Ramaco Resources Announces Initial 2025 Guidance: Expects 4.4M-4.8M Tons Sales, Production Volumes 4.2M-4.6M Tons, Midpoint 15% Growth Over 2024; 2.9M Tons 2025 Sales Commitments; Cash Costs $97-$103/Ton; $60M-$70M Capital Expenditures; $34M-$38M SG&A Costs; $8M-$9M Interest Expense; 20-25% Tax Rate; Anticipates Depreciation, Depletion, And Amortization Of $73M-$78M

RAMACO ANNOUNCES INITIAL 2025 GUIDANCE

• The Company is issuing initial guidance for the 2025 calendar year. For full-year sales volumes, the Company expects between 4.4 – 4.8 million tons, with an ability to sell at least 5 million tons dependent on market conditions.
• The Company expects full-year production volumes between 4.2 – 4.6 million tons, with an ability to vary the production range dependent on market conditions.
• The Company anticipates continued production growth at its Elk Creek and Berwind complexes will be partially offset by lower production at its Knox Creek Complex due to the recent closure of the Jawbone Mine.
• The midpoint of both 2025 production and sales guidance represents more than 15% annual growth in tonnage compared to 2024 levels, based on the midpoint of 2024 guidance.
• As of November 30, 2024, the Company has 2025 sales commitments of 2.9 million tons or approximately 66% of expected production at the midpoint of guidance. This consists of 1.6 million tons committed to North American customers at an average realized price of $152 per ton, and 1.3 million tons committed to export customers at index-linked pricing.
• Ramaco anticipates its 2025 cash cost of sales will be in the range of $97 - $103 per ton, as increased production levels are partially offset by continued inflationary cost pressure.
• The Company anticipates capital expenditures in 2025 of between $60 - $70 million. This includes roughly $20 million of growth capital related to:
  • Increasing the per annum production run-rate at the Elk Creek complex to close to 3 million tons increased from ~2.3 million tons in 2024.
  • At the Berwind mine ramping up production at the 3rd section and starting the 4th section.
• The range for the Company's 2025 selling, general and administrative costs is between $34 - $38 million, excluding non-cash stock compensation. The Company expects interest expense of $8 - $9 million, and an effective tax rate of 20 – 25%. Lastly, the Company anticipates depreciation, depletion, and amortization of $73 - $78 million.