Ramaco Resources, Inc.

As used in this Annual Report, the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource,” “inferred mineral resource,” “mineral reserve,” “proven mineral reserve” and “probable mineral reserve” are defined and used in accordance with subpart 1300 of Regulation S-K. Under subpart 1300 of Regulation S-K, mineral resources may not be classified as “mineral reserves” unless the determination has been made by a qualified person that the indicated and measured mineral resources can be the basis of an economically viable project. You are specifically cautioned not to assume that any part or all of the mineral resources will ever be converted into mineral reserves, as defined by the SEC. See “Item 1A “Risk Factors”

You are cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value. Inferred mineral resources are estimates based on limited geological evidence and sampling and have too high of a degree of uncertainty as to their existence to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Estimates of inferred mineral resources may not be converted to a mineral reserve. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. A significant amount of exploration must be completed in order to determine whether an inferred mineral resource may be upgraded to a higher category. Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be the basis of an economically viable project, or that it will ever be upgraded to a higher category. Likewise, you are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted to mineral reserves. See “Item 1A “Risk Factors”

The information that follows relating to the Elk Creek Complex, Berwind Complex, Knox Creek Complex, and Maben Complex is derived, for the most part, from, and in some instances is an extract from, the TRS relating to such properties prepared in compliance with the Item 601(b)(96) and subpart 1300 of Regulation S-K. Portions of the following information are based on assumptions, qualifications and procedures that are not fully described herein. Reference should be made to the full text of the TRSs, incorporated herein by reference and made a part of this Annual Report.

At December 31, 2025, we had four mining properties and one commercial development property, as summarized in the table below (tons produced in 000s), excluding the Brook Mine property:

Clean Tons · Clean Tons · Clean Tons

Controlled · Produced · Produced · Produced · Processing Facilities -

Location · Acres · Yrs · Stage · 2023 · 2024 · 2025 · Mine Type · Quality · Transportation

Elk Creek Complex · Logan, Wyoming, and Mingo Counties, WV · 20,200 · 15 · Production · 2,031 · 2,286 · 2,719 · Underground, Highwall, Surface · High Volatile A, A/B, B · Elk Creek Preparation Plant - CSX RR, Truck

Berwind Complex · McDowell County, WV, Buchanan and Tazewell Counties, VA · 62,500 · 20+ · Production · 601 · 794 · 698 · Underground, Highwall, Surface · Low and Mid Volatile · Berwind Preparation Plant - Truck, Norfolk Southern RR

Knox Creek Complex · McDowell County, WV, Buchanan, Russell, and Tazewell Counties, VA · 88,850 · 30 · Production · 370 · 326 · 164 · Underground, Highwall, Surface · Mid and High Volatile A · Knox Creek Preparation Plant - Truck, Norfolk Southern RR

Maben Complex · Wyoming and Raleigh Counties, WV · 28,000 · 15 · Production · 172 · 265 · 244 · Underground, Highwall, Surface · Low Volatile · Maben Preparation Plant - Truck, Norfolk Southern RR

RAM Mine · Washington County, PA · 1,567 · n/a · Commercial Development or Other · — · — · — · Underground · High Volatile C · Truck, Barge

Total · 201,117 · 3,174 · 3,671 · 3,826

At December 31, 2025, we owned or controlled, primarily through long-term leases, approximately 199,550 acres of coal in Virginia and West Virginia and 1,567 acres of coal in Pennsylvania. The aggregate annual production for our properties during the three most recently completed fiscal years are as follows: 3.8 million tons for fiscal year 2025, 3.7 million tons for fiscal year 2024, and 3.1 million tons for fiscal year 2023. Our preparation plants and loadout facilities are located on properties owned by us or held under leases which expire at varying dates over the next 30 years. Most of the leases contain options to renew. Many of these leases provide for a royalty payment to the lessor based on a specific price per ton of coal extracted or as a percentage of coal sales revenue. We believe that all of our leases were entered into at market terms.

The Company leases office space in Lexington, Kentucky, which serves as our executive headquarters as well as Charleston, West Virgina, which serves as an operations center. The Company also owns offices in Sheridan, Wyoming. See Item 1. “Business - Our Projects” for additional information about our mining operations and Wyoming initiatives.

• Ramaco Royalty Company, LLC Delaware⁵
• Ramaco Royalty Development, LLC Delaware⁵
• Ramaco Royalty GP, LLC Delaware⁵
• Ramaco Royalty, LP Delaware⁵
• Ramaco Wyoming Coal Co., LLC Wyoming⁵
• Ramaco iCam, LLC Wyoming⁵
• Sheridan IPARK, LLC Wyoming⁵
• Wyoming IPARK, LLC Wyoming⁵

• We face uncertainties in estimating our economically recoverable coal reserves, and inaccuracies in our estimates could result in lower-than-expected revenues, higher than expected costs and decreased profitability.
• Our inability to acquire additional coal reserves that are economically recoverable may have a material adverse effect on our future profitability.
• We are dependent on contractors for the successful completion of the development of our properties.
• Prices for coal are volatile and can fluctuate widely based upon a number of factors beyond our control, including oversupply relative to the demand available for our coal and weather. A substantial or extended decline in the prices we receive for our coal could adversely affect our business, results of operations, financial condition, cash flows and ability to pay dividends to our stockholders.
• Changes in the global economic environment, inflation, rising interest rates, recessions or prolonged periods of slow economic growth, and global instability and actual and threatened geopolitical conflict, could have an adverse effect on our industry and business, as well as those of our customers and suppliers.
• Increased competition or a loss of our competitive position could adversely affect sales of, or prices for, our coal, which could impair our profitability. In addition, foreign currency fluctuations could adversely affect the competitiveness of our coal abroad.
• Our business involves many hazards and operating risks, some of which may not be fully covered by insurance. The occurrence of a significant accident or other event that is not fully insured could adversely affect our business, results of operations, financial condition and cash flows, and ability to pay dividends to our stockholders.
• Our revenue generating operations are located in a single geographic region, making us vulnerable to risks associated with operating in a single geographic area, including adverse impacts of weaker conditions associated with climate change.
• The availability and reliability of transportation facilities and fluctuations in transportation costs could affect the demand for our coal or impair our ability to supply coal to prospective customers.
• Any significant downtime of our major pieces of mining equipment, including any preparation plants, could impair our ability to supply coal to prospective customers and materially and adversely affect our results of operations.
• If customers do not enter into, extend or honor contracts with us, our profitability could be adversely affected.
• Certain provisions in typical long-term sales contracts provide limited protection during adverse economic conditions, which may eventually result in economic penalties to us or permit the customer to terminate the contract. Furthermore, our ability to collect payments from prospective customers could be impaired if their creditworthiness declines or if they fail to honor their contracts with us.
• We may be unsuccessful in integrating the operations of any future acquisitions, including acquisitions involving new lines of business, with our existing operations, and in realizing all or any part of the anticipated benefits of any such acquisitions.
• To maintain and grow our business, we will be required to make substantial capital expenditures. If we are unable to obtain needed capital or financing on satisfactory terms, we may have to curtail our operations and delay our construction and growth plans, which may materially adversely affect our business, results of operations, financial condition and cash flows, and ability to pay dividends to our stockholders.
• We may not be able to obtain equipment, parts and supplies in a timely manner, in sufficient quantities or at reasonable costs to support our coal mining and transportation operations.
• We are a holding company, and we depend on the ability of our subsidiaries to distribute funds to us in order to satisfy our financial obligations and to make dividend payments.
• Our operations could be adversely affected if we are unable to obtain required financial assurance, or if the costs of financial assurance increase materially.
• Our mines are located in areas containing oil and natural gas operations, which may require us to coordinate our operations with those of oil and natural gas drillers.
• Defects in title or loss of any leasehold interests in our properties could limit our ability to conduct mining operations on these properties or result in significant unanticipated costs.
• While none of our employees who conduct mining operations are currently members of unions, our business could be adversely affected by union activities.
• A shortage of skilled labor in the mining industry could pose a risk to achieving improved labor productivity, which could adversely affect our profitability.
• We may face restricted access to international markets in the future.
• We and our significant stockholders are subject to the Applicant Violator System.
• We may be subject to additional limitations on our ability to conduct mining operations due to federal jurisdiction.
• Our lessees could satisfy obligations to their customers with minerals from properties other than ours, depriving us of the ability to receive amounts in excess of minimum royalty payments.
• A lessee may incorrectly report royalty revenues, which might not be identified by our lessee audit process or our mine inspection process or, if identified, might be identified in a subsequent period.
• Because of the unique difficulties and uncertainties inherent in technology development, we face a risk of not being able to capitalize on our license or ownership of intellectual property.
• Technology development involves significant time and expense and can be uncertain.
• Successful technical development of technologies associated with intellectual property does not guarantee successful commercialization.
• If we fail to protect our intellectual property rights, we could lose our ability to compete in the market.
• Other companies may claim that we infringe their intellectual property, which could materially increase our costs and harm our ability to generate future revenue and profit.
• Risks Related to Environmental, Health, Safety and Other Regulations
• The enactment of legislative and regulatory measures could adversely affect our mining operations or cost structure or our customers’ ability to use coal, which could have a material adverse effect on our financial condition and results of operations.
• Laws and regulations restricting or encouraging the reduction of greenhouse gas emissions as well as uncertainty concerning such regulations and increasing public attention toward climate change could adversely impact the market for coal, increase our operating costs, and reduce the value of our coal assets and our stock price.
• Current and future laws, regulations and other legal requirements relating to protection of the environment and natural resources may increase our costs of doing business and may restrict our coal operations.
• Our operations may impact the environment or cause exposure to hazardous substances, and our properties may have environmental contamination, which could expose us to significant costs and liabilities.
• We must obtain, maintain, and renew governmental permits and approvals for mining operations, which can be a costly and time-consuming process and result in restrictions on our operations.
• Federal or state regulatory agencies have the authority to order certain of our mines to be temporarily or permanently closed under certain circumstances, which could materially and adversely affect our ability to meet our customers’ demands.
• Our customers are subject to extensive existing and future laws, regulations and other legal requirements relating to protection of the environment, which could negatively impact our business and the market for our products.
• Negative sentiment with regard to our business or our industry as well as activism, consumer preferences, and initiatives aimed at limiting climate change or a reduction of air pollutants could interfere with our business activities, operations and ability to access capital sources, result in reduced demand for our products, and negatively impact our stock price.
• Our mines are subject to stringent federal and state safety regulations that increase our cost of doing business at active operations and may place restrictions on our methods of operation. In addition, government inspectors in certain circumstances may have the ability to order our operations to be shut down based on safety considerations.
• We have reclamation, mine closing, and related environmental obligations under the SMCRA. If the assumptions underlying our accruals are inaccurate, we could be required to expend greater amounts than anticipated.
• Risks Related to Our Company
• Our ability to pay dividends on our Class A common stock and our Class B common stock may be limited by the amount of cash we generate from operations following the payment of fees and expenses, by restrictions in debt instruments and by additional factors unrelated to our profitability.
• Your percentage of ownership in us may be diluted in the future.
• Certain of our directors have significant duties with, and spend significant time serving, entities that may compete with us in seeking acquisitions and business opportunities and, accordingly, may have conflicts of interest in allocating time or pursuing business opportunities.
• Our Amended Charter and bylaws, as well as Delaware law, contain provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our Class A common stock and Class B common stock.
• Our Amended Charter designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.
• If we fail to maintain an effective system of internal controls, such failure could cause investors to lose confidence in our reported financial information, which could harm our business and have a material adverse effect on the price of our common stock.
• Risks Related to Our Class B Common Stock Structure
• Holders of Class B common stock are common stockholders of the Company and, therefore, are subject to risks associated with an investment in the Company as a whole, even if the holder does not own shares of Class A common stock.
• Our Board’s ability to reattribute businesses, assets and expenses between the Class A common stock and Class B common stock may make it difficult to assess the future prospects of a class of common stock based on past performance.
• We could be required to use assets attributed to one class of common stock to pay liabilities attributed to another class.
• Dividends on our Class B common stock are discretionary and may fluctuate materially quarter to quarter. We cannot guarantee that we will be able to pay dividends in the future or what the actual dividends will be for any future periods.
• The market price of the Class B common stock may not reflect the performance of CORE attributed to it, as we intend.
• The market price of the Class B common stock has been volatile, has fluctuated substantially, and could be affected by factors that do not affect traditional common stock.
• The market value of the Class B common stock could be adversely affected by events involving the other assets and businesses of the Company.
• We may not pay dividends equally or at all on our classes of common stock.
• Our tracking stock capital structure could create conflicts of interest, and our Board may make decisions that could adversely affect only the holders of one class of our common stock.
• Our directors’ or officers’ equity ownership may create or appear to create conflicts of interest.
• Our Board does not expect to formally adopt any management or allocation policies with respect to the CORE Assets.
• Holders of a class of common stock may not have any remedies if any action by our directors or officers has an adverse effect on only that class of common stock.
• Stockholders will not vote on how to attribute consideration received in connection with a merger involving the Company among holders of Class A common stock and Class B common stock.
• We may dispose of assets of CORE without the approval of the Class B common stockholders.
• Holders of Class B common stock may receive less consideration upon a sale of the assets attributed to that class than if that class were a separate company.
• In the event of a liquidation of Ramaco Resources, holders of Class B common stock will not have a priority with respect to the assets attributed to CORE remaining for distribution to stockholders.
• Our Board may, in its sole discretion, elect to convert the Class B common stock to Class A common stock, thereby changing the nature of an investment in the Class B common stock and possibly diluting the economic interest in the Company of Class B common stockholders, which could result in a loss in value to such holders.
• Holders of Class A common stock and Class B common stock vote together and have limited separate voting rights.