense totaled **$1.5 million** for Q2 2021 and **$2.6 million** for H1 2021[63](index=63&type=chunk) - Unrecognized compensation cost related to unvested restricted stock was **$9.9 million** at June 30, 2021, to be recognized over a weighted-average period of **2.1 years**[63](index=63&type=chunk) [NOTE 8—COMMITMENTS AND CONTINGENCIES](index=19&type=section&id=NOTE%208%E2%80%94COMMITMENTS%20AND%20CONTINGENCIES) The company has **$15.7 million** in reclamation bonding, **$0.3 million** in surety bonds, and **$6.3 million** in contingent transportation commitments, alongside a **$32.7 million** jury verdict in the Chubb Insurance lawsuit that is not yet final - Total reclamation bonding requirements were **$15.7 million**, and surety bonds for performance obligations were **$0.3 million** at June 30, 2021[65](index=65&type=chunk) - Contingent liabilities under take-or-pay transportation arrangements totaled **$6.3 million**, expiring between December 31, 2021, and March 31, 2024[66](index=66&type=chunk) - On July 15, 2021, a jury awarded the company **$7.7 million** in compensatory damages and an additional **$25.0 million** for inconvenience and aggravation in the Chubb Insurance lawsuit, though the verdict is not final and not recognized as of June 30, 2021[71](index=71&type=chunk) [NOTE 9—REVENUE](index=21&type=section&id=NOTE%209%E2%80%94REVENUE) Total revenue significantly increased for both the three and six months ended June 30, 2021, driven by higher export revenues, with outstanding performance obligations for **0.8 million tons** at fixed prices and **0.1 million tons** at index-based pricing for the remainder of 2021 | Revenue (in thousands) | 3 Months Ended Jun 30, 2021 | 3 Months Ended Jun 30, 2020 | YoY Change | 6 Months Ended Jun 30, 2021 | 6 Months Ended Jun 30, 2020 | YoY Change | | :--------------------- | :-------------------------- | :-------------------------- | :--------- | :-------------------------- | :-------------------------- | :--------- | | North American revenues | $37,550 | $31,005 | +21.1% | $57,656 | $62,510 | -7.7% | | Export revenues | $38,507 | $5,369 | +617.2% | $61,855 | $15,800 | +291.5% | | Total revenues | $76,057 | $36,374 | +109.1% | $119,511 | $78,310 | +52.6% | - Outstanding performance obligations for the remainder of 2021 include approximately **0.8 million tons** at an average fixed price of **$86/ton** and **0.1 million tons** at index-based pricing[72](index=72&type=chunk) [NOTE 10—INCOME TAXES](index=21&type=section&id=NOTE%2010%E2%80%94INCOME%20TAXES) Income tax expense for the three and six months ended June 30, 2021, was significantly lower than in 2020, primarily due to a **$1.0 million** tax benefit from legislative changes in West Virginia, resulting in effective tax rates of **10%** and **9%** respectively | Metric (in thousands) | 3 Months Ended Jun 30, 2021 | 3 Months Ended Jun 30, 2020 | 6 Months Ended Jun 30, 2021 | 6 Months Ended Jun 30, 2020 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total income tax expense | $228 | $1,260 | $62 | $1,370 | - A tax benefit of **$1.0 million** (Q2 2021) and **$1.4 million** (H1 2021) was recognized due to legislative changes in West Virginia[73](index=73&type=chunk) - Effective tax rate (excluding discrete items) was **10%** for Q2 2021 (vs **21%** in Q2 2020) and **9%** for H1 2021 (vs **16%** in H1 2020)[73](index=73&type=chunk) [NOTE 11—EARNINGS PER SHARE](index=23&type=section&id=NOTE%2011%E2%80%94EARNINGS%20PER%20SHARE) Basic and diluted EPS significantly increased for both the three and six months ended June 30, 2021, reflecting higher net income | Metric (in thousands, except per share) | 3 Months Ended Jun 30, 2021 | 3 Months Ended Jun 30, 2020 | 6 Months Ended Jun 30, 2021 | 6 Months Ended Jun 30, 2020 | | :------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income | $9,942 | $2,652 | $14,085 | $4,614 | | Basic EPS | $0.23 | $0.06 | $0.32 | $0.11 | | Diluted EPS | $0.23 | $0.06 | $0.32 | $0.11 | [NOTE 12—RELATED PARTY TRANSACTIONS](index=23&type=section&id=NOTE%2012%E2%80%94RELATED%20PARTY%20TRANSACTIONS) The company has mineral leases and surface rights agreements with Ramaco Coal, LLC, a related party, with royalties paid totaling **$1.5 million** for Q2 2021 and **$2.6 million** for H1 2021 - Royalties paid to related party Ramaco Coal, LLC were **$1.5 million** for the three months ended June 30, 2021, and **$2.6 million** for the six months ended June 30, 2021[76](index=76&type=chunk) [NOTE 13—SUBSEQUENT EVENTS](index=23&type=section&id=NOTE%2013%E2%80%94SUBSEQUENT%20EVENTS) Subsequent to June 30, 2021, the company completed a **$34.5 million** public offering of Senior Unsecured Notes, received full SBA forgiveness for its **$8.4 million** PPP Loan, and was awarded **$32.7 million** in a jury verdict for the Chubb Insurance lawsuit - On July 13, 2021, the company closed a public offering of **$34.5 million** in 9.00% Senior Unsecured Notes due 2026, with proceeds for general corporate purposes including acquisitions, capital expenditures, and working capital[77](index=77&type=chunk)[78](index=78&type=chunk) - On July 29, 2021, the SBA approved full forgiveness for the **$8.4 million** PPP Loan[79](index=79&type=chunk)[80](index=80&type=chunk) - On July 15-16, 2021, a jury awarded the company **$32.7 million** (**$7.7 million** compensatory, **$25.0 million** inconvenience/aggravation) in the Chubb Insurance lawsuit, though the verdict is not final[79](index=79&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, operations, recent developments, liquidity, capital resources, indebtedness, and non-GAAP measures [Overview](index=26&type=section&id=Overview) Ramaco Resources, Inc., a metallurgical coal producer with a **261-million-ton** reserve base, aims to grow production to **4-4.5 million clean tons**, experiencing increased demand and U.S. steel prices in Q2 2021 with **0.7 million tons** sold, **51%** to export markets - The company has a **261-million-ton** reserve base of high-quality metallurgical coal and plans to grow production to more than **4-4.5 million clean tons**[83](index=83&type=chunk) - In Q2 2021, the company sold **0.7 million tons** of coal, with **51%** going to export markets (Europe, South America, Asia, Africa), a significant shift from Q2 2020 where **85%** of sales were North American[85](index=85&type=chunk) - The global economic recovery in 2021 led to increased demand and significantly higher U.S. steel prices, reversing the declining demand and spot prices experienced in 2020 due to COVID-19[87](index=87&type=chunk) [Recent Developments](index=26&type=section&id=Recent%20Developments) Recent developments include a **$34.5 million** Senior Unsecured Notes offering, a **$32.7 million** favorable jury verdict in the Chubb Insurance litigation, and full forgiveness of the **$8.4 million** SBA Paycheck Protection Program Loan, all occurring in July 2021 - Completed a **$34.5 million** public offering of 9.00% Senior Unsecured Notes due 2026 on July 13, 2021, with proceeds for general corporate purposes including acquisitions, capital expenditures, and working capital[89](index=89&type=chunk)[91](index=91&type=chunk) - A jury returned a verdict in favor of the company for **$7.7 million** in compensatory damages and an additional **$25.0 million** for inconvenience and aggravation in the Chubb Insurance litigation on July 15-16, 2021[94](index=94&type=chunk) - The **$8.4 million** SBA Paycheck Protection Program Loan was approved for full forgiveness by the SBA on July 29, 2021[95](index=95&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) The company reported significantly higher net income and Adjusted EBITDA for both the three and six months ended June 30, 2021, compared to 2020, driven by a **42%** increase in sales volumes and improved pricing, with other income including CARES Act Employee Retention Tax Credit in 2021 and PPP Loan forgiveness in 2020 | Metric (in thousands) | 3 Months Ended Jun 30, 2021 | 3 Months Ended Jun 30, 2020 | YoY Change | 6 Months Ended Jun 30, 2021 | 6 Months Ended Jun 30, 2020 | YoY Change | | :-------------------- | :-------------------------- | :-------------------------- | :--------- | :-------------------------- | :-------------------------- | :--------- | | Revenue | $76,057 | $36,374 | +109.1% | $119,511 | $78,310 | +52.6% | | Operating income (loss) | $7,021 | $(4,299) | N/A | $8,265 | $(3,158) | N/A | | Net income | $9,942 | $2,652 | +274.9% | $14,085 | $4,614 | +205.3% | | Adjusted EBITDA | $18,084 | $10,811 | +67.3% | $29,624 | $19,228 | +54.1% | - Sales volumes were **42%** higher during the six months ended June 30, 2021, compared to the same period in 2020, primarily due to the recovery from COVID-19 impacts[96](index=96&type=chunk) - The company recognized **$5.3 million** in CARES Act Employee Retention Tax Credit in H1 2021 and **$7.3 million** in PPP Loan forgiveness in H1 2020 as other income[96](index=96&type=chunk) [Three Months Ended June 30, 2021 Compared to Three Months Ended June 30, 2020](index=29&type=section&id=Three%20Months%20Ended%20June%2030%2C%202021%20Compared%20to%20Three%20Months%20Ended%20June%2030%2C%202020) Revenue increased by **109%** to **$76.1 million**, driven by a **90%** increase in tons sold and a **7%** increase in revenue per ton (FOB mine), while net income surged by **275%** | Metric (in thousands, except per ton) | 3 Months Ended Jun 30, 2021 | 3 Months Ended Jun 30, 2020 | YoY Change | | :------------------------------------ | :-------------------------- | :-------------------------- | :--------- | | Coal sales revenue | $76,057 | $36,374 | +109.1% | | Tons sold | 686 | 362 | +89.5% | | Revenue per ton sold (FOB mine) | $97 | $91 | +6.6% | | Cost of sales | $57,762 | $30,134 | +91.7% | | Cash cost per ton sold (FOB mine) | $70 | $74 | -5.4% | | Net income | $9,942 | $2,652 | +274.9% | - Other income for Q2 2021 included **$2.9 million** from the CARES Act Employee Retention Tax Credit, while Q2 2020 included **$7.3 million** from anticipated PPP Loan forgiveness[103](index=103&type=chunk) [Six Months Ended June 30, 2021 Compared to Six Months Ended June 30, 2020](index=31&type=section&id=Six%20Months%20Ended%20June%2030%2C%202021%20Compared%20to%20Six%20Months%20Ended%20June%2030%2C%202020) Revenue increased by **53%** to **$119.5 million**, primarily due to a **42%** increase in tons sold, with cash cost per ton (FOB mine) improving by **5.7%** to **$66**, and net income growing by **205%** | Metric (in thousands, except per ton) | 6 Months Ended Jun 30, 2021 | 6 Months Ended Jun 30, 2020 | YoY Change | | :------------------------------------ | :-------------------------- | :-------------------------- | :--------- | | Coal sales revenue | $119,511 | $78,310 | +52.6% | | Tons sold | 1,108 | 778 | +42.4% | | Revenue per ton sold (FOB mine) | $93 | $92 | +1.1% | | Cost of sales | $89,000 | $61,100 | +45.7% | | Cash cost per ton sold (FOB mine) | $66 | $70 | -5.7% | | Net income | $14,085 | $4,614 | +205.3% | - Other income for H1 2021 included **$5.3 million** from the CARES Act Employee Retention Tax Credit, while H1 2020 included **$7.3 million** from anticipated PPP Loan forgiveness[112](index=112&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) At June 30, 2021, the company held **$19.4 million** in cash and **$30.0 million** in available credit, with **$32.9 million** in operating cash flow for H1 2021 primarily funding **$8.6 million** in capital expenditures and **$9.4 million** in net debt repayments - At June 30, 2021, the company had **$19.4 million** of cash and cash equivalents and **$30.0 million** available under its existing credit agreements for future borrowings[116](index=116&type=chunk) - Cash flows from operating activities were **$32.9 million** for the first six months of 2021, including a positive impact from working capital components of a net **$3.4 million**[117](index=117&type=chunk) - Capital expenditures were **$8.6 million**, principally for development of the Berwind mining complex and for infrastructure at the Elk Creek mining complex, with net repayments of borrowings totaling **$9.4 million**[120](index=120&type=chunk) - The company believes that current cash on hand, cash flow from operations, and available liquidity under existing credit agreements will be sufficient to meet its capital expenditure and operating plans[118](index=118&type=chunk) [Indebtedness](index=36&type=section&id=Indebtedness) The company's debt structure includes a **$5.0 million** Term Loan and an undrawn **$30.0 million** Revolving Credit Facility, with a **$3.0 million** Equipment Financing Loan outstanding, and post-period, a **$34.5 million** Senior Unsecured Notes offering was completed and the **$8.4 million** PPP Loan was fully forgiven - At June 30, 2021, the Term Loan had an outstanding principal balance of **$5.0 million**, and the Revolving Credit Facility had **$30.0 million** available with no outstanding amount[124](index=124&type=chunk)[123](index=123&type=chunk) - The Equipment Financing Loan had an outstanding principal balance of **$3.0 million** at June 30, 2021[126](index=126&type=chunk) - On July 13, 2021, the company closed a **$34.5 million** public offering of 9.00% Senior Unsecured Notes due 2026[129](index=129&type=chunk) - On July 29, 2021, the **$8.4 million** SBA Paycheck Protection Program Loan was approved for full forgiveness[128](index=128&type=chunk) [Off-Balance Sheet Arrangements](index=37&type=section&id=Off-Balance%20Sheet%20Arrangements) As of June 30, 2021, the company reported no material off-balance sheet arrangements - No material off-balance sheet arrangements were reported as of June 30, 2021[131](index=131&type=chunk) [Non-GAAP Financial Measures](index=37&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes Adjusted EBITDA, non-GAAP revenue per ton (FOB mine), and non-GAAP cash cost per ton sold as supplemental measures to evaluate operating performance and monitor coal prices and costs, with Adjusted EBITDA significantly increasing for both Q2 and H1 2021 - Adjusted EBITDA is defined as net income plus net interest expense, stock-based compensation, depreciation and amortization expenses, and any transaction-related costs[133](index=133&type=chunk) | Metric (in thousands) | 3 Months Ended Jun 30, 2021 | 3 Months Ended Jun 30, 2020 | 6 Months Ended Jun 30, 2021 | 6 Months Ended Jun 30, 2020 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income | $9,942 | $2,652 | $14,085 | $4,614 | | Adjusted EBITDA | $18,084 | $10,811 | $29,624 | $19,228 | - Non-GAAP revenue per ton (FOB mine) increased to **$97/ton** in Q2 2021 (from **$91/ton** in Q2 2020) and **$93/ton** in H1 2021 (from **$92/ton** in H1 2020)[135](index=135&type=chunk)[137](index=137&type=chunk) - Non-GAAP cash cost per ton sold (FOB mine) decreased to **$70/ton** in Q2 2021 (from **$74/ton** in Q2 2020) and **$66/ton** in H1 2021 (from **$70/ton** in H1 2020)[138](index=138&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section refers to the disclosures about market risk provided in Item 7A of the company's Annual Report - Market risk disclosures are incorporated by reference from Item 7A of the company's Annual Report[139](index=139&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's management concluded that disclosure controls and procedures were effective as of June 30, 2021, with no significant changes in internal control over financial reporting during the quarter - Disclosure controls and procedures were evaluated and deemed effective as of June 30, 2021, at a reasonable assurance level[140](index=140&type=chunk) - No significant changes in internal control over financial reporting occurred during the quarter ended June 30, 2021[142](index=142&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine litigation but believes no pending claims will have a material adverse effect on its financial condition, with specific details referenced in Note 8 of the financial statements - The company believes no pending litigation, disputes, or claims will have a material adverse effect on its financial condition, cash flows, or results of operations[145](index=145&type=chunk) - Further details on legal proceedings are provided in Note 8 to the Condensed Consolidated Financial Statements[145](index=145&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) The company refers readers to the risk factors detailed in its Annual Report and other SEC filings, noting no material changes in risk factors from those previously described - Readers should carefully consider the risk factors and other cautionary statements described in the company's Annual Report and other SEC filings[146](index=146&type=chunk) - There have been no material changes in risk factors from those described in the Annual Report[147](index=147&type=chunk) [Item 4. Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information regarding mine safety violations and regulatory matters is included in Exhibit 95.1 of this Quarterly Report - Mine safety disclosures are provided in Exhibit 95.1 to this Quarterly Report[148](index=148&type=chunk) [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed or furnished with the Form 10-Q, including indentures for senior notes, certifications (Sarbanes-Oxley Act), mine safety disclosures, and XBRL interactive data files - The report includes various exhibits such as indentures for 9.00% Senior Notes due 2026, CEO/CFO certifications (Sarbanes-Oxley Act), mine safety disclosures, and Inline XBRL documents[152](index=152&type=chunk) [SIGNATURES](index=43&type=section&id=SIGNATURES) The report is duly signed on behalf of Ramaco Resources, Inc. by Randall W. Atkins, Chairman, CEO, and Director, and Jeremy R. Sussman, Chief Financial Officer, on August 2, 2021 - The report was signed by Randall W Atkins (Chairman, CEO, and Director) and Jeremy R Sussman (Chief Financial Officer) on August 2, 2021[156](index=156&type=chunk)

RAMACO 1st Quarter 2021 Investor Presentation Ramaco Resources May 2021 Disclaimer Forward Looking Statements The information in this presentation includes "forward-looking statements." All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words "could, ...

Ramaco Resources, Inc. (NASDAQ:METC) Q1 2021 Earnings Conference Call May 13, 2021 9:00 AM ET Company Participants Jeremy Sussman ??? Chief Financial Officer Randy Atkins ??? Chairman and Chief Executive Officer Chris Blanchard ??? Chief Operating Officer Conference Call Participants Lucas Pipes ??? B. Riley Securities David Gagliano ??? BMO Capitals Operator Good day and thank you for standing by. Welcome to the Ramaco Resources, Incorporated First Quarter 2021 Earnings Conference Call. At this time, all p ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38003 RAMACO RESOURCES, INC. (Exact name of registrant as specified in its charter) | Delaware | 38-4018838 | ...

Ramaco Resources, Inc. (NASDAQ:METC) Q4 2020 Earnings Conference Call February 19, 2021 9:00 AM ET Company Participants Jeremy Sussman - CFO Randy Atkins - Chairman and CEO Chris Blanchard - COO Conference Call Participants Lucas Pipes - B. Riley Securities Nathan Martin - Benchmark David Gagliano - BMO Capital Operator Good morning, ladies and gentlemen and welcome to the Ramaco Resources Incorporated Fourth Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. L ...

4th Quarter 2020 Investor Presentation Ramaco Resources February 2021 Disclaimer Forward Looking Statements The information in this presentation includes "forward-looking statements." All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words "could," ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38003 RAMACO RESOURCES, INC. (Exact name of registrant as specified in its charter) Delaware 38-4018838 (State or ...

Ramaco Resources, Inc. (NASDAQ:METC) Q3 2020 Earnings Conference Call November 4, 2020 11:00 AM ET Company Participants Jeremy Sussman - Chief Financial Officer Randy Atkins - Chairman Mike Bauersachs - President and CEO Conference Call Participants Mark Levin - Benchmark Company Curt Woodworth - Cr??dit Suisse Lucas Pipes - B. Riley David Gagliano - BMO Capital Markets Operator Good morning, ladies and gentlemen and welcome to Ramaco Resources Inc Third Quarter 2020 Earnings Conference Call. At this time, ...

E RAMACO 3rd Quarter 2020 Investor Presentation Ramaco Resources November 2020 Disclaimer Forward Looking Statements The information in this presentation includes "forward-looking statements." All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission File Number: 001-38003 RAMACO RESOURCES, INC. (Exact name of registrant as specified in its charter) | Delaware | 38-4018838 | | --- | --- | | (State or other jurisdiction | (I.R.S. Employer | | of incorporation or organization) | Identification No.) | ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 250 West Main Street, Suite 1800 Lexington, Ken ...