[Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section cautions readers that forward-looking statements in the report are subject to risks and uncertainties, potentially causing actual results to differ materially - This section highlights that the Quarterly Report includes forward-looking statements, which are based on management's current expectations and assumptions about future events. It cautions readers that actual results may differ materially due to various risks and uncertainties, including those detailed in 'Item 1A. Risk Factors' and the Annual Report[11](index=11&type=chunk)[13](index=13&type=chunk) - Forward-looking statements cover a wide range of topics, including anticipated production levels, costs, sales volumes, revenue, timing of capital projects, economic conditions in the metallurgical coal and steel industries, estimated coal reserves, financing ability, regulatory compliance, and risks related to global economic conditions and the Company's CORE assets[12](index=12&type=chunk) [PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, offering a detailed financial overview for periods ended June 30, 2025, and December 31, 2024 [Unaudited Condensed Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (In thousands) | (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $28,130 | $33,009 | | Accounts receivable | 55,943 | 73,582 | | Inventories | 59,310 | 43,358 | | Total current assets | 154,910 | 167,634 | | Property, plant, and equipment, net | 487,334 | 482,019 | | Total Assets | $674,646 | $674,686 | | **Liabilities and Stockholders' Equity** | | | | Accounts payable | $56,271 | $48,855 | | Accrued liabilities | 47,591 | 61,659 | | Total current liabilities | 113,787 | 122,428 | | Long-term borrowings on revolving credit facility | 25,000 | — | | Senior notes, net | 88,606 | 88,135 | | Total liabilities | 327,207 | 311,880 | | Total stockholders' equity | 347,439 | 362,806 | | Total Liabilities and Stockholders' Equity | $674,646 | $674,686 | - Total assets remained stable at **$674.6 million** as of June 30, 2025, compared to December 31, 2024. Current assets decreased by **$12.7 million**, primarily due to a decrease in accounts receivable and cash, while inventories increased[18](index=18&type=chunk) - Total liabilities increased by **$15.3 million**, driven by an increase in long-term borrowings on the revolving credit facility and financing lease obligations, partially offset by a decrease in current liabilities[18](index=18&type=chunk) - Total stockholders' equity decreased by **$15.4 million**, from **$362.8 million** at December 31, 2024, to **$347.4 million** at June 30, 2025, mainly due to net losses and dividend payments[18](index=18&type=chunk) [Unaudited Condensed Consolidated Statements of Operations](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations (In thousands, except per-share amounts) | (In thousands, except per-share amounts) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $152,959 | $155,315 | $287,615 | $327,991 | | Total costs and expenses | 166,803 | 149,900 | 313,481 | 319,302 | | Operating (loss) income | (13,844) | 5,415 | (25,866) | 8,689 | | Net (loss) income | $(13,974) | $5,541 | $(23,431) | $7,573 | | Basic - Class A EPS | $(0.29) | $0.08 | $(0.48) | $0.08 | | Basic - Class B EPS | $(0.12) | $0.18 | $(0.31) | $0.42 | | Diluted - Class A EPS | $(0.29) | $0.08 | $(0.48) | $0.08 | | Diluted - Class B EPS | $(0.12) | $0.18 | $(0.31) | $0.41 | - Revenue decreased by **1.5%** for the three months ended June 30, 2025, and by **12.3%** for the six months ended June 30, 2025, compared to the same periods in 2024, primarily due to lower metallurgical coal prices[19](index=19&type=chunk) - The Company reported a net loss of **$14.0 million** for Q2 2025 and **$23.4 million** for the six months ended June 30, 2025, a significant decline from net income of **$5.5 million** and **$7.6 million** in the respective prior-year periods[19](index=19&type=chunk) - Operating income shifted to a loss of **$13.8 million** in Q2 2025 and **$25.9 million** for the six months ended June 30, 2025, from positive operating income in the prior year, reflecting the impact of decreased revenue and increased costs[19](index=19&type=chunk) [Unaudited Condensed Consolidated Statements of Stockholders' Equity](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Condensed Consolidated Statements of Stockholders' Equity (In thousands) | (In thousands) | Balance at January 1, 2025 | Stock-based compensation | Shares surrendered for withholding taxes payable | Cash dividends and dividend equivalents declared | Non-cash dividends declared and distributed | Non-cash dividends declared but not distributed | Net (loss) | Balance at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Class A Common Stock | $438 | $6 | $0 | $0 | $0 | $0 | $0 | $444 | | Class B Common Stock | $95 | $1 | $0 | $0 | $7 | $0 | $0 | $103 | | Additional Paid-in Capital | $292,739 | $8,105 | $(2,680) | $0 | $16,177 | $0 | $0 | $314,341 | | Retained Earnings | $69,534 | $0 | $0 | $(3,718) | $(6,556) | $(3,278) | $(23,431) | $32,551 | | Total Stockholders' Equity | $362,806 | $8,112 | $(2,680) | $(3,718) | $9,628 | $(3,278) | $(23,431) | $347,439 | - Total stockholders' equity decreased from **$362.8 million** at January 1, 2025, to **$347.4 million** at June 30, 2025, primarily due to a net loss of **$23.4 million** and cash/non-cash dividends declared[23](index=23&type=chunk) - Additional paid-in capital increased by **$21.6 million**, driven by stock-based compensation and non-cash dividends declared and distributed, partially offset by shares surrendered for withholding taxes[23](index=23&type=chunk) - Retained earnings decreased significantly from **$69.5 million** to **$32.6 million**, reflecting the net loss for the period and dividend declarations[23](index=23&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows (In thousands) | (In thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $21,779 | $59,602 | | Net cash used in investing activities | $(36,355) | $(39,983) | | Net cash from (used in) financing activities | $9,697 | $(34,010) | | Net change in cash and cash equivalents and restricted cash | $(4,879) | $(14,391) | | Cash and cash equivalents and restricted cash, end of period | $28,944 | $28,390 | - Net cash from operating activities decreased significantly to **$21.8 million** for the six months ended June 30, 20

Financial Data and Key Metrics Changes - In Q2 2025, adjusted EBITDA was $9 million compared to $10 million in Q1 2025, with a net loss of $14 million versus a net loss of $9 million in Q1 2025 [52][54] - Cash cost per ton sold was $103, down from $108 in 2024, with a potential $101 if excluding the idled Eagle mine [50][52] - The company anticipates full year 2025 production at the low end of the previous range of 3.9 million to 4.3 million tons, and sales at the low end of 4.1 million to 4.5 million tons [54][56] Business Line Data and Key Metrics Changes - The metallurgical coal benchmark prices dropped approximately 25% year on year, with U.S. indices falling another 5% in Q2 2025 compared to Q1 2025 [20][52] - The company achieved a record level of quarterly production in Q2 2025, with tons sold reaching 1.1 million compared to 900,000 in Q1 2025 [51][52] - The Brook Mine is expected to produce a significant domestic supply of rare earth and critical minerals, with a target for commercial oxide production by 2027, accelerated from 2028 [11][31] Market Data and Key Metrics Changes - Chinese coking coal prices surged 38% in July 2025, indicating a potential recovery in the market [33] - The Australian Premium Low Vol Index increased to $183.2 per ton in July 2025, up from a low of $166 in late March [34] - U.S. steel prices remain the highest globally, nearly double Asian seaborne levels, supporting domestic demand for metallurgical coal [39] Company Strategy and Development Direction - The company is transitioning to a dual platform model, focusing on both metallurgical coal and rare earths, aiming to become a significant player in the critical minerals market [6][25] - Plans to expand rare earth mine production to exceed the currently permitted 2.5 million tons per annum and enhance oxide processing capacity [8][10] - The company is actively engaging with U.S. government agencies to support the development of the Brook Mine, emphasizing its strategic importance for national security [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding pricing recovery in the metallurgical coal market, driven by firmer Chinese fundamentals and resilient Indian demand [23][24] - The company is focused on optimizing production and sales to avoid lower-margin spot sales, particularly in Asia [54][87] - Management highlighted the importance of government support for domestic critical mineral production to level the playing field against foreign competition [66][67] Other Important Information - The Brook Mine has received a five-year renewal of its mining permit, allowing for continued development [48] - The company is increasing its SG&A guidance for 2025 from $36 million to $40 million, reflecting the acceleration of the pilot plant development [57] Q&A Session Summary Question: Impact on quality mix and sales mix between domestic and export - Management expects no impact on the quality portfolio and anticipates a sales mix of roughly two-thirds seaborne and one-third domestic [60][62] Question: Estimated savings from the production tax credit - Estimated savings from the production tax credit are projected to be around $15 million per year on EBITDA [63] Question: Discussions with the administration regarding price support for critical minerals - Management confirmed ongoing discussions with the government but did not disclose specifics, emphasizing the need for support to counteract foreign pricing manipulation [65][67] Question: Pricing assumptions for scandium and balancing supply with demand - Management indicated that demand for scandium is expected to grow, particularly if a Western source becomes available, and they are confident in their pricing assumptions based on market studies [70][72] Question: Key growth drivers in the scandium market - The airline industry is identified as a primary end user for scandium, with potential applications in automotive and other sectors [80][82]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported a cash cost per ton sold of $103, which is a decrease from $108 in 2024, indicating improved efficiency [22][50] - Adjusted EBITDA for Q2 was $9 million, down from $10 million in Q1, with a net loss of $14 million compared to a loss of $9 million in Q1 [52][54] - The company anticipates full year 2025 production at the low end of the previous range of 3.9 million to 4.3 million tons, and sales at the low end of 4.1 million to 4.5 million tons [54][56] Business Line Data and Key Metrics Changes - The metallurgical coal benchmark prices dropped approximately 25% year-on-year, impacting revenue despite record production levels [20][52] - The company achieved a record level of quarterly production with tons sold reaching 1.1 million in Q2, up from 900,000 in Q1 [51] - The Brook Mine, focused on rare earths and critical minerals, is expected to begin pilot plant operations in the fall, with commercial production anticipated by 2027, accelerated from 2028 [11][32][56] Market Data and Key Metrics Changes - Chinese coking coal prices surged 38% in July, indicating a potential recovery in the market, while U.S. met coal producers have reduced production due to pricing pressures [20][34] - The Australian Premium Low Vol Index increased to $183.2 per ton, reflecting a recovery from earlier lows [35] - The company expects U.S. apparent steel consumption to rebound by 3% to 4% in 2026, supporting met coal pricing [38] Company Strategy and Development Direction - The company is transitioning to a dual platform model, producing both metallurgical coal and rare earths, aiming to enhance its market position and growth trajectory [6][25] - Plans to expand rare earth mine production to exceed the currently permitted 2.5 million tons per annum and to increase oxide processing capacity [7][11] - The company is actively engaging with U.S. government agencies to support the development of its critical minerals business, emphasizing national security [13][66] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding pricing recovery in the met coal market, driven by improved fundamentals in China and India [23][34] - The company is focused on optimizing production and sales strategies to avoid lower-margin spot sales, particularly in Asia [54][87] - Management highlighted the importance of government support for domestic critical mineral production to level the playing field against foreign competition [64][66] Other Important Information - The Brook Mine has a defined TREO base of 1.7 million tons, with ongoing exploration expected to expand reserves [8][10] - The company has received a five-year renewal of its mining permit for the Brook Mine, allowing continued development [48] - The preliminary economic analysis from Fluor indicates a pre-tax net present value of $1.2 billion for the Brook Mine project, with an IRR of 38% [55] Q&A Session Summary Question: Impact on quality mix and sales mix between domestic and export - Management confirmed no expected impact on quality and indicated a sales mix of roughly two-thirds seaborne and one-third domestic [60][61] Question: Estimated savings from the production tax credit - Management estimated savings in the range of $15 million per year on EBITDA from the production tax credit [62] Question: Discussions with the administration regarding price support for critical minerals - Management acknowledged ongoing discussions with the government but did not provide specifics, emphasizing the need for support to counteract foreign pricing manipulation [64][66] Question: Price assumptions for scandium and balancing supply with demand - Management indicated that demand for scandium is expected to grow significantly if a Western source is established, with discussions suggesting potential market growth [70][72] Question: Key growth drivers in the scandium market - Management identified the aerospace industry as a primary end user for scandium, with potential applications in automotive and other sectors [80][81]

Financial Performance & Production - Ramaco reported revenue of $666 million and adjusted EBITDA of $106 million for the key 2024 metrics[11] - The company's sales volume reached 4 million tons[11] - Ramaco's net debt to adjusted EBITDA is less than 1.2x[11] - The company anticipates growing production at least 5% vs 2024[36] Cost Management - Ramaco's cash costs of $101 per ton in 1H25 were among the lowest of its publicly traded peer group[13] - Ramaco's 2Q25 cash costs were $103/ton[23] - The company's low cash costs per ton places it in the first quartile of the US cost curve[24] Rare Earth Elements (REE) Opportunity - The Brook Mine is expected to produce approximately 1,240 tons of rare earths and critical minerals annually[14,75] - Over 40% of the total estimated REO basket consists of primary magnetic REOs, gallium, germanium, and scandium[58] - The Brook Mine's revenue is estimated at $378 million, with $143 million EBITDA (38% margin) at steady state[71,75] - The company estimates a ~$12 billion NPV assuming an 8% discount rate[75]

Core Viewpoint - Ramaco Resources reported a quarterly loss of $0.29 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.22, marking an earnings surprise of -31.82% [1] - The company has shown mixed performance in terms of revenue, with $152.96 million reported for the quarter, surpassing the consensus estimate by 18.31%, but down from $155.32 million a year ago [2] Financial Performance - The company has surpassed consensus EPS estimates three times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is -$0.08 on revenues of $174.19 million, and for the current fiscal year, it is -$0.49 on revenues of $615.13 million [7] Stock Performance - Ramaco Resources shares have increased by approximately 93.2% since the beginning of the year, significantly outperforming the S&P 500's gain of 8.2% [3] - The stock currently holds a Zacks Rank of 4 (Sell), indicating expectations of underperformance in the near future [6] Industry Outlook - The coal industry, to which Ramaco Resources belongs, is currently ranked in the bottom 13% of over 250 Zacks industries, suggesting a challenging environment [8] - The performance of Ramaco Resources may be influenced by the overall outlook of the coal industry [8] Competitor Insights - Warrior Met Coal, another company in the coal industry, is expected to report a quarterly loss of $0.28 per share, reflecting a year-over-year change of -120.7% [9] - Warrior Met Coal's revenues are anticipated to be $270.47 million, down 31.8% from the previous year [10]

[Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Ramaco reported a net loss of $14.0 million and Adjusted EBITDA of $9.0 million in Q2 2025, achieving record production despite market weakness and revising full-year guidance Q2 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Net Loss | $(14.0) million | | Diluted EPS (Class A) | $(0.29) | | Adjusted EBITDA | $9.0 million | | Non-GAAP Cash Cost per Ton | $103 | - Achieved a quarterly production record for the second consecutive quarter, producing approximately **1.0 million tons**[6](index=6&type=chunk) - Full-year 2025 production and sales guidance is now anticipated to be at the low end of the ranges (**3.9–4.3 million tons** and **4.1–4.5 million tons**, respectively), reflecting the temporary idling of the Rockhouse Eagle mine[6](index=6&type=chunk) - Increased 2025 SG&A guidance from **$36 - $40 million** to **$39 - $43 million** to support the accelerated development of the Brook Mine rare earth operation[7](index=7&type=chunk) - As of June 30, 2025, total sales commitments for the year reached **3.9 million tons**, representing over **95%** of the midpoint of 2025 production guidance. This includes **2.9 million tons** at a combined average fixed price of **$133 per ton**[6](index=6&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management discusses the strategic shift to a dual-platform model, balancing metallurgical coal challenges with accelerated rare earth development and government support [Rare Earths and Critical Minerals Business](index=2&type=section&id=Rare%20Earths%20and%20Critical%20Minerals%20Business) Ramaco is accelerating its Brook Mine rare earth project, with mining commencing and commercial production targeted for 2027, supported by a PEA showing a **$1.197 billion** NPV8 and **38%** IRR - The company is evolving into a dual-platform company, combining its metallurgical coal operations with the development of the Brook Mine rare earth project to support U.S. strategic supply chain goals[9](index=9&type=chunk)[11](index=11&type=chunk) Brook Mine Preliminary Economic Assessment (PEA) Summary | Metric | Value | | :--- | :--- | | NPV (8% discount rate, pre-tax) | $1.197 billion | | NPV (10% discount rate, pre-tax) | $898 million | | IRR (Internal Rate of Return) | 38% | | Initial Capital Cost Estimate | $473 million | - The commercial timeline for the rare earth operation has been accelerated, with initial commercial production now anticipated in **2027**, a year earlier than previously planned[11](index=11&type=chunk) - The deposit is described as "massive" with an estimated **1.7 million tons** of Total Rare Earth Oxide (TREO) from exploring only one-third of the site. It contains unique heavy REEs and critical minerals not currently produced in commercially feasible deposits in the U.S.[16](index=16&type=chunk) [Metallurgical Coal Business and Market Outlook](index=4&type=section&id=Metallurgical%20Coal%20Business%20and%20Market%20Outlook) The metallurgical coal business faces macroeconomic headwinds and weak pricing, leading to reduced guidance, but shows signs of potential recovery in H2 2025 with rebounding Chinese coking coal prices - The metallurgical coal industry has been negatively affected by macroeconomic headwinds and weak pricing in export spot markets, prompting the company to reduce guidance[18](index=18&type=chunk)[19](index=19&type=chunk) - Encouraging market signs have emerged, with Chinese domestic coking coal prices rebounding approximately **38%** in July 2025, suggesting a potential for a firmer pricing environment in the second half of the year[20](index=20&type=chunk) - Despite current market weakness, Ramaco remains operationally prepared to grow its production profile from **4 million tons** to approximately **7 million tons** once market clarity improves[23](index=23&type=chunk) [Corporate Strategy and Government Initiatives](index=4&type=section&id=Corporate%20Strategy%20and%20Government%20Initiatives) Ramaco's strategy focuses on becoming a dual critical minerals producer (coal and rare earths), supported by government initiatives like the 45X tax credit for metallurgical coal - The company is coordinating with the White House's National Energy Dominance Council, Dept. of Interior, Dept. of Defense, and National Security Council to fast-track the REE and critical minerals development[17](index=17&type=chunk) - Metallurgical coal has been declared a critical mineral, and the "One Big Beautiful Bill Act" adds it to the list of minerals eligible for the section 45X Advanced Manufacturing Tax Credit, which is expected to positively impact Adjusted EBITDA and Net Income from **2026**[24](index=24&type=chunk)[25](index=25&type=chunk) - The company is rapidly transitioning into the only major U.S. operator of two forms of critical minerals—rare earths and metallurgical coal—with significant long-term growth prospects[29](index=29&type=chunk) [Financial and Operational Performance](index=5&type=section&id=Financial%20and%20Operational%20Performance) Ramaco achieved record Q2 2025 production of **999,000 tons** but faced lower pricing and reduced cash margins, while maintaining strong liquidity post-debt refinancing Key Financial and Operational Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Tons Sold (thousands) | 1,079 | 915 | +18% | | Revenue ($ millions) | $153.0 | $155.3 | -2% | | Net (Loss) Income ($ millions) | $(14.0) | $5.5 | -362% | | Adjusted EBITDA ($ millions) | $9.0 | $28.8 | -69% | | Non-GAAP Revenue ($/Ton) | $123 | $143 | -14% | | Non-GAAP Cash Cost ($/Ton) | $103 | $108 | -5% | | Non-GAAP Cash Margin ($/Ton) | $20 | $35 | -43% | [Q2 2025 Performance Analysis](index=5&type=section&id=Q2%202025%20Performance%20Analysis) Q2 2025 saw record production but reduced cash margins year-over-year due to lower pricing, and sequentially, higher cash costs impacted profitability - **Year-over-Year:** Quarterly production increased **11%** to a record **999,000 tons**. However, average pricing fell **14%** to **$123 per ton**, while cash costs decreased **5%** to **$103 per ton**, resulting in cash margins of **$20 per ton** (down from **$35**)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - **Sequential Quarter:** Production increased **1%** from Q1 2025. Realized pricing was up **1%** to **$123 per ton**. Cash costs increased **5%** to **$103 per ton**, causing cash margins to decrease to **$20 per ton** from **$24 per ton** in Q1[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) [Balance Sheet and Liquidity](index=7&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2025, liquidity was **$87.3 million**, increasing to **$105 million** post-July debt refinancing, with Q2 capital expenditures at **$15.1 million** and expected to decline - As of June 30, 2025, liquidity was **$87.3 million** (**$28.1 million** cash + **$65.7 million** revolver availability), up **22%** YoY[41](index=41&type=chunk) - Post-quarter end, the company refinanced debt, increasing liquidity to roughly **$105 million** as of July 31, 2025[42](index=42&type=chunk) - Q2 2025 capital expenditures were **$15.1 million**, down **25%** sequentially and **29%** YoY. Capex is expected to decline in H2 2025[43](index=43&type=chunk) [2025 Outlook and Guidance](index=8&type=section&id=2025%20Outlook%20and%20Guidance) Ramaco updated its full-year 2025 guidance, projecting production and sales at the low end of ranges, with increased SG&A for rare earth development and significant sales commitments secured [Full-Year 2025 Guidance](index=8&type=section&id=Full-Year%202025%20Guidance) Full-year 2025 guidance anticipates production and sales at the low end of ranges, with cash costs between **$96** and **$102** per ton, and SG&A increased to **$39-$43 million** Full-Year 2025 Guidance | Metric | 2025 Guidance | 2024 Actual | | :--- | :--- | :--- | | Company Production (million tons) | 3.9 - 4.3 (f) | 3.671 | | Sales (million tons) | 4.1 - 4.5 (f) | 3.989 | | Cash Costs Per Ton Sold ($/Ton) | $96 - $102 | $105 | | Capital Expenditures ($ millions) | $55 - $65 | $68.842 | | SG&A Expense ($ millions) | $39 - $43 | $31.820 | | Effective Tax Rate (%) | 25 - 30 | 25 | (f) Low end of the range [Committed Sales Volume](index=9&type=section&id=Committed%20Sales%20Volume) As of June 30, 2025, Ramaco committed **3.9 million tons** for the year, including **2.9 million tons** at a fixed average price of **$133 per ton** Committed 2025 Sales Volume (as of June 30, 2025) | Customer/Pricing Type | Volume (million tons) | Average Price ($/ton) | | :--- | :--- | :--- | | North America, fixed priced | 1.6 | $152 | | Seaborne, fixed priced | 1.3 | $109 | | **Total, fixed priced** | **2.9** | **$133** | | Index priced | 1.0 | N/A | | **Total committed tons** | **3.9** | N/A | [Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Q2 and H1 2025, including Statements of Operations, Balance Sheets, and Cash Flows [Statements of Operations](index=11&type=section&id=Statements%20of%20Operations) The Statements of Operations show a Q2 2025 net loss of **$14.0 million** and a H1 2025 net loss of **$23.4 million**, driven by lower revenues and higher costs Consolidated Statements of Operations Highlights (in thousands) | In thousands | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $152,959 | $155,315 | $287,615 | $327,991 | | Total costs and expenses | $166,803 | $149,900 | $313,481 | $319,302 | | Operating (loss) income | $(13,844) | $5,415 | $(25,866) | $8,689 | | Net (loss) income | $(13,974) | $5,541 | $(23,431) | $7,573 | | Diluted EPS - Class A | $(0.29) | $0.08 | $(0.48) | $0.08 | [Balance Sheets](index=12&type=section&id=Balance%20Sheets) The Balance Sheet shows total assets of **$674.6 million** as of June 30, 2025, with increased liabilities due to a **$25.0 million** revolver draw and decreased equity Consolidated Balance Sheets Highlights (in thousands) | In thousands | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $28,130 | $33,009 | | Total current assets | $154,910 | $167,634 | | Total Assets | $674,646 | $674,686 | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $113,787 | $122,428 | | Long-term borrowing on revolving credit facility | $25,000 | $— | | Total liabilities | $327,207 | $311,880 | | Total stockholders' equity | $347,439 | $362,806 | | Total Liabilities and Stockholders' Equity | $674,646 | $674,686 | [Statement of Cash Flows](index=13&type=section&id=Statement%20of%20Cash%20Flows) For H1 2025, net cash from operating activities was **$21.8 million**, with **$36.4 million** used in investing and **$9.7 million** provided by financing, resulting in a **$4.9 million** net cash decrease Statement of Cash Flows Highlights (Six months ended June 30, in thousands) | In thousands | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $21,779 | $59,602 | | Net cash used for investing activities | $(36,355) | $(39,983) | | Net Provided by (used) for financing activities | $9,697 | $(34,010) | | Net change in cash and cash equivalents | $(4,879) | $(14,391) | | Cash and cash equivalents, end of period | $28,944 | $28,390 | [Reconciliation of Non-GAAP Measures](index=14&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles non-GAAP measures like Adjusted EBITDA, non-GAAP revenue per ton, and non-GAAP cash cost per ton to provide clearer operational insights [Adjusted EBITDA Reconciliation](index=14&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q2 2025 was **$9.0 million**, a decrease from Q2 2024, reconciled from a net loss of **$14.0 million** by adjusting for non-cash and non-operating items Reconciliation of Net (Loss) Income to Adjusted EBITDA (in thousands) | In thousands | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net (loss) income | $(13,974) | $(9,457) | $5,541 | | Depreciation, depletion, and amortization | $17,038 | $17,542 | $15,879 | | Interest expense, net | $2,818 | $2,230 | $1,481 | | Income tax (benefit) expense | $(2,030) | $(4,290) | $915 | | Stock-based compensation & other | $5,153 | $3,763 | $4,983 | | **Adjusted EBITDA** | **$9,005** | **$9,788** | **$28,799** | [Non-GAAP Revenue and Cash Cost Per Ton](index=14&type=section&id=Non-GAAP%20Revenue%20and%20Cash%20Cost%20Per%20Ton) Q2 2025 non-GAAP revenue per ton was **$123** and cash cost per ton was **$103**, yielding a **$20** cash margin, derived by adjusting GAAP figures for mine-level profitability Non-GAAP Revenue Per Ton Reconciliation (Q2 2025, in thousands) | Metric | Value | | :--- | :--- | | Revenue (GAAP) ($ thousands) | $152,959 | | Less: Transportation ($ thousands) | $20,608 | | **Non-GAAP revenue (FOB mine) ($ thousands)** | **$132,351** | | Tons sold (thousands) | 1,079 | | **Non-GAAP revenue per ton sold ($/ton)** | **$123** | Non-GAAP Cash Cost Per Ton Reconciliation (Q2 2025, in thousands) | Metric | Value | | :--- | :--- | | Cost of sales (GAAP) ($ thousands) | $134,182 | | Less: Transportation costs ($ thousands) | $20,673 | | Less: Alternative mineral development costs ($ thousands) | $1,918 | | Less: Idle and other costs ($ thousands) | $686 | | **Non-GAAP cash cost of sales ($ thousands)** | **$110,905** | | Tons sold (thousands) | 1,079 | | **Non-GAAP cash cost per ton sold ($/ton)** | **$103**

Exhibit 99.1 RAMACO RESOURCES REPORTS SECOND QUARTER 2025 RESULTS LEXINGTON, KY., July 31, 2025 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company"), is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and future developer of rare earth and critical minerals in Wyoming. Today it reported financial results for the three and six months ended June 30, 2025. SECOND QUARTER 2025 HIGHLIGHTS MARKET COMMENTARY / 2025 OUTLOOK Sales and Marketin ...

Core Insights - Ramaco Resources, Inc. has received a second 5-year mine permit approval for the Brook Mine, allowing continued coal mining and reclamation activities across 4,548.8 acres in Wyoming [1][2] - The permit signifies compliance with regulatory requirements, enhancing stakeholder confidence in the company's operational capabilities [2] - The Brook Mine Carbon Ore Rare Earth project marks the first new rare earth mine in the U.S. in over 70 years and the first new coal mine in Wyoming in over 50 years, contributing to national efforts to reduce reliance on foreign critical minerals [3] Company Developments - Wyoming Governor Mark Gordon approved a $6.1 million Energy Matching Fund grant to support the construction of a pilot-scale processing facility at the Brook Mine, with construction set to begin later this year [4] - Ramaco Resources operates and develops high-quality metallurgical coal and is also a developing producer of coal, rare earth, and critical minerals in Wyoming [5] - The company has discovered a major deposit of primary magnetic rare earths and critical minerals at its mine near Sheridan, Wyoming, and operates a carbon research and pilot facility related to advanced carbon products [5]

This coal company has started excavating its new Wyoming critical minerals find. CEO Randy Atkins doesn’t want the Pentagon’s money, but he does want a U.S. strategic reserve.Read more: https://t.co/Sz0Xo5N926 https://t.co/sm1hv09sWc ...

Investment Rating - The report maintains a "Neutral" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Shandong Gold, Zijin Mining, and China Aluminum [4]. Core Views - The report highlights that the steel industry is experiencing manageable inventory pressure, indicating limited supply-demand conflicts. The recovery in raw material prices provides support for prices, and the "anti-involution" sentiment boosts market confidence, leading to expectations of a strong fluctuation in steel prices in the short term [3][16]. - For copper, tight supply and low inventory are supporting prices, but U.S. tariff policies increase trade uncertainty, which may put pressure on copper prices in the short term [3][39]. - The aluminum market faces macro uncertainties, but low domestic inventory supports prices. However, weak downstream demand during the off-season is expected to lead to price fluctuations [3][46]. - Gold prices are supported by tariff and trade uncertainties, with future attention needed on overseas economic data and geopolitical situations [3][4][49]. - The lithium market is under pressure from potential oversupply, despite the "anti-involution" sentiment providing some support for prices [3][52]. Summary by Sections Steel Industry - The report notes that the steel industry is facing limited supply-demand conflicts, with inventory pressure being manageable. The raw material price recovery is expected to support prices, and the "anti-involution" sentiment is boosting market confidence, leading to expectations of strong fluctuations in steel prices [3][16]. - As of July 11, the total steel inventory was 13.33 million tons, down 0.03% from the previous week and down 23.26% year-on-year [25]. - The average price index for steel on July 11 was 3,428.49 CNY/ton, reflecting a 1.14% increase from the previous week [37]. Copper Industry - The report indicates that the copper market is experiencing tight supply and low inventory, which supports prices. However, the U.S. tariff policy adds trade uncertainty, potentially putting pressure on copper prices in the short term [3][39]. - On July 11, the LME copper price was 9,600 USD/ton, down 3.34% from the previous week [44]. Aluminum Industry - The aluminum market is characterized by macro uncertainties, but low domestic inventory is providing price support. The report anticipates price fluctuations due to weak downstream demand during the off-season [3][46]. - On July 11, the LME aluminum price was 2,600 USD/ton, reflecting a slight increase from the previous week [47]. Precious Metals - The report highlights that gold prices are supported by tariff and trade uncertainties, with future attention needed on overseas economic data and geopolitical situations [3][4][49]. - On July 11, the COMEX gold price was 3,370.30 USD/ounce, showing a 1.03% increase from the previous week [49]. Rare Earth and Minor Metals - The report notes that rare earth prices are currently at a cyclical low, with domestic policies promoting supply optimization. The demand from humanoid robots and new energy sectors provides new momentum for the industry [4][63]. - On July 11, the price of light rare earth oxide neodymium was 456,000 CNY/ton, up 2.24% from the previous week [63].