Ramaco Resources (METC) 10-Q8 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Oct. 31, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001687187
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
9.00% Senior Notes due 2026
Title of 12(b) Security	9.00% Senior Notes due 2026
Trading Symbol	METCL
Security Exchange Name	NASDAQ
Class A Common Stock
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	METC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		43,797,444
Class B Common Stock
Title of 12(b) Security	Class B Common Stock, $0.01 par value
Trading Symbol	METCB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		8,731,851

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 22,864	$ 41,962
Accounts receivable	62,905	96,866
Inventories	53,051	37,163
Prepaid expenses and other	7,853	13,748
Total current assets	146,673	189,739
Property, plant, and equipment, net	476,748	459,091
Financing lease right-of-use assets, net	12,014	10,282
Advanced coal royalties	3,884	2,964
Other	6,076	3,760
Total Assets	645,395	665,836
Current liabilities
Accounts payable	53,783	51,624
Accrued liabilities	48,378	52,225
Current portion of asset retirement obligations	110	110
Current portion of long-term debt	383	56,534
Current portion of financing lease obligations	6,134	5,456
Insurance financing liability		4,037
Total current liabilities	108,788	169,986
Asset retirement obligations, net	31,325	28,850
Long-term debt, net	43,141	349
Long-term financing lease obligations, net	6,684	4,915
Senior notes, net	33,646	33,296
Deferred tax liability, net	54,573	54,352
Other long-term liabilities	5,414	4,483
Total liabilities	283,571	296,231
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding
Additional paid-in capital	281,079	277,133
Retained earnings	80,220	91,944
Total stockholders' equity	361,824	369,605
Total Liabilities and Stockholders' Equity	645,395	665,836
Class A Common Stock
Stockholders' Equity
Common stock	438	440
Class B Common Stock
Stockholders' Equity
Common stock	$ 87	$ 88

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	225,000,000	225,000,000
Common stock, shares issued (in shares)	43,797,444	44,002,581
Common stock, shares outstanding (in shares)	43,797,444	44,002,581
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	35,000,000	35,000,000
Common stock, shares issued (in shares)	8,731,851	8,809,557
Common stock, shares outstanding (in shares)	8,731,851	8,809,557

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 167,411	$ 186,966	$ 495,403	$ 490,795
Costs and expenses
Cost of sales (exclusive of items shown separately below)	134,731	144,635	397,214	354,383
Asset retirement obligations accretion	354	349	1,063	1,049
Depreciation, depletion, and amortization	17,811	14,443	48,909	39,850
Selling, general, and administrative	12,921	11,458	37,932	37,519
Total costs and expenses	165,817	170,885	485,118	432,801
Operating income	1,594	16,081	10,285	57,994
Other income (expense), net	(76)	11,333	3,075	15,076
Interest expense, net	(1,696)	(2,447)	(4,509)	(7,274)
Income (loss) before tax	(178)	24,967	8,851	65,796
Income tax expense	61	5,505	1,517	13,521
Net income (loss)	$ (239)	$ 19,462	$ 7,334	$ 52,275
Earnings (loss) per common share
Basic (in dollars per share)	$ (0.03)	$ 0.41	$ 0.05	$ 1.15
Diluted (in dollars per share)	$ (0.03)	$ 0.40	$ 0.05	$ 1.14
Class A Common Stock
Costs and expenses
Net income (loss)	$ (1,245)	$ 17,288	$ 2,085	$ 18,616
Earnings (loss) per common share
Basic (in dollars per share)	$ (0.03)	$ 0.41	$ 0.05	$ 0.44
Diluted (in dollars per share)	$ (0.03)	$ 0.40	$ 0.05	$ 0.44
Class B Common Stock
Costs and expenses
Net income (loss)	$ 507	$ 1,395	$ 4,079	$ 1,395
Earnings (loss) per common share
Basic (in dollars per share)	$ 0.06	$ 0.17	$ 0.48	$ 0.17
Diluted (in dollars per share)	$ 0.06	$ 0.16	$ 0.46	$ 0.16

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital.	Retained Earnings.	Class A Common Stock	Class B Common Stock	Total
Balance at Dec. 31, 2022	$ 442		$ 168,711	$ 140,045			$ 309,198
Stock-based compensation	3		2,934				2,937
Adjustment to dividends previously declared				(354)			(354)
Shares surrendered for withholding taxes payable	(1)		(114)				(115)
Net income (loss)				25,257			25,257
Balance at Mar. 31, 2023	444		171,531	164,948			336,923
Balance at Dec. 31, 2022	442		168,711	140,045			309,198
Net income (loss)					$ 18,616	$ 1,395	52,275
Balance at Sep. 30, 2023	439	$ 88	275,929	76,142			352,598
Balance at Mar. 31, 2023	444		171,531	164,948			336,923
Stock-based compensation			3,568				3,568
Stock dividend declared and distributed		89	102,831	(102,920)
Shares surrendered for withholding taxes payable	(5)	(1)	(5,202)				(5,208)
Cash dividends and dividend equivalents declared				(5,734)			(5,734)
Net income (loss)				7,556	17,288		7,556
Balance at Jun. 30, 2023	439	88	272,728	63,850			337,105
Stock-based compensation			3,201				3,201
Cash dividends and dividend equivalents declared				(7,170)			(7,170)
Net income (loss)				19,462	17,288	1,395	19,462
Balance at Sep. 30, 2023	439	88	275,929	76,142			352,598
Balance at Dec. 31, 2023	440	88	277,133	91,944			369,605
Stock-based compensation	4		4,698				4,702
Shares surrendered for withholding taxes payable	(1)		(1,869)				(1,870)
Cash dividends and dividend equivalents declared				(2,201)			(2,201)
Net income (loss)				2,032			2,032
Balance at Mar. 31, 2024	443	88	279,962	91,775			372,268
Balance at Dec. 31, 2023	440	88	277,133	91,944			369,605
Net income (loss)					2,085	4,079	7,334
Balance at Sep. 30, 2024	438	87	281,079	80,220			361,824
Balance at Mar. 31, 2024	443	88	279,962	91,775			372,268
Stock-based compensation			4,583				4,583
Shares surrendered for withholding taxes payable	(6)	(1)	(7,811)				(7,818)
Cash dividends and dividend equivalents declared				(8,448)			(8,448)
Net income (loss)				5,541			5,541
Balance at Jun. 30, 2024	437	87	276,734	88,868			366,126
Stock options exercised	1		533				534
Stock-based compensation			3,970				3,970
Shares surrendered for withholding taxes payable			(158)				(158)
Cash dividends and dividend equivalents declared				(8,409)			(8,409)
Net income (loss)				(239)	$ (1,245)	$ 507	(239)
Balance at Sep. 30, 2024	$ 438	$ 87	$ 281,079	$ 80,220			$ 361,824

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 7,334	$ 52,275
Adjustments to reconcile net income to net cash from operating activities:
Accretion of asset retirement obligations	1,063	1,049
Depreciation, depletion, and amortization	48,909	39,850
Amortization of debt issuance costs	664	566
Stock-based compensation	13,255	9,706
Other	(18)	(4,912)
Deferred income taxes	221	10,048
Changes in operating assets and liabilities:
Accounts receivable	33,961	(22,460)
Prepaid expenses and other current assets	5,895	10,115
Inventories	(15,888)	(5,269)
Other assets and liabilities	(2,504)	(816)
Accounts payable	2,576	19,253
Accrued liabilities	1,515	10,071
Net cash provided by operating activities	96,983	119,476
Cash flows from investing activities:
Capital expenditures	(45,632)	(64,924)
Maben preparation plant capital expenditures	(12,288)
Other	(182)	7,158
Net cash used for investing activities	(58,102)	(57,766)
Cash flows from financing activities:
Proceeds from borrowings	136,500	95,000
Proceeds from stock options exercised	534
Payment of dividends	(24,474)	(18,049)
Repayment of borrowings	(149,921)	(87,225)
Repayment of Ramaco Coal acquisition financing - related party		(30,000)
Repayments of insurance financing	(4,032)	(3,848)
Repayments of equipment finance leases	(6,740)	(4,954)
Shares surrendered for withholding taxes payable	(9,846)	(5,323)
Net cash (used for) provided by financing activities	(57,979)	(54,399)
Net change in cash and cash equivalents and restricted cash	(19,098)	7,311
Cash and cash equivalents and restricted cash, beginning of period	42,781	36,473
Cash and cash equivalents and restricted cash, end of period	23,683	43,784
Non-cash investing and financing activities:
Leased assets obtained under new financing leases	9,187	6,144
Capital expenditures included in accounts payable and accrued liabilities	4,584	10,910
Financed insurance		407
Accrued dividends and dividend equivalents payable	$ 735	$ 733

Note 1 - Business and Basis of

Note 1 - Business and Basis of Presentation	9 Months Ended
Note 1 - Business and Basis of Presentation	Sep. 30, 2024
Notes to Financial Statements
BUSINESS AND BASIS OF PRESENTATION	NOTE 1—BUSINESS AND BASIS OF PRESENTATION Ramaco Resources, Inc. (the “Company,” “Ramaco,” “we,” “us” or “our,”) is a Delaware corporation formed in October 2016. Our principal corporate and executive offices are located in Lexington, Kentucky with operational offices in Charleston, West Virginia and Sheridan, Wyoming. We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia. We also control mineral deposits near Sheridan, Wyoming as part of the Company’s initiatives regarding the potential recovery of rare earth elements and critical minerals as well as the potential commercialization of coal-to-carbon-based products and materials. Basis of Presentation In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of September 30, 2024, as well as the results of operations and cash flows for all periods presented. In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Intercompany balances and transactions between consolidated entities have been eliminated. There were no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2024. Recent Accounting Pronouncements Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures quantitative threshold is met. The ASU will also require disclosure of amounts and or In November 2024, subsequent to the date of the financial statements, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Note 2 - Inventories

Note 2 - Inventories	9 Months Ended
Note 2 - Inventories	Sep. 30, 2024
Inventories.
INVENTORIES	NOTE 2—INVENTORIES Inventories (In thousands) September 30, 2024 December 31, 2023 Raw coal $ 15,196 $ 20,122 Saleable coal 32,249 12,013 Supplies 5,606 5,028 Total inventories $ 53,051 $ 37,163

Note 3 - Property, Plant and Eq

Note 3 - Property, Plant and Equipment	9 Months Ended
Note 3 - Property, Plant and Equipment	Sep. 30, 2024
Notes to Financial Statements
PROPERTY, PLANT AND EQUIPMENT	NOTE 3—PROPERTY, PLANT AND EQUIPMENT Property, plant, and equipment, net (In thousands) September 30, 2024 December 31, 2023 Plant and equipment $ 323,440 $ 290,060 Mining property and mineral rights 120,532 120,532 Construction in process 30,223 13,984 Capitalized mine development costs 186,843 174,260 Less: accumulated depreciation, depletion, and amortization (184,290) (139,745) Total property, plant, and equipment, net $ 476,748 $ 459,091 On September 30, 2024, the Company updated its estimates of the amount and timing of future spending related to asset retirement obligations. The adjustment resulted in a $1.6 million net increase to capitalized mine development costs above and a corresponding increase The Company received $6.0 million of insurance proceeds during the nine months ended September 30, 2023 related to a methane ignition experienced at our Berwind mining complex in 2022. In 2023, the Company reported the proceeds as other investing activities on the statement of cash flows and recognized a $4.9 million gain in other income as the Company had previously accrued a $1.1 million loss recovery asset at December 31, 2022. Depreciation, depletion, and amortization Three months ended September 30, Nine months ended September 30, (In thousands) 2024 2023 2024 2023 Depreciation of plant and equipment $ 9,519 $ 8,063 $ 27,408 $ 22,492 Amortization of right of use assets (finance leases) 2,648 2,432 8,025 6,312 Amortization and depletion of capitalized mine development costs and mineral rights 5,644 3,948 13,476 11,046 Total depreciation, depletion, and amortization $ 17,811 $ 14,443 $ 48,909 $ 39,850 The Company’s closure of its Knox Creek Jawbone mine resulted in an increase in capitalized mine development costs amortization expense of $1.3 million and $1.2 million for the three months and nine months ended September 30, 2024, respectively, compared to the same periods in 2023. The Jawbone mine was experiencing higher production costs and already nearing end of life.

Note 4 - Debt

Note 4 - Debt	9 Months Ended
Note 4 - Debt	Sep. 30, 2024
Notes To Financial Statements
DEBT	NOTE 4—DEBT Outstanding debt consisted of the following: (In thousands) September 30, 2024 December 31, 2023 Revolving Credit Facility $ 43,000 $ 42,500 Equipment loans 524 2,983 Senior Notes, net 33,646 33,296 Financing of Maben Coal acquisition — 11,400 Total debt $ 77,170 $ 90,179 Current portion of long-term debt 383 56,534 Long-term debt, net $ 76,787 $ 33,645 Revolving Credit Facility— The borrowing base of the amended facility at September 30, 2024 was $100.9 million based on eligible accounts receivable and inventory collateral and reserve requirements. The remaining availability under the Revolving Credit Facility at September 30, 2024, after $43.0 million of outstanding borrowings, was $57.9 million. Revolving loans under the amended facility bear interest at either the base rate plus 2.0% or the Secured Overnight Financing Rate plus 2.5%. The base rate equals the highest of the administrative agent’s prime rate, the Federal Funds Effective Rate plus 0.5%, or 3.0%. The terms of the Revolving Credit 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 facility also require the Company to maintain certain covenants, including fixed charge coverage ratio and compensating balance requirements. A fixed charge coverage ratio of not less than 1.10:1.00, calculated as of the last day of each fiscal quarter, must be maintained by the Company. In addition, the Company must maintain an average daily cash balance of $5.0 million, as determined on a monthly basis, in a dedicated account as well as an additional $1.5 million and $1.0 million in separate dedicated accounts to assure future credit availability. At September 30, 2024, we were in compliance with all debt covenants under the Revolving Credit Facility. Fair Value— Current Portion of Long-term Debt— Other—

Note 5 - Accrued Liabilities an

Note 5 - Accrued Liabilities and Other Long-Term Liabilities	9 Months Ended
	Sep. 30, 2024
Notes To Financial Statements
ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES	NOTE 5—ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES Accrued liabilities Accrued liabilities Accrued liabilities Self-Insurance The estimated aggregate liability for these items totaled $5.3 million and $5.2 million as of September 30, 2024 and December 31, 2023, respectively. Of the aggregate liability, the amounts included in Other long-term liabilities Funds held in escrow for potential future workers’ compensation claims are considered restricted cash and have been included in other current assets on the condensed consolidated balance sheets. Restricted cash balances were $0.8 million at September 30, 2024 and December 31, 2023.

Note 6 - Equity

Note 6 - Equity	9 Months Ended
Note 6 - Equity	Sep. 30, 2024
Notes To Financial Statements
EQUITY	NOTE 6—EQUITY Common Stock— The initial distribution of Class B common stock occurred on June 21, 2023 via a stock dividend to existing holders of common stock as of May 12, 2023. On the date of initial distribution, each holder of common stock received 0.2 shares of Class B common stock for every one share of existing common stock held on the record date. Similar actions or modifications occurred for holders of outstanding stock-based awards. The distribution of the Class B common stock provides existing holders of the Company’s common stock with an opportunity to participate directly in the financial performance of the Company’s CORE assets on a stand-alone basis, separate from the Company’s metallurgical coal operations. CORE assets were acquired initially as part of the Company’s acquisition of Ramaco Coal in the second quarter of 2022. The financial performance of CORE assets consists of the following non-cost bearing revenue streams based on the Company’s current expectations: ● Royalty fees derived from the royalties associated with the Ramaco Coal and Amonate reserves, which we believe approximates 3% of Company-produced coal sales revenue excluding coal sales revenue from Knox Creek, ● Infrastructure fees based on $5.00 per ton of coal processed at our preparation plants and $2.50 per ton of loaded coal at the Company’s rail load-out facilities, and ● Future income derived, if and when realized, from advanced carbon products as well as rare earth elements and critical minerals initiatives. The Company has paid dividends equal to 20% of the total fees above; however, any dividend amounts declared and paid are subject to the sole discretion of the Company’s Board of Directors. In addition, the Board of Directors retains the power to change or add expense allocation policies related to CORE, redefine CORE assets, and redetermine CORE’s per-ton usage fees at any time, in its sole discretion, without shareholder approval. Holders of shares of Class A common stock continue to be entitled to receive dividends when and if declared by the Board of Directors subject to any statutory or contractual restrictions on the payment of dividends and to any prior rights and preferences that may be applicable to outstanding preferred stock, if any. CORE is not a separate legal entity, and holders of Class B common stock do not own a direct interest in the assets of CORE. Holders of Class B common stock are stockholders of Ramaco Resources, Inc. and are subject to all risks and liabilities of the Company as a whole. With respect to voting rights, holders of Class A common stock and Class B With respect to liquidation rights, holders of common stock are entitled to receive ratably the assets available for distribution to the stockholders after payment of liabilities and the liquidation preference of outstanding preferred stock, if any. That is, the rights to residual net assets upon liquidation are equal between holders of Class A and Class B common stock. Holders of Class B common stock do not have specific rights to CORE assets in the event of liquidation. The Board of Directors also retains the ability, in its sole discretion, to exchange all outstanding shares of Class B common stock into Class A common stock based on an exchange ratio determined by a 20-day trailing volume-weighted average price for each class of stock. The initial distribution of the tracking stock was recorded as a stock dividend at fair value, which was estimated to be $11.00 per share based on the closing price of Class B shares on the first day of regular-way trading. The effect of the equity restructuring was a $102.9 million reduction in retained earnings and an increase of $102.9 million to Class B common stock and additional paid-in capital during the second quarter of 2023. Outstanding Stock-Based Awards— Restricted Stock— fair value of the awards granted to employees was $2.5 million, which is recognized ratably as expense over the three-year service period unless forfeited. The aggregate fair value of restricted stock granted to directors was $0.6 million, which is recognized ratably as expense over one year unless forfeited. During the vesting period, the participants have voting rights and receive nonforfeitable dividends on the same basis as fully vested common stockholders. Restricted Stock Units (“RSUs”)— Performance Stock Units (“PSUs”)— Performance stock units are accounted for as awards with a market condition since vesting depends on total shareholder return relative to a group of peer companies. The target number of performance stock units granted during the first quarter of 2024, or 315,941 units, were valued relative to the total shareholder return of a peer group based on a Monte Carlo simulation, which resulted in a grant date fair value of $28.72 per unit. The aggregate fair value of these awards was $9.1 million, which is recognized ratably as expense over the three-year period. Modification— Dividends– On May 8, 2024, the Company announced that its Board of Directors declared cash dividends of $0.1375 per share of Class A common stock and $0.2376 per share of Class B common stock, which were paid on June 15, 2024 to shareholders of record on June 1, 2024, in the amount of $6.1 million and $2.1 million, respectively. On August 7, 2024, the Company announced that its Board of Directors declared cash dividends of $0.1375 per share of Class A common stock and $0.2246 per share of Class B common stock, which were paid on September 13, 2024 to shareholders of record on August 30, 2024, in the amount of $6.0 and $2.0 million, respectively, bringing the total cash dividends paid for the nine months ended September 30, 2024 to $24.5 million. The Company also accrued $0.7 million of forfeitable dividend equivalents during 2024. On December 8, 2022, the Company announced that its Board of Directors declared a quarterly cash dividend of approximately $0.125 per share of common stock. Estimated dividends of $5.5 million were accrued in December 2022 and were paid on March 15, 2023 to shareholders of record on March 1, 2023 in the amount of $5.6 million. Cash dividends in the amount of $5.6 million, or approximately $0.125 per share of common stock, were paid on June 15, 2023, to shareholders of record on June 1, 2023. In addition, cash dividends of $0.125 per share of Class A common stock and $0.165 per share of Class B common stock were paid on September 15, 2023 to shareholders of record on September 1, 2023, in the amount of $5.5 million and $1.5 million, respectively, bringing the total cash dividends paid for the nine months ended September 30, 2023 to $18.0 million.

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	9 Months Ended
Note 7 - Commitments and Contingencies	Sep. 30, 2024
Notes To Financial Statements
COMMITMENTS AND CONTINGENCIES.	NOTE 7—COMMITMENTS AND CONTINGENCIES Environmental Liabilities — Surety Bond — Coal Leases and Associated Royalty Commitments 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 contract damages and on July 16, 2021, made an additional award of $25.0 million for damages for wrongful denial of the claim under Hayseeds, Inc. v. State Farm Fire & Cas. Hayseeds On April 1, 2022, we filed a notice of appeal with the U.S. Court of Appeals for the Fourth Circuit. On July 20, 2023, the court rendered a decision reinstating the jury’s $7.7 million contract damages verdict. The court further determined that we are entitled to attorney’s fees in an amount to be determined on remand. Finally, the court held that we are entitled to Hayseeds En Banc Hayseeds damages, as well as the court’s determination and award of attorney’s fees. On August 19, 2024, the Court issued a Memorandum Opinion and Order that the Hayseeds damages to be considered in the new trial would include annoyance and inconvenience up to October 2, 2023 with new discovery permitted for the time period of July 15, 2021 through October 2, 2023. The Court also ordered Hayseeds damages to be considered for net economic loss caused by the defendant’s delay in settlement be allowed for the time period of July 15, 2021 through October 2, 2023 with new discovery to be permitted for that time period. The defendants fully paid during 2023 the contract damages and interest portion of the judgment related to contract (compensatory) damages in the court’s order and that portion of the matter is considered closed. On April 24, 2024, the Court stated Ramaco is entitled to reasonable attorney fees for both the appeal and the first trial, adding there will be a full Hayseeds

Note 8 - Revenue

Note 8 - Revenue	9 Months Ended
Note 8 - Revenue	Sep. 30, 2024
Notes to Financial Statements
REVENUE.	NOTE 8—REVENUE Our revenue is derived from contracts for the sale of coal and is recognized when the performance obligations under the contract 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 fixed or derived against index-based pricing mechanisms. Sales completed with delivery to an export terminal are reported as export revenue. Disaggregated information about Revenue Three months ended September 30, Nine months ended September 30, (In thousands) 2024 2023 2024 2023 Coal Sales North American revenue $ 54,073 $ 75,143 $ 163,588 $ 168,571 Export revenue, excluding Canada 113,338 111,823 331,815 322,224 Total revenue $ 167,411 $ 186,966 $ 495,403 $ 490,795 Revenue for the three months and nine months ended September 30, 2024 includes a $0.4 million net decrease to revenue and a $1.3 million net increase to revenue, respectively, related to adjustments for performance obligations satisfied in a previous reporting period. These adjustments were due to true-ups of previous estimates for provisional pricing and demurrage as well as price adjustments for minimum specifications or qualities of delivered coal. As of September 30, 2024, the Company had outstanding performance obligations of approximately 1.7 million tons for contracts with fixed sales prices averaging $151 per ton, excluding freight, as well as 1.6 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 36% of the committed tons in the fourth quarter of 2024, 63% in 2025, and 1% in 2026. Variable amounts, including index-based prices, have not been estimated for the purpose of disclosing remaining performance obligations as permitted under the revenue recognition guidance when variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Concentrations—

Note 9 - Income Taxes

Note 9 - Income Taxes	9 Months Ended
Note 9 - Income Taxes	Sep. 30, 2024
Notes to Financial Statements
INCOME TAXES	NOTE 9—INCOME TAXES Income tax provisions for interim periods are generally based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent, or unusual items related specifically to interim periods. The income tax impacts of discrete items are recognized in the period these occur. Our effective tax rate for the three months ended September 30, 2024 and September 30, 2023 was 9.3% and 22.0%, respectively, excluding the impact of discrete items. Our effective tax rate for the nine months ended September 30, 2024 and September 30, 2023, excluding discrete items, was 28.0% and 20.5%, respectively. Discrete items of $1.0 million were recognized during the nine months ended September 30, 2024 related to excess tax benefits on share-based awards. The primary differences from the federal statutory rate of 21% are related to state taxes, non-deductible expenses, the foreign-derived intangible income deduction, and depletion expense for income tax purposes.

Note 10 - Earnings (Loss) Per S

Note 10 - Earnings (Loss) Per Share	9 Months Ended
Note 10 - Earnings (Loss) Per Share	Sep. 30, 2024
Notes to Financial Statements
EARNINGS (LOSS) PER SHARE	NOTE 10—EARNINGS (LOSS) PER SHARE Earnings per share (“EPS”) is not presented retrospectively for periods prior to the issuance of the tracking stock as the tracking stock was not a part of the Company’s capital structure during those periods and the issuance of the tracking stock changes the common shareholders’ relative residual interest in the Company. Therefore, EPS is presented for the Company’s single class of common stock up to the time the tracking stock was issued and, subsequent to this date, EPS is presented prospectively under the two-class method. The computation of basic and diluted EPS is shown on the following page: (In thousands, except per share amounts) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Earnings (loss) attribution Single class of common stock (through 6/20/2023) * $ N/A $ N/A $ N/A $ 31,382 Class A common stock (1,245) 17,288 2,085 18,616 Class A restricted stock awards 52 721 282 824 Class B common stock 507 1,395 4,079 1,395 Class B restricted stock awards 9 58 152 58 Forfeitable dividends declared on unvested stock-based awards 438 — 736 — Net income (loss) $ (239) $ 19,462 $ 7,334 $ 52,275 * Common stock and restricted stock participated in earnings 1:1 and are shown on a combined basis through 6/20/2023 consistent with historical presentation Three months ended September 30, 2024 Nine months ended September 30, 2024 Class A Class B Class A Class B 2024 EPS calculations Numerator Net earnings (loss) $ (1,245) $ 507 $ 2,085 $ 4,079 Denominator Weighted average shares used to compute basic earnings per share 43,378 8,684 42,827 8,574 Dilutive effect of stock option awards — 85 172 91 Dilutive effect of restricted stock units — 35 64 31 Dilutive effect of performance stock units — 166 283 159 Weighted average shares used to compute diluted earnings per share 43,378 8,970 43,346 8,855 Earnings (loss) per common share (dual-class structure) Basic $ (0.03) $ 0.06 $ 0.05 $ 0.48 Diluted $ (0.03) $ 0.06 $ 0.05 $ 0.46 Three months ended September 30, 2023 June 21 - September 30, 2023 Jan. 1 - June 20, 2023 Class A Class B Class A Class B YTD 2023 Single Class 2023 EPS calculations (single class of common stock through 6/20/2023) Numerator Net earnings $ 17,288 $ 1,395 $ 18,616 $ 1,395 $ 31,382 Denominator Weighted average shares used to compute basic earnings per share 42,144 8,432 42,044 8,412 44,344 Dilutive effect of stock option awards 352 103 339 97 381 Dilutive effect of restricted stock units 85 49 62 41 — Dilutive effect of performance stock units 302 102 263 92 27 Weighted average shares used to compute diluted earnings per share 42,883 8,686 42,708 8,642 44,752 Earnings per common share (single class of common stock) Basic $ 0.41 $ 0.17 $ 0.44 $ 0.17 $ 0.71 Diluted $ 0.40 $ 0.16 $ 0.44 $ 0.16 $ 0.70 Unvested restricted stock awards have the right to receive nonforfeitable dividends on the same basis as common shares; therefore, unvested restricted stock is considered a participating security for the purpose of calculating EPS. Prior to the initial distribution of Class B common stock in the second quarter of 2023, the Company showed EPS for its common stock and unvested restricted stock on a combined basis since both instruments participate on the same basis and the resulting EPS is typically the same. Starting under the two-class method, the Company reports separately the net earnings allocated away from holders of Class A and Class B common stock to holders of unvested restricted stock awards. For accounting purposes, Class B’s participation rights in net earnings are, in substance, discretionary based on the power of the Company’s Board of Directors to add or modify expense allocation policies, redefine CORE assets, and redetermine CORE’s per-ton usage fees at any time, in its sole discretion, without shareholder approval. Therefore, no amount of the Company’s net earnings shall be allocated to Class B for the purpose of calculating EPS other than actual dividends declared during the period for the tracking stock. However, during the three months and nine months ended September 30, 2024, dividends declared by the Company were in excess of consolidated net income (loss) for the period, which resulted in an undistributed net loss for reporting purposes. The resulting undistributed net loss was allocated proportionately between outstanding Class A and Class B common stock based on the rights to residual net assets upon liquidation being equal between holders of Class A and Class B common stock. For the nine months ended September 30, 2024, three dividends were declared for Class B common stock while only two dividends were declared for Class A common stock due to the timing of declaration. Diluted EPS is calculated using the treasury stock method for stock options and restricted stock units. For performance stock units, the awards are first evaluated under the contingently issuable shares guidance, which requires a determination as to whether shares would be issuable if the end of the reporting period were the end of the contingency period. For shares determined to be issuable under performance stock unit awards, the treasury stock method is then applied to determine the dilutive impact of the awards, if any. Unvested restricted stock awards are considered potential common shares as well as participating securities, as discussed previously, and are included in diluted EPS using the more dilutive of the treasury stock method or the two-class method. Since these awards share in dividends on a 1:1 basis with common shares, applying the treasury stock method is antidilutive compared to the basic EPS calculation that allocates earnings to participating securities under the two-class method discussed previously. For the three months ended September 30, 2024, diluted EPS for Class A Common stock excluded all outstanding awards of potential common stock because of the allocated net loss discussed above, and, therefore, the inclusion of any potential common shares would be antidilutive. Excluded Class A common stock awards were 649 thousand options to purchase Class A common stock, 718 thousand RSUs, and 1,057 thousand PSUs (at target). For the nine months ended September 30, 2024, diluted EPS for Class A common stock excluded only the RSUs and PSUs granted in the first quarter of 2024, as discussed in Note 6, because the effect would have been antidilutive under the treasury stock method or, in the third quarter, because of the evaluation of such PSUs under the guidance for contingently issuable shares. No potential common shares were excluded from the calculation of diluted EPS for Class B common stock. For the third quarter of 2023 and the period from June 21,2023 through September 30, 2023, diluted EPS for Class A common stock excluded 166 thousand RSUs because the effect would have been antidilutive under the treasury stock method. Class A diluted EPS for these periods also excluded outstanding PSUs originally granted in 2022, or approximately 153 thousand units if September 30, 2023 were the end of the contingency period, because the effect would have been antidilutive under the treasury stock method. The same PSUs, or 249 thousand units at target, were excluded in the second quarter of 2023 based on the guidance for contingently issuable shares. For the third quarter of 2023 and the period from June 21, 2023 through September 30, 2023, diluted EPS for Class B common stock excluded certain PSUs, or approximately 31 thousand units if September 30, 2023 were the end of the contingency period, because the effect would have been antidilutive under the treasury stock method. The same awards, or 50 thousand units at target, were excluded in the second quarter of 2023 based on the guidance for contingently issuable shares. Diluted EPS for the single class of common stock existing from January 1, 2023 through June 20, 2023, excluded all outstanding RSUs, or 684 thousand units in total, because the effect would have been antidilutive under the treasury stock method. In addition, diluted EPS for the single class of common stock during this period excluded outstanding PSUs originally granted in 2022, or 249 thousand units at target, based on the guidance for contingently issuable shares.

Note 11 - Related Party Transac

Note 11 - Related Party Transactions	9 Months Ended
Note 11 - Related Party Transactions	Sep. 30, 2024
Notes to Financial Statements
RELATED PARTY TRANSACTIONS	NOTE 11—RELATED PARTY TRANSACTIONS Ramaco Coal Deferred Purchase Price— Other Professional Services —The Company has also entered into professional services agreements with five other related parties, which have been aggregated due to immateriality. Professional service fees for these related party transactions totaled approximately $0.2 million during the nine months ended September 30, 2024.

Note 12 - Subsequent Events

Note 12 - Subsequent Events	9 Months Ended
Note 12 - Subsequent Events	Sep. 30, 2024
Notes To Financial Statements
SUBSEQUENT EVENTS	NOTE 12—SUBSEQUENT EVENTS Subsequent to the date of the financial statements, the FASB issued ASU 2024-03, which was discussed earlier in Note 1.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						6 Months Ended	9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 20, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (239)	$ 5,541	$ 2,032	$ 19,462	$ 7,556	$ 25,257	$ 31,382	$ 7,334	$ 52,275

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Note 2 - Summaries of Significa

Note 2 - Summaries of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies.
Basis of Presentation	Basis of Presentation In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of September 30, 2024, as well as the results of operations and cash flows for all periods presented. In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Intercompany balances and transactions between consolidated entities have been eliminated. There were no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2024.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures quantitative threshold is met. The ASU will also require disclosure of amounts and or In November 2024, subsequent to the date of the financial statements, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	9 Months Ended
Note 2 - Inventories (Tables)	Sep. 30, 2024
Inventories.
Summary of inventories	Inventories (In thousands) September 30, 2024 December 31, 2023 Raw coal $ 15,196 $ 20,122 Saleable coal 32,249 12,013 Supplies 5,606 5,028 Total inventories $ 53,051 $ 37,163

Note 3 - Property, Plant and _2

Note 3 - Property, Plant and Equipment (Tables)	9 Months Ended
Note 3 - Property, Plant and Equipment (Tables)	Sep. 30, 2024
Property, Plant and Equipment.
Schedule of property, plant, and equipment, net	(In thousands) September 30, 2024 December 31, 2023 Plant and equipment $ 323,440 $ 290,060 Mining property and mineral rights 120,532 120,532 Construction in process 30,223 13,984 Capitalized mine development costs 186,843 174,260 Less: accumulated depreciation, depletion, and amortization (184,290) (139,745) Total property, plant, and equipment, net $ 476,748 $ 459,091
Schedule of depreciation and amortization	Three months ended September 30, Nine months ended September 30, (In thousands) 2024 2023 2024 2023 Depreciation of plant and equipment $ 9,519 $ 8,063 $ 27,408 $ 22,492 Amortization of right of use assets (finance leases) 2,648 2,432 8,025 6,312 Amortization and depletion of capitalized mine development costs and mineral rights 5,644 3,948 13,476 11,046 Total depreciation, depletion, and amortization $ 17,811 $ 14,443 $ 48,909 $ 39,850

Note 4 - Debt (Tables)

Note 4 - Debt (Tables)	9 Months Ended
Note 4 - Debt (Tables)	Sep. 30, 2024
Debt
Schedule of outstanding debt	Outstanding debt consisted of the following: (In thousands) September 30, 2024 December 31, 2023 Revolving Credit Facility $ 43,000 $ 42,500 Equipment loans 524 2,983 Senior Notes, net 33,646 33,296 Financing of Maben Coal acquisition — 11,400 Total debt $ 77,170 $ 90,179 Current portion of long-term debt 383 56,534 Long-term debt, net $ 76,787 $ 33,645

Note 8 - Revenue (Tables)

Note 8 - Revenue (Tables)	9 Months Ended
Note 8 - Revenue (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	Three months ended September 30, Nine months ended September 30, (In thousands) 2024 2023 2024 2023 Coal Sales North American revenue $ 54,073 $ 75,143 $ 163,588 $ 168,571 Export revenue, excluding Canada 113,338 111,823 331,815 322,224 Total revenue $ 167,411 $ 186,966 $ 495,403 $ 490,795

Note 10 - Earnings (Loss) Per_2

Note 10 - Earnings (Loss) Per Share (Tables)	9 Months Ended
Note 10 - Earnings (Loss) Per Share (Tables)	Sep. 30, 2024
Notes Tables
Schedule computation of basic and diluted EPS	(In thousands, except per share amounts) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Earnings (loss) attribution Single class of common stock (through 6/20/2023) * $ N/A $ N/A $ N/A $ 31,382 Class A common stock (1,245) 17,288 2,085 18,616 Class A restricted stock awards 52 721 282 824 Class B common stock 507 1,395 4,079 1,395 Class B restricted stock awards 9 58 152 58 Forfeitable dividends declared on unvested stock-based awards 438 — 736 — Net income (loss) $ (239) $ 19,462 $ 7,334 $ 52,275 * Common stock and restricted stock participated in earnings 1:1 and are shown on a combined basis through 6/20/2023 consistent with historical presentation Three months ended September 30, 2024 Nine months ended September 30, 2024 Class A Class B Class A Class B 2024 EPS calculations Numerator Net earnings (loss) $ (1,245) $ 507 $ 2,085 $ 4,079 Denominator Weighted average shares used to compute basic earnings per share 43,378 8,684 42,827 8,574 Dilutive effect of stock option awards — 85 172 91 Dilutive effect of restricted stock units — 35 64 31 Dilutive effect of performance stock units — 166 283 159 Weighted average shares used to compute diluted earnings per share 43,378 8,970 43,346 8,855 Earnings (loss) per common share (dual-class structure) Basic $ (0.03) $ 0.06 $ 0.05 $ 0.48 Diluted $ (0.03) $ 0.06 $ 0.05 $ 0.46 Three months ended September 30, 2023 June 21 - September 30, 2023 Jan. 1 - June 20, 2023 Class A Class B Class A Class B YTD 2023 Single Class 2023 EPS calculations (single class of common stock through 6/20/2023) Numerator Net earnings $ 17,288 $ 1,395 $ 18,616 $ 1,395 $ 31,382 Denominator Weighted average shares used to compute basic earnings per share 42,144 8,432 42,044 8,412 44,344 Dilutive effect of stock option awards 352 103 339 97 381 Dilutive effect of restricted stock units 85 49 62 41 — Dilutive effect of performance stock units 302 102 263 92 27 Weighted average shares used to compute diluted earnings per share 42,883 8,686 42,708 8,642 44,752 Earnings per common share (single class of common stock) Basic $ 0.41 $ 0.17 $ 0.44 $ 0.17 $ 0.71 Diluted $ 0.40 $ 0.16 $ 0.44 $ 0.16 $ 0.70

Note 2 - Inventories (Details)

Note 2 - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventories
Raw coal	$ 15,196	$ 20,122
Saleable coal	32,249	12,013
Supplies	5,606	5,028
Total inventories	$ 53,051	$ 37,163

Note 3 - Property, Plant and _3

Note 3 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, plant, and equipment
Less: accumulated depreciation, depletion, and amortization	$ (184,290)	$ (139,745)
Total property, plant and equipment, net	476,748	459,091
Capitalized amounts related to coal reserves	1,600
Accrued loss recovery asset	3,100
Plant and equipment
Property, plant, and equipment
Property, plant and equipment, gross	323,440	290,060
Mining property and mineral rights
Property, plant, and equipment
Property, plant and equipment, gross	120,532	120,532
Construction in process
Property, plant, and equipment
Property, plant and equipment, gross	30,223	13,984
Capitalized mine development costs
Property, plant, and equipment
Property, plant and equipment, gross	186,843	174,260
Proceeds from insurance for methane ignition on mine	6,000
Increase in property, plant, and equipment and noncurrent liabilities due to change in asset retirement obligations estimates	$ 1,600
Gain on Insurance Recovery		$ 4,900
Accrued loss recovery asset			$ 1,100

Note 3 - Property, Plant and _4

Note 3 - Property, Plant and Equipment - Depreciation and amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, plant, and equipment
Depreciation of plant and equipment	$ 9,519	$ 8,063	$ 27,408	$ 22,492
Amortization of right of use assets (finance leases)	2,648	2,432	8,025	6,312
Amortization and depletion of capitalized mine development costs and mineral rights	5,644	3,948	13,476	11,046
Total depreciation, depletion, and amortization	$ 17,811	$ 14,443	48,909	39,850
Knox Creek preparation plant
Property, plant, and equipment
Total depreciation, depletion, and amortization			$ 1,300	$ 1,200

Note 4 - Debt - Summary of Outs

Note 4 - Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Total debt	$ 77,170	$ 90,179
Current portion long term debt	383	56,534
Long-term debt, net	76,787	33,645
Revolving Credit Facility
Total debt	43,000	42,500
Current portion long term debt		42,500
Equipment loans
Total debt	524	2,983
Current portion long term debt	400	2,600
Senior Notes, net
Total debt	$ 33,646	33,296
Maben Coal LLC
Total debt		11,400
Current portion long term debt		$ 11,400

Note 4 - Debt - Revolving Credi

Note 4 - Debt - Revolving Credit Facility (Details) $ in Thousands		9 Months Ended
	Feb. 15, 2023 USD ($)	Sep. 30, 2024 USD ($)	May 03, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt
Current portion long term debt		$ 383		$ 56,534
Additional amount to be maintained in a separate dedicated account		1,000
Senior Notes, net
Debt
Estimated fair value		35,900		35,500
Equipment loans
Debt
Current portion long term debt		$ 400		2,600
Maben Coal LLC
Debt
Current portion long term debt				11,400
Revolving loans under the new facility
Debt
Fixed charge coverage ratio		1.10
Average daily cash balance		$ 5,000
Additional amount to be maintained in a separate dedicated account		1,500
Revolving Credit Facility
Debt
Initial aggregate revolving commitment	$ 125,000		$ 200,000
Initial aggregate revolving commitment		100,900
Accordion feature	$ 50,000		$ 75,000
Outstanding borrowings		43,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 57,900
Current portion long term debt				$ 42,500
Revolving Credit Facility \| Secured overnight financing rate
Debt
Interest rate, basis spread	2.50%
Revolving Credit Facility \| Base Rate
Debt
Interest rate, basis spread	2%
Revolving Credit Facility \| Base Rate \| Minimum
Debt
Effective interest rate	0.50%
Revolving Credit Facility \| Base Rate \| Maximum
Debt
Effective interest rate	3%

Note 5 - Accrued Liabilities _2

Note 5 - Accrued Liabilities and Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 15, 2023	Dec. 31, 2022
Accrued dividends and dividend equivalents payable	$ 735		$ 733	$ 5,600	$ 5,500
Accrued compensation and related benefits	19,000	$ 14,600
Accrued liabilities	48,378	52,225
Estimated aggregate liability	5,300	5,200
Restricted cash	800	800
Other long-term liabilities
Estimated aggregate liability	3,200	$ 3,100
Accounts Payable and Accrued Liabilities
Accrued dividends and dividend equivalents payable	5,500
Accrued liabilities	$ 3,800

Note 6 - Equity - Common Stock

Note 6 - Equity - Common Stock (Details)			3 Months Ended
Note 6 - Equity - Common Stock (Details)	Jun. 21, 2023 USD ($)	Jun. 12, 2023 D Vote	Sep. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 $ / T
Class of Stock [Line Items]
Percent of royalty fee income				3%
Price per ton of coal processed at preparation plants \| $ / T				5
Price per ton of loaded coal at rail load-out facilities \| $ / T				2.50
Threshold trading days volume weighted average price \| D		20
Retained Earnings.
Class of Stock [Line Items]
Adjustments relating to restructuring of equity \| $			$ 102,900,000
Additional Paid-in Capital.
Class of Stock [Line Items]
Adjustments relating to restructuring of equity \| $			$ 102,900,000
Class A Common Stock
Class of Stock [Line Items]
Number of votes per common share \| Vote		1
Class B Common Stock
Class of Stock [Line Items]
Distribution ratio	0.2		0.2
Percentage dividend from financial performance of carbon				20
Number of votes per common share	1	1
Dividend per share of tracking stock \| $ / shares			$ 11

Note 6 - Equity - Summary of Re

Note 6 - Equity - Summary of Restricted Awards Activity (Details) $ / shares in Units, $ in Thousands									3 Months Ended					9 Months Ended
	Aug. 30, 2024 USD ($)	Jun. 15, 2024 USD ($)	Mar. 15, 2024 USD ($)	Sep. 15, 2023 $ / shares	Sep. 01, 2023 USD ($)	Jun. 15, 2023 USD ($) $ / shares	Mar. 15, 2023 USD ($) $ / shares	Dec. 08, 2022 $ / shares	Sep. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 USD ($) Vote $ / shares shares	Sep. 30, 2023 USD ($)	Jun. 30, 2022	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Feb. 01, 2024 $ / shares	Dec. 06, 2023 $ / shares	Dec. 31, 2022 USD ($)
Compensation costs									$ 4,000			$ 3,200		$ 13,300	$ 9,700
Incremental compensation costs associated with modifications											$ 1,200
Incremental value											1,800
Reversal of previously recognized compensation expense											600
Pre-modified restricted stock award											300
Forfeiture of restricted stock units and performance stock units											300
Dividend declared \| $ / shares								$ 0.125
Dividend payable							$ 5,600		$ 735			$ 733		735	733			$ 5,500
Dividends paid amount															$ 18,000
Dividends paid \| $ / shares						$ 0.125	$ 0.125
Payment of dividends						$ 5,600								24,500
Forfeitable Dividend														$ 700
Class A Common Stock
Dividend declared \| $ / shares									$ 0.1375	$ 0.1375
Dividends paid amount	$ 6,000		$ 6,000		$ 5,500
Dividends paid \| $ / shares				$ 0.125
Payment of dividends		$ 6,100	6,100
Per share amount of a dividend declared \| $ / shares																	$ 0.1375
Class B Common Stock
Granted (in shares) \| shares														0
Dividend payable per share \| $ / shares																$ 0.2416
Dividend declared \| $ / shares									$ 0.2246	$ 0.2376
Dividends paid amount	$ 2,000				$ 1,500
Dividends paid \| $ / shares				$ 0.165
Payment of dividends		$ 2,100	$ 2,100
Percentage dividend from financial performance of carbon													20
Restricted Stock
Fair value of awards											$ 2,500
Vesting period											3 years
Restricted Stock Units
Granted (in shares) \| shares											302,699
Granted, Weighted average grant date fair value (in dollars per share) \| $ / shares											$ 17.58
Fair value of awards											$ 5,300
Vesting period											3 years
Number of voting rights \| Vote											0
Number of dividend rights \| Vote											0
Shares delivered per unit awarded \| shares											1
Payment of dividends														$ 100
Performance Stock Units
Vesting period														3 years
Number of voting rights \| Vote											0
Number of dividend rights \| Vote											0
Executives and Employees \| Restricted Stock
Granted (in shares) \| shares											179,028
Fair value of awards											$ 3,100
Executives and Employees \| Performance Stock Units
Granted (in shares) \| shares														315,941
Granted, Weighted average grant date fair value (in dollars per share) \| $ / shares														$ 28.72
Fair value of awards														$ 9,100
Vesting period											3 years
Shares delivered per unit awarded \| shares											1
Executives and Employees \| Performance Stock Units \| Minimum
Potential earnings (as a percentage)											0%
Executives and Employees \| Performance Stock Units \| Maximum
Potential earnings (as a percentage)											200%
Directors \| Restricted Stock
Fair value of awards											$ 600
Vesting period											1 year

Note 7 - Commitments and Cont_2

Note 7 - Commitments and Contingencies (Details) $ in Millions						3 Months Ended		9 Months Ended
	Jul. 20, 2023 USD ($)	Mar. 04, 2022 USD ($)	Jul. 16, 2021 USD ($)	Jul. 15, 2021 USD ($)	Nov. 05, 2018 item	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES
Royalty expense						$ 6.4	$ 9	$ 19.5	$ 25
Compensatory damages	$ 7.7	$ 1.8	$ 25	$ 7.7
Award to cover inconvenience and aggravation	$ 25
Accrued amount						0.2		0.2		$ 0.8
Accrued loss recovery asset						3.1		3.1
Number of raw coal storage silos, failure \| item					1
Number of raw coal storage silos \| item					3
Percentage of structural failure					80%
Surety Bond
COMMITMENTS AND CONTINGENCIES
Asset Retirement Obligation						31.2		31.2
Take-or-pay Purchase Commitments
COMMITMENTS AND CONTINGENCIES
Commitment						17.5		17.5
Total commitment								19.6
Environmental
COMMITMENTS AND CONTINGENCIES
Environmental liabilities						$ 0		$ 0

Note 8 - Revenue (Details)

Note 8 - Revenue (Details) T in Millions, $ in Millions	3 Months Ended	9 Months Ended
Note 8 - Revenue (Details) T in Millions, $ in Millions	Sep. 30, 2024 USD ($) T	Sep. 30, 2024 USD ($) T $ / T
REVENUES
Term of domestic sales contracts		1 year
Increase to revenue \| $	$ 0.4	$ 1.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
REVENUES
Percentage OF Committed Tons		36%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
REVENUES
Percentage OF Committed Tons		63%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
REVENUES
Percentage OF Committed Tons		1%
Contracts with Indexed Based Pricing Mechanisms
REVENUES
Outstanding performance obligation, mass	1.6	1.6
Fixed Priced Contracts
REVENUES
Outstanding performance obligation, mass	1.7	1.7
Average per ton \| $ / T		151

Note 8 - Revenue - Domestic Rev

Note 8 - Revenue - Domestic Revenues an Export Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Revenues	$ 167,411	$ 186,966	$ 495,403	$ 490,795
Domestic Coal Revenues
REVENUES
Revenues	54,073	75,143	163,588	168,571
Export Revenues
REVENUES
Revenues	$ 113,338	$ 111,823	$ 331,815	$ 322,224

Note 8 - Revenue - Concentratio

Note 8 - Revenue - Concentrations (Details) - Customer Concentration Risk - customer	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue Benchmark
Concentrations
Number of Major Customers	2	3	2	4
Revenue Benchmark \| Top Customers [Member]
Concentrations
Concentration Risk, Percentage		52%		55%
Revenue Benchmark \| Customer A
Concentrations
Concentration Risk, Percentage	12%		13%
Revenue Benchmark \| Customer C
Concentrations
Concentration Risk, Percentage	10%			10%
Accounts Receivable.
Concentrations
Number of Major Customers			4
Accounts Receivable. \| Customer A
Concentrations
Concentration Risk, Percentage			17%
Accounts Receivable. \| Customer B
Concentrations
Concentration Risk, Percentage			17%
Accounts Receivable. \| Customer C
Concentrations
Concentration Risk, Percentage			15%
Accounts Receivable. \| Customer D
Concentrations
Concentration Risk, Percentage			10%
Minimum \| Revenue Benchmark \| Top Customers [Member]
Concentrations
Concentration Risk, Percentage	10%	10%	10%	10%
Minimum \| Accounts Receivable. \| Top Customers [Member]
Concentrations
Concentration Risk, Percentage			10%

Note 9 - Income Taxes - (Detail

Note 9 - Income Taxes - (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Note 9 - Income Taxes - (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes.
Amount of discrete items recognized	$ 1		$ 1
Effective Income Tax Rate Reconciliation, Percent, Total	9.30%	22%	28%	20.50%
Statutory rate			21%

Note 10 - Earnings (Loss) Per_3

Note 10 - Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended							6 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($)	Jun. 20, 2023 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) item $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares
EARNINGS (LOSS) PER SHARE
Net income (loss) \| $	$ (239)	$ 5,541	$ 2,032		$ 19,462	$ 7,556	$ 25,257	$ 31,382	$ 7,334	$ 52,275
Forfeitable Dividends Declared on Unvested Stock Based Awards \| $	$ 438								$ 736
Weighted average shares used to compute basic EPS (in shares)								44,344
Weighted average shares used to compute diluted EPS (in shares)								44,752
Basic (in dollars per share) \| $ / shares	$ (0.03)				$ 0.41			$ 0.71	$ 0.05	$ 1.15
Diluted (in dollars per share) \| $ / shares	$ (0.03)				$ 0.40			$ 0.70	$ 0.05	$ 1.14
Share in dividends for unvested restricted stock awards with common shares \| item									1
Employee Stock Option [Member]
EARNINGS (LOSS) PER SHARE
Dilutive effect of stock-based awards (in shares)								381
Restricted Stock Units
EARNINGS (LOSS) PER SHARE
Dilutive effect of stock-based awards (in shares)										684,000
Antidilutive shares	718
Performance Stock Units
EARNINGS (LOSS) PER SHARE
Dilutive effect of stock-based awards (in shares)								27		249,000
Antidilutive shares	1,057
Class A Common Stock
EARNINGS (LOSS) PER SHARE
Net income (loss) \| $	$ (1,245)			$ 18,616	$ 17,288	$ 17,288			$ 2,085	$ 18,616
Weighted average shares used to compute basic EPS (in shares)	43,378			42,044	42,144				42,827
Weighted average shares used to compute diluted EPS (in shares)	43,378			42,708	42,883				43,346
Basic (in dollars per share) \| $ / shares	$ (0.03)			$ 0.44	$ 0.41				$ 0.05	$ 0.44
Diluted (in dollars per share) \| $ / shares	$ (0.03)			$ 0.44	$ 0.40				$ 0.05	$ 0.44
Antidilutive shares	649				166
Class A Common Stock \| Q2 Dividends Declared
EARNINGS (LOSS) PER SHARE
Date dividends declared									Sep. 30, 2024
Class A Common Stock \| Performance Stock Units
EARNINGS (LOSS) PER SHARE
Antidilutive shares					153	249
Class A Common Stock \| Employee Stock Option [Member]
EARNINGS (LOSS) PER SHARE
Dilutive effect of stock-based awards (in shares)				339,000	352,000				172
Class A Common Stock \| Restricted Stock Units
EARNINGS (LOSS) PER SHARE
Dilutive effect of stock-based awards (in shares)				62,000	85,000				64
Class A Common Stock \| Performance Stock Units
EARNINGS (LOSS) PER SHARE
Dilutive effect of stock-based awards (in shares)				263,000	302,000				283
Class B Common Stock
EARNINGS (LOSS) PER SHARE
Net income (loss) \| $	$ 507			$ 1,395	$ 1,395				$ 4,079	$ 1,395
Weighted average shares used to compute basic EPS (in shares)	8,684			8,412	8,432				8,574
Weighted average shares used to compute diluted EPS (in shares)	8,970			8,642	8,686				8,855
Basic (in dollars per share) \| $ / shares	$ 0.06			$ 0.17	$ 0.17				$ 0.48	$ 0.17
Diluted (in dollars per share) \| $ / shares	$ 0.06			$ 0.16	$ 0.16				$ 0.46	$ 0.16
Antidilutive shares									0
Class B Common Stock \| Q2 Dividends Declared
EARNINGS (LOSS) PER SHARE
Date dividends declared									Sep. 30, 2024
Class B Common Stock \| Employee Stock Option [Member]
EARNINGS (LOSS) PER SHARE
Dilutive effect of stock-based awards (in shares)	85			97,000	103,000				91
Class B Common Stock \| Restricted Stock Units
EARNINGS (LOSS) PER SHARE
Dilutive effect of stock-based awards (in shares)	35			41,000	49,000				31
Class B Common Stock \| Performance Stock Units
EARNINGS (LOSS) PER SHARE
Dilutive effect of stock-based awards (in shares)	166			92,000	102,000				159
Antidilutive shares					31	50
Class A Restricted Stock
EARNINGS (LOSS) PER SHARE
Net income (loss) \| $	$ 52					$ 721			$ 282	$ 824
Class B Restricted Stock
EARNINGS (LOSS) PER SHARE
Net income (loss) \| $	$ 9				$ 58				$ 152	$ 58

Note 11 - Related Party Trans_2

Note 11 - Related Party Transactions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Interest expense, net	$ (1,696)	$ (2,447)	$ (4,509)	$ (7,274)
Accounts Payable, Current, Total	$ 53,783		$ 53,783		$ 51,624
Number of Related paties \| item	5		5
Other Professional Services
Professional fees			$ 200
Ramaco Coal, LLC
Interest expense, net		$ 400		$ 1,700

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details)	3 Months Ended	9 Months Ended
Note 12 - Subsequent Events (Details)	Jun. 30, 2022	Sep. 30, 2024	Feb. 01, 2024 $ / shares
Class A Common Stock \| Q2 Dividends Declared
Subsequent Events
Date dividends declared		Sep. 30, 2024
Class B Common Stock
Subsequent Events
Dividend payable per share			$ 0.2416
Percentage dividend from financial performance of carbon	20
Class B Common Stock \| Q2 Dividends Declared
Subsequent Events
Date dividends declared		Sep. 30, 2024