Exhibit 99.1

Ramaco Resources, Inc. Reports Fourth Quarter and Full Year 2018 Financial Results

Company Release – March 19, 2019

● Annual net income of $25.1 million, a $40 million positive swing up from a net loss of $15.4 million in 2017, and record annual Adjusted EBITDA of $42.2 million in 2018 up $51.5 million from a 2017 loss of $9.3 million.

● Approximately 2.0 million tons committed with domestic and export customers for 2019 at both fixed and indexed prices with expected margins at our Elk Creek Complex of almost $50/ton

● Exploration work at our low-vol Berwind met coal mine has defined the mining corridor

● Substantially mitigated fourth quarter issues from the Elk Creek silo incident

LEXINGTON, KY – (PR NEWSWIRE) – Ramaco Resources, Inc. (NASDAQ: METC) (“Ramaco,” “Ramaco Resources” or the “Company”) today reported annual net income of $25.1 million, or $0.62 per diluted share for the year ended December 31, 2018, as compared to a net loss of $15.4 million in 2017. The Company’s adjusted earnings before interest, taxes, depreciation, amortization and equity-based compensation expenses (“Adjusted EBITDA”) was $42.2 million for the year ended December 31,2018, as compared with Adjusted EBITDA loss of $9.3 million in 2017.

For the fourth quarter of 2018, Ramaco reported net income of $3.4 million, or $0.08 per diluted share, compared with a net income of $6.2 million, or $0.15 per diluted share for the third quarter of 2018. The Company’s Adjusted EBITDA for the fourth quarter was $7.0 million compared with Adjusted EBITDA of $11.0 million for the third quarter of 2018.

Full Year 2018 Summary

Full year 2018 revenues of $227.6 million were up 273% over 2017. Company production was 1.8 million tons in 2018, compared to 0.5 million tons in 2017, an increase of 260%. Cash margins on Company produced and sold coal improved to a profit of $29 per ton in 2018 versus a loss of $7 per ton in 2017. Cash mine costs per ton on company produced and sold coal decreased by 14% to $63 in 2018 from $73 in 2017. Net income for 2018 was $25.1 million, compared to a net loss of $15.4 million in 2017 or an increase of $40.5 million. The Company’s Adjusted EBITDA was $42.2 million for 2018, compared with a loss of $9.3 million in 2017 for an increase of $51.5 million.

Fourth Quarter 2018 Summary

Fourth quarter 2018 revenues were $44.2 million, a decline of 29% compared to the third quarter of 2018, as the fourth quarter results were negatively impacted by the previously announced Elk Creek silo failure. Company production was 423,000 tons in the fourth quarter, compared to 449,000 tons in the third quarter. Cash margins on Company produced and sold coal however, improved by 12% from approximately $25 per ton in the third quarter to approximately $28 per ton in the fourth quarter. Cash mine costs per ton on Company produced and sold coal were $68 in the fourth quarter compared to $65 in the third quarter.

Randall Atkins, Ramaco Resources’ Executive Chairman and Chief Financial Officer remarked, “We were challenged by the silo failure at our Elk Creek mining complex in the middle of the fourth quarter, which caused us to idle our prep plant there for approximately three weeks starting in November 2018. Our fourth quarter results were impacted accordingly, but were much better than anticipated immediately after the silo failure. Sales volumes for the fourth quarter were down 32% compared to the third quarter. As we announced in December, our team successfully completed a temporary conveying system three weeks after the incident that allowed us to begin processing coal at approximately 80% of total plant capacity. We now expect to operate at full capacity in the second quarter of 2019.”

“Despite the fourth quarter, our year end 2018 results were extremely positive year over year in almost all financial and operating metrics. We had a $40.5 million positive swing in net income and over a $50 million increase in EBITDA. Both cash mining costs per ton and capital expenditure levels fell meaningfully, while production was up over 200%.”

Additional Financial Results

The Company ended the quarter with approximately $7.0 million of cash on hand, $10.7 million of accounts receivable and $26.4 million of availability under the Revolving Credit Facility. Free cash flow generated during 2019, as well as borrowings available through the Revolving Credit Facility, are expected to be used to fund working capital and capital expenditures.

In the fourth quarter of 2018, the Company recorded an income tax benefit of $1.3 million for an annual effective tax rate of approximately 0.5% for 2018. Cash taxes payable for 2018 were less than $0.4 million.

Capital expenditures totaled approximately $8.3 million during the fourth quarter of 2018. We ended 2018 with $48.1 million in capital expenditures for the full year, a decline from $75 million in 2017.

Operational Results

The exhibit below summarizes some of the key sales, production and financial metrics for the periods noted:

	Three months ended					Year ended
In thousands, except per ton amounts	December 31, 2018			September 30, 2018		December 31, 2018
Sales Volume
Company		315			510		1,721
Purchased		95			90		427
Total		410			600		2,148
Company Production
Elk Creek Mining Complex		408			422		1,669
Berwind Development Deep Mine		15			27		81
Total		423			449		1,750
Company Financial Metrics(a)
Average revenue per ton	$	96		$	90	$	92
Average cash costs of coal sold	$	68		$	65	$	63
Average cash margin per ton	$	28		$	25	$	29
Elk Creek Financial Metrics(a)
Average revenue per ton	$	94		$	89	$	90
Average cash costs of coal sold	$	63		$	64	$	60
Average cash margin per ton	$	31		$	25	$	30
Berwind Development Deep Mine Financial Metrics(a)
Average revenue per ton	$	127		$	114	$	119
Average cash costs of coal sold	$	144		$	108	$	127
Average cash margin per ton	$	(17	)	$	6	$	(8	)
Purchased Coal Financial Metrics(a)
Average revenue per ton	$	103		$	101	$	101
Average cash costs of coal sold	$	97		$	97	$	95
Average cash margin per ton	$	6		$	4	$	6
Capital Expenditures	$	8,254		$	12,405	$	48,137

^(a)   Excludes transportation.

2019 Outlook

“We are excited about Ramaco’s long-term prospects for growth, free cash flow generation and ultimately the ability to return cash to shareholders through regular dividends.” Randall Atkins said. “In 2019, we expect to produce 2.0 million tons of met coal at the midpoint of guidance, up approximately 14% from 2018 levels. We ended 2018 with overall average costs of roughly $63 per ton, allocated as $60 per ton average cost at Elk Creek and $127 per ton at our Berwind development mine.”

“In 2019, it will be important for investors to focus on the cost difference between the two complexes. At Berwind, we will still be in development mode in 2019, mining approximately 250,000 tons in thin seam conditions in the Pocahontas #3 seam, until we reach the thicker roughly 60” Pocahontas #4 low-vol coal seam by 2020. At full capacity, we expect Berwind mine costs to be closer to $80 per ton and  production at roughly 750,000 tons. At today’s pricing, we’d ultimately anticipate Berwind cash margins at that point to be similar to Elk Creek.”

“At Elk Creek, we expect costs this year in the mid-$60s per ton range, with the increase mainly caused by higher-sales related costs associated with improved sales realizations. As Berwind ramps up production, and Elk Creek continues to produce as expected, even without any proposed development activities, we hope to reach a 2.5 million ton annual production rate in 2020 which should increase to approximately 4.5 million tons by 2023 through investments in organic growth at our existing properties. As production increases, we anticipate exploring with our Board the possibility of returning cash to shareholders in the form of a recurring dividend.”

Michael Bauersachs, Ramaco Resources’ President and CEO commented, “As we start 2019, we are very encouraged and anticipate a strong year. We look forward to eliminating the side effects of the silo collapse early in the year. On marketing, we have sold forward approximately 2.0 million tons domestically and for export at both fixed and indexed prices. Thus far our mine productivity levels at Elk Creek have been strong in 2019, however produced and sold tons have been negatively impacted by high inventories and limited plant capacity. We also expect currently budgeted 2019 capital expenditures to decline to roughly $35-40 million.”

“Our development mine at Berwind has overcome some geological issues encountered in 2018 and should complete its path to the low cost, thicker seam Pocahontas #4 seam by next year. Our confidence in reaching the bottom slope location at Berwind has substantially improved due to positive data obtained from drilling multiple horizontal long hole boreholes in advance of our projections in order to confirm that our mining route is free from sandstone.”

“We are also seeking opportunities to expand production. While our route to full production rate of roughly 4.5 million tons will be different than we originally modeled years ago, we indeed have a good roadmap of internal production and productivity enhancements to reach that level. Knox Creek is most likely our next development project due to positive results from our recent exploration work to define access to the Jawbone seam through the Tiller seam, where we project the potential for approximately 500,000 tons per year of additional High Vol A production. We also are exploring ways to increase throughput levels at the Elk Creek preparation plant by as much as 500,000 tons annually beyond its current nameplate capacity. If we did that, we would accelerate some of the permitted production at Elk Creek that we currently have projected in 2020 and 2021. We will continue examining both these opportunities as the year progresses.”

2019 Estimated Production, Sales, Cost and Capital Expenditure Guidance

(In thousands, except per ton amounts)

	2019 Guidance					2018 Actuals
Company Production
Elk Creek		1,600	-		1,900		1,669
Berwind Development Deep Mine		200	-		300		81
Total		1,800	-		2,200		1,750
Sales Mix
Metallurgical		1,900	-		2,250		2,066
Steam		100	-		150		82
		2,000	-		2,400		2,148
Cost Per Ton
Elk Creek	$	63	-	$	69	$	60
Berwind Development Deep Mine	$	115	-	$	135	$	127
Capital Expenditures	$	35,000	-	$	40,000	$	48,137

Committed 2019 Sales Volume ^(a)

(In thousands, except per ton amounts)

	Volume		Average Price
Company:
Domestic, fixed priced		1,519	$	113
Export, fixed priced		109	$	122
Total, fixed priced		1,628	$	113
Domestic, indexed		230
Export, indexed		116
Total, indexed priced		346
Total Committed Company Tons		1,974
(a) As of March 18, 2019

About Ramaco Resources, Inc.

Ramaco Resources, Inc. is an operator and developer of high-quality, low cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia. The Company has five active mines within two mining complexes at this time.

News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at http://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.

Fourth Quarter Earnings Conference Call

Ramaco Resources will hold its quarterly conference call and webcast at 9:00 AM Eastern Time (ET) on Wednesday, March 20, 2019 to present its results for the fourth quarter and full year 2018.

The conference call can be accessed by calling (844) 852-8392 domestically or (703) 639-1226 internationally. The webcast for this release will be accessible by visiting https://edge.media-server.com/m6/p/odzd388y.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this news release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco Resources’ expectations or beliefs concerning future events, anticipated revenues, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources’ control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These factors include, without limitation, unexpected delays in our current mine development activities, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, or unexpected decline of demand for coal in export markets and underperformance of the railroads. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources’ filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K. The risk factors and other factors noted in Ramaco Resources’ SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.

Ramaco Resources, Inc.

Consolidated Statements of Operations

	Three months ended
	December 31, 2018			September 30, 2018			December 31, 2017
In thousands, except per share amounts
Revenues	$	44,187		$	62,166		$	24,019
Cost and expenses
Cost of sales (exclusive of items shown separately below)		34,958			49,406			21,374
Other operating costs and expenses		—			—			32
Asset retirement obligation accretion		123			123			101
Depreciation and amortization		3,682			3,348			1,819
Selling, general and administrative		3,399			3,485			3,350
Total cost and expenses		42,162			56,362			26,676
Operating income (loss)		2,025			5,804			(2,657	)
Interest and dividend income		10			23			3
Other income		479			1,036			54
Interest expense		(456	)		(589	)		—
Income (loss) before taxes		2,058			6,274			(2,600	)
Income tax expense (benefit)		(1,336	)		63			—
Net income (loss)	$	3,394		$	6,211		$	(2,600	)
Basic and diluted earnings (loss) per share
Basic	$	0.08		$	0.15		$	(0.07	)
Diluted	$	0.08		$	0.15		$	(0.07	)
Weighted average common shares outstanding
Basic		40,082			40,082			37,578
Diluted		40,230			40,239			37,578

Ramaco Resources, Inc.

Consolidated Statements of Operations

	Years ended December 31,
In thousands, except per share amounts	2018			2017
Revenue
Coal sales	$	227,574		$	58,798
Coal processing		—			2,238
Total revenue		227,574			61,036
Cost and expenses
Cost of coal sales (exclusive of items shown separately below)		176,555			58,308
Cost of coal processing (exclusive of items shown separately below)		—			2,213
Other operating costs and expenses		—			258
Asset retirement obligation accretion		494			405
Depreciation and amortization		12,423			3,154
Selling, general and administrative		14,006			12,591
Total cost and expenses		203,478			76,929
Operating income (loss)		24,096			(15,893	)
Interest and dividend income		36			295
Other income		2,518			204
Interest expense		(1,463	)		(23	)
Income (loss) before tax		25,187			(15,417	)
Income tax expense		113			—
Net income (loss)	$	25,074		$	(15,417	)
Earnings (loss) per common share
Basic earnings (loss) per share	$	0.63		$	(0.41	)
Diluted earnings (loss) per share	$	0.62		$	(0.41	)
Basic weighted average shares outstanding		40,039			37,578
Diluted weighted average shares outstanding		40,263			37,578

Ramaco Resources, Inc.

Consolidated Balance Sheets

	December 31,
In thousands	2018			2017
Assets
Current assets:
Cash and cash equivalents	$	6,951		$	5,934
Short-term investments		—			5,200
Accounts receivable		10,729			7,166
Inventories		14,185			10,058
Prepaid expenses		3,154			1,104
Total current assets		35,019			29,462
Property, plant and equipment – net		149,205			115,451
Advanced coal royalties		3,045			2,867
Other		975			318
Total Assets	$	188,244		$	148,098
Liabilities and Stockholders' Equity
Liabilities
Current liabilities
Accounts payable	$	16,393		$	19,533
Accrued expenses		8,094			2,821
Asset retirement obligations		71			71
Current portion of long-term debt		5,000			—
Financed insurance payable		287			—
Total current liabilities		29,845			22,425
Asset retirement obligations		12,707			12,276
Long-term debt		4,474			—
Deferred tax liability		109			—
Total liabilities		47,135			34,701
Commitments and contingencies		—			—
Stockholders' Equity
Common stock		401			396
Additional paid-in capital		150,926			148,293
Accumulated deficit		(10,218	)		(35,292	)
Total equity		141,109			113,397
Total Liabilities and Stockholders' Equity	$	188,244		$	148,098

Ramaco Resources, Inc.

Statement of Cash Flows

	Years ended December 31,
In thousands	2018			2017
Cash flows from operating activities
Net income (loss)	$	25,074		$	(15,417	)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Accretion of asset retirement obligations		494			405
Depreciation and amortization		12,423			3,154
Amortization of debt issuance costs		569			—
Costs associated with abandoned offering		—			—
Equity-based compensation		2,638			2,820
Deferred income taxes		109			—
Changes in operating assets and liabilities:
Accounts receivable		(3,563	)		(6,251	)
Prepaid expenses		(774	)		(715	)
Inventories		(4,127	)		(8,539	)
Other assets		(835	)		(1,114	)
Accounts payable		(1,521	)		15,535
Accrued expenses		5,551			1,369
Net cash from operating activities		36,038			(8,753	)
Cash flow from investing activities:
Acquisition of Knox Creek		—			—
Purchases of property, plant and equipment		(48,137	)		(75,039	)
Purchase of investment securities		—			—
Proceeds from maturities of investment securities		5,200			55,237
Net cash from investing activities		(42,937	)		(19,802	)
Cash flows from financing activities
Proceeds from notes payable		13,000			—
Proceeds from notes payable - related party		3,000			—
Proceeds from borrowings		15,424			—
Payments of debt issuance cost		(569	)
Repayment of notes payable		(13,000	)		(500	)
Repayment of notes payable - related party		(3,000	)
Repayments of borrowings		(5,950	)		—
Proceeds from issuance of common stock		—			47,709
Payments of equity offering costs		—			(1,756	)
Proceeds from issuance of Series A preferred units		—			—
Offering costs for Series A preferred units		—			—
Advances from Ramaco Coal, LLC		—			—
Repayments to Ramaco Coal, LLC		—			(10,629	)
Repayments of financed insurance payable		(989	)		(127	)
Payment of distributions		—			(5,405	)
Contributed capital from members		—			—
Net cash from financing activities		7,916			29,292
Net change in cash and cash equivalents		1,017			737
Cash and cash equivalents, beginning of year		5,934			5,197
Cash and cash equivalents, end of year	$	6,951		$	5,934

Reconciliation of Non-GAAP Measure

Adjusted EBITDA

Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company believes Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance.

We define Adjusted EBITDA as net income (loss) plus net interest expense, equity-based compensation, depreciation and amortization expenses and any transaction related costs. A reconciliation of income (loss) from continuing operations, net of income taxes to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.

	Three months ended
(In thousands)	December 31, 2018			September 30, 2018		December 31, 2017
Reconciliation of Net Income (Loss) to Adjusted EBITDA
Net income (loss)	$	3,394		$	6,211	$	(2,600	)
Depreciation and amortization		3,682			3,348		1,819
Interest and dividend income, net		446			566		(3	)
Income taxes		(1,336	)		63		—
EBITDA		6,186			10,188		(784	)
Equity-based compensation		698			695		355
Accretion of asset retirement obligation		123			123		101
Adjusted EBITDA	$	7,007		$	11,006	$	(328	)

	Year ended December 31,
	2018		2017
(In thousands)
Reconciliation of Net Income (Loss) to Adjusted EBITDA
Net income (loss)	$	25,074	$	(15,417	)
Depreciation and amortization		12,423		3,154
Interest expense (income), net		1,427		(272	)
Income taxes		113		—
EBITDA		39,037		(12,535	)
Equity-based compensation		2,638		2,820
Accretion of asset retirement obligation		494		405
Adjusted EBITDA	$	42,169	$	(9,310	)

Non-GAAP revenue and cash cost per ton  

Non-GAAP revenue per ton (FOB mine) is calculated as coal sales revenues less transportation costs, divided by tons sold. Non-GAAP cash cost per ton sold is calculated as cash cost of coal sales less transportation costs, divided by tons sold. We believe revenue per ton (FOB mine) and cash cost per ton provides useful information to investors as it enables investors to compare revenue per ton and cash cost per ton for the Company against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal prices and costs from period to period excluding the impact of transportation costs which are beyond our control. The adjustments made to arrive at these measures are significant in understanding and assessing the Company’s financial condition. Revenue per ton sold (FOB mine) and cash cost per ton are not measures of financial performance in accordance with U.S. GAAP and therefore should not be considered as an alternative to revenues and cost of sales under U.S. GAAP. The tables below show how we calculate Non-GAAP revenue and cash cost per ton:

Non-GAAP revenue per ton

	Three Months December 31, 2018						Three Months September 30, 2018
	Company Produced		Purchased Coal		Total		Company Produced		Purchased Coal		Total
(In thousands, except per ton amounts)
Revenues (a)	$	33,342	$	10,845	$	44,187	$	51,963	$	10,203	$	62,166
Less: Adjustments to reconcile to Non-GAAP revenues (FOB mine)
Transportation costs		3,108		1,013		4,121		6,185		1,091		7,276
Non-GAAP revenues (FOB mine)	$	30,234	$	9,832	$	40,066	$	45,778	$	9,112	$	54,890
Tons sold		315		95		410		510		90		600
Revenues per ton sold (FOB mine)	$	96	$	103	$	98	$	90	$	101	$	91

	Year Ended December 31, 2018
	Company Produced		Purchased Coal		Total
(In thousands, except per ton amounts)
Revenues (a)	$	179,078	$	48,496	$	227,574
Less: Adjustments to reconcile to Non-GAAP revenues (FOB mine)
Transportation costs		21,281		5,276		26,557
Non-GAAP revenues (FOB mine)	$	157,797	$	43,220	$	201,017
Tons sold		1,721		427		2,148
Revenues per ton sold (FOB mine)	$	92	$	101	$	94

	Three Months December 31, 2018						Three Months September 30, 2018
	Elk Creek		Berwind		Total Company Produced		Elk Creek		Berwind		Total Company Produced
(In thousands, except per ton amounts)
Revenues (a)	$	30,886	$	2,456	$	33,342	$	49,128	$	2,785	$	51,913
Less: Adjustments to reconcile to Non-GAAP revenues (FOB mine)
Transportation costs		2,930		178		3,108		5,918		267		6,185
Non-GAAP revenues (FOB mine)	$	27,956	$	2,278	$	30,234	$	43,210	$	2,518	$	45,728
Tons sold		297		18		315		488		22		510
Revenues per ton sold (FOB mine)	$	94	$	127	$	96	$	89	$	114	$	90

	Year Ended December 31, 2018
	Elk Creek		Berwind		Total Company Produced
(In thousands, except per ton amounts)
Revenues (a)	$	169,959	$	9,119	$	179,078
Less: Adjustments to reconcile to Non-GAAP revenues (FOB mine)
Transportation costs		20,428		853		21,281
Non-GAAP revenues (FOB mine)	$	149,531	$	8,266	$	157,797
Tons sold		1,652		69		1,721
Revenues per ton sold (FOB mine)	$	90	$	119	$	92

Non-GAAP cash cost per ton

	Three months ended December 31, 2018						Three months ended September 30, 2018
	Company Produced		Purchased Coal		Total		Company Produced		Purchased Coal		Total
(In thousands, except per ton amounts)
Cost of sales(a)	$	24,521	$	10,437	$	34,958	$	39,584	$	9,823	$	49,407
Less: Adjustments to reconcile to Non-GAAP cash cost of coal sales
Transportation costs		3,049		1,197		4,246		6,227		1,116		7,343
Non-GAAP cash cost of coal sales	$	21,472	$	9,240	$	30,712	$	33,357	$	8,707	$	42,064
Tons sold		315		95		410		510		90		600
Cash cost per ton sold	$	68	$	97	$	75	$	65	$	97	$	70

	Year ended December 31, 2018
	Company Produced		Purchased Coal		Total
(In thousands, except per ton amounts)
Cost of sales(a)	$	130,326	$	46,229	$	176,555
Less: Adjustments to reconcile to Non-GAAP cash cost of coal sales
Transportation costs		21,787		5,613		27,400
Non-GAAP cash cost of coal sales	$	108,539	$	40,616	$	149,155
Tons sold		1,721		427		2,148
Cash cost per ton sold	$	63	$	95	$	69

	Three months ended December 31, 2018						Three months ended September 30, 2018
	Elk Creek		Berwind		Total Company Produced		Elk Creek		Berwind		Total Company Produced
(In thousands, except per ton amounts)
Cost of sales(a)	$	21,747	$	2,774	$	24,521	$	36,946	$	2,638	$	39,584
Less: Adjustments to reconcile to Non-GAAP cash cost of coal sales
Transportation costs		2,875		174		3,049		5,958		269		6,227
Non-GAAP cash cost of coal sales	$	18,872	$	2,600	$	21,472	$	30,988	$	2,369	$	33,357
Tons sold		297		18		315		488		22		510
Cash cost per ton sold	$	63	$	144	$	68	$	64	$	108	$	65

	Year ended December 31, 2018
	Elk Creek		Berwind		Total Company Produced
(In thousands, except per ton amounts)
Cost of sales(a)	$	120,655	$	9,671	$	130,326
Less: Adjustments to reconcile to Non-GAAP cash cost of coal sales
Transportation costs		20,913		874		21,787
Non-GAAP cash cost of coal sales	$	99,742	$	8,797	$	108,539
Tons sold		1,652		69		1,721
Cash cost per ton sold	$	60	$	127	$	63

We do not provide reconciliations of our outlook for cash cost per ton to cost of sales in reliance on the unreasonable efforts exception provided for under Item 10(e)(1)(i)(B) of Regulation S-K. We are unable, without unreasonable efforts, to forecast certain items required to develop the meaningful comparable GAAP cost of sales. These items typically include non-cash asset retirement obligation accretion expenses, mine idling expenses and other non-recurring indirect mining expenses that are difficult to predict in advance in order to include a GAAP estimate.

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