NOTE 3—PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment consisted of the following:

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At December 31, 2025 and 2024, mining property and mineral rights above include $18.5 million and $16.2 million, respectively, of carrying value associated with coal mineral reserves and resources attributable to complexes where we are not currently engaged in mining operations, and therefore, the coal mineral reserves are not currently being depleted. We believe that the carrying value of these coal mineral reserves will be recovered.

On March 17, 2025, the Company announced that it received a $6.1 million matching grant authorized by Wyoming Governor Mark Gordon and issued by the Wyoming Energy Authority for Ramaco’s CORE Brook Mine project. The funding is intended to support Ramaco’s significant future investment in constructing and equipping a rare earth and critical minerals processing facility near Sheridan, Wyoming. During 2025, the Company incurred approximately $0.5 million in qualifying costs, with $0.4 million recorded as an offset to Property, plant and equipment, net on the Consolidated Balance Sheets and $0.1 million recorded as Other income on the Consolidated Statements of Operations.

On November 7, 2025, the Company acquired mining property and mineral rights located adjacent to our Knox Creek property in Russell County, Buchanan County, and Tazewell County in Virginia. The purchase price was approximately $15.0 million and the Company incurred $0.3 million in transaction costs associated with the purchase.

Depreciation, depletion, and amortization included:

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