Ramaco Resources (METC)

Summary & Back of the Napkin Pro Forma

Ramaco Resources, ticker symbol METC, is a metallurgical coal producer located primarily in Central Appalachia. They mine a mix of High Vol-A & B met coal and sell to a blend of domestic and export customers.

Their current coal quality blend is as follows:

• 44% High Vol-A

• 41% High Vol-B

• 7% Low-Vol

• 2% Mid-Vol

• 3% Semi-Soft

• 2% Steam

Their production outlook is for…