What changed in this filing

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Item 2. Properties

2026-02-26 compared with 2025-03-17 · 51 added, 38 removed, 305 unchanged (23% of the section changed)

Item 2 Properties, Figure 1 below shows the location of our mining properties and offices as of December 31, 2025:

At December 31, 2024, we had five mining properties, as summarized in the table below (tons produced in 000s), excluding the Brook Mine property:

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:

Processing Facilities -

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Companies that previously mined on the Elk Creek Complex include Island Creek Coal Company (“Island Creek”) which started mining in the area in December 1904.

Consolidation Coal Company, now known as Consol Energy, Inc.

(“Consol”), bought Island Creek in July 1993 and continued operations in and around the area until the late-1990s when Consol idled its Elk Creek Mine.

Ramaco Coal bought the property from Consol in 2012 and started production on the Elk Creek Complex in the fourth quarter of 2016.

Consolidation Coal Company, now known as Core Natural Resources, Inc.

(“Core Nature Resources”), bought Island Creek in July 1993 and continued operations in and around the area until the late-1990s when Core Natural Resources idled its Elk Creek Mine.

Ramaco Coal bought the property from Core Natural Resources in 2012 and started production on the Elk Creek Complex in the fourth quarter of 2016.

The 2012 purchase included acquisition of rail access, permitted impoundment and coal refuse disposal facilities, as well as numerous reclaimed, but permitted deep mines.

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2 Surface and Highwall Mine (which is the extension of Ram No.

1 above), scheduled for late 2025 startup

● Glen Alum Tunnel #1 Deep Mine, scheduled for 2027 startup

There are two permitted inactive mines, the Eight-Kay Deep Mine that is projected to start in 2027 as well as the Monarch Deep Mine that is scheduled to start in 2026.

● Glen Alum Tunnel #1 Deep Mine

There are two permitted inactive mines, the Eight-Kay Deep Mine and the Monarch Deep Mine.

The Bens Creek Deep Mine is planned but is not yet permitted.

The projected startup date for this mine is 2028.

It is likely future mines will be planned and scheduled, as necessary, from resource areas within the complex, to meet internal Ramaco production goals aligned with market conditions.

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In order to utilize the increased capacity, we also completed development work on additional low-cost, high- volatile mines at Elk Creek during 2024, including the Ram 3 surface/highwall mine and the third section at the Stonecoal Alma mine, both of which were at full production by the end of the third quarter of 2024.

The gross book value of the Elk Creek Complex property and its associated plant and equipment was $331 million as of December 31, 2024.

The gross investment in the Elk Creek Complex mining property and its associated plant and equipment was $459 million as of December 31, 2025.

The Elk Creek Complex utilizes industry standard, modern surface and underground mining equipment, processing equipment, and infrastructure that is in good operating condition and capable of meeting planned production requirements using prudent operating methods and operating schedules.

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Coal produced from the complex is primarily high-volatile A and high-volatile B metallurgical coal.

The Elk Creek Complex also produces thermal coal and specialty coals, which represent approximately five percent of sales.

The Elk Creek Complex also produces thermal coal and specialty coals, which typically represents less than five percent of sales in any given year.

Volatiles refers to the volatile matter contained in the coal.

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● Squire Jim No.

1 Deep Mine, permitted but not planned for startup

The current Berwind Complex Life-of-Mine (LOM) Plan projects mining through 2049, an expected mine life for the complex of over 20 years.

3 unchanged sentences

Ramaco refurbished the preparation plant in 2021 and 2022 based on a design by Ramsey Industrial, with a current ROM processing capacity of 600 tons per hour.

The gross book value of the Berwind Complex property and its associated plant and equipment was $178 million as of December 31, 2024.

The gross investment in the Berwind Complex mining property and its associated plant and equipment was $240 million as of December 31, 2025.

The Berwind Complex utilizes industry standard, modern surface and underground mining equipment, processing equipment, and infrastructure that is in good operating condition and capable of meeting planned production requirements using prudent operating methods and operating schedules.

17 unchanged sentences

The Knox Creek Complex is in the production stage and currently has one active mine and two planned and permitted mines.

There are no active or planned West Virginia mines currently within the Knox Creek Complex.

The single active mine is a contour surface mine developing areas for a highwall miner.

1 unchanged sentence

1 Deep Mine during 2024, which was nearing end of mine life and experiencing higher cost production.

The Company acquired approximately 24,800 acres in November 2025 from Coranado IV, LLC, and Buchanan Minerals, referred to as the Russell County property.

Through this acquisition Ramaco extended the mine life for Big Creek Surface mine by an additional five years.

Further engineering work is being completed to evaluate additional potential coal areas.

Ramaco began production of metallurgical coal at the complex in 2019.

2 unchanged sentences

The Knox Creek Complex is mining or plans to mine several seams and seam splits, including the Jawbone, Kennedy and Tiller seams.

● Big Creek Surface and Highwall Mine

● Big Creek Surface

Planned and Permitted Mines:

● Knox Creek Tiller Deep Mine, scheduled for 2029 startup

● Knox Creek Tiller Deep Mine

● Kennedy No.

3 Deep Mine, scheduled for 2029 startup

Closed Mines:

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1 Deep Mine was active during most of 2024, but was closed later in the year and is no longer active

The current Knox Creek Complex Life-of-Mine (LOM) Plan projects mining through 2037, an expected mine life for the complex of 12 years.

We estimate that the mine life for the Knox Creek Complex is 30 years.

It is anticipated that future mines will be planned and scheduled, as necessary, from resource areas within the complex, to meet internal Ramaco production goals aligned with market conditions.

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The Knox Creek Preparation Plant, built in 1981 by Powell Construction Company located in Johnson City, Tennessee, is a well designed and constructed preparation plant, with ROM processing capacity of 750 tons per hour.

The gross book value of the Knox Creek Complex property and its associated plant and equipment was $34 million as of December 31, 2024.

The gross investment in the Knox Creek Complex mining property and its associated plant and equipment was $53 million as of December 31, 2025.

The Knox Creek Complex utilizes industry standard, modern surface and underground mining equipment, processing equipment, and infrastructure that is in good operating condition and capable of meeting planned production requirements using prudent operating methods and operating schedules.

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The Maben Complex is located approximately 52 miles south of Charleston, WV;

The complex includes areas in Wyoming and Raleigh County, West Virginia.

80 miles west of Roanoke, Virginia;

100 miles northeast of Kingsport, Tennessee;

and 170 miles east/southeast of Lexington, Kentucky at N 37.6525, W 81.3867.

The Maben Complex and surrounding area have an extensive history of coal mining, primarily by contour surface and underground mining methods.

5 unchanged sentences

We also assumed issued permits covering an existing haul road, as well as an active refuse disposal area together with a preparation plant and unit train loadout, neither of which had been constructed at the closing date.

During 2024, the Company completed the purchase of an existing coal preparation plant and relocated the plant to the Maben Complex, which was commissioned early in the fourth quarter.

During 2024, the Company completed the purchase of an existing coal preparation plant and relocated the plant to the Maben Complex, which was commissioned early in the fourth quarter of 2024.

The Maben Complex is in the production stage and currently has one active mine and three planned underground mines.

1 unchanged sentence

Planned and Permitted Mines:

● Beckley Crystal Deep Mine, scheduled for 2026 startup

● Beckley Crystal Deep Mine

● Allen Creek Mine No.

1, scheduled for 2028 startup

Planned and Unpermitted Mine:

● Slick Rock Sewell Deep Mine, scheduled for late 2026 startup

● Slick Rock Sewell Deep Mine

The current expected mine life for the complex is 15 years;

however, it is anticipated that future mines will be planned and scheduled, as necessary, from resource areas within the complex, to meet internal Ramaco production goals aligned with market conditions.

The gross book value of the Maben Complex property and its associated plant and equipment was $24 million as of December 31, 2024.

The gross investment in the Maben Complex mining property and its associated plant and equipment was $74 million as of December 31, 2025.

The Maben Complex utilizes industry standard, modern surface and highwall mining equipment, processing equipment, and infrastructure that is in good operating condition and capable of meeting planned production requirements using prudent operating methods and operating schedules.

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We are unaware of any significant encumbrances to the Maben Complex, including current and future permitting requirements and associated timelines, permit conditions, and violations and fines.

The Brook Mine is located approximately nine miles northwest of Sheridan, Wyoming in Sheridan County, Wyoming.

The Brook Mine is located within the Sheridan Coal within the northwestern portion of the Powder River Basin coal producing region of the United States.

Mining activity in and around the Brook Mine dates back to the late 19th century, when underground coal mining began in the Sheridan Coal Field around 1894 and continued through 1953, with major operations (the Dietz, Acme, Model, Carney, Monarch, and Kooi mines) eventually consolidated under the Sheridan Wyoming Coal Company and later acquired by Pittston.

Subsequent large scale surface mining was carried out by Big Horn Coal Company

beginning in the 1950s, with production peaking at roughly one million tons per year in 1970 before operations ceased in 2000.

The Brook Mine consists of approximately 15,800 acres of Ramaco owned and leased surface and mineral holdings located in Sheridan County, Wyoming.

The property was acquired as part of the purchase of Ramaco Coal during 2022.

An initial mineral resource estimate was released for the Brook Mine in September 2025 based on a TRS of the Brook Mine completed by Weir.

The TRS is underpinned by preliminary economic assessment completed by Fluor Corporation.

The mineral resource estimates are not mineral reserves and do not meet the threshold for reserve modifying factors that would allow for conversion to mineral reserves.

There is no certainty that any part of the initial resource estimates will be converted into reserves.

The Company continues to evaluate the commercial and technical feasibility of extracting critical minerals and rare earth elements within the current Brook Mine permit area.

Preliminary findings indicate significant concentrations of a number of rare earth elements and critical minerals which include heavy magnetic rare earth elements, like terbium and dysprosium, and critical minerals, like gallium, germanium and scandium.

Additional drilling and sampling has occurred since the issuance of the September 2025 TRS.

Weir has reviewed the three completed holes and determined that the new assays are in-line with the results of the TRS.

Once all sampling and analysis is complete, a detailed assessment will be completed to incorporate the latest exploration information into the model.

The gross investment in the Brook Mine property was $12 million as of December 31, 2025.

The Brook Mine initially produced representative ore material to serve as feedstock for testing, with the goal of demonstrating the viability of processing rare earth elements and critical minerals at a full-scale commercial facility and ultimately establishing mineral reserves and resources.

Subject to the results of such testing, the Brook Mine is expected to produce a mix of refined rare earth element and critical mineral products, as well as sub-bituminous thermal coal for domestic consumption.

We are unaware of any significant encumbrances to the Brook Mine.

Other Properties

57 unchanged sentences

Big Creek Jawbone 1 Deep Mine

Big Creek Jawbone 1 Surface and Highwall Mine

Knox Creek Tiller Deep Mine - Jawbone 3

5 unchanged sentences

2 and Highwall Mine

Ram Surface No.

3 and Highwall Mine

Crucible Deep

18 unchanged sentences

Our coal resource and reserve estimates at December 31, 2025, were prepared by a qualified person (“QP”) and have a basis in periodic, historical reserve studies completed by third-party geological engineering firms.

Our coal resource

and reserve estimates are based on data obtained from our drilling activities and other available geologic data.

Our coal resource and reserve estimates are based on data obtained from our drilling activities and other available geologic data.

Acquisitions or sales of coal properties will change these estimates.

Changes in mining methods or the utilization of new technologies may increase or decrease the recovery basis for a coal seam.

The most recent studies of our coal reserves for the Elk Creek Complex, Berwind Complex, Knox Creek Complex, and Maben Complex were prepared by an independent engineering firm, Weir International, Inc.

The most recent studies of our coal reserves for the Elk Creek Complex, Berwind Complex, Knox Creek Complex, and Maben Complex were prepared by an independent engineering firm, Weir.

In periods between third party updates, we update reserves utilizing our internal staff of engineers and geologists based on production data.

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Weir served as the QP and prepared the estimates of mineral resources and mineral reserves at the Berwind Complex, Knox Creek Complex, Elk Creek Complex, and Maben Complex.

Since a material change has not occurred from the last TRS filed for each of the Berwind, Knox Creek, and Elk Creek complexes, the previous years’ TRSs have not been updated.

Refer to Exhibit 96.1, 96.2, and 96.3 for access to the previous TRS for the Berwind Complex, Knox Creek Complex, and Elk Creek Complex, respectively.

Refer to Exhibit 96.4 for the TRS for the Maben Complex.

Since a material change has not occurred from the last TRS filed for each of the Berwind, Knox Creek, Elk Creek, and Maben complexes, the previous years’ TRSs have not been updated.

Refer to Exhibit 96.1, 96.2, 96.3, and 96.4 for access to the previous TRS for the Berwind Complex, Knox Creek Complex, Elk Creek Complex, and Maben Complex, respectively.

Year ended December 31,

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Estimates of coal reserves and resources are updated annually to reflect changes resulting from active mine production, mine plan modifications, property acquisitions/sales, impacts of additional exploration drilling, and any other changes that impact remaining coal reserve and resource tonnage.

The combined proven and probable reserves increased by 7 million tons and measured and indicated in-place resources increased by 233 million tons during 2024, both of which were driven by the completion of reserves and resources assessments for the first time for the Maben Complex.

The combined proven and probable reserves increased by 19 million tons and measured and indicated in-place resources decreased by 15 million tons during 2025, which was driven by previously classified resources at the Maben Complex being classified as reserves based on the latest assessments.

Key assumptions and parameters relating to the mineral resources and mineral reserves are discussed in sections 11 and 12, respectively, of each TRS.

Exploration Target

Brook Mine is an exploration property that includes three drillhole programs involving a total of 124 new core drillholes, targeting rare earth elements and critical minerals within the current Brook Mine permit area.

So far, the results of these drilling programs and related chemical, metallurgical, and mineralogy testing, indicate elevated levels of rare earth elements neodymium, praseodymium, dysprosium, and terbium along with significant concentrations of critical minerals gallium, and germanium, and scandium.

Work is ongoing to evaluate the potential extraction of these resources within the current Brook Mine permit area and to conclude whether such activities would be commercially feasible.

The Company anticipates completing its techno-economic analysis of the overall commercial aspects of the potential opportunity in 2025 and anticipates beginning construction of a demonstration processing facility in mid to late 2025.

There has been insufficient analysis of the Brook Mine to estimate a mineral resource and it is unclear, at present, whether further exploration and analysis will result in the estimation of a mineral resource.

The exploration target therefore does not represent, and should not be construed to be, an estimate of a mineral resource or mineral reserve as such terms are used in subpart 1300 of Regulation S-K.

Internal Controls

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties