<SEC-DOCUMENT>0001213900-25-106435.txt : 20251105
<SEC-HEADER>0001213900-25-106435.hdr.sgml : 20251105
<ACCEPTANCE-DATETIME>20251105072917
ACCESSION NUMBER:		0001213900-25-106435
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251105
DATE AS OF CHANGE:		20251105

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ramaco Resources, Inc.
		CENTRAL INDEX KEY:			0001687187
		STANDARD INDUSTRIAL CLASSIFICATION:	BITUMINOUS COAL & LIGNITE MINING [1220]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-289251
		FILM NUMBER:		251451774

	BUSINESS ADDRESS:	
		STREET 1:		250 WEST MAIN STREET
		STREET 2:		SUITE 1800
		CITY:			LEXINGTON
		STATE:			KY
		ZIP:			40507
		BUSINESS PHONE:		(859) 244-7455

	MAIL ADDRESS:	
		STREET 1:		250 WEST MAIN STREET
		STREET 2:		SUITE 1800
		CITY:			LEXINGTON
		STATE:			KY
		ZIP:			40507

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ramaco Resources, Inc.
		CENTRAL INDEX KEY:			0001687187
		STANDARD INDUSTRIAL CLASSIFICATION:	BITUMINOUS COAL & LIGNITE MINING [1220]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		250 WEST MAIN STREET
		STREET 2:		SUITE 1800
		CITY:			LEXINGTON
		STATE:			KY
		ZIP:			40507
		BUSINESS PHONE:		(859) 244-7455

	MAIL ADDRESS:	
		STREET 1:		250 WEST MAIN STREET
		STREET 2:		SUITE 1800
		CITY:			LEXINGTON
		STATE:			KY
		ZIP:			40507
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ea026266001-fwp_ramaco.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule 433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No. 333-289251</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Relating to the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Preliminary Prospectus Supplement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dated November 4, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(To Prospectus Dated August 5, 2025)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRICING TERM SHEET<BR>
November 4, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ramaco Resources, Inc.<BR>
Offering of<BR>
2,245,126 shares of Class A Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The information in this pricing term sheet
supplements Ramaco Resources, Inc.&rsquo;s preliminary prospectus supplement, dated November 4, 2025 (the &ldquo;Preliminary Prospectus
Supplement&rdquo;), relating to an offering of Class A common stock (the &ldquo;Class A Common Stock Offering&rdquo;), and supersedes
the information in the Preliminary Prospectus Supplement to the extent inconsistent with the information in the Preliminary Prospectus
Supplement. Terms used, but not defined, in this pricing term sheet have the respective meanings set forth in the Preliminary Prospectus
Supplement. As used in this pricing term sheet, &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; refer to Ramaco Resources, Inc.
and not to its subsidiaries.</I></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer </FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 59%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ramaco Resources, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Offered </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goldman Sachs &amp; Co. LLC and Morgan Stanley &amp; Co. LLC, acting on behalf of themselves and/or their affiliates are offering and selling short 2,245,126 shares of Class A common stock, $0.01 par value per share, of Ramaco Resources, Inc. (the &ldquo;Class A Common Stock&rdquo;) borrowed from third parties to facilitate hedging transactions by certain investors subscribing for our 0% convertible senior notes due 2031 (the &ldquo;Notes&rdquo;) in the Concurrent Notes Offering (as defined below). No new shares of Class A Common Stock will be issued in this offering.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker / Exchange for Class A Common Stock </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">METC / Nasdaq Global Select Market.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Last Reported Sale Price per Share of Class A Common Stock on the Nasdaq Global Select Market on November 4, 2025 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><BR>
    <BR>
    </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">$26.59.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public Offering Price per Share of Class A Common Stock </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Initially, $24.25.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriters&rsquo; Fee Payable by the Issuer </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.222699875 per share of Class A Common Stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 5, 2025.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 7, 2025, which will be the second business day after the Trade Date (this settlement cycle being referred to as &ldquo;T+2&rdquo;). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally must settle in one business day, unless the parties to the trade expressly agree otherwise. Accordingly, purchasers of shares of Class A Common Stock sold short in the Class A Common Stock Offering who wish to trade such shares of Class A Common Stock before the business day before the Settlement Date must, because the Class A Common Stock Offering initially will settle T+2, specify an alternate settlement cycle at the time of such trade to prevent a failed settlement. Those purchasers should consult their advisors.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrent Note Offering</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 59%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 4, 2025, we announced the pricing
    of our previously announced underwritten public offering of $300,000,000 aggregate principal amount of the Notes. The issuance and sale
    of the Notes are scheduled to settle on November 7, 2025, subject to customary closing conditions. We granted the underwriters of the
    Concurrent Note Offering an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are
    first issued, up to an additional $45,000,000 principal amount of Notes solely to cover over-allotments.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes will accrue interest at a rate of 0%
    per annum. The initial conversion rate of the Notes is 30.5460 shares of Class A Common Stock per $1,000 principal amount of Notes, which
    represents an initial conversion price of approximately $32.74 per share of Class A Common Stock. The conversion rate and conversion price
    will be subject to adjustment upon the occurrence of certain events. The Notes will mature on November 1, 2031, unless earlier repurchased,
    redeemed or converted.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that the net proceeds to us from the
    Concurrent Note Offering, if it is consummated, will be approximately $290.9 million (or approximately $334.7 million if the underwriters
    of the Concurrent Note Offering fully exercise their option to purchase additional Notes), after deducting the underwriting discounts
    and commissions and our estimated offering expenses.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to use approximately $28.5 million (or
    approximately $32.8 million if the underwriters fully exercise their over-allotment option) of the net proceeds of the Concurrent Note
    Offering to fund the cost of entering into the capped call transactions described in the Preliminary Prospectus Supplement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to use the remainder of the net proceeds
    of the Concurrent Note Offering to fund the development of our rare earth elements and critical minerals project, for strategic growth
    opportunities, and for general corporate purposes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the underwriters of the Concurrent Note Offering
    exercise their over-allotment option, then we intend to use a portion of the additional net proceeds of the Concurrent Note Offering to
    fund the cost of entering into additional capped call transactions as described in The Preliminary Prospectus Supplement.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Book-Running Managers</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goldman Sachs &amp; Co. LLC <BR>
Morgan Stanley &amp; Co. LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN Numbers for the Class A Common Stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75134P600 / US75134P6007.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Concurrent Note Offering is being made pursuant
to a prospectus supplement and the accompanying prospectus that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;).
This pricing term sheet does not constitute an offer to sell, or the solicitation of an offer to buy, any securities being offered in
the Concurrent Note Offering. See &ldquo;The Concurrent Notes Offering and Capped Call Transactions&rdquo; in the Preliminary Prospectus
Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed a registration statement (including
a prospectus) and the Preliminary Prospectus Supplement with the SEC for the Class A Common Stock Offering. Before you invest, you should
read the Preliminary Prospectus Supplement and the prospectus in that registration statement and other documents we have filed with the
SEC for more complete information about us and the Class A Common Stock Offering. You may get these documents free by visiting EDGAR on
the SEC website at www.sec.gov. Alternatively, we, any underwriter or any dealer participating in the Class A Common Stock Offering will
arrange to send you the Preliminary Prospectus Supplement (or, when available, the final prospectus supplement) and the accompanying prospectus
upon request to: Goldman Sachs &amp; Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone:
1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com or Morgan Stanley &amp; Co. LLC, Attention: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in this pricing term sheet
is not a complete description of the Class A Common Stock. You should rely only on the information contained or incorporated by reference
in the Preliminary Prospectus Supplement and the accompanying prospectus, as supplemented by this pricing term sheet, in making an investment
decision with respect to the Class A Common Stock.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY
APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY
GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</P>

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