RAMACO RESOURCES REPORTS THIRD QUARTER 2026 RESULTS

Randall Atkins, Chairman and Chief Executive Officer of Ramaco Resources

“As we survey the current wreckage in both the stock and capital markets over the past several weeks, we take some comfort in where we are and where we are headed. To step back and take some perspective, we clearly feel that current stock market levels are not reflective of longer-term value. We think, however, that we are taking appropriate steps to create value for our shareholders once markets stabilize and ultimately improve, as they do in commodity-related businesses. In this environment, having a dual platform company with one existing revenue producing component while the other is in growth development mode provides us with financial stability that many in the rare earth/critical mineral space do not enjoy. Our coal operations continue to perform well amid the difficult multi-year pricing headwinds caused by oversupply from China into global steel markets. Although our near-term costs suffer at the margins from macro impacts like higher diesel and steel prices, we still enjoy some of the lowest relative costs in the industry for our form of continuous mining. We also remain in growth mode, adding roughly 1 million tons on an annualized basis of new low vol production this year, as we shift our quality mix toward a greater level of this higher value product. As we exited the third quarter and look ahead to 2027, we see somewhat improving markets, a meaningful start on 2027 sales at stronger pricing, and good mine cost control despite external macro pressures. This is all supported by a strong balance sheet and liquidity. On our critical mineral platform, we are moving forward with testing of our upstream geology and development of our future separation and extraction facility. We continue to de-risk the carbochlorination processing flowsheet and have also begun testing third-party e-waste samples to enhance feedstock concentrations and ultimate oxide output. As we continue to define the resource base, we have essentially already positioned ourselves as a future upstream provider, with roughly three quarters of anticipated oxide revenue tied to demand in the semiconductor industry. What Ramaco and the country lack is any current domestic midstream capability to refine and separate our feedstock. As we move toward that goal, we are well financed to advance the project through all stages of development up to the commencement of construction of the refinery. We have also achieved exceptional recovery results from third-party carbochlorination testing. Average recoveries were 97% for combined scandium, gallium and germanium, 92% for NdPr, 96% for yttrium and 97% for Dy + Tb. These results continue to validate the process route selected in the Hatch conceptual study released last quarter. The construction of the critical mineral pilot plant is well underway, with the building structure expected to be completed in early 2027. Hatch and Zeton continue to advance engineering and fabrication of the pilot processing modules. We expect the pre-feasibility study to begin in the first quarter of 2027 and be completed later next year. As bench-scale metallurgical results become available, including from new e-waste samples, we also anticipate completion of the pilot plant in the second half of 2027. On the downstream critical mineral front, we also remain in advanced discussions regarding potential domestic and international critical mineral offtake transactions, as well as project financing for the refinery involving the public and private sectors. Turning back to our metallurgical coal business, pricing has now moved up meaningfully more than costs. We anticipate stronger margin expansion in both the fourth quarter of 2026 and full-year 2027. Australian premium low-vol prices have rallied close to their highest level in over two years, and U.S. high-vol indices have strengthened on supply disruptions. Current U.S. spot prices are up 9% versus the third quarter average. Our third quarter cash costs rose to $104 per ton from $99 per ton in the second quarter, driven largely by diesel prices that have more than doubled since the start of the year. We are continuing our coal production growth, and expect the third section at Berwind and the first underground section at Maben to be in production before year-end, adding roughly 0.6 million tons of annualized low-vol production. Including the restart of our Laurel Fork Mine, we will have added almost 1 million annualized low-vol tons this year. The new Maben rail loadout, now expected to be operational in January, should reduce trucking costs at that complex by roughly $20 per ton. We are well positioned for 2027 on forward sales, having committed a strong portion of our anticipated production. We have signed 1.7 million tons of new domestic business at an average fixed price of $139 per ton, up from 1.3 million tons at an average fixed price of $137 per ton committed for 2026. We also recently signed 200,000 tons of additional 2026 business at favorable margins. Domestic steel mills looked to Ramaco's strong balance sheet to add additional tons to reduce counterparty risk against other less well capitalized companies that struggled to deliver on their previously committed 2026 tons. This quarter also saw us receive a verdict in a lengthy legal battle against Chubb Insurance where we won a favorable $30 million jury verdict related to the 2018 Elk Creek coal storage silo failure. Finally, regarding our balance sheet, we also ended the quarter with $375 million of liquidity, up 38% year over year. We currently have no borrowings under our revolving credit facility and expect a working capital tailwind to increase further liquidity over the coming quarters as we sell inventory stockpiled for sale into higher-priced markets and convert those tons to cash.”