What changed in this filing

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Item 2. Properties

2025-03-17 compared with 2024-03-14 · 104 added, 67 removed, 239 unchanged (42% of the section changed)

21 unchanged sentences

Underground, Highwall, Surface

Berwind Preparation Plant - Truck, Norfolk Southern RR

Maben Preparation Plant - Truck, Norfolk Southern RR

Washington County, PA

8 unchanged sentences

We believe that all of our leases were entered into at market terms.

The Company leases office space in Lexington, Kentucky that serves as its executive headquarters.

In addition, the Company owns office space in Charleston, West Virginia that serves as an operations center.

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.

“Business - Our Projects” for additional information about our mining operations and CORE initiatives.

“Business - Our Projects” for additional information about our mining operations and Wyoming initiatives.

We hold numerous environmental and mineral extraction permits, water rights and other permits, licenses and approvals from governmental authorities authorizing operations at each of our facilities.

2 unchanged sentences

We are the operators of the mining and processing operations and the mining methods we use consist of surface, underground and highwall mining methods.

The mining operations for the Elk Creek, Berwind, and Knox Creek complexes are material to our business and are further described below.

The mining operations for the Elk Creek, Berwind, Knox Creek, and Maben complexes are material to our business and are further described below.

Elk Creek Complex

10 unchanged sentences

Within the Elk Creek Complex controlled coal holdings, 16,000 acres lie in Logan County, 2,800 acres in Wyoming County and 1,400 acres in Mingo County.

The Elk Creek Complex is in the production stage and currently has six active mines, three planned and permitted mines, one permitted inactive mine, and one planned but not permitted mine.

The five planned and/or permitted mines include two contour surface mine developing areas for a highwall miner, and three underground room and pillar mines, which use continuous miners for mine development.

The Elk Creek Complex is in the production stage and currently has seven active mines, two planned and permitted mines, two permitted inactive mines, and one planned but not permitted mine.

The four planned and/or permitted mines include one contour surface mine developing area for a highwall miner, and three underground room and pillar mines, which use continuous miners for mine development.

Ramaco began production of metallurgical coal at the complex in 2016.

3 unchanged sentences

2 Gas seams, in descending stratigraphic order.

Currently, there are six active mines within the complex:

Currently, there are seven active mines within the complex:

1 Surface and Highwall Mine

3 Surface and Highwall Mine

● Stonecoal No.

4 unchanged sentences

● Crucible Deep Mine Lower Cedar Grove B and C seams

There are three planned and permitted mines within the complex:

3 Surface and Highwall Mine, scheduled for 2024 startup

There are two planned and permitted mines within the complex:

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

9 unchanged sentences

an expected mine life for the complex of 15 years.

However, it is likely that future mines will be planned and scheduled, as necessary, to meet our production goals aligned with market conditions.

All Run-of-Mine (“ROM”) coal is washed at the Elk Creek Preparation Plant.

2 unchanged sentences

We completed the expansion in 2023, which raised the nameplate processing capacity to 1,050 raw tons per hour and our annual processing capacity from this complex to approximately three million tons per year.

We also began development work on additional low-cost, high-volatile underground and surface mines at Elk Creek.

These mines began production during the second quarter of 2022 and reached full levels of productivity during 2023.

Production increased at Elk Creek during 2023 commensurate with the increase in processing capacity discussed above.

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.

6 unchanged sentences

Classification of coal as low, mid or high-volatile refers to the specific volatile content within the coal, with coals of 17% to 22% volatile matter being classified as low-volatile, 23% to 31% as mid-volatile and 32% or greater as high-volatile.

The volatile matter in coal impacts coke yield (i.e.

the amount of coke and coke by-products produced per ton of coal charged).

The volatile matter in coal impacts coke yield (i.e., the amount of coke and coke by-products produced per ton of coal charged).

Low-volatile coal contains more carbon, but too much carbon can result in coke oven damage.

13 unchanged sentences

Ramaco obtained its initial lease for this property in 2015 and commenced mine operations in 2017.

The Berwind Complex is in the production stage and currently has three active mines.

The three mines that were active at December 31, 2023 are underground room and pillar mines, which use continuous miners for mine development.

The Berwind Complex is in the production stage and currently has two active mines.

The mines that were active at December 31, 2024 are underground room and pillar mines, which use continuous miners for mine development.

Ramaco started operations at the Berwind Pocahontas 4 Deep Mine in 2017 and idled the mine in mid-July 2022 due to an ignition that an investigation by the Mine Safety and Health Administration (MSHA) suggests was

2 unchanged sentences

1 Deep Mine restarted in the first quarter of 2023.

The Company continues to increase production at the main Berwind low-volatile mine.

A majority of the underground mines implement retreat mining, which typically results in mining recovery of greater than 80 percent.

8 unchanged sentences

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 20+ years.

However, 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.

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

However, it is likely 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.

All Run-of-Mine (ROM) coal is washed at the Berwind Preparation Plant with no planned direct shipment coal.

20 unchanged sentences

Within the Knox Creek Complex controlled coal holdings, 5,370 acres lie in McDowell County, West Virginia.

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

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 two active mines include one contour surface mine developing areas for a highwall miner, and one underground room and pillar mine, which uses continuous miners for mine development.

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

The Company closed the Jawbone No.

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

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.

Active Mines:

● Big Creek Jawbone No.

● Big Creek Surface and Highwall Mine

3 unchanged sentences

3 Deep Mine, scheduled for 2029 startup

Closed Mines:

● Big Creek Jawbone No.

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.

9 unchanged sentences

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

Maben Complex

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

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

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

Mining within the area likely began in the early-1900s, and there have been many different mine operators both large and small in the region since then.

The Maben Coal Company, unrelated to Ramaco, was one of the primary operators on the Maben property and in the region.

Pocahontas Coal Company also had a presence in the region.

The Maben property consists of approximately 28,000 acres of controlled mineral rights acquired from the purchase of Maben Coal in the third quarter of 2022 from Appleton Coal, LLC.

As part of the transaction, we assumed existing mining permits issued by the West Virginia Department of Environmental Protection, which authorizes mining by both surface and highwall mining methods as well as by underground methods.

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.

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

● Maben Surface and Highwall Mine

Planned and Permitted Mines:

● Beckley Crystal Deep Mine, scheduled for 2026 startup

● Allen Creek Mine No.

1, scheduled for 2028 startup

Planned and Unpermitted Mine:

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

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 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.

The Maben Complex produces high-quality, low-volatile metallurgical coal, which serves both domestic metallurgical coal consumers and the global seaborne metallurgical coal market.

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.

Other Properties

Refer to the discussion of our Maben Complex and our RAM Mine under Item 1.

“Business - Our Projects” for information about these properties, which are not included in the disclosures of mineral resources and reserves at December 31, 2023 to follow.

Additional information regarding the acquisition of Maben can be found in Part II, Item 8, Note 4 of this report.

Refer to the discussion of our RAM Mine under Item 1.

“Business - Our Projects” for information about this property, which is not included in the disclosures of mineral resources and reserves at December 31, 2024 to follow.

Summary of Mineral Resources and Reserves

1 unchanged sentence

Summary of Mineral Resources at the end of Fiscal Year ended December 31, 2024

Measured Mineral Resources

Indicated Mineral Resources

Measured + Indicated

Mineral Resources

Inferred Mineral Resources

Coal Quality (Dry Basis) Raw

In-Place Resources (000 Tons)

Coal Quality (Dry Basis) Raw

1 unchanged sentence

(Lbs./Cu.Ft.)

Relative Density

(Lbs./Cu.Ft.)

Relative Density

(Lbs./Cu.Ft.)

Relative Density

(Lbs./Cu.Ft.)

Berwind Complex

Greasy Creek 2

Pocahontas 11

Pocahontas 10

Pocahontas 9-2

Pocahontas 9-1

Berwind Complex Total

Knox Creek Complex

1 unchanged sentence

Knox Creek Property

Knox Creek Complex Total

Elk Creek Complex

8 unchanged sentences

Gilbert Deep Mine

Elk Creek Complex Total

Maben Complex

Little Raleigh

Lower Beckley

Pocahontas No.

Maben Complex Total

● Mineral Resources reported above are not Mineral Reserves and do not meet the threshold for reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves.

1 unchanged sentence

Mineral Resources reported here are exclusive of Mineral Reserves.

● Resource probable economic mineability is based on underground minable resources with 2.0 feet minimum seam thickness, surface and highwall mines with 1.0 foot minimum seam thickness, area mining with a cutoff stripping ratio of 20:1, and primarily metallurgical

low and mid-volatile coal at the Berwind Complex realizing a sales price of $169 per ton at a cash cost of $101 per clean ton (FOB Mine), primarily metallurgical mid and high-volatile coal at the Knox Creek Complex realizing a sales price of $184 per ton and cash cost of $99 per clean ton (FOB Mine), primarily metallurgical high-volatile A and high-volatile B coal at the Elk Creek Complex realizing a sales price of $131 per ton at a cash cost of $77 per clean ton (FOB Mine), and primarily metallurgical low-volatile coal at the Maben Complex realizing a sales price of $153 per ton and cash cost of $116 per clean ton (FOB Mine) based on their respective TRS reports, which can be found in the Exhibits.

● Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

Summary of Mineral Reserves at the end of Fiscal Year ended December 31, 2024

Proven Mineral Reserves

Probable Mineral Reserves

Proven + Probable Mineral Reserves

Coal Quality (Dry Basis) Raw

Relative Density

(Lbs./Cu.Ft.)

Relative Density

(Lbs./Cu.Ft.)

Clean Recoverable Reserves (000 tons)

Average Coal Quality (Raw Dry Basis)

Relative Density

1 unchanged sentence

Berwind Complex

Laurel Fork Deep Mine

Triple S Highwall Mine

1 Deep Mine - Pocahontas 4

Laurel Fork Deep Mine - Pocahontas 3

Triple S Highwall Mine - Pocahontas 5

Berwind Complex Total

Knox Creek Complex

Big Creek Surface and Highwall Mine

Big Creek Surface and Highwall Mine - Tiller 1-2

Big Creek Jawbone 1 Deep Mine

Knox Creek Tiller Deep Mine

Knox Creek Tiller Deep Mine - Jawbone 3

Knox Creek Complex Total

Elk Creek Complex

Ram Surface and Highwall Mine

Ram Surface 3 and Highwall Mine

Ram Surface No.

1 and Highwall Mine

Ram Surface No.

3 and Highwall Mine

Crucible Deep

6 unchanged sentences

Glen Alum Tunnel #1 Deep Mine

Elk Creek Complex Total

Maben Complex

Maben Surface and Highwall

Crystal Beckley Deep Mine

Slick Rock Sewell Deep Mine

Allen Creek No.

Maben Complex Total

● Clean recoverable reserve tonnage based on underground mining recovery of 50 to 80 percent (contingent upon retreat mining capability), 90 percent for surface mining, 40 percent for highwall mining, theoretical preparation plant yield, and a 95 percent preparation plant efficiency.

● Mineral Reserves estimated for the Berwind Complex are based primarily on metallurgical low and mid-volatile coal realizing a sales price of $169 per ton at a cash cost of $101 per clean ton (FOB Mine), primarily metallurgical mid and high-volatile coal at the Knox Creek Complex realizing a sales price of $184 per ton and cash cost of $99 per clean ton (FOB mine), primarily metallurgical high-volatile A and high-volatile B coal at the Elk Creek Complex realizing a sales price of $131 per ton at a cash cost of $77 per clean ton (FOB Mine), and primarily metallurgical low-volatile coal at the Maben Complex realizing a sales price of $153 per ton and a cash cost of $116 per clean ton (FOB mine) based on their respective TRS reports, which can be found in the Exhibits.

● Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

1 unchanged sentence

Our coal resource and reserve estimates at December 31, 2024, 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, and Knox Creek 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 International, Inc.

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

12 unchanged sentences

Summaries of the mineral resources and mineral reserves as of December 31, 2024 and December 31, 2023 are shown below.

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

Since a material change has not occurred from the last TRS filed for each complex, the previous years’ TRSs have not been updated.

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.

Year ended December 31,

8 unchanged sentences

Elk Creek Complex

Maben Complex

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 at the Berwind, Knox Creek and Elk Creek complexes decreased by three million tons due to 2023 production.

Measured and indicated coal resources decreased by 37 million tons during 2023, approximately 25 million tons were due to property control changes (assignment of coal leases) at the Knox Creek Complex and 11 million tons were due to the permit denial at the RAM mine and our decision not to pursue an appeal.

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.

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 123 new core drillholes.

Specifically, targeting REEs has been completed within the current Brook Mine permit area.

So far, the results of these drilling programs indicate elevated levels of REEs, along with significant concentrations of other critical elements such as Yttrium, Gallium, and Germanium.

Work is ongoing to evaluate the potential exploitation of these minerals within the current Brook Mine permit area.

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

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.

8 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