Exhibit 99.1

RAMACO RESOURCES REPORTS

THIRD QUARTER 2023 RESULTS

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LEXINGTON, KY., November 7, 2023 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”), a leading operator and developer of high-quality, low-cost metallurgical coal, today reported financial results for the three months and nine months ended September 30, 2023.

THIRD QUARTER 2023 HIGHLIGHTS

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MARKET COMMENTARY / 2023 & 2024 OUTLOOK

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MANAGEMENT COMMENTARY

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Randall Atkins, Ramaco Resources’ Chairman and Chief Executive Officer commented, “Our third quarter results highlight our differentiated growth platform. In simple terms, this quarter Ramaco grew from being a company with a sales level of ~3 million tons to ~4 million tons per annum. As a result, Adjusted EBITDA grew over 50% from the second quarter, despite a decline in margins on the back of lower index pricing and market conditions.

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We are also mindful of our position as one of the lowest leveraged companies in our space. As a result of our strong third quarter financials, we expect to have repaid over $50 million in term debt in 2023. Starting in 2024, we expect to have remaining overall term debt of ~$50 million (excluding any Revolving Credit line draws) and anticipate that those levels will be reduced during next year.

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Additionally, due to stronger than anticipated third quarter shipments and overseas customer demand, we recently increased the midpoint sales guidance of full-year 2023 coal shipments to 3.25 – 3.5 million tons, up from 3.1 – 3.6 million tons. We continue to anticipate an ongoing working capital benefit into 2024, as prior higher levels of inventory are reduced over the next few quarters. In the third quarter inventory was reduced by 25% to $50 million compared to the second quarter.

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We are increasingly optimistic about the long-term future of our Berwind mine as one of the nation’s premier low vol metallurgical coal complexes. In both September and October, the main Berwind mine began hitting stride and produced at a half million ton per annum run-rate. Cash mine costs were roughly $80 per ton from both deep mine sections. As we continue to add more mine sections, we hope Berwind will become both one of the largest and among the highest margin low vol metallurgical mines in the country.

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Looking ahead to next year, we tried to take a balanced approach to our 2024 domestic contract exposure. We have now committed 1.3 million tons of coal to North American customers next year at an average price of $167 per ton. This appears to be the highest average price figure of our public peer group. This level represents less than a third of our projected production for next year and positions us to leverage future export business at index-based pricing.

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I would like to conclude with an update on our Wyoming activities. First, I am pleased to report that last month overall mine development commenced at the Brook Mine with an initial goal of obtaining larger quantities of rare earth material for chemical and metallurgical testing. We are now moving to a phase of extensive testing of the metallurgic and chemical compositions of the deposit to determine its nature and extent. This will guide us to the best alternatives for extraction, separation and refinement, which are key to ultimate development. We have established that we have a large rare earth deposit. The next challenge from here is the assessment of the optimal extraction and separation techniques which can be then used to estimate the mine’s economics. We will continually update as this process advances.

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Second, on the carbon products front, there are two exciting areas we are focusing on:

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Key operational and financial metrics are presented below:

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* Adjusted to include the royalty savings from the Ramaco Coal transaction for 2022. Excludes Berwind idle costs.

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THIRD QUARTER 2023 PERFORMANCE

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In the following paragraphs, all references to “quarterly” periods or to “the quarter” refer to the third quarter of 2023, unless specified otherwise.

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Year over Year Quarterly Comparison

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Overall production in the quarter was 719,000 tons, up 9% from the same period of 2022. The Elk Creek complex produced 402,000 tons, down 21% from 511,000 tons last year, while the Berwind, Knox Creek, and Maben complexes increased to 317,000 tons in the quarter, up 115% from the same period last year. Third quarter of 2023 production and costs at Elk Creek were negatively affected by an additional paid vacation week. That week was taken in July due to high inventory levels, which have since come down substantially. Total sales were 996,000 tons during the quarter, up 64% from 608,000 tons in the third quarter of 2022.

Quarterly pricing was $157 per ton on Company produced coal sold, which was 22% lower compared to $202 per ton in the third quarter of 2022. Company produced cash mine costs, excluding transportation costs were $114 per ton sold, which was 16% higher than for the same period in 2022. Cash mine costs at Elk Creek were $111 per ton sold during the quarter, up 19% from cash mine costs of $93 per ton during the same period of 2022. The increase in costs was due to continued inflationary pressures, as well as the aforementioned extra vacation week in July.

As a result of the lower realized price and inflationary headwinds, cash margins on Company produced coal were $43 per ton during the quarter, down from $104 per ton in the same period of 2022, based on non-GAAP revenue (FOB mine) and non-GAAP cash cost of sales.

Quarter over Quarter Comparison

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Overall, third quarter production was down 157,000 tons to 719,000 tons compared with the second quarter of 2023, as the decline at Elk Creek more than offset the increase at Berwind and Maben. However, despite the production decline the total sales volume increased 39% from the second quarter of 2023. This was the first quarter since 2021 where the Company reduced inventory, as a result of higher sales volumes from the combination of improved rail service and the increase in the Elk Creek preparation plant capacity from 2 to 3 million tons per annum.

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The realized price of $157 per ton during the third quarter was down from $163 per ton in the second quarter 2023 reflecting lower overall price market conditions. Third quarter cash costs of $114 per ton on company produced coal compared to $109 per ton in the second quarter of 2023. As a result, cash margins on Company produced coal were $43 per ton during the third quarter, down from $54 per ton in the second quarter of 2023, based on non-GAAP revenue (FOB mine) and non-GAAP cash cost of sales.

BALANCE SHEET AND LIQUIDITY

As of September 30, 2023, the Company had liquidity of $98.2 million, consisting of $42.9 million of cash plus $55.3 million of availability under our revolving credit facility. This compared to total liquidity of $49.1 million as of December 31, 2022.

Compared to December 31, 2022, accounts receivable increased by $22.5 million, and inventories increased by $5.3 million. We project a meaningful decline in inventory over the coming quarters, from increased sales levels on the back of both improved rail service and the 50% increase in processing capacity at the Elk Creek preparation plant.

Third quarter capital expenditures totaled $16.9 million. This was down meaningfully from $24.5 million in the second quarter 2023, as the majority of our near-term growth capital expenditures have now already been incurred.

The Company’s effective quarterly tax rate was 22%, excluding discrete items. For the third quarter of 2023, the Company recognized income tax expense of $5.5 million. The Company anticipates an overall tax rate of 20-25% in 2023. That said, the Company anticipates a net cash tax benefit in 2023, having received a tax refund of $11.8 million in the third quarter of 2023.

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The following summarizes key sales, production and financial metrics for the periods noted:

* Adjusted to include the royalty savings from the Ramaco Coal transaction for 2022. Excludes Berwind idle costs.

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FINANCIAL GUIDANCE

(In thousands, except per ton amounts and percentages)

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Committed 2023 Sales Volume(a)

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(In millions, except per ton amounts)

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ABOUT RAMACO RESOURCES

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 and Sheridan, Wyoming. The Company currently has three active metallurgical coal mining complexes in Central Appalachia and one development rare earth and coal mine near Sheridan, Wyoming in the initial stages of production. In May 2023, the Company announced that a major rare earth deposit of primary magnetic rare earths was discovered at its mine near Sheridan, Wyoming. Contiguous to the Wyoming mine, the Company operates a carbon research and pilot facility related to the production of advanced carbon products and materials from coal. In connection with these activities, it holds a body of roughly 50 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks. News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at http://www.ramacoresources.com.

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For more information, contact investor relations at (859) 244-7455.

THIRD QUARTER 2023 CONFERENCE CALL

Ramaco Resources will hold its quarterly conference call and webcast at 11:00 AM Eastern Time (ET) on Wednesday, November 8, 2023. An accompanying slide deck will be available at https://www.ramacoresources.com/investors/investor-presentations/ immediately before the conference call.

To participate in the live teleconference on November 8, 2023:

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Domestic Live: (800) 343-4136

International Live: (785) 424-1699

Conference ID: METCQ323

Web link: Click Here

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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 guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, 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, risks related to the impact of the COVID-19 global pandemic, unexpected delays in our current mine development activities, the ability to successfully ramp up production at the Berwind and Knox Creek complexes, the timing of the Elk Creek preparation plant to come online, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, the further decline of demand for coal in export markets and underperformance of the railroads, the expected benefits of the Ramaco Coal and Maben acquisitions to the Company’s shareholders, the anticipated benefits and impacts of the Ramaco Coal and Maben acquisitions, and the Company's ability to successfully develop the Brook Mine, including whether the increase in the Company's exploration target and estimates for such mine are realized. 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 and Quarterly Reports on Form 10-Q. 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.

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Ramaco Resources, Inc.
Unaudited Consolidated Statements of Operations

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Ramaco Resources, Inc.

Unaudited Consolidated Balance Sheets

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Ramaco Resources, Inc.

Unaudited Statement of Cash Flows

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Reconciliation of Non-GAAP Measures

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. We believe Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance.

We define Adjusted EBITDA as net income plus net interest expense; equity-based compensation; depreciation, depletion, and amortization expenses; income taxes; certain non-operating expenses (charitable contributions), and accretion of asset retirement obligations. Its most comparable GAAP measure is net income. A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as a substitute for GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.

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Non-GAAP revenue and cash cost per ton

Non-GAAP revenue per ton (FOB mine) is calculated as coal sales revenue 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 and idle mine costs, divided by tons sold. We believe revenue per ton (FOB mine) and cash cost per ton provides useful information to investors as these enable 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 performance. Revenue per ton sold (FOB mine) and cash cost per ton are not measures of financial performance in accordance with GAAP and therefore should not be considered as a substitute to revenue and cost of sales under GAAP. The tables below show how we calculate non-GAAP revenue and cash cost per ton:

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Non-GAAP revenue per ton

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Non-GAAP cash cost per ton

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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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Non-GAAP Earnings Per Share

Non-GAAP earnings per share (Adjusted EPS) is calculated as the total net income divided by the weighted average Class A shares outstanding. We believe Adjusted EPS provides useful information to investors as it enables investors to compare earnings per share for the Company to historical periods before the dual-class structure under the dividend distribution of the Class B shares. The adjustments made to arrive at these measures are significant in understanding and assessing the Company’s financial performance. Adjusted EPS are not measures of financial performance in accordance with GAAP and therefore should not be considered as a substitute to basic and diluted earnings per share under GAAP. The tables below show how we calculate non-GAAP Adjusted EPS:

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