Ramaco Overview - Ramaco shipped metallurgical coal to steelmakers in over 20 countries[9] - Ramaco's 2024 sales volume was 40 million tons, with an adjusted EBITDA of $106 million[12] - As of October 27, 2025, Ramaco's market capitalization was $20 billion, with revenue of $666 million in 2024 and net cash of $77 million as of September 30, 2025[12] Brook Mine Expansion and Economics - The Brook Mine is projected to have a steady-state annual production of approximately 3,414 short tons of rare earths and critical minerals[13,56] - The revised total Capex requirement for Brook Mine is $1125 million, with an NPV (8%) of $51 billion and a 3-year payback period[21] - Brook Mine is projected to generate over $500 million in EBITDA by 2028, a 276% increase compared to the Fluor PEA[21] - At steady state, the Brook Mine is expected to generate $1038 million in revenue and $552 million in EBITDA, representing a 53% margin[56] Rare Earths and Critical Minerals Opportunity - Brook Mine is believed to be the only primary mine source of Gallium, Germanium, and Scandium in the world[10,14,39] - Approximately 40% of the total estimated REO production consists of primary magnetic REOs, gallium, germanium, and scandium, accounting for ~99% of annual revenue from the Brook Mine[40] - China holds dominant market shares in Gallium (>95%), Heavy Rare Earths (>90%), Light Rare Earths (85%), Scandium (>60%), and Germanium (65%)[25] Metallurgical Coal Business - Ramaco's cash costs of $100 per ton for YTD 2025 are among the lowest of its publicly traded peer group[16] - Ramaco's 2025 production guidance is between 37 million and 39 million tons[88]

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]