​

Exhibit 96.5

​

​

​

​

Notice

Weir International, Inc. (WEIR) was retained by Ramaco Resources, Inc. (Ramaco, NASDAQ: METC, METCB) to prepare a Technical Report Summary (TRS) related to Ramaco’s Brook Mine located near Sheridan, Wyoming. This TRS serves as a revision to a TRS dated September 17, 2025, effective June 30, 2025, and filed on February 26, 2026 (September 2025 TRS). This revised TRS updates the effective date to December 31, 2025 with respect to assumptions and the knowledge of Qualified Persons (QPs) and it supersedes all prior technical reports filed by the registrant concerning this property. This revision is prepared in response to comment letters received from the United States Securities and Exchange Commission (SEC) and serves to address requests for additional information and/or clarification. This TRS maintains the modeling data cut-off date of June 30, 2025 used in the September 2025 TRS.

This report provides an Initial Assessment of Ramaco’s critical mineral deposit located within the Brook Mine. This TRS has been prepared in accordance with the SEC Regulation S-K 1300 for Mining Property Disclosure (S-K 1300) and 17 Code of Federal Regulations (CFR) § 229.601(b)(96)(iii)(B) reporting requirements. This report was prepared for Ramaco, and its affiliates.

This report was prepared by WEIR and Ramaco personnel who meet the SEC’s definition of QPs, with sufficient experience in the relevant type of mineralization and deposit under consideration in this report. WEIR is a third-party firm comprising mining experts. In preparing this report, WEIR relied upon data, written reports and statements provided by Ramaco. WEIR has taken all appropriate steps, in its professional opinion, to ensure the information provided by Ramaco is reasonable and reliable for use in this report.

This Technical Report Summary has been prepared for the purpose of supporting disclosures pursuant to Regulation S-K 1300 and should not be construed as an independent valuation of the mineral property, the issuer, or the issuer’s securities.

The estimates and projections presented in this report are based on geological, engineering, economic, and other information available as of the effective date of this report. While the QPs consider the estimates and assumptions used herein to be reasonable, additional data, changes in operating conditions, market factors, regulatory requirements, or other circumstances may result in revisions to the estimates and conclusions presented, which may be material.

Certain information contained in this report constitutes forward-looking information, including, but not limited to, estimates of mineral resources, production forecasts, operating and capital cost estimates, economic analyses, and mine plans. Forward-looking information is based on assumptions believed to be reasonable at the time of preparation; however, actual results may differ materially from those

​

​

projected. The assumptions and factors affecting such forward-looking information are discussed throughout this report.

WEIR and its personnel are not affiliates of Ramaco or any other entity with ownership, royalty or other interest in the subject property of this report. Mr. Mike Woloschuk is a full time employee of Ramaco Resources, Inc.

This report titled Technical Report Summary - Brook Mine - Initial Assessment, with an effective date of December 31, 2025, was prepared and signed by:

​

​

/s/ Mike Woloschuk

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

WEIR was retained by Ramaco (Nasdaq: METC) to prepare this TRS which provides an Initial Assessment of Ramaco’s critical mineral and coal deposit located within its Brook Mine. The Brook Mine is located within Ramaco’s mineral holdings located approximately seven miles north of Sheridan, Wyoming.

This TRS serves as a revision to a TRS dated September 17, 2025, effective June 30, 2025, and filed on February 26, 2026. This revised TRS updates the effective date to December 31, 2025 with respect to assumptions and the knowledge of Qualified Persons (QPs) and it supersedes all prior technical reports filed by the registrant concerning this property. This revision is prepared in response to comment letters received from the United States Securities and Exchange Commission (SEC) and serves to address requests for additional information and/or clarification. This TRS maintains the resource modeling data cut-off date of June 30, 2025 used in the previous TRS.

This report has been prepared in accordance with the SEC Regulation S-K 1300 for Mining Property Disclosure (S-K 1300) and 17 Code of Federal Regulations (CFR) § 229.601(b)(96)(iii)(B) reporting requirements for a TRS.

Ramaco’s Brook Mine is located within Ramaco’s mineral holdings located approximately seven miles north of Sheridan, Wyoming in Sheridan County. The Brook Mine is situated in the Sheridan Coal Field in the northwestern portion of the Powder River Basin (PRB) coal producing region of the United States (see Figure 1-1).  The United States Geological Survey (USGS) 7.5-minute quadrangle maps are Acme, Hultz Draw, Monarch, and Sheridan.

The Brook Mine consists of approximately 15,800 acres of Ramaco controlled surface and mineral holdings located in Sheridan County, Wyoming. Ramaco acquired the Brook Mine in 2011 from the Sheridan-Wyoming Coal Company (SWCC). SWCC retained a nonparticipating coal royalty in the amount of $0.10 per clean coal ton. When Ramaco began development of the Brook Mine in 2012, Ramaco originally permitted approximately 4,500 acres that it regarded as the optimal area for a new surface coal mine. As Ramaco began further core drilling exploration in 2021 and 2022 relative to critical mineral exploration, Ramaco continued to drill in areas within the original coal mining permit boundary in order to leverage the existing drill core available for sampling.

​

​

As a result of the drilling concentration within the current coal mining permit boundary, the current Brook Mine Mineral Resource falls generally within the aerial extent of the existing coal mining permit boundary.  This surface area represents less than 30 percent of the total acreage controlled by Ramaco in and around the Brook Mine.

Ramaco owns 93 percent of the mineral rights and controls the remaining 7 percent associated with the Brook Mine Mineral Resource estimate described in this TRS. Ramaco intends to purchase the remaining 7 percent un-owned portion of mineral rights. Acquisition costs have been included in the financial model in lieu of mineral royalties. Ramaco also owns 40 percent of the surface property with the balance controlled through surface access agreements and leases. The Burlington Northern Santa Fe (BNSF) Railroad and Interstate 90 are located along the southern boundary of the Brook Mine’s permit area.

Significant property encumbrances include: (i) the Laya coal lease area, excluded from resource estimation as the lease does not expressly provide the right to extract critical mineral oxides (CMO); (ii) a portion of the Padlock Surface Use Agreement area is subject to a surface mining restriction; and (iii) various railroad, highway, utility, and oil-and-gas rights-of-way with minimal impact on the current resource boundary. Ramaco holds no royalty interest in any property owned or operated by another party.

All existing permits for development of the Brook Mine are active and current for surface coal mining. A revision to the Mining and Reclamation Plan in the existing permit (WDEQ/LQD Permit No. 841-T1) will be required to specifically authorize CMO extraction and associated processing and tailings facilities.

​

​

Figure 1-1General Location Map

​

​

The regional geology of this area is characterized by a sequence of sedimentary rocks that formed during the Late Cretaceous to early Paleocene Period. The stratigraphic sequence consists of interbedded sandstones, mudstones, and coal seams that were deposited in fluvial, deltaic, and lacustrine environments.

The primary coal seams that are associated with CMOs in the Brook Mine, in descending stratigraphic order, are the Dietz 1, Dietz 2, Dietz 3, Monarch, Upper Carney, Lower Carney, and Masters. There are also seven unnamed minor coal seams lying below the Masters Seam. The CMOs are understood to have been incorporated into the coal during its formation and are found in association with clay minerals and organic matter in the coal seams.  The adjacent interburden strata directly above and below the coal seams contain elevated levels of CMOs, primarily in clays, carbonaceous clays, shales, and siltstones.

The United States Department of Energy National Energy Technology Laboratory (NETL) has proposed that CMOs may have migrated upward from depth through heated circulating fluids, leaching CMOs from primary source minerals and re-precipitating them at geochemical transition boundaries (coal-to-clay interfaces and pH/temperature gradients). This mechanism is consistent with the elevated concentrations observed at seam contacts.

For the purposes of this TRS, Mineral Resource estimation is limited to coal and seven Targeted Critical Minerals (TCMs) that have been determined to have reasonable prospects for economic extraction: dysprosium, gallium, germanium, neodymium, praseodymium, scandium, and terbium.

Summary statistics on an elemental basis for each of the TCMs from the drill hole assay database are shown in Table 1-1.

​

​

Table 1-1Brook Mine TCM Sample Statistics

Ramaco’s exploration program for CMOs at the Brook Mine has evolved from an initial NETL-partnered characterization effort in 2019 into a systematic grid-based delineation drilling program. A summary of the Brook Mine drilling programs is provided in Table 1-2.

Table 1-2Brook Mine Drilling Programs

Ramaco’s CMO exploration has primarily relied on diamond core drilling on an approximate 1,000-foot north-south grid. Core recovery of 90 percent or greater are required; holes with lower recovery in targeted intervals are reviewed and may be excluded from grade modeling. Portable X-ray fluorescence (pXRF) screening of core was used to identify intervals for submission to ICP-MS assay laboratories. All geological, geophysical, and assay data are stored on a Ramaco server.

As of the June 30, 2025 data cutoff, the Brook Mine database includes 615 drill holes (including 417 historical Big Horn Coal rotary/cored holes adopted into the database), of which 128 holes contained ICP-MS CMO assay data comprising 5,903 individual sample analyses. The 128 CMO-assayed holes form the primary basis for the TCM block model and Mineral Resource estimate.

​

​

In the second half of 2025, Ramaco initiated a test mining pit in the south-central portion of the Brook Mine targeting the Dietz and Carney seams. This program yielded 185 channel samples and 162 bulk samples (approximately one ton each). Analysis of these samples was received in 2026 and, as results post-date the June 30, 2025 data cutoff, these samples are not incorporated into the resource model presented in this TRS. WEIR has reviewed the channel and bulk sample data and concludes that the results generally support the continuity of TCM grade across larger sampling areas.

Hydrogeological and geotechnical data programs supporting mine design are summarized in Sections 7.3 and 7.4 of this TRS. Groundwater monitoring (Carney and Masters seam wells, alluvium wells, underburden wells) has been active since 2013. Current data are appropriate for the permitted highwall mining configuration; additional hydrogeological characterization will be required as the mine plan advances to a deeper truck-and-shovel open-pit layout.

The Brook Mine, as proposed in this TRS, will be developed as a conventional truck-and-shovel open-pit mine. Overburden and TCM Resources will be excavated by large hydraulic shovels and loaded into haul trucks. Waste material will be managed in external spoil piles with future potential for in-pit placement as mining advances. Blasting will be required for overburden removal however, dozers are expected to rip TCM Resources to facilitate selective loading and minimize dilution.

The conceptual Life-of-Mine (LOM) Plan is based on a revenue-factor 0.68 pit shell and encompasses approximately 1.09 billion tonnes of total material that would be mined over a 40-year production period. The operation targets a steady-state TCM process plant feed of approximately 2.63 million tonnes per annum (Mtpa). Mining commences in the northwest portion of the resource area and advances southeast and eastward through a series of nested pit phases.

Coal Resources will be mined concurrently with the TCM Resource and sold as a direct-shipped run-of-mine (ROM) thermal coal product without additional processing. The mine will require a total workforce of approximately 190 personnel (70 mine, 100 processing, 20 G&A) at full production.

The LOM Plan pit extents in conjunction with the TCM Resource pit extents are shown in Figure 1-2.

​

​

​

Figure 1-2Mine Plan Area

​

​

​

A multi-stage hydrometallurgical leaching process has been designed to recover TCMs from ROM feed material. The proposed flowsheet includes feed handling and comminution (mineral sizers and open-circuit ball mill), pretreatment, primary and secondary leaching and filtration, impurity removal via precipitation and ion exchange, and rare earth separation via solvent extraction. Gallium and germanium are recovered via selective solvent extraction in parallel circuits. The process plant is designed for a ROM throughput of 2.63 Mtpa and estimated power consumption of 9.3 MW. Filtered (dry-stack) tailings management is planned; heap leaching is not proposed.

Key infrastructure is detailed in Sections 4 and 15 of this TRS. The Brook Mine benefits from existing highway (I-90, US-87) and BNSF rail access, proximity to the Sheridan labor market, and established power supply from Montana-Dakota Utilities (MDU).

Mineral Resources for the Brook Mine are current as of December 31, 2025 (geological modeling data cutoff: June 30, 2025) and classified in accordance with SEC Regulation S-K Item 1302(d)(1)(iii)(A). All Mineral Resources are reported in the Inferred category. There are no Measured or Indicated Mineral Resources.

The Inferred classification reflects: (i) a sample spacing wider than what WEIR considers necessary to demonstrate the geological and grade continuity required for an Indicated classification; and (ii) the early-stage nature of metallurgical and economic studies at the Initial Assessment level.

Resources were constrained within a Revenue Factor 1.0 pit shell generated by Datamine Studio NPVS pit optimization using the commodity prices, processing recoveries, and cost parameters described in Section 11 of this TRS. A Net Smelter Return (NSR) marginal TCM cutoff of $67.69 per tonne was applied to classify TCM resources. All resources are reported on an in-situ (in-place) basis.

Pricing and recovery estimates for the seven TCM oxides and thermal coal (by-product) considered in the Resource estimate are summarized in Table 1-3:

​

​

​

Table 1-3TCM Recovery and Pricing Assumptions

Table 1-4 presents the in-place TCM Mineral Resource estimate, and Table 1-5 presents the in-place Coal Resource estimate, both as of December 31, 2025.

Table 1-4In-Place TCM Resource Tonnage and Grade Estimate, as of December 31, 2025

Notes:

​

​

Table 1-5In-Place Coal Resource Tonnage and Quality Estimate, as of December 31, 2025

Notes:

The Mineral Resources reported herein are not Mineral Reserves and do not have demonstrated economic viability. The estimate is classified entirely as Inferred and is considered too speculative geologically to have the economic considerations applied that would enable conversion to Mineral Reserves. There is no certainty that any part of an Inferred Mineral Resources will ever be converted to Mineral Reserves. However, WEIR has a reasonable expectation that the majority of the Inferred Mineral Resources could be upgraded to Indicated or Measured Mineral Resources with continued exploration. Quantity and grade estimates have low confidence by definition.

A preliminary discounted cash flow (DCF) economic analysis was conducted as part of this Initial Assessment to confirm reasonable prospects of economic extraction for the Brook Mine. The financial model was prepared by Mr. Woloschuk, P.Eng. (QP), based on the conceptual LOM mine plan developed by WEIR, cost estimates prepared by Fluor Enterprises, Inc. (Fluor)

​

​

and Mr. Woloschuk, and commodity pricing supported by internal and third-party western market studies.

The model is structured on an annual basis over a 40-year LOM in real (constant-dollar) terms, excluding project financing costs. Key model parameters include: steady-state plant feed of 2.63 Mtpa; weighted average TCM oxide basket price of $1,145/kg oxide equivalent; initial capital expenditure of $579 million (including $106 million contingency; accuracy range -30 percent to +50 percent); LOM total operating cost of approximately $87.70 per tonne of TCM plant feed; and Wyoming state and federal taxes as applicable (no state income tax, 6 percent coal severance, 4 percent coal ad valorem, 4 percent TCM extractive taxes, 21 percent federal corporate tax). Section 45X Advanced Manufacturing Production Tax Credits are incorporated at 10 percent of the TCM mining and processing costs. Applicable coal royalties are included in operating costs.

Key economic metrics from the financial model are summarized in Table 1-6:

Table 1-6Economic Analysis Summary

A sensitivity analysis was conducted on after-tax basis for NPV at an eight percent discount rate (NPV8) and IRR over a +/−20 percent range for commodity prices, capital costs, and operating costs, as presented on Figures 19-1 and 19-2 of this TRS. The key sensitivity metrics are summarized in Table 1-7 below:

​

​

Table 1-7Sensitivity Metrics

This economic analysis is an Initial Assessment based entirely (100 percent) on Inferred Mineral Resources. Unlike Mineral Reserves, Mineral Resources do not have demonstrated economic viability. An Initial Assessment cannot be used as the basis for disclosure of Mineral Reserves. The results should be considered preliminary and are subject to risk given the early-stage nature of the project, including the risks detailed throughout this report and summarized in Section 22.2.

Environmental baseline studies for the Brook Mine were conducted in support of WDEQ/LQD Permit to Mine No. 841-T1 (issued July 7, 2020), which covers 4,541 acres and authorizes surface coal mining in Sheridan County, Wyoming. Baseline studies include land-use inventory, cultural resources review, climatology baseline, topography and geologic hazard assessment, comprehensive hydrology baseline (surface and groundwater), soil resources, vegetation inventory, wildlife baseline, wetlands delineation, and alluvial valley floor investigation. These studies represent a regulator-reviewed environmental characterization.

Active permits and environmental authorizations as of the effective date of this TRS include:

Additional permits and regulatory approvals required prior to CMO mining and processing operations include:

​

​

including updated surety bond sized to cover full reclamation including CMO process plant and tailings.

Bonding and Asset Retirement Obligations (ARO):

There are no anticipated adverse effects on the alluvial valley floor of the Tongue River or other major streams adjacent to the permit boundary. Overburden geochemical analysis indicates no significant acid mine drainage risk. Ramaco has not been cited for any permit non-compliance at the Brook Mine.

The primary pre-mining and approved post-mining land use for the Brook Mine permit area is grazing land. Reclamation will follow coal and TCM extraction to near Approximate Original Contour (AOC) in accordance with WDEQ/LQD permit requirements. An internal Ramaco budget supports advancement through the Preliminary Feasibility Study phase, at which time updated environmental studies, engineering designs, and permitting applications will be prepared.

Ramaco currently employs 12 personnel at the Brook Mine and projects maximum employment of approximately 190 personnel at full production, representing a significant economic contribution to the Sheridan, Wyoming community. No outstanding disputes with local individuals or groups have been identified.

​

​

Based on the geological, technical, and economic work summarized in this TRS, WEIR and Mr. Woloschuk draw the following principal conclusions:

The Brook Mine hosts laterally continuous coal seams together with adjacent carbonaceous claystone, clay, shale, and siltstone intervals that carry TCM mineralization consistent with the Initial Assessment described herein. Geological modeling and block model validation confirm that the Inferred Mineral Resource classification is appropriate given current data density and confidence levels.

Ramaco controls sufficient mineral rights and associated surface access to support the reported Inferred Mineral Resource and the proposed mining operations. Excluded lease and surface-restricted areas have been removed from the resource estimation boundary.

The Brook Mine is favorably situated with respect to infrastructure, including highway and rail access, electric power, water supply, and proximity to the Sheridan community, providing a supportive foundation for project development.

Metallurgical testwork completed to date (bench scale, eight months of testing by Hazen Research; process engineering by Fluor and Hatch) indicates that the TCMs can be recovered using the proposed hydrometallurgical flowsheet based on established unit operations. Testwork is at an early stage and additional optimization, and variability testing are required.

The conceptual open-pit mine plan using conventional truck-and-shovel methods is appropriate for the multi-seam stratigraphic section. The Initial Assessment economics are supported by a positive after-tax NPV at an eight percent discount rate. These results confirm reasonable prospects of economic extraction sufficient to support the Inferred classification.

The Brook Mine is an exploration stage property at an early stage of development. All Resources are Inferred. No Mineral Reserves have been declared, and none can be declared based on an Initial Assessment.

​

​

The Brook Mine is subject to risks and uncertainties typical of an early-stage mining project, augmented by the novel nature of coal-hosted TCM mineralization and the proposed recovery process. Key risks include:

The QPs of this TRS recommend that Ramaco continue to advance the Brook Mine through a focused, integrated program targeting the activities listed in Table 1-8. The program is designed to improve geological confidence, reduce technical risk, and support the economic assumptions

​

​

used in this Initial Assessment, with the objective of advancing the project to a Preliminary Feasibility Study level.

Table 1-8Recommended Work Program Summary

These recommendations should be pursued as an integrated program rather than as isolated technical tasks. Geological drilling, quality assurance and quality control (QA/QC), and geostatistical analysis should proceed in parallel with metallurgical variability testing so that updated resource models, mine plans, and process assumptions can be developed concurrently.

These recommendations are intended to reduce the material risks and uncertainties identified above and to improve the technical basis for future decision-making.

​

​

​

WEIR was retained by Ramaco (Nasdaq: METC) to prepare this TRS which provides an Initial Assessment of Ramaco’s critical mineral and coal deposit located within the Brook Mine. The Brook Mine is located within Ramaco’s mineral holdings located approximately seven miles north of Sheridan, Wyoming.

This TRS was prepared specifically for Ramaco’s Brook Mine to support the first-time disclosure of Mineral Resources within the Brook Mine, and it describes the results of an Initial Assessment which supports those Mineral Resources, including a conceptual mine plan, process description, cost estimates, and an economic analysis of the Mineral Resources.

Mineral Resources have been classified in accordance with SEC mining property disclosure rules under Subpart 1300 and Item 601 (96)(iii)(B) of Regulation S-K.

This Initial Assessment is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied that would enable these Inferred Mineral Resources to be categorized as Mineral Reserves, and there is no certainty that the Initial Assessment will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

This TRS utilizes mixed units of measure as noted.  Resource grades are presented in parts per million (ppm) while resource and product tonnages are expressed in Metric Tonnes (tonnes) unless otherwise noted. The primary linear distance units are feet (ft) or miles unless otherwise noted. Currency units are in United States dollars ($) and CMO pricing is presented in United States dollars per kilogram ($/Kg).  All costs are presented in United States dollars ($).

Geographical coordinates within this TRS are projected in the Wyoming East Central system utilizing the horizontal North American Datum of 1983 (NAD83) in feet.

For purposes of this TRS, Mineral Resource estimation is limited to a select group of seven CMOs referred to as the TCMs, which have been determined to have reasonable prospects for economic extraction, and are detailed in Table 2-1 as follows:

​

​

Table 2-1Targeted Critical Minerals

The primary information used in this study was obtained from the following sources:

A detailed list of all data received and reviewed for this study is provided in Sections 24 and 25 of this TRS.

​

​

WEIR personnel, including QPs, most recently visited the site on April 28, 2026. WEIR met with various Ramaco personnel at Ramaco’s site office and discussed project status and plans.

While on-site, WEIR personnel conducted interviews with Ramaco Personnel, including its:

During these interviews, WEIR collected information relative to past, present and future exploration plans, sampling practices and procedures, land and mineral rights ownership and control, and other field information to meet regulatory requirements to progress the project.

WEIR personnel visited the Brook Mine site to observe drilling equipment and activities, and general site layout and conditions, including the test pit location. WEIR personnel visited the Ramaco Innovating Carbon Advanced Materials (iCAM) Center, which serves as the Brook Mine field office.  WEIR also visited the Brook Mine core logging facility, pilot plant (under construction), and core storage locations.

WEIR concluded that Ramaco has facilities and equipment that are more than adequate to perform the tasks required for Ramaco’s exploration programs. At the time of the site visit, four drilling rigs were onsite with two operational drilling portions of the fence section in the central portion of the property.

Mr. Woloschuk first visited the Brook Mine on October 24, 2024 and has conducted approximately four visits through December 31, 2025. During these visits Mr. Woloschuk visited the Brook Mine test pit to observe exposures of the mineralized zones and the site topography.

Ramaco previously filed the following Technical Report Summaries on the Brook Mine:

​

​

Further, this TRS revises a TRS dated September 17, 2025, effective June 30, 2025, and filed on February 26, 2026. This revised TRS updates the effective date to December 31, 2025 with respect to assumptions and the knowledge of QPs. This report supersedes all prior technical report summaries filed by the registrant concerning this property.

This report was compiled by WEIR, with contributions from Mr. Mike Woloschuk of Ramaco. WEIR meets the requirements of a third-party firm comprising mining experts in accordance with 17 CFR § 229.1302(b)(1)(iii) and Mr. Woloschuk meets the definition of a Qualified Person in 17 CFR §1300 for those sections of the report that each is responsible for preparing.

WEIR prepared the following sections of the report:

In sections of this report prepared by WEIR, references to the Author, Qualified Person, or QP are references to WEIR and not to any individual employed at WEIR.

​

​

​

Mr. Woloschuk prepared the following sections of the report:

​

​

The Brook Mine is located within Ramaco’s mineral holdings in Sheridan County, Wyoming, approximately seven miles north of the city of Sheridan. The BNSF Railroad and Interstate 90 are located along the southern boundary of the Brook Mine’s permit area.

The Brook Mine is situated in the Sheridan Coal Field in the northwestern portion of the PRB coal producing region of the United States (see Figure 1-1).  The USGS 7.5-minute quadrangle map sheets are Acme, Hultz Draw, Monarch, and Sheridan, and the property lies within Townships 56 and 57 North, Ranges 84 and 85 West. The test pit within the Brook Mine is located near a latitude of 44 degrees 55 minutes North and longitude of 103 degrees and 3 minutes West.

The Brook Mine covers a portion of the approximately 15,800 acres of Ramaco owned and leased mineral holdings located in Sheridan County, Wyoming.  Ramaco acquired the mineral holdings in 2011 from the SWCC, then a subsidiary of The Brinks Company.

When Ramaco began development of the Brook Mine as a thermal coal resource in 2012, Ramaco permitted approximately 4,500 acres that it regarded as the optimal area for a new surface coal mine. As Ramaco began further core drilling exploration in 2021 and 2022 relative to CMO exploration, Ramaco decided to continue to drill in areas within the original permit boundary and at comparable depths related to coal mining in order to leverage the existing drilling core available for sampling.

As a result of the drilling concentration within the existing mining permit boundary, the current Brook Mine Mineral Resource falls within the aerial extent of the current coal mining permit boundary.  This Brook Mine surface area represents less than 30 percent of the total mineral acreage controlled by Ramaco in Sheridan County.

Ramaco owns 93 percent of the mineral rights and controls the remaining 7 percent associated with the Brook Mine Mineral Resource estimate described in this TRS. Ramaco also owns 40 percent of the surface rights associated with the Brook Mine Mineral Resource. The remaining

​

​

60 percent of surface rights are controlled through reserved surface access rights, surface access agreements, and leases.

No coal, mineral, or surface estate within the Brook Mine is federally owned or federally leased as of December 31, 2025. Accordingly, the federal regulatory framework that applies to leasable federal coal under the Mineral Leasing Act of 1920 (30 U.S.C. §181 et seq.; 43 CFR Group 3400) and to federal coal leasing decisions does not apply.

Ramaco’s owned facilities in the Sheridan, Wyoming area include its operations office, which also houses the Ramaco iCAM Center. The iCAM Center is an integrated carbon resource, research and development, and production facility. Ramaco also has numerous Conex trailers as well as rental storage units for storage of drill hole cores.

Ramaco was granted a mineral deed from the SWCC on August 17, 2011. The SWCC had previously deeded the surface rights, as described in Table 3-1, to Big Horn Coal Company on June 28, 1954, and recorded in Deed Book 98, Page 127 in the Sheridan County Courthouse. The deed grants Ramaco all coal and other minerals contained in all of the lands included in the lease, together with the right to mine, explore, drill, extract, and remove the same. The deed also grants Ramaco the right to use surface lands, as needed, to mine, explore, drill, extract, and remove said coal and other minerals.

Further, the deed grants that should Ramaco mine, drill, explore, extract, process, and remove coal or other minerals and utilize any part of the surface lands in connection with those activities, Ramaco will remain free from any liability or claim for damage to the surface of said lands related to subsidence or other injury to the surface of said lands resulting from such operations, however, Ramaco will be responsible for complying with statutory obligations under the Wyoming Environmental Quality Act, the Wyoming Land Quality Division coal rules, the Surface Mining Control and Reclamation Act of 1977 (SMCRA) as implemented by Wyoming’s approved program, and Wyoming water-quality law.

Ramaco was granted a Surface Owner Consent and Surface Use Agreement from Padlock Ranch Company on September 1, 2016. The agreement provided Ramaco with surface owner consent to mining certain surface lands located in Sheridan County, Wyoming, which can be extended five years up to four times. There is an area within Sections 17 and 20 where Ramaco agreed not to surface mine. These surface mining exclusion areas are excluded from Mineral

​

​

Resource estimation at this time. The Surface Use Agreement requires an annual payment of $43,500 for surface disturbance. After the fifth anniversary and every five years thereafter, the annual payment is adjusted by the Consumer Price Index for All Urban Consumers (CPI-U).

Ramaco Wyoming Coal Co., LLC (Ramaco) was also granted by Warranty Deed from Taylor Investments, LLC (Taylor) on September 17, 2025, the surface lands, coal and mineral rights, improvements, appurtenant water rights and related permits, and ditch rights controlled by Taylor.

The details of surface property control relative to these deeds and leases are described in Table 3-1 and shown on Figure 3-1, as follows:

Table 3-1Surface Property Control

​

​

​

​

​

​

Figure 3-1Surface Property Control

​

​

Ramaco was granted a mineral deed from SWCC on August 17, 2011. The mineral deed granted Ramaco all of Grantor’s right, title and interest in the coal and other minerals, except the oil, gas and coalbed methane for the mineral.  The mineral deed also reserved a nonparticipating coal royalty in the amount of $0.10 per clean coal ton payable to SWCC.

In addition to Ramaco’s surface use rights, Taylor granted Ramaco, by Warranty Deed from Taylor on September 17, 2025, the surface lands, coal and mineral rights, improvements, appurtenant water rights and related permits, and ditch rights controlled by Taylor. As part of the Taylor purchase, Ramaco assumed executive rights of the remaining mineral interest alongside the 50 percent interest purchased from Taylor.

In addition to the SWCC and Taylor agreements, Ramaco was granted a Coal Mining Lease Agreement, originally executed on November 16, 2012, by and between William J. Laya and Joyce J. Laya, Trustees of the William J. Laya Trust under Trust Agreement dated November 19, 1993, and Joyce J. Laya and William J. Laya, Trustees of the Joyce J. Laya Trust under Trust Agreement dated November 19, 1993 and Thomas C. Laya (collectively, Laya). The Laya Agreement granted Ramaco the exclusive right and privilege to mine, extract, and remove all of the coal deposits, and other minerals commingled therewith in and under the land for a period of 20 years, and from year to year thereafter until all mineable and merchantable coal has been exhausted. The Laya lease requires a minimum royalty of $5,000 per year, which is recoupable during the life of the lease. In addition, the Laya Lease requires a production royalty of 8.0 percent of gross value of all coal mined from the lease, FOB mine, by surface, underground, or highwall mining methods.

As the Laya lease does not expressly provide Ramaco the right to extract CMOs other than the minerals commingled with the coal, the TCM Mineral Resources estimated in this TRS exclude TCMs within this property.

The Laya lease provides Ramaco the right, during the life of the agreement, to remove coal from adjoining, adjacent or nearby lands in conjunction or connection with coal operations on the Lands and to haul and transport said coal and any other materials over, under, upon and through or across any part of the Lands in conjunction or connection with operations carried on or conducted by Ramaco.

​

​

The details of mineral control relative to these deeds and leases are described in Table 3-2 and shown on Figure 3-2, as follows:

Table 3-2Mineral Control

​

​

​

​

​

​

Figure 3-2Mineral Control

​

There are certain property encumbrances identified within the Brook Mine, which include the following:

​

​

right to use the surface of Big Horn Coal for surface mining by the Wyoming Environmental Quality Council.

Ramaco was issued Permit No. 841-T1 on July 7, 2020, by the Land Quality Division of the Wyoming Department of Environmental Quality for surface mining of coal in Sheridan County, Wyoming. Permit No. 841-T1 consists of 4,541 acres.  The permit boundary is shown on Figure 1-1.  The Brook Mine has a Mine Safety and Health Administration (MSHA) ID# of 4801799. WPDES permit No. WYR001608 allows discharge of stormwater from the permit area.

Ramaco was issued Air Quality Permit P0025939 for the Brook Mine on July 20, 2020 by the Air Quality Division of the Wyoming Department of Environmental Quality, as described in Wyoming Permit No. 841-T1.

All permits for development of the Brook Mine are active and up to date in order to mine coal. However, to allow mining deeper seams, as well as to specifically allow the extraction of CMOs, Ramaco will be required to revise its mine plan, which will require a revision to the Mining and Reclamation Plan in Permit No. 841-T1.

Additionally, Ramaco will require permitting approvals for its CMO processing and tailings facilities, once design of those have been completed.

WEIR assesses that there are certain property risks that could affect Ramaco’s ability to execute its mine plans. Property risks which Ramaco will need to address include the following:

​

​

required for any point-source discharge from the process plant, tailings underdrains, stormwater contact areas, or pit dewatering. A construction permit is needed before building the process plant to cover emission sources. An Industrial Siting Permit from the Wyoming Industrial Siting Council may also be required.

WEIR did not conduct an independent verification of property control, nor has it independently surveyed the mining locations. WEIR has relied on information compiled from documents, maps, and summaries of the owned and leased properties prepared by Ramaco. WEIR did not conduct a legal title investigation relative to Ramaco’s mineral and surface rights.

Ramaco, at the Brook Mine, holds no royalty or similar interest in property that is owned or operated by another party.

Further, Ramaco intends to purchase the remaining minor mineral ownership interest not currently owned by Ramaco.  As a result, no private interest mineral royalties are anticipated for the extraction of TCMs. The non-participating coal royalty owned by SWCC has been included in the operating cost estimates. Ramaco has assessed various federal, state, and local royalties and/or taxes that will be applicable and which are considered in the Brook Mine economic analysis.  These taxes are described further in Section 18.2.

​

​

The Brook Mine is located on the western edge of a broad plain that extends from the Bighorn Mountains to the Black Hills of South Dakota. This area is characterized by high plateaus, which have been dissected by meandering streams, leaving ridges between the main watersheds. Surface elevations range from a low of 3,600 feet above mean sea level (MSL) on the eastern edge of the property to a high of 4,080 feet above MSL in the northwest area of the property. The main drainages in the area are the eastward flowing Tongue River, and Goose Creek, flowing to the north. The confluence of these drainages is near the old town of Acme, Wyoming.

The landscape is dominated by grasslands and sagebrush communities, with Upland Grassland, Big Sagebrush Shrubland, Scoria Grassland, Reclaimed Grassland on previously mined ground, Rough Breaks Mixed Shrubland, and Prairie Dog Modified Grassland accounting for most of the Brook Mine Permit Area. Smaller components include Pine and Juniper Woodland, Riparian Woodland along the Tongue River and Slater Creek, Bottomland Sagebrush Grassland, Rabbitbrush Shrubland, Agricultural Land, and minor disturbance and water features. Native cool-season perennial grasses, chiefly western wheatgrass and bluebunch wheatgrass, dominate herbaceous cover, with Wyoming big sagebrush the principal shrub on uplands and common snowberry, eastern cottonwood, green ash, and peachleaf willow defining the riparian corridors. Cheatgrass, an introduced annual, is prominent on Scoria and Upland Grassland sites, while smooth brome and crested wheatgrass dominate Reclaimed Grassland and bottomland areas. No prime cropland or pastureland of statewide importance occurs within the permit area, and no federally listed threatened or endangered plant species were documented during the surveys.

Access to the property is from Interstate Highway 90, which crosses the property from west to south. State Highway 338, which connects Sheridan to Decker, Montana, crosses the southeastern portion of the Brook Mine’s permit area. Secondary roads and trails provide access to the remaining lands. Rail access is by the BNSF Railroad, which is located in the Tongue River and Goose Creek valleys.

​

​

The nearest airport is the Sheridan County Airport (SHR), which is located in Sheridan, Wyoming, approximately seven miles southeast of the Brook Mine. The Billings Logan International Airport (BIL) in Billings, Montana, is located approximately 95 miles northwest of the Brook Mine.

The waterways surrounding the property are not navigable for commercial traffic.

The Brook Mine has a semi-arid climate with four distinct seasons. The summers are warm and dry, with temperatures ranging from the mid-80’s to low 90 degrees Fahrenheit (28-33 Celsius) in July and August. The winters are cold and snowy, with temperatures averaging 20-30 degrees Fahrenheit (-7 to -1 Celsius) in December and January. Spring and fall are transitional seasons, with cooler temperatures and occasional rain and snow.

Coal mining operations in the region operate year-round, regardless of weather conditions.

Water used in the Brook Mine facilities will include potable water and industrial water. Potable water at surface facilities is and will be provided from on-site wells.

Industrial water will be used for dust suppression on the haul roads, equipment wash down, and process plant. This water will be obtained from on-site wells, collection basins constructed on site and other nearby sources, including old underground mine workings.

4.4.2Electrical Power

Ramaco currently purchases electricity from MDU for its surface facilities. Services from MDU are currently being upgraded for electrical supply to pilot processing facilities.  This will require further expansion for commercial operations.   The basis for power consumption and cost is discussed in Sections 14 and 15.

​

​

Acquiring suitable personnel to operate the mine and process plant may prove to be a challenge for Ramaco. The Brook Mine is close to Sheridan, Wyoming, and as of 2025, its population is approximately 20,000.  There are also other smaller towns surrounding the Brook Mine.  As such, the availability of experienced new hires may be limited.  Some experienced personnel may be available from Gillette, Wyoming (110 miles southeast) which, over the last few years, has experienced a reduction in mining personnel.  Ramaco may also need to recruit from towns further away from the Brook Mine. However, WEIR believes that with concentrated recruitment efforts, Ramaco will be able to fully staff the Brook Mine as planned.

There are many mining supply and heavy equipment vendors in the surrounding area.  Ramaco currently uses local vendors in Sheridan, Wyoming (seven miles to the south) for most of its current heavy equipment needs.  Gillette, Wyoming is 110 miles to the southeast and has many mining supply and heavy equipment vendors that can serve as an alternative source of equipment and maintenance needs.  Casper, Wyoming is 160 miles to the south and is home to several heavy equipment and mine supply vendors as well.

​