Financial Performance - In Q4 2024, Ramaco Resources achieved Adjusted EBITDA of $29.2 million, a 24% increase from $23.6 million in Q3 2024[3]. - Net income for Q4 2024 was $3.9 million, a significant increase of approximately 1,700% compared to a loss of $0.2 million in Q3 2024[3]. - Year-end liquidity reached a record $137.8 million, up over 50% from the previous year[32]. - Net income for 2024 was $11,192,000, a significant decrease of 86.4% compared to $82,313,000 in 2023[51]. - Adjusted EBITDA for 2024 was $105,792,000, down 41.8% from $182,126,000 in 2023[54]. Sales and Production - The company sold over 1.1 million tons of metallurgical coal in Q4 2024, marking a 10% increase compared to Q3 2024[9]. - Overall production for Q4 2024 was 954,000 tons, up 28% year-over-year from Q4 2023[26]. - The Elk Creek complex produced a record 672,000 tons, representing a 63% increase from the previous year[27]. - Full-year 2024 production was 3,671,000 tons, with guidance for 2025 set at 4,200,000 to 4,600,000 tons[37]. - Committed sales volume for 2025 is 3.5 million tons, with an average price of $145 per ton[40]. Costs and Margins - Non-GAAP cash cost per ton sold decreased by $6 per ton, or 6%, to $96 per ton in Q4 2024, down from $102 per ton in Q3 2024[3]. - Cash costs were $96 per ton sold, a 10% decrease from the same period in 2023[28]. - Cash margins decreased to $33 per ton, down from $68 per ton in Q4 2023[29]. - The company expects to maintain cash margins of $33 per ton sold in Q4 2024, down just $1 per ton from Q3 2024[10]. Market Conditions - The metallurgical coal indices declined by $12 per ton, or 6%, in Q4 2024 compared to Q3 2024, and by $80 per ton, or 30%, compared to Q4 2023[3]. - U.S. metallurgical coal pricing fell to $129 per ton, a 26% decrease compared to $175 per ton in Q4 2023[28]. - Non-GAAP revenue per ton sold (FOB mine) decreased to $129 in Q4 2024 from $175 in Q4 2023, a decline of 26.29%[55]. Capital Expenditures and Assets - Capital expenditures for Q4 2024 totaled $11.9 million, down from $18.0 million in Q4 2023[33]. - Capital expenditures for 2024 were $55,236,000, down from $82,904,000 in 2023, a decrease of 33.6%[51]. - Total assets increased to $674,686,000 in 2024 from $665,836,000 in 2023, representing a growth of 1.28%[49]. - Total current liabilities decreased to $122,428,000 in 2024 from $169,986,000 in 2023, a reduction of 28%[49]. Future Outlook - The company anticipates tons sold in Q1 2025 to be between 850,000 and 950,000, with a projected 33% increase in shipments for Q2 2025[7]. - Ramaco plans to commence full-scale mining for rare earth and critical minerals by July 2025, following positive preliminary results from testing[20]. Taxation - The effective tax rate for full-year 2024 was 25%, with Q4 2024 tax expense recognized at $2.2 million[34].

Group 1 - The article discusses the focus on closed-end funds and the potential for directional and arbitrage opportunities due to market price deviations, emphasizing the importance of timing in these trades [1] - The article introduces a new fixed-income IPO from Ramaco Resources, Inc., specifically highlighting the Ramaco Resources, Inc. 8.375% Senior [2]

Core Insights - Ramaco Resources is developing the Brook Mine, which is projected to be the only primary source mine for gallium, germanium, and scandium in the world [1][2][3] - Fluor Corporation's preliminary techno-economic analysis indicates that the Brook Mine project is both commercially and technologically feasible [1][2][3] - The mine contains one of the largest unconventional deposits of rare earth elements and critical minerals sourced from coal and carbonaceous ore, as recognized by the U.S. Department of Energy's NETL [2][3] Economic Projections - Preliminary financial modeling suggests strong economics and financial returns, even with lower capital investment compared to traditional hard rock REE mines [2][4] - Scandium, gallium, and germanium oxides are expected to account for approximately 70% of potential revenue, with these elements and magnetic rare earth elements constituting over 95% of potential revenue [2][3] Development Plans - Ongoing substantial metallurgical and chemical testing is expected to be finalized in Q1 2025, with a full scoping study anticipated in Q2 2025 [2][3] - The company plans to high-grade the extraction process to focus on higher value oxide products [2][4] - Construction of a commercial pilot plant is on track to begin in the second half of 2025 [2][5] Strategic Importance - The Brook Mine's unique characteristics, such as being non-radioactive and easier to process, minimize energy-intensive processes typically associated with hard rock mining [3][4] - The recent export ban by China on gallium and germanium, which are critical materials, highlights the strategic importance of the Brook Mine [2][3] Company Overview - Ramaco Resources operates in southern West Virginia and southwestern Virginia, focusing on high-quality metallurgical coal and developing rare earth and critical minerals in Wyoming [6] - The company has four active metallurgical coal mining complexes and is in the initial stages of production for coal and rare earth development near Sheridan, Wyoming [6]

Revenue and Sales Performance - The company sold 2.9 million tons of coal during the first nine months of 2024, generating $495.4 million in revenue, a slight increase from $490.8 million in the same period of 2023[96]. - Revenue for the three months ended September 30, 2024, was $167.4 million, approximately 10% lower than the same period in 2023, driven by a 13% decrease in revenue per ton sold from $188 to $164[103]. - Coal sales revenue for the nine months ended September 30, 2024, was $495.4 million, approximately 1% higher than the same period in 2023, driven by a 16% increase in tons sold[111]. - Revenue per ton sold decreased 13% from $199 per ton for the nine months ended September 30, 2023, to $173 per ton for the same period in 2024[111]. - Non-GAAP revenue (FOB mine) for the three months ended September 30, 2024, was $138,829,000, down from $156,533,000 in the prior year, reflecting a decrease of $17,704,000[138]. - Non-GAAP revenue (FOB mine) for the nine months ended September 30, 2024, was $414,317,000, slightly down from $416,185,000 in the same period of 2023, a decrease of $1,868,000[138]. Costs and Expenses - Total costs and expenses for the nine months ended September 30, 2024, were $485.1 million, compared to $432.8 million in the same period of 2023, reflecting increased costs of sales[101]. - Cost of coal sales for the nine months ended September 30, 2024, totaled $397.2 million, a 12% increase compared to $354.4 million for the same period in 2023[113]. - Cost of sales for the three months ended September 30, 2024, was $134,731,000, down from $144,635,000 in the same period of 2023, a decrease of $9,904,000[139]. - Non-GAAP cash cost of sales for the three months ended September 30, 2024, was $104,573,000, compared to $112,803,000 in the same period of 2023, a decrease of $8,230,000[139]. - Non-GAAP cash cost of sales for the nine months ended September 30, 2024, was $312,511,000, compared to $274,233,000 in the same period of 2023, an increase of $38,278,000[139]. Profitability and Financial Results - The company reported a net loss of $239,000 for the three months ended September 30, 2024, compared to a net income of $19.5 million in the same period of 2023[100]. - The company’s adjusted EBITDA for the nine months ended September 30, 2024, was $76.6 million, down from $123.7 million in the same period of 2023, impacted by softening coal markets[100]. - Adjusted EBITDA for the three months ended September 30, 2024, was $23,617,000, a decrease from $45,407,000 in the same period of 2023[135]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $76,596,000, compared to $123,675,000 in the same period of 2023, a decrease of $47,079,000[135]. Market Conditions and Future Outlook - The global metallurgical coal market has softened in 2024 due to constrained economic growth and increased steel exports from China, impacting pricing and demand[95]. - The company expects to satisfy approximately 36% of its outstanding performance obligations of 1.7 million tons with fixed sales prices averaging $151 per ton in Q4 2024[97]. - The company continues to assess its potential rare earth and critical minerals deposit in Wyoming, with elevated levels of rare earth elements and plans for a demonstration processing facility by mid to late 2025[98]. - The company is focused on potential acquisitions of reserves or infrastructure to maintain its competitive edge in geology and cost[93]. Cash Flow and Capital Expenditures - Cash flows provided by operating activities were $97.0 million during the first nine months of 2024, primarily driven by net earnings adjusted for non-cash expenses[123]. - Capital expenditures totaled $57.9 million, including $12.3 million for the Maben preparation plant, which was commissioned in October 2024[124]. - The company anticipates lower capital spending in the fourth quarter of 2024 as most of the annual growth capital expenditures occurred in the first half of 2024[124]. Debt and Financial Position - Interest expense, net, decreased from $7.3 million for the nine months ended September 30, 2023, to $4.5 million for the same period in 2024[117]. - The effective tax rate for the nine months ended September 30, 2024, was 28%, compared to 21% for the same period in 2023[118]. - The company had $22.9 million of cash and cash equivalents and $57.9 million of remaining availability under its Revolving Credit Facility as of September 30, 2024[122]. Securities and Registration - The company filed a shelf registration statement to sell securities at an aggregate initial offering price of up to $400.0 million on September 1, 2023[130].

Financial Performance - For Q3 2024, Ramaco Resources reported adjusted EBITDA of $23.6 million, down from $28.8 million in Q2 2024, and net income of $(0.2) million compared to $5.5 million in Q2 2024 and $19.5 million in Q3 2023[2][3]. - Revenue for the three months ended September 30, 2024, was $167,411,000, a decrease of 10.4% compared to $186,966,000 for the same period in 2023[51]. - Net income for the nine months ended September 30, 2024, was $7,334,000, down 86% from $52,275,000 in the same period of 2023[56]. - Operating income for the three months ended September 30, 2024, was $1,594,000, significantly lower than $16,081,000 for the same period in 2023[51]. - Net income for Q3 2024 was $(239,000), a significant decrease compared to $5,541,000 in Q2 2024 and $19,462,000 in Q3 2023[60]. - Adjusted EBITDA for Q3 2024 was $23,617,000, down from $28,798,000 in Q2 2024 and $45,407,000 in Q3 2023[60]. - Non-GAAP revenue for Q3 2024 was $138,829,000, compared to $131,097,000 in Q2 2024 and $156,533,000 in Q3 2023[62]. - The company reported a total of $495,403,000 in revenue for the nine months ended September 30, 2024, compared to $490,795,000 for the same period in 2023[62]. Production and Sales - Total production for Q3 2024 was 972,000 tons, a 35% increase from the same period in 2023[31]. - Quarterly sales volume reached 1,023,000 tons, up from 915,000 tons in Q2 2024, reflecting an 8% sequential increase[34]. - Total sales commitments for 2024 reached 4.1 million tons, exceeding the high end of production guidance, with an average realized fixed price of $168 per ton for North American customers[6][7]. - For 2025, total sales commitments are 2.7 million tons, with 1.6 million tons at a fixed price of $152 per ton, indicating a positive outlook for future sales[8][25]. - Full-year production guidance for 2024 is set between 3,700,000 and 3,900,000 tons, with sales volume guidance between 3,900,000 and 4,100,000 tons[43]. - Committed sales volume for 2024 totals 4.1 million tons, with an average price of $148 per ton[45]. - Tons sold in Q3 2024 were 1,023, an increase from 915 in Q2 2024 and 996 in Q3 2023[62]. Cost Management - Non-GAAP cash cost per ton sold decreased by $6 to $102 per ton, with production increasing by 8% to 972,000 tons, achieving record sales of 1,023,000 tons in Q3 2024[3][4]. - Cash costs have declined from $120 per ton in March to $93 per ton in September, reflecting a 25% reduction throughout the year[10][19]. - Cash costs per ton sold were $102, a 10% decrease from $113 in Q3 2023 and down from $108 in Q2 2024[32][36]. - Cash margins were $34 per ton, down from $44 per ton in Q3 2023, reflecting a decrease in profitability[33]. - The company anticipates average annual mine costs of $90-95 per ton for new production initiatives, including the Elk Creek complex and Berwind mine[9][22]. Capital Expenditures and Liquidity - Capital expenditures for Q3 2024 totaled $17.8 million, slightly up from $16.9 million in Q3 2023 but down from $21.4 million in Q2 2024[38]. - The company expects capital expenditures to decline significantly in Q4 2024 due to the completion of new mining projects[39]. - As of September 30, 2024, the company had liquidity of $80.8 million, an increase from $71.3 million in Q2 2024[37]. - Capital expenditures for the nine months ended September 30, 2024, were $45,632,000, down from $64,924,000 in the same period of 2023[56]. Asset and Liability Management - Total current assets decreased to $146,673,000 as of September 30, 2024, from $189,739,000 at the end of December 2023, representing a decline of 22.7%[54]. - Cash and cash equivalents decreased to $22,864,000 from $41,962,000, a decline of 45.5%[54]. - Total liabilities decreased to $283,571,000 as of September 30, 2024, from $296,231,000 at the end of December 2023, a reduction of 4.3%[54]. - The company incurred interest expense of $4,509,000 for the nine months ended September 30, 2024, compared to $7,274,000 for the same period in 2023[51]. Future Initiatives - The company plans to construct a rare earth demonstration facility in mid to late 2025, with a preliminary techno-economic analysis expected in early December[14][27]. - Overall production and sales guidance for 2024 has been reduced by 0.2 million tons, with cash cost guidance adjusted to $106 – $109 per ton sold[11][12]. - Ramaco Resources expects to exit 2024 with record annual sales and production, positioning itself as a larger low-cost metallurgical coal producer[28].

Revenue and Sales Performance - The company sold 1.8 million tons of coal in the first six months of 2024, generating $328.0 million in revenue, a 7.9% increase from $303.8 million in the same period of 2023[78]. - Revenue for the three months ended June 30, 2024, was $155.3 million, approximately 13% higher than the same period in 2023, driven by a 28% increase in tons sold[84]. - Coal sales revenue for the six months ended June 30, 2024, was $328.0 million, approximately 8% higher than the same period in 2023, driven by a 25% increase in tons sold[90]. - Total revenue for the six months ended June 30, 2024, was $327,991,000, an increase of $24,162,000 from $303,829,000 in the same period of 2023[109]. - The company sold 915,000 tons of coal in Q2 2024, a 28% increase from 715,000 tons in Q2 2023[83]. Cost and Expenses - The total cost of sales for the three months ended June 30, 2024, was $122.8 million, up from $99.2 million in the same period of 2023, reflecting a $23.6 million increase[83]. - Cost of coal sales totaled $262.5 million for the six months ended June 30, 2024, a 25% increase compared to $209.7 million for the same period in 2023[91]. - Depreciation, depletion, and amortization expense totaled $31.1 million for the six months ended June 30, 2024, compared to $25.4 million for the same period in 2023[92]. - Selling, general, and administrative expenses were $25.0 million for the six months ended June 30, 2024, down from $26.1 million for the same period in 2023[92]. - Non-GAAP cash cost of sales for the three months ended June 30, 2024, was $98,469,000, an increase of $19,572,000 from $78,897,000 in the same period of 2023[110]. Profitability and Income - The net income for the six months ended June 30, 2024, was $7.6 million, compared to $32.8 million for the same period in 2023, reflecting the impact of softening global metallurgical coal markets[82]. - The company reported net income of $5,541,000 for the three months ended June 30, 2024, compared to $7,556,000 for the same period in 2023, indicating a decrease of $2,015,000[108]. - Adjusted EBITDA for the three months ended June 30, 2024, was $28,798,000, compared to $30,014,000 for the same period in 2023, reflecting a decrease of $1,216,000[108]. Pricing and Market Conditions - The average revenue per ton sold decreased from $192 in Q2 2023 to $170 in Q2 2024, a decline of 11%, attributed to variability in index-based pricing for export sales[84]. - Revenue per ton sold decreased 14% from $206 per ton for the six months ended June 30, 2023, to $178 per ton for the same period in 2024[90]. - Non-GAAP revenue per ton sold (FOB mine) decreased to $143 in the three months ended June 30, 2024, down from $165 in the same period of 2023, a decrease of $22[109]. Future Outlook and Investments - The company expects to satisfy approximately 62% of its outstanding performance obligations of 1.0 million tons at an average fixed sales price of $165 per ton in the second half of 2024[79]. - The company anticipates growing annual production to approximately 7 million clean tons of metallurgical coal in the medium term, subject to market conditions and capital deployment[75]. - The company is progressing in the assessment of its rare earth and critical minerals deposit in Wyoming, with elevated levels of rare earth elements and plans for a demonstration processing facility in 2025[80]. - Capital expenditures totaled $40.1 million, including expenditures related to the preparation plant and expansion of the Maben complex[99]. Cash Flow and Financial Health - Cash flows provided by operating activities were $59.6 million during the first six months of 2024[97]. - Interest expense, net was $2.8 million for the six months ended June 30, 2024, compared to $4.8 million for the same period in 2023[93]. - The effective tax rate for the six months ended June 30, 2024, was 24.5%, compared to 19.6% for the same period in 2023[94]. - Non-GAAP cash cost per ton sold (FOB mine) was $108 for the three months ended June 30, 2024, a slight decrease of $2 from $110 in the same period of 2023[110]. Off-Balance Sheet Arrangements - The company had no material changes in off-balance sheet arrangements during the first six months of 2024[106].

Financial Performance - For Q2 2024, the Company reported adjusted EBITDA of $28.8 million, a 19% increase from Q1 2024's $24.2 million[2] - Net income for Q2 2024 was $5.5 million, up 173% from $2.0 million in Q1 2024, with Class A diluted EPS at $0.08 compared to $0.00 in Q1 2024[2] - Revenue for the three months ended June 30, 2024, was $155,315,000, an increase of 12.9% compared to $137,469,000 for the same period in 2023[34] - Net income for the six months ended June 30, 2024, was $7,573,000, down 76.9% from $32,813,000 for the same period in 2023[34] - Operating income for the three months ended June 30, 2024, was $5,415,000, a decrease of 46.1% compared to $10,046,000 for the same period in 2023[34] - Total revenue for Q2 2024 was $155,315,000, down from $172,676,000 in Q1 2024 but up from $137,469,000 in Q2 2023[43] Production and Sales - Overall production for the second quarter of 2024 was 901,000 tons, a 3% increase year-over-year[19] - Total sales commitments for 2024 are 4.0 million tons, exceeding the low-end of production guidance, with 2.8 million tons committed at an average realized price of $155 per ton[4] - The Company anticipates third quarter coal shipments of 900,000 to 1,050,000 tons and expects to exit the year with a run rate above 5 million tons[6] - The Company has committed 1.25 million tons of its 2025 production at an average price above $150 per ton, primarily from multi-year index-linked export contracts[4] - Tons sold in Q2 2024 were 915, a slight decrease from 929 in Q1 2024 and an increase from 715 in Q2 2023[43] Costs and Expenses - Non-GAAP cash cost per ton sold decreased by $10 to $108 per ton, while production increased by 7% to over 900,000 tons[3] - Cash costs were $108 per ton sold, a 2% decrease from the same period in 2023, resulting in cash margins of $35 per ton, down from $55 per ton year-over-year[20] - Total costs and expenses for the three months ended June 30, 2024, were $149,900,000, an increase of 17.6% from $127,423,000 for the same period in 2023[34] - Cost of sales for Q2 2024 was $122,770,000, down from $139,713,000 in Q1 2024 and up from $99,199,000 in Q2 2023[44] - Non-GAAP cash cost of sales for Q2 2024 was $98,469,000, compared to $109,465,000 in Q1 2024 and $78,897,000 in Q2 2023[44] Capital and Liquidity - The company had liquidity of $71.3 million as of June 30, 2024, up from $62.8 million in the same period of 2023[23] - Capital expenditures for the quarter totaled $21.4 million, a decrease from $24.5 million in the same period of 2023, with expectations for a meaningful decline in the second half of 2024[23] - Capital expenditures for the six months ended June 30, 2024, were $32,833,000, down from $48,016,000 for the same period in 2023[38] - Proceeds from borrowings for the six months ended June 30, 2024, were $96,500,000, compared to $77,500,000 for the same period in 2023[38] Operational Developments - The prep plant at Maben is expected to be fully operational in Q4 2024, reducing trucking costs by approximately $40 per ton[5] - The Company is progressing on its rare earth and critical mineral project at the Brook Mine, with a techno-economic analysis being prepared by Fluor Corporation[7] - The company operates four active metallurgical coal mining complexes and is developing a rare earth and coal mine in Wyoming, with significant discoveries announced in 2023[30] Tax and Financial Ratios - The effective tax rate for the quarter was 26%, excluding a favorable impact of discrete tax items[24]

Sales Performance - The company sold 0.9 million tons of coal in Q1 2024, generating $172.7 million in revenue, a 4% increase from $166.4 million in Q1 2023, driven by a 23% increase in tons sold[108][114] - The average revenue per ton sold decreased by 15% from $220 in Q1 2023 to $186 in Q1 2024, primarily due to variability in index-based pricing for export sales[114] - Non-GAAP revenue (FOB mine) for Q1 2024 was $144,391,000, up from $141,914,000 in Q1 2023, while tons sold increased to 929,000 from 757,000[139] Cost and Expenses - The cost of sales increased by 26% to $139.7 million in Q1 2024, with the cost per ton sold rising 3% from $146 to $150[115] - Non-GAAP cash cost per ton sold (FOB mine) rose to $118 in Q1 2024 from $109 in Q1 2023, with total cost of sales increasing to $139,713,000 from $110,549,000[140] - Adjusted EBITDA for Q1 2024 was $24.2 million, significantly lower than $48.3 million in Q1 2023, reflecting lower margins on coal sales[112] Financial Position - Cash flows from operating activities were $25.2 million in Q1 2024, driven by net earnings adjusted for non-cash expenses[123] - The company had $30.5 million in cash and cash equivalents as of March 31, 2024, with an additional $65.3 million available under its Revolving Credit Facility[122] - The effective tax rate for Q1 2024 was 21%, compared to 18% in Q1 2023, influenced by state taxes and non-deductible expenses[121] Royalties and Fees - Total royalties for Q1 2024 were $4,054,000, a slight increase from $4,012,000 in Q4 2023, with Ramaco Coal royalties at $2,730,000 compared to $3,276,000 in the previous quarter[125] - Infrastructure fees totaled $6,429,000 in Q1 2024, down from $6,630,000 in Q4 2023, with preparation plants contributing $4,475,000 and rail load-outs contributing $1,954,000[125] Dividends and Capital Expenditures - The company declared cash dividends of $0.1375 per share for Class A and $0.2376 per share for Class B, payable on June 15, 2024[125] - Capital expenditures in Q1 2024 totaled $18.7 million, with expectations to spend approximately $53-63 million for the full year 2024[123] Future Outlook and Risks - Future liquidity may be impacted by macroeconomic conditions, potentially leading to reduced capital expenditures or funding through debt or equity securities[127] - The company filed a shelf registration statement for an aggregate initial offering price of up to $400 million, although there are no immediate plans to raise capital[128] - The company continues to face risks such as late payments from customers and cost overruns in equipment purchases, which could affect cash flow and operational capabilities[128] Strategic Initiatives - The company is assessing its rare earth elements deposit in Wyoming, indicating elevated levels of critical minerals, and is advancing new carbon product technologies[111] - The company had outstanding performance obligations of approximately 1.1 million tons with fixed sales prices averaging $168 per ton, expecting to satisfy 78% of these commitments in 2024[109][110] Adjusted Financial Metrics - Adjusted EBITDA for Q1 2024 was $24,180,000, significantly lower than $48,253,000 in Q1 2023, with net income dropping to $2,032,000 from $25,257,000[137]

Exhibit 99.1 RAMACO RESOURCES REPORTS FIRST QUARTER 2024 RESULTS LEXINGTON, KY., May 8, 2024 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company"), a leading operator and developer of high-quality, low-cost metallurgical coal, today reported financial results for the three months ended March 31, 2024. FIRST QUARTER 2024 HIGHLIGHTS MARKET COMMENTARY / 2024 OUTLOOK 1 ● For the three months ended March 31, 2024, the Company had adjusted earnings before interest, taxes, depreciation, amorti ...

| 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, 2023 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 regist ...