Brook Mine

Rare earth element and critical mineral development project on approximately 15,800 acres of owned and leased holdings about nine miles northwest of Sheridan, Wyoming, within the Sheridan Coal of the northwestern Powder River Basin, acquired as part of the 2022 Ramaco Coal purchase. The Company initiated development in mid-2025, producing representative ore as feedstock to test the viability of processing rare earth elements and critical minerals at a full-scale commercial facility. Preliminary findings indicate significant concentrations of heavy magnetic rare earths such as terbium and dysprosium and critical minerals including gallium, germanium and scandium. An initial S-K 1300 mineral resource estimate was released in September 2025 (Technical Report Summary by Weir International, underpinned by a Fluor Corporation preliminary economic assessment); these estimates are not mineral reserves and do not meet reserve modifying-factor thresholds, and are not included in the Company's December 31, 2025 coal resource/reserve summary tables. Gross investment in the property was $12 million at December 31, 2025. The project anchors the Company's Carbon Ore-Rare Earth (CORE) tracking-stock platform and is expected to produce a mix of refined rare earth and critical mineral products plus sub-bituminous thermal coal.