Ramaco Resources, Inc.

ramacoresources.com

What Do They Do?

Mines and sells metallurgical coal to steel mills, coke plants and international buyers, and develops rare earth elements and critical minerals in Wyoming.

Who Are Their Customers?

Ramaco markets coal to North American steel mills and coke plants and international buyers, and sometimes sells through traders and brokers that fill orders for blended products.

Customers above 10% of revenue, FY2025

of revenue from three customers (13%, 11%, 10%)

FY2023: 41% from three customers

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −5%; vs $153M in Q2 FY2025
Net income: ▲ +10% (Loss); vs −$14M in Q2 FY2025

Export revenue, excluding Canada share of revenue vs 58.4% in Q2 FY2025

Aug 4, 2026 Cut full-year 2026 production and sales guidance Production guidance fell from 3.7 – 4.1 million tons to 3.6 – 3.9 million tons and sales guidance from 4.1 – 4.5 million to 4.0 – 4.3 million tons.

Coal to dual platform The earlier report described a pure-play metallurgical coal business, with Wyoming deposits and possible rare earth elements; the latest describes development of a Wyoming rare earth and critical minerals operation alongside coal.

Revenue over time

North American revenue Export revenue, excluding Canada

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Alpha Metallurgical Resources, Blackhawk Mining, Coronado Global Resources, Arch Resources, Peabody Energy, and Warrior Met Coal

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