On this page of StockholderLetter.com we present the latest annual shareholder letter from Ramaco Resources, Inc. — ticker symbol METC. Reading current and past METC letters to shareholders can bring important insights into the investment thesis.
Annual
Report
2023
Brook Mine     Sheridan, WY
Revenue Growth
Up 145%
2021-2023
2023
Overview
This was an exciting year for Ramaco Resources.
Since 2007, we have produced low-cost, high quality
metallurgical coal for the domestic and global steel
industry. This year, we made strong progress toward
our goal of more than doubling production, to over 7
million tons over the medium term. Ramaco anticipates
growing met coal production by over 30% in 2024 compared
to the previous year, after growing production by almost
20% in 2023. In addition, discoveries by a Department of
Energy laboratory related to our Rare Earth Element
deposits in Wyoming drove new interest in the company in
2023, and opened the potential for Ramaco to be a major US
supplier of critical materials for many decades. We have
minimal AROs, net debt and legacy liabilities, as well as
strong free cash flow generation, offering an attractive capital
structure and some of the industry   s top shareholder returns.
Net Income
Up 107%
2021-2023
Adjusted EBITDA*
Up 130%
2021-2023
* Adjusted EBITDA and Net Debt are used as supplemental nonGAAP financial measures by management and external users of
our financial statements. Please see the reconciliation of these
measures to the comparable GAAP measures on page 6.
2
3
Global
Coal Sales
Ramaco coal has been sold into 20 countries, having
recently increased its Asian footprint. In 2023, we sold
3.5 million tons to customers in the US and around
the world. In the second half of 2023, we achieved our
original goal from the time of the IPO to ship at a 4
million ton annualized run-rate, with roughly twothirds of our coal getting sold overseas in 2023.
Key Financial Metrics
Sweden
Finland
UK
Canada
Belgium
USA
Spain
Netherlands
Poland
Germany
Ukraine
Czech Republic
Romania
Italy
South Korea
Turkey
Japan
India
Indonesia
Brazil
South Africa
Revenue
Net Income
Dividends
Adjusted
EBITDA*
$694M
$82M
$26M
$182M
Employees
811
* Adjusted EBITDA and Net Debt are used as supplemental non-GAAP financial measures by management and external users
of our financial statements. Please see the reconciliation of these measures to the comparable GAAP measures on page 6.
4
5
Reconciliation of
Non-GAAP Measures
Adjusted EBITDA and Net Debt are used as supplemental non-GAAP
financial measures by management and external users of our financial
statements, such as industry analysts, investors, lenders and rating
agencies. We believe Adjusted EBITDA and Net Debt are useful because
each allows us to more effectively evaluate our operating performance.
Shareholder Return
The following graphs set forth the cumulative total shareholder return (assuming reinvestment of
dividends) to shareholders of our Class A and Class B common stock, as well as the corresponding
returns on the Russell 2000 Index and a peer group comprised of the following companies:
Alliance Resource Partners, LP
Berry Corporation
Coronado Global Resources, Inc.
Piedmont Lithium Inc.
Talos Energy Inc.
Alpha Metallurgical Resources, Inc.
Compass Minerals International, Inc.
Hallador Energy Company
Ring Energy, Inc.
Tellurian Inc.
Arch Resources, Inc.
CONSOL Energy Inc.
Peabody Energy Corporation
SunCoke Energy, Inc.
Warrior Met Coal, Inc.
We define Adjusted EBITDA as net income plus net interest expense; equitybased 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.
We define Net Debt as total debt less cash and cash equivalents. Its most comparable
GAAP measure is total debt. Reconciliations of net income to Adjusted EBITDA
and total debt to Net Debt are included below. Adjusted EBITDA and Net Debt
are not intended to serve as substitutes for GAAP measures of performance and
may not be comparable to similarly-titled measures presented by other companies.
Total shareholder return represents change in METC share price
from year end 2019 to year end 2023, and from year end 2022
to year end 2023 respectively + METC & METCB dividends,
adjusted for year end 2023 METCB value.
* The peer group in this table differs from the peer group utilized by the Company during 2023 reflected in the Company   s Compensation
Discussion and Analysis for such year, primarily to increase the number of publicly-traded extraction companies. For comparison purposes,
TSR under the previous peer group is calculated as follows: $234.07 for 2023, $183.91 for 2022, $99.74 for 2021, and $52.90 for 2020. The
previous peer group was made up of the following companies: Peabody Energy Corporation, Alliance Resource Partners, L.P., Alpha Metallurgical Resources, Inc., Talos Energy Inc., CONSOL Energy Inc., Arch Resources, Inc., Coronado Global Resources, Inc., Warrior Met Coal,
Inc., SunCoke Energy, Inc., Berry Corporation, and Contango Oil and Gas Company (2020 only). Past performance may not be indicative
of future results.
6
7
 • shareholder letter icon 4/29/2024 Letter Continued (Full PDF)
 • stockholder letter icon 4/28/2023 METC Stockholder Letter
 • stockholder letter icon More "Metals & Mining" Category Stockholder Letters
 • Benford's Law Stocks icon METC Benford's Law Stock Score = 90


METC Shareholder/Stockholder Letter Transcript:

Annual
Report
2023
Brook Mine     Sheridan, WY

Revenue Growth
Up 145%
2021-2023
2023
Overview
This was an exciting year for Ramaco Resources.
Since 2007, we have produced low-cost, high quality
metallurgical coal for the domestic and global steel
industry. This year, we made strong progress toward
our goal of more than doubling production, to over 7
million tons over the medium term. Ramaco anticipates
growing met coal production by over 30% in 2024 compared
to the previous year, after growing production by almost
20% in 2023. In addition, discoveries by a Department of
Energy laboratory related to our Rare Earth Element
deposits in Wyoming drove new interest in the company in
2023, and opened the potential for Ramaco to be a major US
supplier of critical materials for many decades. We have
minimal AROs, net debt and legacy liabilities, as well as
strong free cash flow generation, offering an attractive capital
structure and some of the industry   s top shareholder returns.
Net Income
Up 107%
2021-2023
Adjusted EBITDA*
Up 130%
2021-2023
* Adjusted EBITDA and Net Debt are used as supplemental nonGAAP financial measures by management and external users of
our financial statements. Please see the reconciliation of these
measures to the comparable GAAP measures on page 6.
2
3

Global
Coal Sales
Ramaco coal has been sold into 20 countries, having
recently increased its Asian footprint. In 2023, we sold
3.5 million tons to customers in the US and around
the world. In the second half of 2023, we achieved our
original goal from the time of the IPO to ship at a 4
million ton annualized run-rate, with roughly twothirds of our coal getting sold overseas in 2023.
Key Financial Metrics
Sweden
Finland
UK
Canada
Belgium
USA
Spain
Netherlands
Poland
Germany
Ukraine
Czech Republic
Romania
Italy
South Korea
Turkey
Japan
India
Indonesia
Brazil
South Africa
Revenue
Net Income
Dividends
Adjusted
EBITDA*
$694M
$82M
$26M
$182M
Employees
811
* Adjusted EBITDA and Net Debt are used as supplemental non-GAAP financial measures by management and external users
of our financial statements. Please see the reconciliation of these measures to the comparable GAAP measures on page 6.
4
5

Reconciliation of
Non-GAAP Measures
Adjusted EBITDA and Net Debt are used as supplemental non-GAAP
financial measures by management and external users of our financial
statements, such as industry analysts, investors, lenders and rating
agencies. We believe Adjusted EBITDA and Net Debt are useful because
each allows us to more effectively evaluate our operating performance.
Shareholder Return
The following graphs set forth the cumulative total shareholder return (assuming reinvestment of
dividends) to shareholders of our Class A and Class B common stock, as well as the corresponding
returns on the Russell 2000 Index and a peer group comprised of the following companies:
Alliance Resource Partners, LP
Berry Corporation
Coronado Global Resources, Inc.
Piedmont Lithium Inc.
Talos Energy Inc.
Alpha Metallurgical Resources, Inc.
Compass Minerals International, Inc.
Hallador Energy Company
Ring Energy, Inc.
Tellurian Inc.
Arch Resources, Inc.
CONSOL Energy Inc.
Peabody Energy Corporation
SunCoke Energy, Inc.
Warrior Met Coal, Inc.
We define Adjusted EBITDA as net income plus net interest expense; equitybased 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.
We define Net Debt as total debt less cash and cash equivalents. Its most comparable
GAAP measure is total debt. Reconciliations of net income to Adjusted EBITDA
and total debt to Net Debt are included below. Adjusted EBITDA and Net Debt
are not intended to serve as substitutes for GAAP measures of performance and
may not be comparable to similarly-titled measures presented by other companies.
Total shareholder return represents change in METC share price
from year end 2019 to year end 2023, and from year end 2022
to year end 2023 respectively + METC & METCB dividends,
adjusted for year end 2023 METCB value.
* The peer group in this table differs from the peer group utilized by the Company during 2023 reflected in the Company   s Compensation
Discussion and Analysis for such year, primarily to increase the number of publicly-traded extraction companies. For comparison purposes,
TSR under the previous peer group is calculated as follows: $234.07 for 2023, $183.91 for 2022, $99.74 for 2021, and $52.90 for 2020. The
previous peer group was made up of the following companies: Peabody Energy Corporation, Alliance Resource Partners, L.P., Alpha Metallurgical Resources, Inc., Talos Energy Inc., CONSOL Energy Inc., Arch Resources, Inc., Coronado Global Resources, Inc., Warrior Met Coal,
Inc., SunCoke Energy, Inc., Berry Corporation, and Contango Oil and Gas Company (2020 only). Past performance may not be indicative
of future results.
6
7



shareholder letter icon 4/29/2024 Letter Continued (Full PDF)
 

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