Financial Performance - Ramaco Resources, Inc. reported revenue of $565,688,000 for the year ended December 31, 2022, a 99.5% increase from $283,394,000 in 2021 [512]. - The company's net income for 2022 was $116,042,000, compared to a net income of $39,759,000 in 2021, reflecting a 192.5% increase [512]. - Total assets increased to $596,339,000 in 2022, up from $329,033,000 in 2021, representing an 81.5% growth [510]. - The company’s operating income for 2022 was $150,387,000, compared to $39,533,000 in 2021, marking an increase of 279.5% [512]. - Basic earnings per share for 2022 were $2.63, up from $0.90 in 2021, reflecting a substantial increase in profitability per share [512]. - Cash and cash equivalents increased to $35,613,000 in 2022 from $21,891,000 in 2021, a growth of 62.9% [510]. - Total stockholders' equity rose to $309,198,000 in 2022, compared to $211,074,000 in 2021, an increase of 46.5% [510]. - The company’s total costs and expenses for 2022 were $415,301,000, up from $243,861,000 in 2021, reflecting a 70.5% increase [512]. - Net cash provided by operating activities reached $187,870,000 in 2022, compared to $53,340,000 in 2021, indicating strong operational performance [518]. - Capital expenditures in 2022 totaled $123,012,000, a substantial increase from $29,466,000 in 2021, reflecting ongoing investments in growth [518]. Operational Risks - Significant mine accidents or regulatory infractions could lead to mine shutdowns, impacting operations and cash flows [190]. - The company operates in a single geographic region, making it vulnerable to disruptions from severe weather, natural disasters, and regulatory changes [193]. - Transportation logistics are critical, and any significant delays or cost increases could negatively affect profitability and competitiveness [195]. - Major downtime of mining equipment could impair coal supply and adversely affect results of operations [196]. - The company may face challenges in integrating future acquisitions, which could impact financial performance and operational efficiency [203]. - Substantial capital expenditures are required to maintain and grow operations, and failure to secure financing could lead to curtailed operations [206]. - The company experienced rail-related constraints in 2022, resulting in higher coal inventory levels [213]. - The ability to collect payments from customers is critical, and any decline in their creditworthiness could increase payment default risks [201]. - The company relies on a concentrated group of suppliers for equipment, and any disruptions could limit production capabilities and increase operating expenses [212]. - The company is a holding entity, relying entirely on its subsidiaries for financial obligations and dividend payments [214]. Regulatory and Compliance Issues - Financial assurance requirements may increase costs and delay operations due to changes in regulations affecting coal mining permits [215]. - The company utilizes surety bonds, trusts, and letters of credit for financial assurance, and failure to secure these could adversely impact production [216]. - The company must obtain various federal and state permits for mining operations, which can be costly and time-consuming, potentially delaying production [252]. - Regulatory agencies have the authority to temporarily or permanently close mines under certain circumstances, which could adversely affect the ability to meet customer demands [257]. - The company may face increased costs and operational restrictions due to stringent laws and regulations regarding environmental protection and natural resource management [245]. - Compliance with environmental regulations has a significant effect on operational costs, with potential for substantial costs arising from violations or stricter regulations [246]. - The company is subject to the Applicant Violator System, which could block new mining permits based on ownership and control violations [226]. - The potential for litigation or claims related to environmental contamination could expose the company to significant liabilities and costs [250]. - Compliance with environmental regulations may lead to increased operational costs for customers, potentially impacting demand for coal [258]. Market and Economic Factors - Access to international markets may face restrictions, potentially leading to oversupply and decreased prices for metallurgical coal [225]. - The market for coal may decline due to comprehensive legislation focusing on GHG emission reductions, potentially reducing revenues and adversely impacting business operations [243]. - The current U.S. administration aims to achieve greenhouse gas (GHG) emissions reductions of at least 50% relative to 2005 levels by 2030, impacting coal operations and cost structures [239]. - The Inflation Reduction Act of 2022 provides significant funding and incentives for low-carbon energy production methods and carbon capture technologies, which may affect operational costs [239]. - New regulations related to environmental protection and GHG emissions could require significant operational changes and increase costs, adversely affecting financial conditions [241]. - Legislative mandates for renewable energy usage may further decrease coal demand, impacting revenues and cash flows [259]. - Activism and negative public sentiment regarding coal could adversely affect the company's operations and stock price [260]. Labor and Safety Concerns - A shortage of skilled labor in the mining industry could negatively affect productivity and profitability [224]. - Stringent safety regulations under the MINE Act and MINER Act could increase operational costs and restrict methods of operation [266]. - The company faces potential liabilities from workers' compensation claims related to workplace injuries, which could significantly affect operating costs [268]. Corporate Governance and Compliance - As of December 31, 2022, the company ceased being an emerging growth company, leading to significant additional legal and financial compliance costs due to increased disclosure and governance requirements [279]. - The company has incurred substantial legal and financial compliance costs related to the loss of its emerging growth company status, which are expected to continue increasing due to Section 404 compliance [280]. - The company anticipates that its compensation committee will grant additional equity awards to employees and directors, which will have a dilutive effect on earnings per share [285]. - The company’s Charter allows for the issuance of preferred stock without stockholder approval, which could dilute the voting power and reduce the value of common stock [286]. - A material weakness in internal controls over financial reporting was identified, but remediation efforts were concluded as effective as of June 30, 2022 [291]. - Changes in tax legislation could adversely impact the company's cash tax liabilities, with potential increases in the corporate income tax rate proposed [293]. Financial Flexibility and Debt - Future debt levels may limit the company's flexibility to obtain financing and pursue business opportunities, affecting operational performance [294]. - The company faces restrictions from its Senior Notes indenture that may limit operational and financial flexibility, impacting liquidity and results of operations [295]. - Unfavorable lending policies by financial institutions regarding coal-related businesses may limit available financing and insurance coverage, affecting the company's market perception [303]. - The company may face increased costs of borrowing and reduced demand for equity securities due to negative views on environmental impacts associated with coal production [305]. Asset Management - The company's asset retirement obligation (ARO) liabilities totaled $28.9 million as of December 31, 2022, based on detailed engineering calculations for future cash spending [494]. - Mineral rights and capitalized mine development costs are depleted and amortized on a units-of-production basis as mining occurs [545]. - Advanced coal royalties often require advance payments that are deferred and charged to operations as coal reserves are mined [546]. - Long-lived assets are reviewed for impairment when events indicate that their carrying value may not be recoverable, with impairment losses recorded if necessary [547]. - Asset retirement obligations are recognized at estimated fair value and adjusted for inflation, with liabilities accreted to present value each period [548]. - The capitalized cost of asset retirement obligations is amortized using the units-of-production method over estimated recoverable reserves [549]. Cybersecurity and Personnel Challenges - The company faces potential material adverse effects from cyber incidents, which could lead to operational disruptions and financial loss [310]. - The company may experience challenges in attracting and retaining key personnel, which could adversely affect its operations [308]. - The company is subject to litigation that could negatively impact profitability and cash flow in specific periods [314]. - The company is exposed to financial, market, political, and economic risks, including commodity price risk and compliance with data privacy regulations [476]. - The company’s ability to retain customers or gain new ones is critical, as loss of revenue from customers could materially affect its financial condition [309].

Ramaco Resources, Inc. (NASDAQ:METC) Q4 2022 Earnings Conference Call March 9, 2023 9:00 AM ET Company Participants Jeremy Sussman - Chief Financial Officer Randy Atkins - Chairman and Chief Executive Officer Chris Blanchard - Chief Operating Officer Jason Fannin - Chief Commercial Officer Conference Call Participants Lucas Pipes - B. Riley Securities David Gagliano - BMO Nathan Martin - The Benchmark Company Operator Good morning, everyone and welcome to the Ramaco Resources Incorporated Fourth Quarter 202 ...

RAMACO 4th Quarter 2022 Investor Presentation Ramaco Resources March 2023 Disclaimer Forward Looking Statements: The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, finan ...

As filed with the Securities and Exchange Commission on February 22, 2023 No. 333-267152 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 4 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Ramaco Resources, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 1220 (Primary Standard Industrial Classification Code Number) 38-4018838 (I.R.S. Employer Identification No.) 250 Wes ...

As filed with the Securities and Exchange Commission on February 3, 2023 No. 333-267152 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Ramaco Resources, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 250 West Main Street, Suite 1900 Lexington, Kentucky 40507 (859) 244-7455 (Address, including zip code, and telephone ...

[PART I. FINANCIAL INFORMATION](index=7&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) Unaudited financial statements reflect significant growth in assets, revenue, and net income, driven by acquisitions and higher metallurgical coal prices [Unaudited Condensed Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets grew 70.8% to $562.1 million, driven by increased property and equipment, while liabilities rose due to acquisition-related debt Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $141,956 | $86,761 | | **Property, plant and equipment, net** | $403,130 | $227,077 | | **Total Assets** | **$562,132** | **$329,033** | | **Total Current Liabilities** | $150,438 | $46,660 | | **Total Liabilities** | **$263,463** | **$117,959** | | **Total Stockholders' Equity** | **$298,669** | **$211,074** | [Unaudited Condensed Consolidated Statements of Operations](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Revenue and net income surged for the nine-month period, reflecting significantly stronger coal pricing and operational performance Statement of Operations Summary (in thousands, except per-share amounts) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $136,925 | $76,377 | $430,461 | $195,889 | | **Operating Income** | $36,689 | $8,767 | $132,266 | $17,032 | | **Net Income** | $26,905 | $7,035 | $101,656 | $21,120 | | **Diluted EPS** | $0.60 | $0.16 | $2.27 | $0.48 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased significantly, funding capital expenditures and acquisitions, while financing activities reflected debt and dividend payments Cash Flow Summary for Nine Months Ended September 30 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | **Net cash from operating activities** | $158,799 | $37,757 | | **Net cash from investing activities** | ($111,837) | ($17,642) | | **Net cash from financing activities** | ($21,866) | $20,847 | | **Net change in cash** | $25,096 | $40,962 | [Notes to Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Condensed%20Condensed%20Consolidated%20Financial%20Statements) Key disclosures include the market impact of the Russia/Ukraine conflict, two major acquisitions, a mine ignition incident, and significant customer concentration - The European Union ban on Russian coal has put **upward pressure on international thermal coal prices**, potentially diverting coking coal to thermal markets[34](index=34&type=chunk) - On July 10, 2022, a **material methane ignition occurred at the Berwind mining complex**; the financial impact and restart plan have not yet been determined[47](index=47&type=chunk) - The company completed two major acquisitions in 2022: **Ramaco Coal for approximately $65 million** and **Maben Coal for approximately $30 million**[93](index=93&type=chunk)[98](index=98&type=chunk) - For the nine months ended September 30, 2022, sales to the **top two customers accounted for 40% of total revenue** (23% and 17% respectively)[43](index=43&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Higher coal sales pricing drove significant increases in net income and Adjusted EBITDA, despite rising costs, while liquidity remains strong [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Revenue per ton increased over 90% in Q3 and 121% year-to-date, offsetting higher costs per ton and driving profitability Q3 2022 vs Q3 2021 Performance | Metric | Q3 2022 | Q3 2021 | Change | | :--- | :--- | :--- | :--- | | Revenue | $136.9M | $76.4M | +79% | | Tons Sold (thousands) | 608 | 644 | -6% | | Revenue per ton (FOB mine) | $202 | $105 | +92% | | Cash cost per ton (FOB mine) | $99 | $72 | +37.5% | Nine Months 2022 vs 2021 Performance | Metric | Nine Months 2022 | Nine Months 2021 | Change | | :--- | :--- | :--- | :--- | | Revenue | $430.5M | $195.9M | +120% | | Tons Sold (thousands) | 1,775 | 1,751 | +1.4% | | Revenue per ton (FOB mine) | $217 | $98 | +121% | | Cash cost per ton (FOB mine) | $106 | $68 | +55.9% | [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with $46.6 million in cash, primarily using funds for capital expenditures, acquisitions, and dividends - At September 30, 2022, the company had **$46.6 million of cash and cash equivalents** and **$22.6 million available under its credit agreements**[140](index=140&type=chunk) - Significant uses of cash in the first nine months of 2022 included **$91.4 million in capital expenditures**, **$22.4 million for acquisitions**, and **$15.0 million in dividend payments**[143](index=143&type=chunk) [Non-GAAP Financial Measures](index=42&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA, a key non-GAAP metric, increased substantially to $50.7 million in Q3 and $172.6 million for the nine-month period Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | **Net income** | $26,905 | $7,035 | $101,656 | $21,120 | | Depreciation and amortization | $11,435 | $6,751 | $29,898 | $18,861 | | Interest expense, net | $2,255 | $933 | $5,323 | $1,418 | | Income tax expense | $6,596 | $1,588 | $27,068 | $1,650 | | Other adjustments | $3,514 | $1,498 | $8,677 | $4,380 | | **Adjusted EBITDA** | **$50,705** | **$17,805** | **$172,622** | **$47,429** | [Quantitative and Qualitative Disclosures about Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes to the company's market risk profile were reported during the period - Disclosures about market risk are included in Item 7A of the company's Annual Report, with **no new information presented in this quarterly report**[158](index=158&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no significant changes to internal controls during the quarter - The principal executive officer and principal financial officer concluded that the company's **disclosure controls and procedures were effective** as of the end of the period covered by this report[159](index=159&type=chunk) - **No significant changes were made to the internal control over financial reporting** during the quarter ended September 30, 2022[160](index=160&type=chunk) [PART II. OTHER INFORMATION](index=45&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company is appealing a reduced court award of $1.8 million related to a silo failure lawsuit - In a lawsuit over a silo failure, a jury awarded the company $7.7 million in compensatory damages and $25.0 million for inconvenience, which a court later **reduced to a total award of $1.8 million**; the company has appealed this reduction[81](index=81&type=chunk)[82](index=82&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the last annual and quarterly filings - The company states there have been **no material changes in its risk factors** from those previously disclosed in its Annual Report and prior Form 10-Q[166](index=166&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - Not applicable[167](index=167&type=chunk) [Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Required mine safety information is provided in Exhibit 95.1 of the report - Mine safety disclosures required by Section 1503(a) of the Dodd-Frank Act are **provided in Exhibit 95.1**[169](index=169&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists all filed exhibits, including credit agreements, officer certifications, and mine safety disclosures - Key exhibits filed include the Second Amendment to the Credit and Security Agreement, **CEO/CFO certifications**, and **Mine Safety Disclosures (Exhibit 95.1)**[174](index=174&type=chunk)

E RAMACO 3rd Quarter 2022 Investor Presentation Ramaco Resources November 2022 Disclaimer Forward Looking Statements: The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, ...

Ramaco Resources, Inc. (NASDAQ:METC) Q3 2022 Earnings Conference Call November 8, 2022 9:00 AM ET Corporate Participants Jeremy Sussman - Chief Financial Officer Randy Atkins - Chairman and Chief Executive Officer Chris Blanchard - Chief Operating Officer Jason Fannin - Chief Commercial Officer Conference Call Participants Curt Woodworth - Credit Suisse Lucas Pipes - B. Riley Securities Nathan Martin - The Benchmark Company Operator Good day, and welcome to the Ramaco Resources Incorporated Third Quarter 20 ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 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 ...

Financial Performance & Growth - Ramaco achieved record net income and Adjusted EBITDA in 2021, and surpassed those annual figures in the first half of 2022 alone[6] - In 1H22, Ramaco's net income reached $75 million and Adjusted EBITDA was $122 million, exceeding full-year 2021 results by 88% and 56% respectively[7, 9] - Based on the midpoint of 2022 production and cost guidance, approximately 95% of sales are already committed, translating to over $230 million of net income and $340 million of Adjusted EBITDA[7, 8] - The company anticipates reaching 6.5 million tons of production by 2025, increased from the previous target of 5 million tons[14] Production & Operations - Ramaco expects to produce at least 43 million tons in 2023[7] - 2022 production guidance is between 28 million and 31 million tons, compared to 22 million tons in 2021, representing an increase of approximately 1/3 YoY at the midpoint[18] - The company is increasing its 2022 growth capital expectation by $25 million, in addition to the previously committed $45 million, and anticipates an additional $95 million of growth capital in 2023-24 to achieve full production build-out[14] Market & Strategy - Ramaco is a low-cost, "pure play" metallurgical coal company, primarily supplying the North American and international steel industry[5] - U S High Vol A met coal spot prices are $245 per metric ton FOB port as of August 4, 2022, up over 20% YoY[7, 26] - Ramaco has minimal AROs, net debt, and legacy liabilities, along with strong free cash flow generation[6, 7]