Ramaco Resources (METC) 10-K14 Mar 232022 FY Annual reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Feb. 28, 2023	Jun. 30, 2022
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-38003
Entity Registrant Name	Ramaco Resources, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-4018838
Entity Address, Address Line One	250 West Main Street
Entity Address, Address Line Two	Suite 1900
Entity Address, City or Town	Lexington
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40507
City Area Code	859
Local Phone Number	244-7455
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 318.8
Entity Common Stock, Shares Outstanding (in shares)		44,451,850
Auditor Name	Crowe LLP
Auditor Firm ID	2276
Auditor Location	Houston, Texas
Entity Central Index Key	0001687187
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock, $0.01 par value
Title of 12(b) Security	Common Stock
Trading Symbol	METC
Security Exchange Name	NASDAQ
9.00% Senior Notes due 2026
Title of 12(b) Security	9.00% Senior Notes due 2026
Trading Symbol	METCL
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 35,613	$ 21,891
Accounts receivable	41,174	44,453
Inventories	44,973	15,791
Prepaid expenses and other	25,729	4,626
Total current assets	147,489	86,761
Property, plant and equipment, net	429,842	227,077
Financing lease right-of-use assets, net	12,905	9,128
Advanced coal royalties	3,271	5,576
Other	2,832	491
Total Assets	596,339	329,033
Current liabilities
Accounts payable	34,825	15,346
Accrued expenses	41,806	19,410
Asset retirement obligations	29	489
Current portion of long-term debt	35,639	7,674
Current portion of related party debt	40,000
Current portion of financing lease obligations	5,969	3,461
Insurance financing liability	4,577	280
Total current liabilities	162,845	46,660
Asset retirement obligations	28,856	22,060
Long-term debt, net	18,757	3,339
Long-term financing lease obligations, net	4,917	4,599
Senior notes, net	32,830	32,363
Deferred tax liability, net	35,637	6,406
Other long-term liabilities	3,299	2,532
Total liabilities	287,141	117,959
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding
Common stock, $0.01 par value, 260,000,000 shares authorized, 44,155,735 at December 31, 2022 and 44,092,981 at December 31, 2021 shares issued and outstanding	442	441
Additional paid-in capital	168,711	163,566
Retained earnings	140,045	47,067
Total stockholders' equity	309,198	211,074
Total Liabilities and Stockholders' Equity	$ 596,339	$ 329,033

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares Issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	260,000,000	260,000,000
Common stock, shares issued (in shares)	44,155,735	44,092,981
Common stock, shares outstanding (in shares)	44,155,735	44,092,981

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Operations
Revenue	$ 565,688	$ 283,394	$ 168,915
Costs and expenses
Cost of sales (exclusive of items shown separately below)	332,960	195,412	145,503
Asset retirement obligations accretion	1,115	615	570
Depreciation and amortization	41,194	26,205	20,912
Selling, general and administrative	40,032	21,629	21,023
Total costs and expenses	415,301	243,861	188,008
Operating income (loss)	150,387	39,533	(19,093)
Other income (expense), net	2,637	7,429	11,926
Interest expense, net	(6,829)	(2,556)	(1,224)
Income (loss) before tax	146,195	44,406	(8,391)
Income tax expense (benefit)	30,153	4,647	(3,484)
Net income (loss)	$ 116,042	$ 39,759	$ (4,907)
Earnings (loss) per common share
Basic	$ 2.63	$ 0.90	$ (0.12)
Diluted	$ 2.60	$ 0.90	$ (0.12)
Weighted average common shares outstanding
Basic weighted average shares outstanding	44,164	43,964	42,460
Diluted weighted average shares outstanding	44,702	44,257	42,460

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital.	Retained Earnings (Deficit)	Total
Balance at Dec. 31, 2019	$ 410	$ 154,957	$ 14,716	$ 170,083
Restricted stock surrendered for withholding taxes payable	(1)	(220)		(221)
Stock-based compensation	18	4,122		4,140
Net income (loss)			(4,907)	(4,907)
Balance at Dec. 31, 2020	427	158,859	9,809	169,095
Restricted stock surrendered for withholding taxes payable	(1)	(538)		(539)
Stock-based compensation	15	5,245		5,260
Dividends declared			(2,501)	(2,501)
Net income (loss)			39,759	39,759
Balance at Dec. 31, 2021	441	163,566	47,067	211,074
Restricted stock surrendered for withholding taxes payable	(2)	(3,181)		(3,183)
Stock options exercised		107		107
Stock-based compensation	3	8,219		8,222
Dividends declared			(23,064)	(23,064)
Net income (loss)			116,042	116,042
Balance at Dec. 31, 2022	$ 442	$ 168,711	$ 140,045	$ 309,198

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 116,042	$ 39,759	$ (4,907)
Adjustments to reconcile net income to net cash from operating activities:
Accretion of asset retirement obligations	1,115	615	570
Depreciation and amortization	41,194	26,205	20,912
Amortization of debt issuance costs	491	214	58
Stock-based compensation	8,222	5,260	4,140
Loss on disposal of equipment	756
Other income - gain on sale of mineral rights	(2,113)
Other income - employee retention tax credit		(5,407)
Other income - PPP loan			(8,444)
Deferred income taxes	29,229	4,644	(3,503)
Changes in operating assets and liabilities:
Accounts receivable	3,279	(24,154)	(1,043)
Prepaid expenses and other current assets	(14,378)	5,519	986
Inventories	(29,182)	(3,844)	3,314
Other assets and liabilities	1,127	1,124	(1,270)
Accounts payable	12,727	(1,820)	2,753
Accrued expenses	19,361	5,225	(254)
Net cash provided by operating activities	187,870	53,340	13,312
Cash flow from investing activities:
Capital expenditures	(123,012)	(29,466)	(24,753)
Proceeds from sale of mineral rights	2,000
Other	(1,061)
Net cash used for investing activities	(145,708)	(59,613)	(24,753)
Cash flows from financing activities:
Proceeds from PPP Loan			8,444
Proceeds from borrowings	42,000	54,368	50,043
Proceeds from stock options exercised	107
Payments of debt issuance cost		(2,356)
Payment of dividends	(20,041)
Repayment of borrowings	(26,026)	(26,300)	(45,598)
Repayment of Ramaco Coal acquisition financing - related party	(15,000)
Repayments of insurance financing	(1,290)	(862)	(1,382)
Repayments of equipment finance leases	(5,062)	(1,942)
Shares surrendered for withholding taxes payable	(3,183)	(539)	(221)
Net cash (used for) provided by financing activities	(28,495)	22,369	11,286
Net change in cash and cash equivalents and restricted cash	13,667	16,096	(155)
Cash and cash equivalents and restricted cash, beginning of period	22,806	6,710	6,865
Cash and cash equivalents and restricted cash, end of period	36,473	22,806	6,710
Supplemental cash flow information:
Cash paid for interest	5,997	1,601	1,095
Cash paid for taxes	15,500	9	19
Non-cash investing and financing activities:
Leased assets obtained under new financing leases	7,888	10,002
Financed equipment purchases	6,409
Capital expenditures included in accounts payable and accrued expenses	13,404	6,652	1,228
Financed insurance	5,587	280	$ 1,588
Accrued dividends payable	5,524	2,501
Ramaco Coal Asset Acquisition
Cash flow from investing activities:
Acquisition of assets	(11,738)
Non-cash investing and financing activities:
Coal acquisition	56,551
Maben Asset Acquisition
Cash flow from investing activities:
Acquisition of assets	(11,897)
Non-cash investing and financing activities:
Coal acquisition	$ 21,000
Amonate Asset Acquisition
Cash flow from investing activities:
Acquisition of assets		$ (30,147)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Consolidated Statements of Cash Flows
Interest capitalized	$ 1,061

Note 1 - Description of Busines

Note 1 - Description of Business	12 Months Ended
Note 1 - Description of Business	Dec. 31, 2022
Notes to Financial Statements
DESCRIPTION OF BUSINESS	Ramaco Resources, Inc. Notes to Consolidated Financial Statements NOTE 1—DESCRIPTION OF BUSINESS Ramaco Resources, Inc. (“Ramaco”) is a Delaware corporation formed in October 2016. Our principal corporate offices are located in Lexington, Kentucky. We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia, and southwestern Pennsylvania. As used herein, “the Company,” “we,” “us,” “our,” and similar terms include Ramaco Resources, Inc. and its subsidiaries, unless the context indicates otherwise. Our development portfolio primarily includes the following properties: Elk Creek, Berwind, Knox Creek and RAM Mine. Each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic target customer base, North American blast furnace steel mills and coke plants, as well as international metallurgical coal consumers. In addition, the Company completed acquisitions of Ramaco Coal, LLC (“Ramaco Coal”) and Maben Coal, LLC (“Maben Coal”) in the second and third quarter of 2022, respectively. With the Ramaco Coal acquisition, we control mineral deposits near Sheridan, Wyoming along with facilities that house research and development activities. With the Maben Coal acquisitions, the Company has obtained control of additional coal deposits in Wyoming County and Raleigh County, West Virginia. Our operations include three deep mines and a surface mine at our Elk Creek mining complex (the “Elk Creek Complex”). Development of this complex commenced in 2016 and included construction of a preparation plant and rail load-out facilities. The Elk Creek property consists of approximately 20,200 acres of controlled mineral rights and contains approximately 16 seams that we have targeted for production. The Company commenced expansion of the Elk Creek preparation plant during 2022 to increase production in future periods. Development of our Berwind mining complex (the “Berwind Complex”) began in late-2017. In 2020, we suspended development at the Berwind Complex due to lower pricing and demand largely caused by the COVID-19 outbreak. In early-2021, as pricing and demand improved, Berwind development was restarted. We successfully reached the thicker Pocahontas No. 4 seam in late 2021. In December 2021, we completed the acquisition of “Amonate Assets” from subsidiaries of Coronado Global Resources Inc. (“Coronado”), which include controlled mineral rights and a processing plant located in our Berwind Complex, saving us transportation costs to our Knox Creek plant 26 miles away. The Berwind Complex experienced an ignition event during 2022 that resulted in idling mining operations for one of the active mines. Production from the affected mine restarted in the first quarter of 2023. Our Knox Creek facility includes a preparation plant and controlled mineral rights that we expect to develop in the future. The Knox Creek preparation plant processes coal from our Berwind Complex (until the newly acquired plant at the Berwind Complex is placed into operation) as well as coal mined from the rights acquired in the Maben Coal transaction and coal purchased from third parties. Our RAM Mine property is located in southwestern Pennsylvania and is scheduled for initial production after a mining permit is issued and market conditions warrant development. COVID-19— Russia/Ukraine Conflict products, may have a significant effect on market prices and overall demand for our coal and the cost of supplies and equipment. We are closely monitoring the potential effects on the market. We have no meaningful direct financial exposure to Russia and Ukraine; however, the European Union ban on Russian coal has put upward pressure on international thermal coal prices. In addition, fear of economic contraction may affect future demand for coking coal.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
Note 2 - Summary of Significant Accounting Policies	Dec. 31, 2022
Notes to Financial Statements
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation Use of estimates Revenue Recognition Our coal sales generally include up to 90-day payment terms following the transfer of control of the goods to our customer. In the case of some of our foreign customers, our contracts also require that letters of credit are posted to secure payment of any outstanding receivable. We do not include extended payment terms in our contracts. Our contracts with customers typically provide for minimum specifications or qualities of the coal we deliver. Variances from these specifications or qualities are settled by means of price adjustments. Generally, these price adjustments are settled within 30 days of delivery and are insignificant. Certain of our contracts with customers include provisions in which the price is derived from an index. If control of the goods transfers to the customer in the period before the final price is determined, revenue is recorded based on the estimated consideration to be received. The Company estimates the amount to which it expects to receive by reference to forward curve or other relevant data. These estimates have not been constrained for accounting purposes due to the short period of time over which the uncertainty is resolved. Freight Revenue and Expense Cash and Cash Equivalents Inventories depreciation and amortization. Coal inventory quantities are adjusted periodically based on aerial surveys of coal stockpiles. Supply inventories are valued at average cost. Coal inventories at December 31, 2022, were made up of $22.4 million of raw coal, $18.2 million of saleable coal, and $4.4 million of supplies. Coal inventories at December 31, 2021, were made up of $12.5 million of saleable coal, $2.6 million of supplies, and $0.7 million of raw coal. Property, Plant and Equipment Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Mining property and mineral rights costs represent the costs incurred to acquire the rights to access and mine certain coal property either through deeds, leases, or other conveyance agreements. These costs include costs of acquiring, and accessing mineral reserves, resources and surface areas for mining activities. Mine development begins when the facts and circumstances clearly establish the presence of a commercial mineralized deposit. Capitalized mine development costs represent the costs incurred to prepare mine sites and/or seams of coal for future mining. These costs include costs of acquiring, permitting, planning, research, and developing access to identified mineral reserves and other preparations for commercial production as necessary to develop and permit the properties for mining activities. When components of capitalized mine development costs are replaced with new components, the Company capitalizes the replacement as a separate component and charges off the net book value of the component that was replaced at the cease-use date. If it is determined that an undeveloped mineral interest cannot be economically converted into proven and probable reserves, capitalized costs are assessed for impairment and future development costs are expensed as incurred. Operating expenditures including certain professional fees and overhead costs are not capitalized but are expensed as incurred. Mineral rights and capitalized mine development costs are depleted and amortized on a units-of-production basis as mining of that mine’s assigned reserves takes place. Depreciation of plant and equipment is calculated on the straight-line method over their estimated useful lives ranging from three Advanced Coal Royalties Impairment of Long-lived Assets Asset Retirement Obligations value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. The liability is accreted to its present value each period and the capitalized cost is amortized using the units-of-production method over estimated recoverable reserves upon commencement of mining. We review our asset retirement obligations on at least an annual basis for significant changes in the estimated timing or amount of cash flows. Occupational Disease (Pneumoconiosis) Obligations Estimating our occupational disease (pneumoconiosis) benefits obligation requires management to make estimates and judgments regarding timing and existence of a liability utilizing third-party actuaries to assist in preparing what constitutes adequate liability amounts. Inherent in the calculation are numerous assumptions and judgments including the ultimate costs, inflation factors, credit adjusted discount rates, timing of settlement awards in the legal and regulatory environments. Adjustments to estimated liabilities due to changes in actuarial assumptions are recorded immediately in earnings in the period in which the change in estimate occurs. O ther Income In addition, we recognized $5.4 million associated with the Coronavirus Aid, Relief and Economic Security Act Employee Retention Tax Credit as other income within the consolidated statements of operations for 2021. Leases ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at commencement date based on the present value of the fixed lease payments over the lease term. The Company does not separate lease and non-lease components for all leases as permitted under the accounting guidance for leases. As most of our leases do not contain a readily determinable implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating and finance lease ROU assets also include lease prepayments made by the Company and are reduced by any lease incentives received by the Company prior to commencement. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For operating leases, lease expense is recorded in the income statement based on a straight-line recognition of the total fixed payments over the lease term. For finance leases, accretion of the liability is recognized as interest expense and the ROU asset is amortized separately on a straight-line basis similar to the depreciation of equipment owned by the Company. Leases of mineral reserves and the related land leases are exempted under U.S. GAAP from recognition on the consolidated balance sheets. Fair Value Measurements indirectly observable through market-corroborated inputs; and Level 3 - inputs are unobservable, or observable but cannot be market-corroborated, requiring us to make assumptions about pricing by market participants. The fair values of cash and cash equivalents, accounts receivable, restricted cash, and accounts payable approximate their carrying amounts at each reporting date. The Company’s Senior Notes have an estimated fair value of $36 million and $38 million at December 31, 2022 and 2021, respectively. The fair values of the Company’s Senior Notes were based on observable market prices and were considered a Level 2 measurement at December 31, 2022 and a Level 1 measurement at December 31, 2021 based on trading volumes. The difference between the fair value and carrying amount of the Company’s remaining debts is not material due to the similarity between the terms of the debt agreements and prevailing market terms available to the Company. Nonrecurring fair value measurements of the Company include asset retirement obligations and estimated values used to allocate the acquisition cost of long-lived assets to individual assets, neither of which are subject to the fair value disclosure requirements. The fair value of asset retirement obligations is determined as the present value of estimated cash flows related to reclamation obligations, which is likely a Level 3 measurement due the use of unobservable inputs such as estimates regarding the amount and timing of costs to be incurred, the Company’s credit-adjusted discount rate, and inflation rates. The consideration for the Company’s acquisitions was allocated based on the relative fair values of the assets acquired, the primary asset of which was mineral rights. The fair values of mineral rights were determined based on Level 3 inputs, which are generally unobservable, requiring the Company to make assumptions about future coal prices, capital expenditures, future coal production, costs of production, and an appropriate rate at which to discount the future cash flows. Income Taxes Uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We had no uncertain tax positions requiring liability recognition as of December 31, 2022 and 2021. We file income tax returns in the U.S. and in various state and local jurisdictions which may be routinely examined by tax authorities. The statute of limitations is currently open for all tax returns filed. Segment Reporting The Ramaco Coal acquisition in 2022, as discussed in greater detail in Note 4, provides the Company with royalty savings and controlled mineral rights as well as a research and pilot facility located near Sheridan, Wyoming related to the Company’s possible expansion into the manufacturing and commercialization of advanced carbon products and materials from coal. The Wyoming property includes a thermal coal deposit and permit and is currently undergoing mineral analysis and core drilling to assess potential concentrations of rare earth elements. The Company refers to this potentially new business line as “CORE” (Carbon Ore-Rare Earth), signifying its focus on carbon ore and rare earth elements. CORE represents a separate operating segment and has economic and geographic differences compared to the Company’s metallurgical operations in the Appalachian basin; however, CORE does not meet the significance tests for separate disclosure as a reportable segment at this time. In addition, reconciling items of the metallurgical coal segment to the Company’s consolidated results are not yet material. The chief operating decision maker does not regularly review segment asset information for the purpose of assessing performance and making resource allocation decisions. Stock-Based Compensation The fair values of restricted stock and restricted stock unit awards having only a service condition were determined using the publicly-traded price of our common stock on the grant date. The fair value of performance stock units, which vest based on the achievement of relative total shareholder return goals, was determined on the date of grant based on a Monte Carlo simulation. The fair value of stock option awards was calculated using the Black-Scholes option-pricing model. The Black-Scholes model requires us to make assumptions and judgments about the variables used in the calculation, including the expected term, expected volatility, risk-free interest rate, dividend rate and service period. Concentrations Financial instruments that potentially subject us to a significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash and accounts receivable. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We monitor the credit ratings and concentration of risk with these financial institutions on a continuing basis to safeguard cash deposits. We have a limited number of customers. Contracts with these customers provide for billings principally upon shipment and compliance with payment terms is monitored on an ongoing basis. Outstanding receivables beyond payment terms are promptly investigated and discussed with the specific customer. We estimate an allowance for doubtful accounts by taking into consideration the age of past due accounts and an assessment of our customers’ ability to pay. An allowance for doubtful accounts was not necessary as of December 31, 2022 and 2021. During 2022, sales to two customers accounted for approximately 38% of total revenue. The total balance due from these customers at December 31, 2022 was approximately 32% of total accounts receivable. During 2021, sales to three customers accounted for approximately 58% of total revenue. The total balance due from these customers at December 31, 2021 was approximately 58% of total accounts receivable. During 2020, sales to three customers accounted for approximately 70% of total revenue. The number of customers comprising the concentrations above is based on a threshold of 10% or more of total revenues and related receivables. Recent Accounting Pronouncements Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses In August 2018, the FASB issued ASU 2018-15, Internal-Use Software hosting arrangement. We adopted this standard as of January 1, 2020, on a prospective basis. The adoption of this ASU did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,

Note 3 - Property, Plant and Eq

Note 3 - Property, Plant and Equipment	12 Months Ended
Note 3 - Property, Plant and Equipment	Dec. 31, 2022
Notes to Financial Statements
PROPERTY, PLANT AND EQUIPMENT	NOTE 3—PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: December 31, (In thousands) 2022 2021 Plant and equipment $ 232,885 $ 167,019 Mining property and mineral rights 120,760 26,064 Construction in process 34,698 9,972 Capitalized mine development costs 153,436 104,291 Less: accumulated depreciation and amortization (111,937) (80,269) Total property, plant and equipment, net $ 429,842 $ 227,077 Capitalized amounts related to coal reserves at properties where we are not currently engaged in mining operations totaled $33.4 million as of December 31, 2022 and $25.1 million as of December 31, 2021. In addition to the amounts discussed above, on July 10, 2022, the Company experienced a methane ignition at the Berwind No. 1 mine, which was one of the active mines at our Berwind mining complex. The other mines resumed production while the Berwind No. 1 mine was idled until a full investigation could be conducted. There were no personnel in the mine at the time of the incident and no injuries or fatalities occurred. The overall impact to pre-tax earnings in 2022 was immaterial except for idle mine costs of $9.5 million recognized during the year. Production from the Berwind No. 1 mine restarted in the first quarter of 2023. Mining property and mineral rights are made up primarily of significant asset acquisitions that occurred in 2022 and 2021. Refer to Note 4 for more information. Depreciation, depletion, and amortization included: Year ended December 31, (In thousands) 2022 2021 2020 Depreciation of plant and equipment $ 24,132 $ 17,945 $ 17,094 Amortization of right of use assets (finance leases) 4,846 1,109 — Amortization and depletion of capitalized mine development costs and mineral rights 12,216 7,151 3,818 Total depreciation, depletion, and amortization $ 41,194 $ 26,205 $ 20,912

Note 4 - Acquisitions

Note 4 - Acquisitions	12 Months Ended
Note 4 - Acquisitions	Dec. 31, 2022
Acquisitions
ACQUISITIONS	NOTE 4—ACQUISITIONS Ramaco Coal On April 29, 2022, the acquisition of Ramaco Coal, an entity owned by an investment fund managed by Yorktown Partners and certain members of the Company's management, was completed pursuant to a Purchase and Sale Agreement, dated February 23, 2022. The purchase price was approximately $65 million, consisting of an initial payment of $10 million paid at closing and a deferred purchase price of $55 million to be paid during the remainder of 2022 in $5 million ratable quarterly installments, and $10 million ratable quarterly installments to be paid in 2023 plus interest at a rate of 9%. Ramaco Coal controls certain coal mineral interests of principally metallurgical coal properties which are owned in fee or leased under long-term leases that are, in turn, leased or subleased to the Company and various third parties. Such lessees pay a royalty based on the amount of metallurgical coal mined and the realized price per ton. Ramaco Coal also controls a large thermal coal deposit and permit near Sheridan, Wyoming covering approximately 16 thousand acres, including a research and development facility and associated equipment and has a goal of converting coal to carbon products, such as graphene, graphite and carbon fiber. Concurrent with this acquisition, the Company and Ramaco Coal each sold certain mineral rights located in West Virginia (the “Split Ridge Arrangement”). To compensate for the sale of these rights, we received an overriding royalty arrangement which included $2 million up front and $125 thousand quarterly minimum royalty payment beginning in January 2024 until December 2028. The fair value of this arrangement was $3.7 million, of which, $1.6 million was treated as an allocation of the fair value of this disposed component of Ramaco Coal and, separately, a $2.1 million gain on the sale of the Company’s mineral rights included in Other income (expense), net on the 2022 Consolidated Statement of Operations. The acquisition of Ramaco Coal was accounted for as a purchase of assets due to substantially all of the fair value being concentrated in a single asset, the rights to metallurgical coal deposits. The consideration paid in connection with the acquisition of Ramaco Coal, including $1.6 million in closing costs, relinquishment of $1.6 million of prepaid royalties and $0.1 million paid to a mineral owner as part of the acquisition, was approximately $68.3 million and was allocated based on fair values to mining property and mineral rights ($65.1 million), buildings ($2.6 million) and equipment ($0.6 million). Refer to Note 7 for a description of the acquisition financing. Maben Coal On September 23, 2022, the Company completed the acquisition of 100% of the equity interests of Maben Coal, LLC (“Maben Coal”) pursuant to the Securities Purchase Agreement dated August 8, 2022, with Appleton Coal, LLC. The purchase price was approximately $30.0 million, consisting of an initial payment of $9.0 million and proceeds from a new two-year loan in the amount of $21.0 million. The Company also paid approximately $1.7 million of transaction costs and recognized liabilities of $1.3 million on the closing date, primarily related to $1.2 million of cash bond replacement obligations incurred by the Company as part of the transaction. In October 2022, the Company paid off the $1.2 million cash bond replacement obligation to Appleton Coal, LLC, which has been included in the investing activities section of the statement of cash flows. We acquired a large coal deposit on approximately 28 thousand leased acres located in Wyoming County and Raleigh County, West Virginia. We assumed existing mining permits issued by the West Virginia Department of Environmental Protection, which authorize mining by both surface and highwall mining methods as well as by underground methods. The property also has issued permits covering an existing haul road, as well as an active refuse disposal area together with a preparation plant and unit train loadout, neither of which had been constructed as of the closing date. The acquisition of Maben Coal was accounted for as a purchase of assets due to substantially all of the fair value being concentrated in a single asset, the rights to leased metallurgical coal deposits. The total consideration of approximately $33.0 million was allocated to mining property and mineral rights ($30.6 million), capitalized mine development costs ($1.0 million), receivable for the right to recover cash bond replacement payments made by the Company as discussed above ($1.2 million), and recoupable royalties ($0.2 million). Refer to Note 7 for information regarding the acquisition financing. Amonate Assets In December 2021, we acquired what are referred to as the “Amonate Assets” from Coronado, pursuant to an asset purchase agreement. The acquisition, for a total cash consideration of $30 million, included a mine complex located in McDowell County, West Virginia and Tazewell County, Virginia adjacent and contiguous to the Company’s existing Berwind Complex. The acquisition primarily consists of high quality, low and mid-vol metallurgical coal reserves and resources, much of which will be mined from the Company’s Berwind Complex. Also purchased were several additional permitted mines and a currently idled 1.3-million-ton per annum capacity coal preparation plant.

Note 5 - Asset Retirement Oblig

Note 5 - Asset Retirement Obligations	12 Months Ended
Note 5 - Asset Retirement Obligations	Dec. 31, 2022
Notes to Financial Statements
ASSET RETIREMENT OBLIGATIONS	NOTE 5—ASSET RETIREMENT OBLIGATIONS We estimate asset retirement obligations (“ARO”) for final reclamation based upon detailed engineering calculations of the amount and timing of the future cash spending for a third-party to perform the required work. Amounts recorded related to asset retirement obligations were as follows: December 31, (In thousands) 2022 2021 Balance at beginning of year $ 22,549 $ 15,156 Additional asset retirement obligations acquired/incurred 1,440 6,919 Expenditures made — (62) Accretion expense 1,115 615 Revisions to estimates 3,781 (79) Balance at end of year $ 28,885 $ 22,549

Note 6 - Accrued Expenses and O

Note 6 - Accrued Expenses and Other Long-Term Liabilities	12 Months Ended
Note 6 - Accrued Expenses and Other Long-Term Liabilities	Dec. 31, 2022
Notes To Financial Statements
ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES	NOTE 6—ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES Accrued expenses at December 31, 2022 consisted of accrued compensation and related benefits of $14.3 million, accrued purchases of $11.5 million, and various other liabilities. Accrued expenses at December 31, 2021 consisted of accrued compensation and related benefits of $5.6 million, accrued purchases of $2.8 million, and various other liabilities. The Company sponsors a defined contribution plan to assist eligible employees in providing for their future retirement needs. The Company’s contributions to the plan totaled $2.3 million, $1.2 million, and $0.9 million for the years ended December 31, 2022, 2021, and 2020, respectively. Other long-term liabilities were comprised primarily of worker’s compensation and occupational disease obligations discussed below. Workers’ Compensation and Occupational Disease Obligations We are self-insured for certain losses relating to workers’ compensation claims and occupational disease obligations under the Federal Mine Safety and Health Act of 1969, as amended. We purchase insurance coverage to reduce our exposure to significant levels of these claims. Self-insured losses are accrued based upon estimates of the aggregate liability for uninsured claims incurred as of the balance sheet date using current and historical claims experience and certain actuarial assumptions. The occupational disease benefit obligation represents the present value of the actuarially computed liabilities for such benefits over the employees’ applicable years of service. The occupational disease benefit liability was calculated using a discount rate of 5.60% and 3.26% at December 31, 2022 and 2021, respectively. As of December 31, 2022, the estimated aggregate liability for uninsured claims totaled $3.6 million, including $1.5 million of occupational disease obligations. Of the aggregate liability, $2.7 million was included in other long-term liabilities within the consolidated balance sheets. As of December 31, 2021, the estimated aggregate liability for uninsured claims totaled $3.9 million, including $1.4 million of occupational disease obligations. Of the aggregate liability, $2.4 million was included in other long-term liabilities within the consolidated balance sheets.

Note 7 - Debt

Note 7 - Debt	12 Months Ended
Note 7 - Debt	Dec. 31, 2022
Notes To Financial Statements
DEBT	NOTE 7—DEBT Our outstanding debt consisted of the following: December 31, (In thousands) 2022 2021 Term loan $ — $ 3,334 Revolving Credit Facility 25,000 — Equipment loans 8,396 7,679 Senior Notes, net 32,830 32,363 Financing of Ramaco Coal acquisition - Related party debt 40,000 — Financing of Maben Coal acquisition 21,000 — Total debt $ 127,226 $ 43,376 Current portion of long-term debt 75,639 7,674 Long-term debt, net $ 51,587 $ 35,702 Revolving Credit Facility and Term Loan — The Revolving Credit Facility has a maturity date of December 31, 2024 and bears interest based on the Secured Overnight Financing Rate (“SOFR”) + 2.0% or Base Rate + 1.5%. “Base Rate” is the highest of (i) KeyBank’s prime rate, (ii) Federal Funds Effective Rate + 0.5%, or (iii) SOFR + 2.0%. Advances under the Revolving Credit Facility are made initially as Base Rate loans but may be converted to SOFR rate loans at certain times at our discretion. At December 31, 2021, the borrowing base was $38.5 million and there were $25.0 million of borrowings outstanding under the facility, leaving $13.5 million of remaining availability. The Term Loan is secured under a Master Security Agreement with a pledge of certain underground and surface mining equipment, bears interest at LIBOR + 5.15% and is required to be repaid in monthly installments of $278 thousand including accrued interest. The term loan was repaid in full as of December 31, 2022. The Credit Agreement contains usual and customary covenants including limitations on liens, additional indebtedness, investments, restricted payments, asset sales, mergers, affiliate transactions and other customary limitations, as well as financial covenants. At December 31, 2022, we were in compliance with all financial covenants under the Credit Agreement. Key Equipment Finance Loan— J. H. Fletcher & Co. Loan— Komatsu Financial Limited Partnership Loan— Brandeis Machinery & Supply Company— 9.00% Senior Unsecured Notes due 2026— Ramaco Coal Deferred Purchase Price— and $10 million for each quarter in 2023 until maturity. The outstanding principal balance of the Ramaco Coal Loan was $40.0 million at December 31, 2022 and is secured by the membership interests of Ramaco Coal, LLC. In the event we make an initial public offering of the equity interests of all or substantially all of the acquired assets of Ramaco Coal, the seller shall have the option to convert up to fifty percent (50%) of the then outstanding principal balance, not to exceed $30 million, into a proportionate equity ownership in such initial public offering. Financing of Maben Coal Acquisition – On September 23, 2022, we acquired 100% of the equity interests of Maben Coal, LLC (see Note 4) and entered into a secured loan with Investec Bank PLC in the amount of $21.0 million to pay a portion of the purchase price. The loan bears interest at the applicable secured overnight financing rate (“SOFR”) plus a margin of 3.0% payable in cash, compounded monthly. Beginning in January 2023, the Company must start making monthly repayments of the outstanding principal in the amount of $800 thousand per month until the maturity date of September 23, 2024. The outstanding principal balance was $21.0 million at December 31, 2022. The loan contains certain financial covenants, including minimum cash balance, leverage ratio, and interest coverage ratio requirements. At December 31, 2022, we were in compliance with the financial covenants related to the loan. Current portion of long-term debt SBA Paycheck Protection Program Loan— Insurance financing one-year Maturities of our debt, which include $1.7 million of discounts and issuance costs to be accreted over future periods, are as follows: (In thousands) Years ending December 31: 2023 $ 75,639 2024 18,406 2025 351 2026 34,500 2027 — Total debt $ 128,896

Note 8 - Leases

Note 8 - Leases	12 Months Ended
Note 8 - Leases	Dec. 31, 2022
Notes To Financial Statements
LEASES	NOTE 8—LEASES The Company has various finance leases for mining equipment, which are generally for terms up to 36 months and expire through 2025. In addition, we have one operating lease for office space with a term of approximately five years that runs through 2027. Amortization of right of use assets associated with finance leases was $4.8 million, $1.1 million, and $0.0 million in 2022, 2021, and 2020, respectively, as discussed in Note 3. Interest expense recognized for financing lease liabilities was $0.4 million, $0.1 million, and $0.0 million in 2022, 2021, and 2020, respectively. Operating lease expense was $0.2 million in 2022 and $0.1 million per year in 2021 and 2020. Right-of-use assets and lease liabilities are determined as the present value of the lease payments, discounted using either the implicit interest rate in the lease or our estimated incremental borrowing rate based on similar terms, payments and the economic environment where the leased asset is located. Below is a summary of our leases: (In thousands) Classification December 31, 2022 December 31, 2021 Right-of-use assets Financing Financing lease right-of-use assets, net $ 12,905 $ 9,128 Operating Other assets 694 25 Total right-of-use assets $ 13,599 $ 9,153 Current lease liabilities Financing Current portion of financing lease obligations $ 5,969 $ 3,461 Operating Accrued expenses 122 25 Non-current lease liabilities Financing Long-term portion of financing lease obligations $ 4,917 $ 4,599 Operating Other long-term liabilities 585 — Total lease liabilities $ 11,593 $ 8,085 Minimum lease payments for our lease obligations are as follows: December 31, 2022 (In thousands) Financing Operating Total Future minimum lease payments: 2023 $ 6,302 $ 161 $ 6,463 2024 4,005 161 4,166 2025 1,032 164 1,196 2026 — 168 168 2027 — 168 168 Total undiscounted lease payments 11,339 822 12,161 Less: Amounts representing interest (453) (115) (568) Present value of lease obligations $ 10,886 $ 707 $ 11,593 Weighted average remaining term (years) 2.0 5.0 Weighted average discount rate 4.2% 6.0% Coal Leases and Associated Royalty Commitments

Note 9 - Equity

Note 9 - Equity	12 Months Ended
Note 9 - Equity	Dec. 31, 2022
Notes To Financial Statements
EQUITY	NOTE 9—EQUITY We are authorized to issue up to a total of 260,000,000 shares of common stock and 50,000,000 shares of preferred The Company routinely allows employees to surrender common stock to pay estimated taxes upon the vesting or exercise of stock-based compensation awards. The value of common stock tendered by employees is determined based on the price of the Company’s common stock at the time of relinquishment. There were no other repurchases of common shares. Stock-Based Compensation Awards Our Long-Term Incentive Plan (“LTIP”) is currently authorized by shareholders for the issuance of awards of up to approximately 10.9 million shares of common stock. As of December 31, 2022, there were approximately 5.4 million shares of common stock available for grant under the LTIP, which includes 4.0 million authorized shares that became effective on February 23, 2022. Additionally, granted but unvested shares are forfeited upon termination of employment, unless an employee enters into another written arrangement, and may not be sold, assigned, transferred, pledged or otherwise encumbered. As of December 31, 2022, we had four types of stock-based awards outstanding: stock options, restricted stock, restricted stock units, and performance stock units. Stock-based compensation expense for all stock-based awards totaled $8.2 million in 2022, $5.3 million in 2021, and $4.1 million in 2020. Options— The following table summarizes the remaining stock-based awards outstanding, as well as activity for the periods: Restricted Stock Restricted Stock Units Performance Stock Units Weighted Weighted Weighted Average Grant Average Grant Average Grant Shares Date Fair Value Shares Date Fair Value Shares Date Fair Value Outstanding at December 31, 2020 2,845,525 4.28 — — — — Granted 1,592,659 4.37 — — — — Vested (567,135) 6.55 — — — — Forfeited (129,279) 4.11 — — — — Outstanding at December 31, 2021 3,741,770 $ 3.98 — $ — — $ — Granted 214,363 14.59 248,706 15.65 248,706 22.21 Vested (809,539) 6.57 (82,903) 15.65 — — Forfeited (637) 15.65 — — — — Outstanding at December 31, 2022 3,145,957 $ 4.04 165,803 $ 15.65 248,706 $ 22.21 The total fair value of awards vested was $11.0 million during 2022, $5.1 million during 2021, and $1.5 million during 2020. Restricted Stock — one three and a half years In December 2019, we entered into modification agreements with 14 executives and employees holding 1.4 million shares of unvested restricted stock whereby the vesting periods for these share grants was extended an additional six months. In exchange for the modification, we made an additional restricted stock grant to each of these executives and employees. In all, we granted 22,000 additional restricted shares in the modification. Incremental compensation costs associated with these modifications totaled $0.8 million and was recognized during 2020. Restricted Stock Units— three years The 248,706 restricted stock units granted during 2022 are linked to the Company’s common stock value which was fair valued on the date of grant at $15.65 per share and is recognized ratably over the service period. At December 31, 2022, there was $2.7 million of total unrecognized compensation cost related to unvested restricted stock units to be recognized over the next two years. The fair value of restricted stock unit awards that vested during 2022 was $0.7 million. The fair value of the outstanding restricted stock unit awards was $1.5 million based on the year-end 2022 closing stock price. Performance Stock Units— three years targeted performance levels related to pre-established relative total shareholder return goals. These performance stock units have the potential to be earned from 0% to 200% of target depending on actual results. During the vesting period, the participants have no voting rights and no dividend rights; however, participants are entitled to receive dividend equivalents, which shall be subject to the same conditions applicable to the units and payable at the time the units vest. Upon vesting and within 30 days thereafter, the recipient will receive one share of common stock for each stock unit. The Company’s 248,706 performance stock units were valued relative to the stock price performance of a peer group of companies, which was fair valued at $22.21 per share at the date of grant based on a Monte Carlo simulation. The fair value of the performance stock units on the date of the grant is recognized ratably over the service period. At December 31, 2022, there was $3.8 million of total unrecognized compensation cost related to unvested performance stock units to be recognized over the next two years. The intrinsic value of the outstanding performance stock units, at target, was $2.2 million at December 31, 2022. Dividends On February 18, 2022, the Company announced that its Board of Directors approved an increase in its initial quarterly cash dividend to $5.0 million from the formerly approved $2.5 million that was declared and accrued in December 2021. Dividends in the amount of $5.0 million, or approximately $0.11 per share of common stock, were paid on March 15, 2022, to shareholders of record on March 1, 2022. Dividends in the amount of $5.0 million, or approximately $0.11 per share of common stock, were paid on June 15, 2022, to shareholders of record on June 1, 2022. Dividends in the amount of $5.0 million, or approximately $0.11 per share of common stock, were paid on September 15, 2022, to shareholders of record on September 1, 2022. Dividends in the amount of $5.0 million, or approximately $0.11 per share of common stock, were paid on December 15, 2022, to shareholders of record on December 1, 2022. On December 8, 2022, the Company announced that its Board of Directors declared a quarterly cash dividend of approximately $0.1250 per share of common stock. Dividends of $5.5 million were accrued in December 2022, and are payable on March 15, 2023, to shareholders of record on March 1, 2023. For the full year 2022, the Company recognized $23.1 million of cash dividends declared against retained earnings, including $5.5 million that were unpaid as of December 31, 2022. For the full year 2022, the Company paid $20.0 million of dividends, including $2.5 million that were accrued at December 31, 2021.

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	12 Months Ended
Note 10 - Commitments and Contingencies	Dec. 31, 2022
Notes To Financial Statements
COMMITMENTS AND CONTINGENCIES.	NOTE 10—COMMITMENTS AND CONTINGENCIES Environmental Liabilities — Surety Bond — Coal Leases and Associated Royalty Commitments royalty obligations under coal leases total $27.1 million and are broken down as follows: $3.3 million for 2023, $3.3 million for 2024, $3.4 million for 2025, $3.1 million for 2026, $2.9 million for 2027, and $11.1 million thereafter. Please refer to Note 12 for information regarding related party transactions. Contingent Transportation Purchase Commitments Litigation On November 5, 2018, one of our three raw coal storage silos that fed our Elk Creek plant experienced a partial structural failure. A temporary conveying system completed in late-November 2018 restored approximately 80% of our plant capacity. We completed a permanent belt workaround and restored the preparation plant to its full processing capacity in mid-2019. Our insurance carrier, Federal Insurance Company, disputed our claim for coverage based on certain exclusions to the applicable policy and, therefore, on August 21, 2019, we filed suit against Federal Insurance Company and Chubb INA Holdings, Inc. in Logan County Circuit Court in West Virginia seeking a declaratory judgment that the partial silo collapse was an insurable event and to require coverage under our policy. Defendants removed the case to the United States District Court for the Southern District of West Virginia, and upon removal, we substituted ACE American Insurance Company as a defendant in place of Chubb INA Holdings, Inc. The trial in the matter commenced on June 29, 2021, in Charleston, West Virginia. On July 15, 2021, the jury returned a verdict in our favor for $7.7 million in compensatory damages and on July 16, 2021, made an additional award of $25.0 million for inconvenience and aggravation. On August 12, 2021, the defendants filed a post-trial motion for judgment as a matter of law or in the alternative to alter or amend the judgment or for a new trial. The parties fully briefed the motion, and it stood submitted on August 31, 2021. On March 4, 2022, the court entered its memorandum opinion and order on the motion reducing the jury award to a total of $1.8 million, including pre-judgment interest, based largely on the court’s decision to vacate and set aside, in its entirety, the jury award of damages for inconvenience and aggravation. The same day, the court entered the judgment in accordance with the memorandum opinion and order. On April 1, 2022, we filed a notice of appeal with the U.S. Court of Appeals for the Fourth Circuit. The matter has been fully briefed by the parties, and the court heard oral argument on January 27, 2023. The matter is now pending before the court.

Note 11 - Revenue

Note 11 - Revenue	12 Months Ended
Note 11 - Revenue	Dec. 31, 2022
Notes to Financial Statements
REVENUE.	NOTE 11—REVENUES Our revenue is derived from contracts for the sale of coal and is recognized when the performance obligations under the contracts are satisfied, which is at the point in time control is transferred to our customer. Generally, domestic sales contracts have terms of about one year and the pricing is typically fixed. Export sales have spot or term contracts, and pricing can be either a fixed price or a price derived against index-based pricing mechanisms. Sales completed with delivery to an export terminal are reported as export revenue. Disaggregated information about our revenue is presented below: (In thousands) 2022 2021 2020 Coal Sales North American revenue $ 328,322 $ 143,946 $ 119,981 Export revenue, excluding Canada 237,366 139,448 48,934 Total revenue $ 565,688 $ 283,394 $ 168,915 Fourth quarter 2022 revenue that can be derived from the Company’s periodic filings includes a $2.8 million downward adjustment to revenue related to performance obligations that were satisfied in the previous quarter. This adjustment was due to the true-up of the Company’s previous estimate of certain provisional pricing provisions. As of December 31, 2022, the Company had outstanding performance obligations of approximately 1.5 million tons for contracts with fixed sales prices averaging $202 per ton, excluding freight, which will generally be satisfied within the next year, and 0.7 million tons for contracts with index-based pricing mechanisms . Sales into individual foreign countries equaling or exceeding 10% of our total revenues included Canada and South Africa at 12% and 10%, respectively, for 2022.

Note 12 - Related Party Transac

Note 12 - Related Party Transactions	12 Months Ended
Note 12 - Related Party Transactions	Dec. 31, 2022
Notes to Financial Statements
RELATED PARTY TRANSACTIONS	NOTE 12—RELATED PARTY TRANSACTIONS Mineral Lease and Surface Rights Agreements Administrative Services Legal Services —Some of the professional legal services we receive are provided by Jones & Associates (“Jones”), a related party. Ramaco Coal Deferred Purchase Price— Ramaco Foundation--

Note 13 - Income Taxes

Note 13 - Income Taxes	12 Months Ended
Note 13 - Income Taxes	Dec. 31, 2022
Notes to Financial Statements
INCOME TAXES	NOTE 13—INCOME TAXES Income tax expense (benefit) consisted of the following: Years ended December 31, (In thousands) 2022 2021 2020 Current taxes: Federal $ 517 $ — $ — State 407 3 19 Current taxes 924 3 19 Deferred taxes: Federal 28,389 6,518 (3,164) State 840 (1,874) (339) Deferred taxes 29,229 4,644 (3,503) Provision for income tax expense (benefit), net $ 30,153 $ 4,647 $ (3,484) The items accounting for differences between income taxes computed at the federal statutory rate and the provision recorded for income taxes were as follows: Years ended December 31, (In thousands) 2022 2021 2020 Income taxes computed at the federal statutory rate $ 30,701 $ 9,325 $ (1,762) Effect of: State taxes, net of federal benefits 1,422 796 (253) State tax rate changes, net of federal benefits (546) (2,274) — Percentage depletion (3,314) (3,363) (714) PPP Loan forgiveness — — (1,773) Stock-based compensation (1,499) (194) 473 162(m) compensation limitation 3,481 — — Other, net (92) 357 545 Total $ 30,153 $ 4,647 $ (3,484) Deferred tax assets and liabilities were as follows: December 31, (In thousands) 2022 2021 Deferred tax assets: Loss carryforwards U.S. - Federal/States $ 6,598 $ 15,975 Asset retirement obligations 6,359 5,175 Accrued expenses 3,257 744 Stock-based compensation 2,249 2,331 Total deferred tax assets 18,463 24,225 Deferred tax liabilities: Depreciation & amortization (54,100) (30,631) Net deferred tax liabilities $ (35,637) $ (6,406) As of December 31, 2022, our federal net operating loss carryforwards were approximately $24 million. Total state loss carryforwards were approximately $32 million. The Company’s net operating loss carryforwards have no statutory expiration. Cash paid for income taxes totaled $15.5 million in 2022. The Company recognized an income tax receivable of $14.6 million included in prepaid expenses and other current assets at December 31, 2022.

Note 14 - Earnings (Loss) Per S

Note 14 - Earnings (Loss) Per Share	12 Months Ended
Note 14 - Earnings (Loss) Per Share	Dec. 31, 2022
Notes to Financial Statements
EARNINGS (LOSS) PER SHARE	NOTE 14—EARNINGS (LOSS) PER SHARE The following table is a calculation of the net earnings (loss) per basic and diluted share: Years ended December 31, (In thousands, except per share amounts) 2022 2021 2020 Numerator Net income (loss) $ 116,042 $ 39,759 $ (4,907) Denominator Weighted average shares used to compute basic earnings per share 44,164 43,964 42,460 Dilutive effect of stock option awards 532 293 — Dilutive effect of restricted stock units 6 Weighted average shares used to compute diluted earnings per share 44,702 44,257 42,460 Earnings (loss) per share Basic $ 2.63 $ 0.90 $ (0.12) Diluted $ 2.60 $ 0.90 $ (0.12) Diluted EPS for 2022 excludes 248,706 of target performance stock units based on the guidance for contingently issuable shares, which requires exclusion when, based on current period results, the shares would not be issuable if the end of the reporting period were the end of the contingency period. Refer to Note 9 for additional information regarding performance stock unit awards. Diluted EPS for 2020 excludes 937,424 options to purchase our common stock because their effect would be anti-dilutive.

Note 15 - Subsequent Events

Note 15 - Subsequent Events	12 Months Ended
Note 15 - Subsequent Events	Dec. 31, 2022
Notes To Financial Statements
SUBSEQUENT EVENTS	NOTE 15—SUBSEQUENT EVENTS Shortly after the balance sheet date, the Company repaid $20 million of the $25 million of borrowings under the Revolving Credit Facility using funds from current operations. At a later date, on February 15, 2023, the Company entered into the Second Amended and Restated Credit and Security Agreement, which includes multiple lending parties and provides additional borrowing capacity compared to the facility utilized in 2022. The new facility, which has a maturity date of February 15, 2026, provides an initial aggregate revolving commitment of $125.0 million as well as an accordion feature of $50 million subject to certain terms and conditions, including lender’s consent. The aggregate revolving commitment had a borrowing base of $66.3 million at the closing date of the new facility after consideration of collateral and reserve requirements. The Company utilized the new facility to borrow an additional $20 million and used $10 million of the proceeds to pay down related-party debt associated with the acquisition of Ramaco Coal. The remaining availability under the new facility was $41.3 million at the closing date after outstanding borrowings of $25.0 million. Revolving loans under the new facility bear interest at either the base rate plus 1.50% or the Secured Overnight Financing Rate plus 2.00%. The base rate equals the highest of the administrative agent’s prime rate, the Federal Funds Effective Rate plus 0.5%, or 3%. The terms of the new facility include covenants limiting the ability of the Company to incur additional indebtedness, make investments or loans, incur liens, consummate mergers and similar fundamental changes, make restricted payments, and enter into transactions with affiliates. The terms of the new facility also contain a financial covenant that requires the Company to maintain a fixed charge coverage ratio of not less than 1.10:1.00 calculated as of the last day of each fiscal quarter starting with the first quarter of 2023. The new facility also contains certain compensating balance requirements, which include that the Company maintain an average daily cash balance of $5 million, as determined on a monthly basis, to assure future credit availability. * * * * *

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2022
Summary of Significant Accounting Policies.
Basis of Presentation	Basis of Presentation and Consolidation
Use of estimates	Use of estimates
Revenue Recognition	Revenue Recognition Our coal sales generally include up to 90-day payment terms following the transfer of control of the goods to our customer. In the case of some of our foreign customers, our contracts also require that letters of credit are posted to secure payment of any outstanding receivable. We do not include extended payment terms in our contracts. Our contracts with customers typically provide for minimum specifications or qualities of the coal we deliver. Variances from these specifications or qualities are settled by means of price adjustments. Generally, these price adjustments are settled within 30 days of delivery and are insignificant. Certain of our contracts with customers include provisions in which the price is derived from an index. If control of the goods transfers to the customer in the period before the final price is determined, revenue is recorded based on the estimated consideration to be received. The Company estimates the amount to which it expects to receive by reference to forward curve or other relevant data. These estimates have not been constrained for accounting purposes due to the short period of time over which the uncertainty is resolved. Freight Revenue and Expense
Cash and cash equivalents	Cash and Cash Equivalents
Inventories	Inventories depreciation and amortization. Coal inventory quantities are adjusted periodically based on aerial surveys of coal stockpiles. Supply inventories are valued at average cost. Coal inventories at December 31, 2022, were made up of $22.4 million of raw coal, $18.2 million of saleable coal, and $4.4 million of supplies. Coal inventories at December 31, 2021, were made up of $12.5 million of saleable coal, $2.6 million of supplies, and $0.7 million of raw coal.
Property, Plant and Equipment	Property, Plant and Equipment Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Mining property and mineral rights costs represent the costs incurred to acquire the rights to access and mine certain coal property either through deeds, leases, or other conveyance agreements. These costs include costs of acquiring, and accessing mineral reserves, resources and surface areas for mining activities. Mine development begins when the facts and circumstances clearly establish the presence of a commercial mineralized deposit. Capitalized mine development costs represent the costs incurred to prepare mine sites and/or seams of coal for future mining. These costs include costs of acquiring, permitting, planning, research, and developing access to identified mineral reserves and other preparations for commercial production as necessary to develop and permit the properties for mining activities. When components of capitalized mine development costs are replaced with new components, the Company capitalizes the replacement as a separate component and charges off the net book value of the component that was replaced at the cease-use date. If it is determined that an undeveloped mineral interest cannot be economically converted into proven and probable reserves, capitalized costs are assessed for impairment and future development costs are expensed as incurred. Operating expenditures including certain professional fees and overhead costs are not capitalized but are expensed as incurred. Mineral rights and capitalized mine development costs are depleted and amortized on a units-of-production basis as mining of that mine’s assigned reserves takes place. Depreciation of plant and equipment is calculated on the straight-line method over their estimated useful lives ranging from three
Advanced Coal Royalties	Advanced Coal Royalties
Impairment of Long-lived Assets	Impairment of Long-lived Assets
Asset Retirement Obligations	Asset Retirement Obligations value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. The liability is accreted to its present value each period and the capitalized cost is amortized using the units-of-production method over estimated recoverable reserves upon commencement of mining. We review our asset retirement obligations on at least an annual basis for significant changes in the estimated timing or amount of cash flows. Occupational Disease (Pneumoconiosis) Obligations Estimating our occupational disease (pneumoconiosis) benefits obligation requires management to make estimates and judgments regarding timing and existence of a liability utilizing third-party actuaries to assist in preparing what constitutes adequate liability amounts. Inherent in the calculation are numerous assumptions and judgments including the ultimate costs, inflation factors, credit adjusted discount rates, timing of settlement awards in the legal and regulatory environments. Adjustments to estimated liabilities due to changes in actuarial assumptions are recorded immediately in earnings in the period in which the change in estimate occurs. O ther Income In addition, we recognized $5.4 million associated with the Coronavirus Aid, Relief and Economic Security Act Employee Retention Tax Credit as other income within the consolidated statements of operations for 2021.
Other income	O ther Income
Leases	Leases ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at commencement date based on the present value of the fixed lease payments over the lease term. The Company does not separate lease and non-lease components for all leases as permitted under the accounting guidance for leases. As most of our leases do not contain a readily determinable implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating and finance lease ROU assets also include lease prepayments made by the Company and are reduced by any lease incentives received by the Company prior to commencement. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For operating leases, lease expense is recorded in the income statement based on a straight-line recognition of the total fixed payments over the lease term. For finance leases, accretion of the liability is recognized as interest expense and the ROU asset is amortized separately on a straight-line basis similar to the depreciation of equipment owned by the Company. Leases of mineral reserves and the related land leases are exempted under U.S. GAAP from recognition on the consolidated balance sheets.
Fair Value Measurements	Fair Value Measurements indirectly observable through market-corroborated inputs; and Level 3 - inputs are unobservable, or observable but cannot be market-corroborated, requiring us to make assumptions about pricing by market participants. The fair values of cash and cash equivalents, accounts receivable, restricted cash, and accounts payable approximate their carrying amounts at each reporting date. The Company’s Senior Notes have an estimated fair value of $36 million and $38 million at December 31, 2022 and 2021, respectively. The fair values of the Company’s Senior Notes were based on observable market prices and were considered a Level 2 measurement at December 31, 2022 and a Level 1 measurement at December 31, 2021 based on trading volumes. The difference between the fair value and carrying amount of the Company’s remaining debts is not material due to the similarity between the terms of the debt agreements and prevailing market terms available to the Company. Nonrecurring fair value measurements of the Company include asset retirement obligations and estimated values used to allocate the acquisition cost of long-lived assets to individual assets, neither of which are subject to the fair value disclosure requirements. The fair value of asset retirement obligations is determined as the present value of estimated cash flows related to reclamation obligations, which is likely a Level 3 measurement due the use of unobservable inputs such as estimates regarding the amount and timing of costs to be incurred, the Company’s credit-adjusted discount rate, and inflation rates. The consideration for the Company’s acquisitions was allocated based on the relative fair values of the assets acquired, the primary asset of which was mineral rights. The fair values of mineral rights were determined based on Level 3 inputs, which are generally unobservable, requiring the Company to make assumptions about future coal prices, capital expenditures, future coal production, costs of production, and an appropriate rate at which to discount the future cash flows.
Income Taxes	Income Taxes Uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We had no uncertain tax positions requiring liability recognition as of December 31, 2022 and 2021. We file income tax returns in the U.S. and in various state and local jurisdictions which may be routinely examined by tax authorities. The statute of limitations is currently open for all tax returns filed.
Segment Reporting	Segment Reporting The Ramaco Coal acquisition in 2022, as discussed in greater detail in Note 4, provides the Company with royalty savings and controlled mineral rights as well as a research and pilot facility located near Sheridan, Wyoming related to the Company’s possible expansion into the manufacturing and commercialization of advanced carbon products and materials from coal. The Wyoming property includes a thermal coal deposit and permit and is currently undergoing mineral analysis and core drilling to assess potential concentrations of rare earth elements. The Company refers to this potentially new business line as “CORE” (Carbon Ore-Rare Earth), signifying its focus on carbon ore and rare earth elements. CORE represents a separate operating segment and has economic and geographic differences compared to the Company’s metallurgical operations in the Appalachian basin; however, CORE does not meet the significance tests for separate disclosure as a reportable segment at this time. In addition, reconciling items of the metallurgical coal segment to the Company’s consolidated results are not yet material. The chief operating decision maker does not regularly review segment asset information for the purpose of assessing performance and making resource allocation decisions.
Stock-Based Compensation	Stock-Based Compensation The fair values of restricted stock and restricted stock unit awards having only a service condition were determined using the publicly-traded price of our common stock on the grant date. The fair value of performance stock units, which vest based on the achievement of relative total shareholder return goals, was determined on the date of grant based on a Monte Carlo simulation. The fair value of stock option awards was calculated using the Black-Scholes option-pricing model. The Black-Scholes model requires us to make assumptions and judgments about the variables used in the calculation, including the expected term, expected volatility, risk-free interest rate, dividend rate and service period.
Concentrations	Concentrations Financial instruments that potentially subject us to a significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash and accounts receivable. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We monitor the credit ratings and concentration of risk with these financial institutions on a continuing basis to safeguard cash deposits. We have a limited number of customers. Contracts with these customers provide for billings principally upon shipment and compliance with payment terms is monitored on an ongoing basis. Outstanding receivables beyond payment terms are promptly investigated and discussed with the specific customer. We estimate an allowance for doubtful accounts by taking into consideration the age of past due accounts and an assessment of our customers’ ability to pay. An allowance for doubtful accounts was not necessary as of December 31, 2022 and 2021. During 2022, sales to two customers accounted for approximately 38% of total revenue. The total balance due from these customers at December 31, 2022 was approximately 32% of total accounts receivable. During 2021, sales to three customers accounted for approximately 58% of total revenue. The total balance due from these customers at December 31, 2021 was approximately 58% of total accounts receivable. During 2020, sales to three customers accounted for approximately 70% of total revenue. The number of customers comprising the concentrations above is based on a threshold of 10% or more of total revenues and related receivables.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses In August 2018, the FASB issued ASU 2018-15, Internal-Use Software hosting arrangement. We adopted this standard as of January 1, 2020, on a prospective basis. The adoption of this ASU did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,

Note 3 - Property, Plant and _2

Note 3 - Property, Plant and Equipment (Tables)	12 Months Ended
Note 3 - Property, Plant and Equipment (Tables)	Dec. 31, 2022
Property, Plant and Equipment.
Schedule of property, plant, and equipment	December 31, (In thousands) 2022 2021 Plant and equipment $ 232,885 $ 167,019 Mining property and mineral rights 120,760 26,064 Construction in process 34,698 9,972 Capitalized mine development costs 153,436 104,291 Less: accumulated depreciation and amortization (111,937) (80,269) Total property, plant and equipment, net $ 429,842 $ 227,077
Schedule of depreciation and amortization	Year ended December 31, (In thousands) 2022 2021 2020 Depreciation of plant and equipment $ 24,132 $ 17,945 $ 17,094 Amortization of right of use assets (finance leases) 4,846 1,109 — Amortization and depletion of capitalized mine development costs and mineral rights 12,216 7,151 3,818 Total depreciation, depletion, and amortization $ 41,194 $ 26,205 $ 20,912

Note 5 - Asset Retirement Obl_2

Note 5 - Asset Retirement Obligations (Tables)	12 Months Ended
Note 5 - Asset Retirement Obligations (Tables)	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Amounts recorded related to asset retirement obligations	December 31, (In thousands) 2022 2021 Balance at beginning of year $ 22,549 $ 15,156 Additional asset retirement obligations acquired/incurred 1,440 6,919 Expenditures made — (62) Accretion expense 1,115 615 Revisions to estimates 3,781 (79) Balance at end of year $ 28,885 $ 22,549

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	12 Months Ended
Note 7 - Debt (Tables)	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of outstanding debt	December 31, (In thousands) 2022 2021 Term loan $ — $ 3,334 Revolving Credit Facility 25,000 — Equipment loans 8,396 7,679 Senior Notes, net 32,830 32,363 Financing of Ramaco Coal acquisition - Related party debt 40,000 — Financing of Maben Coal acquisition 21,000 — Total debt $ 127,226 $ 43,376 Current portion of long-term debt 75,639 7,674 Long-term debt, net $ 51,587 $ 35,702
Schedule of maturities of long-term debt	(In thousands) Years ending December 31: 2023 $ 75,639 2024 18,406 2025 351 2026 34,500 2027 — Total debt $ 128,896

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	12 Months Ended
Note 8 - Leases (Tables)	Dec. 31, 2022
Leases [Abstract]
Summary of Leases	December 31, 2022 (In thousands) Financing Operating Total Future minimum lease payments: 2023 $ 6,302 $ 161 $ 6,463 2024 4,005 161 4,166 2025 1,032 164 1,196 2026 — 168 168 2027 — 168 168 Total undiscounted lease payments 11,339 822 12,161 Less: Amounts representing interest (453) (115) (568) Present value of lease obligations $ 10,886 $ 707 $ 11,593 Weighted average remaining term (years) 2.0 5.0 Weighted average discount rate 4.2% 6.0%
Schedule of right-of-use assets and lease liabilities	(In thousands) Classification December 31, 2022 December 31, 2021 Right-of-use assets Financing Financing lease right-of-use assets, net $ 12,905 $ 9,128 Operating Other assets 694 25 Total right-of-use assets $ 13,599 $ 9,153 Current lease liabilities Financing Current portion of financing lease obligations $ 5,969 $ 3,461 Operating Accrued expenses 122 25 Non-current lease liabilities Financing Long-term portion of financing lease obligations $ 4,917 $ 4,599 Operating Other long-term liabilities 585 — Total lease liabilities $ 11,593 $ 8,085

Note 9 - Equity (Tables)

Note 9 - Equity (Tables)	12 Months Ended
Note 9 - Equity (Tables)	Dec. 31, 2022
Stockholders' Equity
Schedule of restricted awards outstanding	Restricted Stock Restricted Stock Units Performance Stock Units Weighted Weighted Weighted Average Grant Average Grant Average Grant Shares Date Fair Value Shares Date Fair Value Shares Date Fair Value Outstanding at December 31, 2020 2,845,525 4.28 — — — — Granted 1,592,659 4.37 — — — — Vested (567,135) 6.55 — — — — Forfeited (129,279) 4.11 — — — — Outstanding at December 31, 2021 3,741,770 $ 3.98 — $ — — $ — Granted 214,363 14.59 248,706 15.65 248,706 22.21 Vested (809,539) 6.57 (82,903) 15.65 — — Forfeited (637) 15.65 — — — — Outstanding at December 31, 2022 3,145,957 $ 4.04 165,803 $ 15.65 248,706 $ 22.21

Note 11 - Revenue (Tables)

Note 11 - Revenue (Tables)	12 Months Ended
Note 11 - Revenue (Tables)	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	(In thousands) 2022 2021 2020 Coal Sales North American revenue $ 328,322 $ 143,946 $ 119,981 Export revenue, excluding Canada 237,366 139,448 48,934 Total revenue $ 565,688 $ 283,394 $ 168,915

Note 13 - Income Taxes (Tables)

Note 13 - Income Taxes (Tables)	12 Months Ended
Note 13 - Income Taxes (Tables)	Dec. 31, 2022
Income Taxes.
Schedule of income tax expense	Years ended December 31, (In thousands) 2022 2021 2020 Current taxes: Federal $ 517 $ — $ — State 407 3 19 Current taxes 924 3 19 Deferred taxes: Federal 28,389 6,518 (3,164) State 840 (1,874) (339) Deferred taxes 29,229 4,644 (3,503) Provision for income tax expense (benefit), net $ 30,153 $ 4,647 $ (3,484)
Schedule of accounting for differences between income taxes computed at the federal statutory rate and the provision recorded for income taxes	Years ended December 31, (In thousands) 2022 2021 2020 Income taxes computed at the federal statutory rate $ 30,701 $ 9,325 $ (1,762) Effect of: State taxes, net of federal benefits 1,422 796 (253) State tax rate changes, net of federal benefits (546) (2,274) — Percentage depletion (3,314) (3,363) (714) PPP Loan forgiveness — — (1,773) Stock-based compensation (1,499) (194) 473 162(m) compensation limitation 3,481 — — Other, net (92) 357 545 Total $ 30,153 $ 4,647 $ (3,484)
Schedule of deferred tax assets and liabilities	December 31, (In thousands) 2022 2021 Deferred tax assets: Loss carryforwards U.S. - Federal/States $ 6,598 $ 15,975 Asset retirement obligations 6,359 5,175 Accrued expenses 3,257 744 Stock-based compensation 2,249 2,331 Total deferred tax assets 18,463 24,225 Deferred tax liabilities: Depreciation & amortization (54,100) (30,631) Net deferred tax liabilities $ (35,637) $ (6,406)

Note 14 - Earnings (Loss) Per_2

Note 14 - Earnings (Loss) Per Share (Tables)	12 Months Ended
Note 14 - Earnings (Loss) Per Share (Tables)	Dec. 31, 2022
Notes Tables
Schedule computation of basic and diluted EPS	Years ended December 31, (In thousands, except per share amounts) 2022 2021 2020 Numerator Net income (loss) $ 116,042 $ 39,759 $ (4,907) Denominator Weighted average shares used to compute basic earnings per share 44,164 43,964 42,460 Dilutive effect of stock option awards 532 293 — Dilutive effect of restricted stock units 6 Weighted average shares used to compute diluted earnings per share 44,702 44,257 42,460 Earnings (loss) per share Basic $ 2.63 $ 0.90 $ (0.12) Diluted $ 2.60 $ 0.90 $ (0.12)

Note 1 - Description of Busin_2

Note 1 - Description of Business (Details)	Dec. 31, 2022 a item
Number of mines in operation \| item	3
Elk Creek Property
Mining complex \| a	20,200

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash
Restricted Cash	$ 0.9	$ 0.9
Inventories
Raw Coal	22.4	12.5
Saleable Coal	18.2	2.6
Coal Supplies	$ 4.4	$ 0.7

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies - Property, plant, and equipment (Details)	12 Months Ended
	Dec. 31, 2022
Minimum
Property, plant, and equipment
Estimated useful life	3 years
Maximum
Property, plant, and equipment
Estimated useful life	30 years

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies.
Excess fair value of debt over carrying value	$ 36	$ 38
Other income recognized related to Coronavirus Aid, Relief and Economic Security Act Employee Retention Tax Credit	$ 5.4

Note 2 - Summary of Significa_5

Note 2 - Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Unrecognized tax positions	$ 0	$ 0

Note 2 - Summary of Significa_6

Note 2 - Summary of Significant Accounting Policies - Concentrations (Details) - Customer Concentration Risk - customer	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue Benchmark
Concentrations
Number of Major Customers	2	3	3
Revenue Benchmark \| Customer A \| North America
Concentrations
Concentration Risk, Percentage	58%
Revenue Benchmark \| Customer B \| North America
Concentrations
Concentration Risk, Percentage		51%
Revenue Benchmark \| Customer C \| North America
Concentrations
Concentration Risk, Percentage			71%
Revenue Benchmark \| Total Customer Base
Concentrations
Concentration Risk, Percentage	38%	58%	70%
Accounts Receivable. \| Total Customer Base
Concentrations
Concentration Risk, Percentage	32%	58%

Note 3 - Property, Plant and _3

Note 3 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) $ in Thousands		12 Months Ended
	Jul. 10, 2022 employee	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Property, plant, and equipment
Less: Accumulated depreciation and amortization		$ (111,937)	$ (80,269)
Total property, plant and equipment, net		429,842	227,077
Idle mine costs		9,500
Number of personnel in the mine \| employee	0
Plant and equipment
Property, plant, and equipment
Property, plant and equipment, gross		232,885	167,019
Mining property and mineral rights
Property, plant, and equipment
Property, plant and equipment, gross		120,760	26,064
Construction in process
Property, plant, and equipment
Property, plant and equipment, gross		34,698	9,972
Capitalized mine development costs
Property, plant, and equipment
Property, plant and equipment, gross		153,436	104,291
Coal Properties
Property, plant, and equipment
Capitalized amounts related to coal reserves		$ 33,400	$ 25,100

Note 3 - Property, Plant and _4

Note 3 - Property, Plant and Equipment - Depreciation and amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment.
Depreciation of plant and equipment	$ 24,132	$ 17,945	$ 17,094
Amortization of right of use assets (finance leases)	4,846	1,109
Amortization and depletion of capitalized mine development costs and mineral rights	12,216	7,151	3,818
Total depreciation and amortization	$ 41,194	$ 26,205	$ 20,912

Note 4 - Acquisitions (Details)

Note 4 - Acquisitions (Details) a in Thousands, $ in Thousands, MT in Millions			1 Months Ended	12 Months Ended
	Sep. 23, 2022 USD ($) a	Apr. 29, 2022 USD ($) a	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) MT
Asset Acquisition
Fair value of assets			$ 227,077	$ 429,842	$ 227,077
Payment of cash bond replacement obligation				$ 1,200
Maben Coal, LLC
Asset Acquisition
Voting interest acquired	100%
Ramaco Coal Asset Acquisition
Asset Acquisition
Purchase price		$ 65,000
Initial payment		10,000
Deferred purchase price payable due in remainder of 2022		55,000
Quarterly Installment amount in remainder of 2022		5,000
Quarterly Installment amount in remainder of 2023		$ 10,000
Interest rate (as a percent)		9%
Area of thermo coal deposit Wyoming \| a		16
Upfront payment receivable on royalty		$ 2,000
Minimum quarterly royalty payment receivable		125
Fair value of acquisition		3,700
Reduction in purchase price payable		1,600
Gain on sale of mineral rights		2,100
Consideration paid		68,300
Closing cost on asset acquisition		1,600
Relinquishment cost on prepaid royalties		1,600
Amount paid to a mineral owner as part of the acquisition		100
Ramaco Coal Asset Acquisition \| Mining property and mineral rights
Asset Acquisition
Fair value of assets		65,100
Ramaco Coal Asset Acquisition \| Building
Asset Acquisition
Fair value of assets		2,600
Ramaco Coal Asset Acquisition \| Equipment
Asset Acquisition
Fair value of assets		$ 600
Maben Coal, LLC
Asset Acquisition
Purchase price	$ 30,000
Initial payment	$ 9,000
Area of Real Estate Property \| a	28
Consideration paid	$ 33,000
Closing cost on asset acquisition	1,700
Liabilities recognized	1,300
Amount of cash bond replacement obligations incurred by the Company as part of the transaction	1,200
Aggregate principal amount	21,000
Maben Coal, LLC \| Mining property and mineral rights
Asset Acquisition
Consideration paid	30,600
Maben Coal, LLC \| Capitalized mine development cost
Asset Acquisition
Consideration paid	1,000
Maben Coal, LLC \| Cash bond replacement
Asset Acquisition
Consideration paid	1,200
Maben Coal, LLC \| Recoupable royalties
Asset Acquisition
Consideration paid	$ 200
Coronado Global Resources Inc.
Asset Acquisition
Purchase price			$ 30,000
Asset acquisition, capacity of coal preparation plant \| MT					1.3

Note 5 - Asset Retirement Obl_3

Note 5 - Asset Retirement Obligations - Schedule of Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Balance at beginning of year	$ 22,549	$ 15,156
Additional asset retirement obligations acquired/incurred	1,440	6,919
Expenditures made		(62)
Accretion expense	1,115	615	$ 570
Revisions to estimates	3,781	(79)
Balance at end of year	$ 28,885	$ 22,549	$ 15,156

Note 6 - Accrued Expenses and_2

Note 6 - Accrued Expenses and Other Long-Term Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accrued compensation and related benefits	$ 14.3	$ 5.6
Various other liabilities	$ 11.5	$ 2.8
Annual occupational disease benefits discount rate	5.60%	3.26%
Uninsured claims	$ 3.6	$ 3.9
Amount of occupational disease obligation	1.5	1.4
Contributions to defined contribution plan	2.3	1.2	$ 0.9
Other long-term liabilities
Uninsured claims	$ 2.7	$ 2.4

Note 7 - Debt (Details)

Note 7 - Debt (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Sep. 23, 2022 USD ($)

Apr. 29, 2022 USD ($) installment

Jan. 11, 2022 USD ($) installment

Oct. 29, 2021 USD ($)

Aug. 16, 2021 USD ($)

Jul. 13, 2021 USD ($)

Apr. 20, 2020 USD ($)

Apr. 16, 2020 USD ($)

Jan. 31, 2023 USD ($)

Apr. 30, 2022 USD ($)

Dec. 31, 2022 USD ($)

Sep. 30, 2022 USD ($) installment

Dec. 31, 2022 USD ($) installment

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Oct. 31, 2022 USD ($)

Nov. 24, 2021 USD ($)

Jul. 23, 2021 USD ($)

Debt

Unamoritzed discounts and issuance costs

$ 1,700

Frequency of periodic payment

monthly

Debt issuance costs incurred

$ 2,356

Current portion of long-term debt

35,639

7,674

Long-term Debt, Total

128,896

Other income

2,637

7,429

$ 11,926

Outstanding principal amount

$ 127,226

127,226

43,376

Insurance financing

Debt

Term of debt

1 year

Long-term Debt, Total

$ 4,600

Premium payments

5,600

Insurance premiums

5,100

Maben Coal, LLC

Debt

Aggregate principal amount

$ 21,000

Maben Coal, LLC

Debt

Voting interest acquired

100%

Revolving Credit Facility

Debt

Line of Credit Facility, Maximum Borrowing Capacity

38,500

Amount of remaining availability

13,500

Current portion of long-term debt

20,000

Outstanding on Revolving Credit Facility

25,000

Senior Notes.

Debt

Aggregate principal amount

$ 34,500

Long-term Debt, Total

$ 32,800

Effective interest rate

10.45%

Interest rate

Redemption price percentage

100%

Amount of note offering costs

$ 2,400

Unamortized discounts and issuance costs

$ 1,700

Equipment Loan

Debt

Current portion of long-term debt

$ 6,000

PPP Loan

Debt

Long-term Debt, Total

$ 0

Proceeds from loan

$ 8,400

Other income

$ 8,400

Ramaco Coal Loan

Debt

Aggregate principal amount

$ 55,000

Number of installments | installment

Frequency of periodic payment

quarterly

Current portion of long-term debt

40,000

Long-term Debt, Total

40,000

Interest rate

Outstanding principal amount

40,000

Ramaco Coal Loan | Maximum

Debt

Percentage available for conversion

50%

Amount available for conversion

$ 30,000

Ramaco Coal Loan | 2022

Debt

Amount paid per installment

$ 5,000

Ramaco Coal Loan | 2023.

Debt

Amount paid per installment

$ 10,000

Maben Coal Loan

Debt

Current portion of long-term debt

9,600

$ 9,600

Maben Coal Loan | Forecast

Debt

Frequency of periodic payment

monthly

Maben Coal Loan | Secured overnight financing rate

Debt

Debt Instrument, Basis Spread on Variable Rate

KeyBank National Association | Revolving Credit Facility

Debt

Aggregate principal amount

$ 30,000

Line of Credit Facility, Maximum Borrowing Capacity

$ 40,000

KeyBank National Association | Revolving Credit Facility | Secured overnight financing rate

Debt

Debt Instrument, Basis Spread on Variable Rate

KeyBank National Association | Revolving Credit Facility | Base Rate

Debt

Debt Instrument, Basis Spread on Variable Rate

1.50%

KeyBank National Association | Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate

Debt

Debt Instrument, Basis Spread on Variable Rate

0.50%

KeyBank National Association | Letter of Credit

Debt

Aggregate principal amount

$ 3,000

KeyBank National Association | Term Loan

Debt

Aggregate principal amount

$ 10,000

Frequency of periodic payment

monthly

Amount of monthly installments

278

$ 278

KeyBank National Association | Term Loan | London Interbank Offered Rate (LIBOR)

Debt

Debt Instrument, Basis Spread on Variable Rate

5.15%

KeyBank National Association | Equipment Loan

Debt

Aggregate principal amount

$ 4,700

Amount paid per installment

$ 147

Number of installments | installment

Frequency of periodic payment

monthly

Long-term Debt, Total

600

$ 600

Annual percent of premium prepayment

Annual premium decline in premium prepayment

Interest rate

7.45%

J. H. Fletcher & Co | Equipment Loan

Debt

Aggregate principal amount

$ 4,400

$ 3,900

$ 900

Amount paid per installment

$ 195

Number of installments | installment

Frequency of periodic payment

monthly

Long-term Debt, Total

6,100

$ 6,100

Interest rate

Amount of monthly installments

$ 200

Number Of Monthly Installments

24 months

Komatsu Financial Limited Partnership | Equipment Loan

Debt

Aggregate principal amount

$ 1,000

Amount paid per installment

$ 28

Frequency of periodic payment

monthly

Long-term Debt, Total

500

$ 500

Interest rate

4.60%

Number Of Monthly Installments

36 months

Komatsu Financial Limited Partnership | Equipment Loan | Initial Period For Periodic Payments Under Debt Instrument [Member]

Debt

Amount of monthly installments

$ 36

Brandeis Machinery & Supply Company | Equipment Loan

Debt

Aggregate principal amount

$ 1,400

$ 600

Number of installments | installment

Frequency of periodic payment

monthly

Long-term Debt, Total

1,200

$ 1,200

Interest rate

4.80%

Investec Bank PLC | Maben Coal Loan

Debt

Aggregate principal amount

$ 21,000

Investec Bank PLC | Maben Coal Loan | Forecast

Debt

Amount of monthly installments until maturity

$ 800,000

Note 7 - Debt - Summary of Outs

Note 7 - Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Total debt	$ 127,226	$ 43,376
Current portion of long-term debt	75,639	7,674
Long term debt, net	51,587	35,702
Term Loan
Total debt		3,334
Revolving Credit Facility
Total debt	25,000
Equipment loans
Total debt	8,396	7,679
Senior Notes, net
Total debt	32,830	$ 32,363
Financing of Ramaco Coal acquisition - Related party debt
Total debt	40,000
Financing of Maben Coal acquisition
Total debt	$ 21,000

Note 7 - Debt - Maturities of D

Note 7 - Debt - Maturities of Debt (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 75,639
2024	18,406
2025	351
2026	34,500
Total debt	$ 128,896

Note 8 - Leases (Details)

Note 8 - Leases (Details) $ in Thousands	12 Months Ended
Note 8 - Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($) lease	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Amortization of right of use assets with finance lease	$ 4,800	$ 1,100	$ 0
Interest expense recognized for financing lease liabilities	$ 400	100	0
Number of operating leases \| lease	1
Operating lease expenses	$ 200	100	$ 100
Financing lease right-of-use assets, net	12,905	9,128
Operating Lease, Right-of-Use Asset	$ 694	$ 25
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Total right-of-use assets	$ 13,599	$ 9,153
Finance Lease, Liability, Current	5,969	3,461
Operating Lease, Liability, Current	$ 122	$ 25
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses	Accrued expenses
Finance Lease, Liability, Noncurrent	$ 4,917	$ 4,599
Operating Lease, Liability, Noncurrent	$ 585
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent
Present value of lease obligations	$ 11,593	$ 8,085
Office Space
Lessee, Lease, Description [Line Items]
Term of financing leases	5 years
Maximum \| Mining equipment
Lessee, Lease, Description [Line Items]
Term of financing leases	36 months

Note 8 - Leases - Maturities of

Note 8 - Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term, operating	5 years
Weighted average remaining lease term, financing	2 years
Weighted average discount rate, operating	6%
Weighted average discount rate, financing	4.20%
Maturities of financing lease liabilities
2023	$ 6,302
2024	4,005
2025	1,032
Total undiscounted lease payments	11,339
Less: Amounts representing interest	(453)
Present value of lease obligations	10,886
Maturities of operating lease liabilities
2023	161
2024	161
2025	164
2026	168
2027	168
Total undiscounted lease payments	822
Less: Amounts representing interest	(115)
Present value of lease obligations	707
Maturities of lease liabilities
2023	6,463
2024	4,166
2025	1,196
2026	168
2027	168
Total	12,161
Less: Amounts representing interest	(568)
Present value of lease obligations	$ 11,593	$ 8,085

Note 9 - Equity (Details)

Note 9 - Equity (Details) $ / shares in Units, $ in Thousands								3 Months Ended	12 Months Ended
	Dec. 15, 2022 USD ($) $ / shares	Dec. 08, 2022 $ / shares	Sep. 15, 2022 USD ($) $ / shares	Jun. 15, 2022 USD ($) $ / shares	Mar. 15, 2022 $ / shares	Feb. 18, 2022 USD ($)	Aug. 31, 2016 $ / shares shares	Sep. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($) employee $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Mar. 01, 2023 USD ($)
EQUITY
Authorized (in shares) \| shares									10,900,000
Shares available for grant \| shares									5,400,000
Additional shares authorized \| shares									4,000,000
Compensation costs \| $									$ 8,200	$ 5,300	$ 4,100
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options granted \| shares							937,424
Option exercise price (per share) \| $ / shares							$ 5.34
Number of Executives							2
Options outstanding, intrinsic value \| $									$ 3,200
Shares delivered per unit awarded \| shares									1
Common stock, shares authorized (in shares) \| shares									260,000,000	260,000,000
Common stock, par value (in dollars per share) \| $ / shares									$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares) \| shares									50,000,000	50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares									$ 0.01	$ 0.01
Fair value of awards \| $									$ 11,000	$ 5,100	1,500
Quarterly Dividend \| $	$ 5,000		$ 5,000	$ 5,000		$ 5,000
Payment of dividends \| $										20,000
Cash dividends declared \| $									23,100
Dividends paid \| $ / shares	$ 0.11		$ 0.11	$ 0.11	$ 0.11
Quarterly cash dividend declared per share \| $ / shares		$ 0.1250
Dividend payable \| $									5,524	2,501		$ 5,500
Options
EQUITY
Compensation costs \| $									$ 0	$ 0	$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options exercised \| shares								20,000
Balance options \| shares								917,424
Options exercised, intrinsic value \| $								$ 124
Expiration period							10 years
Restricted Stock
EQUITY
Shares available for grant \| shares											22,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Number of Executives \| employee									14
Vesting period									6 months
Outstanding, Weighted average grant date fair value (in dollars per share) \| $ / shares									$ 4.04	$ 3.98	$ 4.28
Outstanding, shares (in shares) \| shares									3,145,957	3,741,770	2,845,525
Granted \| shares									214,363	1,592,659
Fair value of awards \| $									$ 10,300
Outstanding, fair value \| $									27,700
Incremental compensation costs associated with modifications \| $									$ 800
Restricted Stock \| Executives and Employees
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, Weighted average grant date fair value (in dollars per share) \| $ / shares									$ 14.59
Unrecognized compensation cost \| $									$ 5,000
Weighted-average period for recognition									9 months 18 days
Outstanding, shares (in shares) \| shares											1,400,000
Restricted Stock \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Vesting period									1 year
Restricted Stock \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Vesting period									3 years 6 months
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Vesting period									3 years
Outstanding, Weighted average grant date fair value (in dollars per share) \| $ / shares									$ 15.65
Unrecognized compensation cost \| $									$ 2,700
Weighted-average period for recognition									2 years
Outstanding, shares (in shares) \| shares									165,803
Granted \| shares									248,706
Delivery Period									30 days
Fair value of awards \| $									$ 700
Outstanding, fair value \| $									$ 1,500
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Vesting period									3 years
Outstanding, Weighted average grant date fair value (in dollars per share) \| $ / shares									$ 22.21
Unrecognized compensation cost \| $									$ 3,800
Weighted-average period for recognition									2 years
Intrinsic value of the outstanding \| $									$ 2,200
Outstanding, shares (in shares) \| shares									248,706
Granted \| shares									248,706
Delivery Period									30 days
Shares delivered per unit awarded \| shares									1
Performance Stock Units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Potential earnings (as a percentage)									0%
Performance Stock Units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Potential earnings (as a percentage)									200%

Note 9 - Equity - Summary of Re

Note 9 - Equity - Summary of Restricted Awards Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Outstanding, shares (in shares)	3,741,770	2,845,525
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 3.98	$ 4.28
Granted, shares (in shares)	214,363	1,592,659
Granted, Weighted average grant date fair value (in dollars per share)	$ 14.59	$ 4.37
Vested, shares (in shares)	(809,539)	(567,135)
Vested, Weighted average grant date fair value (in dollars per share)	$ 6.57	$ 6.55
Forfeited, shares (in shares)	(637)	(129,279)
Forfeited, Weighted average grant date fair value (in dollars per share)	$ 15.65	$ 4.11
Outstanding, shares (in shares)	3,145,957	3,741,770
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 4.04	$ 3.98
Restricted Stock Units
Granted, shares (in shares)	248,706
Granted, Weighted average grant date fair value (in dollars per share)	$ 15.65
Vested, shares (in shares)	(82,903)
Vested, Weighted average grant date fair value (in dollars per share)	$ 15.65
Outstanding, shares (in shares)	165,803
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 15.65
Performance Stock Units
Granted, shares (in shares)	248,706
Granted, Weighted average grant date fair value (in dollars per share)	$ 22.21
Outstanding, shares (in shares)	248,706
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 22.21
Executives and Employees \| Restricted Stock
Outstanding, shares (in shares)		1,400,000
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 14.59

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details) - USD ($) $ in Thousands	Mar. 04, 2022	Jul. 16, 2021	Jul. 15, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Reclamation bonding requirements				$ 25,900
Amount of contingent liability				0
Compensatory damages	$ 1,800	$ 25,000	$ 7,700
Asset Retirement Obligation				28,885	$ 22,549	$ 15,156
Take-or-pay Purchase Commitments
COMMITMENTS AND CONTINGENCIES
Commitments				5,100
Environmental Restoration Costs [Member]
COMMITMENTS AND CONTINGENCIES
Regulatory Liabilities				0
Environmental
COMMITMENTS AND CONTINGENCIES
Regulatory Liabilities				$ 0

Note 10 - Commitments and Con_3

Note 10 - Commitments and Contingencies - Future Minimum Lease and Royalty Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Note 8 - Commitments and Contingencies - Future Minimum Lease and Royalty Payments (Details)
Royalty Expense	$ 34.2	$ 18.5	$ 11.8
2023, Coal Lease and Royalty Obligations	3.3
2024, Coal Lease and Royalty Obligations	3.3
2025, Coal Lease and Royalty Obligations	3.4
2026, Coal Lease and Royalty Obligations	3.1
2027, Coal Lease and Royalty Obligations	2.9
Thereafter, Coal Lease and Royalty Obligations	11.1
Total minimum payments, Coal Lease and Royalty Obligations	$ 27.1

Note 11 - Revenue (Details)

Note 11 - Revenue (Details) T in Millions, $ in Millions	3 Months Ended
Note 11 - Revenue (Details) T in Millions, $ in Millions	Dec. 31, 2022 USD ($) T
REVENUES
Contract term	1 year
Downward adjustment to revenue \| $	$ 2.8
Contracts with Indexed Based Pricing Mechanisms \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
REVENUES
Outstanding performance obligation, mass	0.7
Fixed Priced Contracts \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
REVENUES
Outstanding performance obligation, mass	1.5

Note 11 - Revenue - Domestic Re

Note 11 - Revenue - Domestic Revenues an Export Revenues (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / T	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
REVENUES
Revenues	$ 565,688	$ 283,394	$ 168,915	$ 168,915
CANADA
REVENUES
Percentage of Sales	12%
SOUTH AFRICA
REVENUES
Percentage of Sales	10%
Domestic Coal Revenues
REVENUES
Revenues	$ 328,322	143,946		119,981
Export Revenues
REVENUES
Revenues	$ 237,366	$ 139,448		$ 48,934
Percentage of Sales	10%
Fixed Priced Contracts
REVENUES
Average per ton \| $ / T	202

Note 12 - Related Party Trans_2

Note 12 - Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 29, 2022
Interest expense, net	$ (6,829)	$ (2,556)	$ (1,224)
Long term debt	128,896
Ramaco Coal Loan
Interest rate				9%
Long term debt	40,000
Ramaco Coal, LLC
Royalties paid	3,100	5,700	4,500
Interest expense, net	3,000
Ramaco Coal, LLC \| On-Going Administrative Services
Related party fees	44	100	$ 200
Ramaco Coal, LLC \| Accounts Payable and Accrued Liabilities \| Mineral Lease and Surface Rights Agreements
Due to Related Parties, Total		400
Jones \| Legal Services
Payments for legal services	800	$ 0
Ramaco Foundation
Amount of charitable cash contribution	$ 1,000

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Note 13 - Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current taxes:
Federal	$ 517
State	407	$ 3	$ 19
Current taxes	924	3	19
Deferred taxes:
Federal	28,389	6,518	(3,164)
State	840	(1,874)	(339)
Deferred taxes	29,229	4,644	(3,503)
Total income tax expense (benefit), net	$ 30,153	$ 4,647	$ (3,484)

Note 13 - Income Taxes - Reconc

Note 13 - Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income taxes computed at the federal statutory rate	$ 30,701	$ 9,325	$ (1,762)
State taxes, net of federal benefits	1,422	796	(253)
State tax rate changes, net of federal benefits	(546)	(2,274)
Percentage depletion	(3,314)	(3,363)	(714)
PPP Loan forgiveness			(1,773)
Stock-based compensation	(1,499)	(194)	473
162(m) compensation limitation	3,481
Other, net	(92)	357	545
Total income tax expense (benefit), net	$ 30,153	$ 4,647	$ (3,484)

Note 13 - Income Taxes - Compon

Note 13 - Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Loss carryforwards U.S. - Federal/States	$ 6,598	$ 15,975
Asset retirement obligations	6,359	5,175
Accrued expenses	3,257	744
Stock-based compensation	2,249	2,331
Total deferred tax assets	18,463	24,225
Deferred tax liabilities:
Depreciation & amortization	(54,100)	(30,631)
Net deferred tax liabilities	$ (35,637)	$ (6,406)

Note 13 - Income Taxes - Operat

Note 13 - Income Taxes - Operating Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Cash paid for income taxes	$ 15,500	$ 9	$ 19
Prepaid expenses and other current assets
Operating Loss Carryforwards [Line Items]
Income tax receivable	14,600
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	24,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 32,000

Note 14 - Earnings (Loss) Per_3

Note 14 - Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EARNINGS (LOSS) PER SHARE
Net income (loss)	$ 116,042	$ 39,759	$ (4,907)
Weighted average shares used to compute basic EPS (in shares)	44,164,000	43,964,000	42,460,000
Weighted average shares used to compute diluted EPS (in shares)	44,702,000	44,257,000	42,460,000
Basic (in dollars per share)	$ 2.63	$ 0.90	$ (0.12)
Diluted (in dollars per share)	$ 2.60	$ 0.90	$ (0.12)
Antidilutive shares			937,424
Options
EARNINGS (LOSS) PER SHARE
Dilutive effect of stock-based awards (in shares)	532,000	293,000
Restricted Stock Units
EARNINGS (LOSS) PER SHARE
Dilutive effect of stock-based awards (in shares)	6,000
Performance Stock Units
EARNINGS (LOSS) PER SHARE
Antidilutive shares	248,706

Note 15 - Subsequent Events (De

Note 15 - Subsequent Events (Details) - USD ($) $ in Thousands	Feb. 15, 2023	Dec. 15, 2022	Sep. 15, 2022	Jun. 15, 2022	Mar. 04, 2022	Feb. 18, 2022	Jul. 16, 2021	Jul. 15, 2021	Mar. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Events
Quarterly Dividend		$ 5,000	$ 5,000	$ 5,000		$ 5,000
Compensatory damages					$ 1,800		$ 25,000	$ 7,700
Dividend payable									$ 5,500	$ 5,524	$ 2,501
Revolving Credit Facility
Subsequent Events
Outstanding on Revolving Credit Facility											25,000
Amount of remaining availability											$ 13,500
Subsequent Event \| Revolving Credit Facility
Subsequent Events
Repayment of line of credit	$ 20,000
Outstanding on Revolving Credit Facility	25,000
Subsequent Event \| Revolving loans under the new facility
Subsequent Events
Outstanding on Revolving Credit Facility	25,000
Initial aggregate revolving commitment	125,000
Amount borrowed under accordian feature	50,000
Borrowing base	66,300
Proceeds from borrowings	20,000
Repayment of related party debt	10,000
Amount of remaining availability	$ 41,300
Fixed charge coverage ratio	1.10
Average daily cash balance	$ 5,000
Subsequent Event \| Revolving loans under the new facility \| Base Rate
Subsequent Events
Interest rate, basis spread	1.50%
Debt instrument, interest rate during period	3%
Subsequent Event \| Revolving loans under the new facility \| Secured overnight financing rate
Subsequent Events
Interest rate, basis spread	2%
Subsequent Event \| Revolving loans under the new facility \| Federal funds
Subsequent Events
Interest rate, basis spread	0.50%