Company Overview

Ramaco Resources, Inc. is a U.S.-based natural resources company primarily engaged in the production, processing, and sale of metallurgical coal used in steel manufacturing. The company operates within the metallurgical coal mining and energy materials industries, with an emerging focus on advanced carbon products. Its core revenue driver is the sale of high-quality metallurgical coal to domestic and international steel producers, supplemented by limited thermal coal sales and early-stage carbon material development.

Founded in 2016, Ramaco Resources was established to develop a portfolio of low-cost, high-quality coal assets in Central Appalachia. The company completed its initial public offering in 2017 and has since expanded production capacity, reserves, and infrastructure. Ramaco positions itself as a pure-play U.S. metallurgical coal producer with additional strategic optionality through its carbon and rare earth element initiatives, which differentiate it from traditional coal mining peers.

Business Operations

Ramaco Resources generates revenue primarily through its Metallurgical Coal business segment, which includes the mining, processing, and sale of coal used in blast furnace and coke-making applications. The company operates multiple underground and surface mines, preparation plants, and logistics assets, enabling it to control the full value chain from extraction to delivery. A smaller portion of revenue is derived from Thermal Coal sales, largely as a byproduct of metallurgical operations.

Operations are conducted through wholly owned subsidiaries, including Ramaco Carbon, LLC, which focuses on developing coal-to-carbon products such as graphite, carbon fibers, and anode materials. The company owns and controls its mining reserves, preparation facilities, and transportation access, primarily via rail connections. Ramaco does not rely on material joint ventures for core mining operations, maintaining operational control across its asset base.

Strategic Position & Investments

Ramaco’s strategic direction centers on disciplined metallurgical coal production growth, cost control, and reserve development, while investing in adjacent carbon-based technologies. A key growth initiative is the development of the Brook Mine in Wyoming, which the company has positioned as a potential source of rare earth elements and carbon ore, alongside traditional coal products. This project represents a strategic diversification effort beyond conventional coal markets.

The company has made targeted investments through Ramaco Carbon, LLC to advance proprietary technologies aimed at producing advanced carbon materials for industrial and energy applications. These initiatives remain in development stages, and commercial-scale outcomes are still being evaluated. Ramaco has historically favored organic growth and internal project development over large-scale acquisitions.

Geographic Footprint

Ramaco Resources’ primary operations are located in Central Appalachia, specifically in West Virginia and Virginia, where the majority of its mining complexes, preparation plants, and workforce are based. The company’s corporate headquarters is located in Lexington, Kentucky, which also serves as the center for strategic planning and corporate management.

In addition to Appalachia, Ramaco has a growing operational and investment presence in the Western United States, notably Wyoming, through the Brook Mine project. While production is U.S.-based, the company serves both North American and international markets, exporting metallurgical coal to customers in Europe, South America, and Asia via U.S. port infrastructure.

Leadership & Governance

Ramaco Resources was founded by Randall W. Atkins, who has played a central role in shaping the company’s strategic vision. Leadership emphasizes disciplined capital allocation, operational efficiency, and long-term resource development, with an expressed focus on expanding beyond traditional coal markets into carbon-based materials.

Key members of the executive leadership team include:

• Randall W. Atkins – Chairman and Chief Executive Officer
• E. Forrest Shoemaker – President
• Jason Pollard – Executive Vice President, Operations
• Christopher L. Blanchard – Chief Financial Officer
• Benjamin J. Meade – Executive Vice President, Marketing and Logistics

The company is governed by a board of directors with experience across energy, finance, and industrial sectors, overseeing strategy, risk management, and corporate governance in alignment with public company standards.