• The Company had a quarterly net loss of $(14.7) million and Class A diluted EPS of $(0.26). Class A diluted EPS was $(0.22) excluding a $2.5 million one-time, non-recurring expense incurred in connection with the structuring of a strategic critical minerals terminal at the Company's Brook Mine.

• The Company had quarterly Adjusted EBITDA of $8.9 million defined as adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, the non-recurring expense noted above and equity-based compensation, a non-GAAP measure ("Adjusted EBITDA"). Also, see "Reconciliation of Non-GAAP Measures" below.

• The Company had quarterly non-GAAP cash mine cost per ton sold of $92 which was a $5 per ton decline compared to the third quarter of 2025. (See "Reconciliation of Non-GAAP Measures" below.) The Company's cash costs continue to remain in the first quartile of the U.S. cost curve. This quarter also represented the Company's strongest quarter in terms of cash costs per ton in four years.

• Fourth quarter cash margins of $24 per ton equaled those of the first quarter as the strongest of 2025 despite the U.S. high-vol metallurgical coal indices having fallen 17% during that time. They also exceeded third quarter margins by 4%, despite a 4% quarterly decline in U.S. high-vol metallurgical coal indices.

• For full-year 2025 Ramaco had a net loss of $(51.4) million and Class A diluted EPS of $(0.99). Class A diluted EPS was $(0.95), excluding the one-time, non-recurring expense noted above.

• For full-year 2025 Adjusted EBITDA was $36.1 million as defined above.

• For full-year 2025 non-GAAP cash mine cost was $98 per ton sold, which was a $7 per ton decline compared to full-year 2024. (See "Reconciliation of Non-GAAP Measures" below.)

• For full-year 2025 cash margins were $22 per ton, compared to $35 per ton in 2024 principally because of lower priced metallurgical coal indices in 2025.

• The fourth quarter reflected record liquidity of $521 million, an increase of more than 275% year over year. The Company's balance sheet is now the strongest in its history, despite challenging price declines and the weakness in the metallurgical coal markets.

• This financial strength will allow the Company to optimize the transition and growth into a dual platform critical minerals company including both future growth of metallurgical coal production as well as the advancement of our rare earths and critical mineral development.

Rare Earths and Critical Minerals:

• The Company continues to progress to development of a Pre-Feasibility Study ("PFS"). It is announcing today that it has developed a fundamental alternative flowsheet design for the processing of its rare earth elements and critical minerals from coal deposits. This process is both proprietary and patent-pending and has been developed by Ramaco's new internal critical mineral processing team. It has also now been endorsed by third party independent testing groups.

• This design improves upon the solvent extraction processing techniques previously modeled and outlined in the Preliminary Economic Assessment ("PEA") prepared in mid-2025 by Fluor Corporation.

• The alternative flowsheet design uses a carbochlorination process for recovery of critical minerals. Internal projections estimate that this flowsheet process will generate materially increased incremental revenue and free cash flow when compared to our previously published projections which had been based on the use of the solvent extraction method.

• As explained below, the carbochlorination process is anticipated to provide fundamental de-risking of the previous processing approach by reducing the overall capital and operating costs associated with oxide production, improving overall recoveries and product yields, increasing cash flow, creating a higher value product slate, while using a proven technique deployed in the titanium industry and reducing the project's reliance on scandium as the main product driver.

• Initial testing by independent third-party laboratories using this flowsheet method indicates an ability to produce significantly higher recovery levels of both gallium and scandium, as well as the ability to produce a slate of high purity, and thus, higher value, gallium related products.

• This is expected to expand the proposed product suite of critical minerals. We now anticipate that the largest amount of our revenue will be from a product slate of high purity gallium, high purity alumina ("HPA") and high purity quartz ("HPQ"). These high value products are primarily used in the semiconductor industry and other related applications. This approach is anticipated to also reduce the project's former reliance on scandium as the dominant product.
• The flowsheet provides potentially increased overall oxide production, higher oxide recovery, and expected higher revenue per ton of feed to the critical minerals processing facility.

• As a result, as part of the flowsheet redesign Ramaco is evaluating the optimal level of initial plant feedstock throughput. We anticipate this may reduce the initial capital expenditure of the oxide processing plant. Ramaco expects, however, to maintain the design optionality to increase both feedstock and plant output as future demand dictates.

• As part of this process revision, Ramaco is now planning to produce a mixed rare earth carbonate ("MREC") product for sale to third-party rare earth magnet-oriented processing companies. MREC output will constitute a minority of total revenue.

• This change is expected to greatly simplify and eliminate the need to construct the costly portion of the processing facility associated with the technically complex solvent extraction form of separation of the rare earths into separated magnetic oxides. Thus, we expect that it will eliminate the substantial capital and operating cost associated with construction and development of the previous large solvent extraction portion of the overall plant.

• Independent third-party testing, design, optimization and preparation of detailed economics for the change in flowsheet design will now modestly push out previous reporting timelines. We now expect to receive a revised PEA being prepared by Hatch, Inc. by mid-year. This PEA will generate revised economics utilizing the new flowsheet. The subsequent more detailed PFS, also being prepared by Hatch, is now expected to be completed by late 2026.

• As part of this new flowsheet analysis Hatch is expected to provide a pilot plant re-design expected by Q3-2026. During this redesign period we will continue current construction of the pilot plant and testing facility in Sheridan, WY. Development of the interior pilot plant infrastructure is expected to recommence at the Zeton pilot plant fabrication facility in Canada upon receipt of Hatch plans. We will continue third party metallurgical testing to support the PFS phase and are in parallel ramping up internal laboratory and test operations at the iCAM research facility.

• Ramaco continues its ongoing dialogue with both governmental and strategic groups regarding our development progress as we clarify our product capabilities, economics and timelines over the coming months.

Metallurgical Coal Sales, Marketing and Growth Projects:

• Sales commitments for 2026 currently total 3.1 million tons as of the date of these Results. These sales equate to almost 80% of the midpoint and roughly 75% at the high-end of 2026 production guidance.

• 1.1 million tons are committed to North American customers at an average realized fixed price of $142 per ton. In addition, 2.0 million export tons are committed to seaborne customers at index-linked pricing.

• The fourth quarter of 2025 was the weakest quarter of the year for U.S. high-vol metallurgical coal indices. We have however begun to see a meaningful rebound in low-vol metallurgical index pricing on the back of both Australian supply constraints and stronger Indian demand. Australian premium low-vol indices are up more than $40 per ton from the fourth quarter average to now roughly $240 per ton. US low-vol and high-vol indices are up as much as 10% on average today compared to the fourth quarter average.

• Based on this positive market movement the Company will now both initiate and accelerate from 2027 to 2026 several growth projects associated with its low-vol portfolio. Specifically, the Board of Directors has authorized the restarting of the Laurel Fork Mine, as well as adding a 3rd section at our Berwind Mine. At full production, these projects are expected to add 0.5 million tons of production in 2027 and add 0.1-0.2 million tons in 2026.

• In addition, we are accelerating the construction of the new rail loadout project at our low-vol Maben complex. Completion of the new rail loadout is expected before year-end. This loadout is anticipated to save roughly $20 per ton on trucking costs at Maben. It is also expected to facilitate development of deep mining at this complex should the Company elect to initiate that step in the future. It is anticipated that at full production the Maben deep mining could provide approximately 1.5 million tons of additional low-vol production.

• Overall, these new low-vol development projects are anticipated to involve roughly $20 million in new growth commitments in 2026.

Metallurgical Coal Guidance:

• The Company is issuing initial guidance for the 2026 calendar year and expects annual sales volumes between 4.1 and 4.5 million tons, with an ability to increase sales to almost 5 million tons, depending on market conditions.

• The Company expects annual met coal production volumes between 3.7 and 4.1 million tons, with an ability to optimize production levels depending on market conditions. Despite modest capital outlays, the Company anticipates both production and tons sold to increase in 2026 versus 2025. This would mark the Company's sixth consecutive year of production growth. This record is the longest continuous production growth curve among the met coal peer group.

• Ramaco anticipates 2026 cash cost of sales will be in the range of $95 and $100 per ton. Continued cost discipline is anticipated to lead to the third annual decrease in cash cost of sales in a row and the lowest level of cash cost per ton since 2021. The Company remains committed to maintaining its first quartile cash cost position in the U.S. met coal peer group.

• The Company anticipates Company-wide maintenance and growth capital outlays in 2026 of between $85 and $90 million. This includes spending on maintenance capital on its metallurgical coal mines of roughly $10-11 per ton, approximately $20 million of capital outlays at the Berwind and Maben complexes and roughly $20 million for its rare earth elements business.

• We anticipate 2026 first quarter shipments of between 800,000 – 950,000 tons due to normal annual seasonality in the Great Lakes which is closed for most of the first quarter. We expect cash costs towards the higher end of the range for that quarter, on the back of lower ratable shipments.

Quarterly Year 2025 over 2024 Year Comparison

Quarterly 2025 Sequential Comparison