10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

Amendment No. 1

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to

Commission File Number: 001-38003

RAMACO RESOURCES, INC.

(Exact name of registrant as specified in its charter)

Delaware	38-4018838
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
250 West Main Street, Suite 1900 Lexington, Kentucky	40507
(Address of principal executive offices)	(Zip Code)

(859) 244-7455

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered on which registered
Common Stock, $0.01 par value	METC	NASDAQ Global Select Market
9.00% Senior Notes due 2026	METCL	NASDAQ Global Select Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  ¨    No  x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes  ¨    No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	x
Non-accelerated filer	¨	Smaller reporting company	x
		Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued is audit report. x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  ¨    No  x

As of June 30, 2022, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of common stock held by non-affiliates of the registrant was $318.8 million.

As of February 28, 2023, the registrant had 44,451,850 shares of common stock outstanding.

Documents Incorporated by Reference:

Certain information required to be furnished pursuant to Part III of this Annual Report on Form 10-K is set forth in, and is hereby incorporated by reference herein from, the definitive proxy statement for our 2023 Annual General Meeting of Stockholders, to be filed by Ramaco Resources with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after December 31, 2022.

Explanatory Note

Ramaco Resources, Inc. (“we,” “us,” or “our”) is filing this Amendment No. 1 on Form 10-K/A (the “Amendment”) in order to amend and restate Item 15(b) of its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, originally filed March 14, 2023 (the “Original 10-K”), to provide amended Exhibits 96.1 and 96.2 pursuant to correspondence with the staff (the “Staff”) of the Securities and Exchange Commission (“SEC”) in connection with the Staff’s review of our registration statement on Form S-1, filed March 20, 2023. Item 15(b) is hereby amended and restated in its entirety.

Other than as expressly set forth above and except with respect to certain conforming changes made to our exhibit index, this Amendment does not, and does not purport to, update or restate the information in the Original 10-K or reflect any events that have occurred after the Original 10-K. Moreover, the information in this Amendment does not update or otherwise affect the financial statements filed as part of the Original 10-K. This Amendment should be read in conjunction with the Original 10-K and our other filings with the SEC.

In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), new certifications by the Company’s principal executive officer and principal financial officer are filed herewith as exhibits to this Amendment pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act. As no financial statements have been included in this Amendment and this Amendment does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4, and 5 of the certifications have been omitted. The Company is not including certifications pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as no financial statements are being filed with this Amendment.

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TABLE OF CONTENTS

		Page
PART IV
ITEM 15.	Exhibits and Financial Statement Schedules	4
SIGNATURES		13

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PART IV

Item 15. Exhibits and Financial Statement Schedules

(b) Exhibits

Exhibit
Number	Description
2.1	Master Reorganization Agreement, dated February 1, 2017, by and among Ramaco Resources, Inc., Ramaco Development, LLC, Ramaco Merger Sub, LLC and the other parties named therein (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 7, 2017)
2.2	Purchase and Sale Agreement, dated February 23, 2022, by and among Ramaco Development, LLC, Ramaco Resources, Inc., Ramaco Coal Holdings, LLC, and Ramaco Coal, LLC (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the SEC on February 24, 2022)
2.3	Securities Purchase Agreement, dated as of August 8, 2022, between Ramaco Development, LLC and Appleton Coal LLC (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 001-38003) filed with the SEC on August 8, 2022
2.4	Asset Purchase Agreement, dated as of October 26, 2021, among Ramaco Resources, Inc., Coronado IV LLC, Buchanan Minerals, LLC and Buchanan Mining Company, LLC (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on October 26, 2021)
3.1	Amended and Restated Certificate of Incorporation of Ramaco Resources, Inc. (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
3.2	Amended and Restated Bylaws of Ramaco Resources, Inc. (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
3.3	Amendment No. 1 to the Amended and Restated Bylaws of Ramaco Resources, Inc. (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on December 15, 2020)

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4.1	Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
4.2	Registration Rights Agreement, dated as of February 8, 2017, by and among Ramaco Resources, Inc. and the stockholders named therein (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
4.3	Shareholders’ Agreement, dated as of February 8, 2017, by and among Ramaco Resources, Inc., Yorktown Energy Partners IX, L.P., Yorktown Energy Partners X, L.P., Yorktown Energy Partners XI, L.P., Energy Capital Partners Mezzanine Opportunities Fund, LP, Energy Capital Partners Mezzanine Opportunities Fund A, LP, and ECP Mezzanine B (Ramaco IP), LP. (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
4.4	Description of Securities (incorporated by reference to Exhibit 4.4 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Commission on March 14, 2023)
4.5	Indenture, dated as of July 13, 2021, between Ramaco Resources, Inc. and Wilmington Savings Fund Society, FSB, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on July 13, 2021)
4.6	First Supplemental Indenture, dated as of July 13, 2021, between Ramaco Resources, Inc. and Wilmington Savings Fund Society, FSB, as trustee (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on July 13, 2021)
4.7	Form of 9.00% Senior Note due 2026 (incorporated by reference to Exhibit 4.2.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on July 13, 2021)
†10.1	Ramaco Resources, Inc. Long-Term Incentive Plan (incorporated by reference to Exhibit 4.3 of the Company’s Registration Statement on Form S-8 (File No. 333-215913) filed with the Commission on February 6, 2017)
10.2	Berwind Mutual Cooperation Agreement, dated August 20, 2015, by and between Ramaco Resources, LLC and Ramaco Central Appalachia, LLC (incorporated by reference to Exhibit 10.3 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.3	Elk Creek Mutual Cooperation Agreement, dated August 20, 2015, by and between Ramaco Resources, LLC and Ramaco Central Appalachia, LLC (incorporated by reference to Exhibit 10.4 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.4	Indemnification Agreement, dated August 20, 2015, by and between Ramaco Coal, LLC and Ramaco Development, LLC (incorporated by reference to Exhibit 10.5 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.5	RAM Mine Mutual Cooperation Agreement, dated August 20, 2015, by and between RAM Mining, LLC and Ramaco Northern Appalachia, LLC (incorporated by reference to Exhibit 10.6 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.6	Promissory Note, dated August 31, 2016, by and between Ramaco Development, LLC, as maker, and Ramaco Coal, LLC, as noteholder (incorporated by reference to Exhibit 10.7 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)

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10.7	Corporate Guaranty, dated August 20, 2015, by and between Ramaco Coal, LLC, as guarantor, and RAMACO Development, LLC as oblige (incorporated by reference to Exhibit 10.8 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.8	Corporate Guaranty, dated August 20, 2015, by and between RAMACO Development, LLC, as guarantor, and Ramaco Coal, LLC, as oblige (incorporated by reference to Exhibit 10.9 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.9	Berwind Sublease Agreement, dated August 20, 2015, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.10 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.10	First Amendment to Berwind Lease Agreement and Sublease, dated February 2016, by and among Berwind Land Company, Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.11 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.11	Second Amendment to Berwind Sublease, dated August 31, 2016, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.12 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.12	Third Amendment to Berwind Lease Agreement and Consent to Sublease, dated December 19, 2017, by and between Berwind Land Company and Ramaco Central Appalachia, LLC (incorporated by reference to Exhibit 10.12 of the Company’s Annual Report on Form 10-K (File No. 333-215913) filed with the Commission on February 20, 2020)
10.13	Elk Creek Coal Lease Agreement, dated August 20, 2015, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.13 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.14	Amendment No. 1 to Elk Creek Coal Lease Agreement, dated December 31, 2015, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.14 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.15	Amendment No. 2 to Elk Creek Coal Lease Agreement, dated March 31, 2016, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.15 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.16	Amendment No. 3 to Elk Creek Coal Lease Agreement, dated August 31, 2016, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.16 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.17	Amendment No. 4 to Elk Creek Coal Lease Agreement, dated January 12, 2017, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.17 of the Company’s Annual Report on Form 10-K (File No. 333-215913) filed with the Commission on February 20, 2020)

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10.18	Amendment No. 5 to Elk Creek Coal Lease Agreement, dated September 28, 2018, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.18 of the Company’s Annual Report on Form 10-K (File No. 333-215913) filed with the Commission on February 20, 2020)
10.19	Amendment No. 6 to Elk Creek Coal Lease Agreement, dated December 21, 2018, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.19 of the Company’s Annual Report on Form 10-K (File No. 333-215913) filed with the Commission on February 20, 2020)
10.20	Amendment No. 7 to Elk Creek Coal Lease Agreement, dated February 1, 2019, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.20 of the Company’s Annual Report on Form 10-K (File No. 333-215913) filed with the Commission on February 20, 2020)
10.21	Elk Creek Surface Rights Lease Agreement, dated August 20, 2015, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.17 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.22	Amendment No. 1 to Elk Creek Surface Rights Lease Agreement, dated December 31, 2015, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.18 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.23	Amendment No. 2 to Elk Creek Surface Rights Lease Agreement, dated March 31, 2016, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.19 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.24	Amendment No. 3 to Elk Creek Surface Rights Lease Agreement, dated August 31, 2016, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.20 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.25	Mutual Services Agreement, dated December 22, 2017, by and between Ramaco Development, LLC and Ramaco Coal, LLC (incorporated by reference to Exhibit 10.23 of the Company’s Annual Report on Form 10-K (File No. 001-38003) filed with the Commission on March 21, 2018)
10.26	NRP Sublease Agreement, dated August 19, 2015, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.24 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.27	Amendment No. 1 to NRP Sublease Agreement, dated August 31, 2016, by and between Ramaco Central Appalachia, LLC and Ramaco Resources, LLC (incorporated by reference to Exhibit 10.25 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.28	Amended and Restated Lease Agreement, dated August 20, 2015, by and among Ramaco Northern Appalachia, LLC, RAM Farms, LLC, RAM Mining, LLC and RAMACO Mining, LLC (incorporated by reference to Exhibit 10.26 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)

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10.29	Amendment No. 1 to Amended and Restated Lease Agreement, dated December 31, 2015, by and among Ramaco Northern Appalachia, LLC, RAM Farms, LLC and RAM Mining, LLC (incorporated by reference to Exhibit 10.27 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.30	Amendment No. 2 to Amended and Restated Lease Agreement, dated March 31, 2016, by and among Ramaco Northern Appalachia, LLC, RAM Farms, LLC and RAM Mining, LLC (incorporated by reference to Exhibit 10.28 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
10.31	Amendment No. 3 to Amended and Restated Lease Agreement, dated August 31, 2016, by and among Ramaco Northern Appalachia, LLC, RAM Farms, LLC and RAM Mining, LLC (incorporated by reference to Exhibit 10.29 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
†10.32	Ramaco Development, LLC 2016 Membership Unit Option Plan (incorporated by reference to Exhibit 10.30 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
†10.33	Form of Ramaco Resources, Inc. Stock Option Notice and Agreement (incorporated by reference to Exhibit 10.31 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
†10.34	Form of Amendment to Option Agreement (incorporated by reference to Exhibit 10.32 of the Company’s Registration Statement on Form S-1 (File No. 333-215363) filed with the Commission on December 29, 2016)
†10.35	Indemnification Agreement (Randall Atkins) (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
†10.36	Indemnification Agreement (Michael Bauersachs) (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
†10.37	Indemnification Agreement (Mark Clemens) (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
†10.38	Indemnification Agreement (Patrick C. Graney) (incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
†10.39	Indemnification Agreement (W. Howard Keenan, Jr.) (incorporated by reference to Exhibit 10.5 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
†10.40	Indemnification Agreement (Trent Kososki) (incorporated by reference to Exhibit 10.6 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
†10.41	Indemnification Agreement (Bryan H. Lawrence) (incorporated by reference to Exhibit 10.7 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
†10.42	Indemnification Agreement (Tyler Reeder) (incorporated by reference to Exhibit 10.8 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)

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†10.43	Indemnification Agreement (Marc Solochek) (incorporated by reference to Exhibit 10.9 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
†10.44	Indemnification Agreement (Richard M. Whiting) (incorporated by reference to Exhibit 10.10 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
†10.45	Indemnification Agreement (Michael Windisch) (incorporated by reference to Exhibit 10.11 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017)
†10.46	Indemnification Agreement (Bruce E. Cryder) (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on July 5, 2017)
†10.47	Indemnification Agreement (Christopher L. Blanchard) (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on December 29, 2017)
†10.48	Indemnification Agreement (Peter Leidel) (incorporated by reference to Exhibit 10.48 of the Company’s Annual Report on Form 10-K (File No. 001 38003) filed with the Commission on February 20, 2020)
†10.49	Indemnification Agreement (Trent Kososki) (incorporated by reference to Exhibit 10.49 of the Company’s Annual Report on Form 10-K (File No. 001 38003) filed with the Commission on February 20, 2020)
†10.50	Indemnification Agreement (C. Lynch Christian, III) (incorporated by reference to Exhibit 10.50 of the Company’s Annual Report on Form 10-K (File No. 001 38003) filed with the Commission on February 20, 2020)
†10.51	Indemnification Agreement (Mahmud Riffat) (incorporated by reference to Exhibit 10.51 of the Company’s Annual Report on Form 10-K (File No. 001-38003) filed with the Commission on February 18, 2021)
†10.52	Indemnification Agreement (David E. K. Frischkorn, Jr.) (incorporated by reference to Exhibit 10.52 of the Company’s Annual Report on Form 10-K (File No. 001-38003) filed with the Commission on February 18, 2021)
†10.53	Indemnification Agreement (E. Forrest Jones, Jr.) (incorporated by reference to Exhibit 10.53 of the Company’s Annual Report on Form 10-K (File No. 001-38003) filed with the Commission on February 18, 2021)
†10.54	Indemnification Agreement (Aurelia Skipwith Giacometto) (incorporated by reference to Exhibit 10.54 of the Company’s Annual Report on Form 10-K (File No. 001-38003) filed with the Commission on April 1, 2022)
†10.55	Form of Restricted Stock Agreement (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on April 21, 2020)
†10.56	Amendment to Restricted Stock Award Agreements, dated December 10, 2019, between the Company and Randall W. Atkins (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on December 13, 2019)
†10.57	Amendment to Restricted Stock Award Agreements, dated December 10, 2019, between the Company and Michael D. Bauersachs (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on December 13, 2019)

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†10.58	Amendment to Restricted Stock Award Agreements, dated December 10, 2019, between the Company and Christopher L. Blanchard (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K/A (File No. 001-38003) filed with the Commission on December 16, 2019)
†10.59	Amendment to Restricted Stock Award Agreements, dated December 10, 2019, between the Company and Jeremy R. Sussman (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K/A (File No. 001-38003) filed with the Commission on December 16, 2019)
10.60	Credit and Security Agreement, dated November 22, 2019, by and among: (i) Key Equipment Finance, a division of Keybank National Association, as administrative agent, collateral agent, lender and issuer; (ii) such other lenders that are now or hereafter become a party thereto; and (iii) the Company, Ramaco Development, LLC, RAM Mining, LLC, Ramaco Coal Sales, LLC, Ramaco Resources, LLC and Ramaco Resources Land Holdings, LLC, as borrower (incorporated by reference to Exhibit 10.57 of the Company’s Annual Report on Form 10-K (File No. 001-38003) filed with the Commission on February 20, 2020)
10.61	Promissory Note dated April 20, 2020 by Ramaco Resources, Inc., Ramaco Development, LLC, RAM Mining, LLC, Ramaco Coal Sales, LLC, Ramaco Resources, LLC and Ramaco Resources Land Holdings, LLC, as borrowers, and Key Equipment Finance, a Division of KeyBank National Association, as lender (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on April 21, 2020)
10.62	Promissory Note dated April 16, 2020 by Ramaco Resources, Inc. in favor of KeyBank National Association (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on April 21, 2020)
10.63	Ramaco Resources, Inc. Change in Control and Severance Plan, effective as of April 27, 2020 (incorporated by reference to Exhibit 99.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on April 28, 2020)
10.64	Separation and Consulting Agreement, dated December 31, 2020, by and between Ramaco Resources, Inc. and Michael D. Bauersachs (incorporated by reference to Exhibit 10.65 of the Company’s Annual Report on Form 10-K (File No. 001-38003) filed with the Commission on February 18, 2021)
10.65	Amended and Restated Credit and Security Agreement, dated October 29, 2021, by and among Ramaco Resources, Inc., Ramaco Development, LLC, RAM Mining, LLC, Ramaco Coal Sales, LLC, Ramaco Resources, LLC and Ramaco Resources Land Holdings, LLC, as the borrowers, the lenders party thereto and KeyBank National Association, as the administrative agent (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on November 2, 2021)
†10.66	First Amendment to the Ramaco Resources, Inc. Long-Term Incentive Plan. (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 2, 2022)
+10.67	Loan Agreement, dated as of September 23, 2022, between Ramaco Development, LLC and Investec Bank PLC (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the SEC on September 26, 2022)
+10.68	First Amendment to Amended and Restated Credit and Security Agreement, dated April 29, 2022, by and among Ramaco Resources, Inc., Ramaco Development, LLC, Ram Mining, LLC, Ramaco Coal Sales, LLC, Ramaco Resources, LLC, Ramaco Resources Land Holdings, LLC, and KeyBank National Association (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q (Filed No. 001-38003) filed with the Commission on August 9, 2022)

10

+10.69	Second Amendment to Amended and Restated Credit and Security Agreement, dated September 23, 2022, by and among Ramaco Resources, Inc., Ramaco Development, LLC, Ram Mining, LLC, Ramaco Coal Sales, LLC, Ramaco Resources, LLC, Ramaco Resources Land Holdings, LLC, and KeyBank National Association (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q (File No. 001-38003) filed with the Commission on November 9, 2022)
+10.70	Second Amended and Restated Credit and Security Agreement, dated February 15, 2023, by and among Ramaco Resources, Inc., Ramaco Development, LLC, Ram Mining, LLC, Ramaco Coal Sales, LLC, Ramaco Resources, LLC, Ramaco Resources Land Holdings, LLC, Maben Coal LLC, Carbon Resources Development, Inc., Ramaco Coal, Inc. as borrowers, the lenders party thereto and KeyBank National Association, as agent, lender, swing line lender, and the issuer (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 17, 2023)
16.1	Letter from Briggs & Veselka Co. to Securities and Exchange Commission dated January 21, 2022. (incorporated by reference to Exhibit 16.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on January 24, 2022)
16.2	Crowe LLP consent letter, dated April 20, 2022 (incorporated by reference to Exhibit 16.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on April 20, 2022)
21.1	Subsidiaries of Ramaco Resources, Inc. (incorporated by reference to Exhibit 21.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Commission on March 14, 2023)
23.1	Consent of MCM CPAs & Advisors LLP (incorporated by reference to Exhibit 23.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Commission on March 14, 2023)
*23.2	Consent of Weir International, Inc.
23.3	[Reserved]
23.4	Consent of  Crowe LLP (incorporated by reference to Exhibit 23.4 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Commission on March 14, 2023)
23.5	Consent of Briggs & Veselka Co. (incorporated by reference to Exhibit 23.5 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Commission on March 14, 2023)
31.1	Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (incorporated by reference to Exhibit 32.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Commission on March 14, 2023)
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (incorporated by reference to Exhibit 32.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Commission on March 14, 2023)
95.1	Mine Safety Disclosure (incorporated by reference to Exhibit 95.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Commission on March 14, 2023)
*96.1	Mineral resource and reserve estimates at the Berwind Complex, dated April 4, 2023, with an effective date of December 31, 2022
*96.2	Mineral resource and reserve estimates at the Knox Creek Complex, dated April 4, 2023, with an effective date of December 31, 2022

11

96.3	Mineral resource and reserve estimates at the Elk Creek Complex, dated November 22, 2022, with an effective date of December 31, 2021 (incorporated by reference to Exhibit 96.2 of Amendment No. 1 to the Company’s Annual Report on Form 10-K/A (File No. 001-38003) filed with the Commission on January 10, 2023)
*101	Interactive Data Files including the following information from the Annual Report on Form 10-K for the fiscal year ended December 31, 2022, formatted in inline extensible business reporting language (“Inline XBRL”): (i) Cover Page Interactive Data and (ii) the Financial Statements listed on the first page of Item 8. The financial information contained in the XBRL-related documents is “unaudited” and “unreviewed.”
*104	Cover Page Interactive Data File (formatted in Inline XBRL and included in the Interactive Data Files submitted under Exhibit 101).

*    Exhibit filed herewith.

†    Management contract or compensatory plan or agreement.

+   Certain schedules and similar attachments have been omitted in reliance on Item 601(a)(5) of Regulation S-K.

The Company will provide, on a supplemental basis, a copy of any omitted schedule or attachment to the SEC or its staff upon request.

12

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

April 7, 2023	By:	/s/ Randall W. Atkins
		Randall W. Atkins
		Chairman, Chief Executive Officer and Director
		(Principal Executive Officer)

13

EX-23.2

Exhibit 23.2

CONSENT OF WEIR INTERNATIONAL, INC.

With respect to the SEC filings by Ramaco Resources, Inc. (the “Company”), including but not limited to its Annual Report on Form 10-K for the year ended December 31, 2022, Weir International, Inc., as independent mining engineers and geologists, hereby consents to the use of information contained in the Technical Report Summaries for each of the Berwind and Knox Creek Complexes, dated April 4, 2023, and incorporation by reference of such information in the Company’s Registration Statements on Form S-8 (File No. 333-265384 and File No. 333-215913) and Form S-3 (File No. 333-261228). We also consent to the reference to Weir International, Inc. in those filings and any amendments thereto.

WEIR INTERNATIONAL, INC.

/s/ Fran X. Taglia

Fran X. Taglia

President

April 7, 2023

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

pursuant to Rule 13a-14(a) and Rule 15d-14(a)

of the Securities Exchange Act of 1934, as amended

I, Randall W. Atkins, certify that:

1. I have reviewed this Annual Report on Form 10-K/A for the year ended December 31, 2022 of Ramaco Resources, Inc.; and

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

Date: April 7, 2023	/s/ Randall W. Atkins
	Randall W. Atkins
	Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer

pursuant to Rule 13a-14(a) and Rule 15d-14(a)

of the Securities Exchange Act of 1934, as amended

I, Jeremy R. Sussman, certify that:

1. I have reviewed this Annual Report on Form 10-K/A for the year ended December 31, 2022 of Ramaco Resources, Inc.; and

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

Date: April 7, 2023	/s/ Jeremy R. Sussman
	Jeremy R. Sussman
	Chief Financial Officer

EX-96.1

Exhibit 96.1

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

Notice

Weir International, Inc. (WEIR) was retained by Ramaco Resources, Inc. (Ramaco) to prepare this Technical Report Summary (TRS) related to Ramaco’s Berwind Complex. This report provides a statement of Ramaco’s coal reserves and resources at its Berwind Complex, and has been prepared in accordance with the United States Securities and Exchange Commission (SEC), Regulation S-K 1300 for Mining Property Disclosure (S-K 1300) and 17 Code of Federal Regulations (CFR) § 229.601(b)(96)(iii)(B) reporting requirements. This report was prepared for the sole use of Ramaco, and its affiliates and is effective as of December 31, 2022.

This report was prepared by full-time WEIR personnel who meet the SEC’s definition of Qualified Persons (QPs) with sufficient experience in the relevant type of mineralization and deposit under consideration in this report.

In preparing this report, WEIR relied upon data, written reports and statements provided by Ramaco. WEIR has taken all appropriate steps, in its professional opinion, to ensure information provided by Ramaco is reasonable and reliable for use in this report.

The accuracy of reserve and resource estimates are, in part, a function of the quality and quantity of available data at the time this report was prepared. Estimates presented herein are considered reasonable. However, they should be accepted with the understanding that with additional data and analysis available subsequent to the date of this report, the estimates may necessitate revision which may be material. Certain information set forth in this report contains “forward-looking information”, including production, productivity, operating costs, capital costs, sales prices, and other assumptions. These statements are not guarantees of future performance and undue reliance should not be placed on them. The assumptions used to develop the forward-looking information and the risks that could cause the actual results to differ materially are detailed in the body of this report.

WEIR and its personnel are not affiliates of Ramaco or any other entity with ownership, royalty or other interest in the subject property of this report.

Weir International, Inc. hereby consents to the use of Ramaco’s Berwind Complex coal reserve and resource estimates as of December 31, 2022.

Qualified Person:	/s/ Weir International, Inc.
Date:	April 4, 2023
Address:	Weir International, Inc.
	1431 Opus Place, Suite 210
	Downers Grove, Illinois 60515

April 4, 2023 Page i

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

TABLE OF CONTENTS

		Page
1.0	Executive Summary	1
1.1	Property Description	1
1.2	Geological Setting and Mineralization	3
1.3	Exploration	3
1.4	Development and Operations	4
1.5	Mineral Reserve and Resource Estimate	5
1.6	Economic Evaluation	6
1.7	Environmental Studies and Permitting Requirements	8
1.8	Conclusions and Recommendations	9
2.0	Introduction	11
2.1	Registrant	11
2.2	Terms of Reference and Purpose	11
2.3	Sources of Information and Data	12
2.4	Details of the Personal Inspection of the Property	14
2.5	Previous TRS	14
3.0	Property Description	15
3.1	Property Location	15
3.2	Property Area	15
3.3	Property Control	16
3.4	Mineral Control	17
3.5	Significant Property Encumbrances and Permit Status	19
3.6	Significant Property Factors and Risks	19
3.7	Royalty Interest	20
4.0	Accessibility, Climate, Local Resources, Infrastructure, and Physiography	21
4.1	Topography, Elevation, and Vegetation	21
4.2	Property Access	21
4.3	Climate and Operating Season	22
4.4	Infrastructure	22
5.0	History	24
5.1	Previous Operations	24
5.2	Previous Exploration and Development	24
6.0	Geological Setting, Mineralization, and Deposit	26
6.1	Regional, Local, and Property Geology	26
6.1.1	Regional Geology	26
6.1.2	Local Geology	26
6.1.3	Property Geology	27
6.2	Mineral Deposit Type and Geological Model	27
6.3	Stratigraphic Column and Cross section	28

April 4, 2023 Page ii

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

		Page
7.0	Exploration	30
7.1	Non-Drilling Exploration	30
7.2	Drilling	30
7.3	Hydrogeological Data	31
7.4	Geotechnical Data	32
7.5	Site Map and Drillhole Locations	32
7.6	Other Relevant Drilling Data	34
8.0	Sample Preparation, Analyses, and Security	35
8.1	Sample Preparation Methods and Quality Control	35
8.2	Laboratory Sample Preparation, Assaying, and Analytical Procedures	35
8.2.1	SGS North America Inc.	35
8.2.2	Precision Testing Laboratory, Inc	35
8.2.3	Other Laboratories	35
8.3	Quality Control Procedures and Quality Assurance	36
8.4	Sample Preparation, Security, and Analytical Procedures Adequacy	36
9.0	Data Verification	37
9.1	Data Verification Procedures	37
9.2	Data Verification Limitations	38
9.3	Adequacy of Data	38
10.0	Mineral Processing and Metallurgical Testing	39
10.1	Mineral Processing Testing and Analytical Procedures	39
10.2	Mineralization Sample Representation	39
10.3	Analytical Laboratories	39
10.4	Relevant Results and Processing Factors	40
10.5	Data Adequacy	41
11.0	Mineral Resource Estimates	42
11.1	Key Assumptions, Parameters, and Methods	42
11.2	Estimates of Mineral Resources	46
11.3	Technical and Economic Factors for Determining Prospects of Economic Extraction	47
11.4	Mineral Resource Classification	48
11.5	Uncertainty in Estimates of Mineral Resources	51
11.6	Additional Commodities or Mineral Equivalent	52
11.7	Risk and Modifying Factors	52
12.0	Mineral Reserve Estimates	54
12.1	Key Assumptions, Parameters, and Methods	54
12.2	Estimates of Mineral Reserves	55
12.3	Estimates of Reserve Cut-off Grade	56
12.4	Mineral Reserve Classification	56
12.5	Coal Reserve Quality and Sales Price	57
12.6	Risk and Modifying Factors	58

April 4, 2023 Page iii

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

		Page
13.0	Mining Methods	59
13.1	Geotechnical and Hydrological models	59
13.1.1	Geotechnical Model	59
13.1.2	Hydrogeological Model	60
13.1.3	Other Mine Design and Planning Parameters	62
13.2	Production, Mine Life, Dimensions, Dilution, and Recovery	62
13.2.1	Production Rates	62
13.2.2	Expected Mine Life	66
13.2.3	Mine Design Dimensions	66
13.2.4	Mining Dilution	67
13.2.5	Mining Recovery	67
13.3	Development and Reclamation Requirements	67
13.3.1	Underground Development Requirements	67
13.3.2	Reclamation (Backfilling) Requirements	68
13.4	Mining Equipment and Personnel	68
13.4.1	Mining Equipment	68
13.4.2	Staffing	69
13.5	Life of Mine Plan Map	73
14.0	Processing and Recovery Methods	77
14.1	Plant Process and Flowsheet	77
14.2	Plant Processing Design, Equipment Characteristics and Specifications	79
14.3	Energy, Water, Process Materials, and Personnel Requirements	80
15.0	Infrastructure	81
15.1	Roads	81
15.2	Rail	81
15.3	Power	81
15.4	Water	81
15.5	Pipelines	81
15.6	Port Facilities, Dams, and Refuse Disposal	82
15.7	Map of Infrastructure	82
16.0	Market Studies	84
16.1	Markets	84
16.2	Material Contracts	85
16.3	Price Forecast	85
17.0	Environmental Studies, Permitting, and Local Individuals or Groups Agreements	87
17.1	Environmental Studies	87
17.2	Refuse Disposal and Water Management	88
17.3	Permits and Bonding	92
17.4	Local Stakeholders	92
17.5	Mine Closure Plans	93
17.6	Environmental Compliance, Permitting, and Local Individuals or Groups Issues	94

April 4, 2023 Page iv

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

		Page
18.0	Capital and Operating Costs	95
18.1	Capital Expenditures	95
18.2	Operating Costs and Risks	96
19.0	Economic Analysis	101
19.1	Assumptions, Parameters, and Methods	101
19.2	Economic Analysis and Annual Cash Flow Forecast	104
19.3	Sensitivity Analysis	105
20.0	Adjacent Properties	107
21.0	Other Relevant Data and Information	108
22.0	Interpretations and Conclusions	109
22.1	Summary of Interpretations and Conclusions	109
22.2	Significant Risks and Uncertainties	109
23.0	Recommendations	112
24.0	References	113
25.0	Reliance on Information Provided by the Registrant	114

April 4, 2023 Page v

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

		Page
FIGURES
Figure 1.1-1	General Location Map	2
Figure 3.4-1	Coal Control Map	18
Figure 6.3-1	Berwind Stratigraphic Column	28
Figure 6.3-2	Berwind Stratigraphic Sections	29
Figure 7.5-1	Drillhole Locations	33
Figure 10.4-1	Preparation Plant Recovery	41
Figure 11.4-1	Variogram Model Tiller No. 1 Seam Thickness	49
Figure 13.5-1	Life of Mine Plan, Berwind No. 1 Pocahontas 4 Deep Mine	73
Figure 13.5-2	Life of Mine Plan, Laurel Fork Deep Mine	74
Figure 13.5-3	Life of Mine Plan, Triple S Highwall Mine	75
Figure 13.5-4	Life of Mine Plan, Triad No. 2 Deep Mine	76
Figure 14.1-1	Simplified Preparation Plant Flowsheet	78
Figure 15.7-1	Infrastructure Map	83
Figure 16.1-1	Metallurgical Coal Sales Prices	84
Figure 16.1-2	Historical and Forecast Coal Sales Prices	86
Figure 18.1-1	Historical and Projected LOM Plan Capital Expenditures	95
Figure 18.2-1	Berwind Complex Historical and LOM Plan Operating Costs	97
Figure 19.2-1	Annual Cash Flow Forecast	104
Figure 19.3-1	Net Present Value Sensitivity Analysis	106

TABLES

Table 1.4-1	Berwind Complex Historical Production	4
Table 1.5-1	In-Place Coal Resource Tonnage and Quality Estimate, as of December 31, 2022	5
Table 1.5-2	Clean Recoverable Coal Reserve Tonnage and Quality Estimate, as of December 31, 2022	6
Table 1.6-1	Key Operating Statistics	7
Table 1.7-1	Berwind Complex Mining and NPDES Permits	8
Table 3.3-1	Berwind Complex Property Control	17
Table 3.4-1	Berwind Complex Mineral Control	17
Table 3.5-1	Berwind Complex Permit Status	19
Table 5.2-1	Previous Exploration	25
Table 7.2-1	Drilling Programs	30
Table 10.4-1	Historical Preparation Plant Recovery	40
Table 11.1-1	Stratigraphic Model Interpolators	43
Table 11.1-2	Drillhole Statistics	44
Table 11.2-1	In-Place Coal Resource Tonnage and Quality Estimate, as of December 31, 2022	46

April 4, 2023 Page vi

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

		Page
Table 11.4-1	Theoretical Variogram Ranges	50
Table 11.4-2	Statistics for Composited Drillhole Samples	50
Table 12.1-3	Clean Recoverable Coal Reserve Tonnage and Quality Estimate, as of December 31, 2022	55
Table 12.5-1	Average Reserve Coal Quality	57
Table 13.2.1-1	Berwind Complex Historical Clean Production	64
Table 13.2.1-2	Berwind Complex LOM Plan Projected ROM and Clean Production, Preparation Plant Yield, and Tons Sold	64
Table 13.4.1-1	Standard/Typical Continuous Miner Section Equipment	68
Table 13.4.1-2	Berwind Complex Primary Underground Equipment Fleet	69
Table 13.4.2-1	Current Staffing	69
Table 13.4.2-2	LOM Plan Staffing	70
Table 13.4.2-3	Berwind Complex Manhours Worked, NFDL Injuries and NFDL Incidence Rate	71
Table 13.4.2-4	Plant Manhours Worked, NFDL Injuries and NFDL Incidence Rate	72
Table 17.3-1	Berwind Complex Mining and NPDES Permits	92
Table 18.2-1	LOM Plan Annual Operating Cost and Capital Expenditures	99
Table 19.1-1	Annual Cash Flow Forecast Detail	103
Table 19.2-1	After-Tax NPV, IRR, Cumulative Cash Flow, and ROI	104
Table 19.2-2	Key Operating Statistics	105
Table 22.2-1	Berwind Complex Risk Assessment Summary	110
Table 25.1	Information Relied Upon from Registrant	114

APPENDIX A - EXHIBITS

Exhibit 6.3-1 Berwind Complex, Geological Cross Sections 115

April 4, 2023 Page vii

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

1.0 EXECUTIVE SUMMARY

WEIR was retained by Ramaco Resources, Inc. (Ramaco) to prepare a Technical Report Summary (TRS) related to Ramaco’s Berwind Complex coal holdings. This report has been prepared in accordance with the United States Securities and Exchange Commission (SEC), Regulation S-K 1300 for Mining Property Disclosure (S-K 1300) and 17 Code of Federal Regulations (CFR) § 229.601(b)(96)(iii)(B) reporting requirements.

1.1 PROPERTY DESCRIPTION

The Berwind Complex is located approximately 80 miles south of Charleston, West Virginia; 100 miles west of Roanoke, Virginia; 60 miles northeast of Kingsport, Tennessee; and 160 miles east/southeast of Lexington, Kentucky in the vicinity of 37.22 degrees North Latitude and 81.67 degrees West Longitude on the World Geodetic System (WGS 84) reference coordinate system. The complex includes areas in Buchanan and Tazewell Counties, Virginia and McDowell County, West Virginia. The Berwind Complex is within the Southwest Virginia and Southern West Virginia coal fields of the Central Appalachia Coal Producing (CAPP) Region of the United States (see Figure 1.1-1). As can be seen on Figure 1.1-1, the acquisition of the Amonate Property in late 2021 added significant acreage to the Berwind Complex.

The Berwind Complex consists of approximately 62,500 acres of owned and leased coal holdings. Approximately 52 percent of this acreage is in West Virginia and 48 percent is in Virginia. Currently, there are currently three active mines within the complex. The Berwind No. 1 Deep Mine is not currently operating, but is expected to resume production in April 2023.

Active Mines:

· Triad No. 2 Deep Mine in the Pocahontas 6 and 5 seams (the Pocahontas 5 Seam is also taken when in close enough proximity to the main Pocahontas 6 Seam)

· Laurel Fork Deep Mine in the Pocahontas 3 Seam

· Triple S Highwall Mine in the Pocahontas 5 Seam

Evaluation of other prospective mining sites within the Berwind Complex is an on-going activity for Ramaco, as there are many opportunities to add additional mining operations.

April 4, 2023 Page 1

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

Figure 1.1-1 General Location Map

 

April 4, 2023 Page 2

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

1.2 GEOLOGICAL SETTING AND MINERALIZATION

The upper coal seams of interest within the Berwind Complex belong to the Norton Formation in Virginia of Early Pennsylvanian Age, which is stratigraphically equivalent to the Lower Kanawha and New River formations in southwestern West Virginia. The lower coal seams of interest belong to the Pocahontas Formation of the Pottsville Group (Lower Pennsylvanian). The depositional setting for these seams is complex and thought to be upper delta plain, with subsidence controlling the sedimentation rate. The Lower Pennsylvania (Pottsville) sedimentary strata of the coal-bearing rocks of the Pocahontas Formation rest uncomformably on the Mississippian Bluestone Formation of the Mauch Chunk Group.

1.3 EXPLORATION

Drilling has served as the primary form of exploration on the Berwind Complex. In addition to coal-specific exploration drillholes, data from degasification, coal bed methane, and water wells were also implemented to build the geological model. This model was built using a total of 4,188 exploration drillholes and covers the Berwind Complex, as well as the Knox Creek Complex. Approximately 1,900 of these drillholes are within the Berwind Complex.

In addition to exploration drillholes, coal seam outcrop measurements, in-mine measurements, and survey points taken from mine maps of previous operations were considered. A total of 194 seam outcrop measurements, 356 mine measurements, and 887 survey points were used in the geological model, as a supplement to the exploration drillholes.

It is WEIR’s opinion that the adequacy of sample preparation, security, and analytical procedures for holes that were drilled by Ramaco after acquiring the property are acceptable and that these analytical procedures meet typical industry standards.

The adequacy of sample preparation, security, and analytical procedures are generally unknown for holes that were drilled prior to Ramaco acquiring the initial leases in 2011. However, the geologist’s logs for these holes contain sampling descriptions and lithologic descriptions that are sufficiently detailed to ascertain that an experienced geologist supervised the drilling and sampling. It is unknown if all coal quality analyses were performed to ASTM standards by qualified laboratories, as detailed in Section 8.0, however, this legacy drillhole information was included as the samples matched the coal seam intervals and reported quality data that was consistent between the different data sources. Model verifications further support WEIR’s high level of confidence that a representative, valid, and accurate drillhole database and geological model have been generated for the Berwind Complex that can be relied upon to accurately estimate coal resources and reserves.

April 4, 2023 Page 3

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

1.4 DEVELOPMENT AND OPERATIONS

The Berwind Complex currently has three active mines. The three active mines consist of one surface mine with a highwall miner, and two underground room and pillar mines, which use continuous miners for coal production. Ramaco began production of metallurgical coal at the complex in 2017. A majority of the underground mines will implement retreat mining, which typically results in mining recovery of 50 to 80 percent. Contour mining has an average mining recovery of approximately 90 percent, and the highwall mine has an average mining recovery of approximately 40 percent.

The Berwind Complex is mining several seams and seam splits, including the Pocahontas 6, Pocahontas 5, Pocahontas 4, and Pocahontas 3 (in descending order).

Historical coal production from the Berwind Complex, in accordance with the Mine Safety and Health Administration (MSHA) statistics, is summarized in Table 1.4-1 as follows:

Table 1.4-1 Berwind Complex Historical Production

	Clean Tons
Year	Produced (000)
2018		80,923
2019		188,241
2020		147,330
2021		180,588
2022		416,578

The current Berwind Complex Life-of-Mine (LOM) Plan projects mining through 2049, an expected mine life for the complex of 27 years. Ramaco projects total annual production to be approximately 0.9 million clean tons until a second super-section is started in the Berwind No. 1 Deep Mine in 2027. After 2027, average annual production is projected to be 1.2 million clean tons through 2040 when the Berwind No. 1 Deep Mine is nearing end of mine life. After this, the single-section Laurel Fork Deep Mine is currently planned to operate into 2049, at an average annual rate of approximately 307 thousand clean tons per year. 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.

April 4, 2023 Page 4

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

All Run-of-Mine (ROM) coal is washed at the Berwind Preparation Plant. The Berwind Preparation Plant was initially built in 1955 and commissioned in 1957. Ramaco refurbished the preparation plant in 2021 and 2022 based on a design by Ramsey Industrial, with current ROM processing capacity of 600 tons per hour.

The Berwind Complex produces high quality, mid and low volatile metallurgical coal. Historically, the market for metallurgical coal from the Berwind Complex has been for both domestic metallurgical coal consumers and the global seaborne metallurgical coal market.

1.5 MINERAL RESERVE AND RESOURCE ESTIMATE

The Berwind Complex coal resources, as of December 31, 2022, are reported as in-place resources and are exclusive of reported coal reserve tons. Resources are reported in categories of Measured, Indicated and Inferred tonnage, in accordance with Regulation S-K Item 1302(d), summarized in Table 1.5-1 as follows:

Table 1.5-1 In-Place Coal Resource Tonnage and Quality Estimate,

as of December 31, 2022

													Coal Quality (Raw Dry Basis)
	Area		Average Coal		In-Place Resources (000 Tons)								Ash		Relative
Seam	(Acres)		Thickness (Ft)		Measured		Indicated		Total		Inferred		(%)		Density (Lbs/CF)
Red Ash 2		2,420		3.5		15,740		—		15,740		—		8.3		86.48
Tiller		2,210		3.8		11,230		—		11,230		—		22.4		92.68
Greasy Creek 2		675		2.3		3,325		—		3,325		—		30.6		97.27
Pocahontas 11		1,295		3.1		8,030		—		8,030		—		22.6		91.73
Pocahontas 10		2,055		2.8		11,075		—		11,075		—		15.9		87.94
Pocahontas 9-2		5,513		3.2		33,226		45		33,271		—		17.0		86.95
Pocahontas 9-1		5,145		3.0		9,700		15,920		25,620		4,495		17.0		88.61
Pocahontas 6		1,411		2.7		8,303		—		8,303		—		38.1		101.74
Pocahontas 5		7,655		3.0		41,755		1,512		43,267		—		11.4		85.44
Pocahontas 4		6,609		4.5		50,233		6,683		56,916		—		18.2		88.96
Pocahontas 3		22,457		3.0		122,493		8,482		130,975		—		16.2		88.02
Squire Jim		42,670		3.2		243,471		37,734		281,205		—		25.0		94.39
Total		100,115		3.2		558,581		70,376		628,957		4,495		20.4		91.06

Notes:

· 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. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves. Mineral Resources reported here are exclusive of Mineral Reserves.

· Resource economic mineability based on underground minable resources with 2.0 feet minimum seam thickness, surface and highwall mines with 1.0 feet minimum seam thickness, surface and contour mining with a cutoff stripping ratio of 20:1, producing primarily metallurgical mid and low volatile coal product realizing an average sales price of $169 per ton at a cash cost of $101 per clean ton (FOB Mine)

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

The conversion of resources to reserves at the Berwind Complex considers the design of a mine plan accommodating the planned mining equipment and executed in accordance with the MSHA rules and regulations, projected dilution and loss of product coal quality, projected coal sales prices, operating costs, and mineral control to determine if the saleable coal product will be economically mineable.

April 4, 2023 Page 5

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

The coal reserves representing the economically viable tonnage controlled by Ramaco, and estimated in accordance with Regulation S-K Item 1302(e), is summarized in Table 1.5-2 as follows:

Table 1.5-2 Clean Recoverable Coal Reserve Tonnage and Quality Estimate, 

as of December 31, 2022

															Average Coal Quality
															(Raw Dry Basis)
	Product		Total Area		Average Seam		Clean Recoverable Reserve (000 Tons)						Ash		Relative Density
Mine / Seam	Quality		(Acres)		Thickness (Ft)		Proven		Probable		Total		(%)		(Lbs/CF)
Berwind No. 1 Deep Mine Pocahontas 4		Low Vol		7,116		4.2		16,897		26		16,923		23.7		92.82
Laurel Fork Deep Mine Pocahontas 3		Mid Vol		2,536		3.7		6,188		22		6,210		10.6		84.32
Triad No. 2 Deep Mine Pocahontas 6		Low Vol		130		3.5		237		—		237		38.1		101.74
Pocahontas 5		Low Vol		21		2.5		22		—		22		50.1		109.24
Triple S Highwall Mine Pocahontas 5		Low Vol		128		3.1		141		37		178		11.1		84.89
Total				9,931		4.0		23,485		85		23,570		20.3		89.98

Notes:

· 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 based on predominately low and mid volatile metallurgical coal product at an average sales price of $169 per ton and cash cost of $101 per clean ton (FOB Mine)

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

· Mineral Reserves are reported exclusive of Mineral Resources

1.6 ECONOMIC EVALUATION

WEIR prepared a Preliminary Feasibility Study financial model in order to assess the economic viability of the Berwind Complex LOM Plan. Specifically, plans were evaluated using discounted cash flow analysis, incorporating annual revenue projections for the Berwind LOM Plan. Cash outflows such as capital, including preproduction costs, sustaining capital, operating costs, transportation costs, royalties, and taxes are subtracted from cash inflows, resulting in annual cash flow projections. No adjustments are made for inflation and all cash flows are in 2022 United States dollars. WEIR’s study was conducted on an un-levered basis, excluding costs associated with any debt servicing requirements. In its assessment of the Discounted Cash Flow Net Present Value (DCF-NPV), WEIR utilized a discount rate of 10 percent.

April 4, 2023 Page 6

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

The Preliminary Feasibility Study financial model developed for use in this TRS was meant to evaluate the prospects of economic extraction of coal within the Berwind Complex resource area. This economic evaluation is not meant to represent a project valuation. Furthermore, optimization of the LOM Plan was outside of the scope of this engagement.

The results of WEIR’s Preliminary Feasibility Study demonstrated an after-tax DCF-NPV of $405.7 million for the Berwind Complex LOM Plan. Key operational statistics for the LOM Plan, on an after-tax basis, are summarized in Table 1.6-1 as follows:

Table 1.6-1 Key Operating Statistics

	LOM Plan
ROM Tons Produced (000s)		50,717
Clean Tons Produced (000s)		23,607
Preparation Plant Yield (%)		46.5
Tons Sold (000s)		23,584

	($ Per Ton)
Coal Sales Realization	168.87
Direct Cash Costs	100.67
Non-cash Costs	9.41
Total Cost of Sales	110.08
Profit / (Loss)	58.79
EBITDA	68.26
CAPEX	9.77

A sensitivity analysis was undertaken to examine the influence of changes to coal sales prices, production, operating cost, capital expenditures, and the discount rate on the base case after-tax NPV. The sensitivity analysis range (+/- 25 percent) was designed to capture the bounds of reasonable variability for each element analyzed.

The Berwind Complex NPV is most sensitive to changes in coal sales prices and operating costs. It is less sensitive to changes in production and least sensitive to changes in discount rate and capital expenditures.

April 4, 2023 Page 7

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

1.7 ENVIRONMENTAL STUDIES AND PERMITTING REQUIREMENTS

As part of the permitting process required by the Virginia Department of Energy (VDE) and West Virginia Department of Environmental Protection (WVDEP), numerous baseline studies or impact assessments were undertaken by Ramaco. These baseline studies or impact assessments included in the permit are summarized as follows, with pertinent text from the permit replicated below:

· Groundwater Inventory and Baseline Quality

· Surface Water Baseline Quality and Quantity

· Surface Water Runoff Analysis

· Probable Hydrologic Consequences

Based on water samples from adjacent mining and the baseline surface water sampling, acid or toxic mine drainage is not expected or anticipated. All of the Ramaco existing and proposed mines are well above any significantly producing aquifers. Probable Hydrologic Consequence (PHC) studies showed no significant ground or surface water resource is likely to be contaminated, diminished, or interrupted, providing that the approved drainage control and revegetation plans are adhered to throughout existing and planned mining activities.

Coal mines in West Virginia are required to file applications for and receive approval of mining permits issued by the WVDEP to conduct surface disturbance and mining activities. Similar filings are required in Virginia through the VDE. The Berwind Complex has been issued mining permits and associated NPDES permits by the WVDEP and the VDE as shown in Table 1.7.-1 as follows:

Table 1.7-1 Berwind Complex Mining and NPDES Permits

			Permitted
	Permit		Surface Area		Current	NPDES
Property Description	Number	State	(Acres)	Issue Date	Status	Permit No.
Amonate Auger No. 1	S-4005-01	WV	50.35	9/6/2001	Active	WV0049751
Amonate No. 31 Mine	U-0209-83	WV	22.00	11/14/1983	Idle	WV0049751
Berwind Preparation Plant and Refuse	O-0150-83	WV	282.41	11/14/1983	Active	WV0049751
Amonate Impoundment	1302370	VA	75.00	4/18/2022	Active	0082251
Berwind Deep Mine No. 1	U-3008-16	WV	34.58	6/26/2017	Active	WV1028952
Berwind Deep Mine No. 1	1202294	VA	—	5/20/2019	Active	0082294
Berwind Poca 6 Seam Deep Mine	U-5007-21	WV	8.23	4/14/2022	New	WV1028952
Dry Fork Mine	1402369	VA	40.73	4/18/2022	Idle	0082153
Laurel Fork Mine (Harvest Time No. 6)	U-4004-11	WV	7.12	11/20/2012	Active	WV1024281
Laurel Fork Mine (Harvest Time No. 6)	1202367	VA	—	4/12/2022	Active	0082155
Vica Deep Mine (Hiope No. 7)	U-0012-84	WV	11.91	1/17/1984	Idle	WV0021687
Squire Jim Deep Mine No. 1	U-3004-18	WV	8.83	8/31/2020	Idle	WV1029088
Squire Jim Deep Mine No. 2	U-4003-04	WV	7.31	10/17/2005	Idle	WV1021222
Squire Jim Deep Mine No. 2	1202366	VA	—	4/11/2022	Idle	0082154
Squire Jim Deep Mine No. 4	U-4013-08	WV	8.25	12/4/2009	Idle	WV1023837
Triad Pocahontas 4 Prospect	P-3009-21	WV	9.10	9/8/2022	Closed	N/A
Triad Pocahontas 4 Deep Mine	U-5004-19	WV	6.63	3/2/2020	MinedOut	WV1028952
Triad 2 Pocahontas 6 Deep Mine	P-3001-23	WV	5.98	2/16/2023	Active	N/A
Triple S Highwall Mine (Auger II)	S-4004-03	WV	221.53	11/21/2003	Inactive	WV1021141
Vica Deep Mine	U-0011-85	WV	2.34	2/25/1985	Phase 2	WV1005685
Vica Deep Mine (Hiope No. 7)	1202364	VA	—	Pending	Phase 2	0082100
Total			802.30

April 4, 2023 Page 8

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

As of December 31, 2022, Ramaco estimated an ARO reclamation liability of $4.9 million for its disturbed permit acreage, which is covered with a total bond amount of $3.6 million.

Ramaco currently employs approximately 210 personnel at the Berwind Complex and is projected to have maximum employment of 257 personnel through its Berwind Complex LOM Plan. The Berwind Complex also creates substantial economic value with its third-party service and supply providers, utilities, and through payment of taxes and fees to local, state and federal governments.

Ramaco’s environmental citations issued by the WVDEP and VDE are typical of similar citations issued to other operators in southern West Virginia and Southwestern Virginia. Most of these violations or citations were quickly abated and none were significant in nature.

Based on WEIR’s review of Ramaco’s plans for environmental compliance, permit compliance and conditions, and dealings with local individuals and groups, Ramaco’s efforts are adequate and reasonable in order to obtain necessary approvals relative to its mine plans.

1.8 CONCLUSIONS AND RECOMMENDATIONS

Ramaco has a long operating history of resource exploration, mine development, and mining operations at the Berwind Complex, with extensive exploration data including drillholes, in-mine seam thickness and elevation measurements, and in-mine channel samples supporting the determination of mineral resource and reserve estimates, and economic viability. The data has been reviewed and analyzed by WEIR and determined to be adequate in quantity and reliability to support the coal resource and coal reserve estimates in this TRS.

Ramaco basically has full mineral control through current leases for all existing and planned mines included in the Berwind Complex LOM plan. There are approximately 62 acres out of 5,877 acres of the mine plan layout that are not currently controlled by Ramaco (1 percent uncontrolled). These tracts do not threaten the overall LOM plans. As similar for most mines, such uncontrolled tracts are either negotiated in time, or plans are modified to mine around any adverse tracts.

The coal resource and coal reserve estimates and supporting Preliminary Feasibility Study were prepared in accordance with Regulation S-K 1300 requirements. There are 629.0 million in-place tons of measured and indicated coal resources, exclusive of reserves, and 23.6 million tons of proven and probable clean recoverable underground mineable coal reserves within the Berwind Complex, as of December 31, 2022. Reasonable prospects for economic extraction were established through the development of a Preliminary Feasibility Study relative to the Berwind Complex LOM Plan, considering historical mining performance, historical and projected metallurgical coal sales prices, historical and projected mine operating costs, and recognizing reasonable and sufficient capital expenditures.

April 4, 2023 Page 9

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

The ability of Ramaco, or any coal company, to achieve production and financial projections is dependent on numerous factors. These factors primarily include site-specific geological conditions, the capabilities of management and mine personnel, level of success in acquiring reserves and surface properties, coal sales prices and market conditions, environmental issues, securing permits and bonds, and developing and operating mines in a safe and efficient manner. Unforeseen changes in legislation and new industry developments could substantially alter the performance of any mining company.

Coal mining is carried out in an environment where not all events are predictable. While an effective management team can identify known risks and take measures to manage and/or mitigate these risks, there is still the possibility of unexpected and unpredictable events occurring. It is not possible therefore to totally remove all risks or state with certainty that an event that may have a material impact on the operation of a coal mine will not occur.

WEIR assessed that the risks associated with the economic mineability of the Berwind Complex were low to moderate and adds that the majority of the risks can be kept low and/or mitigated with efficient and effective mine planning and mine engineering, and monitoring of the mining operations.

WEIR recommends that any future exploration work and mineral property acquisition should include what has been historically implemented related to the following:

· Have an experienced geologist log core holes, measure core recovery, and complete sampling. Geophysically log core holes to verify seam and coal thickness and core recovery.

· Geophysically log rotary holes to verify strata and coal thickness.

· Continue to prepare laboratory sample analysis at 1.40 and 1.50 specific gravities to better match the preparation plant specific gravity.

· Continue collecting in mine channel samples

April 4, 2023 Page 10

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

2.0 INTRODUCTION

2.1 REGISTRANT

WEIR was retained by Ramaco (Nasdaq: METC) to prepare a TRS related to Ramaco’s Berwind Complex coal holdings.

The Berwind Complex is located approximately two miles from the town of Berwind, West Virginia, 80 miles south of Charleston, West Virginia; 100 miles west of Roanoke, Virginia; 60 miles northeast of Kingsport, Tennessee; and 160 miles east/southeast of Lexington, Kentucky. The Berwind Complex is located in McDowell County, West Virginia, and Buchanan, and Tazewell Counties, Virginia (see Figure 1.1-1).

2.2 TERMS OF REFERENCE AND PURPOSE

This TRS was prepared specifically for Ramaco’s Berwind Complex. The reserves and resources at the Berwind Complex have been classified in accordance with SEC mining property disclosure rules under Subpart 1300 and Item 601 (96)(B)(iii) of Regulation S-K. Unless otherwise stated, all volumes, qualities, distances, and currencies are expressed in United States customary units.

The accuracy of reserve and resource estimates are, in part, a function of the quality and quantity of available data at the time this report was prepared. Estimates presented herein are considered reasonable, however, estimates should be accepted with the understanding that with additional data and analysis subsequent to the date of this report, the estimates may necessitate revision which may be material. Certain information set forth in this report contains “forward-looking information”, including production, productivity, operating costs, capital expenditures, coal sales prices, and other assumptions. These statements are not guarantees of future performance and undue reliance should not be placed on these statements. The assumptions used to develop the forward-looking information and the risks that could cause the actual results to differ materially are detailed in the body of this report.

For the Berwind Complex, this TRS reports both mineral reserves and resources (exclusive of reserves). Supporting the assessment of the economic mineability of reported reserves and prospects of economically feasible extraction of reported resources, this TRS includes summary detail of a Preliminary Feasibility Study conducted relative to the Berwind Complex.

April 4, 2023 Page 11

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

WEIR’s evaluation of coal reserves and resources was conducted in accordance with Regulation S-K 1300 definitions for Mineral Resource, Mineral Reserve and Preliminary Feasibility Study as follows:

· Mineral Resource is a concentration or occurrence of material of economic interest in or on the earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

· Mineral Reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the Qualified Person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

· Preliminary Feasibility Study is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a Qualified Person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product.

2.3 SOURCES OF INFORMATION AND DATA

The primary information used in this study was obtained from the following sources:

· Geological data that was exclusively provided by Ramaco geology and engineering personnel. The geological data includes drillhole information such as driller’s logs, geologist’s logs, both full and partial scans of geophysical logs, survey data, coal quality laboratory certificates, and MS Excel™ (Excel) versions of drillhole survey, lithology and quality data. Additionally, WEIR was provided with in-mine seam measurement thicknesses, mine channel samples, and other base geological data.

· Mineral and surface ownership maps, and supplemental files were provided exclusively by Ramaco.

April 4, 2023 Page 12

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

· Site visits by WEIR Qualified Persons (QPs) on November 30, 2021, and January 27, 2023.

· Interviews between WEIR personnel and Ramaco personnel including:

⮚ Senior V.P., General Counsel and Secretary

⮚ Director of Financial Reporting and Accounting

⮚ Chief Operating Officer

⮚ Contract Geologist

⮚ V.P. of Safety

⮚ V.P. of Surface Mining Operations

⮚ V.P. of Underground Mining Operations

⮚ Mine Managers

· Historical production, productivity, staffing levels, operating costs, capital expenditures, and coal sales revenue provided by Ramaco.

· LOM Plan projections and cost models provided by Ramaco.

· Coal processing and handling facilities plot plans and flow sheets provided by Ramaco.

· Health, safety, and environmental issues discussed during interviews between WEIR personnel and Ramaco personnel.

· Current mine permit information, in addition to recent permit revisions and renewals, from documents provided by Ramaco and data that is publicly available from the WVDEP and VDE.

· Current and projected mine plans, including production, productivity, operating costs, and capital expenditures required to sustain projected levels of production for the Berwind Complex provided by Ramaco, and all data was reviewed for reasonableness by WEIR.

· Market outlook and coal sales price projections provided by Ramaco.

· Projected reclamation costs for mine closure activities provided by Ramaco.

A detailed list of all data received and reviewed for this study is provided in Sections 24.0 and 25.0 of this TRS.

April 4, 2023 Page 13

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

2.4 DETAILS OF THE PERSONAL INSPECTION OF THE PROPERTY

WEIR personnel visited the Berwind Complex on November 30, 2021 and January 27, 2023. While on-site, WEIR personnel conducted interviews with company and mine management relative to the following key topics:

· Geology

· Property

· Infrastructure

· Mine Plan, Production and Productivity

· Preparation Plant and Coal Handling Facilities

· Operating Costs and Capital Expenditures

· Marketing

· Environmental and Compliance

· Risks and Uncertainties

Key areas inspected by WEIR personnel at the Berwind Complex included the following:

· Mine surface operations including office, maintenance, and warehouse facilities

· Berwind Preparation Plant, stockpiles, and rail loadout facilities

· Mine operations

⮚ Berwind No. 1 Pocahontas 3 and 4 Deep Mines

⮚ Triad Pocahontas 4 Deep Mine

⮚ Triad No. 2 Pocahontas 6 and 5 Deep Mine Face-up and facilities

⮚ Triple S Pocahontas 5 Highwall Mine

⮚ Laurel Fork Pocahontas 3 Deep Mine Face-up and facilities

· Berwind’s Refuse Disposal Facility

Based on WEIR’s inspections of the Berwind Complex, the mines, preparation plant and associated infrastructure facilities, and equipment are well maintained and operated with regard for all state and federal rules and regulations related to mine safety and health standards.

2.5 PREVIOUS TECHNICAL REPORT SUMMARY

This TRS is an update to the Berwind Complex TRS dated November 22, 2022. Approximately 30,000 acres of fee coal property was added to the Berwind Complex through purchase of the Coronado Global Resource Amonate Property. This purchase was completed in December 2021. The purchase also included a coal handling and preparation plant. Ramaco’s mines within the Berwind Complex will no longer utilize the Knox Creek Preparation Plant. Further, coal produced from within the Big Creek Property will continue to be processed at the Knox Creek Preparation Plant, references to references to the Big Creek Property were removed from this revised TRS and are included in a new TRS for Ramaco’s Knox Creek Complex. The changes noted above were determined by Ramaco to warrant the preparation of this updated TRS.

April 4, 2023 Page 14

Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

3.0 PROPERTY DESCRIPTION

3.1 PROPERTY LOCATION

The town of Berwind, West Virginia is located approximately two miles northeast of the central area of the Berwind Complex. The Berwind Complex is generally located approximately 80 miles south of Charleston, West Virginia; 100 miles west of Roanoke, Virginia; 60 miles northeast of Kingsport, Tennessee; and 160 miles east/southeast of Lexington, Kentucky at 37.22 degrees North Latitude and 81.67 degrees West Longitude on the WGS 84 reference coordinate system. The comprised properties are fairly remote containing scattered rural residences and some small towns.

The Berwind Complex is within the Southern West Virginia and Southwest Virginia Coal Fields of the CAPP Region of the United States (see Figure 1.1-1). The USGS 7.5-minute quadrangle map sheets are Jewell Ridge, Richlands, War, Amonate, Pounding Mill, Gary, Tazewell North, and Tiptop.

3.2 PROPERTY AREA

The Berwind Property consists of approximately 62,500 acres of leased coal holdings located in McDowell County, West Virginia and Buchanan and Tazewell Counties, Virginia. Ramaco obtained the initial lease for this property in 2015 and commenced mine operations in 2017.

The Berwind Property’s surface facilities are located within the Berwind Property’s permit area, near the central area of the southern boundary of the permit. The surface facilities include a mine office, bath house, and parking lot near the Berwind No. 1 Pocahontas 3 Deep Mine. The Berwind coal handling and preparation plant facility is adjacent to and east of the surface facilities.

Currently, there are three active mines on the Berwind property:

· Laurel Fork Pocahontas 3 Deep Mine

· Triad No. 2 Deep Mine

· Triple S Surface and Highwall Mine

In addition to the active mines, the Berwind No. 1 Pocahontas 4 Deep Mine is idle, within plans to be reactivated in April 2023.

April 4, 2023 Page 15

Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

Ramaco started operations at the Berwind No. 1 Pocahontas 4 Deep Mine in 2017 and idled the mine in mid-July 2022 due to an ignition. An investigation by MSHA suggests the ignition was caused by lightning that struck a pilot hole for a new shaft. The final MSHA report on this incident has not yet been released. Ramaco currently has control of the mine, however, some regulatory steps remain before operations can be re-started.

The Triad Pocahontas 4 Deep Mine commenced operation in 2021 and depleted its reserves in 2022. There is an additional permitted mine, Squire Jim No. 1 Deep Mine, which does not yet have a scheduled startup date.

Amonate Property

In December 2021, Ramaco completed the acquisition of the Amonate Property located adjacent to its existing Berwind Property. The acquisition of this Amonate Property from Coronado Global Resources involved approximately 30,250 acres and includes approximately 401 million tons of low and mid volatile in-place resources, several permitted mining operations, and a preparation plant. The reserves within the Amonate Property acquisition are included in this TRS and are now part of the Berwind Complex.

Ramaco supplied copies of deeds and lease agreements, and property control maps to WEIR related to properties for which mineral and/or surface property are controlled by Ramaco. WEIR reviewed this information and found no property boundary disputes or other concerns that would signal concern over future mining operations or development potential.

3.3 PROPERTY CONTROL

Ramaco’s Berwind Complex coal holdings over the 62,500 acres consist of both leases and fee simple coal properties. Approximately 52 percent of the holdings are leased from the Berwind Land Company (BLC), with the original lease executed in August 2015. Fee simple coal makes up the remaining 48 percent of coal holdings. Approximately 844 acres (1.4 percent) within the Berwind Complex are uncontrolled mineral properties.

Within the Berwind Complex, leases typically apply to specific seams, or a vertical range of seams. Therefore, the seams controlled often vary from lease to lease for specific areas across the complex. Table 3.3-1 below shows the various property control contracts.

April 4, 2023 Page 16

Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

Table 3.3-1 Berwind Complex Property Control

Area	Document Type	Quantity
Original Berwind Property	Coal Leases/Coal Subleases	63
	Deeds	340
	Mutual Cooperation Agreement	1
	Right of Way	1
	Right of Entry	1
	Assignments	2
Amonate Acquisition	Assignment of Leases	4
	Special Warranty Deed	2
	Easement	1
	Railroad Permit	1

3.4 MINERAL CONTROL

The Original Berwind Property mineral control is detailed in Table 3.4-1 below and has not changed from the previous TRS:

Table 3.4-1 Berwind Complex Mineral Control

			Mineral Control
Area	File Number	Document Type	Seams	Expiration Date (1)
Original Berwind Property
	15	Coal Lease	Poca 4, Poca 3 and Squire Jim Only	8/17/2030 Extensions of 1 year until all coal exhausted
	16	Coal Sublease	Poca 4, Poca 3 and Squire Jim Only	8/17/2025 Extensions of 5 year until all coal exhausted
	17	Mutual Cooperation Agreement		N/A
	18	Coal Lease	Poca 5 and Above	2/26/2025 With an additional 10 year term, then extensions of 1 year until all coal exhausted
Amonate Acquisition Property
	1	Special Warrenty Deed	Poca 5, Poca 3	NA
	2	Assignment of Leases	Squire Jim Only	Shall continue until all mineable coal has been removed
	3	Assignment of Leases	Squire Jim Only	Shall continue until all mineable coal has been removed
	4	Special Warrenty Deed	Varies	NA
	5	Assignment of Leases	Varies	Varies
	6	Partial Assignment of Leases	All coal below drainage	6/1/2025 Extensions of 10 years, not to excedd 20 years
	19	Coal Sublease	Same as Base Lease	11/11/2022 Extensions of 1 year until all coal exhausted

⁽¹⁾ Expiration dates on leases can be extended

For mineral control detail on the Amonate Property, refer to Figure 3.4-1 below. It should be noted that the Amonate Property Squire Jim Seam Lease, shown on Figure 3.4-1 is in addition to the coal leases described above in Table 3.4-1.

April 4, 2023 Page 17

Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

Figure 3.4-1 Coal Control Map

 

April 4, 2023 Page 18

Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

3.5 SIGNIFICANT PROPERTY ENCUMBRANCES AND PERMIT STATUS

WEIR has not discovered any significant encumbrances for any of the tracts within the Berwind Complex.

A list of Ramaco’s permits for the Berwind Complex and permit status is shown in Table 3.5-1, with a more detailed description of the permits discussed in Section 17.3.

Table 3.5-1 Berwind Complex Permit Status

			Permitted
	Permit		Surface Area		Current	NPDES
Property Description	Number	State	(Acres)	Issue Date	Status	Permit No.
Amonate Auger No. 2	S-4004-03	WV	222	11/21/2003	Inactive	WV1021141
Amonate No. 31 Mine	U-0209-83	WV	22	11/14/1983	Idle	WV0049751
Berwind Preparation Plant	P-0590-00	WV	282	11/14/1983	Active	WV0049751
Berwind Refuse Facility	O-5006-20	WV	388	10/21/2022	Active
Berwind Refuse Facility	1011220	VA	75	4/18/2022	Active
Berwind Deep Mine No. 1	U-3008-16	WV	35	6/26/2017	Active	WV1028952
Berwind Deep Mine No. 1	1202294	VA	—	5/20/2019	Active	N/A
Berwind Poca 6 Seam Deep Mine	U-5007-21	WV	8	4/14/2022	New	WV1028952
Dry Fork Mine	1011217	VA	41	4/18/2022	Idle	N/A
Laurel Fork Pocahontas 3 Deep Mine	U-4004-11	WV	7	11/20/2012	Active	WV1024281
Laurel Fork Pocahontas 3 Deep Mine	1011219	VA	—	4/12/2022	Active	N/A
Hiope No. 7 Deep Mine	U-0012-84	WV	12	1/17/1984	Idle	WV0021687
Squire Jim Deep Mine No. 1	U-3004-18	WV	9	8/31/2020	Idle	WV1029088
Squire Jim Deep Mine No. 2	U-4003-04	WV	7	10/17/2005	Idle	WV1021222
Squire Jim Deep Mine No. 2	1011218	VA	—	4/11/2022	Idle	N/A
Squire Jim Deep Mine No. 4	U-4013-08	WV	8	12/4/2009	Idle	WV1023837
Triad Pocahontas 4 Prospect	P-3009-21	WV	6	9/8/2022	Closed	N/A
Triad Pocahontas 4 Deep Mine	U-5004-19	WV	7	3/2/2020	MinedOut	WV1028952
Triad 2 Pocahontas 6 Deep Mine	P-3001-23	WV	6	2/16/2023	Active
Triple S Highwall Mine	S-4005-01	WV	50	9/6/2001	Active	WV0049751
Vica Deep Mine	U-0011-85	WV	2	2/25/1985	Idle	WV1005685
Vica Deep Mine	1202364	VA	—	Pending		N/A
Total			1,187

3.6 SIGNIFICANT PROPERTY FACTORS AND RISKS

Given Ramaco’s controlled interests at the Berwind Complex, which relate in part to property that is held by others and leased to Ramaco, WEIR assesses that there are no significant issues affecting access to the coal interests, or Ramaco’s ability to execute its mine plans.

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Technical Report Summary
Berwind Complex
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WEIR did not conduct an independent verification of property control, nor has it independently surveyed the mining locations. WEIR has relied on information compiled from maps and summaries of the owned and leased properties prepared by Ramaco. WEIR did not conduct a legal title investigation relative to Ramaco’s mineral and surface rights. Historically, property control has not posed any challenges related to Ramaco’s operations.

3.7 ROYALTY INTEREST

Within the Berwind Complex, Ramaco holds no material royalty or similar interest in property which is owned or operated by another party.

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Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY

4.1 TOPOGRAPHY, ELEVATION, AND VEGETATION

The Berwind Complex is in the southwestern part of the Appalachian Plateau Province directly north and adjacent to the Valley and Ridge Province. It is in the Cumberland Mountain zone of the Appalachian Plateau. The terrain is mountainous, steep, and rugged with elevations ranging from approximately 1,120 feet above Mean Sea Level (MSL) along the valley bottoms to over 4,040 feet above MSL along the ridges, averaging 2,230 feet. The landscapes are well-dissected with dendritic drainage systems. There are no major rivers in the area, however, there are numerous small creeks throughout the complex. The Dry Fork, Jacobs Fork, Indian Creek, and War Creek rivers, all tributaries of the Tug Fork River of the Ohio River watershed, traverse the complex. Topography and other features of the area are shown on Figure 7.5-1.

The Berwind Complex consists mostly of unmanaged forestland and scattered pastureland. The forestland consists of typical trees for this area of the Appalachians, with Oak/Hickory as the dominant forest-type group and a lesser percentage of the Maple/Beech/Birch forest-type group.

The wildlife indigenous to the area is typical of the species and diversities associated with the geographical and climatic areas within which the proposed surface mine site is located. Reconnaissance of the area affected by the proposed mining determined that the following species are or have been present: Whitetail Deer, Fox Squirrels, Gray Squirrels, Ground Squirrels, Eastern Opossums, Raccoon, Rabbits, Eastern Black Bear, Wild Turkey, and numerous species of birds. On the basis of numerous reconnaissance surveys, no endangered or threatened species of plants or animals, or habitats of such species were found to exist within or adjacent to the mine permit areas.

4.2 PROPERTY ACCESS

The primary access road to the properties is US Route 460, a four-lane highway, located south of the Berwind Complex. From US Route 460, Virginia Route 637 and connecting West Virginia Routes 9 and 11 can be used to access the Berwind Complex to the north.

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Berwind Complex
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The Norfolk Southern (NS) Railroad passes through and has a rail spur to facilities within the Berwind Complex. The NS Railroad provides rail service in the area extending from Amonate, Virginia northward through Berwind, West Virginia (see Figure 1.1-1).

The nearest airport is the Tri-Cities Airport (TRI), which is located in Bristol, Tennessee, approximately 90 miles from Berwind, West Virginia. The Yeager International Airport (CRW) in Charleston, West Virginia, is located 120 miles from Berwind, West Virginia.

The surrounding waterways are not navigable for commercial traffic. The closest barge docking area is approximately 70 miles to the north of the complex on the Kanawha River, south of Charleston, West Virginia.

4.3 CLIMATE AND OPERATING SEASON

The climate associated with the Berwind Complex is classified as a humid continental, characterized by hot, humid summers and moderately cold winters. Climate conditions vary greatly in the state of West Virginia due to influence of the rugged topography. Average high temperatures range from 82 to 87 degrees Fahrenheit in the summer, with average low temperatures ranging from 20 to 25 degrees Fahrenheit in winter. Average yearly rainfall measured in nearby Logan, West Virginia is approximately 47 inches per year, with approximately 1.6 inches occurring as snowfall. The mines on the Berwind Complex currently operate year-round, regardless of weather conditions.

4.4 INFRASTRUCTURE

Power

Electrical power for the Berwind Preparation Plant and mines on the Berwind Complex is provided by American Electric Power (AEP). AEP’s average industrial price is approximately 10 cents per kWh, which is slightly higher than the U.S. national average industrial price of 8.63 cents per kWh (EIA.gov statistics, December 2022).

Water

Water for mining and coal processing operations is provided by a combination of extraction from abandoned underground mine pools and from settling ponds located on the surface. Individual mine sites use purchased potable water. The Berwind mine offices and preparation plant obtain potable water from on-site wells. Ramaco has on-site water treatment facilities as well.

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Technical Report Summary
Berwind Complex
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Personnel

The area surrounding the Berwind Complex has a long history of coal mining and attracting mining personnel with qualified skills has not been an issue for Ramaco thus far. The Berwind Complex is projected to employ a maximum of 257 personnel over the LOM Plan. The Berwind Complex operations employed approximately 210 personnel at the end of December 2022. The hourly labor force remains non-union and no change in this labor arrangement is anticipated in the near term.

Supplies

Supplies for the mining operations are available from multiple nearby vendors that service the coal industry in the CAPP Region. There are 10 Caterpillar mining equipment dealerships located within 50 miles of the Berwind Complex. There are three Komatsu/Joy Manufacturing mining equipment dealerships within 50 miles of the Berwind Complex.

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Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

5.0 HISTORY

5.1 PREVIOUS OPERATIONS

The Berwind Complex and surrounding area has an extensive history of coal mining, primarily by underground mining methods. Detailed underground mine maps showing previous mine workings were provided by Ramaco. Other sources of maps showing previous mine workings that WEIR referenced were from the West Virginia Geological and Economic Survey, the Virginia Department of Mines Minerals and Energy, the USGS, and the MSHA. Mining within the Berwind Complex began in the early 1900s. There have been many different mine operators both large and small in the region since then.

Areas of the Berwind Property have been previously surface and underground mined. Within the Berwind Property, mining has occurred in seams above the Pocahontas No. 4 Seam in some reserve areas, notably in the Pocahontas 11 Seam (also locally known as the War Creek or Beckley Seam). Previously mined out areas on the property were provided to WEIR by Ramaco, however, WEIR has not verified, nor field checked these previously mined out areas.

The Amonate Property has had many ownership exchanges. Records indicate that coal was first produced on the property by Pocahontas Fuel Company beginning in 1926 and through the 1940s. A predecessor of Consolidation Coal Company acquired the property in 1956 and resumed operations in 1975. Coronado acquired the property from CONSOL in 2016. Ramaco acquired the property from Coronado in late 2021. Prior to Ramaco, no production had occurred in this area since 2012.

5.2 PREVIOUS EXPLORATION AND DEVELOPMENT

Prior to Ramaco’s control of the property in 2021, previous exploration included 4,821 holes drilled within or in proximity to both Ramaco’s Berwind and Knox Creek Complexes. Previous exploration activity dates back prior to 1910. A list of companies conducting exploration, number of holes drilled, total footage drilled, and approximate dates are shown in Table 5.2-1. Since property ownership has changed several times over the years, prior exploration drilling records are not fully available in original form.

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Berwind Complex
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Table 5.2-1 Previous Exploration

Company	Drill Holes	Drilled Footage	Year Drilled
Anker Coal Group, Inc.	57	25,087	Unknown
Consol Energy, Inc.	3,474	4,497,009	1970s-1980s
Georgia-Pacific	31	39,355	Unknown
Harmon Coal Company	1	750	Unknown
Island Creek Coal Coampany	70	114,561	Unknown
Jewell Ridge Coal Company	241	125,314	1960s-1990s
Jewell Smokeless Coal Corporation	473	221,931	1940s-2013
New River & Pocahontas Consolidated	73	50,287	1910s-Unknown
Olga Mining Company	22	17,434	Unknown
Paramont Coal Company Virginia, LLC	9	3,828	Unknown
Permac, Inc.	19	7,029	Unknown
Pocahontas Fuel Company, Inc.	25	18,649	Unknown
Republic Steel Corporation	98	47,738	Unknown
United Coal Company	126	53,973	Unknown
US Steel Corporation	1	617	Unknown
West Virginia Geological & Economic Survey	2	9	Unknown
Unknown	99	5,688	Unknown
Total	4,821	5,229,258

As can be seen in Table 5.2-1, Ramaco’s Berwind and Knox Creek Complexes have a rich history of coal exploration. It should be noted that Consol Energy, Inc. has an exceptionally large number of drillholes because of its substantial participation in the natural gas industry in the area.

Organizing significantly large amount of data requires performing tasks such as; 1) removing drillhole duplicates (especially where companies change drillhole names to match their own naming conventions), 2) resolving multiple copies of drillholes “shared” between companies (i.e. different companies own different seams over the same area and agree to “share” drillhole data, but delete the data for their seams before sharing), 3) resolving localized seam naming differences, and 4) resolving different coordinate systems. These are significant (and on-going) tasks for Ramaco. WEIR’s review of Ramaco’s current drillhole database is highly complementary based on the results of its work to date on these matters. Based upon thorough review of Ramaco’s compilation of this historical drilling data, it is WEIR’s opinion that this historical data is reliable for use in generating an accurate geological and quality model for the Berwind Complex.

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Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

6.0 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT

6.1 REGIONAL, LOCAL, AND PROPERTY GEOLOGY

6.1.1 Regional Geology

The uppermost coal seams of interest (Jawbone and Tiller seams) within the Berwind Complex belong to the Norton Formation in Virginia of Early Pennsylvanian Age, which is stratigraphically equivalent to the Lower Kanawha and New River formations in southwestern West Virginia. The lower and primary coal seams of interest (Pocahontas and Squire Jim seams) belong to the Lee Formation of the Pottsville Group (Lower Pennsylvanian). The depositional setting for these seams is complex and thought to be upper delta plain, with subsidence controlling the sedimentation rate. The Lower Pennsylvania (Pottsville) sedimentary strata of the coal-bearing rocks of the Pocahontas Formation rest uncomformably on the Mississippian Bluestone Formation of the Mauch Chunk Group.

The Norton and Lee Formations (Virginia nomenclature) encompass the Berwind Complex, which additionally is within the western margin of the folded and faulted Central Appalachian Basin, with deformation occurring during the Alleghany (post-Permian) Orogeny. The Dry Fork Anticline is a regionally persistent fold, which extends from Buchanan County, Virginia to Mercer County, West Virginia. The anticline passes through the center of the complex and plunges to the southwest. North of the Dry Fork Anticline, coal beds dip at approximately one degree to the northwest, while to the south, seams dip one to two degrees toward the Boissevain Fault to the south/southwest.

The coalbeds of the Norton Formation are interbedded with sandstones, shales, siltstones, and underclays. The sandstones are light gray, very fine to coarse grained, thin bedded to massive, and crossbedded, and consist of 50 to 65 percent quartz, with large proportions of white-weathering feldspar, mica flakes and dark mineral grains. The shales are medium to dark, thinly laminated, and carbonaceous. Horizontally laminated or crossbedded medium light gray siltstones and medium gray clayey to silty underclays occur in thin beds throughout the formation.

6.1.2 Local Geology

The coal seams of interest within the Berwind Complex are in the Southwest Virginia Coal Field and the Southern Coal Field in West Virginia. These coal seams are known for very high calorific value (Btu/lb) and high through low-volatile metallurgical coal characteristics, with high fluidity, low ash content, and low sulfur content.

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Technical Report Summary
Berwind Complex
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The Boissevain and Middle Creek faults are major northeast/southwest trending thrust faults, which pass through the southern boundary of the Berwind Complex and basically cut off resources to the south. The strata on the southeast side of the fault has been thrust upward, relative to the strata on the northern side, along a plane which is, in most places, inclined at approximately 45 degrees. Along much of the length of the fault, the strata have been overturned, and the fault offset is over 200 feet. The Boissevain and Middle Creek faults parallel the Richlands Fault, another large thrust fault to the south of the property, where Mississippian Age strata have been thrust above the Pennsylvanian coal-bearing formations. No mining has occurred south of the Boissevain and Middle Creek faults, within or near the complex.

The Canebrake Fault is a northwest/southeast trending fault, with an offset of approximately 200 feet based on evaluation of drillhole information. The upthrown side is to the north of the fault. Underground mining in the Red Ash Seam has occurred on both sides of the fault. This fault passes across the Berwind Complex near its center.

6.1.3 Property Geology

The primary coal seams of interest on the Berwind Property, in descending stratigraphic order, are the Tiller, Pocahontas No. 6, Pocahontas No. 5, Pocahontas No. 4, Pocahontas No. 3 and Squire Jim. All of the coal seams of interest outcrop on the property. The Canebrake Fault passes through the Berwind Property, however, it is not anticipated to adversely affect mining activities.

6.2 MINERAL DEPOSIT TYPE AND GEOLOGICAL MODEL

The Berwind Complex resource area is a relatively flat lying, sedimentary deposit of Pennsylvanian Age. The 34 coal seams in the Lee Formation and the overlying Norton Formation (Virginia nomenclature) account for approximately 3,000 feet of geologic section. For internal planning, Ramaco models these seams from exploration results using the SurvCad^® mine planning software package, completing model updates after each phase of exploration drilling. WEIR modeled the reserves and resources using Datamine MineScape^® Stratmodel geological modeling software. Exploration consists of core drilling for all the mineable seams, which is performed each year in advance of mining, to refine the resource boundary and to define limits of the mine plans. The WEIR geological model is discussed in more detail in Section 9.1.

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Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

6.3 STRATIGRAPHIC COLUMN AND CROSS SECTION

Figure 6.3-1 shows the stratigraphic column for the Berwind Complex. Cross sections related to the Berwind Complex can be found on Figure 6.3-2.

Figure 6.3-1 Berwind Stratigraphic Column

 

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Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

Figure 6.3-2 Berwind Stratigraphic Sections

 

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Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

7.0 EXPLORATION

7.1 NON-DRILLING EXPLORATION

Drilling has served as the primary form of exploration within the Berwind Complex. In addition to exploration drillholes, seam outcrop measurements, in-mine measurements, and survey points taken from mine maps of previous operations were considered. A total of 194 seam outcrop measurements, 356 mine measurements, and 887 survey points were incorporated in modeling the deposit. Data from degasification, coal bed methane, and water wells were also incorporated in the geological model, including a total of 4,188 drillholes.

7.2 DRILLING

Ramaco’s exploration activities involve rotary and continuous core drilling performed by competent contract drilling companies. In addition to providing information about the coal seams present, the exploration drilling also provides core samples of roof strata and floor strata for geotechnical evaluation which is stored and evaluated as needed. The geologist’s drilling logs are checked against the geophysical logs for thickness accuracy and to confirm core recovery. Drillholes with core recovery of less than 90 percent are noted and subsequently reviewed in consideration for re-drilling. The successful acquisition of accurate geophysical logs for holes with poor core recovery play an important role in the decision to re-drill, since improvements in lithology recognition in geophysical logging has significantly improved over the years.

Once recovered, all core samples are boxed, photographed, and stored. Coal seam core samples are sent to laboratories for quality analyses. Caliper, density, gamma, and resistivity downhole geophysical logs are completed as drill site and hole conditions allow. Each drillhole collar location is surveyed using RTK GPS equipment to obtain accurate coordinates for subsequent modeling efforts.

Table 7.2-1 summarizes data for Ramaco’s drilling programs.

Table 7.2-1 Drilling Programs

				Hole Type		Number of Holes with Base Data
		Total				Drill		Downhole			Lab
		Number of				Hole	Geophysical	Deviation	Geologist's	Driller's	Analyis
Drilling Series	Program Dates	Drill Holes	Drilled Footage	Rotary	Core	Header	Logs	Log	Log	Log	Certificates
BL Series	2021-2022	59	47,347	45	14	59	28	—	59	59	5
BL Series	2015-2021	67	46,378	28	39	67	66	—	37	28	17
		126	93,725	73	53	126	94		96	87	22

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Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

Referring to the drilling programs outlined in Table 7.2-1, the BL (Berwind) series of drillholes are intended both for in-fill drilling on the complex and to better establish boundaries of previously mined areas. Quality control procedures followed by Ramaco geologists are clearly defined. Ramaco’s field geologists take specified steps to protect sample integrity and to ensure core samples are always under Ramaco geologist’s control. These steps include the following:

· Field geologist to be on site whenever drilling is occurring

· Geologist’s log to be created for each drillhole

· Each drillhole to be logged using geophysical methods if physically possible

· Geologist to compare field geologist’s logs to the e-log data

· Geologist to compare the core samples against both field geologist’s logs and e-logs to confirm coal thickness

· All immediate roof, coal and immediate floor core are to be boxed and photographed

· Quality sample sheets to be filled out, provided to a supervisor for approval and shipped to the laboratory

· Once core samples have been analyzed, field geologists to scrutinize the resulting quality data for accuracy

WEIR did not have direct involvement with the planning, implementation, or supervision of Ramaco’s drilling programs. However, having reviewed the details of Ramaco’s drilling programs, and having had several technical discussions with Ramaco’s geologists on results, WEIR finds the results to be consistent with industry standards and appropriate for use in the estimation of reserves and resources.

WEIR did not observe core samples in person, however, Ramaco provided photos of core logs for 19 drillholes. In review of these photos, WEIR found the cores to be representative of the data reported for each drillhole.

7.3 HYDROGEOLOGICAL DATA

Hydrological data for the complex is generally obtained from existing wells and surface water monitoring locations in proximity to Ramaco’s existing and planned operations. No additional exploration is performed specifically for the purposes of hydrological study. See Section 13.1.2, Hydrogeological Model, for more detail.

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Technical Report Summary
Berwind Complex
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7.4 GEOTECHNICAL DATA

Ramaco does not specifically gather geotechnical data at its existing or planned operations at the Berwind Complex. See Section 13.1.1, Geotechnical Model, for more detail.

7.5 SITE MAP AND DRILLHOLE LOCATIONS

A map showing the location of all drillholes on the Berwind Complex is provided on Figure 7.5-1.

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Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

Figure 7.5-1 Drillhole Locations

 

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Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

7.6 OTHER RELEVANT DRILLING DATA

Ramaco generally uses one of several local drilling companies, based on availability and pricing. Downhole geophysical logging is typically performed by Marshall Miller & Associates of Bluefield, Virginia. Coal quality analyses are typically performed by Precision Testing Laboratory, Inc. of Beckley, West Virginia.

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Technical Report Summary
Berwind Complex
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8.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY

8.1 SAMPLE PREPARATION METHODS AND QUALITY CONTROL

Relative to the drilling overseen by Ramaco, once the target coal seam has been drilled the coal core is stored in plastic lined wooden core boxes. The core is photographed, and the coal seam is measured and described by the geologist. The geologist’s seam thickness measurements are cross checked against geophysical logs for thickness accuracy and to confirm core recovery.

8.2 LABORATORY SAMPLE PREPARATION, ASSAYING, AND ANALYTICAL PROCEDURES

8.2.1 SGS North America Inc.

Ramaco used SGS North America Inc. (SGS) located in Sophia, West Virginia as its primary laboratory for coal analyses, since 2016. Typically, once quality samples were bagged and labeled at the mine, the samples were delivered to SGS for quality analyses. The samples were first prepared by crushing, splitting, and sizing. The analyses performed included Proximate, Washability, Ash Fusion, Ultimate, Ash Mineral, Dilatometer, Plastometer, Trace Elements, and Petrographics. SGS is certified by the ANSI National Accreditation Board. SGS performs all of the coal analyses to ASTM standards.

8.2.2 Precision Testing Laboratory, Inc

Ramaco has utilized Precision Testing Laboratory, Inc. (Precision) located in Beckley, West Virginia beginning in 2016. Also certified by the ANSI National Accreditation Board, Precision performs all the coal analyses to ASTM standards. Once quality samples are bagged and labeled at the mine, the samples are delivered to Precision for quality analyses. The samples are first prepared by crushing, splitting, and sizing. The analyses performed included Proximate, Washability, Ash Fusion, Ultimate, Ash Mineral, Dilatometer, Plastometer, Trace Elements, and Petrographics.

8.2.3 Other Laboratories

As outlined in Section 5.2, WEIR relied upon drillhole data from prior property owners. The quality data from other laboratories appears to be valid and appropriate to include in this study based upon available documentation and consistency of the data between the different sources.

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Technical Report Summary
Berwind Complex
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8.3 QUALITY CONTROL PROCEDURES AND QUALITY ASSURANCE

As ANSI certified laboratories, both SGS and Precision have in-house quality control and assurance procedures. Both are a well-known and respected providers of coal quality analysis services.

8.4 SAMPLE PREPARATION, SECURITY, AND ANALYTICAL PROCEDURES ADEQUACY

Once in possession of the samples, Precision’s standard sample preparation and security procedures are followed. After the sample has been tested, reviewed, and accepted, the disposal of the sample is done in accordance with local, state and EPA approved methods.

WEIR has determined the sample preparation, security and analysis procedures used for the Berwind Complex’s drillhole samples meet current coal industry standards and practices for quality testing, with laboratory results suitable to use for geological modeling, mineral resource estimation and economic evaluation.

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Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

9.0 DATA VERIFICATION

9.1 DATA VERIFICATION PROCEDURES

Ramaco provided WEIR copies of all available drilling records for the Berwind Complex, which included Excel spreadsheets, driller’s log, field geologist’s logs, core photographs, quality results sheets from the coal quality laboratories, mine measurement tables, as well as drawing files or PDFs of the e-logs. Each hole in the database was individually checked by WEIR against a copy of the driller’s and/or geologist’s log to confirm data accuracy.

Geological reviews performed by WEIR included:

· Drillhole lithology database comparison to geophysical logs

· Drillhole coal quality database comparison to quality certificates

After completing the precursory verifications and validations described above, the drillhole data was loaded into Datamine’s MineScape^® Stratmodel, a geological modeling software. MineScape provides robust error checking features during the initial data load, which include confirmations of seam continuity, total depth versus hole header file data, interval overlap, and quality sample continuity with coal seams. Once the drillhole data was loaded, a stratigraphic model was created.

Several further verifications were then possible, which included:

· Creating cross sections through the model to visually inspect if anomalies occur due to miscorrelation of seams

· Creating structural and quality contour plots to visually check for other anomalies due to faulty seam elevations or quality data entry mistakes in the drillhole database

Typical errors that may impact reserve and resource estimates relate to discrepancies in original data entry, and may include:

· Incorrect drillhole coordinates (including elevation)

· Mislabeled drillhole lithology

· Unnoticed erroneous quality analyses where duplicate analyses were not requested

· Excessive drillhole core loss

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Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

WEIR conducted a detailed independent geological evaluation of data provided by Ramaco to identify and correct errors of the nature listed above. Where errors are identified and cannot be successfully resolved, it is WEIR’s policy to exclude that data from the geological model. Based on WEIR’s geological evaluation of data provided, 81 drillholes were excluded from the drillhole database due to various reasons.

9.2 DATA VERIFICATION LIMITATIONS

Limitations of data verification included incomplete or missing records for some drillholes. The primary reason for this situation is incomplete data transfers upon change in property ownership. Based on its modeling results, WEIR found some of the drillholes with incomplete data to be consistent with the deposit and appropriate to include in WEIR’s geological model.

9.3 ADEQUACY OF DATA

It is WEIR’s opinion that the adequacy of sample preparation, security, and analytical procedures for holes and procedures that were drilled by Ramaco after acquiring the property is acceptable and that these methods meet typical industry standards. Ramaco employs detailed process and procedures, described in Section 8.4, that are followed each time a core hole is to be sampled. The Ramaco geologist’s logs for these holes contain sampling descriptions and lithologic descriptions that are sufficiently detailed to ascertain that an experienced geologist supervised the drilling and sampling. Ramaco coal quality analyses are performed by SGS to ASTM standards, as detailed in Section 8.0.

The adequacy of sample preparation, security, and analytical procedures are generally unknown for drillholes that were drilled prior to Ramaco acquiring the initial leases in 2016. However, the geologist’s logs for these holes contain sampling descriptions and lithologic descriptions that are sufficiently detailed to ascertain that an experienced geologist supervised the drilling and sampling. It is unknown if all coal quality analyses were performed to ASTM standards by qualified laboratories, as detailed in Section 8.0, however, this legacy drillhole information was included as the samples matched the coal seam intervals and reported quality data that was consistent between the different data sources. Model verifications further support WEIR’s high level of confidence that a representative, valid, and accurate drillhole database and geological model have been generated for the Berwind Complex that can be relied upon to estimate coal resources and reserves to an accuracy that is acceptable for this report’s specified standards.

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Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

10.0 MINERAL PROCESSING AND METALLURGICAL TESTING

10.1 MINERAL PROCESSING TESTING AND ANALYTICAL PROCEDURES

Daily clean coal samples are taken to ensure specifications are met for each clean coal shipment. The testing is performed by SGS on samples obtained from various conveyor and stockpile locations prior to shipping clean coal products. Proximate and oxidation analyses are performed on the samples. Train and sublot samples include all petrographic and rheology analyses for each individual customer specification.

In addition to the clean product samples, individual circuit samples are performed routinely on both the tailings and product to ensure proper recovery or the presence of misplaced material. These results help ensure both proper preparation plant operation and coal product classification. Coal tonnages for raw and post-processed products are estimated using standard belt scales, which are calibrated monthly against the end of month survey data summary reports.

Efficiency testing is performed on all critical preparation plant circuitry on an on-going basis to help ensure proper coal and non-coal separations are occurring throughout the preparation plant processing operation. This performance testing is extensive and involves measuring flow rates, pressures, moistures, reagent application rates, size fractions, specific gravity, and coal quality at specific locations from raw feed through clean coal products and tailings.

10.2 MINERALIZATION SAMPLE REPRESENTATION

Coal deposits originate in flat, low-lying ground within deltas, alluvial plains, and coastal systems, and as such are a relatively homogeneous, sedimentary mineral occurrence. The deposit within the Berwind Complex area exhibits homogeneous characteristics and does not show any substantial variations in mineralization types or styles that would adversely affect processing or saleability of the coal. Sample data are well representative of the deposit as a whole.

10.3 ANALYTICAL LABORATORIES

Coal sample analyses performed by Precision are described in Section 8.2.1. Preparation plant circuitry performance is maintained by plant staff through the plant monitoring systems. SGS performs daily analysis on the collected clean coal samples from automated samplers and any raw coal samples collected. Typical analysis on daily runs is proximate analysis only plus oxidation. Train and sublot samples with petrographics and rheology are performed per individual customer specifications.

April 4, 2023 Page 39

Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

10.4 RELEVANT RESULTS AND PROCESSING FACTORS

Coal recovery and resulting product quality are primary concerns for any coal preparation plant. A coal preparation plant’s recovery and resulting quality of its saleable products are dependent on ROM coal quality and the efficiency at which non coal impurities are removed by the preparation plant process. Tracking and adjusting throughput rates for different plant circuitry, based on ROM coal feed quality, are critical to plant efficiency and product quality. The Berwind Preparation Plant processes ROM coal at specific gravities ranging from 1.50 to 1.65, depending on customer specifications, in order to produce saleable metallurgical coal products.

The Berwind Preparation Plant commenced operating in November 2022, after refurbishment. Historical preparation plant recovery from November 2022 through January 2023, based on plant belt scale records, is summarized in Table 10.4-1 as follows:

Table 10.4-1 Historical Preparation Plant Recovery

	Nov		Dec		Jan
	2022		2022		2023		Average
Raw Tons Processed		103,333		123,001		153,229		126,521
Clean Tons Processed		40,280		36,218		48,226		41,575
Plant Recovery (%)		39.0		29.4		31.5		32.9

April 4, 2023 Page 40

Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

The Berwind Preparation Plant historical (2022) and projected LOM Plan preparation plant recovery is shown on Figure 10.4-1.

Figure 10.4-1 Preparation Plant Recovery

 

Preparation plant recovery and saleable product quality are expected to track closely with the modeled recovery from raw coal analysis, once adjusted for out of seam dilution (OSD) mined by the surface and underground mines.

The testing procedures described above provide validation for modeled data and help to ensure coal sales specifications are met for resulting saleable coal products. The testing also helps to maintain preparation plant efficiency at a high level so that processing costs are minimized.

10.5 DATA ADEQUACY

Ramaco employs testing and analytical procedures in accordance with industry standards, which result in efficient preparation plant operations and provides the necessary quality control to meet product quality and quantity projections. The testing performed is sufficient to support the projected preparation plant yield and saleable product quality for the LOM Plan.

April 4, 2023 Page 41

Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

11.0 MINERAL RESOURCE ESTIMATES

The coal resources, as of December 31, 2022, are reported as in-place resources and are exclusive of reported coal reserve tons (see Section 12.0 for reserve tonnage estimates). Resources are reported in categories of Measured, Indicated, and Inferred tonnage in accordance with Regulation S-K Item 1302(d).

In addition to the currently active mines, there are numerous other resource areas within the Berwind Complex which Ramaco may plan and/or permit at a future date.

11.1 KEY ASSUMPTIONS, PARAMETERS, AND METHODS

Data Sources

Planimetric data was provided by Ramaco in AutoCAD format and primarily included base map information such as rivers, drainages, roads, mine features, and property boundaries.

Ramaco provided WEIR drillhole data, which included survey, lithology, and coal quality information. This data was provided in different formats including Excel, ASCII files and PDFs. Geophysical logs, coal quality certificates, driller’s logs, geologist’s logs, downhole deviation data, and drillhole survey records were provided as scanned PDF files and AutoCAD drawing files. Data was provided for 4,290 drillholes, 4,188 holes of which are included in the geological model.

In-mine seam thickness and floor measurement from previous operations’ mine maps were provided in tabular file format. These mine measurements included 356 data points. Mine measurement data points were used to model coal seam thickness and structure but were not used as points of observations in estimating resource confidence.

Coal quality data for 625 drillholes was provided for the Berwind Complex. Of the 625 drillholes, 558 holes were used in the quality model. Data was provided in Excel format along with quality certificates in PDF.

Reasons for excluding drillhole quality samples in the modeling process included:

· Poor core recovery noted in the driller’s logs.

· Quality logs that could not be matched to a drillhole.

· The qualities listed for the hole were not relevant to the model (for example raw Btu/lb. or sulfur were supplied, but not final product Btu/lb. or sulfur). The only relevant raw values used are specific gravity and raw ash. Both are derivable from one another and have bearing on estimated in-place tons.

· Analyses were not performed at the appropriate wash specific gravity

April 4, 2023 Page 42

Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

Geological Model

The Berwind Complex geological model was developed by using seam surface grids that were created in Datamine’s MineScape^® Stratmodel (MineScape) geological modeling software.

Topography data was gridded using MineScape software and a grid cell size of 50 feet by 50 feet from the USGS on-line 3-D Elevation Project data source. The resolution of the topography data is 1/3 arc-second, which results in approximately a 30 by 30 feet data point spacing. The gridded USGS topography contours were compared to drillhole collars. WEIR investigated significant collar elevation discrepancies. Most differences are due to original drillhole locations being covered with burden or being subsequently mined. Drillholes for which such discrepancies could not be resolved were not used in the model.

The seam surfaces and thicknesses were created by loading the drilling and mine measurement data into MineScape and gridding the seam intercepts using a grid cell size of 150 feet by 150 feet. The parameters used to create the model are defined in the MineScape modeling schema which is a specification of modeling rules that is created for the site. The MineScape interpolators that were used in this study are common in most mine planning software packages. The Planar interpolator is a triangulation method with extrapolation enabled. Finite Element Analysis (FEM) is a widely used method for numerically solving differential equations arising in engineering and mathematical modeling. A trend surface is used in MineScape to promote conformability for the modeled seams to regional structures such as synclines, anticlines, or simply seam dip. MineScape caters to using different interpolators for thickness, roofs and floors (surfaces), and the selected trend surface as they are all modeled separately. The interpolator used for each of these items is selected on the basis of appropriateness to the data sets involved, as well as modeling experience. Stratigraphic Model Interpolators are shown in Table 11.1-1, as follows:

Table 11.1-1 Stratigraphic Model Interpolators

Interpolator	Parameter	Power/Order
PLANAR	Thickness	0
FEM	Surface	1
PLANAR	Trend	0

April 4, 2023 Page 43

Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

Ninety-eight (98) coal seams (including seam splits) were modeled for the Berwind Complex. A summary of drillhole statistics for the 19 seams that WEIR considered to have economic potential for the Berwind Complex are shown in Table 11.1-2. These statistics involve the 1,900 drillholes, out of the total 4,188, that can be allocated to the Berwind Complex versus the Knox Creek Complex.

Table 11.1-2 Drillhole Statistics

				Average	Minimum		Maximum		Standard
SEAM		In Mine	Number of	Thickness	Hole	Thickness	Hole	Thickness	Deviation
CODE	Seam	Plan	Intercepts	(Feet)	Name	(Feet)	Name	(Feet)	(Feet)
RED2	Red Ash 2	No	74	3.4	06 DGBU9	0.4	J-564	9.5	1.60
TL22	Tiller 2-2	No	131	1.8	J-642-10	0.2	27-B	7.0	0.93
TL12	Tiller 1-2	No	173	1.9	06 DGS54	0.1	74 AM16	7.1	0.91
GCK2	Greasy Creek 2	No	461	2.1	75 KC12	0.1	07 AV150	8.4	1.45
MHP2	Middle Horsepen 2	No	771	1.9	76 AI9	0.0	80 B65	6.4	0.49
P114	114 Pocahontas 11	No	680	2.9	78A229	0.0	GPPC-010	12.0	1.16
P102	102 Pocahontas 10	No	488	1.5	78 A229	0.0	01 DGTA16	6.4	1.01
PO92	Pocahontas  No. 9-2	No	860	2.2	78 AM160	0.0	84 AM167	8.6	1.41
PO91	Pocahontas No. 9-1	Yes	456	1.9	05 DGTA64	0.1	78A224	8.3	1.55
PO62	Pocahontas No. 6-2	Yes	698	1.5	AM14	0.0	BL21-18R	7.7	1.11
PO53	Pocahontas No. 5-3	Yes	671	1.3	05 DGTA61	0.1	AM6	6.3	0.60
PO51	Pocahontas No. 5-1	Yes	719	2.1	02 DGTA52	0.1	07 B2	8.0	1.26
PO4R	Pocahontas No. 4 Rider	Yes	433	1.0	BL21-36R	0.0	88-AM-197	4.4	0.48
PO42	Pocahontas No. 4-2	Yes	723	3.2	B67	0.1	84 AM171	8.6	2.00
PO33	Pocahontas No. 3-3	Yes	41	0.9	78 AM141	0.0	04 DGP55	2.2	0.64
PO32	Pocahontas No. 3-2	Yes	676	2.6	PCP-077	0.0	77 B15	11.0	1.59
SQJ4	Squire Jim 4	Yes	189	0.5	10 AM220	0.1	AM15	2.5	0.37
SQJ3	Squire Jim 3	Yes	365	0.6	AM14	0.0	09 CNXTA184	4.7	0.56
SQJ2	Squire Jim 2	Yes	492	2.8	11 DGX58	0.1	77 AM132	9.0	1.03

The gridded coal seam structure and coal seam thicknesses were validated against drillhole information to ensure that the data was properly modeled. Inconsistencies between modeled seam surfaces and surrounding drillholes were investigated and any confirmed errors in the drillhole data or model parameters were corrected. This process was repeated until a final version of the model was developed.

Coal Quality Model

The drillhole data described previously in this report were used to create a washed coal quality model that included raw ash and raw relative density. The washed quality model values were based on a specific gravity float of 1.50.

April 4, 2023 Page 44

Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

The drillholes were verified to ensure that the seam depths used in the lithology file matched the sample depths in the quality file. Coal quality samples were loaded into MineScape and composited against the drillhole thicknesses. The composited values were then gridded using a grid cell size of 200 feet by 200 feet and the inverse distance weighted (squared) interpolator. The following quality data was modeled for all seams:

· Raw

Ø Ash, Dry weight percent

Ø Relative Density

· Float @ 1.50 Specific Gravity

Ø Ash, Dry weight percent

Ø Calorific Value, Dry Btu/lb

Ø Total Sulfur, Dry weight percent

Ø Volatile Matter, Dry weight percent

Ø Audibert-Arnu Maximum Dilation (ARNU), Dry percent

Ø Coal Oxidation by Light Transmittance, Dry percent

Ø Total Inerts, Dry weight percent

Ø Rank Index

Ø Composition Balance Index

Ø Gieseler Maximum Fluidity, Dry DDPM

Ø Hargrove Grindability Index

Ø Reflectance (ROMAX), Dry percent

Ø Calculated Stability Index

Ø Free Swell Index

Ø Yield, weight percent

Quality contours were generated from the grids to check outlier values.

Additional Resource Criteria and Parameters

Based on WEIR’s review and evaluation of the data and plans relative to the Berwind Complex, resource estimation criteria were applied to ensure reported mineral resource tonnage has a reasonable prospect for economic extraction. Resource criteria and parameters for the Berwind Complex are as follows:

· Resources were estimated as of December 31, 2022.

· Underground areas where coal thickness did not meet a minimum thickness of 2.0 feet were excluded from the resource estimate.

· Underground areas within 200 feet of old mine workings were excluded from resource estimates.

April 4, 2023 Page 45

Technical Report Summary
Berwind Complex
Prepared for Ramaco Resources, Inc.

· Underground areas with less than 100 feet of cover were excluded from resource estimates.

· Surface and highwall mining areas where coal thickness did not meet a minimum thickness of 1.0 feet were excluded from the resource estimate.

· Surface areas, where there was no subsequent highwall mining, and where stripping ratio exceeds 20:1, were excluded from the resource estimate.

· Tonnage outside of current LOM plans, but within existing property control, and meeting the criteria listed here, is classified as Resource tonnage and is reported exclusive of Reserve tonnage.

· Coal density (pounds per cubic foot) is based on apparent specific gravity data from analyses of dill hole samples and channel samples, where available. Otherwise, it is based on raw coal ash (dry basis) using the formula [1.25+(Ash/100)] x 62.4 pounds per cubic foot

11.2 ESTIMATES OF MINERAL RESOURCES

The coal resources, as of December 31, 2022, are reported as in-place resources and are exclusive of reported coal reserve tons (see Section 12.0). Resources are reported based on the coal resource estimate methodology described and are summarized in Table 11.2-1 as follows:

Table 11.2-1 In-Place Coal Resource Tonnage and Quality Estimate, as of December 31, 2022

													Coal Quality (Raw Dry Basis)
	Area		Average Coal		In-Place Resources (000 Tons)								Ash		Relative
Seam	(Acres)		Thickness (Ft)		Measured		Indicated		Total		Inferred		(%)		Density (Lbs/CF)
Red Ash 2		2,420		3.5		15,740		—		15,740		—		8.3		86.48
Tiller		2,210		3.8		11,230		—		11,230		—		22.4		92.68
Greasy Creek 2		675		2.3		3,325		—		3,325		—		30.6		97.27
Pocahontas 11		1,295		3.1		8,030		—		8,030		—		22.6		91.73
Pocahontas 10		2,055		2.8		11,075		—		11,075		—		15.9		87.94
Pocahontas 9-2		5,513		3.2		33,226		45		33,271		—		17.0		86.95
Pocahontas 9-1		5,145		3.0		9,700		15,920		25,620		4,495		17.0		88.61
Pocahontas 6		1,411		2.7		8,303		—		8,303		—		38.1		101.74
Pocahontas 5		7,655		3.0		41,755		1,512		43,267		—		11.4		85.44
Pocahontas 4		6,609		4.5		50,233		6,683		56,916		—		18.2		88.96
Pocahontas 3		22,457		3.0		122,493		8,482		130,975		—		16.2		88.02
Squire Jim		42,670		3.2		243,471		37,734		281,205		—		25.0		94.39
Total		100,115		3.2		558,581		70,376		628,957		4,495		20.4		91.06

Notes:

· 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. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves. Mineral Resources reported here are exclusive of Mineral Reserves.

· Resource probable economic mineability based on underground minable resources with 2.0 feet minimum seam thickness, surface and highwall mines with 1.0 feet minimum seam thickness, area mining with a cutoff stripping ratio of 20:1, and primarily metallurgical low and mid volatile coal product realizing a sales price of $169 per ton at a cash cost of $101 per clean ton (FOB Mine)

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

April 4, 2023 Page 46

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

11.3 TECHNICAL AND ECONOMIC FACTORS FOR DETERMINING PROSPECTS OF ECONOMIC EXTRACTION

A Preliminary Feasibility Study was conducted to assess the prospects for economic extraction of coal within the Berwind Complex.

Ramaco’s forecasted Berwind Complex FOB mine coal sales prices are $168.91 per ton in 2023, $168.90 in 2024, $168.54 in 2025 and thereafter $166.56 to $177.00 per ton through 2049. Ramaco’s sales price projections conform to published forward price curves for coal of similar quality to that of the Berwind Complex. The sales price is further supported in Section 16.0 of this report.

Capital expenditures are discussed in further detail in Section 18.1. In summary, capital expenditure costs are projected to average $9.77 per ton over the Berwind Complex LOM Plan, compared to the actual average Berwind Complex capital expenditure cost of $153.43 per ton from 2018 through 2022. The period from 2018 through 2022 included high development capital and low production for the Berwind No. 1 Mine and high capital expenditures for refurbishing the Berwind Preparation Plant.

Operating cash costs are discussed in further detail in Section 18.2. In summary, operating cash costs are projected to average $100.67 per ton over the Berwind Complex LOM Plan, compared to actual average Berwind Complex operating cost of $114.98 per ton from 2018 through 2022. The historical costs were elevated as a result of development of the thinner Pocahontas 3 Seam to access the Pocahontas No. 4 Seam at the Berwind No. 1 Pocahontas 4 Deep Mine.

Total projected capital expenditures and operating cost of $110.43 per ton and a coal sales price per ton as indicated above, provide a reasonable basis for WEIR to determine that all underground mineable coal with thickness greater than 2.0 feet, surface and highwall mineable coal with seam thickness greater than 1.0 feet, and surface and contour mineable coal with stripping ratio of approximately 20:1 or lower, has prospects of economic extraction within the Berwind Complex.

April 4, 2023 Page 47

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

11.4 MINERAL RESOURCE CLASSIFICATION

Mineral Resource estimates prepared for the Berwind Complex are based on the Regulation S-K Item 1302(d), which established definitions and guidance for mineral resources, mineral reserves, and mining studies used in the United States. The definition standards relative to resources are as follows:

Mineral Resource:

Mineral resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

● Inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

● Indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

● Measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a Qualified Person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

April 4, 2023 Page 48

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

Geostatistical methods were applied to drillhole and mine measurement coal thickness data for four primary seams at the Berwind Complex to develop variogram ranges (radii) used for resource classification. Figure 11.4-1 illustrates the variogram for the Tiller No. 1 Seam, containing 649 seam thickness measurements. Table 11.4-1 shows the sample count, Measured and Indicated resource ranges determined by the variogram model, and average sample spacing in feet for the Jawbone No. 1, Pocahontas No. 4, and Tiller No.1 and No. 2 seams at the B. Variographic ranges were similar in each seam, demonstrating seam thickness continuity over 9,000 feet in each case. Theoretical ranges estimated for Measured (to 3,000 feet) and Indicated (to 9,200 feet) resources in the analysis demonstrates the spatial continuity of mineable coal seam thickness at the Berwind Complex.

Figure 11.4-1 Variogram Model Tiller No. 1 Seam Thickness

April 4, 2023 Page 49

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

Table 11.4-1 Theoretical Variogram Ranges

Variogram	Figure	Sample Count		Measured Range (Ft)		Indicated Range (Ft)
Jawbone No. 1 Seam	1		1,290		2,250		6,800
Pocahontas No. 4 Seam	2		865		7,300		22,000
Tiller No. 1 Seam	3		649		3,050		9,200
Tiller No. 2 Seam	4		702		4,800		14,500

As depicted above, variability in drillhole thickness measurements is highly correlated with the distance between individual drillholes, in particular within the theoretical ranges for Measured and Indicated tonnage. Additionally, WEIR’s generation and review of the applicable quality contours further supports the continuity of coal quality throughout the deposit. Table 11.4-2 shows overall quality parameters for the coal seams at the Berwind Complex.

Table 11.4-2 Statistics for Composited Drillhole Samples

Quality Parameter	Number of Samples		Total Sample Length (Ft)		Minimum Value		Maximum Value		Average Value
Audibert-Arnu Maximum Dialation (%)		116		314		0		300		188
Composition Balance Index		48		135		0.51		7.63		5.38
Free Swell Index		374		1,020		3.1		9		8.6
Gieseler Maximum Fluidity (DDPM)		219		586		1		30,000		9,457
HGI		17		60		94		105		99
Inerts (%)		61		169		8.2		36.3		25.8
Raw Ash (%)		357		984		2.7		62.1		20.4
In-Place Relative Density		925		2,585		1.27		1.96		1.44
Reflectance (ROMAX, %)		112		323		1.2		1.71		1.45
Rank		48		135		0.6		7.0		4.7
Stability Index		99		289		42.0		65.0		55.7
Coal Oxidation by Light Transmittance (%)		17		60		97.0		99.0		97.7
Ash (%)		809		2,223		2.0		19.1		5.9
BTU/lb		507		1,361		12,509		15,505		14,627
Sulfur (%)		803		2,206		0.37		3.50		0.85
Volatiles (%)		721		1,983		15.5		37.4		26.2
Yield (%)		923		2,582		10.4		100.0		74.8

Note: Unless otherwise specified, analyses are on a Dry Basis for coal washed at 1.50 specific gravity

April 4, 2023 Page 50

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

Within the Measured and Indicated classifications, WEIR has demonstrated a level of geological confidence sufficient to allow for the application of modifying factors to support detailed mine planning and evaluation of the economic viability of the deposit. Beyond the four coal seams mentioned above, there are no outlier seams being considered for resources that display anomalous behavior in comparison. As such, classification radii utilized by WEIR in this study are as follows:

● Measured: 0 - 3,000 feet (based on 905 observations informing estimate of coal thickness within this range)

● Indicated: 3,000 - 9,200 feet (based on 905 observations informing estimate of coal thickness within this range)

● Inferred: greater than 9,200 feet (based on 905 observations informing estimate of coal thickness within this range)

11.5 UNCERTAINTY IN ESTIMATES OF MINERAL RESOURCES

Mining is a high risk, capital-intensive venture and each mineral deposit is unique in its geographic, social, economic, political, environmental, and geologic aspects. At the base of any mining project is the mineral resource itself. Potential risk factors and uncertainties in the geologic data serving as the basis for deposit volume and quality estimations are significant considerations when assessing the potential success of a mining project.

Geological confidence may be considered in the framework of both the natural variability of the mineral occurrence and the uncertainty in the estimation process and data behind it. The mode of mineralization, mineral assemblage, geologic structure, and homogeneity naturally vary for each deposit. Structured variability like cyclic depositional patterns in sedimentary rock can be delineated mathematically with solutions like trend surface analysis or variography. Unstructured variability, in the distribution of igneous rock composition, for example, is more random and less predictable.

The reliability of mineral resource estimation is related to uncertainties introduced at different phases of exploration. Resources meeting criteria for Measured, Indicated, and Inferred categories are determined by the quality of modeled input data, both raw and interpreted. An exploration program comprises several stages of progressive data collection, analysis, and estimation, including:

● Geological data collection

● Geotechnical data collection

● Sampling and assaying procedures

● Bulk density determination

● Geological interpretation and modeling

● Volume and quality estimation

● Validation

● Resource classification and estimation

April 4, 2023 Page 51

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

Error may be introduced at any phase. Data acquisition and methodologies should be properly documented and subject to regular quality control and assurance protocols at all stages, from field acquisition through resource estimation. Managing uncertainty requires frequent review of process standards, conformance, correctional action, and continuous improvement planning. Risk can be minimized with consistent exploration practices that provide transparent, backwards traceable results that ultimately deliver admissible resource estimates for tonnage and quality.

As discussed in Sections 8.0, 9.0, and 10.0, it is WEIR’s opinion that Ramaco’s methodology of data acquisition, record-keeping, and QA/QC protocols are adequate and reasonable for resource estimation at the Berwind Complex. In summary, WEIR has reviewed all geologic and geotechnical data inputs, collection protocols, sampling, assaying, and laboratory procedures serving as the basis for the deposit model, its interpretation, and the estimation and validation of the volume and quality of coal resources at the Berwind Complex. The spatial continuity of all seams with resource attributes at the Berwind Complex is well demonstrated by professionally developed, well maintained, quantitative and qualitative data. WEIR finds no material reason, regarding geologic uncertainty, that would prohibit acceptably accurate estimation of mineral resources.

11.6 ADDITIONAL COMMODITIES OR MINERAL EQUIVALENT

There are no other commodities or minerals of interest within the Berwind Complex resource area other than the coal deposit discussed in this TRS.

11.7 RISK AND MODIFYING FACTORS

The existing and planned underground mines in the complex are above drainage and relatively dry, which decreases the risk for bad floor conditions from the presence of underclays.

The consistency of the seams within the complex and good exploration drilling coverage combine to reduce geological risks at the complex. This also relates to product quality risks, which WEIR sees as low for the same reasons. The appearance and disappearance of partings within mined benches is expected and is difficult to accurately map without extensive drilling. However, these partings are of little consequence to the final product, apart from the marginal additional processing costs involved at the preparation plant for non-coal partings removal.

April 4, 2023 Page 52

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

A large percentage (approximately 99 percent) coal deeds and leases in planned mining area have been secured by Ramaco at the Berwind Complex and WEIR finds no high risks associated with these coal deeds and leases. Resources that exist in currently unplanned mining areas are well situated for potential mining as the total size of the uncontrolled areas are not significant in comparison to the total acres in potential mining areas.

Risk is also associated with volatility of coal market prices. Significant variations in operating costs, capital expenditures, productivity, and coal sales prices could impact the economic mineability of the Berwind Complex.

Unforeseen changes in legislation and new industry developments could alter the performance of Ramaco by impacting coal consumer demand, regulation and taxes, including those aimed at reducing emissions of elements such as mercury, sulfur dioxides, nitrogen oxides, particulate matter or greenhouse gases. The emphasis on reducing emissions, however, is more of a concern for mines producing a thermal coal product, as opposed to the metallurgical coal produced from the Berwind Complex.

April 4, 2023 Page 53

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

12.0 MINERAL RESERVE ESTIMATES

12.1 KEY ASSUMPTIONS, PARAMETERS, AND METHODS

The conversion of resources to reserves at the Berwind Complex considers the effects of projected dilution and associated loss of product coal quality, projected coal sales prices, operating costs, regulatory compliance requirements, and mineral control. These factors all determine if the saleable coal product will be economically mineable. The design of executable mine plans that accommodate the planned mining equipment and facilities and provide a safe work environment is also considered.

For Ramaco’s underground room and pillar operations, it should be noted that retreat mining will be implemented in most of the existing and planned underground operations within the complex. This will result in 50 to 80 percent mining recovery of coal.

The Berwind Complex mine layouts have several key variables that will largely impact coal recovery. Pillar and panel dimensions are based on minimum, maximum, and optimal equipment operating parameters, as well as geotechnical considerations relative to the safety of the mining operations and subsidence predictions.

Based on a mine’s historical performance and projected mineral continuity, the mine design is the primary consideration, apart from mineral resource classification, whereupon resources are converted to reserves at the Berwind Complex.

Based on WEIR’s review and evaluation of the Berwind Complex LOM plans, the justification for conversion of resources to reserves was based on specific criteria. In addition to the criteria stated in Section 11.0 for resources, the following criteria were used to estimate reserves for the Berwind Complex:

● Reserves were estimated as of December 31, 2022.

● Underground mining recovery of 50 to 80 percent (dependent on the extent of retreat mining that can be performed), surface mining recovery of 90 percent, and highwall mining recovery of 40 percent.

● A minimum of two inches of out of seam dilution is included in the ROM underground tonnage estimates, except in areas where the total seam thickness is greater than the maximum mining height.

● A highwall mining maximum penetration depth of 800 feet, in areas where such depth could be achieved. Areas where a minimum of 400 feet of penetration depth could not be achieved, as a result of any site-specific boundary limitations including extent of underground mining, were excluded from the reserve classification.

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● The point of reference for reserve estimates is post preparation plant processing and recoverable tons were adjusted for a theoretical preparation plant yield based on drillhole and channel sample analyses washed at a 1.50 specific gravity.

● A conservative preparation plant efficiency factor of 95.0 percent was applied to reflect actual performance of the preparation plant, compared to theoretical laboratory results at a 1.50 specific gravity.

● The estimate of reserve tons includes areas that are exclusively within the current Berwind Complex LOM plans.

12.2 ESTIMATES OF MINERAL RESERVES

The coal reserves that represent the economically viable tonnage controlled by Ramaco at the Berwind Complex, based on the coal reserve estimate methodology described, are shown in Table 12.1-3 as follows:

Table 12.1-3 Clean Recoverable Coal Reserve Tonnage and Quality Estimate, as of December 31, 2022

														Average Coal Quality
														(Raw Dry Basis)
	Product	Total Area		Average Seam		Clean Recoverable Reserve (000 Tons)						Ash		Relative Density
Mine / Seam	Quality	(Acres)		Thickness (Ft)		Proven		Probable		Total		(%)		(Lbs/CF)
Berwind No. 1 Deep Mine Pocahontas 4	Low Vol		7,116		4.2		16,897		26		16,923		23.7		92.82
Laurel Fork Deep Mine Pocahontas 3	Mid Vol		2,536		3.7		6,188		22		6,210		10.6		84.32
Triad No. 2 Deep Mine Pocahontas 6	Low Vol		130		3.5		237		—		237		38.1		101.74
Pocahontas 5	Low Vol		21		2.5		22		—		22		50.1		109.24
Triple S Highwall Mine Pocahontas 5	Low Vol		128		3.1		141		37		178		11.1		84.89
Total			9,931		4.0		23,485		85		23,570		20.3		89.98

Notes:

● 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 based on predominately low and mid volatile metallurgical coal product at a sales price of $169 per ton and cash cost of $101 per clean ton (FOB Mine)

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

● Mineral Reserves are reported exclusive of Mineral Resources

April 4, 2023 Page 55

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

12.3 ESTIMATES OF RESERVE CUT-OFF GRADE

The seams within the Berwind Complex display consistent quality attributes representative of high-quality metallurgical coal. Current mine plans involve low to mid volatile products. One significant variable regarding cost considerations is OSD which results in additional preparation plant costs to obtain a saleable coal product. Preparation plant throughput is also a consideration. However, preparation plant ROM throughput is not a limitation at the Berwind Complex, and the incremental cost of “washing out” the additional OSD as a result of minimum mining heights for equipment clearance does not forgo mining coal seams with thicknesses of 2.0 feet. Mining heights below 2.0 feet result in increased operational difficulty given equipment limitations and capabilities. WEIR did not discover any areas within the complex where washed coal quality parameters for planned mining tonnage was deficient relative to maintaining a high-quality metallurgical grade coal status.

In summary, based on Ramaco’s Berwind Complex historical and consistent saleable coal product quality, current coal sales contract specifications, and the projected coal quality that has been modeled, WEIR does not foresee any deviations that would adversely affect future coal sales.

12.4 MINERAL RESERVE CLASSIFICATION

WEIR prepared the Berwind Complex reserve estimates in accordance with Regulation S-K Item 1302(e), which establishes guidance and definitions for mineral reserves to be used in the United States. The SEC Regulation S-K 1300 Definition Standards relative to reserves are as follows:

Modifying factors are the factors that a qualified person must apply to indicated and measured mineral resources and then evaluate to establish the economic viability of mineral reserves. A qualified person must apply and evaluate modifying factors to convert measured and indicated mineral resources to proven and probable mineral reserves. These factors include but are not restricted to: Mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project.

A mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

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● Probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource.

● Proven mineral reserve is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.

Within the extent of the LOM Plan for the Berwind Complex, Measured Resources were converted to Proven Reserves and Indicated Resources were converted to Probable Reserves.

12.5 COAL RESERVE QUALITY AND SALES PRICE

Berwind Complex coal quality was determined by modeling the drillhole coal quality for the reserve areas. The average dry basis coal quality by seam, for raw coal and washed coal at a 1.50 specific gravity, for the reserves are shown in Table 12.5-1 as follows:

Table 12.5-1 Average Reserve Coal Quality

					Coal Quality (Dry Basis)
	Raw				Washed @ 1.50 Specific Gravity
			Relative								Calorific		Theoretical		Audibert-Arnu		Composition		Calculated				Free		Hardgrove		Total		Reflectance
	Ash		Density		Ash		Sulfur		Volatile		Value		Plant		Maximum		Balance		Stability		Fluidity		Swell		Grindability		Inerts		ROMAX
Mine/Seam	(%)		(Lbs/CF)		(%)		(%)		Matter		(Btu/lb.)		Yield (%)		Dilation (%)		Index		Index		DDPM		Index		Index		(%)		(%)
Berwind No. 1 Deep Mine
Pocahontas No. 4 Rider		24.5		93.36		6.6		0.70		20.3		14,665		67.1		105		4.69		59.4		836		8.7		98		20.4		1.51
Pocahontas No. 4-2		23.6		92.73		6.2		0.65		20.3		14,719		67.8		89		4.73		58.4		658		8.7		99		24.0		1.50
Average		23.7		92.82		6.3		0.66		20.3		14,712		67.7		91		4.72		58.6		683		8.7		99		23.5		1.50
Laurel Fork Deep Mine
Pocahontas No. 3-2		10.6		84.32		5.8		0.71		23.2		14,817		87.6		142		5.54		56.9		614		7.9		96		26.3		1.52
Triad No. 2 Deep Mine
Pocahontas No. 6-2		38.1		101.74		5.4		0.93		20.1		14,957		54.0		ND		ND		ND		ND		ND		ND		ND		ND
Pocahontas No. 5-3		50.1		109.24		7.7		0.85		19.9		14,480		46.8		ND		ND		ND		ND		ND		ND		ND		ND
Average		39.5		102.58		5.6		0.92		20.1		14,904		53.2		—		—		—		—		—		—		—		—
Triple S Highwall Mine
Pocahontas No. 5-1		11.1		84.89		7.5		0.73		20.0		14,573		88.9		46		2.38		58.7		296		9.0		103		25.5		1.43
Berwind Complex Average		20.9		91.04		6.2		0.67		20.9		14,736		72.0		104		4.82		57.9		1,005		8.5		98		24.1		1.50

ND=No Data

The average quality for the reserve tons shows that the Berwind Complex ranges from a high quality low volatile to a high quality mid volatile metallurgical coal product, all which possess good coking properties. The range of dry washed volatile matter is between 19.9 and 23.2 percent, with an average of 20.9 percent. The average proximate analyses reflect an overall coal product that is relatively low in ash and sulfur, and high in calorific value. Other quality parameters such as ROMAX, Free Swelling Index, Audibert-Arnu Maximum Dilation, and Gieseler Fluidity indicate high quality metallurgical grade coal products.

April 4, 2023 Page 57

Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

Ramaco’s forecasted Berwind Complex FOB mine coal sales prices are $168.91 per ton in 2023, $168.90 in 2024, $166.56 in 2025 and thereafter $166.56 to $177.00 per ton through 2049. Ramaco’s sales price projections conform to published forward price curves for coal of similar quality to that of the Berwind Complex. The sales price is further supported in Section 16.0 of this report.

12.6 RISK AND MODIFYING FACTORS

Due to the relatively high continuity of the coal seams within the Berwind Complex LOM plans (both in terms of structure and quality), geologic uncertainties do not appear to pose a significant mining risk.

The operating mines at Berwind Complex have good safety records and maintain diligent regulatory compliance. Workforce census has been and is expected to remain stable. The primary mining equipment is well-maintained, as observed from WEIR’s site visits, and has sufficient capacity to attain projected levels of productivity and production. This further contributes to the Berwind Complex being a relatively low risk operation. As previously noted, mineral rights have been acceptably secured for all operating and planned mines.

Coal recovery is an important aspect in assessing the economic viability of a mine. Based on Ramaco’s historical extraction rates, WEIR does not anticipate significant deviation of product recovery in the future. For deep mines, aerial recovery is based on the pillar size that has been designed for the operation, which is dependent on depth of cover and overlying rock strength and quality. The pillar design is mostly intended to provide safe operation of the primary coal extraction efforts. WEIR utilized an average mining recovery of 50 percent for the Berwind Complex continuous miners for first mining and an additional 30 percent mining recovery for retreat mining. This is consistent with typical industry standards and with actual mining recovery reported by Ramaco.

Risk is also associated with the volatility of coal market prices. Significant variations in operating costs, capital expenditures, productivity, and coal sales prices could impact the economic mineability of the Berwind Complex. Economic analyses and associated sensitivities are further detailed in Section 19.0.

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Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

13.0 MINING METHODS

The underground mining method at the Berwind Complex is room and pillar mining utilizing continuous miners. Mains and submains are generally developed on 120 feet by 90 feet centers. Panels are generally developed on 70 feet by 70 feet centers, depending on depth of cover and exposed surface structure concerns with potential subsidence. Mine entry widths are approximately 20 feet for all entries. Retreat mining in the panels, where it is permitted, increases overall mining recovery to approximately 80 percent. Due to lack of surface structures within the complex, retreat mining is planned for the majority of the underground mining areas. Although Ramaco has subsidence rights, Ramaco acknowledges the rules and regulations in regard to measures to be taken to mitigate or remedy any material damage or diminution in value that may occur to surface lands, structures, or facilities due to subsidence. No deep mining is proposed within 50 feet of gas wells.

13.1 GEOTECHNICAL AND HYDROLOGICAL MODELS

13.1.1 Geotechnical Model

Ramaco bases its underground mine pillar design on; 1) the general characteristics of the roof, coal, and floor strata in concert with Analysis of Coal Pillar Stability (ACPS) and Analysis of Retreat Mining Pillar Stability (ARMPS) software which are both accepted industry standards, 2) experience in the mining industry, and 3) results from similar or adjacent mines. Underground mining conditions at the Berwind Complex are consistent with roof and floor being primarily shales and sandstones, with competent coals seams (See Figure 6.3-1). Pillars for first mining are designed according to minimum unconfined compressive strengths (UCS) of materials such that pillar stability is greater than 2.0. In the currently active and planned underground mines on the Berwind Complex, the first mining protection zones are limited to small areas where there are intermittent streams with less than 200 feet of cover.

Generally speaking, the UCS of shale ranges from 2,000 to 20,000 pounds per square inch (psi) while sandstone ranges from 7,000 to 35,000 psi. The compressive strength of the coal used in the coal pillar stability analysis is 900 psi, realizing a safety factor of at least 2.0 above the safety factor in the coal pillar analysis, when using the lowest value for the compressive strength of shale. Due to this large safety factor when using the minimum commonly accepted UCS value for shale, and since the only protection zones are for intermittent streams in areas of less than 200 feet of cover, Ramaco has waivers in its WVDEP and VDE permits for analysis of the engineering properties of soft rock.

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Berwind Complex Prepared for Ramaco Resources, Inc.

The subsidence surveys have identified some gas wells and associated gas lines in proposed underground mining areas. The owners of the gas wells have been identified on the Subsidence Survey Map in the associated WVDEP and VDE permits. No mining is proposed within 50 feet of the gas wells. No protection is proposed for the surface gas lines within the proposed mining areas.

Ramaco has roof control plans for all of its permitted underground mines. The plans must be approved by the MSHA before mining can commence. The MSHA routinely performs inspections to ensure that the roof control plans are being properly implemented.

For Ramaco’s surface mining operations, standing highwall configurations are not substantial enough to warrant specific geotechnical studies. Maximum cut slopes and safety benches are maintained according to MSHA-approved Ground Control Plans.

For highwall mining operations, hole spacing is based on ACPS analysis and previous results in combination with accepted industry standards. The maximum anticipated recovery within highwall mining areas is less than 50 percent, which should not result in subsidence. No other measures are required to prevent or minimize subsidence or subsidence related damage. Because no subsidence is anticipated from the proposed highwall mining, no plan for monitoring the extent of subsidence is proposed at this time. No water supplies are located above the proposed highwall mining areas.

In summary, no specific detailed geotechnical models or data sets have thus far been created for Ramaco’s existing or planned mining operations at the Berwind Complex. WEIR notes that to date, Ramaco has not experienced any significant stability problems at its Berwind Complex mines. Based on WEIR’s experience in the coal industry and Ramaco’s successful operating history, both in regard to geotechnical considerations, Ramaco is operating its mines in accordance with industry acceptable geotechnical evaluation and standards.

13.1.2 Hydrogeological Model

The Berwind Complex is regionally within the Virginia Big Sandy River Basin and Upper Guyandotte River watershed of West Virginia. The Clinch River, to the south of the complex, is the primary hydrological feature in the local area and is a tributary of the Tennessee River. The major hydrogeological unit in the area is the Lower Pennsylvanian.

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Berwind Complex Prepared for Ramaco Resources, Inc.

Recharge rates for aquifers in this area are relatively low at approximately 12 inches per year. Transmissivity data for the Norton Formation in the region shows relatively high rates of 100 to 2000 square feet per day (Aquifer-Characteristics Data for West Virginia, Water-Resources Investigations Report 01-4036, USGS/West Virginia Bureau for Public Health, 2001). These data both suggest unconfined aquifers, and this generally supports the hydrology sections of permits for the Ramaco mines on the property.

A 1993 study conducted by the USGS in cooperation with the VDE in the immediate vicinity further supports this and suggests that the primary aquifers with significant horizontal flow in the area are due to relatively shallow fracture flow systems. Coal seams also act in horizontal flow systems typically resulting in discharge as springs or seeps on hill slopes, or recharge of coal seams at depth. The study found that as depth increases beyond 100 feet, hydraulic conductivity significantly decreases for strata other than coal. This results in little deep regional ground-water flow.

Due to the rural nature of the area, there are several cooperative and private water wells on and adjacent to the Berwind Complex. There are also structures that utilize the Public Service District water services, and those that utilize both. This ground water inventory information has been summarized by Ramaco in its permit applications.

The operating and planned Ramaco mines are and will be constructed above drainage and above all domestic surface and groundwater sources. Due to above drainage construction and low aquifer recharge rates in the area, the Ramaco mines are relatively dry with little concern for water infiltration. Fracturing and weathering are invariably present in varying degrees in shallow rocks throughout the property. Fracturing affects the hydrologic regime by controlling subsurface water flow (and thus weathering) due to the very low permeability of un-fractured strata. Infiltration due to this fracturing is sometimes encountered but is insignificant to mine operations.

Surface Water Runoff Analyses are included in permit submittals and indicate that stream flows will not increase during or after mining, therefore there will be no increased potential for flooding or channel scouring. In general, diminution, or interruption of any water supply, as a result of the Ramaco mines, is not anticipated.

Groundwater inventories, water quality data, water balance, recharge and seepage rates have been reviewed in the approved permits and current permit revisions, including hydrologic impact assessments outlining risks, monitoring program detail, and mitigation obligations.

Ramaco’s approach to obtaining and managing its surface and groundwater data for the Berwind Complex has been demonstrated to be adequate and aligned with regulatory requirements and standard industry practices. WEIR finds no material barriers to the continued success of the Berwind Complex regarding hydrologic impact or compliance.

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Berwind Complex Prepared for Ramaco Resources, Inc.

13.1.3 Other Mine Design and Planning Parameters

Mine ventilation is a primary design concern for underground mines. WEIR has reviewed Ramaco’s designs and planning for this aspect of its mining operations and has found no significant problems concerning adequacy of ventilation fans or fan locations.

Proximity to previously underground mined areas above or below the operating or planned underground mine is an important consideration at the Berwind Complex, since there are many areas that have been previously mined in many coal seams. WEIR reviewed Ramaco’s mines in proximity to previous mine workings and associated fracture depths and cones used by Ramaco and found no concerns for its existing or planned mining operations.

Underground mine surface facilities and surface mining sites require drainage designs to control surface water runoff. WEIR has reviewed Ramaco’s designs, which have been approved in its WVDEP, VDEP, and NPDES permits, and found the designs to be adequate and consistent with industry standards.

13.2 PRODUCTION, MINE LIFE, DIMENSIONS, DILUTION, AND RECOVERY

13.2.1 Production Rates

Berwind No. 1 Pocahontas 4 Deep Mine

Two continuous miners operate in a supersection at this mine. Supersections are continuous miner sections with split ventilation that allows the operation of two continuous miners on the section, which significantly enhances continuous miner section productivity. Access is provided via slope from the Berwind No. 1 Pocahontas 3 Deep Mine, which will remain inactive for an undetermined period of time. Ramaco commenced production at the Berwind No. 1 Pocahontas 4 Deep Mine in late 2021 after completion of the slope. The mine is currently idle but is expected to be reactivated in April 2023, and will add two additional supersections to mine reserves acquired in the Amonate acquisition. Approximately 33 personnel are currently employed.

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Berwind Complex Prepared for Ramaco Resources, Inc.

Laurel Fork Pocahontas 3 Deep Mine

This mine was previously known as Harvest Time No. 6 Deep Mine and produces coal from the Pocahontas 3 Seam. Ramaco commenced production at this mine in the First Quarter 2022. There is one supersection currently operating at this mine, which currently employs approximately 51 personnel.

Triad No. 2 Deep Mine

This is a single-section continuous miner operation in the Pocahontas No 6 and 5 seams. Ramaco commenced production at this mine in the Fourth Quarter 2022. This mine currently employs approximately 55 personnel and a belt conveyor is being installed to transport the ROM coal to the Berwind Preparation Plant.

Triad Pocahontas 4 Deep Mine

The Tria Pocahontas 4 Deep Mine depleted its reserves in 2022, although there are still approximately 16 personnel involved in site decommissioning.

Triple S Highwall Miner Mine

A Superior highwall miner operates in the Pocahontas No. 5 Seam at this mine and Ramaco is in the process of submitting a permit revision to add area and contour mining to the existing permitted area. There are approximately 14 Ramaco personnel employed at this mine. Ramaco currently employs a contractor to clean the bench in front of the highwall miner. This bench was previously contour mined prior to Ramaco operations at Triple S. This bench was also previously auger mined to relatively short lengths compared to the capability of the Superior highwall miner.

Prior to highwall mining with the Superior machine, Ramaco backfills the old auger holes with a low strength grout to help ensure that there is no subsidence after their highwall mining activities. This backfilling of old auger holes is required by MSHA. The Superior highwall miner cuts are planned at approximately 800 feet in length at full seam thickness, and an 11 feet cut width. Planned highwall miner penetration lengths started out less than planned due to operational difficulties through the old augered areas, however, Ramaco promptly made adjustments and has since been successfully achieving the planned 800 feet cut lengths.

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Berwind Complex Prepared for Ramaco Resources, Inc.

Actual clean coal production attained by the Berwind Complex for 2018 through 2022 is shown in Table 13.2.1-1 as follows:

Table 13.2.1-1 Berwind Complex Historical Clean Production

	2018		2019		2020		2021		2022		Average
Mine	Clean Tons
Berwind No. 1 Pocahontas 4 Deep Mine		80,923		188,241		147,330		16,868		134,097		113,492
Laurel Fork Pocahontas 3 Deep Mine		—		—		—		—		79,090		79,090
Triad No. 2 Deep Mine		—		—		—		—		37,621		37,621
Triad Pocahontas 4 Deep Mine		—		—		—		163,720		141,870		152,795
Triple S		—		—		—		—		23,900		23,900
Berwind Complex Total		80,923		188,241		147,330		180,588		416,578		202,732

Actual and projected ROM and clean coal production, and preparation plant yield for the each of the mines for the first 20 years of the Berwind Complex LOM Plan are shown in Table 13.2.1-2 as follows:

Table 13.2.1-2 Berwind Complex LOM Plan Projected ROM and Clean Production, Preparation Plant Yield, and Tons Sold

	2022(1)	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036
ROM Tons (000)
Berwind No. 1 Pocahontas 4 Deep Mine	244	454	1,398	1,485	1,892	2,176	2,179	2,238	2,309	2,235	2,207	2,307	2,070	2,449	2,299
Laurel Fork Pocahontas 3 Deep Mine	157	499	519	513	481	418	399	410	342	218	302	418	407	410	348
Triad No. 2 Deep Mine	71	717	-	-	-	-	-	-	-	-	-	-	-	-	-
Triad Pocahontas 4 Deep Mine	268	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Triple S	197	364	89	-	-	-	-	-	-	-	-	-	-	-	-
Total	936	2,034	2,006	1,998	2,373	2,595	2,577	2,648	2,652	2,452	2,509	2,725	2,477	2,859	2,647
Clean Tons (000)
Berwind No. 1 Pocahontas 4 Deep Mine	134	159	537	626	735	1,130	1,109	1,008	978	982	1,002	1,004	1,012	1,026	995
Laurel Fork Pocahontas 3 Deep Mine	79	226	208	217	240	200	215	213	143	65	54	213	239	247	162
Triad No. 2 Deep Mine	38	259	-	-	-	-	-	-	-	-	-	-	-	-	-
Triad Pocahontas 4 Deep Mine	142	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Triple S	83	152	63	-	-	-	-	-	-	-	-	-	-	-	-
Total	475	796	808	843	975	1,330	1,324	1,221	1,121	1,046	1,055	1,218	1,251	1,272	1,157
Preparation Plant Yield (%)
Berwind No. 1 Pocahontas 4 Deep Mine	55.1	35.0	38.4	42.2	38.8	51.9	50.9	45.1	42.3	43.9	45.4	43.5	48.9	41.9	43.3
Laurel Fork Pocahontas 3 Deep Mine	50.3	45.3	40.2	42.3	49.9	47.7	53.8	52.0	41.8	29.8	17.8	51.0	58.7	60.1	46.5
Triad No. 2 Deep Mine	53.0	36.2	-	-	-	-	-	-	-	-	-	-	-	-	-
Triad Pocahontas 4 Deep Mine	53.0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Triple S	41.9	41.8	70.3	-	-	-	-	-	-	-	-	-	-	-	-
Average	50.8	39.2	40.3	42.2	41.1	51.3	51.4	46.1	42.3	42.7	42.1	44.7	50.5	44.5	43.7
Tons Sold (000)
Berwind No. 1 Pocahontas 4 Deep Mine	140	157	327	719	808	1,130	1,109	1,008	978	982	1,002	1,004	1,012	1,026	995
Laurel Fork Pocahontas 3 Deep Mine	52	216	158	215	240	200	215	213	143	65	54	213	239	247	162
Triad No. 2 Deep Mine	38	287	-	-	-	-	-	-	-	-	-	-	-	-	-
Triad Pocahontas 4 Deep Mine	142	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Triple S	83	159	114	-	-	-	-	-	-	-	-	-	-	-	-
Total	455	818	600	934	1,048	1,330	1,324	1,221	1,121	1,046	1,055	1,218	1,251	1,272	1,157

⁽¹⁾ 2022 Actual

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Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

														LOM
	2037	2038	2039	2040	2041	2042	2043	2044	2045	2046	2047	2048	2049	Total
ROM Tons (000)
Berwind No. 1 Pocahontas 4 Deep Mine	2,097	2,227	2,048	1,991	1,238	190	-	-	-	-	-	-	-	37,490
Laurel Fork Pocahontas 3 Deep Mine	352	428	412	407	413	411	459	557	564	549	550	555	467	11,808
Triad No. 2 Deep Mine	-	-	-	-	-	-	-	-	-	-	-	-	-	717
Triad Pocahontas 4 Deep Mine	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Triple S	-	-	-	-	-	-	-	-	-	-	-	-	-	453
Total	2,449	2,655	2,460	2,398	1,651	601	459	557	564	549	550	555	467	50,467
Clean Tons (000)
Berwind No. 1 Pocahontas 4 Deep Mine	1,102	1,008	955	851	464	73	-	-	-	-	-	-	-	16,756
Laurel Fork Pocahontas 3 Deep Mine	191	227	258	242	232	233	270	330	343	362	365	349	276	6,320
Triad No. 2 Deep Mine	-	-	-	-	-	-	-	-	-	-	-	-	-	259
Triad Pocahontas 4 Deep Mine	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Triple S	-	-	-	-	-	-	-	-	-	-	-	-	-	215
Total	1,294	1,235	1,213	1,092	696	306	270	330	343	362	365	349	276	23,550
Preparation Plant Yield (%)
Berwind No. 1 Pocahontas 4 Deep Mine	52.6	45.3	46.6	42.7	37.5	38.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	44.7
Laurel Fork Pocahontas 3 Deep Mine	54.3	53.2	62.5	59.4	56.3	56.7	58.9	59.2	60.9	65.9	66.3	63.0	59.2	53.5
Triad No. 2 Deep Mine	-	-	-	-	-	-	-	-	-	-	-	-	-	36.2
Triad Pocahontas 4 Deep Mine	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Triple S	-	-	-	-	-	-	-	-	-	-	-	-	-	47.4
Average	52.8	46.5	49.3	45.6	42.2	50.9	58.9	59.2	60.9	65.9	66.3	63.0	59.2	46.7
Tons Sold (000)
Berwind No. 1 Pocahontas 4 Deep Mine	1,102	1,008	955	851	464	240	-	-	-	-	-	-	-	16,876
Laurel Fork Pocahontas 3 Deep Mine	191	227	258	242	232	233	270	330	343	362	365	349	166	6,148
Triad No. 2 Deep Mine	-	-	-	-	-	-	-	-	-	-	-	-	-	287
Triad Pocahontas 4 Deep Mine	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Triple S	-	-	-	-	-	-	-	-	-	-	-	-	-	273
Total	1,294	1,235	1,213	1,092	696	473	270	330	343	362	365	349	166	23,584

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13.2.2 Expected Mine Life

Individual mines at the Berwind Complex typically have expected mine lives varying from two years and beyond, with 10 years an approximate average. Because the mines are being staged in development, estimation of an expected life of mine for the complex is not appropriate, since there are fairly vast resources available to be mined as reported in Section 11.0. As mining at the complex progresses, future mines will be planned and scheduled as necessary to meet internal Ramaco goals as they align with market conditions. WEIR and Ramaco both acknowledge that this reporting methodology may result in the need for future updates to this TRS.

13.2.3 Mine Design Dimensions

The projected mining for the various mine plans are shown on Figures 13.5-1 through 13.5-4.

Mine design criteria utilized for these mine plans are as follows:

● Gas Wells

Ø State Permit required to mine within 500 feet of a well

Ø MSHA Permit required to mine within 150 feet of a well

Ø Active Well barrier - tangent of 15 degrees x depth of cover or 50 feet, whichever is greater

Ø Inactive Well barrier - tangent of 5 degrees x depth of cover or 50 feet, whichever is greater

Ø Plugged Wells - mine-through is allowed with acquisition of proper State and MSHA Permits

● Pillar Size

Ø ARPMS stability factor of 2.0 or greater for mining under protected areas, which is primarily intermittent streams with less than 200 feet of cover.

Ø ARMPS stability factor of 1.5 or greater for all other room and pillar development.

● Depth of Cover

Ø Ramaco implements a 100 feet minimum depth of cover for all of their underground mines

● Areas without Subsidence Rights

Ø ARMPS stability factor of 2.0 or greater will be maintained during first mining.

Ø Retreat mining will extend no closer than a tangent of 30 degrees times depth of cover to the property boundary.

● Coal Thickness

Ø Mining is not planned in areas of coal seams less than 2.0 feet in thickness.

Ø Continuous miner units are assumed to mine the entire seam thickness (averaging approximately 3.0 feet and ranging from 2.0 to 10.0 feet).

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13.2.4 Mining Dilution

OSD on continuous miner units for Ramaco’s Berwind Complex typically consists of a total of two to three inches of waste from the roof and/or floor. Some areas may require mining more OSD to accommodate mine facilities such as ventilation or conveyors. OSD is not included in the reserve or resource estimates since all underground ROM coal is processed at the preparation plant, which effectively eliminates OSD from the saleable coal product.

13.2.5 Mining Recovery

Mining recovery when utilizing continuous miner mining is based on the pillar design, which is in turn based on depth of cover. Mining recovery varies based on whether developing main or sub-main entries, or a production panel due to the longevity requirements for the mine entries. Mining recovery for first mining at the complex is approximately 50 percent, based on pillar design. In the areas where retreat mining is conducted, an additional 30 percent mining recovery is achieved.

For surface mining, a recovery of 90 percent was projected. The designed hole spacing for highwall mining results in a mining recovery of approximately 40 percent.

13.3 DEVELOPMENT AND RECLAMATION REQUIREMENTS

13.3.1 Underground Development Requirements

The Berwind Complex currently has two active underground mines, an idle underground mine, and an active surface mine. As the underground mines progress, continuous development is required for extensions of belt conveyors, mine power, pipelines, track, and ventilation facilities.

Future ventilation punchouts, or bleeder holes, are anticipated for areas where retreat mining is executed, applicable at most deep mines within the complex. Each bleeder hole installation will be completed just prior to starting panel development.

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Minor development such as drilling holes for rock dust and electrical distribution from the surface may be required at some of the mines, where existing underground mine development is extensive.

13.3.2 Reclamation (Backfilling) Requirements

The construction of underground mines requires the removal of material to create an adequate working surface for the underground mine face-up, haul roads, mine surface facilities, and access roads. Upon mine closure, selected areas will be reclaimed to near Approximate Original Contour (AOC). Other areas will be left in-place as per the approved alternate post-mining land use requirements. Regrading and backfilling activities will commence within 180 days after the mining operations are complete.

As part of Ramaco’s surface mine plans, the contour mining method will require backfilling as mining progresses. Some of these areas involve facing up Abandoned Mine Lands (AML or, pre-1977 Surface Mine Reclamation Act law). Material from the current contour cuts will be used to re-slope previously contour-mined areas to AOC. To the extent possible, Ramaco avoids the use of valley fills during surface mining operations in preference to backfilling of previously contour mined working areas.

WEIR has reviewed Ramaco’s 1/11/23 Asset Retirement Obligations (ARO) summary for the period ending 12/31/22, and backfilling obligations appear to be properly accounted for at its mines. Based on Ramaco’s permits with the WVDEP and VDE, bonding requirements are current and at satisfactory levels at the Berwind Complex (see Section 17.3 and 17.5 for additional details on bonding and mine closure planning).

13.4 MINING EQUIPMENT AND PERSONNEL

13.4.1 Mining Equipment

The Berwind Complex is currently utilizing the following industry standard mining equipment on the continuous miner sections, as shown in Table 13.4-1.

Table 13.4.1-1 Standard/Typical Continuous Miner Section Equipment

Units		Continuous Miner Supersection Equipment
2	—	Joy 1415 Continuous Miners
3	—	Narco 10SC32 Shuttle Cars
2	—	Fletcher CHDDR15 Roof Bolters
2	—	Fairchild 35C Battery Scoops
1	—	Feeder Breaker
2	—	Mantrips

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Table 13.4.1-2 shows the total underground equipment fleet expected at the Berwind Complex over the next 10 years. In some cases, mines that commence later in the LOM Plan will utilize equipment currently being used at other mines at the Berwind Complex to avoid additional capital expenditures.

Table 13.4.1-2 Berwind Complex Primary Underground Equipment Fleet

Mine	Supersections		Continuous Miners		Shuttle Cars		Roof Bolters		Battery Scoops		Feeder Breakers		Mantrips		Service Locomotive
Berwind No. 1 Pocahontas 4 Deep Mine		4		8		12		8		8		4		8		4
Laurel Fork Deep Mine		1		2		3		2		2		1		2		1
Triad No. 2 Deep Mine		1		2		3		2		2		1		2		1
Total		6		12		18		12		12		6		12		6

No significant changes are anticipated in the type of mining equipment used throughout the Berwind Complex LOM Plan. Based on WEIR’s experience in the industry and on Ramaco’s historical performance, WEIR believes that Ramaco can meet planned production requirements with the mining equipment described in this section using prudent operating methods and operating schedules.

At the Triple S Highwall mine, the primary equipment involves a Superior Highwall Mining machine, owned and operated by Ramaco. There are two Cat 980 front end loaders that service the contract over the road coal haulers. Coal haulage from the highwall miner is performed by a fleet of four Volvo A40 articulated end dumps (40 ton) loaded from the highwall miner’s stockpile by a Cat 980 front end loader. Other Ramaco utility equipment includes a D-6 wide pad dozer, a large forklift that assists the highwall miner, skid steers, and a service truck. As mentioned above, contractors perform bench clearing in front of the Superior highwall miner. The bench widths for the highwall miner are adequate based on WEIR’s site visit.

13.4.2 Staffing

The current Berwind Complex staffing is summarized in Table 13.4.2-1 as follows:

Table 13.4.2-1 Current Staffing

	Total
Berwind Pocahontas 4 Deep Mine		33
Laurel Fork Deep Mine		51
Triad No. 2 Deep Mine		55
Triad Pocahontas 4 Deep Mine		16
Triple S Highwall Mine		14
Berwind Preparation Plant		28
Environmental Crew		5
Administration		2
		204

Note: Staffing as of December 2022

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Each operating mine at the Berwind Complex is scheduled to produce coal on two production shifts each day, the A Shift and the B Shift. Underground mine crews on the idle night shift provide support services including production equipment moves, off-shift maintenance and other support functions as required. In addition, general underground support crews work each shift performing routine supply, belt maintenance and outby support functions. Hourly personnel are not affiliated with any union and no changes to this are anticipated in the near term.

The preparation plant is staffed with two crews to process ROM coal 20 hours per day over two, 10-hour shifts, five days per week with no holidays.

The actual and projected staffing for the LOM Plan is shown in Table 13.4.2-2 as follows:

Table 13.4.2-2 LOM Plan Staffing

	Total
Current(1)		204
2023		213
2024		211
2025		250
2026		250
2027 - 2042		250
2043 - 2049		93

⁽¹⁾ As of December 31, 2022.

Most of Ramaco’s employees live nearby in McDowell County, West Virginia, and Buchanan and Tazewell Counties, Virginia. Ramaco has had no major issues hiring qualified candidates for open positions and relies considerably on employee referrals.

Based on industry experience and Ramaco’s historical performance, WEIR believes that the staffing levels are adequate to meet Ramaco’s planned production.

Mine Safety

An industry standard for safety performance is the Non-Fatal Days Lost (NFDL) Incidence Rate, which is determined by the number of lost time injuries multiplied by 200,000 divided by the manhours worked.

The Berwind Complex mine’s manhours worked, NFDL injuries, and NFDL Incidence Rate for 2018 through the third quarter 2022, compared to the national average NFDL Incidence Rate for United States surface and underground coal mines are shown in Table 13.4.2-3 for each of the active mines.

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Table 13.4.2-3 Berwind Complex Manhours Worked, NFDL Injuries and NFDL Incidence Rate

							NFDL
							Incidence  Rate
	Manhours		NFDL Injuries				Mine		National
	Worked		Employee		Contractor		Total		Average
	Berwind No. 1 Pocahontas 4 Deep Mine
2022		94,748		2		3		4.22		3.46
2021		49,759		—		2		—		3.60
2020		116,253		2		—		3.44		3.21
2019		161,031		2		—		2.48		3.06
2018		81,053		1		—		2.47		3.18
		Laurel Fork Deep Mine
2022		98,015		5		1		10.20		3.46
2021		3,400		—		—		—		3.60
2020		4,368		—		—		—		3.21
2019		10,552		—		—		—		3.06
2018		8,096		—		—		—		3.18
		Triad No. 2 Deep Mine
2022		23,894		—		—		—		3.46
2021		—		—		—		—		3.60
2020		—		—		—		—		3.21
2019		—		—		—		—		3.06
2018		—		—		—		—		3.18
		Triad Pocahontas 4 Deep Mine
2022		105,028		1		—		1.90		3.46
2021		81,791		—		—		—		3.60
2020		—		—		—		—		3.21
2019		—		—		—		—		3.06
2018		—		—		—		—		3.18
		Triple S Highwall Mine
2022		19,149		1		—		10.44		0.65
2021		2,308		—		—		—		0.64
2020		—		—		—		—		0.79
2019		—		—		—		—		0.81
2018		—		—		—		—		0.80

The Berwind Complex NFDL Incidence Rates were generally similar to or lower than the national average from 2018 through 2021. For 2022, the Berwind No. 1, Laurel Fork, and the Triple S Highwall mines NFDL Incidence Rates, given Ramaco’s low staffing levels, minimal injury counts resulted in high NFDL Incidence Rates, as compared to the national average. In addition to the NFDL injuries, a contractor at the Berwind No. 1 Mine was fatally injured on February 28, 2022.

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The Berwind Preparation Plant manhours worked, NFDL injuries, and NFDL Incidence Rate reported to the MSHA for 2018 through third quarter 2022, compared to the national average NFDL Incidence Rate for United States preparation plants are shown in Table 13.4.2-4 as follows:

Table 13.4.2-4 Plant Manhours Worked, NFDL Injuries and NFDL Incidence Rate

							NFDL
							Incidence Rate
	Manhours		NFDL Injuries				Berwind		National
	Worked		Berwind		Contractor		Plant		Average
2022		41,036		—		1		—		0.85
2021		200		—		—		—		1.00
2020		—		—		—		—		1.83
2019		1,072		—		—		—		2.08
2018		2,024		—		—		—		1.84

The Berwind Preparation Plant historical NFDL Incidence Rates from 2018 through 2021 are significantly lower than the national average. For 2022, the Berwind Preparation Plant had a zero NFDL Incidence Rate, although a contractor incurred a reportable injury.

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13.5 LIFE OF MINE PLAN MAPS

The projected mining areas for the Berwind Complex LOM plans are shown on Figures 13.5-1 through 13.5-4.

Figure 13.5-1 Life of Mine Plan, Berwind No. 1 Pocahontas 4 Deep Mine

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Figure 13.5-2 Life of Mine Plan, Laurel Fork Deep Mine

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Figure 13.5-3 Life of Mine Plan, Triple S Highwall Mine

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Figure 13.5-4 Life of Mine Plan, Triad No. 2 Deep Mine

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14.0 PROCESSING AND RECOVERY METHODS

14.1 BERWIND PREPARATION PLANT PROCESS AND FLOWSHEET

The processing circuits in the Berwind Preparation Plant, after refurbishment, include a heavy media vessel, six twenty-inch heavy media cyclones, classifying cyclones, two banks of 10 compound spirals, and five conventional self-aspirating flotation cells. A simplified flowsheet for the Berwind Preparation Plant is shown on Figure 14.1-1. New equipment is shown highlighted in green. Replacement of older components is on-going.

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Figure 14.1-1 Simplified Preparation Plant Flowsheet

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14.2 PLANT PROCESSING DESIGN, EQUIPMENT CHARACTERISTICS AND SPECIFICATIONS

The Berwind Preparation Plant was originally built in 1955 and was commissioned in 1957, with plant upgrades in 1975. In 2021 and 2022, Ramaco performed major refurbishing of the plant at a cost of approximately $25 million. The preparation plant now has a design capacity of 600 ROM tons per hour. The plant operates two, 10-hour shifts per day, on a 5 to 6 day week processing schedule as required.

ROM coal from the mines within the Berwind Complex is hauled by over the highway end-dump trucks or directly belted from the mines using overland conveyors to the Berwind Preparation Plant. Ground storage ROM coal capacity at the plant is approximately 50,000 tons. The ROM coal is fed into a rotary breaker by front end loaders. From the rotary breaker, a 36-inch-wide conveyor feeds the ROM coal to one of three silos (one 3,000-ton capacity and two, 2,200 ton-capacity). ROM coal from the silos is fed to the to the preparation plant by belt conveyors.

The plant feed ROM coal material is screened at +4 inch, 1 inch, 3/8 inch, and 3/8 inch x 0. The 4 inch x 3/8 inch ROM coal is processed in a heavy media vessel. The 3/8 inch x 0 material is screened at 28 mesh with the 3/8 inch x 28 mesh material being processed in six heavy media cyclones and the 28 mesh x 0 material reporting to eight raw coal classifying cyclones. From the raw coal classifying cyclones, 28 mesh x 100 mesh material is processed in two banks of 10 triple-start compound spirals. The ultrafine 100 mesh x 0 material is cleaned by way of five 500 cubic foot conventional froth flotation cells.

Clean coal capacity is minimal at this time since the plant was initially designed for a single product. Currently clean coal is stored adjacent to the rail line and loaded into rail cars using front end loaders. Plans are being developed to increase clean coal storage capacity as part of the on-going plant refurbishment. A new flood loading system is scheduled to be implemented in late 2023. Typical unit trains loaded involve approximately 100 cars. The load-out facility is served by the NSn Railroad.

Preparation plant refuse is placed in the adjacent Berwind Refuse Disposal Area, which is an impoundment and coarse refuse disposal area. Coarse refuse is transported to the disposal area by conveyor belt with fine refuse pumped as slurry to the impoundment. This system will be replaced by a plate filter press, which will be in operation the second quarter 2023, for combined disposal of course and fine plant refuse. Remaining refuse disposal capacity exceeds capacity requirements for the current LOM plans.

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14.3 ENERGY, WATER, PROCESS MATERIALS, AND PERSONNEL REQUIREMENTS

Power is supplied to the plant by AEP. Power is received at a primary voltage of 69,000 volts and fed through a 10,000 KVA substation where voltage is reduced to 12,470 volts. Voltage is further reduced inside the preparation plant, to 480 volts.

Make up water is available from several sources including adjacent stream, underground mine mine pools, and detention ponds. There have been no issues regarding make up water availability.

Magnetite consumption is approximately 0.21 pounds per ROM ton processed. The preparation plant chemicals utilized cost approximately $0.20 per ROM ton processed (excluding magnetite).

The LOM Plan projects a total of 32 employees on average for normal plant operations.

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15.0 INFRASTRUCTURE

15.1 ROADS

The primary access road to the Berwind Complex is US Route 460, a four-lane highway, located to the south. From US Route 460, Virginia Route 637 and connecting West Virginia Routes 9 and 11 can be used to access the Berwind Complex to the North.

15.2 RAIL

The NS Railroad provides rail service in the area extending from Amonate, Virginia northward through Berwind, West Virginia and from Swords Creek, Virginia eastward through Richlands, Virginia (see Figure 1.1-1).

15.3 POWER

Electrical power is supplied to the Berwind Complex by AEP. Electrical power is received at the preparation plant at a primary voltage of 69,000 volts and fed through a 10,000 KVA substation where voltage is reduced to 12,470 volts. Voltage is further reduced inside the preparation plant, to 480 volts.

15.4 WATER

Water for mining and coal processing operations is provided by a combination of extraction from abandoned underground mine pools and from settling ponds located on the surface. Mine pool recharge rates are higher than Ramaco water usages.

Individual mine sites typically use purchased potable water. Potable water at the Berwind mine offices and preparation plant is supplied by Ramaco’s wells. This portion of the complex also has its own water treatment facility.

15.5 PIPELINES

There are several oil and natural gas collection lines that service wells within the Berwind Complex. Any construction and earth moving activities in proximity to these lines requires coordination with the oil or natural gas line owner.

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15.6 PORT FACILITIES, DAMS, AND REFUSE DISPOSAL

Port Facilities

The surrounding waterways are not navigable for commercial traffic. The closest barge loading area is approximately 70 miles to the north on the Kanawha River, south of Charleston, West Virginia.

Export coal from the Berwind Complex is railed, via the NS Railroad, to the Pier 6 Terminal, owned and operated by Norfolk Southern Corporation, located at Lamberts Point in Norfolk, Virginia.

Dams and Refuse Disposal

There are no structures that are existing or planned to be constructed in such a size or manner that will be subject to the West Virginia Dam Control Act, the Virginia Dam Safety Act, and/or MSHA regulations. Refer to Section 17.2 for details on coal refuse disposal for the complex.

15.7 MAP OF INFRASTRUCTURE

Mine facilities are generally kept to a minimum. At the mine portal locations, there is typically a small bath house and office with a parking lot, and a parts trailer. The Berwind Complex infrastructure is shown on Figure 15.7-1.

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Figure 15.7-1 Infrastructure Map

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16.0 MARKET STUDIES

16.1 MARKETS

The Berwind Complex produces saleable low volatile and mid volatile metallurgical coal. The market for metallurgical coal from the Berwind Complex consists of both domestic metallurgical coal consumers and exports into the global seaborne metallurgical coal market. The US Energy Information Administration (EIA) compiles average historical price data for metallurgical coal delivered to domestic coke plants and metallurgical coal delivered to tidewater terminals for export. Note that the EIA data includes all classifications of metallurgical coal (high, mid and low volatile) as well as both spot and contract sales prices. Historical prices for metallurgical coal, as reported by the EIA, are shown on Figure 16.1-1 as follows:

Figure 16.1-1 Metallurgical Coal Sales Prices

Source: EIA Quarterly Coal Report

Between 2016 and third quarter 2022, export prices (FOB port) and domestic coke plant prices (delivered cost) have averaged $145.35 and $132.40 per ton, respectively.

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16.2 MATERIAL CONTRACTS

On October 28, 2021, Ramaco announced completion of 2022 sales negotiations with its North American steel customers. Ramaco (across all of its mining operations) is contracted to sell 1.67 million tons of both low-volatile and high-volatile metallurgical coal at an overall average price of roughly $196.00 per ton FOB mine.

Coal sales from the Berwind Complex represent approximately 26 percent of Ramaco’s 2023 projected coal sales tonnage, with metallurgical coal representing nearly 90 percent of Ramaco’s 2023 projected coal sales.

Ramaco has a contract with NS Railroad for coal haulage from the Berwind Complex, which is renewed annually.

16.3 PRICE FORECAST

For purposes of this report, WEIR utilized price forecasts which Ramaco prepared for its Berwind Complex coal sales. Ramaco based its Berwind Complex FOB mine coal sales prices on available FOB Port index forward pricing and Ramaco’s estimated adjustments for Berwind Complex coal quality, freight expense, and loading expense. Ramaco’s price forecasts and adjustments reflect its experience in selling and transporting Berwind Complex saleable metallurgical coal since 2017.

Ramaco’s historical (2018 through 2022) and forecast (2023 through 2049) FOB mine coal sales price for the Berwind Complex is shown on Figure 16.1-2.

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Figure 16.1-2 Historical and Forecast Coal Sales Prices

 

Ramaco’s forecasted Berwind Complex FOB mine coal sales prices are $168.91 per ton in 2023, $168.90 in 2024, $168.54 in 2025 and thereafter $166.56 to $177.00 per ton through 2049.

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17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND LOCAL INDIVIDUALS OR GROUPS AGREEMENTS

17.1 ENVIRONMENTAL STUDIES

As part of the permitting process required by the WVDEP and VDE, numerous baseline studies or impact assessments were undertaken by Ramaco. These baseline studies or impact assessments included in the permit are summarized as follows, with pertinent text from the permit replicated below:

· Groundwater Inventory and Baseline Quality

· Surface Water Baseline Quality and Quantity

· Surface Water Runoff Analysis

· Probable Hydrologic Consequences

Groundwater Inventory and Baseline Quality

Ramaco conducted surveys to inventory water use and to determine the extent and purpose of ground water usage in the areas that could be affected by existing and planned mines within ½ mile of proposed mining limits for each permitted mine site. Field teams made door-to-door visits to these potentially affected residents to gather information by way of completing questionnaire forms regarding water supply source(s), extent of reliance, purpose of reliance (domestic, agricultural, etc.), depth of well(s), character of springs, and other data. The teams measured water level depths in wells where possible and agreeable by owners and obtained surveyed locations accordingly. The detailed results of the surveys are included in each site’s WVDEP and VDE permit application.

Surface Water Baseline Quality, Quantity, and Runoff Analysis

Baseline surface water monitoring for flow and quality parameters was conducted at strategic, WVDEP and VDE approved locations, as applicable, over a period of six months for each of the permit areas. During mining and through the final release of the permit, the stations selected for each site are monitored in accordance with the approved surface water monitoring plans submitted in the site’s permits. Data collected during this period will be compared with the pre-mining baseline data to determine if and how the proposed operation is affecting the surface water systems. If necessary, remedial measures can be taken to assure the protection of the surface water systems.

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Based on samples from adjacent mining and the baseline surface water sampling there should be no acid or toxic mine drainage. However, Ramaco proposes that all coal wastes will be treated as potentially toxic material and handled accordingly using encapsulation cells that are discussed below.

Surface water runoff analyses were performed over the watershed(s) associated with each permit site to evaluate the potential impact of proposed operations on flooding and streamflow alteration. Peak discharges were calculated for the “pre-mining”, “during-mining”, and post-mining” conditions and were compared. These evaluations were performed using SEDCAD 4 software, developed by the University of Kentucky. These analyses and results are included in the individual sites’ permits and show that there will be no increase in peak discharge during mining or post mining for any of the permit areas. It should be noted that in order to attain these acceptable results, the construction of some additional sediment control structures was required at the Ram No.1 Surface and Highwall Mine. Original laboratory data sheets for surface and ground water baseline monitoring are included in the permits.

Probable Hydrologic Consequences

PHCs were evaluated for each permit application. Subsidence will likely occur where retreat mining has been executed as approved. It is expected that direct fracturing of overburden will occur with consequently increased porosity (increased storage capacity) and lateral permeability in response to mining. The little water that is present in that strata will be drained into the underground mines, but the overlying intervals contains no significant aquifers other than, perhaps, the coal seams. Highwall mining will be conducted in such a manner that subsidence will not occur and as thus, should be of no consequence to PHC.

In summary, all of the Ramaco existing and proposed mines are well above any significantly producing aquifers. The PHC studies and results are included in each individual sites’ permit application. The PHC studies showed no significant ground or surface water resource is likely to be contaminated, diminished, or interrupted, providing that the approved drainage control and revegetation plans are adhered to throughout existing and planned mining activities.

17.2        REFUSE DISPOSAL AND WATER MANAGEMENT

Refuse Disposal

The Berwind Refuse Disposal Area (MSHA ID No. 1211WV40737-01) serves the Berwind Preparation Plant. Coarse refuse from the preparation plant is transported to the disposal area by conveyor belt into a refuse bin. The refuse bin loads Caterpillar 773 end dumps, which haul the coarse refuse the remaining distance to the disposal area. The fine refuse is pumped as slurry to the impoundment. This system will be replaced in the second quarter of 2023 in order to co-dispose of the course and fine refuse. A plate filter press will be operating which will achieve this disposal method. With this methodology of refuse disposal, current refuse capacity significantly exceeds the LOM plan’s refuse volumes projected in this TRS. This was readily apparent during WEIR’s site visit.

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The refuse disposal structure will be constructed in such a size or manner that will be subject to the Virginia Dam Safety Act, and/or MSHA regulations. Stability analyses of the refuse disposal structure show that design of the structure exceeds the minimum safety factors of 1.5 for static stability and 1.2 for dynamic stability that are required by the current Virginia State Code of Regulations. The stability analyses were performed using the Rotational Equilibrium Analysis of Multilayered Embankments software that is copyrighted by the University of Kentucky.

Outside of the Berwind Refuse Disposal Area, no coal, or non-coal related disposal, is planned at any of the mine sites.

Water Monitoring and Management

In order to determine the impact of existing and proposed operations on the hydrologic balance, surface water samples are collected bi-monthly with a minimum seven days between sample dates at each of the permitted sites. Samples are sent to a qualified laboratory and analyzed for the following parameters: flow, pH, total acidity, total alkalinity, total iron, total manganese, total sulfates, total suspended solids, and total dissolved solids or specific conductance at 25 degrees C. The samples collected during and after mining will be compared with each other, and with the data collected during the baseline surface water study and used to determine the impact of the operation on the water in the receiving streams.

A waiver of groundwater monitoring during mining was requested for the mine sites due to the proposed mining being well above any groundwater users and any significant aquifers that insure water use.

No specific water treatment facilities other than sediment control are required or planned for any of the mine sites. Based on previous mining and collected water samples. the operations will not contaminate any of the ground or surface water systems of the Berwind Complex. Results of water sampling has shown no significant levels of surface water contamination at the mine sites.

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Surface water management for both Ramaco’s surface and underground permitted mining areas on the Berwind Complex generally involves a combination of structures such as; 1) sediment ditches, 2) temporary sedimentation ponds, 3) soil encapsulation cells that are specifically designed to contain potentially hazardous soil in regards to acid forming materials, 4) permanent and temporary diversion ditches, 5) corrugated metal pipe (CMP) placement for drainages that cross access roads or haulroads, and 6) drainage diversion ditches and collections for excess spoil disposal areas. The underground mine locations have a significantly smaller surface footprint, however, these locations use the same surface water management design considerations as surface mines. Detailed designs for all drainage and sediment control structures are included in Ramaco’s permits. Apart from the Berwind Refuse Disposal Area, there are no significant water retention structures subject to the West Virginia Dam Control Act, the Virginia Dam Safety Act, or MSHA regulations, and there are no other permanent impoundments planned at any of the mine permit sites.

All permitted mine sites have a Materials Handling Plan designed to mitigate the potential for acid mine drainage generation regarding those materials excavated during the land disturbance activities associated with development of the proposed mining facility. Some areas have known potentially acid generating materials. This is determined from Acid Base Accounting data that is collected as part of the permitting requirements. Also, selenium data is documented within the water chemistry of the equivalent mine discharge samples. The equivalent water data provides a more appropriate geochemical characterization as compared to in-situ strata testing.

Material that requires special handling for potentially acidic discharges meets the following standards: have a net acid base accounting that is ≥-5 and at least 1 foot thick; have Selenium concentrations greater than 1 mg/kg and at least 1 foot thick; have a pH ≤4 and be at least 1-foot-thick. Materials to be specially handled will be placed in encapsulation cells to assure

there is no potential for acid producing material. The cells will be located on the mine bench in an area free of any seeps, springs, or mine drainage, “high and dry”, and sealed with a minimum of 4.0 feet of the most imperious material available. The approximate location of planned encapsulation cells is shown on the Geohydrologic Maps that are included in the permit applications.

Discharges from these structures will be monitored in accordance with the approved plans. Sediment structures will be cleaned or enlarged if the total suspended solids exceed effluent limitations. All discharges will go through sediment control structures. The pond discharges will be monitored in accordance with approved plans and treated to meet effluent limitations, if needed.

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Regarding highwall mining concerns, there is no residual head of water anticipated on any of the designed outcrop barriers which are designed at a minimum of 50 feet width. Based on water samples collected from adjacent mining, there is not anticipated to be any acid, alkaline, or iron laden drainage.

All permitted sites have a surface water runoff monitoring plan. Within twenty-four hours of a one-year frequency, twenty-four hour storm event or greater, a permit-wide inspection and report of the drainage systems is completed and submitted to the WVDEP or VDE, as applicable. The inspection and subsequent report note any damages or deficiencies in the drainage system so that repairs can be implemented immediately. It also indicates if any sediment structure is at or near it’s clean out capacity (60 percent). A rain gauge, located at the mine office on the Berwind Complex is used to monitor precipitation events. In-stream monitoring stations are used to take stream flow measurements. The rain gauge is monitored daily and reported monthly to the appropriate regulatory authority.

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17.3        PERMITS AND BONDING

Coal mines in West Virginia are required to file applications for and receive approval of mining permits issued by the WVDEP to conduct surface disturbance and mining activities. A similar filing and approval process is required by the VDE. The Berwind Complex has been issued mining permits and associated NPDES permits by the WVDEP and the VDE as shown in Table 17.3-1 as follows:

Table 17.3-1 Berwind Complex Mining and NPDES Permits

			Permitted
	Permit		Surface Area			Current	NPDES
Property Description	Number	State	(Acres)		Issue Date	Status	Permit No.
Amonate Auger No. 1	S-4005-01	WV		50.35	9/6/2001	Active	WV0049751
Amonate No. 31 Mine	U-0209-83	WV		22.00	11/14/1983	Idle	WV0049751
Berwind Preparation Plant and Refuse	O-0150-83	WV		282.41	11/14/1983	Active	WV0049751
Amonate Impoundment	1302370	VA		75.00	4/18/2022	Active	0082251
Berwind Deep Mine No. 1	U-3008-16	WV		34.58	6/26/2017	Active	WV1028952
Berwind Deep Mine No. 1	1202294	VA		—	5/20/2019	Active	0082294
Berwind Poca 6 Seam Deep Mine	U-5007-21	WV		8.23	4/14/2022	New	WV1028952
Dry Fork Mine	1402369	VA		40.73	4/18/2022	Idle	0082153
Laurel Fork Mine (Harvest Time No. 6)	U-4004-11	WV		7.12	11/20/2012	Active	WV1024281
Laurel Fork Mine (Harvest Time No. 6)	1202367	VA		—	4/12/2022	Active	0082155
Vica Deep Mine (Hiope No. 7)	U-0012-84	WV		11.91	1/17/1984	Idle	WV0021687
Squire Jim Deep Mine No. 1	U-3004-18	WV		8.83	8/31/2020	Idle	WV1029088
Squire Jim Deep Mine No. 2	U-4003-04	WV		7.31	10/17/2005	Idle	WV1021222
Squire Jim Deep Mine No. 2	1202366	VA		—	4/11/2022	Idle	0082154
Squire Jim Deep Mine No. 4	U-4013-08	WV		8.25	12/4/2009	Idle	WV1023837
Triad Pocahontas 4 Prospect	P-3009-21	WV		9.10	9/8/2022	Closed	N/A
Triad Pocahontas 4 Deep Mine	U-5004-19	WV		6.63	3/2/2020	MinedOut	WV1028952
Triad 2 Pocahontas 6 Deep Mine	P-3001-23	WV		5.98	2/16/2023	Active	N/A
Triple S Highwall Mine (Auger II)	S-4004-03	WV		221.53	11/21/2003	Inactive	WV1021141
Vica Deep Mine	U-0011-85	WV		2.34	2/25/1985	Phase 2	WV1005685
Vica Deep Mine (Hiope No. 7)	1202364	VA		—	Pending	Phase 2	0082100
Total				802.30

A total bond amount of $3.6 million held by Ramaco is based on the mine closure reclamation liability cost estimate as of December 31, 2022. The ARO estimate for all sites within the complex is $4.9 million, as of December 31, 2022. Both the WVDEP and VDE utilize a bond matrix that determines the rate per acre based upon the activity that the land is to be used for. This rate per acre is simply applied to the permit sites’ acreage to obtain the bond requirement. WEIR concludes that Ramaco’s bonding approach, bond amounts, and the ARO estimates that are currently allocated for the Berwind Complex sites appear reasonable.

Upon searching the WVDEP and the VDE violation records, it was found that the Berwind Complex has an excellent environmental compliance record with no significant fines or citations over the last two years.

17.4        LOCAL STAKEHOLDERS

As indicated in Section 13.4.2, Ramaco currently employs 210 personnel at the Berwind Complex and is projected to have maximum employment of approximately 257 personnel during the Berwind Complex LOM Plan. The complex creates substantial economic value with its third-party service and supply providers, utilities and through payment of taxes and fees to local, state and federal governmental agencies.

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The Berwind Complex is located in a rural and fairly isolated area of West Virginia and Virginia. Reportedly, there have been no social or community impact issues relative to the Berwind Complex. The local area supports Ramaco for the jobs that it provides for people in the surrounding communities.

17.5        MINE CLOSURE PLANS

Upon mine closure, areas will be reclaimed to near AOC configuration. Regrading and backfilling activities are required to commence within 180 days after the mining operations are complete.

The primary pre-mining land use for the Berwind Complex is forestland. The approved post-mining land use for Ramaco’s permits is forestland. No land within the permit areas have been historically used for prime farmland. The slope of all land within the existing and proposed permit areas is ten percent or greater, which also precludes post-mining land use as prime farmland.

Upon completion of mining operations and regrading, topsoil will be redistributed over the disturbed areas. Mine soil that served as a base for coal stockpiles will be tested to determine if supplemental liming is necessary prior to blending this material with the other mine soil onsite. After the permit area has been graded, soil analysis will be performed to determine the quantity of agricultural limestone, or an equivalent supplement, and fertilizer necessary to achieve the post-mining land use.

All regraded areas will be revegetated as soon as practical to establish quick vegetative cover and minimize erosion. Disturbed and un-reclaimed acreage including excess spoil disposal sites, will not exceed two hundred (200) acres or fifty (50) percent of the permit area, whichever is less. Runoff from these regraded areas will be routed through properly constructed and maintained sediment structures that are designed to retain site runoff along enough for the suspended solids to settle.

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Streams on the complex are generally approximately 1,000 feet below the ridges. Soils within the permit area formed in residual parent material derived from interbedded shale, siltstone and sandstone. This consist of very steep soils on narrow ridge tops and on side slopes. The annual precipitation in the area averages approximately 47 inches. Woodlands make up about 85 percent of the total area in this county and soils in this area are well suited to growing forests. The areas to be disturbed and later reclaimed are in the oak-hickory type, of the Appalachian Forest and consists of yellow poplar, basswood, red and black oak, hickory, sugar maple, chestnut oak, white oak, beech, pine/hemlock, scarlet oak, other miscellaneous hardwoods. On dry ridges, spurs and southern slopes white oak, hickory, chestnut oak, Virginia pine and pitch pine are the dominant species. These sites tend to be less productive, and the timber has slower growth, while the moist coves and northern and eastern slopes contain yellow poplar, sugar maple, red oak, black oak, beech, and basswood and are more productive sites.

Both hardwoods and pine seedlings will be hand planted by a reputable tree planting contractor to create a diverse and productive forest. Several species will be selected to create a diverse forest. The overall stocking density for all woody plants on the permitted mine site is at least 500 plants per acre. The stocking density for trees is at least 350 plants per acre. All final land use is planned as forestland except small areas of permanent drainage structures and access roads that have been approved to remain.

Temporary erosion control vegetative cover is established as contemporaneously as practical, with backfilling and grading, until a permanent tree cover can be established. A tree-compatible cover will be used to keep the vegetation that is being established for erosion control from competing too aggressively with the tree seedlings.

17.6 ENVIRONMENTAL COMPLIANCE, PERMITTING, AND LOCAL INDIVIDUALS OR GROUPS ISSUES

Based on WEIR’s review of Ramaco’s plans for environmental compliance, permit compliance and conditions, and dealings with local individuals and groups, Ramaco’s efforts are adequate and reasonable in order to obtain approvals necessary relative to the execution of the Berwind Complex LOM plans.

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18.0 CAPITAL AND OPERATING COSTS

Ramaco provided historical and projected operating costs and capital expenditures for the Berwind Complex, which were an adequate check and basis for the LOM Plan cost projections. The operating costs and capital expenditures are included in the financial statements that are audited annually by MCM CPAs & Advisors for Ramaco’s 10-K reporting to the SEC. The auditing performed by MCM CPAs & Advisors is conducted in accordance with the standards of the Public Company Accounting Oversight Board.

18.1        CAPITAL EXPENDITURES

The Berwind Complex will require capital to be expended each year for infrastructure additions/extensions, as well as for mining equipment rebuilds/replacements to continue to produce coal at currently projected annual levels of production.

Ramaco’s Berwind Complex development costs since 2017 are considered “Sunk Costs” and as economic returns in this economic analysis are presented only on a forward-looking basis, Sunk Costs are not included in the economic return of the project, as estimated in this study.

The projected capital expenditures are categorized according to each mining operation, and the Berwind Preparation Plant. Actual capital expenditures for 2018 through 2022 and projected capital expenditures, in 2022 dollars, for 2023 through 2048, are shown on Figure 18.1-1:

Figure 18.1-1 Historical and Projected LOM Plan Capital Expenditures

The capital expenditures in 2022 are related to the slope construction and equipment for the Berwind No. 1 Pocahontas 4 Deep Mine, and the Berwind Preparation Plant. The capital expenditures in 2024 are related to the Laurel Fork Pocahontas 3 Deep Mine and the Triad 2 Deep Mine.

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Ramaco began development of the Berwind Complex in 2017 and commenced mining in the fourth quarter 2017. Mine management has had several years of experience estimating capital expenditures for surface and underground mining, and the risk of inaccurate estimates is low.

The LOM Plan projected average capital cost of $9.77 per ton for projected mining equipment and infrastructure requirements is $143.66 per ton lower than the historical average cost of $153.43 per ton, which included high development capital from 2018 through 2022 for the Berwind No. 1 Mine and the Berwind Preparation Plant. Capital expenditures per annual ton are estimated to have an accuracy within +/- 15.0 percent.

Contingency costs account for undeveloped scope and insufficient data. Contingency for required major projects and mining equipment is estimated at 10 percent and is intended to cover unallocated costs from lack of detailing in scope items. It is a compilation of aggregate risk from estimated cost areas.

18.2        OPERATING COSTS AND RISKS

Operating costs are projected based on historical operating costs and adjusted based on projected changes in staffing, hours worked, and production and productivity for mining areas in the LOM Plan. The Berwind Complex actual and LOM Plan projected operating costs in total dollars and dollars per ton, are shown on Figure 18.2-1:

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Figure 18.2-1 Berwind Complex Historical and LOM Plan Operating Costs

Descriptions or explanations of the operating costs considered in the LOM Plan are as follows:

Direct Cash Cost:

· Labor cost, which includes wages and benefits for hourly and salary personnel at the mine and preparation plant.

· Maintenance and supplies, which are expenses related to upkeep of mining equipment and associated infrastructure.

· Utility expenses, which are expenses related primarily to purchase of electrical power to operate mining equipment at the mines and preparation plant equipment, telephone and data lines, water, and garbage services.

· Trucking costs, which are expenses primarily related to transportation of ROM coal from the mines to the preparation plant.

· Allocations (in/out), which are various costs for the preparation plant and administration.

· Professional services, which are expenses related to legal, engineering, and other firms providing services to the Berwind Complex.

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· Property Tax and Insurance are expenses related to property taxes and liability insurance for risk management purposes.

· Other costs, which are miscellaneous expenses related to operation of the mines and preparation plant.

· Sales related costs are expenses related to Black Lung Excise Tax, Virginia and West Virginia Severance Taxes, and Virginia, West Virginia and Office of Surface Mining reclamation taxes.

· Royalties are expenses related to leased surface and mineral properties.

· General and Administrative, which include expenses related to administrative offices and personnel to manage the mining operations.

Selling, General and Administrative Costs:

· Expenses related to coal sales and corporate administrative costs

Non-Cash Costs:

· Asset retirement obligation accretion, depreciation, and amortization costs

Detailed LOM Plan annual operating costs and capital expenditures are shown below in Table 18.2-1.

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Table 18.2-1 LOM Plan Annual Operating Cost and Capital Expenditures

	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036
Labor costs	28.7	25.6	34.3	37.7	37.7	37.7	37.7	37.7	37.7	37.7	37.7	37.7	37.7	37.7
Maintenance & supplies	36.6	35.7	36.4	38.3	48.5	47.9	44.5	42.4	41.0	41.7	44.5	44.6	46.0	43.3
Utility expenses	2.9	2.6	3.0	3.2	4.3	4.3	4.0	3.8	3.7	3.8	4.0	4.1	4.1	3.9
Trucking costs	8.4	6.9	5.9	5.5	5.2	5.6	5.5	3.7	1.7	1.4	5.5	6.2	6.4	4.2
Contract Mining	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Purchased third-party coal	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Property tax & insurance	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
Other costs	0.1	0.5	0.4	0.3	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Sales related tax costs	16.5	11.2	16.6	20.0	24.3	24.4	22.7	20.2	18.2	18.2	22.6	23.4	23.9	21.0
Administrative costs	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.1	0.1	0.1	0.2	0.2	0.2	0.2
Total Cost of Production	95.3	78.1	97.2	106.0	121.0	120.8	115.3	108.8	103.2	103.6	115.2	116.9	119.0	111.0
Asset Retirement obligation	0.3	0.4	0.4	0.3	0.3	0.4	0.4	0.4	0.5	0.5	0.5	0.6	0.6	0.7
Depreciation and amortization	13.2	12.8	14.6	8.3	10.2	10.2	9.4	8.5	7.7	7.7	9.4	9.7	9.9	8.8
Total Costs and Expenses	108.8	91.2	112.2	114.6	131.5	131.3	125.1	117.7	111.3	111.8	125.2	127.2	129.5	120.5
Capital Expenditures	19.2	43.5	16.3	21.4	8.1	8.0	7.7	7.6	7.5	7.6	7.7	7.6	7.9	7.6

	2037	2038	2039	2040	2041	2042	2043	2044	2045	2046	2047	2048	2049	Total
Labor costs	37.7	37.7	37.7	37.7	37.7	37.7	11.6	11.6	11.6	11.6	11.6	11.6	5.6	804.7
Maintenance & supplies	47.1	44.7	42.8	38.8	23.3	14.0	4.8	5.9	6.1	6.3	6.3	6.1	3.0	840.6
Utility expenses	4.2	4.0	4.0	3.7	2.4	1.6	1.1	1.2	1.2	1.2	1.2	1.2	0.9	79.8
Trucking costs	5.0	5.9	6.7	6.3	6.0	6.1	7.0	8.6	8.9	9.4	9.5	9.1	4.3	164.7
Contract Mining	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Purchased third-party coal	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Property tax & insurance	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	18.7
Other costs	0.0	0.0	0.0	0.0	0.0	0.0	1.0	0.1	0.1	0.0	0.4	4.1	0.6	8.4
Sales related tax costs	23.6	23.0	23.0	20.8	14.1	10.4	7.4	9.0	9.3	9.8	9.9	9.5	4.5	457.7
Administrative costs	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	3.4
Total Cost of Production	118.5	116.2	115.0	108.1	84.4	70.6	33.6	37.1	37.9	39.2	39.7	42.4	19.8	2,374.1
Asset Retirement obligation	0.7	0.8	0.9	0.9	0.9	0.2	0.1	0.0	0.0	—	—	—	—	10.8
Depreciation and amortization	9.9	9.6	9.5	8.6	5.8	4.2	2.9	3.5	3.6	3.8	3.8	3.7	1.8	211.1
Total Costs and Expenses	129.1	126.6	125.4	117.6	91.0	74.9	36.5	40.6	41.6	43.0	43.6	46.1	21.5	2,596.1
Capital Expenditures	7.9	7.7	7.4	6.9	5.0	2.9	2.6	2.7	2.7	2.7	2.7	1.5	—	230.4

The LOM Plan projected cash operating cost of $100.67 per ton is $14.31 per ton lower than the four-year historical average of $114.98 per ton. The historical cash operating cost was higher due to the development costs associated with ramping up from the Pocahontas No. 3 Seam to the Pocahontas No. 4 Seam at the Berwind No. 1 Mine. With the long history of cost of sales, no contingency is included, although the accuracy of the LOM Plan projected cost of sales should be considered to be within 15 percent of the historical average.

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Capital and Operating Cost Estimation Risk

The Berwind Complex has been in operation since 2017 and has had a relatively long period of experience with capital expenditure costs and operating costs. Since the mining operations will continue in similar coal seams and mined in the same manner as historically, there is little risk associated with the specific engineering estimation methods used to arrive at projected capital expenditures and operating costs. An assessment of accuracy of estimation methods is reflected in the sensitivity analysis in Section 19.3.

For purposes of the Preliminary Feasibility Study relative to the Berwind Complex LOM Plan, capital expenditures are estimated to an accuracy of +/- 15 percent, with a contingency of 10 percent, and operating costs are estimated at an accuracy of +/- 15 percent, with no contingency.

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19.0 ECONOMIC ANALYSIS

19.1        ASSUMPTIONS, PARAMETERS, AND METHODS

A Preliminary Feasibility Study financial model has been prepared in order to assess the economic viability of the Berwind Complex LOM Plan. Specifically, plans were evaluated using discounted cash flow analysis, which consists of annual revenue projections for the Berwind Complex LOM Plan. Cash outflows such as capital, including preproduction costs, sustaining capital costs, operating costs, transportation costs, and taxes are subtracted from the inflows to produce the annual cash flow projections. Cash flows are recognized to occur at the end of each period. There is no adjustment for inflation in the financial model, and all cash flows are in 2022 dollars. WEIR’s study is conducted on an un-levered basis, excluding costs associated with any debt servicing requirements.

To reflect the time value of money, annual net cash flow projections are discounted back to the project valuation date, using a discount rate of 10 percent. The discount rate appropriate to a specific project depends on many factors, including the type of commodity and the level of project risks, such as market risk, technical risk, and political risk. The discounted present values of the cash flows are summed to arrive at the Berwind Complex NPV.

Projected cash flows do not include allowance of any potential salvage value. Additionally, capital previously expended (sunk cost) is not included in the assessment of economic returns.

WEIR’s after-tax NPV incorporates a projected corporate income tax rate of 21 percent, as provided by Ramaco.

In addition to NPV, the Internal Rate of Return (IRR) is also calculated. The IRR is defined as the discount rate that results in an NPV equal to zero. Payback Period is calculated as the time required to achieve positive cumulative cash flow for the Berwind Complex at a 10 percent discount rate. As the Berwind Complex is ongoing with no initial investment required (i.e., already sunk cost), payback period is less than one year.

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The actual and LOM Plan coal sales price forecasts used to estimate Berwind Complex revenue and the annual cash flow forecast detail are shown in Table 19.1-1 as follows:

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Table 19.1-1 Annual Cash Flow Forecast Detail

	2023	2024		2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036
Tons Sold (000)	818	600		934	1,048	1,330	1,324	1,221	1,121	1,046	1,055	1,218	1,251	1,272	1,157
Sales Price ($ Per Ton)	168.91	168.90		168.54	168.52	167.65	167.78	167.92	167.40	166.68	166.56	167.93	168.10	168.13	167.54
	Dollars (millions)
Revenue	138.2	101.3		157.4	176.6	223.0	222.1	205.1	187.7	174.4	175.8	204.5	210.2	213.9	193.9
Total Costs and Expenses	95.3	78.1		97.2	106.0	121.0	120.8	115.3	108.8	103.2	103.6	115.2	116.9	119.0	111.0
Income before taxes	29.9	10.4		45.5	62.0	91.5	90.8	80.0	69.9	63.1	63.9	79.3	83.0	84.4	73.4
Income tax expense	6.3	2.2		9.6	13.0	19.2	19.1	16.8	14.7	13.2	13.4	16.7	17.4	17.7	15.4
Net income	23.6	8.2		36.0	49.0	72.3	71.7	63.2	55.2	49.8	50.5	62.6	65.6	66.7	58.0
Adjusted EBITDA	36.6	21.0		50.6	57.7	82.8	82.2	73.0	64.2	58.0	58.7	72.6	75.9	77.2	67.4
Capital Expenditures	19.2	43.5		16.3	21.4	8.1	8.0	7.7	7.6	7.5	7.6	7.7	7.6	7.9	7.6
Total Cash Flow	17.4	(22.5	)	34.3	36.3	74.6	74.2	65.3	56.6	50.5	51.1	64.9	68.3	69.3	59.8
															LOM
	2037	2038		2039	2040	2041	2042	2043	2044	2045	2046	2047	2048	2049	Total
Tons Sold (000)	1,294	1,235		1,213	1,092	696	473	270	330	343	362	365	349	166	23,584
Sales Price ($ Per Ton)	167.63	168.02		168.34	168.43	169.67	171.43	177.00	177.00	177.00	177.00	177.00	177.00	177.00	168.87
	Dollars (millions)
Revenue	216.8	207.6		204.2	184.0	118.2	81.1	47.8	58.4	60.7	64.0	64.5	61.9	29.4	3,982.6
Total Costs and Expenses	118.5	116.2		115.0	108.1	84.4	70.6	33.6	37.1	37.9	39.2	39.7	42.4	19.8	2,374.1
Income before taxes	87.7	80.9		78.8	66.4	27.1	6.2	11.3	17.8	19.1	21.1	20.9	15.8	7.9	1,387.8
Income tax expense	18.4	17.0		16.5	13.9	5.7	1.3	2.4	3.7	4.0	4.4	4.4	3.3	1.7	291.4
Net income	69.3	63.9		62.2	52.5	21.4	4.9	8.9	14.1	15.1	16.6	16.5	12.5	6.3	1,096.3
Adjusted EBITDA	79.9	74.3		72.6	62.0	28.1	9.2	11.9	17.6	18.8	20.5	20.4	16.1	8.0	1,317.1
Capital Expenditures	7.9	7.7		7.4	6.9	5.0	2.9	2.6	2.7	2.7	2.7	2.7	1.5	-	230.4
Total Cash Flow	72.0	66.6		65.2	55.0	23.1	6.3	9.3	14.9	16.1	17.8	17.7	14.7	8.0	1,086.7

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Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

19.2        ECONOMIC ANALYSIS AND ANNUAL CASH FLOW FORECAST

Annual cash flows for the Berwind Complex LOM Plan are summarized on Figure 19.2-1 as follows:

Figure 19.2-1 Annual Cash Flow Forecast

Cash flows decline after 2040, as a result of a projected decrease in coal sales realizations. While not included in these cash flows, Ramaco plans to commence other mining operations within the Berwind Complex, as existing operations phase out. Significant tonnage associated with those future, to-be-planned operations, is currently classified as Resource tonnage. As LOM plans are prepared for operations within the current Resource areas of the Berwind Complex, updates will be made to this analysis.

The Berwind Complex LOM Plan has an after-tax NPV of $405.7 million, at a base case discount rate of 10 percent (Table 19.2-1). As the Berwind Complex is ongoing with no initial investment required (i.e., already sunk cost), the IRR is infinite. Cumulative (undiscounted) cash flow over the LOM Plan is positive, at $1,086.7 million. The Return on Investment (ROI), at a 10 percent discount rate, is 217 percent.

The after-tax NPV, IRR, cumulative cash flow and ROI are summarized in Table 19.2-1 as follows:

Table 19.2-1 After-Tax NPV, IRR, Cumulative Cash Flow, and ROI

	LOM Plan
NPV ($Million)	405.7
IRR (%)	Infinite
Cumulative Cash Flow ($Million)	1,086.7
Return on Investment (%)	217

Table 19.2-2 presents key operational statistics for the LOM Plan on an after-tax basis. Over the LOM Plan, the average cash operating cost is $100.67 per clean ton. Operating costs include mining, processing, G&A, but exclude amortization costs on capital expenditures.

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Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

Table 19.2-2 Key Operating Statistics

	LOM Plan
ROM Tons Produced (000s)		50,717
Clean Tons Produced (000s)		23,607
Preparation Plant Yield (%)		46.5
Tons Sold (000s)		23,584

	($ Per Ton)
Coal Sales Realization		168.87
Direct Cash Costs		100.67
Non-cash Costs		9.41
Total Cost of Sales		110.08
Profit / (Loss)		58.79
EBITDA		68.26
CAPEX		9.77

19.3        SENSITIVITY ANALYSIS

A sensitivity analysis was undertaken to examine the influence of changes to assumptions for coal sales prices, production, operating cost, capital expenditures, and the discount rate on the base case after-tax NPV. The sensitivity analysis range (+/- 25 percent) was designed to capture the bounds of reasonable variability for each element analyzed. The basis for reasonable variability for each element analyzed is summarized as follows:

· Sales Price - Historical coal sales price variability of 99 percent between 2018 and 2022

· Production - Variability in production of up to 119 percent from the 2019 through 2020

· Operating Cost - Estimated accuracy of +/- 15 percent

· Capital Costs - Estimated accuracy of +/- 15 percent

· Discount Rate - based on range of variability from 7.5 to 12.5 percent

Figure 19.3-1 depicts the results of the NPV sensitivity analysis.

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Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

Figure 19.3-1 Net Present Value Sensitivity Analysis

Figure 19.3-1 shows that the Berwind Complex NPV is most sensitive to changes in coal sales prices followed closely by sensitivity to changes in production and operating costs. It is less sensitive to changes in the discount rate and capital expenditures.

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Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

20.0 ADJACENT PROPERTIES

This TRS does not include any estimates of coal resources or coal reserves associated with adjacent uncontrolled properties.

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Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

21.0 OTHER RELEVANT DATA AND INFORMATION

Conducting a due diligence investigation relative to the mineral and surface rights of Ramaco’s mining operations was not part of WEIR’s scope of work. This TRS is based on Ramaco controlling, by lease or ownership, or having the ability to acquire the coal reserves and surface lands necessary to support its mine plans.

The ability of Ramaco, or any coal company, to achieve production and financial projections is dependent on numerous factors. These factors primarily include site-specific geological conditions, the capabilities of management and mine personnel, level of success in acquiring reserves and surface properties, coal sales prices and market conditions, environmental issues, securing permits and bonds, and developing and operating mines in a safe and efficient manner. Unforeseen changes in legislation and new industry developments could substantially alter the performance of any mining company.

Coal mining is carried out in an environment where not all events are predictable. While an effective management team can identify known risks and take measures to manage and/or mitigate these risks, there is still the possibility of unexpected and unpredictable events occurring. It is not possible therefore to totally remove all risks or state with certainty that an event that may have a material impact on the operation of a coal mine will not occur.

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Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

22.0 INTERPRETATIONS AND CONCLUSIONS

22.1        SUMMARY OF INTERPRETATIONS AND CONCLUSIONS

Interpretation

Ramaco has a long operating history of resource exploration, mine development, and mining operations at the Berwind Complex, with extensive exploration data including drillholes, in-mine seam thickness and elevation measurements, and in-mine channel samples supporting the determination of mineral resource and reserve estimates and projected economic viability. The data has been reviewed and analyzed by WEIR and determined to be adequate in quantity and reliability to support the coal resource and coal reserve estimates in this TRS.

Conclusion

The coal resource and coal reserve estimates and supporting Preliminary Feasibility Study were prepared in accordance with Regulation S-K 1300 requirements. There are 629.0 million in-place tons of Measured and Indicated coal resources, exclusive of reserves, and 23.6 million clean recoverable tons of mineable reserves within the Berwind Complex, as of December 31, 2022. Reasonable prospects for economic extraction were established through the development of a Preliminary Feasibility Study relative to the Berwind Complex LOM Plan, considering historical mining performance, historical and projected metallurgical coal sales prices, historical and projected mine operating costs, and recognizing reasonable and sufficient capital expenditures.

22.2        SIGNIFICANT RISKS AND UNCERTAINTIES

Risk, as defined for this study, is a hazard, condition, or event related to geology and reserves, mine operations and planning, environmental issues, health and safety, and general business issues that when taken individually, or in combination, have an adverse impact on Ramaco’s development of the Berwind Complex. Risks can disrupt operations, adversely affect production and productivity, and result in increased operating cost and/or increased capital expenditures.

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Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

In the context of this TRS, the likelihood of a risk is a subjective measure of the probability of the risk occurring, recognizing the magnitude of the risk defined as follows:

Low Risk indicates that the combined probabilities (low/medium/high) together with the economic impact (minimal/significant/adverse), if conditions exist, should not have any material adverse effect on the economic viability of the project.

Moderate Risk indicates that the combined probabilities (low/medium/high) together with the economic impact (minimal/significant/adverse), if conditions exist, could have a detrimental effect on the economic viability of the project.

High Risk indicates that the combined probabilities (low/medium/high) together with the economic impact (minimal/significant/adverse), if conditions exist, could have a seriously adverse effect the economic viability of the project.

Based on a review of available information and discussions with Ramaco personnel, WEIR identified potential risks associated with the Berwind Complex LOM Plan. The risks, WEIR’s assessment of risk magnitude, and comments based on WEIR’s experience with surface and underground mining operations are summarized in Table 22.2-1 as follows:

Table 22.2-1 Berwind Complex Risk Assessment Summary

	WEIR Risk
Area of Risk	Assessment	Comments
Coal Quality	Low	Based on previous production and core hole quality data, coal quality appears to be a consistently good metallurgical coal product.
Horizontal Stress	Low	Observed mining conditions do not indicate horizontal stress problems.
Land Acquisition	Low	All mineral control is maintained through current leases and subleases.  No additional acquisitions are necessary for the LOM Plan.
Methane	Low to Moderate	Although methane gas is present in the seams, gas liberation experienced to date has been low to moderate, or at levels that can be safely mitigated during mining.  Procedures and continuous gas monitoring are in place to prevent, to the extent possible, methane ignitions and mine fires.
Overburden Stress	Low	The potential for a coal pillar bump or release of stress when mining will be monitored as a part of the normal mining operation.  Due to the mountainous terrain, overburden can approach 1,000 feet when mining under ridges.   However, the risk of bumps occurring is minimal, since coal outbursts, as a result of sudden release of energy, are typically associated with depth of cover of 1,500 to plus 2,000 feet.
Qualified Employees	Low to Moderate	Recent changes in the coal mining industry have resulted in many coal miners  being closed resulting in fewer qualified employees available in general.  Ramaco has existing operations with sufficient qualified employees.  However, additional mine startups may cause some employee shortages.   Ramaco can train inexperienced miners along with its experienced miners.

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Berwind Complex Prepared for Ramaco Resources, Inc.

	WEIR Risk
Area of Risk	Assessment	Comments
Rail Lines	Low to Moderate	There is currently a shortage of coal rail transportation capacity.  The recent upswing in coal prices has resulted in short term increases in rail capacity.  This capacity will likely be a relative unknown for the medium to long term.
Refuse Disposal	Low	Ramaco's currently permitted refuse disposal capacity is sufficient for the long term.
Roof Lithology	Low to Moderate	All underground coal mines have the potential to experience unstable roof conditions.  The relative consistency of the Norton and Pocahontas Formations that primarily consists of competent sandstones and shales help decrease this risk at the Berwind Complex Deep Mines.  Additionally, this potential risk can be kept in the low range through proper ground control engineering and following approved roof control plans.
Geology	Low to Moderate	The structure of the seams at the Berwind Complex all have a relatively gentle dip of approximately two degrees to the northwest or to the south/southwest.  There are seven significant faults in the area. There are no known structural anomalies such as sand channels that cut out seams.
Spontaneous Combustion	Low	Seams at the Berwind Complex have a low potential for spontaneous combustion, and Ramaco has not experienced any loss of production due to spontaneous combustion.
Water Inflow	Low	Ramaco mines at the Berwind Complex are relatively dry since the mines are well above drainage.
Market Conditions	Moderate	Market conditions remain volatile for metallurgical coal.  Blast Furnace methods for making steel is under pressure from various world-wide government entities due to CO2  emissions.  Markets in China, Japan, Korea, and India are likely to be primary drivers for the metallurgical coal industry.

It is WEIR’s opinion that the majority of the risks can be kept low and/or mitigated with efficient and effective mine planning and mine engineering, and monitoring of the mining operations.

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Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

23.0 RECOMMENDATIONS

The Berwind Complex has sufficient geologic exploration data to estimate mineral reserves and resources. Future exploration work will be undertaken by Ramaco to continuously provide geological data primarily for use by mine operations personnel related to effective implementation of the LOM plans. Future exploration work and mineral property acquisition should include what has been historically implemented related to the following:

Geology

· Have an experienced geologist log core holes, measure core recovery, and complete sampling. Geophysically log core holes to verify seam and coal thickness and core recovery.

· Geophysically log rotary holes to verify strata and coal thickness.

· Continue to prepare laboratory sample analysis at 1.40 and 1.50 specific gravities to better match the preparation plant specific gravity when processing a metallurgical coal.

· Continue collecting channel samples (include parting).

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Berwind Complex Prepared for Ramaco Resources, Inc.

24.0 REFERENCES

References used in preparation of this TRS are as follows:

· Ramaco, 2022. Berwind Poca4 CTPF Mine Plan 2022 – Standard

· Ramaco, 2022, Laurel Fork Mine Plan 2023 - Standard

· Ramaco, 2022. Triad 2 Mine Plan 2023 - Standard

· Ramaco, 2022. Triple S Highwall Mine Plan 2023 – Standard

· Marshall Miller & Associates, Inc., 2021, Coronado Global Resources Inc. and Coronado Group LLC (together "Coronado"), Statement of Coal Resources and Reserves for the Amonate Division in Accordance with the JORC Code and United States SEC Standards as of December 31, 2020

· Harlow, George E., Jr. and LeCain, Gary D., 1993, Hydraulic Characteristics of, and Ground-Water Flow in, Coal-Bearing Rocks of Southwestern Virginia: U. S. Geological Survey Water-Supply Paper 2388.

Websites Referenced:

· Securities and Exchange Commission - Modernization of Property Disclosures for Mining Registrants - Final Rule Adoption

https://www.sec.gov/rules/final/2018/33-10570.pdf

· MSHA Data Retrieval Site

https://www.msha.gov/mine-data-retrieval-system

· WVDEP Permits

https://apps.dep.wv.gov/webapp/_dep/securearea/public_query/ePermittingApplicationSearchPage.cfm

· VDE Permits; Mined Land Repurposing Internet (virginia.gov)

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Berwind Complex Prepared for Ramaco Resources, Inc.

25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT

In preparing this report, WEIR relied upon data, written reports and statements provided by the registrant. It is WEIR’s belief that the underlying assumptions and facts supporting information provided by the registrant are factual and accurate, and WEIR has no reason to believe that any material facts have been withheld or misstated. WEIR has taken all appropriate steps, in its professional opinion, to ensure information provided by the registrant is reasonable and reliable for use in this report.

The registrant’s technical and financial personnel provided information as summarized in Table 25.1 as follows:

Table 25.1 Information Relied Upon from Registrant

Category	Information	Report Section
Legal	Mineral control and surface rights	3
Geotechnical	Pillar design, roof control plans, and rock quality analyses	13.1.1
Hydrogeological	Hydrogeological Analysis including inflow rates, permeability and tranmisivity calculations, and watershed analysis	13.1.2
Marketing	Coal sales price projections	16
Environmental	Permits, bond, and reclamation liability	17
Macroeconomic	Real price growth (coal sales, labor and other cash costs)	18
Income Tax	Income Tax Rate	19

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Technical Report Summary
Berwind Complex Prepared for Ramaco Resources, Inc.

APPENDIX A - EXHIBITS

Exhibit 6.3-2     Berwind Complex, Geological Cross Sections

April 4, 2023 Page 115

EX-96.2

Exhibit 96.2

Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

Notice

Weir International, Inc. (WEIR) was retained by Ramaco Resources, Inc. (Ramaco) to prepare this Technical Report Summary (TRS) related to Ramaco’s Knox Creek Complex. This report provides a statement of Ramaco’s coal reserves and resources at its Knox Creek Complex, and has been prepared in accordance with the United States Securities and Exchange Commission (SEC), Regulation S-K 1300 for Mining Property Disclosure (S-K 1300) and 17 Code of Federal Regulations (CFR) § 229.601(b)(96)(iii)(B) reporting requirements. This report was prepared for the sole use of Ramaco and its affiliates, and is effective as of December 31, 2022.

This report was prepared by full-time WEIR personnel who meet the SEC’s definition of Qualified Persons (QPs) with sufficient experience in the relevant type of mineralization and deposit under consideration in this report.

In preparing this report, WEIR relied upon data, written reports and statements provided by Ramaco. WEIR has taken all appropriate steps, in its professional opinion, to ensure information provided by Ramaco is reasonable and reliable for use in this report.

The accuracy of reserve and resource estimates are, in part, a function of the quality and quantity of available data at the time this report was prepared. Estimates presented herein are considered reasonable. However, they should be accepted with the understanding that with additional data and analysis available subsequent to the date of this report, the estimates may necessitate revision which may be material. Certain information set forth in this report contains “forward-looking information”, including production, productivity, operating costs, capital costs, sales prices, and other assumptions. These statements are not guarantees of future performance and undue reliance should not be placed on them. The assumptions used to develop the forward-looking information and the risks that could cause the actual results to differ materially are detailed in the body of this report.

WEIR and its personnel are not affiliates of Ramaco or any other entity with ownership, royalty or other interest in the subject property of this report.

Weir International, Inc. hereby consents to the use of Ramaco’s Knox Creek Complex coal reserve and resource estimates as of December 31, 2022.

Qualified Person:	/s/ Weir International, Inc.
Date:	April 4, 2023
Address:	Weir International, Inc.
	1431 Opus Place, Suite 210
	Downers Grove, Illinois 60515

April 4, 2023 Page i

Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

TABLE OF CONTENTS

		Page
1.0	Executive Summary	1
1.1	Property Description	1
1.2	Geological Setting and Mineralization	4
1.3	Exploration	4
1.4	Development and Operations	5
1.5	Mineral Reserve and Resource Estimate	6
1.6	Economic Evaluation	8
1.7	Environmental Studies and Permitting Requirements	9
1.8	Conclusions and Recommendations	10
2.0	Introduction	13
2.1	Registrant	13
2.2	Terms of Reference and Purpose	13
2.3	Sources of Information and Data	14
2.4	Details of the Personal Inspection of the Property	16
2.5	Previous Technical Report Summary	16
3.0	Property Description	17
3.1	Property Location	17
3.2	Property Area	17
3.3	Property Control	19
3.4	Mineral Control	20
3.5	Significant Property Encumbrances and Permit Status	21
3.6	Significant Property Factors and Risks	21
3.7	Royalty Interest	21
4.0	Accessibility, Climate, Local Resources, Infrastructure, and Physiography	22
4.1	Topography, Elevation, and Vegetation	22
4.2	Property Access	22
4.3	Climate and Operating Season	23
4.4	Infrastructure	23
5.0	History	25
5.1	Previous Operations	25
5.2	Previous Exploration and Development	26
6.0	Geological Setting, Mineralization, and Deposit	27
6.1	Regional, Local, and Property Geology	27
6.1.1	Regional Geology	27
6.1.2	Local Geology	27
6.1.3	Property Geology	28
6.2	Mineral Deposit Type and Geological Model	29
6.3	Stratigraphic Column and Cross section	29

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

		Page
7.0	Exploration	32
7.1	Non-Drilling Exploration	32
7.2	Drilling	32
7.3	Hydrogeological Data	33
7.4	Geotechnical Data	34
7.5	Site Map and Drillhole Locations	34
7.6	Other Relevant Drilling Data	36
8.0	Sample Preparation, Analyses, and Security	37
8.1	Sample Preparation Methods and Quality Control	37
8.2	Laboratory Sample Preparation, Assaying, and Analytical Procedures	37
8.2.1	SGS North America Inc.	37
8.2.2	Precision Testing Laboratory, Inc	37
8.2.3	Other Laboratories	37
8.3	Quality Control Procedures and Quality Assurance	37
8.4	Sample Preparation, Security, and Analytical Procedures Adequacy	37
9.0	Data Verification	38
9.1	Data Verification Procedures	38
9.2	Data Verification Limitations	39
9.3	Adequacy of Data	39
10.0	Mineral Processing and Metallurgical Testing	40
10.1	Mineral Processing Testing and Analytical Procedures	40
10.2	Mineralization Sample Representation	40
10.3	Analytical Laboratories	40
10.4	Relevant Results and Processing Factors	41
10.5	Data Adequacy	42
11.0	Mineral Resource Estimates	43
11.1	Key Assumptions, Parameters, and Methods	43
11.2	Estimates of Mineral Resources	47
11.3	Technical and Economic Factors for Determining Prospects of Economic Extraction	48
11.4	Mineral Resource Classification	49
11.5	Uncertainty in Estimates of Mineral Resources	52
11.6	Additional Commodities or Mineral Equivalent	53
11.7	Risk and Modifying Factors	53
12.0	Mineral Reserve Estimates	55
12.1	Key Assumptions, Parameters, and Methods	55
12.2	Estimates of Mineral Reserves	56
12.3	Estimates of Reserve Cut-off Grade	57
12.4	Mineral Reserve Classification	57
12.5	Coal Reserve Quality and Sales Price	58
12.6	Risk and Modifying Factors	59

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

		Page
13.0	Mining Methods	60
13.1	Geotechnical and Hydrological Models	60
13.1.1	Geotechnical Model	60
13.1.2	Hydrogeological Model	62
13.1.3	Other Mine Design and Planning Parameters	63
13.2	Production, Mine Life, Dimensions, Dilution, and Recovery	64
13.2.1	Production Rates	64
13.2.2	Expected Mine Life	65
13.2.3	Mine Design Dimensions	66
13.2.4	Mining Dilution	67
13.2.5	Mining Recovery	67
13.3	Development and Reclamation Requirements	67
13.3.1	Underground Development Requirements	67
13.3.2	Reclamation (Backfilling) Requirements	68
13.4	Mining Equipment and Personnel	68
13.4.1	Mining Equipment	68
13.4.2	Staffing	70
13.5	Life of Mine Plan Map	72
14.0	Processing and Recovery Methods	77
14.1	Plant Process and Flowsheet	77
14.2	Plant Processing Design, Equipment Characteristics and Specifications	78
14.3	Energy, Water, Process Materials, and Personnel Requirements	81
15.0	Infrastructure	82
15.1	Roads	82
15.2	Rail	82
15.3	Power	82
15.4	Water	82
15.5	Pipelines	83
15.6	Port Facilities, Dams, and Refuse Disposal	83
15.7	Map of Infrastructure	83
16.0	Market Studies	85
16.1	Markets	85
16.2	Material Contracts	86
16.3	Price Forecast	86
17.0	Environmental Studies, Permitting, and Local Individuals or Groups Agreements	88
17.1	Environmental Studies	88
17.2	Refuse Disposal and Water Management	89
17.3	Permits and Bonding	92
17.4	Local Stakeholders	93
17.5	Mine Closure Plans	94
17.6	Environmental Compliance, Permitting, and Local Individuals or Groups Issues	95

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

		Page
18.0	Capital and Operating Costs	96
18.1	Capital Expenditures	96
18.2	Operating Costs and Risks	97
19.0	Economic Analysis	101
19.1	Assumptions, Parameters, and Methods	101
19.2	Economic Analysis and Annual Cash Flow Forecast	103
19.3	Sensitivity Analysis	104
20.0	Adjacent Properties	106
21.0	Other Relevant Data and Information	107
22.0	Interpretations and Conclusions	108
22.1	Summary of Interpretations and Conclusions	108
22.2	Significant Risks and Uncertainties	108
23.0	Recommendations	111
24.0	References	112
25.0	Reliance on Information Provided by the Registrant	113

FIGURES

Figure 1.1-1	General Location Map	3
Figure 6.3-1	Knox Creek Stratigraphic Column	30
Figure 6.3-2	Knox Creek Stratigraphic Cross Sections	31
Figure 7.5-1	Drillhole Locations	35
Figure 10.4-1	Preparation Plant Recovery	41
Figure 11.4-1	Variogram Model Tiller No. 1 Seam Thickness	50
Figure 13.5-1	Life of Mine Plan, Big Creek Surface and Highwall Mine	73
Figure 13.5-2	Life of Mine Plan, Big Creek Jawbone 1 Deep Mine	74
Figure 13.5-3	Life of Mine Plan, Knox Creek Tiller Deep Mine	75
Figure 13.5-4	Life of Mine Plan, Knox Creek Kennedy No. 3 Deep Mine	76
Figure 14.1-1	Simplified Preparation Plant Flowsheet	77
Figure 15.7-1	Infrastructure Map	84
Figure 16.1-1	Metallurgical Coal Sales Prices	85
Figure 16.1-2	Historical and Forecast Coal Sales Prices	87
Figure 18.1-1	Historical and Projected LOM Plan Capital Expenditures	96
Figure 18.2-1	Knox Creek Complex Historical and LOM Plan Operating Costs	97
Figure 19.2-1	Annual Cash Flow Forecast	103
Figure 19.3-1	Net Present Value Sensitivity Analysis	105

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TABLES

Table 1.4-1	Knox Creek Complex Historical Production	5
Table 1.5-1	In-Place Coal Resource Tonnage and Quality Estimate, as of December 31, 2022	6
Table 1.5-2	Recoverable Coal Reserve Tonnage and Quality Estimate, as of December 31, 2022	7
Table 1.6-1	Key Operating Statistics	8
Table 1.7-1	Knox Creek Complex Mining and NPDES Permits	10
Table 3.3-1	Knox Creek Complex Property Control	19
Table 3.4-1	Knox Creek Complex Mineral Control	20
Table 3.5-1	Permit Status	21
Table 5.2-1	Previous Exploration	26
Table 7.2-1	Drilling Programs	32
Table 10.4-1	Historical Preparation Plant Recovery	42
Table 11.1-1	Stratigraphic Model Interpolators	45
Table 11.1-2	Drillhole Statistics	45
Table 11.2-1	In-Place Coal Resource Tonnage and Quality Estimate, as of December 31, 2022	47
Table 11.4-1	Theoretical Variogram Ranges	51
Table 11.4-2	Statistics for Composited Drillhole Samples	51
Table 12.1-3	Recoverable Coal Reserve Tonnage and Quality Estimate as of December 31, 2022	56
Table 12.5-1	Average Reserve Coal Quality	58
Table 13.2.1-1	Knox Creek Complex Historical Clean Production	65
Table 13.2.1-2	Knox Creek Complex LOM Plan Projected ROM and Clean Production. Preparation Plant Yield, and Tons Sold	65
Table 13.4.1-1	Standard/Typical Continuous Miner Section Equipment	68
Table 13.4.1-2	Knox Creek Complex Primary Underground Equipment Fleet	69
Table 13.4.1-3	Surface Mining Equipment	69
Table 13.4.2-1	Current Staffing	70
Table 13.4.2-2	LOM Plan Staffing	70
Table 13.4.2-3	Knox Creek Complex Manhours Worked, NFDL Injuries and NFDL Incidence Rate	71
Table 13.4.2-4	Plant Manhours Worked, NFDL Injuries and NFDL Incidence Rate	72
Table 14.2-1	Major Preparation Plant and Material Handling Equipment	79
Table 17.3-1	Knox Creek Complex Mining and NPDES Permits	92
Table 18.2-1	LOM Plan Annual Operating Cost and Capital Expenditures	99
Table 19.1-1	Annual Cash Flow Forecast Detail	102
Table 19.2-1	After-Tax NPV, IRR, Cumulative Cash Flow, and ROI	103
Table 19.2-2	Key Operating Statistics	104
Table 22.2-1	Knox Creek Complex Risk Assessment Summary	109
Table 25.1	Information Relied Upon from Registrant	113

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		Page
APPENDIX A - EXHIBIT
Exhibit 6.3-1	Knox Creek Complex, Geological Cross Sections	114

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

1.0 EXECUTIVE SUMMARY

WEIR was retained by Ramaco Resources, Inc. (Ramaco) to prepare a Technical Report Summary (TRS) related to Ramaco’s Knox Creek Complex coal holdings. This report has been prepared in accordance with the United States Securities and Exchange Commission (SEC), Regulation S-K 1300 for Mining Property Disclosure (S-K 1300) and 17 Code of Federal Regulations (CFR) § 229.601(b)(96)(iii)(B) reporting requirements.

1.1 PROPERTY DESCRIPTION

The Knox Creek Complex consists of two general properties or areas as shown below and in Figure 1.1-1, General Location Map:

· Big Creek Property

· Knox Creek Property

The Knox Creek Complex is located approximately 80 miles south of Charleston, West Virginia; 100 miles west of Roanoke, Virginia; 60 miles northeast of Kingsport, Tennessee; and 160 miles east/southeast of Lexington, Kentucky in the vicinity of 37.16 degrees North Latitude and 81.87 degrees West Longitude on the World Geodetic System (WGS 84) reference coordinate system. The complex includes areas in Buchanan, Russell and Tazewell Counties, Virginia and McDowell County, West Virginia. The Knox Creek Complex is within the Southwest Virginia and Southern West Virginia coal fields of the Central Appalachia Coal Producing (CAPP) Region of the United States.

The Knox Creek Complex consists of approximately 74,400 acres of owned and leased coal holdings. Within the Knox Creek Complex controlled coal holdings, 9,250 acres lie in McDowell County, West Virginia. There are no active or planned West Virginia mines currently within the Knox Creek Complex. The remaining 65,150 acres lie in Buchanan, Tazewell, and Russell Counties, Virginia. Currently, there are two active mines and two planned and permitted mines within the complex.

Active Mines:

· Big Creek Jawbone No. 1 Deep Mine

· Big Creek Surface and Highwall Mine

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

Planned and Permitted Mines:

· Knox Creek Tiller Deep Mine

· Kennedy No. 3 Deep Mine

The Knox Creek Tiller Deep Mine has been idle since 2019. The mine was originally planned to re-start in 2023, however, restarting mining operations has been further delayed into 2024. The Knox Creek Kennedy No. 3 Deep Mine was originally in the 2023 budget, but has also been delayed into 2025.

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

Figure 1.1-1       General Location Map

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

1.2 GEOLOGICAL SETTING AND MINERALIZATION

The upper coal seams of interest within the Knox Creek Complex belong to the Norton Formation in Virginia of Early Pennsylvanian Age, which is stratigraphically equivalent to the Lower Kanawha and New River formations in southwestern West Virginia. The lower coal seams of interest belong to the Pocahontas Formation of the Pottsville Group (Lower Pennsylvanian). The depositional setting for these seams is complex and thought to be upper delta plain, with subsidence controlling the sedimentation rate. The Lower Pennsylvania (Pottsville) sedimentary strata of the coal-bearing rocks of the Pocahontas Formation rest uncomformably on the Mississippian Bluestone Formation of the Mauch Chunk Group.

1.3 EXPLORATION

Drilling has served as the primary form of exploration within the Knox Creek Complex. In addition to coal-specific exploration drillholes, data from degasification, coal bed methane, and water wells were also implemented to build the geological model. This model was built using a total of 4,188 exploration drillholes and covers the Knox Creek Complex as well as Ramaco’s nearby Berwind Complex. Approximately 2,288 of these drillholes can be allocated to the Knox Creek Complex.

In addition to exploration drillholes, coal seam outcrop measurements, in-mine measurements, and survey points taken from mine maps of previous operations were considered. A total of 194 seam outcrop measurements, 356 mine measurements, and 887 survey points were used in the geological model as a supplement to the exploration drillholes.

It is WEIR’s opinion that the adequacy of sample preparation, security, and analytical procedures for holes that were drilled by Ramaco after acquiring the property are acceptable and that these procedures meet typical industry standards.

The adequacy of sample preparation, security, and analytical procedures are generally unknown for holes that were drilled prior to Ramaco acquiring the initial leases in 2011. However, the geologist’s logs for these holes contain sampling descriptions and lithologic descriptions that are sufficiently detailed to ascertain that an experienced geologist supervised the drilling and sampling. It is unknown if all coal quality analyses were performed to ASTM standards by qualified laboratories, as detailed in Section 8.0, however, this legacy drillhole information was included as the samples matched the coal seam intervals and reported quality data that was consistent between the different data sources. Model verifications further support WEIR’s high level of confidence that a representative, valid, and accurate drillhole database and geological model have been generated for the Knox Creek Complex that can be relied upon to accurately estimate coal resources and reserves.

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

1.4 DEVELOPMENT AND OPERATIONS

The Knox Creek Complex currently has two active mines, and two planned and permitted mines. The two active mines include one surface mine with a highwall miner, and one underground room and pillar mine, which uses continuous miners (CMs) for coal production. Ramaco began production of metallurgical coal at the complex in 2019. The underground mines will implement retreat mining, which typically results in mining recovery of 50 to 80 percent. At the surface mine, contour mining has an average mining recovery of approximately 90 percent, and highwall mining has an average mining recovery of approximately 40 percent.

The Knox Creek Complex is currently mining two seams. Big Creek Jawbone No. 1 Deep Mine is mining the Jawbone 1 seam. The Big Creek Surface and Highwall Mine is mining the Tiller Seam, with some small tonnage of Jawbone 3 Seam being available as well.

Historical coal production from the Knox Creek Complex, in accordance with the Mine Safety and Health Administration (MSHA) statistics, is summarized in Table 1.4-1 as follows:

Table 1.4-1      Knox Creek Complex Historical Production

	Clean Tons
Year	Produced (000)
2018		-
2019		1,479
2020		-
2021		45,332
2022		234,710

The current Knox Creek Complex Life-of-Mine (LOM) Plan projects mining through 2037, an expected mine life for the complex of 15 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. This statement is based on the large amount of coal resources that are within the complex.

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

All Run-of-Mine (ROM) coal is washed at the Knox Creek Preparation Plant. 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 Knox Creek Complex produces high quality, mid and high volatile metallurgical coal. Historically, the market for metallurgical coal from the Knox Creek Complex has included both domestic metallurgical coal consumers and the global seaborne metallurgical coal market. The Knox Creek Complex also sporadically produces a minimal quantity of thermal coal from the surface mine from oxidized zones.

1.5 MINERAL RESERVE AND RESOURCE ESTIMATE

The Knox Creek Complex coal resources, as of December 31, 2022, are reported as in-place resources and are exclusive of reported coal reserve tons. Resources are reported in categories of Measured, Indicated and Inferred tonnage, in accordance with Regulation S-K Item 1302(d), summarized in Table 1.5-1 as follows:

Table 1.5-1     In-Place Coal Resource Tonnage and Quality Estimate,
as of December 31, 2022

													Coal Quality (Dry Basis)
													Raw
			Average Coal												Relative
	Area		Thickness		In-Place Resources (000 Tons)								Ash		Density
Mine Area / Seam	(Acres)		(Feet)		Measured		Indicated		Total		Inferred		(%)		(Lbs/CF)
Big Creek
Red Ash 3		1,275		2.04		5,025		—		5,025		—		17.0		88.61
Red Ash 2		1,420		2.75		7,495		—		7,495		—		4.5		87.98
Jawbone 3		1,400		2.27		6,445		—		6,445		—		24.0		92.98
Jawbone 1		2,210		2.99		13,536		—		13,536		—		12.2		94.38
Tiller 1-2		495		2.67		2,520		—		2,520		—		21.7		87.36
		6,800		2.59		35,021				35,021				14.1		91.42
Knox Creek
Upper Banner 2		450		2.27		2,060		—		2,060		—		17.0		88.61
Kennedy 2		1,765		2.72		8,780		—		8,780		—		13.2		86.28
Red Ash 2		12,485		2.65		59,450		35		59,485		—		4.7		82.41
Jawbone 3		8,420		3.13		50,260		—		50,260		—		15.1		87.43
Jawbone 1		15,025		3.21		93,500		150		93,650		—		13.6		89.46
Upper Seaboard 2		450		2.72		2,340		—		2,340		—		17.0		88.61
Greasy Creek 2		290		4.29		2,640		—		2,640		—		43.0		97.93
Lower Seaboard 2		760		2.75		4,470		—		4,470		—		30.9		98.19
Pocahontas 11		770		4.72		7,010		—		7,010		—		17.0		88.61
Lower Horsepen 1		1,425		2.89		7,965		—		7,965		—		17.0		88.61
Pocahontas 9-2		2,030		2.8		8,240		2,750		10,990		—		17.0		88.61
Pocahontas 4		1,605		2.97		8,300		3,830		12,130		—		26.6		94.90
Pocahontas 3		710		2.77		3,780		—		3,780		—		17.0		88.61
		46,185		2.99		258,795		6,765		265,560				13.5		87.76
Knox Creek Complex - Total		52,985		2.94		293,816		6,765		300,581				13.6		88.23

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

Notes:

· 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. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves. Mineral Resources reported here are exclusive of Mineral Reserves.

· Resource economic mineability based on underground minable resources with 2.0 feet minimum seam thickness, surface and highwall mines with 1.0 feet minimum seam thickness, surface and contour mining with a cutoff stripping ratio of 20:1, producing primarily metallurgical mid and high volatile coal product realizing an average sales price of $183.50 per ton at a cash cost of $98.68 per clean ton (FOB Mine)

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

The conversion of resources to reserves at the Knox Creek Complex considers the design of a mine plan accommodating the planned mining equipment and executed in accordance with the MSHA rules and regulations, projected dilution and loss of product coal quality, projected coal sales prices, operating costs, and mineral control to determine if the saleable coal product will be economically mineable.

The coal reserves representing the economically viable tonnage controlled by Ramaco, and estimated in accordance with Regulation S-K Item 1302(e), is summarized in Table 1.5-2 as follows:

Table 1.5-2     Recoverable Coal Reserve Tonnage and Quality Estimate,

as of December 31, 2022

												Coal Quality (Dry Basis)
												Raw
				Average Coal		Clean Recoverable Tons (000)								Relative
	Product	Area		Thickness		Reserves						Ash		Density
Area / Mine / Seam	Quality	(Acres)		(Feet)		Proven		Probable		Total		(%)		(Lbs/CF)
Knox Creek
Kennedy No. 3 Deep Mine
Kennedy 2	Hi Vol		336		3.23		720		—		720		13.60		86.48
Knox Creek Tiller Deep Mine
Jawbone 3	Hi Vol		1,546		3.44		6,362		—		6,362		16.10		88.05
			1,882		3.40		7,082				7,082		15.85		87.89
Big Creek
Surface and Highwall Mine
Jawbone 1	Mid Vol		20		1.27		30		—		30		18.4		89.50
Tiller 2-2 and 1-2	Mid Vol		175		2.61		318		—		318		19.1		89.75
Jawbone Deep Mine
Jawbone 1	Mid Vol		383		3.40		586		—		586		30.6		97.38
			578		3.09		934				934		26.3		94.53
Knox Creek Complex Grand Total			2,460		3.33		8,016				8,016		17.06		88.66

Notes:

· 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 based on predominately mid and high volatile metallurgical coal product at an average sales price of $183.50 per ton and cash cost of $98.68 per clean ton (FOB Mine)

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

· Mineral Reserves are reported exclusive of Mineral Resources

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

1.6 ECONOMIC EVALUATION

WEIR prepared a Preliminary Feasibility Study financial model in order to assess the economic viability of the Knox Creek Complex LOM Plan. Specifically, plans were evaluated using discounted cash flow analysis, incorporating annual revenue projections for the Knox Creek LOM Plan. Cash outflows such as capital, including preproduction costs, sustaining capital, operating costs, transportation costs, royalties, and taxes are subtracted from cash inflows, resulting in annual cash flow projections. No adjustments are made for inflation and all cash flows are in 2022 United States dollars. WEIR’s study was conducted on an un-levered basis, excluding costs associated with any debt servicing requirements. In its assessment of the Discounted Cash Flow Net Present Value (DCF-NPV), WEIR utilized a discount rate of 10 percent.

The Preliminary Feasibility Study financial model developed for use in this TRS was meant to evaluate the prospects of economic extraction of coal within the Knox Creek Complex resource area. This economic evaluation is not meant to represent a project valuation. Furthermore, optimization of the LOM Plan was outside of the scope of this engagement.

The results of WEIR’s Preliminary Feasibility Study demonstrated an after-tax DCF-NPV of $249.0 million for the Knox Creek Complex LOM Plan. Key operational statistics for the LOM Plan, on an after-tax basis, are summarized in Table 1.6-1 as follows:

Table 1.6-1     Key Operating Statistics

	LOM Plan
ROM Tons Produced (000s)		17,451
Clean Tons Produced (000s)		8,016
Preparation Plant Yield (%)		45.9
Tons Sold (000s)		8,016

	($ Per Ton)
Coal Sales Realization		183.50
Direct Cash Costs		98.68
Non-cash Costs		8.08
Total Cost of Sales		106.76
Profit / (Loss)		76.74
EBITDA		84.82
CAPEX		12.20

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

A sensitivity analysis was undertaken to examine the influence of changes to coal sales prices, production, operating cost, capital expenditures, and the discount rate on the base case after-tax NPV. The sensitivity analysis range (+/- 25 percent) was designed to capture the bounds of reasonable variability for each element analyzed.

The Knox Creek Complex NPV is most sensitive to changes in coal sales prices and operating costs. It is less sensitive to changes in production and least sensitive to changes in discount rate and capital expenditures.

1.7 ENVIRONMENTAL STUDIES AND PERMITTING REQUIREMENTS

As part of the permitting process required by the Virginia Department of Energy (VDE) and West Virginia Department of Environmental Protection (WVDEP), numerous baseline studies or impact assessments were undertaken by Ramaco. These baseline studies or impact assessments included in the permit are summarized as follows, with pertinent text from the permit replicated below:

· Groundwater Inventory and Baseline Quality

· Surface Water Baseline Quality and Quantity

· Surface Water Runoff Analysis

· Probable Hydrologic Consequences

Based on water samples from adjacent mining and the baseline surface water sampling, acid or toxic mine drainage is not expected or anticipated. All of the Ramaco existing and proposed mines are well above any significantly producing aquifers. Probable Hydrologic Consequence (PHC) studies showed no significant ground or surface water resource is likely to be contaminated, diminished, or interrupted, providing that the approved drainage control and revegetation plans are adhered to throughout existing and planned mining activities.

Coal mines in West Virginia are required to file applications for and receive approval of mining permits issued by the WVDEP to conduct surface disturbance and mining activities. Similar filings are required in Virginia through the VDE. The Knox Creek Complex has been issued mining permits and associated NPDES permits by the WVDEP and the VDE as shown in Table 1.7.-1 as follows:

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

Table 1.7-1     Knox Creek Complex Mining and NPDES Permits

				Permitted
	State Permit			Surface Area				NPDES
Property Description	Number		State	(Acres)		Issue Date	Current Status	Permit No.
Big Creek Surface Mine		1102335	VA		447.63	1/22/2020	Active		0082335
Big Creek Jawbone 1 Deep Mine		1402231	VA		42.61	5/22/2017	Active		0082231
Knox Creek Tiller No. 1 Deep Mine		1202204	VA		20.57	2/15/2017	TmpIdle		0082204
Kennedy No. 3 Surface Mine		1402215	VA		106.18	4/3/2017	NonProdActive		0082215
Kennedy No. 3 Deep Mine		1702202	VA		75.95	2/14/2017	Idle		0082202
Knox Creek Preparation Plant		1302184	VA		41.94	12/2/2017	Active		0082184
Knox Creek Refuse Disposal Area		1302232	VA		322.71	11/23/2018	Active		0082232
Mudlick Surface Mine		1102334	VA		26.25	7/7/2020	Idle		0082234
Total					1,083.84

As of December 31, 2022, Ramaco estimated a reclamation liability of $9.2 million for its disturbed permit acreage, which is covered with a total bond amount of $12.2 million.

Ramaco currently employs approximately 107 personnel at the Knox Creek Complex and is projected to have maximum employment of 275 personnel through its Knox Creek Complex LOM Plan. The Knox Creek Complex also creates substantial economic value with its third-party service and supply providers, utilities, and through payment of taxes and fees to local, state and federal governments.

Ramaco’s environmental citations issued by the WVDEP and VDE are typical of similar citations issued to other operators in southern West Virginia and Southwestern Virginia. Most of these violations or citations were quickly abated and none were significant in nature.

Based on WEIR’s review of Ramaco’s plans for environmental compliance, permit compliance and conditions, and dealings with local individuals and groups, Ramaco’s efforts are adequate and reasonable in order to obtain necessary approvals relative to its mine plans.

1.8 CONCLUSIONS AND RECOMMENDATIONS

Ramaco has a long operating history of resource exploration, mine development, and mining operations at the Knox Creek Complex, with extensive exploration data including drillholes, in-mine seam thickness and elevation measurements, and in-mine channel samples supporting the determination of mineral resource and reserve estimates, and economic viability. The data has been reviewed and analyzed by WEIR and determined to be adequate in quantity and reliability to support the coal resource and coal reserve estimates in this TRS.

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

Ramaco has successfully obtained mineral control for approximately 98 percent of all existing and planned mines included in the Knox Creek Complex LOM plan. There are no uncontrolled areas that materially affect any of the LOM plans.

The coal resource and coal reserve estimates and supporting Preliminary Feasibility Study were prepared in accordance with Regulation S-K 1300 requirements. There are 300.6 million in-place tons of measured and indicated coal resources, exclusive of reserves, and 8.0 million clean recoverable tons of underground mineable reserves within the Knox Creek Complex, as of December 31, 2022. Reasonable prospects for economic extraction were established through the development of a Preliminary Feasibility Study relative to the Knox Creek Complex LOM Plan, considering historical mining performance, historical and projected metallurgical coal sales prices, historical and projected mine operating costs, and recognizing reasonable and sufficient capital expenditures.

The ability of Ramaco, or any coal company, to achieve production and financial projections is dependent on numerous factors. These factors primarily include site-specific geological conditions, the capabilities of management and mine personnel, level of success in acquiring reserves and surface properties, coal sales prices and market conditions, environmental issues, securing permits and bonds, and developing and operating mines in a safe and efficient manner. Unforeseen changes in legislation and new industry developments could substantially alter the performance of any mining company.

Coal mining is carried out in an environment where not all events are predictable. While an effective management team can identify known risks and take measures to manage and/or mitigate these risks, there is still the possibility of unexpected and unpredictable events occurring. It is not possible therefore to totally remove all risks or state with certainty that an event that may have a material impact on the operation of a coal mine will not occur.

WEIR assessed that the risks associated with the economic mineability of the Knox Creek Complex were low to moderate and adds that the majority of the risks can be kept low and/or mitigated with efficient and effective mine planning and mine engineering and monitoring of the mining operations.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

WEIR recommends that any future exploration work and mineral property acquisition should include what has been historically implemented related to the following:

· Have an experienced geologist log core holes, measure core recovery, and complete sampling. Geophysically log core holes to verify seam and coal thickness and core recovery.

· Geophysically log rotary holes to verify strata and coal thickness.

· Continue to prepare laboratory sample analysis at 1.40 and 1.50 specific gravities to better match the preparation plant specific gravity.

· Continue collecting in mine channel samples.

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

2.0 INTRODUCTION

2.1 REGISTRANT

WEIR was retained by Ramaco (Nasdaq: METC) to prepare a TRS related to Ramaco’s Knox Creek Complex coal holdings.

The Knox Creek Complex is located north of the town of Richlands, Virginia 80 miles south of Charleston, West Virginia; 100 miles west of Roanoke, Virginia; 60 miles northeast of Kingsport, Tennessee; and 160 miles east/southeast of Lexington, Kentucky. The Knox Creek Complex is located in McDowell County, West Virginia, and Buchanan, Russell, and Tazewell Counties, Virginia (see Figure 1.1-1).

2.2 TERMS OF REFERENCE AND PURPOSE

This TRS was prepared specifically for Ramaco’s Knox Creek Complex. The reserves and resources at the Knox Creek Complex have been classified in accordance with SEC mining property disclosure rules under Subpart 1300 and Item 601 (96)(B)(iii) of Regulation S-K. Unless otherwise stated, all volumes, qualities, distances, and currencies are expressed in United States customary units.

The accuracy of reserve and resource estimates are, in part, a function of the quality and quantity of available data at the time this report was prepared. Estimates presented herein are considered reasonable, however, estimates should be accepted with the understanding that with additional data and analysis subsequent to the date of this report, the estimates may necessitate revision which may be material. Certain information set forth in this report contains “forward-looking information”, including production, productivity, operating costs, capital expenditures, coal sales prices, and other assumptions. These statements are not guarantees of future performance and undue reliance should not be placed on these statements. The assumptions used to develop the forward-looking information and the risks that could cause the actual results to differ materially are detailed in the body of this report.

For the Knox Creek Complex, this TRS reports both mineral reserves and resources (exclusive of reserves). Supporting the assessment of the economic mineability of reported reserves and prospects of economically feasible extraction of reported resources, this report includes summary detail of a Preliminary Feasibility Study conducted relative to the Knox Creek Complex.

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

WEIR’s evaluation of coal reserves and resources was conducted in accordance with Regulation S-K 1300 definitions for Mineral Resource, Mineral Reserve and Preliminary Feasibility Study as follows:

· Mineral Resource is a concentration or occurrence of material of economic interest in or on the earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

· Mineral Reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the Qualified Person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

· Preliminary Feasibility Study is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a Qualified Person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product.

2.3 SOURCES OF INFORMATION AND DATA

The primary information used in this study was obtained from the following sources:

· Geological data that was exclusively provided by Ramaco geology and engineering personnel. The geological data includes drillhole information such as driller’s logs, geologist’s logs, both full and partial scans of geophysical logs, survey data, coal quality laboratory certificates, and MS Excel™ (Excel) versions of drillhole survey, lithology and quality data. Additionally, WEIR was provided with in-mine seam measurement thicknesses, mine channel samples, and other base geological data.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

· Mineral and surface ownership maps, and supplemental files were provided exclusively by Ramaco.

· Site visits by WEIR Qualified Persons (QPs) on November 30, 2021.

· Interviews between WEIR personnel and Ramaco personnel including:

⮚	Senior V.P., General Counsel and Secretary
⮚	Director of Financial Reporting and Accounting
⮚	Chief Operating Officer
⮚	Contract Geologist
⮚	V.P. of Safety
⮚	V.P. of Surface Mining Operations
⮚	V.P. of Underground Mining Operations
⮚	Mine Managers

· Historical production, productivity, staffing levels, operating costs, capital expenditures, and coal sales revenue provided by Ramaco.

· LOM projections and cost models provided by Ramaco.

· Coal processing and handling facilities plot plans and flow sheets provided by Ramaco.

· Health, safety, and environmental issues discussed during interviews between WEIR personnel and Ramaco personnel.

· Current mine permit information, in addition to recent permit revisions and renewals, from documents provided by Ramaco and data that is publicly available from the WVDEP and VDE.

· Current and projected mine plans, including production, productivity, operating costs, and capital expenditures required to sustain projected levels of production for the Knox Creek Complex provided by Ramaco, and all data was reviewed for reasonableness by WEIR.

· Market outlook and coal sales price projections provided by Ramaco.

· Projected reclamation costs for mine closure activities provided by Ramaco.

A detailed list of all data received and reviewed for this study is provided in Sections 24.0 and 25.0 of this TRS.

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

2.4 DETAILS OF THE PERSONAL INSPECTION OF THE PROPERTY

WEIR personnel visited the Knox Creek Complex on November 30, 2021 and conducted a secondary meeting with management at the Berwind No. 1 Deep Mine Office on January 27, 2023. While on-site, WEIR personnel conducted interviews with company and mine management relative to the following key topics:

· Geology

· Property

· Infrastructure

· Mine Plan, Production and Productivity

· Preparation Plant and Coal Handling Facilities

· Operating Costs and Capital Expenditures

· Marketing

· Environmental and Compliance

· Risks and Uncertainties

Key areas inspected by WEIR personnel at the Knox Creek Complex included the following:

· Mine surface operations including office, maintenance, and warehouse facilities

· Knox Creek Preparation Plant, stockpiles, and rail loadout facilities

· Mine operations

⮚ Big Creek Surface and Highwall Mine

· Knox Creek Refuse Disposal Facilities

Based on WEIR’s inspection of the Knox Creek Complex, the mines, preparation plant, and associated infrastructure facilities and equipment are well maintained and operated with regard for all state and federal rules and regulations related to mine safety and health standards.

2.5 PREVIOUS TRS

This TRS is the initial TRS to be filed related to the Knox Creek Complex. The Knox Creek mines and facilities were previously included in the Berwind Complex TRS which reported mineral reserves and resources as of December 31, 2021. Ramaco has decided to separate the Knox Creek Complex from the Berwind Complex as the operations within the Berwind Complex no longer use the Knox Creek Preparation Plant facilities as a result of Ramaco’s late 2021 acquisition of the Amonate property which includes its own preparation plant which now services the Berwind Complex. Ramaco decided that the large tonnage of resources available at the Knox Creek Complex, along with the Knox Creek Preparation Plant and refuse disposal establish this complex as an independent material property.

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

3.0 PROPERTY DESCRIPTION

3.1 PROPERTY LOCATION

The Knox Creek Complex consists of two separate properties as follows:

· Knox Creek Property

· Big Creek Property

The town of Richlands, Virginia is located approximately just south of the Knox Creek Complex. The Knox Creek Complex is generally located approximately 80 miles south of Charleston, West Virginia; 100 miles west of Roanoke, Virginia; 60 miles northeast of Kingsport, Tennessee; and 160 miles east/southeast of Lexington, Kentucky at 337.16 degrees North Latitude and 81.87 degrees West Longitude on the WGS 84 reference coordinate system. The comprised properties are fairly remote containing scattered rural residences and some small towns.

The Knox Creek Complex is within the Southern West Virginia and Southwest Virginia Coal Fields of the CAPP Region of the United States (see Figure 1.1-1). The USGS 7.5-minute quadrangle map sheets are Patterson, Keen Mountain, Honaker, Bradshaw, Jewell Ridge, Richlands, and Amonate.

3.2 PROPERTY AREA

Details of each Knox Creek Complex property are as follows:

Knox Creek Property

The Knox Creek Property covers approximately 56,600 acres of owned and leased coal holdings in McDowell County, West Virginia, and Buchanan, Tazewell, and Russell Counties, Virginia. The areas are shown in Figure 1.1-1. The original Knox Creek Property was obtained by Ramaco in 2016. Ramaco started mining coal on the property in 2019. The Knox Creek Jewell Property was acquired subsequently. The Knox Creek Jewell Property does not currently contain active or planned mines. However, it does have material coal resources.

The Knox Creek Property includes the Knox Creek Preparation Plant, which currently processes coal from both the Knox Creek and Big Creek Properties. The Jamison Creek Refuse Disposal Area, which services the Knox Creek Preparation Plant, is located on the property adjacent to and just northeast of the plant. The property also includes the currently idle Knox Creek Tiller Deep Mine which is currently in the Jawbone 3 Seam. The Knox Creek Tiller Deep Mine is planned to restart at a yet to be determined date.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

Ramaco owns approximately 976 acres (1.7 percent) of mineral rights on the overall Knox Creek Property. All other mineral rights are leased. Ramaco also owns surface rights to 1,026 acres on the property, which includes the Knox Creek Preparation Plant. Ramaco holds surface leases to approximately 21,994 acres (39 percent of total at the Knox Creek Property), which includes the Jamison Creek Refuse Disposal Area that is adjacent to, and northeast of, the Knox Creek Preparation Plant.

Ramaco’s Knox Creek Property coal holdings covers a very large area that has large amounts resources in many different seams (see Section 11). However, current mine plans and permits on the property are currently limited to the Knox Creek Tiller Deep Mine and the Kennedy No. 3 Deep Mine.

Big Creek Property

The Big Creek Property covers an area of approximately 17,800 acres of leased coal holdings in Buchanan and Tazewell counties, Virginia. Ramaco obtained leases for the Big Creek Property in late 2019 and commenced surface mining activities in 2021.

The Big Creek Property includes Ramaco’s Big Creek Surface and Highwall Mine which is a currently active multi-seam surface mine with associated highwall mining operations. The northern portion of the permit is a contour mining operation in the Tiller Seam with subsequent highwall mining. The southern portion of the permit involves surface area mining with the Tiller Seam as a base. Over the permit area, small amounts of the above Jawbone Seam that are mineable are also recovered. In the future, the Red Ash Seam may be contour and highwall mined on the far north side of the permitted area. The Red Ash Seam mining prospects are still being evaluated.

The Big Creek Property also includes the active Big Creek Jawbone 1 Deep Mine in the Jawbone No. 1 Seam just to the north of the current Big Creek Surface and Highwall Mine. The Big Creek Jawbone 1 Deep Mine started producing coal mid-2022.

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

3.3 PROPERTY CONTROL

The Big Creek Property consists of leases from White Wolf Energy and Omega Highwall Mining LLC that were secured in late 2019. The Knox Creek Property is primarily comprised of numerous deeds and leases from both private individuals and other business entities.

Over the Knox Creek Complex extents, leases typically apply to specific seams, or a vertical range of seams. Therefore, the seams involved often vary from lease to lease for specific areas across the complex. Table 3.3-1 below shows the various property control contracts.

Table 3.3-1      Knox Creek Complex Property Control

Area	Document Type	Quantity
Big Creek	Coal Leases	2
Knox Creek	Agreements	2
	Assignments	37
	Coal Leases/Coal Subleases	72
	Deeds	113
	Easements	11
	Guarantees	1
	License	1
	Options	1

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

3.4 MINERAL CONTROL

The Knox Creek Complex mineral control is detailed in Table 3.4-1 below:

Table 3.4-1      Knox Creek Complex Mineral Control

Area	File Number	Document Type	Seams	Expiration Date (1)
Big Creek	25	Coal Lease		9/19/2026 Extensions of 5 years until all coal exhausted
	26	Coal Lease		02/28/2026 Extensions of 5 year until all coal exhausted
Knox Creek	1A	Coal Deed	Unknown	NA
	2	Deed of Lease	Jawbone	20 year term, extensions of 20 years until all coal exhausted
	3	Coal Lease		30 year term, extensions of 20 years until all coal exhausted
	4	Coal Lease	Raven, Tiller and Lower Seaboard	2 year term, extensions of 50 years until all coal exhausted
	5 through 64	Coal Deeds	Unknown	NA
	65	Coal Lease	Tiller and Above	1 year terms until all coal exhausted
	66	Coal Lease	Tiller and Above	1 year terms until all coal exhausted
	67	Coal Lease	Tiller and Above	1 year terms until all coal exhausted
	68	Coal Lease	Tiller and Above	1 year terms until all coal exhausted
	69	Coal Lease	Tiller and Above	10 year terms until all coal exhausted
	70	Coal Lease	Tiller and Above	10 year terms until all coal exhausted
	72	Coal Lease	Tiller and Above	5 year terms until all coal exhausted
	73	Coal Lease	Red Ash	1 year terms until all coal exhausted
	74	Coal Lease	Jawbone, Red Ash and Kennedy	4 year terms until all coal exhausted
	75	Coal Lease	Tiller and Above	1 year terms until all coal exhausted
	76	Coal Lease	Kennedy and Above	1 year terms until all coal exhausted
	79	Coal Lease	Tiller and Above	10 year terms until all coal exhausted
	80	Coal Lease	Tiller and Above	5 year terms until all coal exhausted
	81	Coal Lease	Tiller and Above	5 year terms until all coal exhausted
	82	Coal Lease	Tiller and Above	5 year terms until all coal exhausted
	83	Coal Lease	Tiller and Above	5 year terms until all coal exhausted
	84	Coal Lease	Tiller and Above	5 year terms shall not exceed 20 years
	85	Coal Lease	Tiller and Above	5 year terms shall not exceed 20 years
	86	Coal Lease	Tiller and Above	5 year terms shall not exceed 20 years
	87	Coal Lease	Tiller and Above	5 year terms shall not exceed 20 years
	88	Coal Lease	Tiller and Above	5 year terms shall not exceed 20 years
	89	Coal Lease	Tiller and Above	5 year terms shall not exceed 20 years
	90	Coal Lease	Tiller and Above	5 year terms until all coal exhausted
	91	Coal Lease	Tiller and Above	5 year terms until all coal exhausted
	92	Coal Lease	Tiller and Above	5 year terms until all coal exhausted
	93	Coal Deed	Unknown	NA
	94	Coal Lease	Tiller and Above	5 year terms until all coal exhausted
	95	Coal Lease	Tiller and Above	5 year terms until all coal exhausted
	96	Coal Lease	Tiller and Above	5 year terms until all coal exhausted
	97	Coal Lease	Tiller and Above	5 year terms until all coal exhausted
	99	Coal Lease	Jawbone and Tiller	5 year terms until all coal exhausted
	100	Coal Lease	Jawbone and Tiller	5 year terms until all coal exhausted
	101	Coal Lease	Jawbone and Tiller	5 year terms until all coal exhausted
	102	Coal Lease	Jawbone and Tiller	5 year terms until all coal exhausted
	103	Coal Lease	Jawbone and Tiller	5 year terms until all coal exhausted
	104	Coal Lease	Jawbone and Tiller	5 year terms until all coal exhausted
	105	Coal Lease	Jawbone and Tiller	1 year terms until all coal exhausted
	106	Coal Sublease	Jawbone and Tiller	20 year term
	109 through 117	Coal Lease	Right to surface mine	Until all surface mineable coal has been removed
	122	Coal Lease	All coal above drainage	5 year terms, up to 20 times
	124	Coal Lease	Tiller	5 year terms, up to 20 times
	127	Coal Sublease	Lower Spit of Banner	1 year terms until all coal exhausted
	128	Coal Sublease	Unknown	Terminates with 30 day notice from either party
	130	Coal Deed	Unknown	NA
	138	Coal Sublease	Kennedy	Until all mineable coal has been removed
	139	Coal Sublease	Banner	Until all mineable coal has been removed
	140	Coal Sublease	Kennedy	Until all mineable coal has been removed
	141	Coal Sublease	Upper and Lower Banner	Until all mineable coal has been removed
	143	Coal Deed	Unknown	NA
	164	Coal Sublease	Banner	Until all mineable coal has been removed
	178 through 225	Coal Deeds	Unknown	NA

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

3.5 SIGNIFICANT PROPERTY ENCUMBRANCES AND PERMIT STATUS

WEIR is not aware of any significant encumbrances for any of the tracts within the Knox Creek Complex.

A list of Ramaco’s permits for the Knox Creek Complex and permit status is shown in Table 3.5-1, with a more detailed description of the permits discussed in Section 17.3.

Table 3.5-1      Permit Status

Property Description	State Permit  Number	State	Permitted Surface Area (Acres)	Issue Date	Current Status	NPDES Permit No.
Big Creek Surface Mine	1102335	VA	447.63	1/22/2020	Active	0082335
Big Creek Jawbone 1 Deep Mine	1402231	VA	42.61	5/22/2017	Active	0082231
Knox Creek Tiller No. 1 Deep Mine	1202204	VA	20.57	2/15/2017	TmpIdle	0082204
Kennedy No. 3 Surface Mine	1402215	VA	106.18	4/3/2017	NonProdActive	0082215
Kennedy No. 3 Deep Mine	1702202	VA	75.95	2/14/2017	Idle	0082202
Knox Creek Preparation Plant	1302184	VA	41.94	12/2/2017	Active	0082184
Knox Creek Refuse Disposal Area	1302232	VA	322.71	11/23/2018	Active	0082232
Mudlick Surface Mine	1102334	VA	26.25	7/7/2020	Idle	0082234
Total			1,083.84

3.6 SIGNIFICANT PROPERTY FACTORS AND RISKS

Given Ramaco’s controlled interests at the Knox Creek Complex, which relate to property that is mostly held by others and leased to Ramaco, WEIR assesses that there are no significant issues affecting access to the coal interests or Ramaco’s ability to execute its mine plans.

WEIR did not conduct an independent verification of property control, nor has it independently surveyed the mining locations. Rather, WEIR has relied on information compiled from maps and summaries of the leased properties prepared by Ramaco. WEIR did not conduct a legal title investigation relative to Ramaco’s mineral and surface rights.

3.7 ROYALTY INTEREST

Ramaco, within the Knox Creek Complex, holds no material royalty or similar interest in property which is owned or operated by another party.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY

4.1 TOPOGRAPHY, ELEVATION, AND VEGETATION

The Knox Creek Complex is in the southwestern part of the Appalachian Plateau Province directly north and adjacent to the Valley and Ridge Province. It is in the Cumberland Mountain zone of the Appalachian Plateau. The terrain is mountainous, steep, and rugged with elevations ranging from approximately 1,120 feet above Mean Sea Level (MSL) along the valley bottoms to over 4,040 feet above MSL along the ridges, averaging 2,230 feet. The landscapes are well-dissected with dendritic drainage systems. There are no major rivers in the area, however, there are numerous small creeks throughout the complex. The Dry Fork, Jacobs Fork, Indian Creek, and War Creek rivers, all tributaries of the Tug Fork River of the Ohio River watershed, traverse the complex. Topography and other features of the area are shown on Figure 7.5-1.

The Knox Creek Complex consists mostly of unmanaged forestland and scattered pastureland. The forestland consists of typical trees for this area of the Appalachians, with Oak/Hickory as the dominant forest-type group and a lesser percentage of the Maple/Beech/Birch forest-type group.

The wildlife indigenous to the area is typical of the species and diversities associated with the geographical and climatic areas within which the proposed surface mine site is located. Reconnaissance of the area affected by the proposed mining determined that the following species are or have been present: Whitetail Deer, Fox Squirrels, Gray Squirrels, Ground Squirrels, Eastern Opossums, Raccoon, Rabbits, Eastern Black Bear, Wild Turkey, and numerous species of birds. On the basis of numerous reconnaissance surveys, no endangered or threatened species of plants or animals, or habitats of such species were found to exist within or adjacent to the mine permit areas.

4.2 PROPERTY ACCESS

The primary access road to the properties is US Route 460, a four-lane highway, located south of the Knox Creek and Big Creek properties. From US Route 460, Virginia Route 637 and connecting West Virginia Routes 9 and 11 can be used to access the Knox Creek Property to the north.

The NS Railroad provides rail service in the area extending north from Raven, Virginia northward to the Knox Creek Preparation Plant (see Figure 1.1-1).

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The nearest airport is the Tri-Cities Airport (TRI), which is located in Bristol, Tennessee. The Tri-Cities Airport is approximately 90 miles from Berwind, West Virginia and the Yeager International Airport (CRW) in Charleston, West Virginia, 120 miles from Berwind, West Virginia.

The surrounding waterways are not navigable for commercial traffic. The closest barge docking area is approximately 70 miles to the north on the Kanawha River, south of Charleston, West Virginia.

4.3 CLIMATE AND OPERATING SEASON

The climate associated with the Knox Creek Complex is classified as humid continental, characterized by hot, humid summers and moderately cold winters. Climate conditions vary greatly in the state of West Virginia due to influence of the rugged topography. Average high temperatures range from 82 to 87 degrees Fahrenheit in the summer, with average low temperatures ranging from 20 to 25 degrees Fahrenheit in winter. Average yearly rainfall measured in nearby Logan, West Virginia is approximately 47 inches per year, with approximately 1.6 inches occurring as snowfall. The mines on the Knox Creek Complex currently operate year-round, regardless of weather conditions.

4.4 INFRASTRUCTURE

Power

Electrical power for the Knox Creek Preparation Plant and mines on the Knox Creek Complex is provided by American Electric Power (AEP). AEP’s average industrial price is approximately 10 cents per kWh, which is slightly higher than the U.S. national average industrial price of 8.63 cents per kWh (EIA.gov statistics, December 2022).

Water

Water for mining and coal processing operations is provided by a combination of extraction from abandoned underground mine pools and from settling ponds located on the surface.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

Individual mine sites use purchased potable water. Potable water at the preparation plant is supplied by a local municipality water connection.

Personnel

The area surrounding the Knox Creek Complex has a long history of coal mining and attracting mining personnel with qualified skills has not been an issue for Ramaco thus far. The Knox Creek Complex is projected to employ a maximum of 275 personnel over the LOM Plan. The Knox Creek Complex operations employed approximately 107 personnel, at the end of December 2022. The hourly labor force remains non-union and no change in this labor arrangement is anticipated in the near term.

Supplies

Supplies for the mining operations are available from multiple nearby vendors that service the coal industry in the CAPP Region. There are 10 Caterpillar mining equipment dealerships located within 50 miles of the Knox Creek Complex. There are three Komatsu/Joy Manufacturing mining equipment dealerships within 50 miles of the Knox Creek Complex.

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

5.0 HISTORY

5.1 PREVIOUS OPERATIONS

The Knox Creek Complex and surrounding area has an extensive history of coal mining, primarily by underground mining methods. Detailed underground mine maps showing previous mine workings were provided by Ramaco. Other sources of maps showing previous mine workings that WEIR referenced were from the West Virginia Geological and Economic Survey, the Virginia Department of Mines Minerals and Energy, the USGS, and the MSHA. Mining within the Knox Creek Complex likely began in the early 1900s. There have been many different mine operators both large and small in the region since then.

Areas of the Big Creek Property have been previously surface and underground mined. Ramaco is currently surface mining the Tiller Seam at the Big Creek Surface and Highwall Mine. Previous mining on this property mostly involved the Jawbone, Tiller, and Red Ash seams. Previously mined out areas on the property were provided to WEIR by Ramaco, however, WEIR has not verified, nor field checked these previously mined out areas.

Areas of the Knox Creek Property have also been previously surface and underground mined. There is currently no mining activity within the Knox Creek Property. However, the Red Ash 2, Jawbone 3 and Jawbone 1 seams have been extensively mined on the property, as a result of desirable metallurgical coal properties, seam continuity, and ease of seam access. Previously mined out areas on the property were provided by Ramaco, however, WEIR has not verified, nor field checked these previously mined out areas.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

5.2 PREVIOUS EXPLORATION AND DEVELOPMENT

Prior to Ramaco’s control of the property in 2011, previous exploration included 4,821 holes drilled within or in proximity to both Ramaco’s Knox Creek and Berwind Complexes. Previous exploration activity dates back prior to 1910. A list of companies conducting exploration, number of holes drilled, total footage drilled, and approximate dates are shown in Table 5.2-1. Since property ownership has changed several times over the years, prior exploration drilling records are not fully available in original form.

Table 5.2-1      Previous Exploration

Company	Drill Holes	Drilled Footage	Year Drilled
Anker Coal Group, Inc.	57	25,087	Unknown
Consol Energy, Inc.	3,474	4,497,009	1970’s-1980’s
Georgia-Pacific	31	39,355	Unknown
Harmon Coal Company	1	750	Unknown
Island Creek Coal Coampany	70	114,561	Unknown
Jewell Ridge Coal Company	241	125,314	1960’s-1990’s
Jewell Smokeless Coal Corporation	473	221,931	1940’s-2013
New River & Pocahontas Consolidated	73	50,287	1910’s-Unknown
Olga Mining Company	22	17,434	Unknown
Paramont Coal Company Virginia, LLC	9	3,828	Unknown
Permac, Inc.	19	7,029	Unknown
Pocahontas Fuel Company, Inc.	25	18,649	Unknown
Republic Steel Corporation	98	47,738	Unknown
United Coal Company	126	53,973	Unknown
US Steel Corporation	1	617	Unknown
West Virginia Geological & Economic Survey	2	9	Unknown
Unknown	99	5,688	Unknown
Total	4,821	5,229,258

As can be seen in Table 5.2-1, Ramaco’s Knox Creek and Berwind Complexes have a rich history of coal exploration. It should be noted that Consol Energy, Inc. has an exceptionally large number of drillholes because of their substantial participation in the natural gas industry in the area.

Organizing such a significantly large amount of data requires performing tasks such as; 1) removing drillhole duplicates (especially where companies change drillhole names to match their own naming conventions), 2) resolving multiple copies of drillholes “shared” between companies (i.e. different companies own different seams over the same area and agree to “share” drillhole data, but delete the data for their seams before sharing), 3) resolving localized seam naming differences, and 4) resolving different coordinate systems. These are significant (and on-going) tasks for Ramaco. WEIR’s review of Ramaco’s current drillhole database is highly complementary based on the results of its work to date on these matters. Based upon thorough review of Ramaco’s compilation of this historical drilling data, it is WEIR’s opinion that this historical data is reliable for use in generating an accurate geological and quality model for the Knox Creek Complex.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

6.0 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT

6.1 REGIONAL, LOCAL, AND PROPERTY GEOLOGY

6.1.1       Regional Geology

The upper coal seams of interest within the Knox Creek Complex belong to the Norton Formation in Virginia of Early Pennsylvanian Age, which is stratigraphically equivalent to the Lower Kanawha and New River formations in southwestern West Virginia. The lower coal seams of interest belong to the Pocahontas Formation of the Pottsville Group (Lower Pennsylvanian). The depositional setting for these seams is complex and thought to be upper delta plain, with subsidence controlling the sedimentation rate. The Lower Pennsylvania (Pottsville) sedimentary strata of the coal-bearing rocks of the Pocahontas Formation rest uncomformably on the Mississippian Bluestone Formation of the Mauch Chunk Group.

The Norton and Lee Formations (Virginia nomenclature) encompasses the Knox Creek Complex which additionally is within the western margin of the folded and faulted Central Appalachian Basin, with deformation occurring during the Alleghany (post-Permian) Orogeny. The Dry Fork Anticline is a regionally persistent fold, which extends from Buchanan County, Virginia to Mercer County, West Virginia. The anticline passes through the center of the complex and plunges to the southwest. North of the Dry Fork Anticline, coal beds dip at approximately one degree to the northwest, while to the south, seams dip one to two degrees toward the Boissevain Fault to the south/southwest.

The coalbeds of the Norton Formation are interbedded with sandstones, shales, siltstones, and underclays. The sandstones are light gray, very fine to coarse grained, thin bedded to massive, and crossbedded, and consist of 50 to 65 percent quartz, with large proportions of white-weathering feldspar, mica flakes and dark mineral grains. The shales are medium to dark, thinly laminated, and carbonaceous. Horizontally laminated or crossbedded medium light gray siltstones and medium gray clayey to silty underclays occur in thin beds throughout the formation.

6.1.2       Local Geology

The coal seams of interest within the Knox Creek Complex are in the Southwest Virginia Coal Field and the Southern Coal Field in West Virginia. These coal seams are known for very high calorific content (Btu/lb) and high through low-volatile metallurgical coal characteristics, with high fluidity, low ash content, and low sulfur content.

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The Boissevain and Middle Creek faults are major northeast/southwest trending thrust faults, which pass through the southern boundary of the Knox Creek Property. The strata on the southeast side of the fault has been thrust upward, relative to the strata on the northern side, along a plane which is, in most places, inclined at approximately 45 degrees. Along much of the length of the fault, the strata have been overturned, and the fault offset is over 200 feet. The Boissevain and Middle Creek faults parallel the Richlands Fault, another large thrust fault to the south of the property, where Mississippian Age strata have been thrust above the Pennsylvanian coal-bearing formations. No mining has occurred south of the Boissevain and Middle Creek faults, within or near the complex.

The Keen Mountain and Pistol Gap faults are northwest/southeast trending right-lateral strike slip faults. The southern side of both faults is downthrown, up to 18 feet vertically. The Spur Fault is a small fault which occurs perpendicular to, and terminates in, the Keen Mountain Fault in the northern area of the property. Mining has occurred on both sides of these faults throughout the area, and fault crossings were common. These minor faults appear in the northwestern part of the Knox Creek Property.

The Canebrake Fault is a northwest/southeast trending fault, with an offset of approximately 200 feet based on evaluation of drillhole information. The upthrown side is to the north of the fault. Underground mining in the Red Ash Seam has occurred on both sides of the fault. This fault passes through the northern part of the Knox Creek Jewell Property

6.1.3      Property Geology

Big Creek Property

The primary coal seams of interest on the Big Creek Property, in descending order, are the Red Ash, Jawbone 1, and Tiller. No significant faults have been mapped on the property.

Knox Creek Property

The primary coal seams of interest on the Knox Creek Property, in descending stratigraphic order, are the Kennedy, Red Ash, Jawbone 3, and Jawbone 1 (see Figure 6.3-1, Generalized Stratigraphic Section). However, there are several other mineable seams that occur throughout the property.

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

6.2 MINERAL DEPOSIT TYPE AND GEOLOGICAL MODEL

The Knox Creek Complex resource area is a relatively flat lying, sedimentary deposit of Pennsylvanian Age. The 34 coal seams in the Pocahontas Formation and the overlying Norton Formation account for approximately 3,000 feet of geologic section. For internal planning, Ramaco models these seams from exploration results using the SurvCad^® mine planning software package, completing model updates after each phase of exploration drilling. WEIR modeled the reserves and resources using Datamine MineScape^® Stratmodel geological modeling software. Exploration consists of core drilling for all the mineable seams, which is performed each year in advance of mining, to refine the resource boundary and to define limits of the mine plans. The WEIR geological model is discussed in more detail in Section 9.1.

6.3 STRATIGRAPHIC COLUMN AND CROSS SECTION

Figure 6.3-1 shows the stratigraphic column for the Knox Creek Complex. Cross sections related to the Knox Creek Complex can be found on Figure 6.3-2. For more detail on these sections, please see Exhibit 6.3-2.

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Figure 6.3-1      Knox Creek Stratigraphic Column

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

Figure 6.3-2      Knox Creek Stratigraphic Cross Sections

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7.0 EXPLORATION

7.1 NON-DRILLING EXPLORATION

Drilling has served as the primary form of exploration within the Knox Creek Complex. In addition to exploration drillholes, seam outcrop measurements, in-mine measurements, and survey points taken from mine maps of previous operations were considered. A total of 194 seam outcrop measurements, 356 mine measurements, and 887 survey points were implemented in modeling the deposit. Data from degasification, coal bed methane, and water wells were also incorporated in the geological model, including a total of 4,188 drillholes.

7.2 DRILLING

Ramaco’s exploration activities involve rotary and continuous core drilling performed by competent contract drilling companies. In addition to providing information about the coal seams present, the exploration drilling also provides core samples of roof strata and floor strata for geotechnical evaluation which is stored and evaluated as needed. The geologist’s drilling logs are checked against the geophysical logs for thickness accuracy and to confirm core recovery. Drillholes with core recovery of less than 90 percent are noted and subsequently reviewed in consideration for re-drilling. The successful acquisition of accurate geophysical logs for holes with poor core recovery play an important role in the decision to re-drill, since improvements in lithology recognition in geophysical logging has significantly improved over the years.

Once recovered, all core samples are boxed, photographed, and stored. Coal seam core samples are sent to laboratories for quality analyses. Caliper, density, gamma, and resistivity downhole geophysical logs are completed as drill site and hole conditions allow. Each drillhole collar location is surveyed using RTK GPS equipment to obtain accurate coordinates for subsequent modeling efforts.

Table 7.2-1 summarizes data for Ramaco’s drilling programs.

Table 7.2-1      Drilling Programs

				Hole Type		Number of Holes with Base Data
		Total				Drill		Downhole			Lab
		Number of				Hole	Geophysical	Deviation	Geologist’s	Driller’s	Analyis
Drilling Series	Program Dates	Drill Holes	Drilled Footage	Rotary	Core	Header	Logs	Log	Log	Log	Certificates
BC Series	2022	3	770	0	3	3	3	—	3	3	—
KC Series	1998-2018	37	14,725	5	32	37	31	—	8	32	11
		40	15,495	5	35	40	34		11	35	11

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Referring to the drilling programs outlined in Table 7.2-1, the BC (Big Creek) and KC (Knox Creek) series of drillholes are mainly intended as in-fill drilling on the complex. Quality control procedures followed by Ramaco geologists are clearly defined. Ramaco’s field geologists take specified steps to protect sample integrity and to ensure core samples are always under Ramaco geologist’s control. These steps include the following:

· Field geologist to be on site whenever drilling is occurring

· Geologist’s log to be created for each drillhole

· Each drillhole to be logged using geophysical methods if physically possible

· Geologist to compare field geologist’s logs to the e-log data

· Geologist to compare the core samples against both field geologist’s logs and e-logs to confirm coal thickness

· All immediate roof, coal and immediate floor core are to be boxed and photographed

· Quality sample sheets to be filled out, provided to a supervisor for approval and shipped to the laboratory

· Once core samples have been analyzed, field geologists to scrutinize the resulting quality data for accuracy

WEIR did not have direct involvement with the planning, implementation, or supervision of Ramaco’s drilling programs. However, having reviewed the details of Ramaco’s drilling programs, WEIR finds the results to be consistent with industry standards and appropriate for use in the estimation of reserves and resources.

WEIR did not observe core samples in person, however, Ramaco provided photos of core logs for 19 drillholes. In review of these photos, WEIR found the cores to be representative of the data reported for each drillhole.

7.3 HYDROGEOLOGICAL DATA

Hydrological data for the complex is generally obtained from existing wells and surface water monitoring locations in proximity to Ramaco’s existing and planned operations. No additional exploration is performed specifically for the purposes of hydrological study. See Section 13.1.2, Hydrogeological Model, for more detail.

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7.4 GEOTECHNICAL DATA

Ramaco does not specifically gather geotechnical data at its existing or planned operations at the Knox Creek Complex. See Section 13.1.1, Geotechnical Model, for more detail.

7.5 SITE MAP AND DRILLHOLE LOCATIONS

A map showing the location of all drillholes on the Knox Creek Complex is provided on Figure 7.5-1. Mine measurements are excluded from this figure to assist with legibility.

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Figure 7.5-1      Drillhole Locations

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7.6 OTHER RELEVANT DRILLING DATA

Ramaco generally uses one of several local drilling companies based on availability and pricing. Downhole geophysical logging is usually performed by Marshall Miller & Associates of Bluefield, Virginia. Coal quality analyses are typically performed by Precision Testing Laboratory, Inc. (Precision) of Beckley, West Virginia.

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8.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY

8.1 SAMPLE PREPARATION METHODS AND QUALITY CONTROL

Relative to the drilling overseen by Ramaco, once the target coal seam has been drilled the coal core is stored in plastic lined wooden core boxes. The core is photographed, and the coal seam is measured and described by the geologist. The geologist’s seam thickness measurements are cross checked against geophysical logs for thickness accuracy and to confirm core recovery.

8.2 LABORATORY SAMPLE PREPARATION, ASSAYING, AND ANALYTICAL PROCEDURES

8.2.1       SGS North America Inc.

Ramaco used SGS North America Inc. (SGS) located in Sophia, West Virginia as its primary laboratory for coal analyses, prior to 2016. Typically, once quality samples were bagged and labeled at the mine, the samples were delivered to SGS for quality analyses. The samples were first prepared by crushing, splitting, and sizing. The analyses performed included Proximate, Washability, Ash Fusion, Ultimate, Ash Mineral, Dilatometer, Plastometer, Trace Elements, and Petrographics. SGS is certified by the ANSI National Accreditation Board. SGS performs all of the coal analyses to ASTM standards.

8.2.2       Precision Testing Laboratory, Inc

Ramaco has utilized Precision Testing Laboratory, Inc. (Precision) located in Beckley, West Virginia beginning in 2016. Also certified by the ANSI National Accreditation Board, Precision performs all the coal analyses to ASTM standards. Once quality samples are bagged and labeled at the mine, the samples are delivered to Precision for quality analyses. The samples are first prepared by crushing, splitting, and sizing. The analyses performed included Proximate, Washability, Ash Fusion, Ultimate, Ash Mineral, Dilatometer, Plastometer, Trace Elements, and Petrographics.

8.2.3       Other Laboratories

As outlined in Section 5.2, WEIR relied upon drillhole data from prior property owners. The quality data from other laboratories appears to be valid and appropriate to include in this study based upon available documentation and consistency of the data between the different sources.

8.3 QUALITY CONTROL PROCEDURES AND QUALITY ASSURANCE

As ANSI certified laboratories, both SGS and Precision have in-house quality control and assurance procedures. Both are well-known and respected providers of coal quality analysis services.

8.4 SAMPLE PREPARATION, SECURITY, AND ANALYTICAL PROCEDURES ADEQUACY

Once in possession of the samples, Precision’s standard sample preparation and security procedures are followed. After the sample has been tested, reviewed, and accepted, the disposal of the sample is done in accordance with local, state and EPA approved methods.

WEIR has determined the sample preparation, security and analysis procedures used for the Knox Creek Complex’s drillhole samples meet current coal industry standards and practices for quality testing, with laboratory results suitable to use for geological modeling, mineral resource estimation and economic evaluation.

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9.0 DATA VERIFICATION

9.1 DATA VERIFICATION PROCEDURES

Ramaco provided WEIR copies of all available drilling records for the Knox Creek Complex, which included Excel spreadsheets, driller’s log, field geologist’s logs, core photographs, quality results sheets from the coal quality laboratories, mine measurement tables, as well as drawing files or PDFs of the e-logs. Each hole in the database was individually checked by WEIR against a copy of the driller’s and/or geologist’s log to confirm data accuracy.

Geological reviews performed by WEIR included:

· Drillhole lithology database comparison to geophysical logs

· Drillhole coal quality database comparison to quality certificates

After completing the precursory verifications and validations described above, the drillhole data was loaded into Datamine’s MineScape^® Stratmodel, a geological modeling software. MineScape provides robust error checking features during the initial data load, which include confirmations of seam continuity, total depth versus hole header file data, interval overlap, and quality sample continuity with coal seams. Once the drillhole data was loaded, a stratigraphic model was created.

Several further verifications were then possible, which included:

· Creating cross sections through the model to visually inspect if anomalies occur due to miscorrelation of seams

· Creating structural and quality contour plots to visually check for other anomalies due to faulty seam elevations or quality data entry mistakes in the drillhole database

Typical errors which may impact reserve and resource estimates relate to discrepancies in original data entry. These errors may include:

· Incorrect drillhole coordinates (including elevation)

· Mislabeled drillhole lithology

· Unnoticed erroneous quality analyses where duplicate analyses were not requested

· Excessive drillhole core loss

WEIR conducted a detailed independent geological evaluation of data provided by Ramaco to identify and correct errors of the nature listed above. Where errors are identified and cannot be successfully resolved, it is WEIR’s policy to exclude that data from the geological model. Based on WEIR’s geological evaluation of data provided, 81 drillholes were excluded from the drillhole database due to various reasons.

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9.2 DATA VERIFICATION LIMITATIONS

Limitations of data verification included incomplete or missing records for some drillholes. The primary reason for this situation is incomplete data transfers upon change in property ownership. Based on its modeling results, WEIR found some of the drillholes with incomplete data to be consistent with the deposit and appropriate to include in WEIR’s geological model.

9.3 ADEQUACY OF DATA

It is WEIR’s opinion that the adequacy of sample preparation, security, and analytical procedures for holes and procedures that were drilled by Ramaco after acquiring the property is acceptable and that these methods meet typical industry standards. Ramaco employs detailed process and procedures, described in Section 8.4, that are followed each time a core hole is to be sampled. The Ramaco geologist’s logs for these holes contain sampling descriptions and lithologic descriptions that are sufficiently detailed to ascertain that an experienced geologist supervised the drilling and sampling. Ramaco coal quality analyses performed by both SGS and Precision have been to ASTM standards, as detailed in Section 8.0.

The adequacy of sample preparation, security, and analytical procedures are generally unknown for drillholes that were drilled prior to Ramaco acquiring the initial leases in 2016. However, the geologist’s logs for these holes contain sampling descriptions and lithologic descriptions that are sufficiently detailed to ascertain that an experienced geologist supervised the drilling and sampling. It is unknown if all coal quality analyses were performed to ASTM standards by qualified laboratories, as detailed in Section 8.0, however, this legacy drillhole information was included as the samples matched the coal seam intervals and reported quality data that was consistent between the different data sources. Model verifications further support WEIR’s high level of confidence that a representative, valid, and accurate drillhole database and geological model have been generated for the Knox Creek Complex that can be relied upon to estimate coal resources and reserves to an accuracy that is acceptable for this report’s specified standards.

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10.0 MINERAL PROCESSING AND METALLURGICAL TESTING

10.1 MINERAL PROCESSING TESTING AND ANALYTICAL PROCEDURES

Daily sampling is performed by SGS on samples obtained from various conveyor and stockpile locations prior to shipping clean coal products. Proximate and oxidation analyses are performed on the samples. Train and sublot samples include all petrographic and rheology analyses for each individual customer specification.

These results help ensure both proper preparation plant operation and coal product classification. Coal tonnages for raw and post-processed products are estimated using standard belt scales, which are calibrated monthly against the end of month survey data summary reports.

Efficiency testing is performed on all critical preparation plant circuitry on an on-going basis to help ensure proper coal and non-coal separations are occurring throughout the preparation plant processing operation. This performance testing is extensive and involves measuring flow rates, pressures, moistures, reagent application rates, size fractions, specific gravity, and coal quality at specific locations from raw feed through clean coal products and tailings.

10.2 MINERALIZATION SAMPLE REPRESENTATION

Coal deposits originate in flat, low-lying ground within deltas, alluvial plains, and coastal systems, and as such are a relatively homogeneous, sedimentary mineral occurrence. The deposit within the Knox Creek Complex area exhibits homogeneous characteristics and does not show any substantial variations in mineralization types or styles that would adversely affect processing of the coal. Sample data are well representative of the deposit as a whole.

10.3 ANALYTICAL LABORATORIES

Coal sample analyses performed by Precision are described in Section 8.2.1. Preparation plant circuitry performance is maintained by plant staff through the plant monitoring systems. SGS performs daily analysis on the collected clean coal samples from automated samplers and any raw coal samples collected. Typical analysis on daily runs is proximate analysis only plus oxidation. Train and sublot samples with petrographics and rheology are performed per individual customer specifications.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

10.4 RELEVANT RESULTS AND PROCESSING FACTORS

Coal recovery and resulting product qualities are primary concerns for any coal preparation plant. A coal preparation plant’s recovery and resulting quality of its saleable products are dependent on ROM coal quality and the efficiency at which non coal impurities are removed by the preparation plant process. Tracking and adjusting throughput rates for different plant circuitry, based on ROM coal feed quality, are critical to plant efficiency and product quality. The Knox Creek Preparation Plant processes ROM coal at specific gravities ranging from 1.50 to 1.65, depending on customer specifications, in order to produce saleable metallurgical coal products.

Historical (2022) and projected LOM Plan preparation plant recovery are shown on Figure 10.4-1.

Figure 10.4-1      Preparation Plant Recovery

The preparation plant yield decreases in 2023 associated with increasing tons from the Big Creek Jawbone 1 Deep Mine and the exhaustion of the Big Creek HWM reserves.

Preparation plant recovery and saleable product quality are expected to track closely with the modeled recovery from raw coal analysis, once adjusted for out of seam dilution (OSD) mined by the surface and underground mines.

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Historical preparation plant recovery from 2022, based on plant belt scale records, is summarized in Table 10.4-1 as follows:

Table 10.4-1      Historical Preparation Plant Recovery

	2022
Raw tons processed		600,608
Clean tons processed		234,710
Plant Recovery (%)		39.1

The testing procedures described above provide validation for modeled data and help to ensure coal sales specifications are met for resulting saleable coal products. The testing also helps to maintain preparation plant efficiency at a high level so that processing costs are minimized.

10.5 DATA ADEQUACY

Ramaco employs testing and analytical procedures in accordance with industry standards, which result in efficient preparation plant operations and provides the necessary quality control to meet product quality and quantity projections. The testing performed is sufficient to support the projected preparation plant yield and saleable product quality for the LOM Plan.

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11.0 MINERAL RESOURCE ESTIMATES

The coal resources, as of December 31, 2022, are reported as in-place resources and are exclusive of reported coal reserve tons (see Section 12.0 for reserve tonnage estimates). Resources are reported in categories of Measured, Indicated, and Inferred tonnage in accordance with Regulation S-K Item 1302(d).

In addition to the currently active and planned mines, there are numerous other resource areas within the Knox Creek Complex which Ramaco may plan and/or permit at a future date.

11.1 KEY ASSUMPTIONS, PARAMETERS, AND METHODS

Data Sources

Planimetric data was provided by Ramaco in AutoCAD format and primarily included base map information such as rivers, drainages, roads, mine features, and property boundaries.

Ramaco provided WEIR drillhole data, which included survey, lithology, and coal quality information. This data was provided in different formats including Excel, ASCII files and PDFs. Geophysical logs, coal quality certificates, driller’s logs, geologist’s logs, downhole deviation data, and drillhole survey records were provided as scanned PDF files and AutoCAD drawing files. Data was provided for 4,290 drillholes, 4,188 holes of which are included in the geological model.

In-mine seam thickness and floor measurement from previous operations’ mine maps were provided in tabular file format. These mine measurements included 356 data points. Mine measurement data points were used to model coal seam thickness and structure but were not used as points of observations in estimating resource confidence.

Coal quality data for 625 drillholes was provided for the Knox Creek Complex. Of the 625 drillholes, 558 holes were used in the quality model. Data was provided in Excel format along with quality certificates in PDF format.

Reasons for excluding drillhole quality samples in the modeling process included:

· Poor core recovery noted in the driller’s logs.

· Quality logs that could not be matched to a drillhole.

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· The qualities listed for the hole were not relevant to the model (for example raw Btu/lb. or sulfur were supplied, but not final product Btu/lb. or sulfur). The only relevant raw values used are specific gravity and raw ash. Both are derivable from one another and have bearing on estimated in-place tons.

· Analyses were not performed at the appropriate wash specific gravity.

Geological Model

The Knox Creek Complex geological model was developed by using seam surface grids that were created in Datamine’s MineScape^® Stratmodel (MineScape) geological modeling software.

Topography data was gridded using MineScape software and a grid cell size of 100 feet by 100 feet from the USGS on-line 3-D Elevation Project data source. The resolution of the topography data is 1/3 arc-second, which results in approximately a 30 by 30 feet data point spacing. The gridded USGS topography contours were compared to drillhole collars. WEIR investigated significant collar elevation discrepancies. Most differences are due to original drillhole locations being covered with burden or being subsequently mined. Drillholes for which such discrepancies could not be resolved were not used in the model.

The seam surfaces and thicknesses were created by loading the drilling and mine measurement data into MineScape and gridding the seam intercepts using a grid cell size of 100 feet by 100 feet. The parameters used to create the model are defined in the MineScape modeling schema which is a specification of modeling rules that is created for the site. The MineScape interpolators that were used in this study are common in most mine planning software packages. The Planar interpolator is a triangulation method with extrapolation enabled. Finite Element Analysis (FEM) is a widely used method for numerically solving differential equations arising in engineering and mathematical modeling. A trend surface is used in MineScape to promote conformability for the modeled seams to regional structures such as synclines, anticlines, or simply seam dip. MineScape caters to using different interpolators for thickness, roofs and floors (surfaces), and the selected trend surface as they are all modeled separately. The interpolator used for each of these items is selected on the basis of appropriateness to the data sets involved, as well as modeling experience. Stratigraphic Model Interpolators are shown in Table 11.1-1, as follows:

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Table 11.1-1     Stratigraphic Model Interpolators

Interpolator	Parameter	Power/Order
PLANAR	Thickness	0
FEM	Surface	1
PLANAR	Trend	0

Ninety-eight (98) coal seams (including seam splits) were modeled for the Knox Creek Complex. A summary of drillhole statistics for the 16 seams that WEIR considered to have economic potential for the Knox Creek Complex are shown in Table 11.1-2. These statistics involve the 2,288 drillholes out of the total 4,188 that can be allocated to the Knox Creek Complex versus the Berwind Complex.

Table 11.1-2     Drillhole Statistics

				Average	Minimum		Maximum		Standard
		In Mine	Number of	Thickness	Hole	Thickness	Hole	Thickness	Deviation
CODE	Seam	Plan	Intercepts	(Feet)	Name	(Feet)	Name	(Feet)	(Feet)
UPB2	Upper Banner 2	No	150	1.28	J-328	0.08	J-542	4.32	0.86
KDY2	Kennedy 2	Yes	877	2.03	20	0.04	04BI113	9.50	1.25
RED3	Red Ash 3	No	730	0.90	VA-160	0.02	CBMW49A	4.30	0.77
RED2	Red Ash 2	No	1662	2.47	25	0.08	80RU-8	8.00	0.94
JWB3	Jawbone 3	Yes	1936	2.07	KC00-03	0.05	06AW114A	8.00	0.98
JWB1	Jawbone 1	Yes	1930	2.57	L053	0.05	85RU-53	11.74	1.18
TL22	Tiller 2-2	Yes	1137	1.22	96VA283	0.08	00-VA-301	7.70	0.87
TL12	Tiller 1-2	Yes	851	1.39	VA-157	0.03	07BB48A	7.20	1.10
USB2	Upper Seaboard 2	No	626	1.46	O-M	0.04	VA-48	6.69	0.91
GCK2	Greasy Creek 2	No	1329	1.27	L038	0.08	BC30-97	6.35	0.64
LSB2	Lower Seaboard 2	No	1289	1.38	OLGA-13	0.08	VA-235	5.23	0.91
P114	Pocahontas 11	No	1461	2.48	L038	0.04	110107033	9.00	0.88
LHP1	Lower Horsepen 1	No	731	1.35	VA-145	0.05	PCP-136	4.65	0.72
PO92	Pocahontas 9-2	No	331	1.31	05BE121	0.10	VA-91	8.90	0.91
PO42	Pocahontas 4	No	602	1.23	PCP-108	0.08	02DGDD29	7.66	1.23
PO32	Pocahontas 3	No	806	2.41	05AY140	0.03	VA-206	9.25	2.07

The gridded coal seam structure and coal seam thicknesses were validated against drillhole information to ensure that the data was properly modeled. Inconsistencies between modeled seam surfaces and surrounding drillholes were investigated and any confirmed errors in the drillhole data or model parameters were corrected. This process was repeated until a final version of the model was developed.

Coal Quality Model

The drillhole data described previously in this report were used to create a washed coal quality model that included raw ash and raw relative density. The washed quality model values were based on a specific gravity of 1.50.

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The drillholes were verified to ensure that the seam depths used in the lithology file matched the sample depths in the quality file. Coal quality samples were loaded into MineScape and composited against the drillhole thicknesses. The composited values were then gridded using a grid cell size of 200 feet by 200 feet and the inverse distance weighted (squared) interpolator. The following quality data was modeled for all seams:

· Raw

⮚ Ash, Dry weight percent

⮚ Relative Density

· Float @ 1.50 Specific Gravity

⮚ Ash, Dry weight percent

⮚ Calorific Value, Dry Btu/lb

⮚ Total Sulfur, Dry weight percent

⮚ Volatile Matter, Dry weight percent

⮚ Audibert-Arnu Maximum Dilation (ARNU), Dry percent

⮚ Coal Oxidation by Light Transmittance, Dry percent

⮚ Total Inerts, Dry weight percent

⮚ Rank Index

⮚ Composition Balance Index

⮚ Gieseler Maximum Fluidity, Dry DDPM

⮚ Hargrove Grindability Index

⮚ Reflectance (ROMAX), Dry percent

⮚ Calculated Stability Index

⮚ Free Swell Index

⮚ Yield, weight percent

Quality contours were generated from the grids to check outlier values.

Additional Resource Criteria and Parameters

Based on WEIR’s review and evaluation of the data and plans relative to the Knox Creek Complex, resource estimation criteria were applied to ensure reported mineral resource tonnage has a reasonable prospect for economic extraction. Resource criteria and parameters for the Knox Creek Complex are as follows:

· Resources were estimated as of December 31, 2022.

· Underground areas where coal thickness did not meet a minimum thickness of 2.0 feet were excluded from the resource estimate.

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· Underground areas within 200 feet of old mine workings were excluded from resource estimates.

· Underground areas with less than 100 feet of cover were excluded from resource estimates.

· Surface and highwall mining areas where coal thickness did not meet a minimum thickness of 1.0 feet were excluded from the resource estimate.

· Surface areas, where there was no subsequent highwall mining, and where stripping ratio exceeds 20:1, were excluded from the resource estimate.

· Tonnage outside of current LOM plans, but within existing property control, and meeting the criteria listed here, is classified as Resource tonnage and is reported exclusive of Reserve tonnage.

· Coal density (pounds per cubic foot) is based on apparent specific gravity data from dill holes and channel samples, where available. Otherwise, it is based on raw coal ash (dry basis) using the formula [1.25+(Ash/100)] x 62.4 pounds per cubic foot

11.2 ESTIMATES OF MINERAL RESOURCES

The coal resources, as of December 31, 2022, are reported as in-place resources and are exclusive of reported coal reserve tons (see Section 12.0). Resources are reported based on the coal resource estimate methodology described and are summarized in Table 11.2-1 as follows:

Table 11.2-1     In-Place Coal Resource Tonnage and Quality Estimate
as of December 31, 2022

													Coal Quality (Dry Basis)
													Raw
			Average Coal												Relative
	Area		Thickness		In-Place Resources (000 Tons)								Ash		Density
Mine Area / Seam	(Acres)		(Feet)		Measured		Indicated		Total		Inferred		(%)		(Lbs/CF)
Big Creek
Red Ash 3		1,275		2.04		5,025		—		5,025		—		17.0		88.61
Red Ash 2		1,420		2.75		7,495		—		7,495		—		4.5		87.98
Jawbone 3		1,400		2.27		6,445		—		6,445		—		24.0		92.98
Jawbone 1		2,210		2.99		13,536		—		13,536		—		12.2		94.38
Tiller 1-2		495		2.67		2,520		—		2,520		—		21.7		87.36
		6,800		2.59		35,021				35,021				14.1		91.42
Knox Creek
Upper Banner 2		450		2.27		2,060		—		2,060		—		17.0		88.61
Kennedy 2		1,765		2.72		8,780		—		8,780		—		13.2		86.28
Red Ash 2		12,485		2.65		59,450		35		59,485		—		4.7		82.41
Jawbone 3		8,420		3.13		50,260		—		50,260		—		15.1		87.43
Jawbone 1		15,025		3.21		93,500		150		93,650		—		13.6		89.46
Upper Seaboard 2		450		2.72		2,340		—		2,340		—		17.0		88.61
Greasy Creek 2		290		4.29		2,640		—		2,640		—		43.0		97.93
Lower Seaboard 2		760		2.75		4,470		—		4,470		—		30.9		98.19
Pocahontas 11		770		4.72		7,010		—		7,010		—		17.0		88.61
Lower Horsepen 1		1,425		2.89		7,965		—		7,965		—		17.0		88.61

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													Coal Quality (Dry Basis)
													Raw
			Average Coal												Relative
	Area		Thickness		In-Place Resources (000 Tons)								Ash		Density
Mine Area / Seam	(Acres)		(Feet)		Measured		Indicated		Total		Inferred		(%)		(Lbs/CF)
Knox Creek
Pocahontas 9-2		2,030		2.8		8,240		2,750		10,990		—		17.0		88.61
Pocahontas 4		1,605		2.97		8,300		3,830		12,130		—		26.6		94.90
Pocahontas 3		710		2.77		3,780		—		3,780		—		17.0		88.61
		46,185		2.99		258,795		6,765		265,560				13.5		87.76
Knox Creek Complex - Total		52,985		2.94		293,816		6,765		300,581				13.6		88.23

Notes:

· 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. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves. Mineral Resources reported here are exclusive of Mineral Reserves.

· Resource probable economic mineability based on underground minable resources with 2.0 feet minimum seam thickness, surface and highwall mines with 1.0 feet minimum seam thickness, area mining with a cutoff stripping ratio of 20:1, and primarily metallurgical mid and high volatile coal product realizing a sales price of $183.50 per ton at a cash cost of $98.68 per clean ton (FOB Mine)

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

11.3 TECHNICAL AND ECONOMIC FACTORS FOR DETERMINING PROSPECTS OF ECONOMIC EXTRACTION

A Preliminary Feasibility Study was conducted to assess the prospects for economic extraction of coal within the Knox Creek Complex.

Ramaco’s forecasted Knox Creek Complex FOB mine coal sales prices are $164.36 per ton in 2023, $172.10 in 2024, $179.69 in 2025 and $186.00 thereafter through 2037. Ramaco’s sales price projections conform to published forward price curves for coal of similar quality to that of the Knox Creek Complex. The sales price is further supported in Section 16.0 of this report.

Capital expenditures are discussed in further detail in Section 18.1 and are projected to average $12.20 per ton over the Knox Creek Complex LOM Plan, compared to actual capital expenditures of $25.35 per ton in 2022.

Operating cash costs are discussed in further detail in Section 18.2 and are projected to average $98.68 per ton over the Knox Creek Complex LOM Plan, compared to actual Knox Creek Complex operating cost of $117.25 per ton in 2022.

Total projected capital expenditures and operating cost of $110.88 per ton and a coal sales price per ton as indicated above, provide a reasonable basis for WEIR to determine that all underground mineable coal of thickness greater than 2.0 feet, surface and highwall mineable coal with seam thickness greater than 1.0 feet, and surface and contour mineable coal with stripping ratio of approximately 20:1 or lower, has prospects of economic extraction within the Knox Creek Complex.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

11.4 MINERAL RESOURCE CLASSIFICATION

Mineral Resource estimates prepared for the Knox Creek Complex are based on the Regulation S-K Item 1302(d), which established definitions and guidance for mineral resources, mineral reserves, and mining studies used in the United States. The definition standards relative to resources are as follows:

Mineral Resource:

Mineral resource is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

· Inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

· Indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

· Measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a Qualified Person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

Geostatistical methods were applied to drillhole and mine measurement coal thickness data for four primary seams at the Knox Creek Complex to develop variogram ranges (radii) used for resource classification. Figure 11.4-1 illustrates the variogram for the Tiller No. 1 Seam, containing 649 seam thickness measurements. Table 11.4-1 shows the sample count, Measured and Indicated resource ranges determined by the variogram model, and average sample spacing in feet for the Jawbone No. 1, Pocahontas No. 4, and Tiller No.1 and No. 2 seams. Variographic ranges were similar in each seam, demonstrating seam thickness continuity over 9,000 feet in each case. Theoretical ranges estimated for Measured (to 3,000 feet) and Indicated (to 9,200 feet) resources in the analysis demonstrates the spatial continuity of mineable coal seam thickness at the Knox Creek Complex.

Figure 11.4-1     Variogram Model Tiller No. 1 Seam Thickness

 

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

Table 11.4-1     Theoretical Variogram Ranges

Variogram	Figure		Sample Count		Measured Range (Ft.)		Indicated Range (Ft.)
Jawbone No. 1 Seam		1		1,290		2,250		6,800
Pocahontas No. 4 Seam		2		865		7,300		22,000
Tiller No. 1 Seam		3		649		3,050		9,200
Tiller No. 2 Seam		4		702		4,800		14,500

As depicted above, variability in drillhole thickness measurements is highly correlated with the distance between individual drillholes, in particular within the theoretical ranges for Measured and Indicated tonnage. Additionally, WEIR’s generation and review of the applicable quality contours further supports the continuity of coal quality throughout the deposit. Table 11.4-2 shows overall quality parameters for the coal seams at the Knox Creek Complex.

Table 11.4-2 Statistics for Composited Drillhole Samples

Quality Parameter	Number of Samples		Total Sample Length (ft)		Minimum Value		Maximum Value		Average Value
Audibert-Arnu Maximum Dialation (%)		116		314		0		300		188
Composition Balance Index		48		135		0.51		7.63		5.38
Free Swell Index		374		1,020		3.1		9		8.6
Gieseler Maximum Fluidity (DDPM)		219		586		1		30,000		9,457
HGI		17		60		94		105		99
Inerts (%)		61		169		8.2		36.3		25.8
Raw Ash (%)		357		984		2.7		62.1		20.4
In-Place Relative Density		925		2,585		1.27		1.96		1.44
Reflectance (ROMAX, %)		112		323		1.2		1.71		1.45
Rank		48		135		0.6		7.0		4.7
Stability Index		99		289		42.0		65.0		55.7
Coal Oxidation by Light Transmittance (%)		17		60		97.0		99.0		97.7
Ash (%)		809		2,223		2.0		19.1		5.9
BTU/lb		507		1,361		12,509		15,505		14,627
Sulfur (%)		803		2,206		0.37		3.50		0.85
Volatiles (%)		721		1,983		15.5		37.4		26.2
Yield (%)		923		2,582		10.4		100.0		74.8

Note: Unless otherwise specified, analyses are on a Dry Basis for coal washed at 1.50 specific gravity

Within the Measured and Indicated ranges, WEIR has demonstrated a level of geological confidence sufficient to allow for the application of modifying factors to support detailed mine planning and evaluation of the economic viability of the deposit. Beyond the four coal seams mentioned above, there are no outlier seams being considered for resources that display anomalous behavior in comparison. As such, classification radii utilized by WEIR in this study are as follows:

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Technical Report Summary
Knox Creek Complex Prepared for Ramaco Resources, Inc.

· Measured: 0 - 3,000 feet (based on 905 observations informing estimate of coal thickness within this range)

· Indicated: 3,000 – 9,200 feet (based on 905 observations informing estimate of coal thickness within this range)

· Inferred: greater than 9,200 feet (based on 905 observations informing estimate of coal thickness within this range)

11.5 UNCERTAINTY IN ESTIMATES OF MINERAL RESOURCES

Mining is a high risk, capital-intensive venture and each mineral deposit is unique in its geographic, social, economic, political, environmental, and geologic aspects. At the base of any mining project is the mineral resource itself. Potential risk factors and uncertainties in the geologic data serving as the basis for deposit volume and quality estimations are significant considerations when assessing the potential success of a mining project.

Geological confidence may be considered in the framework of both the natural variability of the mineral occurrence and the uncertainty in the estimation process and data behind it. The mode of mineralization, mineral assemblage, geologic structure, and homogeneity naturally vary for each deposit. Structured variability like cyclic depositional patterns in sedimentary rock can be delineated mathematically with solutions like trend surface analysis or variography. Unstructured variability, in the distribution of igneous rock composition, for example, is more random and less predictable.

The reliability of mineral resource estimation is related to uncertainties introduced at different phases of exploration. Resources meeting criteria for Measured, Indicated, and Inferred categories are determined by the quality of modeled input data, both raw and interpreted. An exploration program comprises several stages of progressive data collection, analysis, and estimation, including:

· Geological data collection

· Geotechnical data collection

· Sampling and assaying procedures

· Bulk density determination

· Geological interpretation and modeling

· Volume and quality estimation

· Validation

· Resource classification and estimation

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

Error may be introduced at any phase. Data acquisition and methodologies should be properly documented and subject to regular quality control and assurance protocols at all stages, from field acquisition through resource estimation. Managing uncertainty requires frequent review of process standards, conformance, correctional action, and continuous improvement planning. Risk can be minimized with consistent exploration practices that provide transparent, backwards traceable results that ultimately deliver admissible resource estimates for tonnage and quality.

As discussed in Sections 8.0, 9.0, and 10.0, it is WEIR’s opinion that Ramaco’s methodology of data acquisition, record-keeping, and QA/QC protocols are adequate and reasonable for resource estimation at the Knox Creek Complex.

In summary, WEIR has reviewed all geologic and geotechnical data inputs, collection protocols, sampling, assaying, and laboratory procedures serving as the basis for the deposit model, its interpretation, and the estimation and validation of the volume and quality of coal resources at the Knox Creek Complex. The spatial continuity of all seams with resource attributes at the Knox Creek Complex is well demonstrated by professionally developed, well maintained, quantitative and qualitative data. WEIR finds no material reason, regarding geologic uncertainty, that would prohibit acceptably accurate estimation of mineral resources.

11.6 ADDITIONAL COMMODITIES OR MINERAL EQUIVALENT

There are no other commodities or minerals of interest within the Knox Creek Complex resource area other than the coal deposit discussed in this TRS.

11.7 RISK AND MODIFYING FACTORS

The existing and planned underground mines in the complex are above drainage and relatively dry, which decreases risk for bad floor conditions from the presence of underclays.

The consistency of the seams within the complex and good exploration drilling coverage combine to reduce geological risks at the complex. This also relates to product quality risks, which WEIR sees as low for the same reasons. The appearance and disappearance of partings within mined benches is expected and is difficult to accurately map without extensive drilling.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

However, these partings are of little consequence to the final product, apart from the marginal additional processing costs involved at the preparation plant for non-coal partings removal.

A large percentage (approximately 98 percent) of currently planned coal deeds and leases have been secured by Ramaco at the Knox Creek Complex and WEIR finds no high risks associated with these coal deeds and leases. Resources that exist in currently unplanned areas are well situated for potential mining as the total size of the uncontrolled areas are not significant in comparison to the total potential mining areas.

Risk is also associated with volatility of coal market prices. Significant variations in operating costs, capital expenditures, productivity, and coal sales prices could impact the economic mineability of the Knox Creek Complex.

Unforeseen changes in legislation and new industry developments could alter the performance of Ramaco by impacting coal consumer demand, regulation and taxes, including those aimed at reducing emissions of elements such as mercury, sulfur dioxides, nitrogen oxides, particulate matter or greenhouse gases. The emphasis on reducing emissions, however, is more of a concern for mines producing a thermal coal product, as opposed to the metallurgical coal produced from the Knox Creek Complex.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

12.0 MINERAL RESERVE ESTIMATES

12.1 KEY ASSUMPTIONS, PARAMETERS, AND METHODS

The conversion of resources to reserves at the Knox Creek Complex considers the effects of projected dilution and associated loss of product coal quality, projected coal sales prices, operating costs, regulatory compliance requirements, and mineral control. These factors all determine if the saleable coal product will be economically mineable. The design of executable mine plans that accommodate the planned mining equipment and facilities and provide a safe work environment is also considered.

For Ramaco’s underground room and pillar operations, retreat mining will be implemented in most of the existing and planned underground operations within the complex, as permitted. This will result in 50 to 80 percent mining recovery of coal.

The Knox Creek Complex mine layouts have several key variables that will largely impact coal recovery. Pillar and panel dimensions are based on minimum, maximum, and optimal equipment operating parameters, as well as geotechnical considerations relative to the safety of the mining operations and mine subsidence predictions.

Based on a mine’s historical performance and projected mineral continuity, the mine design is the primary consideration, apart from mineral resource classification, whereupon resources are converted to reserves at the Knox Creek Complex.

Based on WEIR’s review and evaluation of the Knox Creek Complex LOM plans, the justification for conversion of resources to reserves was based on specific criteria. In addition to the criteria stated in Section 11.0 for resources, the following criteria were used to estimate reserves for the Knox Creek Complex:

· Reserves were estimated as of December 31, 2022.

· Underground mining recovery of 50 to 80 percent (dependent on whether retreat mining can be performed), surface mining recovery of 90 percent, and highwall mining recovery of 40 percent were assumed.

· A minimum of two inches of out of seam dilution is included in the ROM underground tonnage estimates, except in areas where the total seam thickness is greater than the maximum mining height.

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· A highwall mining maximum penetration depth of 800 feet. Areas with less than 400 feet penetration depth potential, as a result of any site-specific boundary limitations, were excluded from reserve classification.

· The point of reference for reserve estimates is post preparation plant processing and recoverable tons were adjusted for a theoretical preparation plant yield based on drillhole and channel sample analyses washed at a 1.50 specific gravity.

· A conservative preparation plant efficiency factor of 95.0 percent was applied to reflect actual performance of the preparation plant, compared to theoretical laboratory results at a 1.50 specific gravity.

· The estimate of reserve tons includes areas that are exclusively within the current Knox Creek Complex LOM plans.

12.2 ESTIMATES OF MINERAL RESERVES

The coal reserves that represent the economically viable tonnage controlled by Ramaco at the Knox Creek Complex, based on the coal reserve estimate methodology described, are shown in Table 12.1-3 as follows:

Table 12.1-3     Recoverable Coal Reserve Tonnage and Quality Estimate 

as of December 31, 2022

												Coal Quality (Dry Basis)
												Raw
				Average Coal		Clean Recoverable Tons (000)								Relative
	Product	Area		Thickness		Reserves						Ash		Density
Area / Mine / Seam	Quality	(Acres)		(Feet)		Proven		Probable		Total		(%)		(Lbs/CF)
Knox Creek
Kennedy No. 3 Deep Mine
Kennedy 2	Hi Vol		336		3.23		720		—		720		13.60		86.48
Knox Creek Tiller Deep Mine
Jawbone 3	Hi Vol		1,546		3.44		6,362		—		6,362		16.10		88.05
			1,882		3.40		7,082				7,082		15.85		87.89
Big Creek
Surface and Highwall Mine
Jawbone 1	Mid Vol		20		1.27		30		—		30		18.4		89.50
Tiller 2-2 and 1-2	Mid Vol		175		2.61		318		—		318		19.1		89.75
Jawbone Deep Mine
Jawbone 1	Mid Vol		383		3.40		586		—		586		30.6		97.38
			578		3.09		934				934		26.3		94.53
Knox Creek Complex Grand Total			2,460		3.33		8,016				8,016		17.06		88.66

Notes:

· 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 based on predominately mid and high volatile metallurgical coal product at a sales price of $183.50 per ton and cash cost of $98.68 per clean ton (FOB Mine)

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

· Mineral Reserves are reported exclusive of Mineral Resources

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

12.3 ESTIMATES OF RESERVE CUT-OFF GRADE

The seams within the Knox Creek Complex display consistent quality attributes representative of high-quality metallurgical coal. Current mine plans involve mid to high volatile products. One significant variable regarding cost considerations is OSD which results in additional preparation plant costs to obtain a saleable coal product. Preparation plant throughput is also a consideration. However, preparation plant ROM throughput is not a limitation at the Knox Creek Complex, and the incremental cost of “washing out” the additional OSD as a result of minimum mining heights for equipment clearance does not forgo mining coal seams with thicknesses of 2.0 feet. Mining heights below 2.0 feet result in increased operational difficulty given equipment limitations and capabilities. WEIR did not discover any areas within the complex where washed coal quality parameters for planned mining tonnage was deficient relative to maintaining a high-quality metallurgical grade coal status. The coal on the property is consistently of high-quality.

In summary, based on Ramaco’s Knox Creek Complex historical and consistent saleable coal product quality, current coal sales contract specifications, and the projected coal quality that has been modeled, WEIR does not foresee any deviations that would adversely affect future saleable coal product.

12.4 MINERAL RESERVE CLASSIFICATION

WEIR prepared the Knox Creek Complex reserve estimates in accordance with Regulation S-K Item 1302(e), which establishes guidance and definitions for mineral reserves to be used in the United States. The SEC Regulation S-K 1300 Definition Standards relative to reserves are as follows:

Modifying factors are the factors that a qualified person must apply to indicated and measured mineral resources and then evaluate to establish the economic viability of mineral reserves. A qualified person must apply and evaluate modifying factors to convert measured and indicated mineral resources to proven and probable mineral reserves. These factors include but are not restricted to: Mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project.

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A mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

· Probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource.

· Proven mineral reserve is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.

Within the extent of the LOM Plan for the Knox Creek Complex, Measured Resources were converted to Proven Reserves and Indicated Resources were converted to Probable Reserves.

12.5 COAL RESERVE QUALITY AND SALES PRICE

Knox Creek Complex coal quality was determined by modeling the drillhole coal quality for the reserve areas. The average dry basis coal quality by seam, for raw coal and washed coal at a 1.50 specific gravity, for the reserves are shown in Table 12.5-1 as follows:

Table 12.5-1     Average Reserve Coal Quality

					Coal Quality (Dry Basis)
	Raw				Washed @ 1.50 Specific Gravity
			Relative								Calorific		Theoretical		Audibert-Arnu		Calculated				Free		Reflectance
	Ash		Density		Ash		Sulfur		Volatile		Value		Plant		Maximum Dilation		Stability		Fluidity		Swell		ROMAX
Seam	(%)		(Lbs/CF)		(%)		(%)		Matter		(Btu/lb.)		Yield (%)		(%)		Index		DDPM		Index		(%)
Knox Creek
Kennedy 2		13.6		86.9		5.2		0.83		35.3		14,803		86.9		220		ND		30,024		9.0		ND
Jawbone 3		16.1		88.1		5.0		0.85		32.2		14,732		79.5		246		ND		30,017		8.7		ND
Average		15.8		87.9		5.0		0.85		32.5		14,739		80.3		243		—		30,018		8.7		—
Big Creek
Jawbone 1		30.6		97.2		7.2		0.62		25.9		14,465		50.8		208		56.2		17,595		8.3		1.46
Tiller 1-2		19.1		89.8		5.3		0.66		28.9		14,780		75.5		198		49.6		26,498		8.0		0.94
Average		26.7		94.7		6.5		0.63		26.9		14,572		59.2		205		53.9		20,626		8.2		1.28
Overall Average		17.1		88.7		5.2		0.82		31.9		14,720		77.8		239		—		28,923		8.7		—
ND = No Data

The average quality for the reserve tons shows that the Knox Creek Complex ranges from a high quality mid volatile to a high quality high volatile metallurgical coal product, all possessing good coking properties. The range of dry washed volatile matter is between approximately 25.9 and 35.3 percent, with an average of 31.9 percent. The average proximate analyses reflect an overall coal product that is relatively low in ash and sulfur, and high in calorific value. Other quality parameters such as ROMAX, Free Swelling Index, Audibert-Arnu Maximum Dilation, and Gieseler Fluidity indicate high quality metallurgical grade coal products.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

Ramaco’s forecasted Knox Creek Complex FOB mine coal sales prices are $164.36 per ton in 2023, $172.10 in 2024, $179.69 in 2025 and $186.00 thereafter through 2037. Ramaco’s sales price projections conform to published forward price curves for coal of similar quality to that of the Knox Creek Complex. The sales price is further supported in Section 16.0 of this report.

12.6 RISK AND MODIFYING FACTORS

Due to the relatively high continuity of the coal seams within the Knox Creek Complex LOM plans (both in terms of structure and quality), geologic uncertainties do not appear to pose a significant mining risk.

The operating mines at Knox Creek Complex have good safety records and maintain diligent regulatory compliance. Workforce census has been and is expected to remain stable. The primary mining equipment is well-maintained, as observed from WEIR’s site visit, and has sufficient capacity to attain projected levels of productivity and production. This further contributes to the Knox Creek Complex being a relatively low risk operation. As previously noted, mineral rights are acceptably secure for all operating and planned mines.

Mining recovery is an important aspect in assessing the economic viability of a mine. Based on Ramaco’s historical extraction rates, WEIR does not anticipate significant deviation of product recovery in the future. For deep mines, aerial recovery is based on the pillar size that has been designed for the operation, which is dependent on depth of cover and overlying rock strength and quality. The pillar design is most importantly intended to provide safe operation of the primary coal extraction efforts. Where planned advance and retreat recoveries were not provided by Ramaco, WEIR utilized an average mining recovery of 50 percent for the Knox Creek Complex CMs for first mining and an additional 30 percent mining recovery for areas of retreat mining. This is consistent with industry standards and with actual mining recovery reported and planned by Ramaco.

Risk is also associated with the volatility of coal market prices. Significant variations in operating costs, capital expenditures, productivity, and coal sales prices could impact the economic mineability of the Knox Creek Complex. Economic analyses and associated sensitivities are further detailed in Section 19.0.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

13.0 MINING METHODS

The underground mining method at the Knox Creek Complex is room and pillar mining utilizing CMs. Mains and submains are generally developed on 120 feet by 90 feet centers. Panels are generally developed on 70 feet by 70 feet centers, depending on depth of cover and exposed surface structure concerns with potential subsidence. Mine entry widths are approximately 20 feet for all entries. Retreat mining in the panels, where it is permitted, will typically increase overall mining recovery to approximately 80 percent. Due to lack of surface structures within the complex, retreat mining is planned for the majority of the underground mining areas. Although Ramaco has subsidence rights, Ramaco acknowledges the rules and regulations in regard to measures to be taken to mitigate or remedy any material damage or diminution in value that may occur to surface lands, structures, or facilities due to subsidence. No deep mining is proposed within 50 feet of gas wells.

The Big Creek Surface and Highwall Mine operations involve a mix of contour mining and area removal methods. To accommodate the subsequent highwall mining, a minimum contour mining bench width of 125 feet projected by WEIR. Concern regarding stripping ratio for Ramaco’s contour operations in this area is secondary in comparison to the access gained to coal seams to be mined by lower cost highwall mining. The area removal method is planned in the southern portion of the mine plan where the economically feasible in-place stripping ratio of approximately 20:1 (BCY per ton) or less occurs.

13.1 GEOTECHNICAL AND HYDROLOGICAL MODELS

13.1.1 Geotechnical Model

Ramaco bases its underground mine pillar design on; 1) the general characteristics of the roof, coal, and floor strata in concert with Analysis of Coal Pillar Stability (ACPS) and Analysis of Retreat Mining Pillar Stability (ARMPS) software which are both accepted industry standards, 2) experience in the mining industry, and 3) results from similar or adjacent mines. Underground mining conditions at the Knox Creek Complex are consistent with roof and floor being primarily shales and sandstones, with competent coals seams (See Figure 6.3-1). Pillars for first mining are designed according to minimum unconfined compressive strengths (UCS) of materials such that pillar stability is greater than 2.0. In the currently active and planned underground mines on the Knox Creek Complex, the first mining protection zones are limited to small areas where there are intermittent streams with less than 200 feet of cover.

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Generally speaking, the UCS of shale ranges from 2,000 to 20,000 pounds per square inch (psi) while sandstone ranges from 7,000 to 35,000 psi. The compressive strength of the coal used in the coal pillar stability analysis is 900 psi. This means that there is a safety factor of at least 2.0 above the safety factor in the coal pillar analysis, when using the lowest value for the compressive strength of shale. Due to this large safety factor when using the minimum commonly accepted UCS value for shale, and since the only protection zones are for intermittent streams in areas of less than 200 feet of cover, Ramaco has waivers in its WVDEP and VDE permits for analysis of the engineering properties of soft rock.

The subsidence surveys have identified some gas wells and associated gas lines in proposed underground mining areas. The owners of the gas wells have been identified on the Subsidence Survey Map in the associated WVDEP and VDE permits. No mining is proposed within 50 feet of the gas wells. No protection is proposed for the gas lines that lie within the proposed mining areas.

Ramaco has roof control plans for all of its permitted underground mines. The plans must be approved by the MSHA before mining can commence. The MSHA routinely performs inspections to ensure that the roof control plans are being properly implemented.

For Ramaco’s surface mining operations, standing highwall configurations are not substantial enough to warrant specific geotechnical studies. Maximum cut slopes and safety benches are maintained according to Ramaco’s MSHA-approved Ground Control Plans.

For highwall mining operations, hole spacing is based on ACPS analysis and previous results in combination with accepted industry standards. The maximum anticipated recovery within highwall mining areas is less than 50 percent, which should not result in subsidence. No other measures are required to prevent or minimize subsidence or subsidence related damage. Because no subsidence is anticipated from the proposed highwall mining, no plan for monitoring the extent of subsidence is proposed at this time. No water supplies are located above the proposed highwall mining areas. The subsidence surveys have identified some gas wells and associated gas lines in proposed highwall mining areas. The owners of the gas wells have been identified on the Subsidence Survey Map in the WVDEP and VDE permits. No mining is proposed within 50 feet of the gas wells. One gas well will be replaced on the property at the well owner’s expense. No protection is proposed for the gas lines that lie within the proposed highwall mining areas.

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In summary, no specific detailed geotechnical models or data sets have thus far been created for Ramaco’s existing or planned mining operations at the Knox Creek Complex. WEIR notes that to date, Ramaco has not experienced any significant stability problems at its Knox Creek Complex mines. Based on WEIR’s experience in the coal industry, and Ramaco’s successful operating history, both in regard to geotechnical considerations, Ramaco is operating its mines in accordance with industry acceptable geotechnical evaluation and standards.

13.1.2 Hydrogeological Model

The Knox Creek Complex is regionally within the Virginia Big Sandy River Basin and Upper Guyandotte River watershed of West Virginia. The Clinch River, to the south of the complex, is the primary hydrological feature in the local area and is a tributary of the Tennessee River. The major hydrogeological unit in the area is the Lower Pennsylvanian.

Recharge rates for aquifers in this area are relatively low at approximately 12 inches per year. Transmissivity data for the Norton Formation in the region shows relatively high rates of 100 to 2000 square feet per day (Aquifer-Characteristics Data for West Virginia, Water-Resources Investigations Report 01-4036, USGS/West Virginia Bureau for Public Health, 2001). These data both suggest unconfined aquifers, and this generally supports the hydrology sections of permits for the Ramaco mines on the complex.

A 1993 study conducted by the USGS in cooperation with the VDE in the immediate vicinity further supports this and suggests that the primary aquifers with significant horizontal flow in the area are due to relatively shallow fracture flow systems. Coal seams also act in horizontal flow systems typically resulting in discharge as springs or seeps on hill slopes, or recharge of coal seams at depth. The study found that as depth increases beyond 100 feet, hydraulic conductivity significantly decreases for strata other than coal. This results in little deep regional ground-water flow.

Due to the rural nature of the area, there are several cooperative and private water wells on and adjacent to the Knox Creek Complex. There are also structures that utilize the Public Service District water services, and those that utilize both. This ground water inventory information has been summarized by Ramaco in its permit applications.

The operating and planned Ramaco mines will be constructed above drainage and above all domestic surface and groundwater sources. Due to above-drainage construction and low aquifer recharge rates in the area, the Ramaco mines are relatively dry with little concern for water infiltration. Fracturing and weathering are invariably present in varying degrees in shallow rocks throughout the property. Fracturing affects the hydrologic regime by controlling subsurface water flow (and thus weathering) due to the very low permeability of un-fractured strata. Infiltration due to this fracturing is sometimes encountered but is insignificant to mine operations.

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Surface Water Runoff Analyses are included in permit submittals and indicate that stream flows will not increase during or after mining, therefore there will be no increased potential for flooding or channel scouring. In general, diminution, or interruption of any water supply, as a result of the Ramaco mines, is not anticipated.

Groundwater inventories, water quality data, water balance, recharge and seepage rates have been reviewed in the approved permits and current permit revisions, including hydrologic impact assessments outlining risks, monitoring program detail, and mitigation obligations. Ramaco’s approach to obtaining and managing its surface and groundwater data for the Knox Creek Complex has been demonstrated to be adequate and aligned with regulatory requirements and standard industry practices. WEIR finds no material barriers to the continued success of the Knox Creek Complex regarding hydrologic impact or compliance.

13.1.3 Other Mine Design and Planning Parameters

Mine ventilation is a primary design concern for underground mines. WEIR has reviewed Ramaco’s designs and planning for this aspect of its mining operations and has found no significant problems concerning adequacy of ventilation fans or fan locations.

Proximity to previously underground mined areas above or below the operating or planned underground mine is an important consideration at the Knox Creek Complex, since there are many areas that have been previously mined in many coal seams. WEIR reviewed Ramaco’s mines in proximity to previous mine workings and associated fracture depths and cones used by Ramaco and found no concerns for its existing or planned operations.

Underground mine surface facilities and surface mining sites require drainage designs to control surface water runoff. WEIR has reviewed Ramaco’s designs, which have been approved in its WVDEP, VDEP, and NPDES permits, and found the designs to be adequate and consistent with industry standards.

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13.2 PRODUCTION, MINE LIFE, DIMENSIONS, DILUTION, AND RECOVERY

13.2.1 Production Rates

Big Creek Surface and Highwall Mine

The mine employs both contour mining and area removal mining methods. Highwall mining follows behind contour mining. The stripping ratio averages approximately 20:1 BCY/ton, excluding highwall miner contour mining areas. The highwall miner has the ability to penetrate approximately 800 feet into targeted coal seams that are, on average, at least two feet in thickness. Highwall mining in an area is avoided if the holes cannot average more than 400 feet in penetration, as a result of boundary restrictions or seam thickness shortcomings.

This relatively new Ramaco mine is a multiple seam operation involving the Jawbone and Tiller seams. The Tiller Seam is the only seam that is highwall mined. Ramaco started operations here in early 2021 and currently employs a total of 32 people as of year-end 2022.

Big Creek Jawbone 1 Deep Mine

The mine utilizes one CM unit (single section) which is in the Jawbone 1 Seam. Coal production started in mid-2022. Seam thickness is consistent at approximately 3.4 feet. The Tiller Seam has been previously undermined in this area and Ramaco has adjusted the mine plan accordingly considering total planned extraction and panel design extents. Retreat mining is planned for all panels at approximately an 80 percent total extraction rate. Approximately 54 people will be involved in the mine’s normal operations. The CM unit’s productivity is projected to be 180 feet per shift.

Knox Creek Property Planned Mines

Knox Creek planned mines that will start/re-start production in the future include:

· Knox Creek Tiller Deep Mine (Jawbone 3 Seam, currently inactive, currently targeted for 2024 startup). This is a dual section CM mine with projected productivity at 160 feet per unit shift and employing approximately 98 people for normal operations.

· Kennedy No. 3 Deep Mine (Kennedy 2 Seam, currently targeted for 2024 startup). This is a single section CM mine with projected productivity at 150 feet per shift and employing 54 people for normal mine operations.

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Actual clean coal production attained by the Knox Creek Complex for 2018 through 2022 is shown in Table 13.3.1-1 as follows:

Table 13.2.1-1   Knox Creek Complex Historical Clean Production

	Clean Tons Produced (000)
Mine	2018		2019		2020		2021		2022 (1)
Big Creek Jawbone 1 Deep Mine		—		—		—		—		63,852
Big Creek Surface and Highwall Mine		—		—		—		45,332		170,858
Knox Creek Tiller Deep Mine		—		1,479		—		—		—
Knox Creek Complex Total		—		1,479		—		45,332		234,710
(1) 2022 - Eleven Months Actual, One Month Forecast

Actual and projected ROM and clean coal production, and preparation plant yield for the Big Creek Surface and Highwall Mine, and each of the underground mines for the Knox Creek Complex LOM Plan are shown in Table 13.2.1-2 as follows:

Table 13.2.1-2 Knox Creek Complex LOM Plan Projected ROM and Clean Production, 

and Preparation Plant Yield

	2022(1)		2023		2024		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034		2035		2036		2037		Total
ROM Tons (000)
Big Creek Jawbone 1 Deep Mine		173		492		392		397		359		-		-		-		-		-		-		-		-		-		-		-		1,639
Kennedy No. 3 Deep Mine		-		-		-		268		342		393		304		199		-		-		-		-		-		-		-		-		1,506
Knox Creek Tiller Deep Mine		-		-		672		1,195		1,200		1,158		1,175		1,243		1,180		1,194		1,195		1,204		788		580		635		328		13,748
Big Creek Surface and Highwall Mine		428		251		210		98		-		-		-		-		-		-		-		-		-		-		-		-		559
Total		601		743		1,273		1,957		1,901		1,551		1,479		1,442		1,180		1,194		1,195		1,204		788		580		635		328		17,451
Clean Tons (000)
Big Creek Jawbone 1 Deep Mine		64		151		159		142		135		-		-		-		-		-		-		-		-		-		-		-		586
Kennedy No. 3 Deep Mine		-		-		-		120		175		189		140		97		-		-		-		-		-		-		-		-		720
Knox Creek Tiller Deep Mine		-		-		269		547		544		599		597		583		513		560		563		550		339		279		286		134		6,362
Big Creek Surface and Highwall Mine		171		148		137		63		-		-		-		-		-		-		-		-		-		-		-		-		348
Total		235		298		565		872		853		787		737		679		513		560		563		550		339		279		286		134		8,016
Preparation Plant Yield (%)
Big Creek Jawbone 1 Deep Mine		37.0		30.6		40.6		35.7		37.6		-		-		-		-		-		-		-		-		-		-		-		35.7
Kennedy No. 3 Deep Mine		-		-		-		44.9		51.1		47.9		46.0		48.6		-		-		-		-		-		-		-		-		47.8
Knox Creek Tiller Deep Mine		-		-		40.1		45.8		45.3		51.7		50.8		46.9		43.5		46.9		47.1		45.6		43.0		48.0		45.1		40.8		46.3
Big Creek Surface and Highwall Mine		39.9		58.8		65.2		65.0		-		-		-		-		-		-		-		-		-		-		-		-		62.3
Average		39.1		40.2		44.4		44.6		44.9		50.7		49.8		47.1		43.5		46.9		47.1		45.6		43.0		48.0		45.1		40.8		45.9
Tons Sold (000)
Big Creek Jawbone 1 Deep Mine		51		151		159		142		135		-		-		-		-		-		-		-		-		-		-		-		586
Kennedy No. 3 Deep Mine		-		-		-		120		175		189		140		97		-		-		-		-		-		-		-		-		720
Knox Creek Tiller Deep Mine		-		-		269		547		544		599		597		583		513		560		563		550		339		279		286		134		6,362
Big Creek Surface and Highwall Mine		168		178		104		67		-		-		-		-		-		-		-		-		-		-		-		-		348
Total		219		328		532		875		853		787		737		679		513		560		563		550		339		279		286		134		8,016

⁽¹⁾ 2022 - Eleven Months Actual, One Month Forecast

13.2.2 Expected Mine Life

Individual mines at the Knox Creek Complex have expected mine lives varying from about four years to 15 years. Because the mines are being staged in development, estimation of an expected life of mine for the complex is not appropriate, since there are fairly vast resources available to be mined as reported in Section 11.0. As mining at the complex progresses, future mines will be planned and scheduled as necessary to meet internal Ramaco goals as they align with market conditions. WEIR and Ramaco both acknowledge that this reporting methodology may result in the need for future updates to this TRS.

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13.2.3 Mine Design Dimensions

The projected mining through 2037 for the various mine plans are shown on Figures 13.5-1 through 13.5-4.

Mine design criteria utilized for these mine plans are as follows:

· Gas Wells

⮚ State Permit required to mine within 500 feet of a well

⮚ MSHA Permit required to mine within 150 feet of a well

⮚ Active Well barrier - tangent of 15 degrees x depth of cover or 50 feet, whichever is greater

⮚ Inactive Well barrier - tangent of 5 degrees x depth of cover or 50 feet, whichever is greater

⮚ Plugged Wells - mine-through is allowed with acquisition of proper State and MSHA Permits

· Pillar Size

⮚ ARPMS stability factor of 2.0 or greater for mining under protected areas, which is primarily intermittent streams with less than 200 feet of cover. This is true throughout the complex.

⮚ ARMPS stability factor of 1.5 or greater for all other room and pillar development.

· Depth of Cover

⮚ Ramaco implements a 100 feet minimum depth of cover for all of their underground mines

· Areas without Subsidence Rights

⮚ ARMPS stability factor of 2.0 or greater will be maintained during first mining.

⮚ Retreat mining will come no closer than a tangent of 30 degrees times depth of cover to the property boundary.

· Coal Thickness

⮚ Mining is not planned in areas of coal seams less than 2.0 feet in thickness.

⮚ CM units are assumed to mine the entire seam thickness (averaging approximately 3.0 feet, and ranging from 2.0 to 10.0 feet).

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13.2.4 Mining Dilution

OSD on CM units for Ramaco’s Knox Creek Complex typically consists of a total of two to three inches of waste from the roof and/or floor. Some areas may require mining more OSD to accommodate mine facilities such as ventilation or conveyors. OSD is not included in the reserve or resource estimates since all underground ROM coal is processed at the preparation plant, which effectively eliminates OSD from the saleable coal product.

13.2.5 Mining Recovery

Mining recovery when utilizing CM mining is based on the pillar design, which is in turn based on depth of cover. Mining recovery varies based on whether the panel is a main or sub-main entries, or a production panel due to the longevity requirements for the mine entries. Mining recovery for first mining at the complex is usually approximately 50 percent, based on pillar design. In the areas where retreat mining is conducted, an additional 30 percent mining recovery is usually attainable. The CMs have the cutting height capacity to recover the entire seam thickness in the planned mining areas.

For surface mining, a recovery of 90 percent was projected. The hole spacing for highwall mining results in a mining recovery of approximately 40 percent.

13.3 DEVELOPMENT AND RECLAMATION REQUIREMENTS

13.3.1 Underground Development Requirements

The Knox Creek Complex currently has one active underground mine and an active surface mine. As underground mines progress, and as with similar mining operations, continuous development is required for extensions of belt conveyors, mine power, pipelines, track, and ventilation facilities.

Future ventilation punchouts, or bleeder holes, are anticipated for areas where retreat mining is executed, applicable at most deep mines within the complex. Each bleeder hole installation will be completed just prior to starting panel development.

Minor development such as drilling holes for rock dust and electrical distribution from the surface may be required at some of the mines, where existing underground mine development is extensive.

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13.3.2 Reclamation (Backfilling) Requirements

The construction of underground mines requires the removal of material to create an adequate working surface for the underground mine face-up, haul roads, mine surface facilities, and access roads. Upon mine closure, selected areas will be reclaimed to near Approximate Original Contour (AOC). Other areas will be left in-place as per the approved alternate post-mining land use requirements. Regrading and backfilling activities will commence within 180 days after the mining operations are complete.

As part of Ramaco’s surface mine plans, the contour mining method will require backfilling as mining progresses. Material from the current contour cuts will be used to re-slope previously contour-mined areas to AOC. To the extent possible, Ramaco avoids the use of valley fills during surface mining operations in preference to backfilling of previously contour mined working areas.

WEIR has reviewed Ramaco’s 1/11/23 Asset Retirement Obligations (ARO) summary for the period ending 12/31/22. Backfilling obligations appear to be properly accounted for at Ramaco’s mines. Based on Ramaco’s permit filings with the WVDEP and VDE, bonding requirements are also current and at satisfactory levels at the Knox Creek Complex (see Section 17.3 and 17.5 for additional details on bonding and mine closure planning).

13.4 MINING EQUIPMENT AND PERSONNEL

13.4.1 Mining Equipment

The Knox Creek Complex is currently utilizing the following industry standard mining equipment on the CM sections, as shown in Table 13.4-1.

Table 13.4.1-1     Standard/Typical Continuous Miner Section Equipment

Units		Continuous Miner Supersection Equipment
2	-	Joy 1415 Continuous Miners
3	-	Narco 10SC32 Shuttle Cars
2	-	Fletcher CHDDR15 Roof Bolters
2	-	Fairchild 35C Battery Scoops
1	-	Feeder Breaker
2	-	Mantrips

Table 13.4.1-2 shows the total underground equipment fleet expected at the Knox Creek Complex over the next 10 years. In some cases, mines that commence later in the LOM Plan will utilize equipment currently being used at other mines at the Knox Creek Complex to avoid additional capital expenditures.

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Table 13.4.1-2     Knox Creek Complex Primary Underground Equipment Fleet

Mine	Supersections		Continuous Miners		Shuttle Cars		Roof Bolters		Battery Scoops		Feeder Breakers		Mantrips		Service Locomotive
Big Creek Jawbone Deep Mine		1		2		3		2		2		1		2		1
Kennedy No. 3 Deep Mine		1		2		3		2		2		1		2		1
Knox Creek Tiller Deep Mine		2		4		6		4		4		2		4		2
Total		4		8		12		8		8		4		8		4

Current equipment at the Big Creek Surface and Highwall Mine is shown in Table 13.4.1-3. There will be one highwall miner at the Big Creek Surface and Highwall Mine. The equipment for the highwall mining operations will be owned, operated, and maintained by Ramaco.

Table 13.4.1-3     Surface Mining Equipment

Units	Surface Mining Equipment
1	Caterpillar 992G Front End Loader (15 Cu. Yard)
1	Caterpillar 988H Front End Loader (10 Cu. Yard)
1	Caterpillar 980H Front End Loader (8 Cu. Yard)
1	John Deere 724K Front End Loader (4.5 Cu. Yard)
3	Caterpillar 777 Overburden End Dump Haul Trucks (100-Ton)
1	Caterpillar D10T Track Dozer
1	Caterpillar D9T Track Dozer
1	Superior Highwall Miner #55
1	Caterpillar 16H Road Grader
1	Atlas-Copco DM 50 Overburden Drill
1	Caterpillar 773B 20,000 Gallon Water Truck
1	Komatsu PC360LC Excavator (Utility 2.5 Cu. Yard)
1	John Deere 250G Excavator (Utility 1.5 Cu. Yard)
4	Service Trucks (International 4300-4400 series)
5	Ford F250 Pickup Trucks

No changes are planned in the type of mining equipment used throughout the Knox Creek Complex LOM Plan. Based on WEIR’s experience in the industry and on Ramaco’s historical performance, WEIR believes that Ramaco can meet planned production requirements with the mining equipment described in this section using prudent operating methods and operating schedules.

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13.4.2 Staffing

The current Knox Creek Complex staffing is summarized in Table 13.4.2-1 as follows:

Table 13.4.2-1     Current Staffing

	Total
Big Creek Surface and Highwall Mine		36
Big Creek Jawbone Deep Mine		40
Knox Creek Tiller No. 1 Deep Mine		—
Kennedy No. 3 Deep Mine		—
Knox Creek Preparation Plant		19
Environmental		6
Administration		6
		107

Note: Staffing as of December 2022

Each operating mine at the Knox Creek Complex is scheduled to produce coal on two production shifts each day, the A Shift and the B Shift. Underground mine crews on the night idle shift provide support services including production unit moves, off-shift maintenance and other support functions as required. In addition, general underground support crews work each shift performing routine supply, belt maintenance and outby support functions. Hourly personnel are not affiliated by any union, with no anticipated changes to this in the near term.

The preparation plant is staffed with two crews to process ROM coal 20 hours per day over two, 10-hour shifts, five days per week with no holidays.

The actual and projected staffing for the LOM Plan is shown in Table 13.4.2-2 as follows:

Table 13.4.2-2     LOM Plan Staffing

	Big Creek Surface Mine		Big Creek Jawbone 1 Deep Mine		Knox Creek Tiller Deep Mine		Kennedy No. 3 Deep Mine		Knox Creek Preparation Plant		Environmental		Admin		Total
Current(1)		36		40		—		—		19		6		6		107
2023		32		54		—		—		19		6		6		117
2024		32		54		98		54		23		6		8		275
2025		32		54		98		54		23		6		8		275
2026		29		54		98		54		23		6		8		272
2027 - 2037		—		—		98		54		23		6		8		189

⁽¹⁾ As of December 31, 2022.

After 2023, staffing levels are expected to increase in 2024 with the startup of the Kennedy No. 3 and Knox Creek Tiller Mines.

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Most of Ramaco’s employees live nearby in McDowell County, West Virginia, and Buchanan, Tazewell, and Russell Counties, Virginia. Ramaco has had no major issues hiring qualified candidates for open positions and relies considerably on employee referrals.

Based on industry experience and Ramaco’s historical performance, WEIR believes that the staffing levels are adequate to meet Ramaco’s planned production.

Mine Safety

An industry standard for safety performance is the Non-Fatal Days Lost (NFDL) Incidence Rate, which is determined by the number of lost time injuries multiplied by 200,000 divided by the manhours worked.

The Knox Creek Complex mines (excluding the preparation plant) manhours worked, NFDL injuries, and NFDL Incidence Rate reported to the MSHA for 2018 through 2022, compared to the national average NFDL Incidence Rate for United States surface and underground coal mines are shown in Table 13.4.2-3 for each of the active mines.

Table 13.4.2-3     Knox Creek Complex Manhours Worked, NFDL Injuries and

NFDL Incidence Rate

							Incidence Rate
	Manhours		NFDL Injuries				Mine		National
	Worked		Employee		Contractor		Total		Average
		Big Creek Jawbone Deep Mine (Mine No. 1)
2022		51,283		1		—		3.90		3.46
2021		—		—		—		—		3.60
2020		—		—		—		—		3.21
2019		—		—		—		—		3.06
2018		—		—		—		—		3.18
		Knox Creek Tiller No. 1 Deep Mine
2022		—		—		—		—		3.46
2021		1,400		—		—		—		3.60
2020		5,493		—		—		—		3.21
2019		14,583		—		—		—		3.06
2018		—		—		—		—		3.18
		Big Creek Surface Mine
2022		87,321		—		—		—		0.65
2021		34,656		—		—		—		0.64
2020		—		—		—		—		0.79
2019		—		—		—		—		0.81
2018		39,778		—		—		—		0.80

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The Knox Creek Complex NFDL Incidence Rates are perfect and are significantly lower than the national average, except for the Big Creek Jawbone Deep Mine that incurred one lost time injury in 2022 with low manhours during the initial mine startup.

The Knox Creek Preparation Plant manhours worked, NFDL injuries, and NFDL Incidence Rate reported to the MSHA for 2018 through 2022, compared to the national average NFDL Incidence Rate for United States preparation plants are shown in Table 13.4.2-4 as follows:

Table 13.4.2-4     Plant Manhours Worked, NFDL Injuries and NFDL Incidence Rate

							NFDL
							Incidence Rate
	Manhours		NFDL Injuries				Knox Creek		National
	Worked		Knox Creek		Contractor		Plant		Average
2022		56,158		—		—		—		0.85
2021		39,933		—		—		—		1.00
2020		32,996		—		—		—		1.83
2019		19,480		—		—		—		2.08
2018		20,345		—		—		—		1.84

The Knox Creek Preparation Plant historical NFDL Incidence Rates are perfect and are significantly lower than the national average.

13.5 LIFE OF MINE PLAN MAP

The projected mining areas for the Knox Creek Complex LOM Plans are shown on Figures 13.5-1 through 13.5-4.

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Figure 13.5-1      Life of Mine Plan, Big Creek Surface and Highwall Mine

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Berwind Complex Prepared for Ramaco Resources, Inc.

Figure 13.5-2      Life of Mine Plan, Big Creek Jawbone 1 Deep Mine

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

Figure 13.5-3      Life of Mine Plan, Knox Creek Tiller Deep Mine

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

Figure 13.5-4      Life of Mine Plan, Knox Creek Kennedy No. 3 Deep Mine

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

14.0 PROCESSING AND RECOVERY METHODS

14.1 PLANT PROCESS AND FLOWSHEET

Presently coal requiring processing within the Knox Creek Complex is processed at the Knox Creek Preparation Plant. The processing circuits include a heavy media cyclone, classifying cyclones, spirals, and conventional self-aspirating flotation cells. A simplified flowsheet for the Knox Creek Preparation Plant is shown on Figure 14.1-1.

Figure 14.1-1      Simplified Preparation Plant Flowsheet

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

14.2 PLANT PROCESSING DESIGN, EQUIPMENT CHARACTERISTICS AND SPECIFICATIONS

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. The preparation plant has a design capacity of 750 ROM tons per hour. Based on the Knox Creek Complex LOM Plan average projected preparation plant yield of 45 percent, a 20 hour per day, 260 days per year processing schedule, and 96 percent plant mechanical availability, the preparation plant has a capacity of approximately 1.8 million clean tons per year, with its existing circuitry. The plant is currently being significantly upgraded to increase capacity and efficiency. These upgrades are scheduled to be completed in 2023.

ROM coal from the mines within the Knox Creek Complex is transported by over the highway end-dump trucks to the Knox Creek Preparation Plant and dumped into either a 100,000 ton ROM ground storage stockpile or into one of seven ROM hoppers. The ROM coal is reclaimed with feeders from either the stockpile or the truck dump bins and enters a nine-feet x 16-feet Pennsylvania rotary breaker at 750 ROM tons per hour. From the rotary breaker, a 36-inch-wide conveyor feeds ROM coal to the preparation plant.

The plant feed ROM coal material is screened at +3 inch, 3/4 inch x 5/16 inch and 5/16 inch x 0. The 3 inch x 5/16 inch ROM coal is processed in a heavy media vessel. The 5/16 inch x 0 material is screened at ½ mm with 5/16 inch x 28 mesh material processed in heavy media cyclones and the 28 mesh x 0 material reporting to raw coal cyclones. From the raw coal cyclones, 28 mesh x 100 mesh material is processed in triple-start spirals. The ultrafine 100 mesh x 0 material is cleaned by way of two banks of 5-300 cubic feet conventional flotation cells.

Clean coal can be stored in either of two clean coal stockpiles, each with a capacity of 40,000 tons. Clean coal is reclaimed from these piles and belted to the rail loadout at a rate of approximately 2,500 tons per hour and it can load 46-car trains. The load-out facility is served by the NS Railroad. The loadout belt is equipped with a J.B. Long two stage sweep sampler. The rail loadout facility has a capacity of 2,500 tons per hour.

Knox Creek disposes of refuse in the adjacent Jamison Creek Refuse Disposal Area, which is an impoundment and coarse refuse disposal area. Coarse refuse is transported to the disposal area by conveyor belt with fine refuse pumped as slurry to the impoundment. Current permitted life for this facility is approximately six years at an annual refuse production rate of 1.48 million tons/year (combined fine and course refuse). A permit package is currently being prepared, which will add an additional 11.8 years of capacity at the same production rate.

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The preparation plant is scheduled to operate two, 10-hour shifts per day, five days per week, depending on the quantity of ROM coal to process. According to Ramaco records, the Knox Creek Preparation Plant averaged 96 percent mechanical availability in 2021.

The Knox Creek Preparation Plant and coal handling facilities consist of the following equipment shown in Table 14.2-1:

Table 14.2-1      Major Preparation Plant and Material Handling Equipment

ROM Coal Handling System
2	-	Truck Scales
7	-	Truck Dumps, 3 - 500 Ton and 4 - 250 Ton Capacity
1	-	Truck Dump Reclaim Conveyor, 48-Inch x 665-Feet
2	-	Stacking Tubes, 70-Feet
2	-	ROM Coal Stockpiles, 110,000 Ton Total Capacity
1	-	Reclaim Tunnel, 331-Feet
11	-	ROM Coal Reclaim Feeders (Truck Dumps and Stockpile)
1	-	ROM Coal Stockpile Reclaim Conveyor, 48-Inch x 590-Feet
1	-	Tramp Iron Magnet
1	-	ROM Breaker Feed Conveyor, 48-Inch x 400-Feet
1	-	Pennsylvania Rotary Breaker, 9-Feet x 16-Feet
3	-	Belt Scales
1	-	Plant Feed Conveyor, 36-Inch x 648-Feet
Preparation Plant - 750 ROM TPH
2	-	ROM Coal Double Deck Screens, 7-Feet x 16-Feet
2	-	Pre-wet Screens, 7-Feet x 12-Feet
1	-	Peters Heavy Media Vessel, 56-Inch x 9-Feet
1	-	Coarse Clean Coal Double Deck Screen, 6-Feet x 16-Feet
1	-	Refuse Double Deck Drain and Rinse Screen, 6-Feet x 16-Feet
1	-	McLanahan Crusher
1	-	Coarse Clean Coal Centrifuge, VC-48
4	-	Desliming Screens, 8-Feet x 16-Feet
4	-	Heavy Media Cyclones, 20-Inch Diameter

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Preparation Plant - 750 ROM TPH
4	-	Small Clean Coal Single Deck Screens, 8-Feet x 16-Feet
4	-	Small Clean Coal Centrifuge, EB-36
2	-	Small Refuse Single Deck Screens, 6-Feet x 16-Feet
8	-	Triple Start Spirals
2	-	Clean Coal Classifying Cyclones, 15-Inch Diameter
5	-	Raw Coal Classifying Cyclones, 15-Inch Diameter
1	-	Refuse Classifying Cyclone
2	-	Refuse High Frequency Screens, 6-Feet x 12-Feet
10	-	Flotation Cells, 300 Cubic Feet
5	-	Screen Bowl Centrifuges, 36-Inch x 72-Inch
1	-	High Rate Thickener, 90-Feet Diameter
Clean Coal Handling System
1	-	No. 1 Clean Coal Stacker Conveyor, 42-Inch x 642-Feet
1	-	No. 2 Clean Coal Stacker Conveyor, 42-Inch x 642-Feet
2	-	Stacking Tubes, 91-Feet
2	-	Clean Coal Stockpiles, 70,000 Ton Total Capacity
1	-	Belt Sweep Clean Coal Sampler
1	-	Reclaim Tunnel, 50-Feet
1	-	Loadout Conveyor, 54-Inch x 1,254-Feet
1	-	Belt Scale
1	-	100-Ton Railroad Car Loadout
Refuse Handling System
1	-	Belt Sweep Refuse Sampler
1	-	Refuse Conveyor, 36-Inch x 615-Feet
1	-	Belt Scale
1	-	Refuse Bin, 100-Ton
7	-	Refuse Conveyors, 42-Inch x 10,269-Feet (Total)

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14.3 ENERGY, WATER, PROCESS MATERIALS, AND PERSONNEL REQUIREMENTS

Power is supplied to the plant by AEP. Power is received at a primary voltage of 69,000 volts and fed through a 10,000 KVA substation where voltage is reduced to 12,470 volts. Voltage is further reduced inside the preparation plant, to 480 volts by a 1,000 KVA transformer bank.

Make up water is supplied to the plant from a 100,000 gallon storage tank located above the plant. Water is pumped into the storage tank from an idled underground mine. This underground area has a storage capacity of approximately 8.5 million gallons. Water can also be supplied to the storage tank from ponds located at the toe of the refuse area. Water is supplied to these ponds by the refuse underdrain, clear water diversion ditches and runoff from the refuse area itself. Make up water requirements are approximately 500 gallons per minute.

Magnetite consumption is approximately 0.9 pounds per ROM ton processed. The preparation plant chemicals utilized cost approximately $0.20 per ROM ton processed (excluding magnetite).

Personnel requirements to operate the processing shifts at the preparation plant currently are 15 employees per shift on day shift and eight employees on night shift. The LOM Plan projects a total of 23 employees.

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15.0 INFRASTRUCTURE

15.1 ROADS

The primary access road to the properties is US Route 460, a four-lane highway, located to the south of the Knox Creek and Big Creek Properties. From US Route 460, Virginia Route 637 and connecting West Virginia Routes 9 and 11 can be used to access the Knox Creek Property to the North. Similarly, the Big Creek Property can be accessed from US Route 460 to the north using Virginia Route 67. Other highways and county roads traverse these two properties. US Route 460 turns to the north after running south of Big Creek and continues through the middle of the original Knox Creek Property and passes just to the east of the Knox Creek Preparation Plant and its associated Jamison Creek Refuse Disposal Area.

15.2 RAIL

The NS Railroad passes through and has a rail spur to the Knox Creek Preparation Plant. The NS Railroad provides rail service in the area extending from Amonate, Virginia northward through Berwind, West Virginia and from Swords Creek, Virginia eastward through Richlands, Virginia, south of the Knox Creek Property (see Figure 1.1-1).

15.3 POWER

Electrical power is supplied to the Knox Creek Complex by AEP. Electrical power is received at the preparation plant at a primary voltage of 69,000 volts and fed through a 10,000 KVA substation where voltage is reduced to 12,470 volts. Voltage is further reduced inside the preparation plant to 480 volts, by a 1,000 KVA transformer bank. Electrical power is also supplied to mines from the substation.

15.4 WATER

Water for mining and coal processing operations is provided by a combination of extraction from abandoned underground mine pools and from settling ponds located on the surface. Mine pool recharge rates are higher than Ramaco water usages.

Individual mine sites use purchased potable water. Potable water at the preparation plant is supplied by a local municipality water connection.

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15.5 PIPELINES

There are some oil and gas collection lines that service gas wells within the Knox Creek Complex. Any construction and earth moving activities in proximity to these lines will require coordination with the oil or gas line owner.

15.6 PORT FACILITIES, DAMS, AND REFUSE DISPOSAL

Port Facilities

The surrounding waterways are not navigable for commercial traffic. The closest barge docking area is approximately 70 miles to the north on the Kanawha River, south of Charleston, West Virginia.

Export coal from the Knox Creek Complex is railed, via the NS Railroad, to the Pier 6 Terminal, owned and operated by Norfolk Southern Corporation, located at Lamberts Point in Norfolk, Virginia.

Dams and Refuse Disposal

There are no structures that are existing or planned to be constructed in such a size or manner that will be subject to the West Virginia Dam Control Act, the Virginia Dam Safety Act, and/or MSHA regulations. Refer to Section 17.2 for details on coal refuse disposal for the complex.

15.7 MAP OF INFRASTRUCTURE

Mine facilities are generally kept to a minimum. At the mine portal locations, there is typically a small bath house and office with a parking lot, and a parts trailer. There are no significant facilities at the Big Creek Surface and Highwall Mine. The Knox Creek Complex infrastructure is shown on Figure 15.7-1.

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Figure 15.7-1      Infrastructure Map

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16.0 MARKET STUDIES

16.1 MARKETS

The Knox Creek Complex produces saleable mid volatile and high volatile metallurgical coal. The market for metallurgical coal from the Knox Creek Complex consists of both domestic metallurgical coal consumers and exports into the global seaborne metallurgical coal market. The US Energy Information Administration (EIA) compiles average historical price data for metallurgical coal delivered to domestic coke plants and metallurgical coal delivered to tidewater terminals for export. Note that the EIA data includes all classifications of metallurgical coal (high, mid and low volatile) as well as both spot and contract sales prices. Historical prices for metallurgical coal, as reported by the EIA, are shown on Figure 16.1-1 as follows:

Figure 16.1-1      Metallurgical Coal Sales Prices

Source: EIA Quarterly Coal Report

Between 2016 and third quarter 2022, export prices (FOB port) and domestic coke plant prices (delivered cost) have averaged $145.35 and $132.40 per ton, respectively.

A small amount of thermal coal product is sold from the Knox Creek Complex which is produced from oxidized coal recovered from Ramaco’s surface mining operations. Most of this oxidized coal is sold raw while on occasion it is processed at the Knox Creek Preparation Plant. This coal is sold on thermal spot markets, based on product availability. All thermal coal sales from the Knox Creek Complex are projected to end in 2024.

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16.2 MATERIAL CONTRACTS

On October 28, 2021, Ramaco announced completion of 2022 sales negotiations with its North American steel customers. Ramaco (across all of its mining operations) is contracted to sell 1.67 million tons of both low-volatile and high-volatile metallurgical coal at an overall average price of roughly $196.00 per ton FOB mine.

Coal sales from the Knox Creek Complex represent approximately 10 percent of Ramaco’s 2023 projected coal sales tonnage, with metallurgical coal exports representing nearly 90 percent of Ramaco’s 2023 projected coal sales.

Ramaco has a contract with NS for rail coal haulage from the Knox Creek Complex that is renewed annually.

16.3 PRICE FORECAST

For purposes of this report, WEIR utilized price forecasts which Ramaco prepared for its Knox Creek Complex coal sales. Ramaco based its Knox Creek Complex FOB mine pricing on available FOB Port index forward pricing and Ramaco’s estimated adjustments for Knox Creek coal quality, freight expense, and loading expense. Ramaco’s price forecasts and adjustments reflect its experience in selling and transporting Knox Creek Complex saleable coal since 2019.

Ramaco’s historical (2022) and forecast (2023 through 2037) FOB mine coal sales price for the Knox Creek Complex is shown on Figure 16.1-2.

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Figure 16.1-2      Historical and Forecast Coal Sales Prices

Ramaco’s forecasted Knox Creek Complex FOB mine coal sales prices are $164.36 per ton in 2023, $172.10 in 2024, $179.69 in 2025 and $186.00 thereafter through 2037.

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17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND LOCAL INDIVIDUALS OR GROUPS AGREEMENTS

17.1 ENVIRONMENTAL STUDIES

As part of the permitting process required by the WVDEP and VDE, numerous baseline studies or impact assessments were undertaken by Ramaco. These baseline studies or impact assessments included in the permit are summarized as follows, with pertinent text from the permit replicated below:

· Groundwater Inventory and Baseline Quality

· Surface Water Baseline Quality and Quantity

· Surface Water Runoff Analysis

· Probable Hydrologic Consequences

Groundwater Inventory and Baseline Quality

Ramaco conducted surveys to inventory water use and to determine the extent and purpose of ground water usage in the areas that could be affected by existing and planned mines within ½ mile of proposed mining limits for each permitted mine site. Field teams made door-to-door visits to these potentially affected residents to gather information by way of completing questionnaire forms regarding water supply source(s), extent of reliance, purpose of reliance (domestic, agricultural, etc.), depth of well(s), character of springs, and other data. The teams measured water level depths in wells where possible and agreeable by owners and obtained surveyed locations accordingly. The detailed results of the surveys are included in each site’s WVDEP and VDE permit application.

Surface Water Baseline Quality, Quantity, and Runoff Analysis

Baseline surface water monitoring for flow and quality parameters was conducted at strategic, WVDEP and VDE approved locations, as applicable, over a period of six months for each of the permit areas. During mining and through the final release of the permit, the stations selected for each site are monitored in accordance with the approved surface water monitoring plans submitted in the site’s permits. Data collected during this period will be compared with the pre-mining baseline data to determine if and how the proposed operation is affecting the surface water systems. If necessary, remedial measures can be taken to assure the protection of the surface water systems.

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Based on samples from adjacent mining and the baseline surface water sampling there should be no acid or toxic mine drainage. However, Ramaco proposes that all coal wastes will be treated as potentially toxic material and handled accordingly using encapsulation cells that are discussed below.

Surface water runoff analyses were performed over the watershed(s) associated with each permit site to evaluate the potential impact of proposed operations on flooding and streamflow alteration. Peak discharges were calculated for the “pre-mining”, “during-mining”, and post-mining” conditions and were compared. These evaluations were performed using SEDCAD 4 software, developed by the University of Kentucky. These analyses and results are included in the individual sites’ permits and show that there will be no increase in peak discharge during mining or post mining for any of the permit areas. It should be noted that in order to attain these acceptable results, the construction of some additional sediment control structures was required at the Ram No.1 Surface and Highwall Mine. Original laboratory data sheets for surface and ground water baseline monitoring are included in the permits.

Probable Hydrologic Consequences

PHCs were evaluated for each permit application. Subsidence will likely occur where retreat mining has been executed as approved. It is expected that direct fracturing of overburden will occur with consequently increased porosity (increased storage capacity) and lateral permeability in response to mining. The little water that is present in that strata will be drained into the underground mines, but the overlying intervals contains no significant aquifers other than, perhaps, the coal seams. Highwall mining will be conducted in such a manner that subsidence will not occur and as thus, should be of no consequence to PHC.

In summary, all of the Ramaco existing and proposed mines are well above any significantly producing aquifers. The PHC studies and results are included in each individual sites’ permit application. The PHC studies showed no significant ground or surface water resource is likely to be contaminated, diminished, or interrupted, providing that the approved drainage control and revegetation plans are adhered to throughout existing and planned mining activities.

17.2 REFUSE DISPOSAL AND WATER MANAGEMENT

Refuse Disposal

The Jamison Creek Refuse Disposal Area (MSHA ID No. 44-05236) is a coal refuse disposal facility that serves the Knox Creek Preparation Plant. Coarse refuse from the preparation plant is transported to the disposal area by conveyor belt with fine refuse pumped as slurry to the impoundment. The estimated life for this facility as of January 2023 is approximately six years.

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A PHC determination included in the Jamison Creek Refuse Disposal Area Permit No. 1302232 concluded that no detrimental hydrologic consequences are either anticipated, or expected, with a fine coal refuse slurry impoundment at this facility.

Further, a Breakthrough Potential Study was conducted by Schnabel Engineering, LLC in April 2020 (Schnabel Report) to assess whether there is a breakthrough potential to the Red Ash and Kennedy seams mined beneath the impoundment. The Schnabel Report concluded that the Breakthrough Potential into the Red Ash mine workings and Kennedy auger holes is considered to be moderate. However, based on the four significant barriers to breakthrough into the Red Ash mine workings that were discussed in the AME report and considering that the Kennedy auger holes are going to be grouted, Schnabel believes that the Breakthrough Potential at this site is somewhat lower.

The refuse disposal structure will be constructed in such a size or manner that will be subjected to the Virginia Dam Safety Act, and/or MSHA regulations. Stability analyses of the refuse disposal structure show that design of the structure exceeds the minimum safety factors of 1.5 for static stability and 1.2 for dynamic stability that are required by the current Virginia State Code of Regulations. The stability analyses were performed using the Rotational Equilibrium Analysis of Multilayered Embankments software that is copyrighted by the University of Kentucky.

Outside of the Jamison Creek Refuse Disposal Area, no coal, or non-coal related disposal, is planned at any of the mine sites.

Water Monitoring and Management

In order to determine the impact of existing and proposed operations on the hydrologic balance, surface water samples are collected bi-monthly with a minimum seven days between sample dates at each of the permitted sites. Samples are sent to a qualified laboratory and analyzed for the following parameters: flow, pH, total acidity, total alkalinity, total iron, total manganese, total sulfates, total suspended solids, and total dissolved solids or specific conductance at 25 degrees C. The samples collected during and after mining will be compared with each other, and with the data collected during the baseline surface water study and used to determine the impact of the operation on the water in the receiving streams.

A waiver of groundwater monitoring during mining was requested for the mine sites due to the proposed mining being well above any groundwater users and any significant aquifers that insure water use.

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No specific water treatment facilities other than sediment control are required or planned for any of the mine sites. Based on previous mining and collected water samples. the operations will not contaminate any of the ground or surface water systems of the Knox Creek Complex. Results of water sampling has shown no significant levels of surface water contamination at the mine sites.

Surface water management for both Ramaco’s surface and underground permitted mining areas on the Knox Creek Complex generally involves a combination of structures such as; 1) sediment ditches, 2) temporary sedimentation ponds, 3) soil encapsulation cells that are specifically designed to contain potentially hazardous soil in regards to acid forming materials, 4) permanent and temporary diversion ditches, 5) corrugated metal pipe (CMP) placement for drainages that cross access roads or haulroads, and 6) drainage diversion ditches and collections for excess spoil disposal areas. The Big Creek Surface and Highwall Mine has a relatively large network of these construction types. The underground mine locations have a significantly smaller footprint, however, these locations use the same surface water management design considerations as surface mines. Detailed designs for all drainage and sediment control structures are included in Ramaco’s permits. Apart from the Jamison Creek Refuse Disposal Area, there are no significant water retention structures subject to the West Virginia Dam Control Act, the Virginia Dam Safety Act, or MSHA regulations, and there are no other permanent impoundments planned at any of the mine permit sites.

All permitted mine sites have a Materials Handling Plan designed to mitigate the potential for acid mine drainage generation regarding those materials excavated during the land disturbance activities associated with development of the proposed mining facility. Some areas have known potentially acid generating materials. This is determined from Acid Base Accounting data that is collected as part of the permitting requirements. Also, selenium data is documented within the water chemistry of the equivalent mine discharge samples. The equivalent water data provides a more appropriate geochemical characterization as compared to in-situ strata testing.

Material that requires special handling for potentially acidic discharges meets the following standards: have a net acid base accounting that is ≥-5 and at least 1 foot thick; have Selenium concentrations greater than 1 mg/kg and at least 1 foot thick; have a pH ≤4 and be at least 1-foot-thick. Materials to be specially handled will be placed in encapsulation cells to assure there is no potential for acid producing material. The cells will be located on the mine bench in an area free of any seeps, springs, or mine drainage, “high and dry”, and sealed with a minimum of 4.0 feet of the most imperious material available. The approximate location of planned encapsulation cells is shown on the Geohydrologic Maps that are included in the permit applications.

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Discharges from these structures will be monitored in accordance with the approved plans. Sediment structures will be cleaned or enlarged if the total suspended solids exceed effluent limitations. All discharges will go through sediment control structures. The pond discharges will be monitored in accordance with approved plans and treated to meet effluent limitations, if needed. Regarding highwall mining concerns, there is no residual head of water anticipated on any of the designed outcrop barriers which are designed at a minimum of 50 feet width. Based on water samples collected from adjacent mining, there is not anticipated to be any acid, alkaline, or iron laden drainage.

All permitted sites have a surface water runoff monitoring plan. Within twenty-four hours of a one-year frequency, twenty-four hour storm event or greater, a permit-wide inspection and report of the drainage systems is completed and submitted to the WVDEP or VDE, as applicable. The inspection and subsequent report note any damages or deficiencies in the drainage system so that repairs can be implemented immediately. It also indicates if any sediment structure is at or near it’s clean out capacity (60 percent). A rain gauge, located at the mine office on the Knox Creek Complex is used to monitor precipitation events. In-stream monitoring stations are used to take stream flow measurements. The rain gauge is monitored daily and reported monthly to the appropriate regulatory authority.

17.3 PERMITS AND BONDING

Coal mines in West Virginia are required to file applications for and receive approval of mining permits issued by the WVDEP to conduct surface disturbance and mining activities. A similar filing and approval process is required by the VDE. The Knox Creek Complex has been issued mining permits and associated NPDES permits by the WVDEP and the VDE as shown in Table 17.3-1 as follows:

Table 17.3-1      Knox Creek Complex Mining and NPDES Permits

					Permitted
	State Permit				Surface Area				NPDES
Property Description	Number		State		(Acres)		Issue Date	Current Status	Permit No.
Big Creek Surface Mine		1102335		VA		447.63	1/22/2020	Active		0082335
Big Creek Jawbone 1 Deep Mine		1402231		VA		42.61	5/22/2017	Active		0082231
Knox Creek Tiller No. 1 Deep Mine		1202204		VA		20.57	2/15/2017	TmpIdle		0082204
Kennedy No. 3 Surface Mine		1402215		VA		106.18	4/3/2017	NonProdActive		0082215
Kennedy No. 3 Deep Mine		1702202		VA		75.95	2/14/2017	Idle		0082202
Knox Creek Preparation Plant		1302184		VA		41.94	12/2/2017	Active		0082184
Knox Creek Refuse Disposal Area		1302232		VA		322.71	11/23/2018	Active		0082232
Mudlick Surface Mine		1102334		VA		26.25	7/7/2020	Idle		0082234
Total						1,083.84

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A total bond amount of $12.2 million held by Ramaco is based on the mine closure reclamation liability cost estimate as of December 31, 2022. The ARO estimate for all sites within the complex is $9.2 million, as of December 31, 2022. Both the WVDEP and VDE utilize a bond matrix that determines the rate per acre based upon the activity that the land is to be used for. This rate per acre is simply applied to the permit sites’ acreage to obtain the bond requirement. WEIR concludes that Ramaco’s overall bonding approach, the bond amounts, and the ARO estimates that are currently allocated for the Knox Creek Complex sites appear reasonable.

Upon searching the WVDEP and the VDE violation records, it was found that the Knox Creek Complex has an excellent environmental compliance record without a history of any significant fines or citations over the last two years.

17.4 LOCAL STAKEHOLDERS

As indicated in Section 13.4.2, Ramaco currently employs 107 personnel at the Knox Creek Complex and is projected to have a maximum employment of approximately 275 personnel during the Knox Creek Complex LOM Plan. The complex creates substantial economic value with its third-party service and supply providers, utilities and through payment of taxes and fees to local, state and federal governmental agencies.

The Knox Creek Complex is located in a rural and fairly isolated area of West Virginia and Virginia. Reportedly, there have been no social or community impact issues relative to the Knox Creek Complex. The local area supports Ramaco for the jobs that it provides for people in the surrounding communities.

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17.5 MINE CLOSURE PLANS

Upon mine closure, areas will be reclaimed to near AOC configuration. Regrading and backfilling activities are required to commence within 180 days after the mining operations are complete.

The primary pre-mining land use for the Knox Creek Complex is forestland. The approved post-mining land use for Ramaco’s permits is forestland. No land within the permit areas have been historically used for prime farmland. The slope of all land within the existing and proposed permit areas is ten percent or greater, which also precludes post-mining land use as prime farmland.

Upon completion of mining operations and regrading, topsoil will be redistributed over the disturbed areas. Mine soil that served as a base for coal stockpiles will be tested to determine if supplemental liming is necessary prior to blending this material with the other mine soil onsite. After the permit area has been graded, soil analysis will be performed to determine the quantity of agricultural limestone, or an equivalent supplement, and fertilizer necessary to achieve the post-mining land use.

All regraded areas will be revegetated as soon as practical to establish quick vegetative cover and minimize erosion. Disturbed and un-reclaimed acreage including excess spoil disposal sites, will not exceed two hundred (200) acres or fifty (50) percent of the permit area, whichever is less. Runoff from these regraded areas will be routed through properly constructed and maintained sediment structures that are designed to retain site runoff along enough for the suspended solids to settle.

Streams on the complex are generally approximately 1,000 feet below the ridges. Soils within the permit area formed in residual parent material derived from interbedded shale, siltstone and sandstone. This consist of very steep soils on narrow ridge tops and on side slopes. The annual precipitation in the area averages approximately 47 inches. Woodlands make up about 85 percent of the total area in this county and soils in this area are well suited to growing forests. The areas to be disturbed and later reclaimed are in the oak-hickory type, of the Appalachian Forest and consists of yellow poplar, basswood, red and black oak, hickory, sugar maple, chestnut oak, white oak, beech, pine/hemlock, scarlet oak, other miscellaneous hardwoods. On dry ridges, spurs and southern slopes white oak, hickory, chestnut oak, Virginia pine and pitch pine are the dominant species. These sites tend to be less productive, and the timber has slower growth, while the moist coves and northern and eastern slopes contain yellow poplar, sugar maple, red oak, black oak, beech, and basswood and are more productive sites.

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Both hardwoods and pine seedlings will be hand planted by a reputable tree planting contractor to create a diverse and productive forest. Several species will be selected to create a diverse forest. The overall stocking density for all woody plants on the permitted mine site is at least 500 plants per acre. The stocking density for trees is at least 350 plants per acre. All final land use is planned as forestland except small areas of permanent drainage structures and access roads that have been approved to remain.

Temporary erosion control vegetative cover is established as contemporaneously as practical, with backfilling and grading, until a permanent tree cover can be established. A tree-compatible cover will be used to keep the vegetation that is being established for erosion control from competing too aggressively with the tree seedlings.

17.6 ENVIRONMENTAL COMPLIANCE, PERMITTING, AND LOCAL INDIVIDUALS OR GROUPS ISSUES

Based on WEIR’s review of Ramaco’s plans for environmental compliance, permit compliance and conditions, and dealings with local individuals and groups, Ramaco’s efforts appear to be adequate and reasonable in order to obtain approvals necessary relative to the execution of the Knox Creek Complex mining plans.

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18.0 CAPITAL AND OPERATING COSTS

Ramaco provided historical and projected operating costs and capital expenditures for the Knox Creek Complex, which were an adequate check and basis for the LOM Plan cost projections. The operating costs and capital expenditures are included in the financial statements that are audited annually by MCM CPAs & Advisors for Ramaco’s 10-K reporting to the SEC. The auditing performed by MCM CPAs & Advisors is conducted in accordance with the standards of the Public Company Accounting Oversight Board.

18.1 CAPITAL EXPENDITURES

The Knox Creek Complex will require capital to be expended each year for infrastructure additions/extensions, as well as for mining equipment rebuilds/replacements to continue to produce coal at currently projected annual levels of production.

Ramaco’s Knox Creek Complex development costs since 2016 are considered “Sunk Costs” and as economic returns in this economic analysis are presented only on a forward-looking basis, Sunk Costs are not included in the economic return of the project, as estimated in this study.

The projected capital expenditures are categorized according to each mining operation, and the Knox Creek Preparation Plant. Actual capital expenditures for 2021 through 2022 and projected capital expenditures, in 2022 dollars, for 2023 through 2037, are shown on Figure 18.1-2:

Figure 18.1-1      Historical and Projected LOM Plan Capital Expenditures

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The capital expenditures in 2023 relate to the development of the Big Creek Jawbone 1 Deep Mine, the Knox Creek Preparation Plant, and rehabilitation of the Knox Creek Tiller Mine.

Ramaco began development of the Knox Creek Complex in 2017 and commenced mining in 2019. Mine management has had several years of experience estimating capital expenditures for surface and underground mining and the risk of inaccurate estimates is low. The LOM Plan projected average capital cost of $12.20 per ton for projected mining equipment and infrastructure requirements is $13.15 per ton lower than the historical average cost of $25.35 per ton, which included high development capital from 2021 through 2022 for the Big Creek Jawbone 1 Deep Mine and minimal production. Capital expenditures estimates per annual ton are estimated to have an accuracy within +/- 15.0 percent.

Contingency costs account for undeveloped scope and insufficient data. Contingency for required major projects and mining equipment is estimated at 10 percent and is intended to cover unallocated costs from lack of detailing in scope items. It is a compilation of aggregate risk from estimated cost areas.

18.2 OPERATING COSTS AND RISKS

Operating costs are projected based on historical operating costs and adjusted based on projected changes in staffing, hours worked, and production and productivity for mining areas in the LOM Plan. The Knox Creek Complex actual and LOM Plan projected operating costs in dollars and dollars per ton, are shown on Figure 18.2-1:

Figure 18.2-1      Knox Creek Complex Historical and LOM Plan Operating Costs

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Descriptions or explanations of the operating costs considered in the LOM Plan are as follows:

Direct Cash Cost:

· Labor cost, which includes wages and benefits for hourly and salary personnel at the mine and preparation plant.

· Maintenance and supplies, which are expenses related to upkeep of mining equipment and associated infrastructure.

· Utility expenses, which are expenses related primarily to purchase of electrical power to operate mining equipment at the mines and preparation plant equipment, telephone and data lines, water, and garbage services.

· Trucking costs, which are expenses primarily related to transportation of ROM coal from the mines to the preparation plant.

· Allocations (in/out), which are various costs for the preparation plant.

· Professional services, which are expenses related to legal, engineering, and other firms providing services to the Knox Creek Complex.

· Property Tax and Insurance are expenses related to property taxes and liability insurance for risk management purposes.

· Other costs, which are miscellaneous expenses related to operation of the mines and preparation plant.

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· Sales related costs are expenses related to Black Lung Excise Tax, Virginia and West Virginia Severance Taxes, and Virginia, West Virginia and Office of Surface Mining reclamation taxes.

· Royalties are expenses related to leased surface and mineral properties.

· General and Administrative, which include expenses related to administrative offices and personnel to manage the mining operations.

Selling, General and Administrative Costs:

· Expenses related to coal sales and corporate administrative costs

Non-Cash Costs:

· Asset retirement obligation accretion, depreciation, and amortization costs

Detailed LOM Plan annual operating costs and capital expenditures are shown below in Table 18.2-1.

Table 18.2-1      LOM Plan Annual Operating Cost and Capital Expenditures

	2023		2024		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034		2035		2036		2037		2038		Total
Labor costs		13.0		25.8		34.5		33.0		27.5		20.5		20.5		20.5		20.5		20.5		20.5		13.7		11.8		11.8		5.7		0.1		299.7
Maintenance & supplies		11.4		26.4		30.3		28.3		25.5		24.7		23.5		19.3		20.9		21.0		20.6		12.9		10.5		10.9		5.2		0.1		291.5
Utility expenses		1.4		2.5		4.2		4.2		3.5		3.3		3.2		2.6		2.7		2.8		2.7		1.7		1.4		1.4		0.7		—		38.3
Trucking costs		3.5		2.9		5.6		5.7		4.3		3.2		2.2		—		—		—		—		—		—		—		—		—		27.5
Contract Mining		0.7		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0.7
Purchased third-party coal		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Professional services		0.0		0.1		0.1		0.1		0.1		0.1		0.1		0.1		0.1		0.1		0.1		0.1		0.1		0.1		0.0		0.0		1.0
Property tax & insurance		0.4		0.5		0.7		0.7		0.7		0.6		0.6		0.6		0.6		0.6		0.6		0.5		0.5		0.5		0.4		0.4		8.9
Other costs		0.0		0.0		0.5		0.6		1.0		0.2		0.1		0.1		0.1		0.1		0.1		0.0		0.0		0.0		1.7		0.8		5.7
Sales related tax costs		4.7		7.3		11.9		11.9		10.9		10.3		9.5		7.2		7.8		7.9		7.7		4.8		4.0		4.1		2.0		—		111.8
Administrative costs		0.1		0.2		0.3		0.2		0.2		0.2		0.2		0.2		0.2		0.2		0.2		0.1		0.1		0.1		0.1		0.0		2.8
Total Cost of Production		39.4		63.9		88.6		85.2		73.6		62.9		59.9		50.6		52.9		53.0		52.4		33.8		28.2		28.8		15.9		1.4		791.0
Asset Retirement obligation		0.2		0.3		0.3		0.3		0.3		0.2		0.2		0.2		0.2		0.3		0.3		0.3		0.3		0.3		0.3		0.1		4.1
Depreciation and amortization		2.3		4.2		9.8		6.0		5.6		5.2		4.8		3.6		3.9		4.0		3.9		2.4		2.0		2.0		1.0		0.0		60.7
Total Costs and Expenses		41.9		68.4		98.7		91.5		79.5		68.4		64.9		54.4		57.1		57.2		56.5		36.5		30.5		31.1		17.2		1.5		855.8
Capital Expenditures		10.3		8.9		11.0		9.2		8.3		7.7		7.3		5.7		6.1		6.0		5.9		3.8		3.1		3.1		1.5		—		97.8

The LOM Plan projected cash operating cost of $98.68 per ton is $18.57 per ton lower than the 2002 historical average of $117.25 per ton. With the long history of cost of sales, no contingency is included, although the accuracy of the LOM Plan projected cost of sales should be considered to be within 15 percent of the historical average.

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Capital and Operating Cost Estimation Risk

The Knox Creek Complex has been in operation since 2019 and has had a relatively long period of experience with capital expenditure costs and operating costs. Since the mining operations will continue in similar coal seams and mined in the same manner as historically, there is little risk associated with the specific engineering estimation methods used to arrive at projected capital expenditures and operating costs. An assessment of accuracy of estimation methods is reflected in the sensitivity analysis in Section 19.3.

For purposes of the Preliminary Feasibility Study relative to the Knox Creek Complex LOM Plan, capital expenditures are estimated to an accuracy of +/- 15 percent, with a contingency of 10 percent, and operating costs are estimated at an accuracy of +/- 15 percent, with no contingency.

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19.0 ECONOMIC ANALYSIS

19.1 ASSUMPTIONS, PARAMETERS, AND METHODS

A Preliminary Feasibility Study financial model has been prepared in order to assess the economic viability of the Knox Creek Complex LOM Plan. Specifically, plans were evaluated using discounted cash flow analysis, which consists of annual revenue projections for the Knox Creek Complex LOM Plan. Cash outflows such as capital, including preproduction costs, sustaining capital costs, operating costs, transportation costs, and taxes are subtracted from the inflows to produce the annual cash flow projections. Cash flows are recognized to occur at the end of each period. There is no adjustment for inflation in the financial model, and all cash flows are in 2021 dollars. WEIR’s study is conducted on an un-levered basis, excluding costs associated with any debt servicing requirements.

To reflect the time value of money, annual net cash flow projections are discounted back to the project valuation date, using a discount rate of 10 percent. The discount rate appropriate to a specific project depends on many factors, including the type of commodity and the level of project risks, such as market risk, technical risk, and political risk. The discounted present values of the cash flows are summed to arrive at the Knox Creek Complex NPV.

Projected cash flows do not include allowance of any potential salvage value. Additionally, capital previously expended (sunk cost) is not included in the assessment of economic returns.

WEIR’s after-tax NPV incorporates a projected corporate income tax rate of 21 percent, as provided by Ramaco.

In addition to NPV, the Internal Rate of Return (IRR) is also calculated. The IRR is defined as the discount rate that results in an NPV equal to zero. Payback Period is calculated as the time required to achieve positive cumulative cash flow for the Knox Creek Complex at a 10 percent discount rate. As the Knox Creek Complex is ongoing with no initial investment required (i.e., already sunk cost), payback period is less than one year.

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The actual and LOM Plan coal sales price forecast used to estimate Knox Creek Complex revenue and the annual cash flow detail are shown on Table 19.1-1 as follows:

Table 19.1-1      Annual Cash Flow Forecast Detail

Knox Creek Complex Life of Mine Income Statement
																		LOM
	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038		Total
Tons Sold (000)	328	532	875	853	787	737	679	513	560	563	550	339	279	286	134	-		8,016
Sales Price ($ Per Ton)	164.4	172.1	179.7	186.00	186.00	186.00	186.00	186.00	186.00	186.00	186.00	186.00	186.00	186.00	186.00	-		183.5
	Dollars (millions)
Revenues	54.0	91.5	157.3	158.7	146.4	137.2	126.4	95.4	104.2	104.7	102.2	63.1	51.8	53.3	24.8	-		1,470.9
Total Costs and Expenses	39.4	63.9	88.6	85.2	73.6	62.9	59.9	50.6	52.9	53.0	52.4	33.8	28.2	28.8	15.9	1.4		791.0
Income before taxes	12.0	23.1	58.6	67.2	67.0	68.8	61.4	40.9	47.1	47.5	45.7	26.5	21.3	22.2	7.7	(1.5	)	615.2
Income tax expense	2.5	4.8	12.3	14.1	14.1	14.4	12.9	8.6	9.9	10.0	9.6	5.6	4.5	4.7	1.6	(0.3	)	129.2
Net income	9.5	18.2	46.3	53.1	52.9	54.3	48.5	32.3	37.2	37.5	36.1	21.0	16.9	17.5	6.1	(1.2	)	486.0
Adjusted EBITDA	12.0	22.8	56.4	59.4	58.8	59.8	53.6	36.2	41.4	41.7	40.2	23.7	19.1	19.8	7.3	(1.1	)	550.8
Capital Expenditures	10.3	8.9	11.0	9.2	8.3	7.7	7.3	5.7	6.1	6.0	5.9	3.8	3.1	3.1	1.5	-		97.8
Total Cash Flow	1.7	13.9	45.4	50.3	50.5	52.1	46.3	30.5	35.3	35.7	34.3	19.9	16.0	16.7	5.8	(1.1	)	453.0

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19.2 ECONOMIC ANALYSIS AND ANNUAL CASH FLOW FORECAST

The annual cash flow for the Knox Creek Complex LOM Plan are summarized on Figure 19.2-1 as follows:

Figure 19.2-1      Annual Cash Flow Forecast

Cash flows decline after 2028, as a result of a projected decrease in coal production. While not included in these cash flows, Ramaco plans to commence other mining operations within the Knox Creek Complex, as existing operations phase out. Significant tonnage associated with those future, to-be-planned operations, is currently classified as Resource tonnage. As LOM plans are prepared for operations within the current Resource areas of the Knox Creek Complex, updates will be made to this analysis.

The Knox Creek Complex LOM Plan has an after-tax NPV of $249.0 million, at a base case discount rate of 10 percent (Table 19.2-1). As the Knox Creek Complex is ongoing with no initial investment required (i.e., already sunk cost), the IRR is infinite. Cumulative (undiscounted) cash flow over the LOM Plan is positive, at $453.0 million. The Return on Investment (ROI), at a 10 percent discount rate, is 314 percent.

The after-tax NPV, IRR, cumulative cash flow and ROI are summarized in Table 19.2-1 as follows:

Table 19.2-1      After-Tax NPV, IRR, Cumulative Cash Flow, and ROI

	LOM Plan
NPV ($000)		249,018
IRR (%)		Infinite
Cumulative Cash Flow ($000)		452,989
Return on Investment (%)		314

Table 19.2-2 presents key operational statistics for the LOM Plan on an after-tax basis. Over the LOM Plan, the average cash operating cost is $98.68 per clean ton. Operating costs include mining, processing, G&A, but exclude amortization costs on capital expenditures.

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Table 19.2-2      Key Operating Statistics

	LOM Plan
ROM Tons Produced (000s)		17,451
Clean Tons Produced (000s)		8,016
Preparation Plant Yield (%)		45.9
Tons Sold (000s)		8,016
		($Per Ton)
Coal Sales Realization		183.50
Direct Cash Costs		98.68
Non-cash Costs		8.08
Total Cost of Sales		106.76
Profit / (Loss)		76.74
EBITDA		84.82
CAPEX		12.20

19.3 SENSITIVITY ANALYSIS

A sensitivity analysis was undertaken to examine the influence of changes to assumptions for coal sales prices, production, operating cost, capital expenditures, and the discount rate on the base case after-tax NPV. The sensitivity analysis range (+/- 25 percent) was designed to capture the bounds of reasonable variability for each element analyzed. The basis for reasonable variability for each element analyzed is summarized as follows:

· Sales Price - Historical coal sales price variability of 44 percent between 2021 and 2022

· Production - Variability in production of up to 63 percent from the 2021 through 2022

· Operating Cost - Estimated accuracy of +/- 15 percent

· Capital Costs – Estimated accuracy of +/- 15 percent

· Discount Rate - based on range of variability from 7.5 to 12.5 percent

Figure 19.3-1 depicts the results of the NPV sensitivity analysis.

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Figure 19.3-1      Net Present Value Sensitivity Analysis

Figure 19.3-1 shows that the Knox Creek Complex NPV is most sensitive to changes in coal sales prices and production. It is less sensitive to changes in operating costs and least sensitive to changes in discount rate and capital expenditures.

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20.0 ADJACENT PROPERTIES

This TRS does not include any estimates of coal resources or coal reserves associated with adjacent uncontrolled properties.

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21.0 OTHER RELEVANT DATA AND INFORMATION

Conducting a due diligence investigation relative to the mineral and surface rights of Ramaco’s mining operations was not part of WEIR’s scope of work. This TRS is based on Ramaco controlling, by lease or ownership, or having the ability to acquire the coal reserves and surface lands necessary to support its mine plans.

The ability of Ramaco, or any coal company, to achieve production and financial projections is dependent on numerous factors. These factors primarily include site-specific geological conditions, the capabilities of management and mine personnel, level of success in acquiring reserves and surface properties, coal sales prices and market conditions, environmental issues, securing permits and bonds, and developing and operating mines in a safe and efficient manner. Unforeseen changes in legislation and new industry developments could substantially alter the performance of any mining company.

Coal mining is carried out in an environment where not all events are predictable. While an effective management team can identify known risks and take measures to manage and/or mitigate these risks, there is still the possibility of unexpected and unpredictable events occurring. It is not possible therefore to totally remove all risks or state with certainty that an event that may have a material impact on the operation of a coal mine will not occur.

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22.0 INTERPRETATIONS AND CONCLUSIONS

22.1 SUMMARY OF INTERPRETATIONS AND CONCLUSIONS

Interpretation

Ramaco has a long operating history of resource exploration, mine development, and mining operations at the Knox Creek Complex, with extensive exploration data including drillholes, in-mine seam thickness and elevation measurements, and in-mine channel samples supporting the determination of mineral resource and reserve estimates, and projected economic viability. The data has been reviewed and analyzed by WEIR and determined to be adequate in quantity and reliability to support the coal resource and coal reserve estimates in this TRS.

Conclusion

The coal resource and coal reserve estimates and supporting Preliminary Feasibility Study were prepared in accordance with Regulation S-K 1300 requirements. There are 300.6 million in-place tons of measured and indicated coal resources, exclusive of reserves, and 8.0 million clean recoverable tons of mineable reserves within the Knox Creek Complex, as of December 31, 2022. Reasonable prospects for economic extraction were established through the development of a Preliminary Feasibility Study relative to the Knox Creek Complex LOM Plan, considering historical mining performance, historical and projected metallurgical coal sales prices, historical and projected mine operating costs, and recognizing reasonable and sufficient capital expenditures.

22.2 SIGNIFICANT RISKS AND UNCERTAINTIES

Risk, as defined for this study, is a hazard, condition, or event related to geology and reserves, mine operations and planning, environmental issues, health and safety, and general business issues that when taken individually, or in combination, have an adverse impact on Ramaco’s development of the Knox Creek Complex. Risks can disrupt operations, adversely affect production and productivity, and result in increased operating cost and/or increased capital expenditures.

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In the context of this TRS, the likelihood of a risk is a subjective measure of the probability of the risk occurring, recognizing the magnitude of the risk defined as follows:

Low Risk indicates that the combined probabilities (low/medium/high) together with the economic impact (minimal/significant/adverse), if conditions exist, should not have any material adverse effect on the economic viability of the project.

Moderate Risk indicates that the combined probabilities (low/medium/high) together with the economic impact (minimal/significant/adverse), if conditions exist, could have a detrimental effect on the economic viability of the project.

High Risk indicates that the combined probabilities (low/medium/high) together with the economic impact (minimal/significant/adverse), if conditions exist, could have a seriously adverse effect the economic viability of the project.

Based on a review of available information and discussions with Ramaco personnel, WEIR identified potential risks associated with the Knox Creek Complex LOM Plan. The risks, WEIR’s assessment of risk magnitude, and comments based on WEIR’s experience with surface and underground mining operations are summarized in Table 22.2-1 as follows:

Table 22.2-1      Knox Creek Complex Risk Assessment Summary

	WEIR Risk
Area of Risk	Assessment	Comments
Coal Quality	Low	Based on previous production and core hole quality data, coal quality appears to be a consistently good metallurgical coal product.
Horizontal Stress	Low	Observed mining conditions do not indicate horizontal stress problems.
Land Acquisition	Low	All mineral control is maintained through current leases and subleases. No additional acquisitions are necessary for the LOM Plan.
Methane	Low to Moderate	Although methane gas is present in the seams, gas liberation experienced to date has been low to moderate, or at levels that can be safely mitigated during mining.  Procedures and continuous gas monitoring are in place to prevent, to the extent possible, methane ignitions and mine fires.
Overburden Stress	Low	The potential for a coal pillar bump or release of stress when mining will be monitored as a part of the normal mining operation. Due to the mountainous terrain, overburden can approach 1,000 feet when mining under ridges. However, the risk of bumps occurring is minimal, since coal outbursts, as a result of sudden release of energy, are typically associated with depth of cover of 1,500 to plus 2,000 feet.
Qualified Employees	Low to Moderate	Recent changes in the coal mining industry have resulted in many coal miners being closed resulting in fewer qualified employees available in general. Ramaco has existing operations with sufficient qualified employees. However, additional mine startups may cause some employee shortages. Ramaco can train inexperienced miners along with its experienced miners.

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	WEIR Risk
Area of Risk	Assessment	Comments
Rail Lines	Low to Moderate	There is currently a shortage of coal rail transportation capacity. The recent upswing in coal prices has resulted in short term increases in rail capacity. This capacity will likely be a relative unknown for the medium to long term.
Refuse Disposal	Low	Ramaco’s currently permitted refuse disposal capacity is sufficient for the long term.
Roof Lithology	Low to Moderate	All underground coal mines have the potential to experience unstable roof conditions.  The relative consistency of the Norton and Pocahontas Formations that primarily consists of competent sandstones and shales help decrease this risk at the Berwind Complex Deep Mines.  Additionally, this potential risk can be kept in the low range through proper ground control engineering and following approved roof control plans.
Geology	Low to Moderate	The structure of the seams at the Berwind Complex all have a relatively gentle dip of approximately two degrees to the northwest or to the south/southwest.  There are seven significant faults in the area. There are no known structural anomalies such as sand channels that cut out seams.
Spontaneous Combustion	Low	Seams at the Berwind Complex have a low potential for spontaneous combustion, and Ramaco has not experienced any loss of production due to spontaneous combustion.
Water Inflow	Low	Ramaco mines at the Berwind Complex are relatively dry since the mines are well above drainage.
Market Conditions	Moderate	Market conditions remain volatile for metallurgical coal.  Blast Furnace methods for making steel is under pressure from various world-wide government entities due to CO2  emissions. Markets in China, Japan, Korea, and India are likely to be primary drivers for the metallurgical coal industry.

It is WEIR’s opinion that the majority of the risks can be kept low and/or mitigated with efficient and effective mine planning and mine engineering, and monitoring of the mining operations.

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Knox Creek Complex Prepared for Ramaco Resources, Inc.

23.0 RECOMMENDATIONS

The Knox Creek Complex has sufficient geologic exploration data to estimate mineral reserves and resources. Future exploration work will be undertaken by Ramaco to continuously provide geological data primarily for use by mine operations personnel related to effective implementation of the LOM plans. Future exploration work and mineral property acquisition should include what has been historically implemented related to the following:

Geology

· Have an experienced geologist log core holes, measure core recovery, and complete sampling. Geophysically log core holes to verify seam and coal thickness and core recovery.

· Geophysically log rotary holes to verify strata and coal thickness.

· Continue to prepare laboratory sample analysis at 1.40 and 1.50 specific gravities to better match the preparation plant specific gravity when processing a metallurgical coal.

· Continue collecting channel samples (include parting).

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24.0 REFERENCES

References used in preparation of this TRS are as follows:

· Ramaco. 2022. Jawbone Mine Plan 2023

· Ramaco. 2022. Kennedy No. 3 Mine Plan 2023

· Ramaco. 2021. Big Creek Surface Mine Plan 2021 - Standard

· Ramaco. 2021. Knox Creek Tiller Mine Jawbone Seam Plan 2020 - Standard

· Harlow, George E., Jr. and LeCain, Gary D., 1993, Hydraulic Characteristics of, and Ground-Water Flow in, Coal-Bearing Rocks of Southwestern Virginia: U. S. Geological Survey Water-Supply Paper 2388.

Websites Referenced:

· Securities and Exchange Commission - Modernization of Property Disclosures for Mining Registrants - Final Rule Adoption

https://www.sec.gov/rules/final/2018/33-10570.pdf

· MSHA Data Retrieval Site

https://www.msha.gov/mine-data-retrieval-system

· WVDEP Permits

https://apps.dep.wv.gov/webapp/_dep/securearea/public_query/ePermittingApplicationSearchPage.cfm

· VDE Permits; Mined Land Repurposing Internet (virginia.gov)

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25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT

In preparing this report, WEIR relied upon data, written reports and statements provided by the registrant. It is WEIR’s belief that the underlying assumptions and facts supporting information provided by the registrant are factual and accurate, and WEIR has no reason to believe that any material facts have been withheld or misstated. WEIR has taken all appropriate steps, in its professional opinion, to ensure information provided by the registrant is reasonable and reliable for use in this report.

The registrant’s technical and financial personnel provided information as summarized on Table 25.1 as follows:

Table 25.1      Information Relied Upon from Registrant

Category	Information	Report Section
Legal	Mineral control and surface rights	3
Geotechnical	Pillar design, roof control plans, and rock quality analyses	13.1.1
Hydrogeological	Hydrogeological Analysis including inflow rates, permeability and tranmisivity calculations, and watershed analysis	13.1.2
Marketing	Coal sales price projections	16
Environmental	Permits, bond, and reclamation liability	17
Macroeconomic	Real price growth (coal sales, labor and other cash costs)	18

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APPENDIX A - EXHIBITS

Exhibit 6.3-2      Knox Creek Complex, Geological Cross Sections

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XML

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 28, 2023	Jun. 30, 2022
Document Type	10-K/A
Amendment Flag	true
Amendment Description	Ramaco Resources, Inc. ("we," "us," or "our") is filing this Amendment No. 1 on Form 10-K/A (the "Amendment") in order to amend and restate Item 15(b) of its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, originally filed March 14, 2023 (the "Original 10-K"), to provide amended Exhibits 96.1 and 96.2 pursuant to correspondence with the staff (the "Staff") of the Securities and Exchange Commission ("SEC") in connection with the Staff's review of our registration statement on Form S-1, filed March 20, 2023. Item 15(b) is hereby amended and restated in its entirety. Other than as expressly set forth above and except with respect to certain conforming changes made to our exhibit index, this Amendment does not, and does not purport to, update or restate the information in the Original 10-K or reflect any events that have occurred after the Original 10-K. Moreover, the information in this Amendment does not update or otherwise affect the financial statements filed as part of the Original 10-K. This Amendment should be read in conjunction with the Original 10-K and our other filings with the SEC.
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-38003
Entity Registrant Name	RAMACO RESOURCES, INC.
Entity Central Index Key	0001687187
Entity Tax Identification Number	38-4018838
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	250 West Main Street
Entity Address, Address Line Two	Suite 1900
Entity Address, City or Town	Lexington
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40507
City Area Code	(859)
Local Phone Number	244-7455
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 318.8
Entity Common Stock, Shares Outstanding		44,451,850
ICFR Auditor Attestation Flag	true
Auditor Name	Crowe LLP
Auditor Location	Houston, Texas
Auditor Firm ID	2276
Common Stock, $0.01 par value
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	METC
Security Exchange Name	NASDAQ
9.00% Senior Notes due 2026
Title of 12(b) Security	9.00% Senior Notes due 2026
Trading Symbol	METCL
Security Exchange Name	NASDAQ