In light of these supply-related forces, we continue to look for durable improvements to global steel demand as the catalyst needed to improve met markets across the quality spectrum in a sustainable way. All of this is important market context as we look at what is ahead for 2026. While the high-vol market remains crowded on the supply side with incremental tons coming from Alabama and Northern Appalachia, we are looking forward to completing development at the Kingston Wildcat low-vol mine, which Jason ha ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $28.5 million, down from $41.7 million in Q3 2025 [8] - Tons shipped in Q4 2025 were 3.8 million, a decrease from 3.9 million in Q3 2025 [8] - Cash provided by operating activities was $19 million in Q4, down from $50.6 million in Q3 [11] - Total liquidity at the end of Q4 was $524.3 million, down from $568.5 million at the end of Q3 [11] Business Line Data and Key Metrics Changes - Metallurgical segment realizations increased to an average of $115.31 per ton in Q4, up from $114.94 in Q3 [8] - Realizations for metallurgical sales in Q4 were a total weighted average of $118.10 per ton, up from $117.62 per ton in Q3 [9] - Incidental thermal portion realizations decreased to $77.80 per ton in Q4, down from $81.64 per ton in Q3 [9] Market Data and Key Metrics Changes - The Australian Premium Low-Vol Index increased by 14.6% from $190.20 per metric ton on October 1 to $218 per metric ton on December 31 [17] - The U.S. East Coast low-vol index rose from $177 in October to $185 per metric ton by the end of December, an increase of 4.5% [18] - The U.S. East Coast High-Vol A index dropped slightly to $150.50 per metric ton at the end of the year [19] Company Strategy and Development Direction - The company aims to build on improved cost performance and resilience in 2026, with a focus on maintaining a strong balance sheet and safe operations [3][7] - Development at the Kingston Wildcat Low-Vol Mine is a priority, with expectations to produce roughly 500,000 tons in 2026 [15] - The company is exploring various opportunities for potential M&A, while maintaining a cautious approach to avoid unnecessary risks [35][45] Management's Comments on Operating Environment and Future Outlook - Management noted persistent market weakness, particularly in high-vol coal, and emphasized the importance of global steel demand for improving metallurgical markets [5][6] - The recent upward movement in coal markets is seen as largely temporary, driven by supply-related issues in Australia [4] - Management expressed cautious optimism regarding potential recovery in steel demand, particularly in Europe and South America, while acknowledging challenges in the Asian market [29] Other Important Information - The company has committed 37% of its metallurgical tonnage for 2026 at an average price of $134.02, with 53% committed but not yet priced [12] - Capital expenditures for Q4 were $29 million, up from $25.1 million in Q3 [11] Q&A Session Summary Question: Clarification on domestic vs. seaborne tonnage mix - Management indicated that approximately half of domestic volume was high-vol, with the other half being low and medium-vol [24] Question: Cost cadence over the year - Management noted that Q1 typically sees elevated costs due to lower productivity, while Q2 and Q3 are usually stronger [26][27] Question: Broader market conditions in Europe and South America - Management expressed cautious optimism about recovery in these markets, while noting ongoing competition in Asia [29] Question: Best uses for cash at this stage - Management highlighted the importance of maintaining liquidity for balance sheet strength and ongoing share buybacks, while remaining open to M&A opportunities [35] Question: Impact of U.S. tariffs on met coal - Management noted that the constant changes in tariff structures create uncertainty, affecting market activity [63][64]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated $31 million of net income, $45 million of operating cash flow, and $46 million of free cash flow. For the full year 2025, net income was $136 million, operating cash flow was $166 million, and free cash flow was $169 million [10] - The Mineral Rights segment reported a decrease in net income, operating cash flow, and free cash flow by $13 million in Q4 and $41 million in net income for the full year compared to the previous year [11] - The Corporate and Financing segment saw improvements in net income, operating cash flow, and free cash flow by $3 million in Q4 and $9 million for the full year compared to the prior year [13] Business Line Data and Key Metrics Changes - The Mineral Rights segment accounted for approximately 70% of coal royalty revenues and 45% of coal royalty sales volumes in Q4 2025, with a decline in performance attributed to weaker metallurgical coal markets [11] - The Soda Ash segment experienced a decrease in net income by $3 million in Q4 and $15 million for the full year compared to the prior year, primarily due to lower international sales prices and weak demand [12] Market Data and Key Metrics Changes - Metallurgical and thermal coal prices are at cyclically low levels, while soda ash prices are at generational lows, with no immediate catalysts expected to improve this outlook [4][5] - The company noted that the global soda ash market is facing significant challenges, with expectations that 2026 will be worse than 2025 due to excess capacity and low demand [5][6] Company Strategy and Development Direction - The company is focused on managing its operations under the assumption that demand for North American thermal coal is in long-term decline, while also working on carbon-neutral initiatives and exploring geothermal, solar, and lithium opportunities [5][8] - The company aims to retire all outstanding debt and increase unitholder distributions, although the recent $39 million investment in Sisecam Wyoming may delay this timeline [9] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the prolonged downturn in the soda ash market and the potential for further pressure on financial performance, indicating that rebalancing global supply and demand could take several years [6][8] - The management remains cautious about the thermal coal market, despite some positive sentiment due to projected electricity demand from data centers [5] Other Important Information - The company paid a distribution of $0.75 per common unit for Q4 2025 and announced a special distribution of $0.12 per common unit to cover unitholder tax liabilities [14] Q&A Session Summary Question: Clarification on capital contribution to Soda Ash JV and outstanding bank debt - The JV has over $50 million of debt remaining after the contribution [17] Question: Plans for further contributions to pay down remaining debt - There are no current plans for additional contributions, but management acknowledged the possibility if market conditions worsen [18][19] Question: Anticipation of substantial distribution increases in May quarter - Management indicated that substantial increases are not expected in May, with a more likely timeline in November [28][30] Question: Reason for not participating in mineral rights auction - The company prefers to acquire passive interests in natural resource assets at attractive prices and does not find auctions to be favorable opportunities [33]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated $31 million of net income, $45 million of operating cash flow, and $46 million of free cash flow. For the full year 2025, net income was $136 million, operating cash flow was $166 million, and free cash flow was $169 million [10] - The company generated $46 million of free cash flow in Q4 and $169 million for the full year 2025, with a total of $109 million of debt retired during the year, finishing with $33 million of debt [4][9] Business Line Data and Key Metrics Changes - The Mineral Rights segment generated $40 million of net income in Q4 2025, down $13 million from the prior year, and $166 million for the full year, a decline of $41 million [11] - The Soda Ash segment saw a decrease in net income of $3 million in Q4 and $15 million for the full year compared to the previous year, primarily due to lower international sales prices [12] - The Corporate and Financing segment improved net income by $3 million in Q4 and $9 million for the full year, attributed to lower interest costs from reduced debt [13] Market Data and Key Metrics Changes - Metallurgical coal and thermal coal prices are at cyclically low levels, with soda ash prices at generational lows, reflecting a challenging market environment [4][5] - The company noted that the demand for North American thermal coal is in long-term secular decline, and the soda ash market is expected to worsen in 2026 [5][6] Company Strategy and Development Direction - The company is focused on managing its operations under the assumption of continued low demand for its key commodities and is prioritizing debt reduction and unitholder distributions [5][9] - The company is exploring geothermal, solar, and lithium opportunities, although progress has been slow and no material updates were provided [8] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the prolonged downturn in the soda ash market and the potential for further pressure on financial performance, indicating that rebalancing supply and demand could take several years [6][8] - The management remains cautious about the timing of future distribution increases, suggesting that the current bear market could delay plans [9][30] Other Important Information - The company announced a special distribution of $0.12 per common unit to cover unitholder tax liabilities for 2025 [15] - The joint venture with Sisecam Wyoming has not provided distributions for the last two quarters, and no resumption is expected until market conditions improve [12][13] Q&A Session Summary Question: Clarification on capital contribution to the Soda Ash JV and its debt status - The JV has over $50 million of debt remaining after the recent contribution [17] Question: Plans for further contributions to pay down remaining debt - There are currently no plans for additional contributions, but management acknowledged the possibility if market conditions worsen [18][19] Question: Anticipation of substantial distribution increases in May - Management indicated that substantial increases are not expected in May, with a more likely timeline in November due to ongoing market conditions [28][30] Question: Reason for not bidding on mineral rights at auction - The company prefers to acquire passive interests in natural resource assets at attractive prices and does not typically participate in auctions [33]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated $31 million of net income, $45 million of operating cash flow, and $46 million of free cash flow. For the full year 2025, net income was $136 million, operating cash flow was $166 million, and free cash flow was $169 million [10] - The Mineral Rights segment reported a decrease in net income, operating cash flow, and free cash flow by $13 million in Q4 and $41 million for the full year compared to the prior year [11] - The Soda Ash segment's net income decreased by $3 million in Q4 and $15 million for the full year compared to the prior year periods [12] Business Line Data and Key Metrics Changes - The Mineral Rights segment accounted for approximately 70% of coal royalty revenues and 45% of coal royalty sales volumes in Q4 2025, with a similar mix for the full year [11] - The Soda Ash segment faced challenges due to lower international sales prices and weak demand, leading to a decrease in operating and free cash flow by $11 million in Q4 and $31 million for the full year compared to the prior year [12] Market Data and Key Metrics Changes - Metallurgical and thermal coal prices are at cyclically low levels, while soda ash prices are at generational lows, with no immediate catalysts expected to improve this outlook [4][5] - The company noted that the global soda ash market is experiencing a downturn that may last several years, with international prices below production costs for most producers [6] Company Strategy and Development Direction - The company is focused on managing the partnership under the assumption that demand for North American thermal coal is in long-term decline, while also investing in safety and operational integrity [5][6] - The company plans to retire all outstanding debt and increase unitholder distributions, although the recent $39 million investment in Sisecam Wyoming may delay this timeline [9] Management Comments on Operating Environment and Future Outlook - Management expressed concerns about the prolonged downturn in the soda ash market, indicating that the extent and duration of the downturn have exceeded expectations [5][6] - The company remains disciplined in its capital allocation decisions, prioritizing intrinsic value maximization while navigating a challenging market environment [7] Other Important Information - The company retired $109 million of debt in 2025, finishing the year with $33 million of debt and no other financial obligations [9] - A special distribution of $0.12 per common unit was announced to help cover unitholder tax liabilities associated with owning NRP's common units in 2025 [14] Q&A Session Summary Question: Is the joint venture now debt-free following the capital contribution? - The joint venture has over $50 million of debt remaining after the contribution [16] Question: Are there plans to continue making contributions to pay down the remaining debt? - Currently, there are no plans to make further contributions, but it remains a possibility if market conditions worsen [18] Question: Will distributions be substantially increased in the May quarter? - No, the timing for potential distribution increases is likely pushed back to November due to the ongoing bear market and the recent capital contribution [27][29] Question: Why did the company not bid at the recent mineral rights auction? - The company typically does not find attractive opportunities at auctions and is focused on de-leveraging before returning capital to unitholders [32]

DRAFT A INVESTOR PRESENTATION FEBRUARY 2026 1 FORWARD LOOKING STATEMENTS This presentation includes statements of our expectations, intentions, plans and beliefs that constitute "forward-looking statements." These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to our future prospects, developments and business strategies. We have used the words "anticip ...

Ramaco Resources (NasdaqGS:METC) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Speaker12Good day, and welcome to the Ramaco Resources Fourth Quarter 2025 Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, ...

INVESTOR PRESENTATION Fourth Quarter 2025 Results 1 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, financial position, estimat ...

Yancoal Australia 2025 Financial Results 25 February 2026 For personal use only Important Notice and Disclaimer Acceptance - This presentation is issued by Yancoal Australia Limited ABN 82 111 859 119 ("Yancoal"). By accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this Important Notice and Disclaimer. Summary of information - This presentation has been provided solely to convey information about Yancoal and its related entities, and their activities. Th ...

Company Overview - Ramaco Resources reported a total revenue of $579.5 million and a net income of -$32.9 million for the trailing twelve months (TTM) [5] - As of January 22, 2026, the stock price of Ramaco Resources was $25.50, reflecting a 168.7% increase over the past year, significantly outperforming the S&P 500 by 155.12 percentage points [4] Recent Transactions - Lunt Capital Management, Inc. disclosed the purchase of 495,999 Class A shares of Ramaco Resources, with an estimated transaction value of $13.03 million based on the quarterly average price [2][3] - The fund's quarter-end value in Ramaco's stock increased by $7.99 million, which includes both new purchases and price changes [3] - Lunt Capital also added 12,580 Class B shares to its stake, making Ramaco's Class A stock 3.76% of the fund's assets under management (AUM) [7] Strategic Positioning - Ramaco Resources operates an integrated mining and sales model, primarily generating revenue from supplying metallurgical coal to steel mills and coke plants [9] - The company is diversifying its operations by adding an integrated critical mineral mine at its Brook Mine in Wyoming, indicating a strategic shift towards rare earths and critical minerals alongside its existing metallurgical coal operations [10][11] - This diversification may be a reason for Lunt Capital's aggressive increase in its position in Ramaco Resources [11]