Ramaco Resources, Inc. Announces Agreement To Acquire Ramaco Coal, Llc

Ramaco Resources, Inc. (NASDAQ: METC) ("Ramaco" or the "Company") announced that it has reached an agreement in principle for its subsidiary, Ramaco Development, LLC, to acquire (the "Acquisition") 100% of the equity interests of Ramaco Coal, LLC ("Ramaco Coal"), an entity owned by an investment fund managed by Yorktown Partners, LLC and certain members of the Company's management. The consideration for the Acquisition will consist of (i) an initial payment of $5 million due at closing and (ii) an aggregate deferred purchase price of $60 million, consisting of (A) $20 million, to be paid during the remainder of 2022 in $5 million ratable quarterly installments, and (B) $40 million, to be paid during 2023 in $10 million ratable quarterly installments. The Special Committee of Independent Directors (the "Special Committee") of the Board of Directors of the Company negotiated and approved the Acquisition, which remains subject to customary closing conditions, including obtaining certain consents, and the Company can provide no assurances if or when the closing conditions will be satisfied or whether the Acquisition will be consummated at all. Janney Montgomery Scott has served as financial advisor to the Special Committee and has provided an independent Fairness Opinion with regard to the transaction.