Ramaco Resources, Inc. Q4 FY2025 earnings call

• Coal Ops: Fourth quarter achieved lowest cost since Q4 21, Elk Creek complex cost $80/ton, quarterly costs and margins strongest among Central App peers. Maintained wages/benefits for mine workers. Productivity in Q4 strongest of 2025. 2026 guidance includes initiating annual met coal guidance, poised for sixth year of gross total sales and third year of lowering cash costs. • Rare earth and critical mineral: New carbochlorination technology breakthrough, reduces costs, improves recoveries/yields, creates higher value product slate. Working with Hatch to validate estimates and publish revised PEA. Continuing construction of pilot plant testing facility in Wyoming. • Mine Planning and Development: At Elk Creek, transitioning production to lower sulfur areas. At Berwyn and Maven complexes, pulling forward growth capital, ramping low-volatile coal production at Berwyn and constructing flood load batchway loadout system at Maven. Construction ongoing at Brook Mine in Wyoming. • Commercial: Global steel markets shaped by policy, Indian demand growth for coking coal, seaborne markets tight. 2026 met coal sales position: secured commitments for 3.1 million tons, 1.1 million tons to North American customers at avg fixed price $142/ton, 2 million export tons at index-linked pricing. Brook Mine progress: carbochlorination-based flow sheet strengthens product mix, marketing to gallium, MREC, and engaging with stakeholders.

Coal Ops: This quarter, Coal Ops achieved the lowest cost since Q4 21, with Elk Creek complex cost averaging $80 a ton. Quarterly costs and margins were strongest among Central App peers. 2026 guidance includes initiating annual met coal guidance, poised for sixth consecutive year of gross total sales and third consecutive year of lowering overall cash costs. For met coal sales, 80% of 2026 production is committed at midpoint of guidance. Rare earth and critical mineral business: New proprietary technology breakthrough in carbochlorination for separation and extraction from coal. This process reduces capital and operating costs, improves product recoveries and yields, increases cash flow, creates higher value product slate. Pilot plant testing facility in Wyoming expected to be complete summer 2026, full pilot operations start 2027.

• 2026 full year production anticipated 3.7 - 4.1 million tons (midpoint increase vs 2025's 3.8 million tons), sales anticipated 4.1 - 4.5 million tons (increase vs 2025's 3.8 million tons). • Anticipate net interest income in 2026 vs net interest expense in 2025 due to large cash balance. • CapEx $85 - $90 million, up from $64 million in 2025. • Q1 2026 shipments 800,000 - 950,000 tons due to normal seasonality, cash costs towards high end of annual range for Q1 on back of lower rateable shipments.

Q: How did Ramico decide to go with the new Brookline process and technology, and does it change timing of off-take agreements?

A: Anticipated flow sheet option for some time but needed test work to understand magnitude. Step change in improvements justified change. Pivot to gallium-centric product slate enhances discussions as gallium market is growing rapidly.

Q: Clarification on engineering enhancements leading to increased value relative to September shareholder letter?

A: Internal estimates show material increases in revenue and free cash flow, with PEA to validate numbers.

Q: Clarification on new flow sheet technology breakthrough, independent labs testing?

A: Carbochlorination process breaks clays to produce products, IP around it, engaged Element USA, Kingston Process Metallurgy. Confident in process, de-risks bulk reagent requirements.

Q: Gallium economics and cost advantage vs red mud refining?

A: Gallium is volatile as chloride, this process gives double-digit increase in gallium recovery and ability to produce higher purity products.

Q: Timing of BrookMine startup after flow sheet change?

A: Flow sheet change pushes out pilot and overall project schedule, anticipated delay.

Q: Rare earth separation economics at Brook?

A: Rare earths are 15% of project revenue basket, so not worth pursuing complicated separation, better to sell mixed product.

Q: Maven deep mining timeline and capital investment?

A: Deep mines largely permitted, 6 - 8 months lead time from decision to first production, each underground section ~$12 - $15 million, extra million tons ~$60 - $70 million capex.

Q: Qualifying product for customers with flow sheet change?

A: Pilot plan for product testing, anticipate product testing on HPA and HPQ at bench scale before piloting.

Q: Coal sales upside and market commentary?

A: Unpriced index tons, market improving, supply-side discipline, higher cost producers winding down, relativities to improve.

Q: CapEx reduction with solvent extraction removal?

A: Wait for PEA to get CapEx numbers, carbochlorination is where capex is, pull out some CapEx on back end.

Q: Financing for critical minerals with favorable policy?

A: In conversation with government groups, pivot to gallium product slate will help conversations.

Q: 1Q guidance and shipment cadence?

A: Q1 guidance includes impacts from Arctic weather, shipments improving, Q2 ~1 million tons, Q3 and Q4 ~1 - 2 million tons each.

Q: Domestic tonnage quality mix?

A: 2026 domestic tonnage mix about 15+% low vol and rest high vol, similar to previous years with carryover volumes.