Ramaco Resources Presentation BMO Global Metals & Mining Conference

CONFIDENTIAL

Disclaimer

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Forward Looking Statements The information in this presentation includes “forward-looking statements.” All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Risk Factors” included in the registration statement and other documents the Company has filed with the Securities and Exchange Commission in connection with our recent Initial Public Offering . Forward-looking statements may include statements about:

our status as a recently organized corporation with no operating history, no current revenue and properties that have not yet been developed into producing coal mines; deterioration of economic conditions in the steel industry generally; deterioration of economic conditions in the metallurgical coal industry generally; higher than expected costs to develop our planned mining operations, including the costs to construct necessary processing and transport facilities; decreases in the estimated quantities or quality of our metallurgical coal reserves; our expectations relating to dividend payments and our ability to make such payments; our inability to obtain additional financing on favorable terms, if required, to complete the acquisition of additional metallurgical coal reserves as currently contemplated or to fund the operations and

growth of our business; increased maintenance, operating or other expenses or changes in the timing thereof; impaired financial condition and liquidity of our customers; increased competition in coal markets; decreases in the price of metallurgical coal and/or thermal coal; the impact of and costs of compliance with stringent domestic and foreign laws and regulations, including environmental, climate change and health and safety regulations, and permitting

requirements, as well as changes in the regulatory environment, the adoption of new or revised laws, regulations and permitting requirements; the impact of potential legal proceedings and regulatory inquiries against us; our inability to effectively deploy the net proceeds of this offering; impact of weather and natural disasters on demand, production and transportation; reductions and/or deferrals of purchases by major customers and our ability to renew sales contracts; credit and performance risks associated with customers, suppliers, contract miners, co-shippers and trading, banks and other financial counterparties; geologic, equipment, permitting, site access, operational risks and new technologies related to mining; transportation availability, performance and costs; availability, timing of delivery and costs of key supplies, capital equipment or commodities such as diesel fuel, steel, explosives and tires; the existence of registration rights with respect to the securities being offered and the costs of compliance or penalties for noncompliance with such rights; the amount of expenses and other liabilities incurred or accrued after the completion of this offering; the lack of a public market for our securities; and the other risks identified in the prospectus including, without limitation, those under the headings “Risk Factors,” “Business” and “Certain Relationships and Related Party Transactions

We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the development, production, gathering and sale of coal. These risks include, but are not limited to, commodity price volatility, demand for domestic and foreign steel, inflation, lack of availability of mining equipment and services, environmental risks, operating risks, regulatory changes, the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital, and the timing of development expenditures and the other risks described under "Risk Factors" in the reports we have filed with the Securities and Exchange Commission. Should one or more of the risks or uncertainties described in this presentation occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this presentation are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation.

CONFIDENTIAL

A Unique Growth and Income Proposition in the Met Coal Space

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Ramaco,LLC was created in 2011 as a coal reserve, acquisition and development company to acquire cost and

geologically advantaged reserves.

Our advantaged geology will provide us one of the lowest cost of production in the US, with our average projected

per ton cost in the $50s for over a decade.

We were fully financed to build out all of our properties and post IPO have approximately $50 million of additional

cash liquidity.

We have no debt…and we have minimal liabilities in the form $10 million of ARO liabilities which are primarily two

impoundments we view as “assets”.

Our “Income” story is that we intend to distribute dividends of approximately 33% of free cash flow starting in 2018

and in market downturns we will plan share-buybacks.

Ramaco Resources was spun out of Ramaco, LLC in 2015 as a “pure play” metallurgical coal operating company.

We became public on February 3, 2017 trading on NASDAQ under the symbol “METC”.

We hold 240 million tons of high vol. and low vol. reserves with more than a 50-year production life

Our “Growth” story is that we will ramp production from approximately 1 million tons in 2017 to 4.4 million tons

over four years. We intend to continue to focus on advantaged geology by bolt on reserve acquisitions or

infrastructure that could lower costs.

CONFIDENTIAL

Elk Creek (production in Dec 2016)

─ 98 million tons of High Vol. Met

─ Thick coal with low cost advantage (8-14 ft.

seam heights in some areas)

─ 20 year mine plan with 9 underground and 2

contour surface/highwall mines with high

TPEH productivity

─ Primary rail access on CSX

Berwind (Q2 2017 production)

─ 72 million tons of Low Vol.

─ Cost Advantage to Suncoke’s Jewel

Plant

─ Plan to wash coal at Knox Creek prep

plant

─ NS load-out

Met Asset Portfolio with Competitive Advantages

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RAM (2019 production)

─ 5.6 million tons of High Vol. met

Pittsburg Seam

─ Low mine cost and 6 miles by

barge from US Steel Clairton

Coke Plant

Central Appalachian Operations

4.4 million ton per year production of high quality met coal with advantaged costs and logistics

Northern Appalachian Operations

Knox Creek (Q3 2017 production)

─ 61 million tons of primarily High Vol. A

─ Processing Plant will wash both Berwind and

Knox Creek coal

─ Washing and acquiring third party coal for

resale since December

CONFIDENTIAL

Near Term Growth Production Ramp Up with Significant Low Cost Advantage

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Production Profile

Pro

du

cti

on

(M

MT

PY

)

Cash

Co

sts

($/t

on

)

1.1

2.8

3.4

4.1 4.3 4.4 4.3

4.1 4.0 3.9 4.1

3.5

2.4 2.5 2.5 2.5 2.3

2.1

$65

$53 $54 $55 $56 $57 $57

$59 $59 $61 $62

$66

$77 $78 $78 $79 $79 $77

–

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034–

$10

$20

$30

$40

$50

$60

$70

$80

Elk Creek Deep Elk Creek Surface Elk Creek High Wall Miner

Berwind RAM Cash costs per ton

CONFIDENTIAL

Ramaco is Among the Lowest Cost Met Coal Producers in the U.S.

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U.S. Domestic Met Coal Total Cash Cost Curve 20171 (FOB mine)

Ramaco Resources’ expected low cost structure provides a competitive advantage

to serve both the domestic & seaborne market

Source: Wood Mackenzie. Assuming $150/tonne benchmark price.

1. Represents total cash costs of coal consumed by U.S. customers sources per Wood Mackenzie.

2. Competitor data provided by Energy Ventures Analysis, from September 2015 through September 2016.

3. Ramaco estimated 2021 cash cost, including estimated transportation costs ($/ton).

4. Weighted average for total Elk Creek complex.

‘000 tons

$ p

er

ton

Lowest quartile cost position

3

LTM Sep 2016 Domestic Met Coal Productivity Curve (TPEH)2

TP

EH

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

- 10,000 20,000 30,000 40,000

Elk Creek Complex4

U.S. Met Coal Mine Production by Mine (‘000 tons)

$0

$20

$40

$60

$80

$100

$120

$140

– 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000

Thicker coal seams result in a comparatively high clean-

ton-per-foot and ton-per-employee hour productivity

CONFIDENTIAL

Fortress Balance Sheet with No Debt, Minimal Liabilities, Excess Cash Liquidity

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U.S. coal peer

#5

$1,879

$774

$363 $500

$319 $233

$1,126

$125

$549 $104

$208 $13

$502

$10

$898 $912

$604 $527

$246

$1,628

Source: FactSet and Bloomberg as at January 18, 2017 and Company information.

(1) Ramaco Resources Enterprise Value at IPO.

Ramaco has

no debt with

negligible

ARO

(US$ in millions) Debt Asset Retirement Obligation

Ramaco is debt free, with minimal ARO liability

Fully funded for production and $50 million of additional cash liquidity post build-out

Relative to peers… structurally de-risked, manage for free cash flow, plan to return cash to shareholders and have tremendous optionality

U.S. coal peer

#1

U.S. coal peer

#2

U.S. coal peer

#3

U.S. coal peer

#6

Enterprise

value

$2,379 $730 $474 $1,416 $932

U.S. coal peer

#4

$621 (1)

CONFIDENTIAL

Knox Creek and Elk Creek Preparation Plants

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Knox Creek Facilities Elk Creek Preparation Plant under Construction

CONFIDENTIAL 9

Ramaco Resources, Inc.

250 West Main Street, Suite 210

Lexington, Kentucky 40507

www.ramacoresources.com

NASDAQ Symbol: “METC”