Ramaco Resources (METC) 10-K/A2022 FY Annual report (amended)

Exhibit 96.1

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Notice

Weir International, Inc. (WEIR) was retained by Ramaco Resources, Inc. (Ramaco) to prepare this Technical Report Summary (TRS) related to Ramaco’s Berwind Complex. This report provides a statement of Ramaco’s coal reserves and resources at its Berwind Complex, and has been prepared in accordance with the United States Securities and Exchange Commission (SEC), Regulation S-K 1300 for Mining Property Disclosure (S-K 1300) and 17 Code of Federal Regulations (CFR) § 229.601(b)(96)(iii)(B) reporting requirements. This report was prepared for the sole use of Ramaco, and its affiliates and is effective as of December 31, 2022.

This report was prepared by full-time WEIR personnel who meet the SEC’s definition of Qualified Persons (QPs) with sufficient experience in the relevant type of mineralization and deposit under consideration in this report.

In preparing this report, WEIR relied upon data, written reports and statements provided by Ramaco. WEIR has taken all appropriate steps, in its professional opinion, to ensure information provided by Ramaco is reasonable and reliable for use in this report.

The accuracy of reserve and resource estimates are, in part, a function of the quality and quantity of available data at the time this report was prepared. Estimates presented herein are considered reasonable. However, they should be accepted with the understanding that with additional data and analysis available subsequent to the date of this report, the estimates may necessitate revision which may be material. Certain information set forth in this report contains “forward-looking information”, including production, productivity, operating costs, capital costs, sales prices, and other assumptions. These statements are not guarantees of future performance and undue reliance should not be placed on them. The assumptions used to develop the forward-looking information and the risks that could cause the actual results to differ materially are detailed in the body of this report.

WEIR and its personnel are not affiliates of Ramaco or any other entity with ownership, royalty or other interest in the subject property of this report.

Weir International, Inc. hereby consents to the use of Ramaco’s Berwind Complex coal reserve and resource estimates as of December 31, 2022.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

TABLE OF CONTENTS

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

TABLES

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

APPENDIX A - EXHIBITS

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

WEIR was retained by Ramaco Resources, Inc. (Ramaco) to prepare a Technical Report Summary (TRS) related to Ramaco’s Berwind Complex coal holdings. This report has been prepared in accordance with the United States Securities and Exchange Commission (SEC), Regulation S-K 1300 for Mining Property Disclosure (S-K 1300) and 17 Code of Federal Regulations (CFR) § 229.601(b)(96)(iii)(B) reporting requirements.

The Berwind Complex is located approximately 80 miles south of Charleston, West Virginia; 100 miles west of Roanoke, Virginia; 60 miles northeast of Kingsport, Tennessee; and 160 miles east/southeast of Lexington, Kentucky in the vicinity of 37.22 degrees North Latitude and 81.67 degrees West Longitude on the World Geodetic System (WGS 84) reference coordinate system. The complex includes areas in Buchanan and Tazewell Counties, Virginia and McDowell County, West Virginia. The Berwind Complex is within the Southwest Virginia and Southern West Virginia coal fields of the Central Appalachia Coal Producing (CAPP) Region of the United States (see Figure 1.1-1). As can be seen on Figure 1.1-1, the acquisition of the Amonate Property in late 2021 added significant acreage to the Berwind Complex.

The Berwind Complex consists of approximately 62,500 acres of owned and leased coal holdings. Approximately 52 percent of this acreage is in West Virginia and 48 percent is in Virginia. Currently, there are currently three active mines within the complex. The Berwind No. 1 Deep Mine is not currently operating, but is expected to resume production in April 2023.

Active Mines:

Evaluation of other prospective mining sites within the Berwind Complex is an on-going activity for Ramaco, as there are many opportunities to add additional mining operations.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Figure 1.1-1 General Location Map

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The upper coal seams of interest within the Berwind Complex belong to the Norton Formation in Virginia of Early Pennsylvanian Age, which is stratigraphically equivalent to the Lower Kanawha and New River formations in southwestern West Virginia. The lower coal seams of interest belong to the Pocahontas Formation of the Pottsville Group (Lower Pennsylvanian). The depositional setting for these seams is complex and thought to be upper delta plain, with subsidence controlling the sedimentation rate. The Lower Pennsylvania (Pottsville) sedimentary strata of the coal-bearing rocks of the Pocahontas Formation rest uncomformably on the Mississippian Bluestone Formation of the Mauch Chunk Group.

Drilling has served as the primary form of exploration on the Berwind Complex. In addition to coal-specific exploration drillholes, data from degasification, coal bed methane, and water wells were also implemented to build the geological model. This model was built using a total of 4,188 exploration drillholes and covers the Berwind Complex, as well as the Knox Creek Complex. Approximately 1,900 of these drillholes are within the Berwind Complex.

In addition to exploration drillholes, coal seam outcrop measurements, in-mine measurements, and survey points taken from mine maps of previous operations were considered. A total of 194 seam outcrop measurements, 356 mine measurements, and 887 survey points were used in the geological model, as a supplement to the exploration drillholes.

It is WEIR’s opinion that the adequacy of sample preparation, security, and analytical procedures for holes that were drilled by Ramaco after acquiring the property are acceptable and that these analytical procedures meet typical industry standards.

The adequacy of sample preparation, security, and analytical procedures are generally unknown for holes that were drilled prior to Ramaco acquiring the initial leases in 2011. However, the geologist’s logs for these holes contain sampling descriptions and lithologic descriptions that are sufficiently detailed to ascertain that an experienced geologist supervised the drilling and sampling. It is unknown if all coal quality analyses were performed to ASTM standards by qualified laboratories, as detailed in Section 8.0, however, this legacy drillhole information was included as the samples matched the coal seam intervals and reported quality data that was consistent between the different data sources. Model verifications further support WEIR’s high level of confidence that a representative, valid, and accurate drillhole database and geological model have been generated for the Berwind Complex that can be relied upon to accurately estimate coal resources and reserves.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The Berwind Complex currently has three active mines. The three active mines consist of one surface mine with a highwall miner, and two underground room and pillar mines, which use continuous miners for coal production. Ramaco began production of metallurgical coal at the complex in 2017. A majority of the underground mines will implement retreat mining, which typically results in mining recovery of 50 to 80 percent. Contour mining has an average mining recovery of approximately 90 percent, and the highwall mine has an average mining recovery of approximately 40 percent.

The Berwind Complex is mining several seams and seam splits, including the Pocahontas 6, Pocahontas 5, Pocahontas 4, and Pocahontas 3 (in descending order).

Historical coal production from the Berwind Complex, in accordance with the Mine Safety and Health Administration (MSHA) statistics, is summarized in Table 1.4-1 as follows:

Table 1.4-1 Berwind Complex Historical Production

The current Berwind Complex Life-of-Mine (LOM) Plan projects mining through 2049, an expected mine life for the complex of 27 years. Ramaco projects total annual production to be approximately 0.9 million clean tons until a second super-section is started in the Berwind No. 1 Deep Mine in 2027. After 2027, average annual production is projected to be 1.2 million clean tons through 2040 when the Berwind No. 1 Deep Mine is nearing end of mine life. After this, the single-section Laurel Fork Deep Mine is currently planned to operate into 2049, at an average annual rate of approximately 307 thousand clean tons per year. However, it is likely future mines will be planned and scheduled as necessary, from resource areas within the complex, to meet internal Ramaco production goals aligned with market conditions.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

All Run-of-Mine (ROM) coal is washed at the Berwind Preparation Plant. The Berwind Preparation Plant was initially built in 1955 and commissioned in 1957. Ramaco refurbished the preparation plant in 2021 and 2022 based on a design by Ramsey Industrial, with current ROM processing capacity of 600 tons per hour.

The Berwind Complex produces high quality, mid and low volatile metallurgical coal. Historically, the market for metallurgical coal from the Berwind Complex has been for both domestic metallurgical coal consumers and the global seaborne metallurgical coal market.

The Berwind Complex coal resources, as of December 31, 2022, are reported as in-place resources and are exclusive of reported coal reserve tons. Resources are reported in categories of Measured, Indicated and Inferred tonnage, in accordance with Regulation S-K Item 1302(d), summarized in Table 1.5-1 as follows:

Table 1.5-1 In-Place Coal Resource Tonnage and Quality Estimate,

as of December 31, 2022

Notes:

The conversion of resources to reserves at the Berwind Complex considers the design of a mine plan accommodating the planned mining equipment and executed in accordance with the MSHA rules and regulations, projected dilution and loss of product coal quality, projected coal sales prices, operating costs, and mineral control to determine if the saleable coal product will be economically mineable.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The coal reserves representing the economically viable tonnage controlled by Ramaco, and estimated in accordance with Regulation S-K Item 1302(e), is summarized in Table 1.5-2 as follows:

Table 1.5-2 Clean Recoverable Coal Reserve Tonnage and Quality Estimate, 

as of December 31, 2022

Notes:

WEIR prepared a Preliminary Feasibility Study financial model in order to assess the economic viability of the Berwind Complex LOM Plan. Specifically, plans were evaluated using discounted cash flow analysis, incorporating annual revenue projections for the Berwind LOM Plan. Cash outflows such as capital, including preproduction costs, sustaining capital, operating costs, transportation costs, royalties, and taxes are subtracted from cash inflows, resulting in annual cash flow projections. No adjustments are made for inflation and all cash flows are in 2022 United States dollars. WEIR’s study was conducted on an un-levered basis, excluding costs associated with any debt servicing requirements. In its assessment of the Discounted Cash Flow Net Present Value (DCF-NPV), WEIR utilized a discount rate of 10 percent.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The Preliminary Feasibility Study financial model developed for use in this TRS was meant to evaluate the prospects of economic extraction of coal within the Berwind Complex resource area. This economic evaluation is not meant to represent a project valuation. Furthermore, optimization of the LOM Plan was outside of the scope of this engagement.

The results of WEIR’s Preliminary Feasibility Study demonstrated an after-tax DCF-NPV of $405.7 million for the Berwind Complex LOM Plan. Key operational statistics for the LOM Plan, on an after-tax basis, are summarized in Table 1.6-1 as follows:

Table 1.6-1 Key Operating Statistics

A sensitivity analysis was undertaken to examine the influence of changes to coal sales prices, production, operating cost, capital expenditures, and the discount rate on the base case after-tax NPV. The sensitivity analysis range (+/- 25 percent) was designed to capture the bounds of reasonable variability for each element analyzed.

The Berwind Complex NPV is most sensitive to changes in coal sales prices and operating costs. It is less sensitive to changes in production and least sensitive to changes in discount rate and capital expenditures.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

As part of the permitting process required by the Virginia Department of Energy (VDE) and West Virginia Department of Environmental Protection (WVDEP), numerous baseline studies or impact assessments were undertaken by Ramaco. These baseline studies or impact assessments included in the permit are summarized as follows, with pertinent text from the permit replicated below:

Based on water samples from adjacent mining and the baseline surface water sampling, acid or toxic mine drainage is not expected or anticipated. All of the Ramaco existing and proposed mines are well above any significantly producing aquifers. Probable Hydrologic Consequence (PHC) studies showed no significant ground or surface water resource is likely to be contaminated, diminished, or interrupted, providing that the approved drainage control and revegetation plans are adhered to throughout existing and planned mining activities.

Coal mines in West Virginia are required to file applications for and receive approval of mining permits issued by the WVDEP to conduct surface disturbance and mining activities. Similar filings are required in Virginia through the VDE. The Berwind Complex has been issued mining permits and associated NPDES permits by the WVDEP and the VDE as shown in Table 1.7.-1 as follows:

Table 1.7-1 Berwind Complex Mining and NPDES Permits

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

As of December 31, 2022, Ramaco estimated an ARO reclamation liability of $4.9 million for its disturbed permit acreage, which is covered with a total bond amount of $3.6 million.

Ramaco currently employs approximately 210 personnel at the Berwind Complex and is projected to have maximum employment of 257 personnel through its Berwind Complex LOM Plan. The Berwind Complex also creates substantial economic value with its third-party service and supply providers, utilities, and through payment of taxes and fees to local, state and federal governments.

Ramaco’s environmental citations issued by the WVDEP and VDE are typical of similar citations issued to other operators in southern West Virginia and Southwestern Virginia. Most of these violations or citations were quickly abated and none were significant in nature.

Based on WEIR’s review of Ramaco’s plans for environmental compliance, permit compliance and conditions, and dealings with local individuals and groups, Ramaco’s efforts are adequate and reasonable in order to obtain necessary approvals relative to its mine plans.

Ramaco has a long operating history of resource exploration, mine development, and mining operations at the Berwind Complex, with extensive exploration data including drillholes, in-mine seam thickness and elevation measurements, and in-mine channel samples supporting the determination of mineral resource and reserve estimates, and economic viability. The data has been reviewed and analyzed by WEIR and determined to be adequate in quantity and reliability to support the coal resource and coal reserve estimates in this TRS.

Ramaco basically has full mineral control through current leases for all existing and planned mines included in the Berwind Complex LOM plan. There are approximately 62 acres out of 5,877 acres of the mine plan layout that are not currently controlled by Ramaco (1 percent uncontrolled). These tracts do not threaten the overall LOM plans. As similar for most mines, such uncontrolled tracts are either negotiated in time, or plans are modified to mine around any adverse tracts.

The coal resource and coal reserve estimates and supporting Preliminary Feasibility Study were prepared in accordance with Regulation S-K 1300 requirements. There are 629.0 million in-place tons of measured and indicated coal resources, exclusive of reserves, and 23.6 million tons of proven and probable clean recoverable underground mineable coal reserves within the Berwind Complex, as of December 31, 2022. Reasonable prospects for economic extraction were established through the development of a Preliminary Feasibility Study relative to the Berwind Complex LOM Plan, considering historical mining performance, historical and projected metallurgical coal sales prices, historical and projected mine operating costs, and recognizing reasonable and sufficient capital expenditures.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The ability of Ramaco, or any coal company, to achieve production and financial projections is dependent on numerous factors. These factors primarily include site-specific geological conditions, the capabilities of management and mine personnel, level of success in acquiring reserves and surface properties, coal sales prices and market conditions, environmental issues, securing permits and bonds, and developing and operating mines in a safe and efficient manner. Unforeseen changes in legislation and new industry developments could substantially alter the performance of any mining company.

Coal mining is carried out in an environment where not all events are predictable. While an effective management team can identify known risks and take measures to manage and/or mitigate these risks, there is still the possibility of unexpected and unpredictable events occurring. It is not possible therefore to totally remove all risks or state with certainty that an event that may have a material impact on the operation of a coal mine will not occur.

WEIR assessed that the risks associated with the economic mineability of the Berwind Complex were low to moderate and adds that the majority of the risks can be kept low and/or mitigated with efficient and effective mine planning and mine engineering, and monitoring of the mining operations.

WEIR recommends that any future exploration work and mineral property acquisition should include what has been historically implemented related to the following:

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

WEIR was retained by Ramaco (Nasdaq: METC) to prepare a TRS related to Ramaco’s Berwind Complex coal holdings.

The Berwind Complex is located approximately two miles from the town of Berwind, West Virginia, 80 miles south of Charleston, West Virginia; 100 miles west of Roanoke, Virginia; 60 miles northeast of Kingsport, Tennessee; and 160 miles east/southeast of Lexington, Kentucky. The Berwind Complex is located in McDowell County, West Virginia, and Buchanan, and Tazewell Counties, Virginia (see Figure 1.1-1).

This TRS was prepared specifically for Ramaco’s Berwind Complex. The reserves and resources at the Berwind Complex have been classified in accordance with SEC mining property disclosure rules under Subpart 1300 and Item 601 (96)(B)(iii) of Regulation S-K. Unless otherwise stated, all volumes, qualities, distances, and currencies are expressed in United States customary units.

The accuracy of reserve and resource estimates are, in part, a function of the quality and quantity of available data at the time this report was prepared. Estimates presented herein are considered reasonable, however, estimates should be accepted with the understanding that with additional data and analysis subsequent to the date of this report, the estimates may necessitate revision which may be material. Certain information set forth in this report contains “forward-looking information”, including production, productivity, operating costs, capital expenditures, coal sales prices, and other assumptions. These statements are not guarantees of future performance and undue reliance should not be placed on these statements. The assumptions used to develop the forward-looking information and the risks that could cause the actual results to differ materially are detailed in the body of this report.

For the Berwind Complex, this TRS reports both mineral reserves and resources (exclusive of reserves). Supporting the assessment of the economic mineability of reported reserves and prospects of economically feasible extraction of reported resources, this TRS includes summary detail of a Preliminary Feasibility Study conducted relative to the Berwind Complex.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

WEIR’s evaluation of coal reserves and resources was conducted in accordance with Regulation S-K 1300 definitions for Mineral Resource, Mineral Reserve and Preliminary Feasibility Study as follows:

The primary information used in this study was obtained from the following sources:

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

A detailed list of all data received and reviewed for this study is provided in Sections 24.0 and 25.0 of this TRS.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

WEIR personnel visited the Berwind Complex on November 30, 2021 and January 27, 2023. While on-site, WEIR personnel conducted interviews with company and mine management relative to the following key topics:

Key areas inspected by WEIR personnel at the Berwind Complex included the following:

Based on WEIR’s inspections of the Berwind Complex, the mines, preparation plant and associated infrastructure facilities, and equipment are well maintained and operated with regard for all state and federal rules and regulations related to mine safety and health standards.

This TRS is an update to the Berwind Complex TRS dated November 22, 2022. Approximately 30,000 acres of fee coal property was added to the Berwind Complex through purchase of the Coronado Global Resource Amonate Property. This purchase was completed in December 2021. The purchase also included a coal handling and preparation plant. Ramaco’s mines within the Berwind Complex will no longer utilize the Knox Creek Preparation Plant. Further, coal produced from within the Big Creek Property will continue to be processed at the Knox Creek Preparation Plant, references to references to the Big Creek Property were removed from this revised TRS and are included in a new TRS for Ramaco’s Knox Creek Complex. The changes noted above were determined by Ramaco to warrant the preparation of this updated TRS.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The town of Berwind, West Virginia is located approximately two miles northeast of the central area of the Berwind Complex. The Berwind Complex is generally located approximately 80 miles south of Charleston, West Virginia; 100 miles west of Roanoke, Virginia; 60 miles northeast of Kingsport, Tennessee; and 160 miles east/southeast of Lexington, Kentucky at 37.22 degrees North Latitude and 81.67 degrees West Longitude on the WGS 84 reference coordinate system. The comprised properties are fairly remote containing scattered rural residences and some small towns.

The Berwind Complex is within the Southern West Virginia and Southwest Virginia Coal Fields of the CAPP Region of the United States (see Figure 1.1-1). The USGS 7.5-minute quadrangle map sheets are Jewell Ridge, Richlands, War, Amonate, Pounding Mill, Gary, Tazewell North, and Tiptop.

The Berwind Property consists of approximately 62,500 acres of leased coal holdings located in McDowell County, West Virginia and Buchanan and Tazewell Counties, Virginia. Ramaco obtained the initial lease for this property in 2015 and commenced mine operations in 2017.

The Berwind Property’s surface facilities are located within the Berwind Property’s permit area, near the central area of the southern boundary of the permit. The surface facilities include a mine office, bath house, and parking lot near the Berwind No. 1 Pocahontas 3 Deep Mine. The Berwind coal handling and preparation plant facility is adjacent to and east of the surface facilities.

Currently, there are three active mines on the Berwind property:

In addition to the active mines, the Berwind No. 1 Pocahontas 4 Deep Mine is idle, within plans to be reactivated in April 2023.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Ramaco started operations at the Berwind No. 1 Pocahontas 4 Deep Mine in 2017 and idled the mine in mid-July 2022 due to an ignition. An investigation by MSHA suggests the ignition was caused by lightning that struck a pilot hole for a new shaft. The final MSHA report on this incident has not yet been released. Ramaco currently has control of the mine, however, some regulatory steps remain before operations can be re-started.

The Triad Pocahontas 4 Deep Mine commenced operation in 2021 and depleted its reserves in 2022. There is an additional permitted mine, Squire Jim No. 1 Deep Mine, which does not yet have a scheduled startup date.

Amonate Property

In December 2021, Ramaco completed the acquisition of the Amonate Property located adjacent to its existing Berwind Property. The acquisition of this Amonate Property from Coronado Global Resources involved approximately 30,250 acres and includes approximately 401 million tons of low and mid volatile in-place resources, several permitted mining operations, and a preparation plant. The reserves within the Amonate Property acquisition are included in this TRS and are now part of the Berwind Complex.

Ramaco supplied copies of deeds and lease agreements, and property control maps to WEIR related to properties for which mineral and/or surface property are controlled by Ramaco. WEIR reviewed this information and found no property boundary disputes or other concerns that would signal concern over future mining operations or development potential.

Ramaco’s Berwind Complex coal holdings over the 62,500 acres consist of both leases and fee simple coal properties. Approximately 52 percent of the holdings are leased from the Berwind Land Company (BLC), with the original lease executed in August 2015. Fee simple coal makes up the remaining 48 percent of coal holdings. Approximately 844 acres (1.4 percent) within the Berwind Complex are uncontrolled mineral properties.

Within the Berwind Complex, leases typically apply to specific seams, or a vertical range of seams. Therefore, the seams controlled often vary from lease to lease for specific areas across the complex. Table 3.3-1 below shows the various property control contracts.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Table 3.3-1 Berwind Complex Property Control

The Original Berwind Property mineral control is detailed in Table 3.4-1 below and has not changed from the previous TRS:

Table 3.4-1 Berwind Complex Mineral Control

⁽¹⁾ Expiration dates on leases can be extended

For mineral control detail on the Amonate Property, refer to Figure 3.4-1 below. It should be noted that the Amonate Property Squire Jim Seam Lease, shown on Figure 3.4-1 is in addition to the coal leases described above in Table 3.4-1.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Figure 3.4-1 Coal Control Map

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

WEIR has not discovered any significant encumbrances for any of the tracts within the Berwind Complex.

A list of Ramaco’s permits for the Berwind Complex and permit status is shown in Table 3.5-1, with a more detailed description of the permits discussed in Section 17.3.

Table 3.5-1 Berwind Complex Permit Status

Given Ramaco’s controlled interests at the Berwind Complex, which relate in part to property that is held by others and leased to Ramaco, WEIR assesses that there are no significant issues affecting access to the coal interests, or Ramaco’s ability to execute its mine plans.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

WEIR did not conduct an independent verification of property control, nor has it independently surveyed the mining locations. WEIR has relied on information compiled from maps and summaries of the owned and leased properties prepared by Ramaco. WEIR did not conduct a legal title investigation relative to Ramaco’s mineral and surface rights. Historically, property control has not posed any challenges related to Ramaco’s operations.

Within the Berwind Complex, Ramaco holds no material royalty or similar interest in property which is owned or operated by another party.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The Berwind Complex is in the southwestern part of the Appalachian Plateau Province directly north and adjacent to the Valley and Ridge Province. It is in the Cumberland Mountain zone of the Appalachian Plateau. The terrain is mountainous, steep, and rugged with elevations ranging from approximately 1,120 feet above Mean Sea Level (MSL) along the valley bottoms to over 4,040 feet above MSL along the ridges, averaging 2,230 feet. The landscapes are well-dissected with dendritic drainage systems. There are no major rivers in the area, however, there are numerous small creeks throughout the complex. The Dry Fork, Jacobs Fork, Indian Creek, and War Creek rivers, all tributaries of the Tug Fork River of the Ohio River watershed, traverse the complex. Topography and other features of the area are shown on Figure 7.5-1.

The Berwind Complex consists mostly of unmanaged forestland and scattered pastureland. The forestland consists of typical trees for this area of the Appalachians, with Oak/Hickory as the dominant forest-type group and a lesser percentage of the Maple/Beech/Birch forest-type group.

The wildlife indigenous to the area is typical of the species and diversities associated with the geographical and climatic areas within which the proposed surface mine site is located. Reconnaissance of the area affected by the proposed mining determined that the following species are or have been present: Whitetail Deer, Fox Squirrels, Gray Squirrels, Ground Squirrels, Eastern Opossums, Raccoon, Rabbits, Eastern Black Bear, Wild Turkey, and numerous species of birds. On the basis of numerous reconnaissance surveys, no endangered or threatened species of plants or animals, or habitats of such species were found to exist within or adjacent to the mine permit areas.

The primary access road to the properties is US Route 460, a four-lane highway, located south of the Berwind Complex. From US Route 460, Virginia Route 637 and connecting West Virginia Routes 9 and 11 can be used to access the Berwind Complex to the north.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The Norfolk Southern (NS) Railroad passes through and has a rail spur to facilities within the Berwind Complex. The NS Railroad provides rail service in the area extending from Amonate, Virginia northward through Berwind, West Virginia (see Figure 1.1-1).

The nearest airport is the Tri-Cities Airport (TRI), which is located in Bristol, Tennessee, approximately 90 miles from Berwind, West Virginia. The Yeager International Airport (CRW) in Charleston, West Virginia, is located 120 miles from Berwind, West Virginia.

The surrounding waterways are not navigable for commercial traffic. The closest barge docking area is approximately 70 miles to the north of the complex on the Kanawha River, south of Charleston, West Virginia.

The climate associated with the Berwind Complex is classified as a humid continental, characterized by hot, humid summers and moderately cold winters. Climate conditions vary greatly in the state of West Virginia due to influence of the rugged topography. Average high temperatures range from 82 to 87 degrees Fahrenheit in the summer, with average low temperatures ranging from 20 to 25 degrees Fahrenheit in winter. Average yearly rainfall measured in nearby Logan, West Virginia is approximately 47 inches per year, with approximately 1.6 inches occurring as snowfall. The mines on the Berwind Complex currently operate year-round, regardless of weather conditions.

Power

Electrical power for the Berwind Preparation Plant and mines on the Berwind Complex is provided by American Electric Power (AEP). AEP’s average industrial price is approximately 10 cents per kWh, which is slightly higher than the U.S. national average industrial price of 8.63 cents per kWh (EIA.gov statistics, December 2022).

Water

Water for mining and coal processing operations is provided by a combination of extraction from abandoned underground mine pools and from settling ponds located on the surface. Individual mine sites use purchased potable water. The Berwind mine offices and preparation plant obtain potable water from on-site wells. Ramaco has on-site water treatment facilities as well.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Personnel

The area surrounding the Berwind Complex has a long history of coal mining and attracting mining personnel with qualified skills has not been an issue for Ramaco thus far. The Berwind Complex is projected to employ a maximum of 257 personnel over the LOM Plan. The Berwind Complex operations employed approximately 210 personnel at the end of December 2022. The hourly labor force remains non-union and no change in this labor arrangement is anticipated in the near term.

Supplies

Supplies for the mining operations are available from multiple nearby vendors that service the coal industry in the CAPP Region. There are 10 Caterpillar mining equipment dealerships located within 50 miles of the Berwind Complex. There are three Komatsu/Joy Manufacturing mining equipment dealerships within 50 miles of the Berwind Complex.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The Berwind Complex and surrounding area has an extensive history of coal mining, primarily by underground mining methods. Detailed underground mine maps showing previous mine workings were provided by Ramaco. Other sources of maps showing previous mine workings that WEIR referenced were from the West Virginia Geological and Economic Survey, the Virginia Department of Mines Minerals and Energy, the USGS, and the MSHA. Mining within the Berwind Complex began in the early 1900s. There have been many different mine operators both large and small in the region since then.

Areas of the Berwind Property have been previously surface and underground mined. Within the Berwind Property, mining has occurred in seams above the Pocahontas No. 4 Seam in some reserve areas, notably in the Pocahontas 11 Seam (also locally known as the War Creek or Beckley Seam). Previously mined out areas on the property were provided to WEIR by Ramaco, however, WEIR has not verified, nor field checked these previously mined out areas.

The Amonate Property has had many ownership exchanges. Records indicate that coal was first produced on the property by Pocahontas Fuel Company beginning in 1926 and through the 1940s. A predecessor of Consolidation Coal Company acquired the property in 1956 and resumed operations in 1975. Coronado acquired the property from CONSOL in 2016. Ramaco acquired the property from Coronado in late 2021. Prior to Ramaco, no production had occurred in this area since 2012.

Prior to Ramaco’s control of the property in 2021, previous exploration included 4,821 holes drilled within or in proximity to both Ramaco’s Berwind and Knox Creek Complexes. Previous exploration activity dates back prior to 1910. A list of companies conducting exploration, number of holes drilled, total footage drilled, and approximate dates are shown in Table 5.2-1. Since property ownership has changed several times over the years, prior exploration drilling records are not fully available in original form.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Table 5.2-1 Previous Exploration

As can be seen in Table 5.2-1, Ramaco’s Berwind and Knox Creek Complexes have a rich history of coal exploration. It should be noted that Consol Energy, Inc. has an exceptionally large number of drillholes because of its substantial participation in the natural gas industry in the area.

Organizing significantly large amount of data requires performing tasks such as; 1) removing drillhole duplicates (especially where companies change drillhole names to match their own naming conventions), 2) resolving multiple copies of drillholes “shared” between companies (i.e. different companies own different seams over the same area and agree to “share” drillhole data, but delete the data for their seams before sharing), 3) resolving localized seam naming differences, and 4) resolving different coordinate systems. These are significant (and on-going) tasks for Ramaco. WEIR’s review of Ramaco’s current drillhole database is highly complementary based on the results of its work to date on these matters. Based upon thorough review of Ramaco’s compilation of this historical drilling data, it is WEIR’s opinion that this historical data is reliable for use in generating an accurate geological and quality model for the Berwind Complex.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The uppermost coal seams of interest (Jawbone and Tiller seams) within the Berwind Complex belong to the Norton Formation in Virginia of Early Pennsylvanian Age, which is stratigraphically equivalent to the Lower Kanawha and New River formations in southwestern West Virginia. The lower and primary coal seams of interest (Pocahontas and Squire Jim seams) belong to the Lee Formation of the Pottsville Group (Lower Pennsylvanian). The depositional setting for these seams is complex and thought to be upper delta plain, with subsidence controlling the sedimentation rate. The Lower Pennsylvania (Pottsville) sedimentary strata of the coal-bearing rocks of the Pocahontas Formation rest uncomformably on the Mississippian Bluestone Formation of the Mauch Chunk Group.

The Norton and Lee Formations (Virginia nomenclature) encompass the Berwind Complex, which additionally is within the western margin of the folded and faulted Central Appalachian Basin, with deformation occurring during the Alleghany (post-Permian) Orogeny. The Dry Fork Anticline is a regionally persistent fold, which extends from Buchanan County, Virginia to Mercer County, West Virginia. The anticline passes through the center of the complex and plunges to the southwest. North of the Dry Fork Anticline, coal beds dip at approximately one degree to the northwest, while to the south, seams dip one to two degrees toward the Boissevain Fault to the south/southwest.

The coalbeds of the Norton Formation are interbedded with sandstones, shales, siltstones, and underclays. The sandstones are light gray, very fine to coarse grained, thin bedded to massive, and crossbedded, and consist of 50 to 65 percent quartz, with large proportions of white-weathering feldspar, mica flakes and dark mineral grains. The shales are medium to dark, thinly laminated, and carbonaceous. Horizontally laminated or crossbedded medium light gray siltstones and medium gray clayey to silty underclays occur in thin beds throughout the formation.

The coal seams of interest within the Berwind Complex are in the Southwest Virginia Coal Field and the Southern Coal Field in West Virginia. These coal seams are known for very high calorific value (Btu/lb) and high through low-volatile metallurgical coal characteristics, with high fluidity, low ash content, and low sulfur content.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The Boissevain and Middle Creek faults are major northeast/southwest trending thrust faults, which pass through the southern boundary of the Berwind Complex and basically cut off resources to the south. The strata on the southeast side of the fault has been thrust upward, relative to the strata on the northern side, along a plane which is, in most places, inclined at approximately 45 degrees. Along much of the length of the fault, the strata have been overturned, and the fault offset is over 200 feet. The Boissevain and Middle Creek faults parallel the Richlands Fault, another large thrust fault to the south of the property, where Mississippian Age strata have been thrust above the Pennsylvanian coal-bearing formations. No mining has occurred south of the Boissevain and Middle Creek faults, within or near the complex.

The Canebrake Fault is a northwest/southeast trending fault, with an offset of approximately 200 feet based on evaluation of drillhole information. The upthrown side is to the north of the fault. Underground mining in the Red Ash Seam has occurred on both sides of the fault. This fault passes across the Berwind Complex near its center.

The primary coal seams of interest on the Berwind Property, in descending stratigraphic order, are the Tiller, Pocahontas No. 6, Pocahontas No. 5, Pocahontas No. 4, Pocahontas No. 3 and Squire Jim. All of the coal seams of interest outcrop on the property. The Canebrake Fault passes through the Berwind Property, however, it is not anticipated to adversely affect mining activities.

The Berwind Complex resource area is a relatively flat lying, sedimentary deposit of Pennsylvanian Age. The 34 coal seams in the Lee Formation and the overlying Norton Formation (Virginia nomenclature) account for approximately 3,000 feet of geologic section. For internal planning, Ramaco models these seams from exploration results using the SurvCad^® mine planning software package, completing model updates after each phase of exploration drilling. WEIR modeled the reserves and resources using Datamine MineScape^® Stratmodel geological modeling software. Exploration consists of core drilling for all the mineable seams, which is performed each year in advance of mining, to refine the resource boundary and to define limits of the mine plans. The WEIR geological model is discussed in more detail in Section 9.1.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Figure 6.3-1 shows the stratigraphic column for the Berwind Complex. Cross sections related to the Berwind Complex can be found on Figure 6.3-2.

Figure 6.3-1 Berwind Stratigraphic Column

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Figure 6.3-2 Berwind Stratigraphic Sections

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Drilling has served as the primary form of exploration within the Berwind Complex. In addition to exploration drillholes, seam outcrop measurements, in-mine measurements, and survey points taken from mine maps of previous operations were considered. A total of 194 seam outcrop measurements, 356 mine measurements, and 887 survey points were incorporated in modeling the deposit. Data from degasification, coal bed methane, and water wells were also incorporated in the geological model, including a total of 4,188 drillholes.

Ramaco’s exploration activities involve rotary and continuous core drilling performed by competent contract drilling companies. In addition to providing information about the coal seams present, the exploration drilling also provides core samples of roof strata and floor strata for geotechnical evaluation which is stored and evaluated as needed. The geologist’s drilling logs are checked against the geophysical logs for thickness accuracy and to confirm core recovery. Drillholes with core recovery of less than 90 percent are noted and subsequently reviewed in consideration for re-drilling. The successful acquisition of accurate geophysical logs for holes with poor core recovery play an important role in the decision to re-drill, since improvements in lithology recognition in geophysical logging has significantly improved over the years.

Once recovered, all core samples are boxed, photographed, and stored. Coal seam core samples are sent to laboratories for quality analyses. Caliper, density, gamma, and resistivity downhole geophysical logs are completed as drill site and hole conditions allow. Each drillhole collar location is surveyed using RTK GPS equipment to obtain accurate coordinates for subsequent modeling efforts.

Table 7.2-1 summarizes data for Ramaco’s drilling programs.

Table 7.2-1 Drilling Programs

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Referring to the drilling programs outlined in Table 7.2-1, the BL (Berwind) series of drillholes are intended both for in-fill drilling on the complex and to better establish boundaries of previously mined areas. Quality control procedures followed by Ramaco geologists are clearly defined. Ramaco’s field geologists take specified steps to protect sample integrity and to ensure core samples are always under Ramaco geologist’s control. These steps include the following:

WEIR did not have direct involvement with the planning, implementation, or supervision of Ramaco’s drilling programs. However, having reviewed the details of Ramaco’s drilling programs, and having had several technical discussions with Ramaco’s geologists on results, WEIR finds the results to be consistent with industry standards and appropriate for use in the estimation of reserves and resources.

WEIR did not observe core samples in person, however, Ramaco provided photos of core logs for 19 drillholes. In review of these photos, WEIR found the cores to be representative of the data reported for each drillhole.

Hydrological data for the complex is generally obtained from existing wells and surface water monitoring locations in proximity to Ramaco’s existing and planned operations. No additional exploration is performed specifically for the purposes of hydrological study. See Section 13.1.2, Hydrogeological Model, for more detail.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Ramaco does not specifically gather geotechnical data at its existing or planned operations at the Berwind Complex. See Section 13.1.1, Geotechnical Model, for more detail.

A map showing the location of all drillholes on the Berwind Complex is provided on Figure 7.5-1.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Figure 7.5-1 Drillhole Locations

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Ramaco generally uses one of several local drilling companies, based on availability and pricing. Downhole geophysical logging is typically performed by Marshall Miller & Associates of Bluefield, Virginia. Coal quality analyses are typically performed by Precision Testing Laboratory, Inc. of Beckley, West Virginia.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Relative to the drilling overseen by Ramaco, once the target coal seam has been drilled the coal core is stored in plastic lined wooden core boxes. The core is photographed, and the coal seam is measured and described by the geologist. The geologist’s seam thickness measurements are cross checked against geophysical logs for thickness accuracy and to confirm core recovery.

Ramaco used SGS North America Inc. (SGS) located in Sophia, West Virginia as its primary laboratory for coal analyses, since 2016. Typically, once quality samples were bagged and labeled at the mine, the samples were delivered to SGS for quality analyses. The samples were first prepared by crushing, splitting, and sizing. The analyses performed included Proximate, Washability, Ash Fusion, Ultimate, Ash Mineral, Dilatometer, Plastometer, Trace Elements, and Petrographics. SGS is certified by the ANSI National Accreditation Board. SGS performs all of the coal analyses to ASTM standards.

Ramaco has utilized Precision Testing Laboratory, Inc. (Precision) located in Beckley, West Virginia beginning in 2016. Also certified by the ANSI National Accreditation Board, Precision performs all the coal analyses to ASTM standards. Once quality samples are bagged and labeled at the mine, the samples are delivered to Precision for quality analyses. The samples are first prepared by crushing, splitting, and sizing. The analyses performed included Proximate, Washability, Ash Fusion, Ultimate, Ash Mineral, Dilatometer, Plastometer, Trace Elements, and Petrographics.

As outlined in Section 5.2, WEIR relied upon drillhole data from prior property owners. The quality data from other laboratories appears to be valid and appropriate to include in this study based upon available documentation and consistency of the data between the different sources.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

As ANSI certified laboratories, both SGS and Precision have in-house quality control and assurance procedures. Both are a well-known and respected providers of coal quality analysis services.

Once in possession of the samples, Precision’s standard sample preparation and security procedures are followed. After the sample has been tested, reviewed, and accepted, the disposal of the sample is done in accordance with local, state and EPA approved methods.

WEIR has determined the sample preparation, security and analysis procedures used for the Berwind Complex’s drillhole samples meet current coal industry standards and practices for quality testing, with laboratory results suitable to use for geological modeling, mineral resource estimation and economic evaluation.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Ramaco provided WEIR copies of all available drilling records for the Berwind Complex, which included Excel spreadsheets, driller’s log, field geologist’s logs, core photographs, quality results sheets from the coal quality laboratories, mine measurement tables, as well as drawing files or PDFs of the e-logs. Each hole in the database was individually checked by WEIR against a copy of the driller’s and/or geologist’s log to confirm data accuracy.

Geological reviews performed by WEIR included:

After completing the precursory verifications and validations described above, the drillhole data was loaded into Datamine’s MineScape^® Stratmodel, a geological modeling software. MineScape provides robust error checking features during the initial data load, which include confirmations of seam continuity, total depth versus hole header file data, interval overlap, and quality sample continuity with coal seams. Once the drillhole data was loaded, a stratigraphic model was created.

Several further verifications were then possible, which included:

Typical errors that may impact reserve and resource estimates relate to discrepancies in original data entry, and may include:

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

WEIR conducted a detailed independent geological evaluation of data provided by Ramaco to identify and correct errors of the nature listed above. Where errors are identified and cannot be successfully resolved, it is WEIR’s policy to exclude that data from the geological model. Based on WEIR’s geological evaluation of data provided, 81 drillholes were excluded from the drillhole database due to various reasons.

Limitations of data verification included incomplete or missing records for some drillholes. The primary reason for this situation is incomplete data transfers upon change in property ownership. Based on its modeling results, WEIR found some of the drillholes with incomplete data to be consistent with the deposit and appropriate to include in WEIR’s geological model.

It is WEIR’s opinion that the adequacy of sample preparation, security, and analytical procedures for holes and procedures that were drilled by Ramaco after acquiring the property is acceptable and that these methods meet typical industry standards. Ramaco employs detailed process and procedures, described in Section 8.4, that are followed each time a core hole is to be sampled. The Ramaco geologist’s logs for these holes contain sampling descriptions and lithologic descriptions that are sufficiently detailed to ascertain that an experienced geologist supervised the drilling and sampling. Ramaco coal quality analyses are performed by SGS to ASTM standards, as detailed in Section 8.0.

The adequacy of sample preparation, security, and analytical procedures are generally unknown for drillholes that were drilled prior to Ramaco acquiring the initial leases in 2016. However, the geologist’s logs for these holes contain sampling descriptions and lithologic descriptions that are sufficiently detailed to ascertain that an experienced geologist supervised the drilling and sampling. It is unknown if all coal quality analyses were performed to ASTM standards by qualified laboratories, as detailed in Section 8.0, however, this legacy drillhole information was included as the samples matched the coal seam intervals and reported quality data that was consistent between the different data sources. Model verifications further support WEIR’s high level of confidence that a representative, valid, and accurate drillhole database and geological model have been generated for the Berwind Complex that can be relied upon to estimate coal resources and reserves to an accuracy that is acceptable for this report’s specified standards.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Daily clean coal samples are taken to ensure specifications are met for each clean coal shipment. The testing is performed by SGS on samples obtained from various conveyor and stockpile locations prior to shipping clean coal products. Proximate and oxidation analyses are performed on the samples. Train and sublot samples include all petrographic and rheology analyses for each individual customer specification.

In addition to the clean product samples, individual circuit samples are performed routinely on both the tailings and product to ensure proper recovery or the presence of misplaced material. These results help ensure both proper preparation plant operation and coal product classification. Coal tonnages for raw and post-processed products are estimated using standard belt scales, which are calibrated monthly against the end of month survey data summary reports.

Efficiency testing is performed on all critical preparation plant circuitry on an on-going basis to help ensure proper coal and non-coal separations are occurring throughout the preparation plant processing operation. This performance testing is extensive and involves measuring flow rates, pressures, moistures, reagent application rates, size fractions, specific gravity, and coal quality at specific locations from raw feed through clean coal products and tailings.

Coal deposits originate in flat, low-lying ground within deltas, alluvial plains, and coastal systems, and as such are a relatively homogeneous, sedimentary mineral occurrence. The deposit within the Berwind Complex area exhibits homogeneous characteristics and does not show any substantial variations in mineralization types or styles that would adversely affect processing or saleability of the coal. Sample data are well representative of the deposit as a whole.

Coal sample analyses performed by Precision are described in Section 8.2.1. Preparation plant circuitry performance is maintained by plant staff through the plant monitoring systems. SGS performs daily analysis on the collected clean coal samples from automated samplers and any raw coal samples collected. Typical analysis on daily runs is proximate analysis only plus oxidation. Train and sublot samples with petrographics and rheology are performed per individual customer specifications.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Coal recovery and resulting product quality are primary concerns for any coal preparation plant. A coal preparation plant’s recovery and resulting quality of its saleable products are dependent on ROM coal quality and the efficiency at which non coal impurities are removed by the preparation plant process. Tracking and adjusting throughput rates for different plant circuitry, based on ROM coal feed quality, are critical to plant efficiency and product quality. The Berwind Preparation Plant processes ROM coal at specific gravities ranging from 1.50 to 1.65, depending on customer specifications, in order to produce saleable metallurgical coal products.

The Berwind Preparation Plant commenced operating in November 2022, after refurbishment. Historical preparation plant recovery from November 2022 through January 2023, based on plant belt scale records, is summarized in Table 10.4-1 as follows:

Table 10.4-1 Historical Preparation Plant Recovery

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The Berwind Preparation Plant historical (2022) and projected LOM Plan preparation plant recovery is shown on Figure 10.4-1.

Figure 10.4-1 Preparation Plant Recovery

Preparation plant recovery and saleable product quality are expected to track closely with the modeled recovery from raw coal analysis, once adjusted for out of seam dilution (OSD) mined by the surface and underground mines.

The testing procedures described above provide validation for modeled data and help to ensure coal sales specifications are met for resulting saleable coal products. The testing also helps to maintain preparation plant efficiency at a high level so that processing costs are minimized.

Ramaco employs testing and analytical procedures in accordance with industry standards, which result in efficient preparation plant operations and provides the necessary quality control to meet product quality and quantity projections. The testing performed is sufficient to support the projected preparation plant yield and saleable product quality for the LOM Plan.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The coal resources, as of December 31, 2022, are reported as in-place resources and are exclusive of reported coal reserve tons (see Section 12.0 for reserve tonnage estimates). Resources are reported in categories of Measured, Indicated, and Inferred tonnage in accordance with Regulation S-K Item 1302(d).

In addition to the currently active mines, there are numerous other resource areas within the Berwind Complex which Ramaco may plan and/or permit at a future date.

Data Sources

Planimetric data was provided by Ramaco in AutoCAD format and primarily included base map information such as rivers, drainages, roads, mine features, and property boundaries.

Ramaco provided WEIR drillhole data, which included survey, lithology, and coal quality information. This data was provided in different formats including Excel, ASCII files and PDFs. Geophysical logs, coal quality certificates, driller’s logs, geologist’s logs, downhole deviation data, and drillhole survey records were provided as scanned PDF files and AutoCAD drawing files. Data was provided for 4,290 drillholes, 4,188 holes of which are included in the geological model.

In-mine seam thickness and floor measurement from previous operations’ mine maps were provided in tabular file format. These mine measurements included 356 data points. Mine measurement data points were used to model coal seam thickness and structure but were not used as points of observations in estimating resource confidence.

Coal quality data for 625 drillholes was provided for the Berwind Complex. Of the 625 drillholes, 558 holes were used in the quality model. Data was provided in Excel format along with quality certificates in PDF.

Reasons for excluding drillhole quality samples in the modeling process included:

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Geological Model

The Berwind Complex geological model was developed by using seam surface grids that were created in Datamine’s MineScape^® Stratmodel (MineScape) geological modeling software.

Topography data was gridded using MineScape software and a grid cell size of 50 feet by 50 feet from the USGS on-line 3-D Elevation Project data source. The resolution of the topography data is 1/3 arc-second, which results in approximately a 30 by 30 feet data point spacing. The gridded USGS topography contours were compared to drillhole collars. WEIR investigated significant collar elevation discrepancies. Most differences are due to original drillhole locations being covered with burden or being subsequently mined. Drillholes for which such discrepancies could not be resolved were not used in the model.

The seam surfaces and thicknesses were created by loading the drilling and mine measurement data into MineScape and gridding the seam intercepts using a grid cell size of 150 feet by 150 feet. The parameters used to create the model are defined in the MineScape modeling schema which is a specification of modeling rules that is created for the site. The MineScape interpolators that were used in this study are common in most mine planning software packages. The Planar interpolator is a triangulation method with extrapolation enabled. Finite Element Analysis (FEM) is a widely used method for numerically solving differential equations arising in engineering and mathematical modeling. A trend surface is used in MineScape to promote conformability for the modeled seams to regional structures such as synclines, anticlines, or simply seam dip. MineScape caters to using different interpolators for thickness, roofs and floors (surfaces), and the selected trend surface as they are all modeled separately. The interpolator used for each of these items is selected on the basis of appropriateness to the data sets involved, as well as modeling experience. Stratigraphic Model Interpolators are shown in Table 11.1-1, as follows:

Table 11.1-1 Stratigraphic Model Interpolators

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

Ninety-eight (98) coal seams (including seam splits) were modeled for the Berwind Complex. A summary of drillhole statistics for the 19 seams that WEIR considered to have economic potential for the Berwind Complex are shown in Table 11.1-2. These statistics involve the 1,900 drillholes, out of the total 4,188, that can be allocated to the Berwind Complex versus the Knox Creek Complex.

Table 11.1-2 Drillhole Statistics

The gridded coal seam structure and coal seam thicknesses were validated against drillhole information to ensure that the data was properly modeled. Inconsistencies between modeled seam surfaces and surrounding drillholes were investigated and any confirmed errors in the drillhole data or model parameters were corrected. This process was repeated until a final version of the model was developed.

Coal Quality Model

The drillhole data described previously in this report were used to create a washed coal quality model that included raw ash and raw relative density. The washed quality model values were based on a specific gravity float of 1.50.

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The drillholes were verified to ensure that the seam depths used in the lithology file matched the sample depths in the quality file. Coal quality samples were loaded into MineScape and composited against the drillhole thicknesses. The composited values were then gridded using a grid cell size of 200 feet by 200 feet and the inverse distance weighted (squared) interpolator. The following quality data was modeled for all seams:

Quality contours were generated from the grids to check outlier values.

Additional Resource Criteria and Parameters

Based on WEIR’s review and evaluation of the data and plans relative to the Berwind Complex, resource estimation criteria were applied to ensure reported mineral resource tonnage has a reasonable prospect for economic extraction. Resource criteria and parameters for the Berwind Complex are as follows:

Technical Report Summary Berwind Complex Prepared for Ramaco Resources, Inc.

The coal resources, as of December 31, 2022, are reported as in-place resources and are exclusive of reported coal reserve tons (see Section 12.0). Resources are reported based on the coal resource estimate methodology described and are summarized in Table 11.2-1 as follows:

Table 11.2-1 In-Place Coal Resource Tonnage and Quality Estimate, as of December 31, 2022