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 June 30, 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 | ...

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, 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 | | - ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) Ramaco Resources is a pure-play metallurgical coal producer with 242 million tons of reserves, focusing on low-cost production for North American and international steel markets, operating under extensive regulations - Ramaco is a pure-play metallurgical coal company with **242 million tons** of high-quality metallurgical coal reserves across four properties: Elk Creek, Berwind, RAM Mine, and Knox Creek[16](index=16&type=chunk) - The company's strategy focuses on developing its properties to reach **4-4.5 million clean tons of production by 2023**, maintaining a low-cost production profile, and upholding a conservative capital structure[21](index=21&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) 2019 Sales and Customer Concentration | Metric | Value | | :--- | :--- | | Total Tons Sold (2019) | 1.95 million tons | | Sales to North American Markets | 75% | | Sales to Export Markets | 25% | | Revenue from Top 2 Customers | ~42% of total revenue | - The company's operations are subject to extensive federal, state, and local regulations governing environmental protection (SMCRA, CWA, CAA), mine safety (MSHA), and other areas, which involve significant compliance costs and permitting requirements[62](index=62&type=chunk)[63](index=63&type=chunk)[65](index=65&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant business, regulatory, and corporate risks, including development delays, steel industry dependence, price volatility, environmental compliance, and control by significant stockholders - Business risks include incomplete property development, high dependency on the steel industry, volatile metallurgical coal prices, and operational hazards such as the **2018 silo failure** at the Elk Creek plant[119](index=119&type=chunk)[122](index=122&type=chunk)[147](index=147&type=chunk) - The company's customer base is highly dependent on the steel industry, with a novel coronavirus outbreak noted as a potential risk that could reduce demand for metallurgical coal[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) - Extensive environmental regulations, particularly those related to greenhouse gas emissions, water discharge (CWA), and air quality (CAA), could increase operating costs, reduce coal demand, and restrict operations[193](index=193&type=chunk)[195](index=195&type=chunk)[207](index=207&type=chunk) - Significant stockholders (Yorktown and ECP) collectively own approximately **64% of common stock**, giving them control over stockholder approvals, and the company is a "controlled company" under NASDAQ rules[229](index=229&type=chunk)[244](index=244&type=chunk) [Unresolved Staff Comments](index=76&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[245](index=245&type=chunk) [Properties](index=76&type=section&id=Item%202.%20Properties) As of December 31, 2019, Ramaco controlled approximately 114,662 acres with **242 million tons** of primarily metallurgical coal reserves, verified by independent firms - At December 31, 2019, the company owned or controlled approximately **113,095 acres** of coal minerals in Virginia and West Virginia and **1,567 acres** in Pennsylvania[246](index=246&type=chunk) Coal Reserves by Project (as of Dec 31, 2019) | Project | Location | Mining Method | Proven (M tons) | Probable (M tons) | Total (M tons) | Status | Typical Met Coal Quality | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Elk Creek | WV | Underground, Highwall, Surface | 55 | 37 | 93 | Producing | High Volatile A, A/B, B | | Berwind | WV, VA | Underground | 30 | 19 | 50 | Producing | Low Volatile | | RAM Mine | PA | Underground | 2 | 3 | 5 | 2022 | High Volatile C | | Knox Creek | VA | Highwall, Underground | 81 | 14 | 94 | Producing | High Volatile A | | **Total** | | | **168** | **74** | **242** | | | - Economic recoverability of reserves was assessed using a three-year average historical benchmark price of approximately **$88/short ton** for semi-soft coking coal and **$104/short ton** for premium hard coking coal[255](index=255&type=chunk)[257](index=257&type=chunk) [Legal Proceedings](index=81&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine litigation, including a lawsuit against its insurer for a 2018 silo collapse, but expects no material adverse effects - The company is involved in routine litigation but does not expect any material adverse effects from pending cases[259](index=259&type=chunk) - The company filed a lawsuit against its insurer, Federal Insurance Company, seeking a declaratory judgment for coverage of a partial silo collapse that occurred on **November 5, 2018**[39](index=39&type=chunk)[428](index=428&type=chunk) [Mine Safety Disclosures](index=81&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures, as required by the Dodd-Frank Act, are included in Exhibit 95.1 of this annual report - Mine safety disclosures required by Section 1503(a) of the Dodd-Frank Act are included in Exhibit 95.1 to this annual report[260](index=260&type=chunk) Part II [Market for Registrant's Common Equity and Related Shareholder Matters](index=82&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%20and%20Related%20Shareholder%20Matters) The company's common stock trades on NASDAQ under "METC", with **37 holders of record** as of February 20, 2020, and no cash dividends have been paid - Common stock is listed on the NASDAQ Global Select Market under the symbol **"METC"**[263](index=263&type=chunk) - As of **February 20, 2020**, there were **37 holders of record**[263](index=263&type=chunk) - The company has never declared or paid cash dividends on its common stock[264](index=264&type=chunk) [Selected Financial Data](index=82&type=section&id=Item%206.%20Selected%20Financial%20Data) Selected historical financial data from 2015-2019 shows significant revenue growth to **$230.2 million** and net income of **$24.9 million** in 2019, with total assets reaching **$226.8 million** Selected Historical Financial Data (In thousands) | | 2019 | 2018 | 2017 | 2016 | 2015 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Income Statement Data:** | | | | | | | Revenue | $230,213 | $227,574 | $61,036 | $5,216 | $— | | Operating income (loss) | $29,532 | $24,096 | $(15,893) | $(7,530) | $(2,333) | | Net income (loss) | $24,934 | $25,074 | $(15,417) | $(7,515) | $(2,335) | | **Balance Sheet Data:** | | | | | | | Total Assets | $226,813 | $188,244 | $148,098 | $119,209 | $20,352 | | Total stockholders' equity | $170,083 | $141,109 | $113,397 | $83,788 | $6,660 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=84&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2019, revenue was **$230.2 million** with **$24.9 million** net income, **Adjusted EBITDA grew 31%** to **$55.4 million**, and **2020 sales contracts secured for 1.5 million tons** at **$93.29/ton** 2019 vs 2018 Performance Highlights (In thousands, except per ton data) | Metric | 2019 | 2018 | | :--- | :--- | :--- | | Revenue | $230,213 | $227,574 | | Net Income | $24,934 | $25,074 | | Adjusted EBITDA | $55,382 | $42,169 | | Total Tons Sold | 1,950 | 2,148 | | Company Produced Tons Sold | 1,872 | 1,721 | | Avg. Realized Price/Ton (Company Produced) | $109 | $92 | | Cash Cost/Ton (Company Produced) | $73 | $63 | - Metallurgical coal markets weakened in 2019 due to Chinese import restrictions and global economic concerns, with the emerging coronavirus outbreak noted as a new uncertainty for **2020 demand**[272](index=272&type=chunk)[273](index=273&type=chunk) - As of December 31, 2019, the company had fixed-price forward sales contracts for **1.5 million tons** of metallurgical coal for **2020** at an average price of **$93.29/ton FOB mine**[298](index=298&type=chunk) - Total liquidity as of December 31, 2019 was **$21.8 million**, consisting of cash and availability under its Revolving Credit Facility, with capital expenditures for **2020** anticipated to be between **$25 million and $30 million**[308](index=308&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=95&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is metallurgical coal price volatility, managed by cost control, with limited interest rate risk and indirect foreign exchange exposure - The company's primary market risk is from the volatility of metallurgical coal prices, which it manages by controlling mining costs rather than using derivatives[326](index=326&type=chunk) - Interest rate risk is considered low due to the company's limited debt position[327](index=327&type=chunk) - Foreign exchange risk is indirect; although sales are denominated in U.S. dollars, a stronger dollar can make the company's coal less competitive against non-U.S. suppliers[328](index=328&type=chunk) [Financial Statements and Supplementary Data](index=96&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited consolidated financial statements for 2017-2019, detailing financial position, operations, and cash flows, with **2019 total assets of $226.8 million** and **net income of $24.9 million** Consolidated Balance Sheet Highlights (In thousands) | | Dec 31, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | Total Current Assets | $44,323 | $35,019 | | Property, Plant and Equipment, net | $178,202 | $149,205 | | **Total Assets** | **$226,813** | **$188,244** | | Total Current Liabilities | $26,411 | $29,845 | | Total Liabilities | $56,730 | $47,135 | | **Total Stockholders' Equity** | **$170,083** | **$141,109** | Consolidated Income Statement Highlights (In thousands) | | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | Revenue | $230,213 | $227,574 | $61,036 | | Operating Income (Loss) | $29,532 | $24,096 | $(15,893) | | **Net Income (Loss)** | **$24,934** | **$25,074** | **$(15,417)** | - In 2019, sales to two customers accounted for approximately **42% of total revenue**, with their outstanding balance representing **58% of total accounts receivable** at year-end[388](index=388&type=chunk) - The company leases most of its coal reserves from Ramaco Coal, LLC, a related party, with royalty payments to this affiliate totaling **$9.0 million** in 2019[430](index=430&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=122&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting principles, practices, or financial disclosure - None[446](index=446&type=chunk) [Controls and Procedures](index=122&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2019, with no material changes reported - Management concluded that the company's disclosure controls and procedures were effective as of **December 31, 2019**[447](index=447&type=chunk) - Management's assessment concluded that internal control over financial reporting was effective as of **December 31, 2019**[448](index=448&type=chunk) [Other Information](index=122&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[451](index=451&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=123&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the **2020 Proxy Statement** - Information is incorporated by reference from the **2020 Proxy Statement**[454](index=454&type=chunk) [Executive Compensation](index=123&type=section&id=Item%2011.%20Executive%20Compensation) Information concerning executive compensation is incorporated by reference from the **2020 Proxy Statement** - Information is incorporated by reference from the **2020 Proxy Statement**[455](index=455&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=123&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership of beneficial owners and management is incorporated by reference from the **2020 Proxy Statement** - Information is incorporated by reference from the **2020 Proxy Statement**[456](index=456&type=chunk) [Certain Relationships and Related Persons Transactions](index=123&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Persons%20Transactions) Information concerning certain relationships and related person transactions is incorporated by reference from the **2020 Proxy Statement** - Information is incorporated by reference from the **2020 Proxy Statement**[457](index=457&type=chunk) [Principal Accountant Fees and Services](index=123&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the **2020 Proxy Statement** - Information is incorporated by reference from the **2020 Proxy Statement**[458](index=458&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=124&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits, including organizational documents, material contracts, incentive plans, and CEO/CFO certifications - The report includes the Consolidated Financial Statements and the Report of Independent Registered Public Accounting Firm[461](index=461&type=chunk) - Key exhibits filed include the Amended and Restated Certificate of Incorporation, various mineral lease agreements with affiliates, credit agreements with KeyBank, and the Long-Term Incentive Plan[461](index=461&type=chunk)[464](index=464&type=chunk)[472](index=472&type=chunk) - Certifications from the Chief Executive Officer and Chief Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act are included as exhibits[472](index=472&type=chunk)

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 September 30, 2019 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 | ...

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 June 30, 2019 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 | | -- ...

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, 2019 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 other jurisdi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Exact name of registrant as specified in its charter) Delaware 38-4018838 (State or other jurisdiction of incorporation or organization) (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, 2018 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Comm ...