Investor Presentaiton
RAMACO HAS A STRONG BALANCE SHEET
Conservative balance sheet provides financial flexibility to invest in growth and return capital to shareholders
RAMACO
RESOURCES
Ramaco has one of the industry's
most conservative balance sheets,
with trailing net debt to Adjusted
EBITDA of just 0.5x1.
Management is committed to maintain
a "low net debt-low ARO" posture
to allow full optionality throughout
volatile commodity pricing cycles.
Ramaco easily has the lowest AROS
plus legacy liabilities among its
direct peer group, 94% below the
group average(2).
Total Debt ($mm) (2)
Legacy Liabilities + AROS ($mm)(3)
$400
$1,000
$350
$900
$800
$300
$700
$250
$600
$200
$500
$400
$150
$300
$100
$200
$50
$100
$0
$0
Peer 1
Ramaco
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Ramaco
Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
(1) See "Reconciliation of Non-GAAP Measures" in the Appendix
(2) Debt through 1Q23. Peers include (alphabetically): Alpha, Arch, Consol, Coronado, Peabody, Warrior. (Same peer group below.)
(2) Legacy liabilities include workers' comp, black lung, pension & post-retirement benefits, and other, through 1Q23.
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