Ramaco Resources (METC) 10-K 14 Mar 24 2023 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-38003
Entity Registrant Name	Ramaco Resources, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-4018838
Entity Address, Address Line One	250 West Main Street
Entity Address, Address Line Two	Suite 1900
Entity Address, City or Town	Lexington
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40507
City Area Code	859
Local Phone Number	244-7455
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 269.1
Auditor Name	Cherry Bekaert LLP
Auditor Firm ID	677
Auditor Location	Houston, Texas
Entity Central Index Key	0001687187
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
9.00% Senior Notes due 2026
Title of 12(b) Security	9.00% Senior Notes due 2026
Trading Symbol	METCL
Security Exchange Name	NASDAQ
Class A Common Stock
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	METC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		44,263,429
Class B Common Stock
Title of 12(b) Security	Class B Common Stock, $0.01 par value
Trading Symbol	METCB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		8,825,928

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 41,962	$ 35,613
Accounts receivable	96,866	41,174
Inventories	37,163	44,973
Prepaid expenses and other	13,748	25,729
Total current assets	189,739	147,489
Property, plant, and equipment, net	459,091	429,842
Financing lease right-of-use assets, net	10,282	12,905
Advanced coal royalties	2,964	3,271
Other	3,760	2,832
Total Assets	665,836	596,339
Current liabilities
Accounts payable	51,624	34,825
Accrued liabilities	52,225	41,806
Current portion of asset retirement obligations	110	29
Current portion of long-term debt	56,534	35,639
Current portion of related party debt		40,000
Current portion of financing lease obligations	5,456	5,969
Insurance financing liability	4,037	4,577
Total current liabilities	169,986	162,845
Asset retirement obligations, net	28,850	28,856
Long-term debt, net	349	18,757
Long-term financing lease obligations, net	4,915	4,917
Senior notes, net	33,296	32,830
Deferred tax liability, net	54,352	35,637
Other long-term liabilities	4,483	3,299
Total liabilities	296,231	287,141
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding
Common stock		442
Additional paid-in capital	277,133	168,711
Retained earnings	91,944	140,045
Total stockholders' equity	369,605	309,198
Total Liabilities and Stockholders' Equity	665,836	$ 596,339
Class A Common Stock
Stockholders' Equity
Common stock	440
Class B Common Stock
Stockholders' Equity
Common stock	$ 88

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares Issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		260,000,000
Common stock, shares issued (in shares)		44,155,735
Common stock, shares outstanding (in shares)		44,155,735
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	225,000,000
Common stock, shares issued (in shares)	44,002,581
Common stock, shares outstanding (in shares)	44,002,581
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	35,000,000
Common stock, shares outstanding (in shares)	8,809,557

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue	$ 693,524	$ 565,688	$ 283,394
Costs and expenses
Cost of sales (exclusive of items shown separately below)	493,793	332,960	195,412
Asset retirement obligations accretion	1,403	1,115	615
Depreciation, depletion, and amortization	54,252	41,194	26,205
Selling, general, and administrative	48,831	40,032	21,629
Total costs and expenses	598,279	415,301	243,861
Operating income	95,245	150,387	39,533
Other income (expense), net	18,321	2,637	7,429
Interest expense, net	(8,903)	(6,829)	(2,556)
Income before tax	104,663	146,195	44,406
Income tax expense	22,350	30,153	4,647
Net income	$ 82,313	$ 116,042	$ 39,759
Earnings per share
Basic (in dollars per share)	$ 1.77	$ 2.63	$ 0.90
Diluted (in dollars per share)	$ 1.73	$ 2.60	$ 0.90

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock Class B Common Stock	Common Stock	Additional Paid-in Capital.	Retained Earnings	Total
Balance at Dec. 31, 2020		$ 427	$ 158,859	$ 9,809	$ 169,095
Shares surrendered for withholding taxes		(1)	(538)		(539)
Stock-based compensation		15	5,245		5,260
Cash dividends declared				(2,501)	(2,501)
Net income				39,759	39,759
Balance at Dec. 31, 2021		441	163,566	47,067	211,074
Shares surrendered for withholding taxes		(2)	(3,181)		(3,183)
Stock options exercised			107		107
Stock-based compensation		3	8,219		8,222
Cash dividends declared				(23,064)	(23,064)
Net income				116,042	116,042
Balance at Dec. 31, 2022		442	168,711	140,045	309,198
Shares surrendered for withholding taxes	$ (1)	(6)	(7,310)		(7,317)
Stock options exercised		1	(1)
Stock-based compensation		3	12,902		12,905
Cash dividends declared					(27,500)
Stock dividend declared and distributed	89		102,831	(102,920)
Cash dividends and dividend equivalents declared				(27,494)	(27,494)
Net income				82,313	82,313
Balance at Dec. 31, 2023	$ 88	$ 440	$ 277,133	$ 91,944	$ 369,605

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 82,313	$ 116,042	$ 39,759
Adjustments to reconcile net income to net cash from operating activities:
Accretion of asset retirement obligations	1,403	1,115	615
Depreciation, depletion, and amortization	54,252	41,194	26,205
Amortization of debt issuance costs	776	491	214
Stock-based compensation	12,905	8,222	5,260
Loss on disposal of equipment		756
Other income - gain on insurance recoveries	(10,192)
Other income - gain on sale of mineral rights		(2,113)
Other income - employee retention tax credit			(5,407)
Deferred income taxes	18,714	29,229	4,644
Changes in operating assets and liabilities:
Accounts receivable	(55,692)	3,279	(24,154)
Prepaid expenses and other current assets	14,361	(14,378)	5,519
Inventories	7,810	(29,182)	(3,844)
Other assets and liabilities	(430)	1,127	1,124
Accounts payable	24,549	12,727	(1,820)
Accrued liabilities	10,267	19,361	5,225
Net cash provided by operating activities	161,036	187,870	53,340
Cash flows from investing activities:
Capital expenditures	(82,904)	(123,012)	(29,466)
Proceeds from sale of mineral rights		2,000
Insurance proceeds related to property, plant, and equipment	11,256
Capitalized interest	(1,137)	(1,061)
Net cash used for investing activities	(72,211)	(145,708)	(59,613)
Cash flows from financing activities:
Proceeds from borrowings	130,000	42,000	54,368
Proceeds from stock options exercised		107
Payments of debt issuance cost			(2,356)
Payment of dividends	(25,820)	(20,041)
Repayment of borrowings	(127,514)	(26,026)	(26,300)
Repayment of Ramaco Coal acquisition financing - related party	(40,000)	(15,000)
Repayments of insurance financing	(5,207)	(1,290)	(862)
Repayments of equipment finance leases	(6,659)	(5,062)	(1,942)
Shares surrendered for withholding taxes payable	(7,317)	(3,183)	(539)
Net cash (used for) provided by financing activities	(82,517)	(28,495)	22,369
Net change in cash and cash equivalents and restricted cash	6,308	13,667	16,096
Cash and cash equivalents and restricted cash, beginning of period	36,473	22,806	6,710
Cash and cash equivalents and restricted cash, end of period	42,781	36,473	22,806
Supplemental cash flow information:
Cash paid for interest (net of $1,137 and $1,061 capitalized in 2023 and 2022)	8,113	5,997	1,601
Cash paid for income taxes	771	15,500	9
Cash received for income tax refund	11,758
Non-cash investing and financing activities:
Leased assets obtained under new financing leases	6,144	7,888	10,002
Financed equipment purchases		6,409
Capital expenditures included in accounts payable and accrued liabilities	4,939	13,404	6,652
Financed insurance	5,803	5,587	280
Financed insurance (2022 adjustment recorded in 2023)	(1,136)
Accrued dividends payable	7,198	5,524	2,501
Ramaco Coal Asset Acquisition
Cash flows from investing activities:
Acquisition of assets		(11,738)
Non-cash investing and financing activities:
Coal acquisition		56,551
Maben Asset Acquisition
Cash flows from investing activities:
Acquisition of Maben assets (bond recovery in 2023)	1,182	(11,897)
Non-cash investing and financing activities:
Coal acquisition		$ 21,000
Amonate Asset Acquisition
Cash flows from investing activities:
Acquisition of assets	$ (608)		$ (30,147)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Cash Flows
Interest capitalized	$ 1,137	$ 1,061

Note 1 - Description of Busines

Note 1 - Description of Business	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
DESCRIPTION OF BUSINESS	NOTE 1—DESCRIPTION OF BUSINESS Ramaco Resources, Inc. (the “Company,” “Ramaco,” “we,” “us,” or “our”) is a Delaware corporation formed in October 2016. Our principal corporate and executive offices are located in Lexington, Kentucky with operational offices in Charleston, West Virginia and Sheridan, Wyoming. We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia. We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic target customer base, North American blast furnace steel mills and coke plants, as well as international metallurgical coal consumers. We also control mineral deposits near Sheridan, Wyoming as part of the Company’s initiatives regarding the potential recovery of rare earth elements as well as the potential commercialization of coal-to-carbon-based products and materials. Although conflicts overseas continue and global economic growth remains uncertain, supply constraints support the global metallurgical coal market. Ongoing bans on the import of Russian coal have affected the availability of supply to certain seaborne markets as well as contributed to volatility in coal prices.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation Use of estimates Revenue Recognition Our coal sales generally include up to 90-day payment terms following the transfer of control of the goods to our customer. In the case of some of our foreign customers, our contracts also require that letters of credit are posted to secure payment of any outstanding receivable. We do not include extended payment terms in our contracts. Our contracts with customers typically provide for minimum specifications or qualities of the coal we deliver. Variances from these specifications or qualities are settled by means of price adjustments. Generally, these price adjustments are settled within 30 days of delivery and are insignificant. Certain of our contracts with customers include provisions in which the price is derived from an index. If control of the goods transfers to the customer in the period before the final price is determined, revenue is recorded based on the estimated consideration to be received. The Company estimates the amount to which it expects to receive by reference to forward curve data, if available, and generally does not constrain such estimates for accounting purposes due to the short period of time over which the uncertainty is resolved. However, certain estimates of provisional pricing for which no forward curve data was available were constrained at December 31, 2023 due to index volatility. Freight Revenue and Expense Cash and Cash Equivalents Inventories ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2023 December 31, 2022 Raw coal ​ $ 20,122 ​ $ 22,414 Saleable coal ​ ​ 12,013 ​ ​ 18,223 Supplies ​ 5,028 ​ 4,336 Total inventories ​ $ 37,163 ​ $ 44,973 ​ Property, Plant and Equipment Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Mining property and mineral rights costs represent the costs incurred to acquire the rights to access and mine certain coal property either through deeds, leases, or other conveyance agreements. These costs include the costs of acquiring, and accessing mineral reserves, resources and surface areas for mining activities. Mine development begins when the facts and circumstances clearly establish the presence of a commercial mineralized deposit. Capitalized mine development costs represent the costs incurred to prepare mine sites and/or seams of coal for future mining. These costs include costs of acquiring, permitting, planning, research, and developing access to identified mineral reserves and other preparations for commercial production as necessary to develop and permit the properties for mining activities. When components of capitalized mine development costs are replaced with new components, the Company capitalizes the replacement as a separate component and charges off the net book value of the component that was replaced at the cease-use date. If it is determined that an undeveloped mineral interest cannot be economically converted into proven and probable reserves, capitalized costs are assessed for impairment and future development costs are expensed as incurred. Operating expenditures, including certain professional fees and overhead costs, are not capitalized but are expensed as incurred. Mineral rights and capitalized mine development costs are depleted and amortized on a units-of-production basis as mining of that mine’s assigned reserves takes place. Depreciation of plant and equipment is calculated on the straight-line method over their estimated useful lives ranging from three Advanced Coal Royalties Impairment of Long-lived Assets Asset Retirement Obligations Occupational Disease (Pneumoconiosis) Obligations Estimating our occupational disease (pneumoconiosis) benefits obligation requires management to make estimates and judgments regarding timing and existence of a liability utilizing third-party actuaries to assist in preparing what constitutes adequate liability amounts. Inherent in the calculation are numerous assumptions and judgments including the ultimate costs, mortality factors, credit-adjusted discount rates, and timing of settlement. Adjustments to estimated liabilities due to changes in actuarial assumptions are recorded immediately in earnings in the period in which the change in estimate occurs. O ther Income Leases ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at commencement date based on the present value of the fixed lease payments over the lease term. The Company does not separate lease and non-lease components for all leases as permitted under the accounting guidance for leases. As most of our leases do not contain a readily determinable implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating and finance lease ROU assets also include lease prepayments made by the Company and are reduced by any lease incentives received by the Company prior to commencement. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For operating leases, lease expense is recorded in the income statement based on a straight-line recognition of the total fixed payments over the lease term. For finance leases, accretion of the liability is recognized as interest expense and the ROU asset is amortized separately on a straight-line basis similar to the depreciation of equipment owned by the Company. Leases of mineral reserves and the related land leases are exempted under U.S. GAAP from recognition on the consolidated balance sheets. Fair Value Measurements The fair values of cash and cash equivalents, accounts receivable, restricted cash, and accounts payable approximate their carrying amounts at each reporting date. The Company’s Senior Notes had an estimated fair value of $35.5 million and $36.3 million at December 31, 2023 and 2022, respectively. The fair values of the Company’s Senior Notes were based on observable market prices and were considered a Level 2 measurement at December 31, 2023 and December 31, 2022 based on trading volumes. The difference between the fair value and carrying amount of the Company’s remaining debts is not material due to the similarity between the terms of the debt agreements and prevailing market terms available to the Company. Refer to Note 7 for additional information regarding debt. Nonrecurring fair value measurements of the Company include asset retirement obligations and estimated values used to allocate the acquisition cost of long-lived assets to individual assets, neither of which are subject to the fair value disclosure requirements. The fair value of asset retirement obligations is determined as the present value of estimated cash flows related to reclamation obligations, which would likely be a Level 3 measurement due to the use of unobservable inputs such as estimates regarding the amount and timing of costs to be incurred, inflation rates, and the Company’s credit-adjusted discount rate. The consideration for the Company’s prior year acquisitions was allocated based on the relative fair values of the assets acquired, the primary asset of which was mineral rights. The fair values of mineral rights were determined based on Level 3 inputs, which are generally unobservable, requiring the Company to make assumptions about future coal prices, capital expenditures, future coal production, costs of production, and an appropriate rate at which to discount the future cash flows. Income Taxes Uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We had no uncertain tax positions requiring liability recognition as of December 31, 2023 and 2022. We file income tax returns in the U.S. and in various state and local jurisdictions which may be routinely examined by tax authorities. The statute of limitations for examination of the Company’s tax filings by taxing authorities is currently open for tax returns filed for the year 2020 and thereafter. The Company recognizes accrued interest related to income tax matters in interest expense, net, separately from the tax provision recorded in income tax expense on the income statement. Segment Reporting The Ramaco Coal acquisition in 2022, as discussed in greater detail in Note 4, provides the Company with royalty savings and controlled mineral rights near Sheridan, Wyoming. This property includes a thermal coal deposit and permit and is currently undergoing mineral analysis and core drilling to assess potential concentrations of rare earth elements. The property also includes a research and pilot facility related to the Company’s possible expansion into the manufacturing and commercialization of advanced carbon products and materials from coal. Research and development expenses related to advanced carbon products and materials are not yet material for separate disclosure. Ramaco is also a party to certain collaborative arrangements with government researchers and other organizations, which involve providing in-kind contributions such as ores, samples, feedstock, and services. The activities at the Sheridan property represent a separate operating segment and have economic and geographic differences compared to the Company’s metallurgical operations in the Appalachian basin. Nonetheless, these activities do not meet the significance tests for separate disclosure as a reportable segment at this time. The chief operating decision maker does not regularly review segment asset information for the purpose of assessing performance and making resource allocation decisions. Stock-Based Compensation The fair values of restricted stock and restricted stock unit awards having only a service condition were determined using the publicly-traded price of our common stock on the grant date. The fair value of performance stock units, which vest based on the achievement of relative total shareholder return goals, was determined on the date of grant based on a Monte Carlo simulation. The fair value of stock option awards was calculated using the Black-Scholes option-pricing model. The Black-Scholes model requires us to make assumptions and judgments about the variables used in the calculation, including the expected term, expected volatility, risk-free interest rate, dividend rate and service period. Concentrations During 2023, sales to three customers accounted for 15%, 13%, and 13% of our revenues, or collectively 41% of total revenue. During 2022, sales to two customers accounted for 21% and 17% of our revenues, or collectively 38% of total revenue. During 2021, sales to three customers accounted for 30%, 15%, and 13% of our revenues, or collectively 58% of total revenue. The number of customers comprising the concentrations above is based on a threshold of 10% or more of total revenues. Financial instruments that potentially subject us to a significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts receivable. We monitor the credit ratings and concentration of risk with financial institutions on a continuing basis to safeguard our cash deposits. In addition, the Company is party to an arrangement that began in 2023 whereby our cash and cash equivalents are placed at various banks in amounts no greater than the $250,000 FDIC-insured limit to help safeguard against potential losses in the financial sector. We have a limited number of customers. Contracts with these customers provide for billings principally upon shipment and compliance with payment terms is monitored on an ongoing basis. Outstanding receivables beyond payment terms are promptly investigated and discussed with the specific customer. We estimate an allowance for credit losses by taking into consideration the age of past due accounts and an assessment of our customers’ ability to pay. An allowance for credit losses was not necessary as of December 31, 2023 and 2022. Three customers accounted for 22%, 19%, and 15%, of our trade receivables, or collectively 56% of the Company’s accounts receivable balance at December 31, 2023. The number of customers comprising the concentrations above is based on a threshold of 10% or more of total accounts receivable. Recent Accounting Standards Updates In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative ​ In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ​ In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures and or provided for 2025 or retrospectively by providing revised disclosures for all periods presented. Early adoption is permitted. The Company is currently evaluating the impact of the ASU; however, incremental disclosures will likely be provided on a prospective basis in the Company’s 2025 annual financial statements upon adoption.

Note 3 - Property, Plant and Eq

Note 3 - Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
PROPERTY, PLANT AND EQUIPMENT	NOTE 3—PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (In thousands) ​ 2023 2022 Plant and equipment ​ $ 290,060 ​ $ 232,885 Mining property and mineral rights ​ ​ 120,532 ​ ​ 120,760 Construction in process ​ 13,984 ​ 34,698 Capitalized mine development costs ​ 174,260 ​ 153,436 Less: accumulated depreciation, depletion, and amortization ​ (139,745) ​ (111,937) Total property, plant, and equipment, net ​ $ 459,091 ​ $ 429,842 ​ Capitalized amounts related to coal reserves at properties where we are not currently engaged in mining operations totaled $17.4 million as of December 31, 2023 and $33.4 million as of December 31, 2022. On July 10, 2022, the Company experienced a methane ignition at the Berwind No. 1 mine, which was one of the active mines at our Berwind mining complex. The other mines resumed production while the Berwind No. 1 mine was idled until a full investigation could be conducted. There were no personnel in the mine at the time of the incident and no injuries or fatalities occurred. The overall impact to pre-tax earnings in 2022 was immaterial except for idle mine costs of $9.5 million recognized during the year. Production from the Berwind No. 1 mine restarted in the first quarter of 2023. The Company received $9.2 million of insurance proceeds during 2023 related to this matter, which have been reported as part of Insurance proceeds related to property, plant, and equipment Other income (expense), net Mining property and mineral rights are made up primarily of significant asset acquisitions that occurred in 2022 and 2021. Refer to Note 4 for more information. Depreciation, depletion, and amortization included: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) 2023 2022 2021 Depreciation of plant and equipment ​ $ 30,913 ​ $ 24,132 ​ $ 17,945 Amortization of right-of-use assets (finance leases) ​ ​ 8,547 ​ ​ 4,846 ​ ​ 1,109 Amortization and depletion of capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ mine development costs and mineral rights ​ 14,792 ​ 12,216 ​ ​ 7,151 Total depreciation, depletion, and amortization ​ $ 54,252 ​ $ 41,194 ​ $ 26,205 ​

Note 4 - Acquisitions

Note 4 - Acquisitions	12 Months Ended
	Dec. 31, 2023
Acquisitions
ACQUISITIONS	NOTE 4—ACQUISITIONS Ramaco Coal ​ On April 29, 2022, the acquisition of Ramaco Coal, an entity owned by an investment fund managed by Yorktown Partners and certain members of the Company's management, was completed pursuant to a Purchase and Sale Agreement, dated February 23, 2022. The purchase price was approximately $65 million, consisting of an initial payment of $10 million paid at closing and a deferred purchase price of $55 million paid during the remainder of 2022 in $5 million ratable quarterly installments, and $10 million ratable quarterly installments paid in 2023 plus interest at a rate of 9%. ​ Ramaco Coal controls certain coal mineral interests of principally metallurgical coal properties which are owned in fee or leased under long-term leases that are, in turn, leased or subleased to the Company and various third parties. Such lessees pay a royalty based on the amount of metallurgical coal mined and the realized price per ton. ​ Ramaco Coal also controls a large thermal coal deposit and permit near Sheridan, Wyoming covering approximately 16 thousand acres, including a research and development facility and associated equipment and has a goal of converting coal to carbon products, such as graphene, graphite and carbon fiber. ​ Concurrent with this acquisition, the Company and Ramaco Coal each sold certain mineral rights located in West Virginia (the “Split Ridge Arrangement”). To compensate for the sale of these rights, we received an overriding royalty arrangement which included $2 million up front and $125 thousand quarterly minimum royalty payment beginning in January 2024 until December 2028. The fair value of this arrangement was $3.7 million, of which, $1.6 million was treated as an allocation of the fair value of this disposed component of Ramaco Coal and, separately, a $2.1 million gain on the sale of the Company’s mineral rights included in Other income (expense), net ​ The acquisition of Ramaco Coal was accounted for as a purchase of assets due to substantially all of the fair value being concentrated in a single asset, the rights to metallurgical coal deposits. The consideration paid in connection with the acquisition of Ramaco Coal, including $1.6 million in closing costs, relinquishment of $1.6 million of prepaid royalties and $0.1 million paid to a mineral owner as part of the acquisition, was approximately $68.3 million and was allocated based on fair values to mining property and mineral rights ($65.1 million), buildings ($2.6 million) and equipment ($0.6 million). Refer to Note 7 for a description of the acquisition financing. ​ Maben Coal ​ On September 23, 2022, the Company completed the acquisition of 100% of the equity interests of Maben Coal, LLC (“Maben Coal”) pursuant to the Securities Purchase Agreement dated August 8, 2022, with Appleton Coal, LLC. The purchase price was approximately $30.0 million, consisting of an initial payment of $9.0 million and proceeds from a new two-year loan in the amount of $21.0 million. The Company also paid approximately $1.7 million of transaction costs and recognized liabilities of $1.3 million on the closing date, primarily related to $1.2 million of cash bond replacement obligations incurred by the Company as part of the transaction. In the fourth quarter of 2022, the Company paid off the $1.2 million cash bond replacement obligation to Appleton Coal, LLC, which was included in the investing activities section of the statement of cash flows. The $1.2 million bond replacement payment was subsequently recovered in 2023, which reduced the cash investment related to this transaction to $10.7 million. ​ We acquired a large coal deposit on approximately 28 thousand leased acres located in Wyoming County and Raleigh County, West Virginia. We assumed existing mining permits issued by the West Virginia Department of Environmental Protection, which authorizes mining by both surface and highwall mining methods as well as by underground methods. The property also has issued permits covering an existing haul road, as well as an active refuse disposal area together with a preparation plant and unit train loadout, neither of which had been constructed as of the closing date. ​ The acquisition of Maben Coal was accounted for as a purchase of assets due to substantially all of the fair value being concentrated in a single asset, the rights to leased metallurgical coal deposits. The total consideration of approximately $33.0 million was allocated to mining property and mineral rights ($30.6 million), capitalized mine development costs ($1.0 million), receivable for the right to recover cash bond replacement payments made by the Company as discussed above ($1.2 million, which was received in 2023), and recoupable royalties ($0.2 million). Refer to Note 7 for information regarding the acquisition financing. ​ ​ Amonate Assets In December 2021, we acquired what are referred to as the “Amonate Assets” from Coronado, pursuant to an asset purchase agreement. The acquisition, for a total cash consideration of $30 million, included a mine complex located in McDowell County, West Virginia and Tazewell County, Virginia adjacent and contiguous to the Company’s existing Berwind Complex. The acquisition primarily consists of high-quality, low and mid-vol metallurgical coal reserves and resources, much of which will be mined from the Company’s Berwind Complex. Also purchased were several additional permitted mines and a currently idled 1.3-million-ton per annum capacity coal preparation plant. The Company paid an additional $0.6 million in 2023 for transaction-related costs, which was also included in investing activities since the delay in payment was due to administrative reasons rather than financing.

Note 5 - Asset Retirement Oblig

Note 5 - Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
ASSET RETIREMENT OBLIGATIONS	NOTE 5—ASSET RETIREMENT OBLIGATIONS We estimate asset retirement obligations (“ARO”) for final reclamation based upon detailed engineering calculations of the amount and timing of the future cash spending for a third party to perform the required work. Amounts recorded related to asset retirement obligations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (In thousands) 2023 2022 Balance at beginning of year ​ $ 28,885 ​ $ 22,549 Additional asset retirement obligations acquired/incurred ​ 542 ​ 1,440 Expenditures made ​ ​ — ​ ​ — Accretion expense ​ 1,403 ​ 1,115 Revisions to estimates ​ (1,870) ​ 3,781 Balance at end of year ​ $ 28,960 ​ $ 28,885 ​

Note 6 - Accrued Liabilities an

Note 6 - Accrued Liabilities and Other Long-Term Liabilities	12 Months Ended
	Dec. 31, 2023
Notes To Financial Statements
ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES	NOTE 6—ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES Accrued liabilities ​ Other long-term liabilities ​ Workers’ Compensation and Occupational Disease Obligations ​ We are self-insured for certain losses relating to workers’ compensation claims and occupational disease obligations under the Federal Mine Safety and Health Act of 1969, as amended. Starting in 2023, the Company also elected to self-insure employee medical expenses. We purchase insurance coverage to reduce our exposure to significant levels of these claims. Self-insured losses are accrued based upon estimates of the aggregate liability for uninsured claims incurred as of the balance sheet date using claims data and actuarial assumptions. The occupational disease benefit obligation represents the present value of the actuarially computed liabilities for such benefits over the employees’ applicable years of service. The occupational disease benefit liability was calculated using a discount rate of 5.3% and 5.6% at December 31, 2023 and 2022, respectively. ​ As of December 31, 2023, the estimated aggregate liability for uninsured claims totaled $5.2 million, including $2.3 million of occupational disease obligations. Of the aggregate liability, $3.1 million was included in Other long-term liabilities Other long-term liabilities

Note 7 - Debt

Note 7 - Debt	12 Months Ended
	Dec. 31, 2023
Notes To Financial Statements
DEBT	NOTE 7—DEBT Our outstanding debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2023 December 31, 2022 Revolving Credit Facility ​ $ 42,500 ​ $ 25,000 Equipment loans ​ ​ 2,983 ​ ​ 8,396 Senior Notes, net ​ 33,296 ​ 32,830 Financing of Ramaco Coal acquisition - Related party debt ​ ​ — ​ ​ 40,000 Financing of Maben Coal acquisition ​ ​ 11,400 ​ ​ 21,000 Total debt ​ $ 90,179 ​ $ 127,226 Current portion of long-term debt ​ 56,534 ​ 75,639 Long-term debt, net ​ $ 33,645 ​ $ 51,587 ​ Revolving Credit Facility— Revolving loans under the facility bear interest at either the base rate plus 1.50% or the Secured Overnight Financing Rate plus 2.00%. The base rate equals the highest of the administrative agent’s prime rate, the Federal Funds Effective Rate plus 0.5%, or 3%. The terms of the facility include covenants limiting the ability of the Company to incur additional indebtedness, make investments or loans, incur liens, consummate mergers and similar fundamental changes, make restricted payments, and enter into transactions with affiliates. The terms of the facility also require the Company to maintain certain covenants, including fixed charge ratio and compensating balance requirements. A fixed charge coverage ratio of not less than 1.10:1.00, calculated as of the last day of each fiscal quarter, must be maintained by the Company. In addition, the Company must maintain an average daily cash balance of $5 million, as determined on a monthly basis, in a dedicated account as well as an additional $1 million in a separate dedicated account to assure future credit availability. At December 31, 2023, we were in compliance with all debt covenants under the Revolving Credit Facility. Key Equipment Finance Loan— J. H. Fletcher & Co. Loan— Komatsu Financial Limited Partnership Loan— monthly installments of $36 thousand for the first six months and then at $28 thousand until maturity. The outstanding principal balance of the Komatsu Equipment Loan was $0.6 million at December 31, 2023. Brandeis Machinery & Supply Company— 9.00% Senior Unsecured Notes due 2026— ​ Ramaco Coal Deferred Purchase Price— Financing of Maben Coal Acquisition – On September 23, 2022, we acquired 100% of the equity interests of Maben Coal, LLC (see Note 4) and entered into a secured loan with Investec Bank PLC in the amount of $21.0 million to pay a portion of the purchase price. The loan bears interest at the applicable secured overnight financing rate (“SOFR”) plus a margin of 3.0% payable in cash, compounded monthly. In January 2023, the Company started making monthly repayments of the outstanding principal in the amount of $800 thousand per month and will continue to do so until making a balloon payment for the remaining amount on the maturity date of September 23, 2024. The outstanding principal balance was $11.4 million at December 31, 2023. ​ The loan contains certain financial covenants, including minimum cash balance, leverage ratio, and interest coverage ratio requirements. At December 31, 2023, we were in compliance with the financial covenants related to the loan. ​ Current portion of long-term debt ​ Insurance financing one-year Maturities of our debt are presented below, which are $1.2 million higher than total debt on the balance sheet due to discounts and issuance costs to be accreted over future periods. ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ Years ending December 31: ​ 2024 ​ $ 56,534 2025 ​ 335 2026 ​ ​ 34,514 2027 ​ ​ — 2028 ​ ​ — Total debt ​ $ 91,383 ​ ​ ​ ​ ​

Note 8 - Leases

Note 8 - Leases	12 Months Ended
	Dec. 31, 2023
Notes To Financial Statements
LEASES	NOTE 8—LEASES ​ The Company has various finance leases for mining equipment, which generally include 3-5 year terms and expire through 2028. In addition, we have one operating lease for office space with a term of approximately five years that runs through 2027. ​ Amortization of right-of-use assets associated with finance leases was $8.5 million, $4.8 million, and $1.1 million in 2023, 2022, and 2021, respectively, as discussed in Note 3. Interest expense recognized for financing lease liabilities was $0.6 million, $0.4 million, and $0.1 million in 2023, 2022, and 2021, respectively. Operating lease expense was $0.2 million in 2023, $0.2 million in 2022, and $0.1 million in 2021. ​ Right-of-use assets and lease liabilities are determined as the present value of the lease payments, discounted using either the implicit interest rate in the lease or our estimated incremental borrowing rate based on similar terms, payments and the economic environment where the leased asset is located. Below is a summary of our leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Classification ​ December 31, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ ​ ​ ​ ​ ​ ​ Financing Financing lease right-of-use assets, net ​ $ 10,282 ​ $ 12,905 Operating Other assets ​ ​ 540 ​ ​ 694 Total right-of-use assets ​ ​ $ 10,822 ​ $ 13,599 ​ ​ ​ ​ ​ ​ ​ ​ Current lease liabilities ​ ​ ​ ​ ​ ​ ​ Financing Current portion of financing lease obligations ​ $ 5,456 ​ $ 5,969 Operating Accrued expenses ​ ​ 134 ​ ​ 122 Non-current lease liabilities ​ ​ ​ ​ ​ ​ ​ Financing Long-term portion of financing lease obligations ​ $ 4,915 ​ $ 4,917 Operating Other long-term liabilities ​ ​ 450 ​ ​ 585 Total lease liabilities ​ ​ $ 10,955 ​ $ 11,593 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum lease payments for our lease obligations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 (In thousands) Financing Operating Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future minimum lease payments: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 5,910 ​ $ 165 ​ $ 6,075 2025 ​ ​ 2,390 ​ ​ 165 ​ ​ 2,555 2026 ​ ​ 1,233 ​ ​ 165 ​ ​ 1,398 2027 ​ ​ 1,233 ​ ​ 165 ​ ​ 1,398 2028 ​ ​ 514 ​ ​ — ​ ​ 514 Total undiscounted lease payments ​ ​ 11,280 ​ ​ 660 ​ ​ 11,940 Less: Amounts representing interest ​ ​ (909) ​ ​ (76) ​ ​ (985) Present value of lease obligations ​ $ 10,371 ​ $ 584 ​ $ 10,955 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining term (years) ​ ​ 2.8 ​ ​ 4.0 ​ ​ ​ Weighted average discount rate ​ ​ 4.2% ​ ​ 6.0% ​ ​ ​ ​ During 2023, the Company also entered into a lease of office space in Charleston, WV, which is not reflected in the disclosures above because the commencement date has not occurred for accounting purposes. The lease will be recognized at a later date when the space is ready to be occupied by the Company. The term of the lease is expected to be in the range of 6-8 years. Coal Leases and Associated Royalty Commitments

Note 9 - Equity

Note 9 - Equity	12 Months Ended
	Dec. 31, 2023
Notes To Financial Statements
EQUITY	NOTE 9—EQUITY On June 12, 2023, an amendment to the Company’s amended and restated certificate of incorporation was approved by shareholder vote to reclassify the Company’s existing common stock as shares of Class A common stock and create a separate Class B common stock. We are authorized to issue up to a total of 225,000,000 shares of Class A common stock and 35,000,000 shares of Class B common stock as well as 50,000,000 shares of preferred The initial distribution of Class B common stock occurred on June 21, 2023 via a stock dividend to existing holders of common stock as of May 12, 2023. On the date of initial distribution, each holder of common stock received 0.2 shares of Class B common stock for every one share of existing common stock held on the record date. Similar actions or modifications occurred for holders of outstanding stock-based awards. The distribution of the Class B common stock provides existing holders of the Company’s common stock with an opportunity to participate directly in the financial performance of the Company’s CORE assets on a stand-alone basis, separate from the Company’s metallurgical coal operations. CORE assets were acquired initially as part of the Company’s acquisition of Ramaco Coal in the second quarter of 2022. The financial performance of CORE assets consists of the following non-cost-bearing revenue streams based on the Company’s current expectations: ● Royalty fees derived from the royalties associated with the Ramaco Coal and Amonate reserves, which we believe approximates 3% of Company-produced coal sales revenue excluding coal sales revenue from Knox Creek, ● Infrastructure fees based on $5.00 per ton of coal processed at our preparation plants and $2.50 per ton of loaded coal at the Company’s rail load-out facilities, and ● Future income derived, if and when realized, from advanced carbon products and rare earth elements initiatives. ​ The Company expects to pay a dividend equal to 20% of the total fees above; however, any dividend amounts declared and paid are subject to the sole discretion of the Company’s Board of Directors. ​ In addition, the Board of Directors retains the power to change or add expense allocation policies related to CORE, redefine CORE assets, and redetermine CORE’s per-ton usage fees at any time, in its sole discretion, without shareholder approval. Holders of shares of Class A common stock continue to be entitled to receive dividends when and if declared by the Board of Directors subject to any statutory or contractual restrictions on the payment of dividends and to any prior rights and preferences that may be applicable to outstanding preferred stock, if any. ​ CORE is not a separate legal entity and holders of Class B ​ With respect to voting rights, holders of Class A common stock and Class B common stock vote together as a single class on all matters submitted to a vote of the stockholders and are entitled to one vote per share. The holders of Class A common stock and Class B common stock do not have cumulative voting rights in the election of directors. Class B common stock does not have any specific voting rights or governance rights with respect to CORE. ​ With respect to liquidation rights, holders of common stock are entitled to receive ratably the assets available for distribution to the stockholders after payment of liabilities and the liquidation preference of outstanding preferred stock, if any. That is, the rights to residual net assets upon liquidation are equal between holders of Class A and Class B common stock. Holders of Class B common stock do not have specific rights to CORE assets in the event of liquidation. ​ Shares of Class A common stock have no preemptive or conversion rights and are not subject to further calls or assessment by us. There are no redemption or sinking fund provisions applicable to Class A common stock. The Board of Directors retains the ability, in its sole discretion, to exchange all outstanding shares of Class B common stock into Class A common stock based on an exchange ratio determined by a 20-day trailing volume-weighted average price for each class of stock. ​ The initial distribution of the tracking stock was recorded as a stock dividend at fair value, which was estimated to be $11.00 per share based on the closing price of Class B shares on the first day of regular-way trading. The effect of the equity restructuring was a $102.9 million reduction in retained earnings and an increase of $102.9 million to Class B common stock and additional paid-in capital . ​ Stock-Based Compensation Awards Outstanding stock-based awards were reclassified to Class A common stock as part of the equity restructuring discussed above. In addition, pursuant to the terms of the Company’s outstanding stock-based awards, equitable adjustments were made in accordance with such terms, as discussed below, based on the same factor of 0.2 for every outstanding award. Since there were no changes in fair value, vesting conditions, or award classification, no incremental compensation expense resulted. Our Long-Term Incentive Plan (“LTIP”) is currently authorized by shareholders for the issuance of awards of up to approximately 10.9 million shares of common stock. As of December 31, 2023, there were approximately 4.6 million shares of common stock available for grant under the LTIP. The one-time distribution of Class B has no bearing on the authorization under the LTIP. In general, granted but unvested shares are forfeited upon termination of employment, unless an employee enters into another written arrangement. However, exceptions exist for certain executives that are entitled to accelerated vesting if terminated without cause. Granted but unvested shares may not be sold, assigned, transferred, pledged or otherwise encumbered. As of December 31, 2023, we had four types of stock-based awards outstanding: stock options, restricted stock, restricted stock units, and performance stock units. Stock-based compensation expense for all stock-based awards totaled $12.9 million in 2023, $8.2 million in 2022, and $5.3 million in 2021. Stock Options— The following table summarizes the remaining stock-based awards outstanding, as well as activity for the periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Restricted Stock Units Performance Stock Units ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ ​ ​ Average Grant ​ ​ ​ Average Grant ​ ​ ​ Average Grant For Class A common stock: ​ Shares Date Fair Value ​ ​ Shares Date Fair Value ​ ​ Shares Date Fair Value Outstanding at December 31, 2021 3,741,770 ​ $ 3.98 ​ — ​ $ — ​ — ​ $ — Granted 214,363 ​ 14.59 ​ 248,706 ​ 15.65 ​ 248,706 ​ ​ 22.21 Vested (809,539) ​ 6.57 ​ (82,903) ​ 15.65 ​ — ​ — Forfeited (637) ​ 15.65 ​ — ​ — ​ — ​ — Outstanding at December 31, 2022 3,145,957 ​ $ 4.04 ​ 165,803 ​ $ 15.65 ​ 248,706 ​ $ 22.21 Granted 296,115 ​ 10.61 ​ 518,348 ​ 10.61 ​ 518,348 ​ 18.09 Vested (1,695,234) ​ 3.37 ​ (82,903) ​ 15.65 ​ — ​ — Forfeited (38,484) ​ 11.90 ​ — ​ — ​ — ​ — Outstanding at December 31, 2023 1,708,354 ​ $ 5.66 ​ 601,248 ​ $ 11.30 ​ 767,054 ​ $ 19.43 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Class B common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial distribution of Class B awards - June 21, 2023 ​ 680,718 ​ ​ ​ ​ ​ 136,819 ​ ​ ​ ​ ​ 153,404 ​ ​ ​ Vested ​ (339,035) ​ ​ ​ ​ ​ (16,578) ​ ​ ​ ​ ​ — ​ ​ ​ Outstanding at December 31, 2023 ​ 341,683 ​ ​ ​ ​ ​ 120,241 ​ ​ ​ ​ ​ 153,404 ​ ​ ​ ​ The total fair value of awards vested was $19.7 million during 2023, $11.0 million during 2022, and $5.1 million during 2021. Restricted Stock — one three and a half years Restricted Stock Units— three years The grant date fair values of restricted stock units are recognized ratably over the service period. At December 31, 2023, there was $5.2 million of total unrecognized compensation cost related to unvested restricted stock units to be recognized over the weighted average period of 1.7 years. The fair value of restricted stock unit awards that vested during 2023 was $1.3 million for Class A awards and $0.2 million for Class B awards. The fair value of the outstanding restricted stock unit awards was $10.3 million for Class A awards and $1.6 million for Class B awards based on the year-end 2023 closing stock prices. Performance Stock Units— three years The Company’s performance stock units were valued relative to the stock price performance of a peer group of companies, which was based on a Monte Carlo simulation. The fair value of the performance stock units on the date of the grant is recognized ratably over the service period. At December 31, 2023, there was $8.9 million of total unrecognized compensation cost related to unvested performance stock units to be recognized over the weighted average period of 1.7 years. The combined intrinsic value of the outstanding performance stock units for both classes, at target, was $15.2 million at December 31, 2023. The value of these awards if the performance period had ended on December 31, 2023 is estimated at approximately $27 million. In addition, performance stock units granted in 2022 were modified during the first quarter of 2023. Modifications to these awards were made up primarily of changes in the composition of the peer group as well as changes in the way relative total shareholder return is evaluated against the updated peer group. The modification resulted in incremental fair value of $1.2 million, which is recognized as expense over 2023 and 2024. Performance stock units are accounted for as awards with a market condition since vesting depends on total shareholder return relative to a group of peer companies. Taxes Related to Stock Awards— Dividends ​ Dividends in the amount of $16.6 million, or approximately $0.375 per share on an aggregated basis ($0.125 per share for three quarterly dividends), were declared and paid to holders of common stock or Class A common stock during 2023. On December 6, 2023, the Company announced that the Board of Directors declared a cash dividend on Class A common stock of $0.1375 per share to be paid on March 15, 2024 to shareholders of record on March 1, 2024. Dividends of $6.0 million were accrued in December 2023 for the cash dividend to be paid in March 2024. ​ ​ ​ ​ ​ ​ ​ The Company also paid dividends to holders of Class B common stock during 2023 based on 20% of CORE royalty and infrastructure fees. Dividends in the amount of $1.5 million, or approximately $0.165 per share of Class B common stock, were paid on September 15, 2023 to shareholders of record on September 1, 2023. Dividends in the amount of $2.2 million, or $0.249 per share of Class B common stock, were paid on December 15, 2023 to shareholders of record on December 1, 2023. Refer to Note 15 for information regarding dividends declared for holders of Class B common stock subsequent to the date of the financial statements. ​ For the full year 2023, the Company recognized $27.5 million of cash dividends declared against retained earnings for all classes of common stock, including $6.0 million of dividends declared in December 2023 to be paid in March 2024 and $1.2 million of forfeitable dividends subject to the vesting conditions of outstanding restricted stock units and performance stock units. For the full year 2023, the Company paid $25.8 million of cash dividends for both classes of common stock, including $5.5 million that were accrued at December 31, 2022. ​ For 2022, the Company recognized $23.1 million of cash dividends declared against retained earnings, or approximately $0.52 per share, including $5.5 million that were unpaid as of December 31, 2022. For the full year 2022, the Company paid $20.0 million of dividends, including $2.5 million that were accrued at December 31, 2021.

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Notes To Financial Statements
COMMITMENTS AND CONTINGENCIES.	NOTE 10—COMMITMENTS AND CONTINGENCIES Environmental Liabilities — Surety Bond — Coal Leases and Associated Royalty Commitments Contingent Transportation Purchase Commitments Litigation On November 5, 2018, one of our three raw coal storage silos that fed our Elk Creek plant experienced a partial structural failure. A temporary conveying system completed in late-November 2018 restored approximately 80% of our plant capacity. We completed a permanent belt workaround and restored the preparation plant to its full processing capacity in mid-2019. Our insurance carrier, Federal Insurance Company, disputed our claim for coverage based on certain exclusions to the applicable policy and, therefore, on August 21, 2019, we filed suit against Federal Insurance Company and Chubb INA Holdings, Inc. in Logan County Circuit Court in West Virginia seeking a declaratory judgment that the partial silo collapse was an insurable event and to require coverage under our policy. Defendants removed the case to the United States District Court for the Southern District of West Virginia, and upon removal, we substituted ACE American Insurance Company as a defendant in place of Chubb INA Holdings, Inc. The trial in the matter commenced on June 29, 2021, in Charleston, West Virginia. On July 15, 2021, the jury returned a verdict in our favor for $7.7 million in contract damages and on July 16, 2021, made an additional award of $25.0 million for damages for wrongful denial of the claim under Hayseeds, Inc. v. State Farm Fire & Cas. Hayseeds On April 1, 2022, we filed a notice of appeal with the U.S. Court of Appeals for the Fourth Circuit. On July 20, 2023, the court rendered a decision reinstating the jury’s $7.7 million contract damages verdict. The court further determined that we are entitled to attorney’s fees in an amount to be determined on remand. Finally, the court held that we are entitled to Hayseeds En Banc The defendants fully paid the portion of the judgment related to contract (compensatory) damages in the court’s order and that portion of the matter is considered closed. The Company recognized a $7.8 million gain during 2023, which was recorded in Other income (expense), net Insurance proceeds related to property, plant, and equipment

Note 11 - Revenue

Note 11 - Revenue	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
REVENUE.	NOTE 11—REVENUES Our revenue is derived from contracts for the sale of coal and is recognized when the performance obligations under the contracts are satisfied, which is at the point in time control is transferred to our customer. Generally, domestic sales contracts have terms of about one year and the pricing is typically fixed. Export sales have spot or term contracts, and pricing can be either a fixed price or a price derived against index-based pricing mechanisms. Sales completed with delivery to an export terminal are reported as export revenue. Disaggregated information about our revenue is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) ​ 2023 2022 2021 Coal Sales ​ ​ ​ ​ North American revenue ​ ​ $ 227,484 ​ $ 328,322 ​ $ 143,946 Export revenue, excluding Canada ​ ​ 466,040 ​ 237,366 ​ 139,448 Total revenue ​ ​ $ 693,524 ​ $ 565,688 ​ $ 283,394 ​ Fourth quarter 2023 revenue that can be derived from the Company’s periodic filings includes a $1.3 million upward adjustment to revenue related to performance obligations that were satisfied in the previous quarter. Fourth quarter 2022 revenue that can be derived from the Company’s periodic filings includes a $2.8 million downward adjustment to revenue related to performance obligations that were satisfied in the previous quarter. These adjustments were due to true-ups of previous estimates for provisional pricing provisions. As of December 31, 2023, the Company had outstanding performance obligations of approximately 1.4 million tons for contracts with fixed sales prices averaging $166 per ton and 2.1 million additional tons for contracts with index-based pricing mechanisms . 2024 Sales into individual foreign countries equaling or exceeding 10% of our total revenues included Germany and Canada, each of which represented 14% of 2023

Note 12 - Related Party Transac

Note 12 - Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
RELATED PARTY TRANSACTIONS	NOTE 12—RELATED PARTY TRANSACTIONS Mineral Lease and Surface Rights Agreements Legal Services —Some of the professional legal services we receive are provided by Jones & Associates (“Jones”), a related party. Accrued liabilities ​ Ramaco Coal Deferred Purchase Price— Accounts payable ​ Ramaco Foundation-- Other income (expense), net Other Professional Services—

Note 13 - Income Taxes

Note 13 - Income Taxes	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
INCOME TAXES	NOTE 13—INCOME TAXES Ramaco Resources, Inc. is organized as a corporation under the laws of Delaware. Ramaco Resources, Inc. files a consolidated U.S. federal tax return with its wholly owned subsidiaries. All our operations are wholly within the United States, but our products are sold to customers worldwide. Income tax expense consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (In thousands) 2023 2022 2021 Current taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 2,817 ​ $ 517 ​ $ — State ​ 819 ​ 407 ​ 3 Current taxes ​ 3,636 ​ 924 ​ 3 Deferred taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 17,323 ​ 28,389 ​ 6,518 State ​ 1,391 ​ 840 ​ (1,874) Deferred taxes ​ 18,714 ​ 29,229 ​ 4,644 Provision for income tax expense, net ​ $ 22,350 ​ $ 30,153 ​ $ 4,647 ​ The items accounting for differences between income taxes computed at the federal statutory rate and the provision recorded for income taxes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (In thousands) 2023 2022 2021 Income taxes computed at the federal statutory rate ​ $ 21,938 ​ $ 30,701 ​ $ 9,325 Effect of: ​ ​ ​ ​ ​ ​ ​ ​ ​ State taxes, net of federal benefits ​ 1,210 ​ 1,422 ​ 796 State tax rate changes, net of federal benefits ​ ​ 350 ​ ​ (546) ​ ​ (2,274) Percentage depletion ​ (1,717) ​ (3,314) ​ (3,363) Stock-based compensation ​ (3,395) ​ (1,499) ​ (194) 162(m) compensation limitation ​ ​ 5,716 ​ ​ 3,481 ​ ​ — Foreign-derived intangible income deduction ​ ​ (1,475) ​ ​ — ​ ​ — Other, net ​ (277) ​ (92) ​ 357 Total ​ $ 22,350 ​ $ 30,153 ​ $ 4,647 ​ During the current year, there was a significant increase in the foreign-derived intangible income deduction related to our worldwide sales. The amount of excess tax benefits for stock-based compensation and subsequently the impact of IRC Section 162(m) for covered employees increased in the current year due to stock exercises. Deferred tax assets and liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (In thousands) 2023 2022 Deferred tax assets: ​ ​ Loss carryforwards U.S. - Federal/States ​ $ 1,801 ​ $ 6,598 Asset retirement obligations ​ 6,428 ​ 6,359 Accrued expenses ​ 3,857 ​ 3,257 Stock-based compensation ​ 2,916 ​ 2,249 Total deferred tax assets ​ 15,002 ​ 18,463 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Property, plant, and equipment ​ (69,354) ​ (54,100) Net deferred tax liabilities ​ $ (54,352) ​ $ (35,637) ​ During the current period, the federal net operating loss carryforwards were fully utilized. As of December 31, 2023, there were no federal net operating loss carryforwards remaining. Total state loss carryforwards were approximately $35 million. The Company’s net operating loss carryforwards are not subject to statutory expiration. No valuation allowance was recognized by the Company for deferred tax assets as of December 31, 2023 or December 31, 2022. We are subject to federal, state, and local income taxes in the United States. Significant judgment is required in evaluating tax positions taken and determining the provision for income taxes. As of December 31, 2023, we do not Cash paid for income taxes totaled $15.5 million in 2022. The Company recognized an income tax receivable of $14.6 million included in prepaid expenses and other current assets at December 31, 2022. Cash paid for income taxes totaled $0.8 million for 2023 before consideration of refunds received. The Company received a refund of $11.8 million during 2023, which drove the decrease in prepaid expenses and other current assets on the balance sheet compared to December 31, 2022.

Note 14 - Earnings (Loss) Per S

Note 14 - Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
EARNINGS PER SHARE	NOTE 14—EARNINGS (LOSS) PER SHARE Earnings per share (“EPS”) is not presented retrospectively for periods prior to the issuance of the tracking stock as the tracking stock was not a part of the Company’s capital structure during those periods and the issuance of the tracking stock changes the common shareholders’ relative residual interest in the Company. Therefore, EPS is presented for the Company’s single class of common stock up to the time the tracking stock was issued. EPS is presented prospectively under the two-class method starting on the date of initial distribution of the tracking stock. Refer to Note 9 for information related to the Company’s tracking stock. ​ The computation of basic and diluted EPS is shown on the following page: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands, except per share amounts) ​ Years ended December 31, ​ 2023 2022 ​ 2021 Earnings attribution ​ ​ ​ ​ ​ ​ ​ ​ ​ Single class of common stock (through 6/20/2023) * ​ $ 31,382 ​ $ 116,042 ​ $ 39,759 Class A common stock (6/21/2023 - 12/31/2023) ​ ​ 44,663 ​ ​ — ​ ​ — Class A restricted stock awards (6/21/2023 - 12/31/2023) ​ ​ 1,897 ​ ​ — ​ ​ — Class B common stock (6/21/2023 - 12/31/2023) ​ ​ 3,498 ​ ​ — ​ ​ — Class B restricted stock awards (6/21/2023 - 12/31/2023) ​ ​ 144 ​ ​ — ​ ​ — Forfeitable dividends declared on unvested stock-based awards ​ ​ 729 ​ ​ — ​ ​ — Net income ​ $ 82,313 ​ $ 116,042 ​ $ 39,759 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ * Common stock and restricted stock participated in earnings 1:1 and are shown on a combined basis through 6/20/2023 consistent with historical presentation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Jan. 1 - June 20, ​ Years ended December 31, ​ 2023 2022 ​ 2021 EPS data for single class of common stock through 6/20/2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator ​ ​ ​ ​ ​ Net earnings ​ $ 31,382 ​ $ 116,042 ​ $ 39,759 Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares used to compute basic earnings per share * ​ 44,344 ​ 44,164 ​ ​ 43,964 Dilutive effect of stock option awards ​ 381 ​ 532 ​ ​ 293 Dilutive effect of restricted stock units ​ ​ — ​ ​ 6 ​ ​ — Dilutive effect of performance stock units ​ ​ 27 ​ ​ — ​ ​ — Weighted average shares used to compute diluted earnings per share ​ ​ 44,752 ​ ​ 44,702 ​ 44,257 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share (single class of common stock) ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.71 ​ $ 2.63 ​ $ 0.90 Diluted ​ $ 0.70 ​ $ 2.60 ​ $ 0.90 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 21, 2023 - December 31, 2023 ​ ​ ​ ​ Class A ​ Class B ​ ​ ​ EPS data for dual-class common stock 6/21/2023 - 12/31/2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ​ $ 44,663 ​ $ 3,498 ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares used to compute basic earnings per share ** ​ ​ 42,115 ​ ​ 8,428 ​ ​ ​ Dilutive effect of stock option awards ​ ​ 482 ​ ​ 111 ​ ​ ​ Dilutive effect of restricted stock units ​ ​ 157 ​ ​ 48 ​ ​ ​ Dilutive effect of performance stock units ​ ​ 436 ​ ​ 111 ​ ​ ​ Weighted average shares used to compute diluted earnings per share ​ ​ 43,190 ​ ​ 8,698 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share (dual-class structure) ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.06 ​ $ 0.42 ​ ​ ​ Diluted ​ $ 1.03 ​ $ 0.40 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ** Does not include unvested restricted stock, which averaged 1.8 million and 0.4 million for Class A and Class B, respectively, for the period June 21, 2023 through December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested restricted stock awards have the right to receive nonforfeitable dividends on the same basis as common shares; therefore, unvested restricted stock is considered a participating security for the purpose of calculating EPS. Historically, the Company has shown EPS for its common stock and unvested restricted stock on a combined basis since both instruments participate in net earnings on the same basis and the resulting EPS is typically the same. Starting under the two-class method, the Company reports separately the net earnings allocated away from holders of Class A and Class B common stock to holders of unvested restricted stock awards. ​ Unvested restricted stock units and performance stock units include forfeitable dividend rights that are subject to the vesting conditions of the underlying awards; therefore, these awards are not considered participating securities and should not be allocated undistributed earnings for the purpose of calculating EPS. However, dividends or dividend equivalents declared and charged to retained earnings for these awards reduce the amount of net earnings available for distribution to common stockholders and should be reflected as such under the two-class method. ​ For accounting purposes, Class B’s participation rights are, in substance, discretionary based on the power of the Company’s Board of Directors to add or modify expense allocation policies, redefine CORE assets, and redetermine CORE’s per-ton usage fees at any time, in its sole discretion, without shareholder approval. Therefore, no amount of the Company’s net earnings shall be allocated to Class B for the purpose of calculating EPS other than actual dividends declared during the period for the tracking stock. Refer to Note 9 for information regarding dividends declared on Class B common stock. ​ Diluted EPS was calculated using the treasury stock method for stock options and restricted stock units. For performance stock units, the awards were first evaluated under the contingently issuable shares guidance, which requires a determination as to whether shares would be issuable if the end of the reporting period were the end of the contingency period. For shares determined to be issuable under performance stock unit awards, the treasury stock method was then applied to determine the dilutive impact of the awards, if any. Unvested restricted stock awards are considered potential common shares as well as participating securities, as discussed previously, and were included in diluted EPS using the more dilutive of the treasury stock method or the two-class method. Since these awards share in dividends on a 1:1 basis with common shares, applying the treasury stock method would be antidilutive compared to the basic EPS calculation that allocates earnings to participating securities under the two-class method discussed previously. ​ Diluted EPS for the period from January 1, 2023 through June 20, 2023, the period for which a single class of common stock existed, excluded all outstanding restricted stock units, or 684,151 units in total, because the effect would have been antidilutive under the treasury stock method. In addition, diluted EPS for the same period excluded outstanding performance stock units originally granted in 2022, or 248,706 units at target, based on the guidance for contingently issuable shares, which requires exclusion when shares would not be issuable if the end of the reporting period were the end of the contingency period. ​ For the period from June 21,2023 through December 31, 2023, the Company’s ability to convert Class B common shares into Class A common shares, as discussed previously in Note 9, is a contingency that will not be reflected in the diluted EPS for Class A under the if-converted method until such time that the required Board resolutions occur, if ever. ​ Diluted EPS for 2022 excluded 248,706 of target performance stock units based on the guidance for contingently issuable shares discussed earlier.

Note 15 - Subsequent Events

Note 15 - Subsequent Events	12 Months Ended
	Dec. 31, 2023
Notes To Financial Statements
SUBSEQUENT EVENTS	NOTE 15—SUBSEQUENT EVENTS On February 1, 2024, the Company announced that the Board of Directors declared a cash dividend of $0.2416 per share of Class B common stock, which will be payable on March 15, 2024 to shareholders of record on March 1, 2024. In February 2024, the Company completed the purchase of an existing coal preparation plant, which will be relocated to the Company’s Maben Complex. The purchase price of the plant is $3 million. The Company anticipates spending an additional $8 million in initial development capital expenditures related to the plant in 2024. These costs would include amounts related to the relocation, reassembly, and expansion of the facility at Maben. * * * * *

Note 2 - Summaries of Significa

Note 2 - Summaries of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation
Use of estimates	Use of estimates
Revenue Recognition	Revenue Recognition Our coal sales generally include up to 90-day payment terms following the transfer of control of the goods to our customer. In the case of some of our foreign customers, our contracts also require that letters of credit are posted to secure payment of any outstanding receivable. We do not include extended payment terms in our contracts. Our contracts with customers typically provide for minimum specifications or qualities of the coal we deliver. Variances from these specifications or qualities are settled by means of price adjustments. Generally, these price adjustments are settled within 30 days of delivery and are insignificant. Certain of our contracts with customers include provisions in which the price is derived from an index. If control of the goods transfers to the customer in the period before the final price is determined, revenue is recorded based on the estimated consideration to be received. The Company estimates the amount to which it expects to receive by reference to forward curve data, if available, and generally does not constrain such estimates for accounting purposes due to the short period of time over which the uncertainty is resolved. However, certain estimates of provisional pricing for which no forward curve data was available were constrained at December 31, 2023 due to index volatility. Freight Revenue and Expense
Cash and cash equivalents	Cash and Cash Equivalents
Inventories	Inventories ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2023 December 31, 2022 Raw coal ​ $ 20,122 ​ $ 22,414 Saleable coal ​ ​ 12,013 ​ ​ 18,223 Supplies ​ 5,028 ​ 4,336 Total inventories ​ $ 37,163 ​ $ 44,973 ​
Property, Plant and Equipment	Property, Plant and Equipment Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Mining property and mineral rights costs represent the costs incurred to acquire the rights to access and mine certain coal property either through deeds, leases, or other conveyance agreements. These costs include the costs of acquiring, and accessing mineral reserves, resources and surface areas for mining activities. Mine development begins when the facts and circumstances clearly establish the presence of a commercial mineralized deposit. Capitalized mine development costs represent the costs incurred to prepare mine sites and/or seams of coal for future mining. These costs include costs of acquiring, permitting, planning, research, and developing access to identified mineral reserves and other preparations for commercial production as necessary to develop and permit the properties for mining activities. When components of capitalized mine development costs are replaced with new components, the Company capitalizes the replacement as a separate component and charges off the net book value of the component that was replaced at the cease-use date. If it is determined that an undeveloped mineral interest cannot be economically converted into proven and probable reserves, capitalized costs are assessed for impairment and future development costs are expensed as incurred. Operating expenditures, including certain professional fees and overhead costs, are not capitalized but are expensed as incurred. Mineral rights and capitalized mine development costs are depleted and amortized on a units-of-production basis as mining of that mine’s assigned reserves takes place. Depreciation of plant and equipment is calculated on the straight-line method over their estimated useful lives ranging from three
Advanced Coal Royalties	Advanced Coal Royalties
Impairment of Long-lived Assets	Impairment of Long-lived Assets
Asset Retirement Obligations	Asset Retirement Obligations Occupational Disease (Pneumoconiosis) Obligations Estimating our occupational disease (pneumoconiosis) benefits obligation requires management to make estimates and judgments regarding timing and existence of a liability utilizing third-party actuaries to assist in preparing what constitutes adequate liability amounts. Inherent in the calculation are numerous assumptions and judgments including the ultimate costs, mortality factors, credit-adjusted discount rates, and timing of settlement. Adjustments to estimated liabilities due to changes in actuarial assumptions are recorded immediately in earnings in the period in which the change in estimate occurs. O ther Income
Other income	O ther Income
Leases	Leases ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at commencement date based on the present value of the fixed lease payments over the lease term. The Company does not separate lease and non-lease components for all leases as permitted under the accounting guidance for leases. As most of our leases do not contain a readily determinable implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating and finance lease ROU assets also include lease prepayments made by the Company and are reduced by any lease incentives received by the Company prior to commencement. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For operating leases, lease expense is recorded in the income statement based on a straight-line recognition of the total fixed payments over the lease term. For finance leases, accretion of the liability is recognized as interest expense and the ROU asset is amortized separately on a straight-line basis similar to the depreciation of equipment owned by the Company. Leases of mineral reserves and the related land leases are exempted under U.S. GAAP from recognition on the consolidated balance sheets.
Fair Value Measurements	Fair Value Measurements The fair values of cash and cash equivalents, accounts receivable, restricted cash, and accounts payable approximate their carrying amounts at each reporting date. The Company’s Senior Notes had an estimated fair value of $35.5 million and $36.3 million at December 31, 2023 and 2022, respectively. The fair values of the Company’s Senior Notes were based on observable market prices and were considered a Level 2 measurement at December 31, 2023 and December 31, 2022 based on trading volumes. The difference between the fair value and carrying amount of the Company’s remaining debts is not material due to the similarity between the terms of the debt agreements and prevailing market terms available to the Company. Refer to Note 7 for additional information regarding debt. Nonrecurring fair value measurements of the Company include asset retirement obligations and estimated values used to allocate the acquisition cost of long-lived assets to individual assets, neither of which are subject to the fair value disclosure requirements. The fair value of asset retirement obligations is determined as the present value of estimated cash flows related to reclamation obligations, which would likely be a Level 3 measurement due to the use of unobservable inputs such as estimates regarding the amount and timing of costs to be incurred, inflation rates, and the Company’s credit-adjusted discount rate. The consideration for the Company’s prior year acquisitions was allocated based on the relative fair values of the assets acquired, the primary asset of which was mineral rights. The fair values of mineral rights were determined based on Level 3 inputs, which are generally unobservable, requiring the Company to make assumptions about future coal prices, capital expenditures, future coal production, costs of production, and an appropriate rate at which to discount the future cash flows.
Income Taxes	Income Taxes Uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We had no uncertain tax positions requiring liability recognition as of December 31, 2023 and 2022. We file income tax returns in the U.S. and in various state and local jurisdictions which may be routinely examined by tax authorities. The statute of limitations for examination of the Company’s tax filings by taxing authorities is currently open for tax returns filed for the year 2020 and thereafter. The Company recognizes accrued interest related to income tax matters in interest expense, net, separately from the tax provision recorded in income tax expense on the income statement.
Segment Reporting	Segment Reporting The Ramaco Coal acquisition in 2022, as discussed in greater detail in Note 4, provides the Company with royalty savings and controlled mineral rights near Sheridan, Wyoming. This property includes a thermal coal deposit and permit and is currently undergoing mineral analysis and core drilling to assess potential concentrations of rare earth elements. The property also includes a research and pilot facility related to the Company’s possible expansion into the manufacturing and commercialization of advanced carbon products and materials from coal. Research and development expenses related to advanced carbon products and materials are not yet material for separate disclosure. Ramaco is also a party to certain collaborative arrangements with government researchers and other organizations, which involve providing in-kind contributions such as ores, samples, feedstock, and services. The activities at the Sheridan property represent a separate operating segment and have economic and geographic differences compared to the Company’s metallurgical operations in the Appalachian basin. Nonetheless, these activities do not meet the significance tests for separate disclosure as a reportable segment at this time. The chief operating decision maker does not regularly review segment asset information for the purpose of assessing performance and making resource allocation decisions.
Stock-Based Compensation	Stock-Based Compensation The fair values of restricted stock and restricted stock unit awards having only a service condition were determined using the publicly-traded price of our common stock on the grant date. The fair value of performance stock units, which vest based on the achievement of relative total shareholder return goals, was determined on the date of grant based on a Monte Carlo simulation. The fair value of stock option awards was calculated using the Black-Scholes option-pricing model. The Black-Scholes model requires us to make assumptions and judgments about the variables used in the calculation, including the expected term, expected volatility, risk-free interest rate, dividend rate and service period.
Concentrations	Concentrations During 2023, sales to three customers accounted for 15%, 13%, and 13% of our revenues, or collectively 41% of total revenue. During 2022, sales to two customers accounted for 21% and 17% of our revenues, or collectively 38% of total revenue. During 2021, sales to three customers accounted for 30%, 15%, and 13% of our revenues, or collectively 58% of total revenue. The number of customers comprising the concentrations above is based on a threshold of 10% or more of total revenues. Financial instruments that potentially subject us to a significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts receivable. We monitor the credit ratings and concentration of risk with financial institutions on a continuing basis to safeguard our cash deposits. In addition, the Company is party to an arrangement that began in 2023 whereby our cash and cash equivalents are placed at various banks in amounts no greater than the $250,000 FDIC-insured limit to help safeguard against potential losses in the financial sector. We have a limited number of customers. Contracts with these customers provide for billings principally upon shipment and compliance with payment terms is monitored on an ongoing basis. Outstanding receivables beyond payment terms are promptly investigated and discussed with the specific customer. We estimate an allowance for credit losses by taking into consideration the age of past due accounts and an assessment of our customers’ ability to pay. An allowance for credit losses was not necessary as of December 31, 2023 and 2022. Three customers accounted for 22%, 19%, and 15%, of our trade receivables, or collectively 56% of the Company’s accounts receivable balance at December 31, 2023. The number of customers comprising the concentrations above is based on a threshold of 10% or more of total accounts receivable.

Note 3 - Property, Plant and _2

Note 3 - Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment.
Schedule of property, plant, and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (In thousands) ​ 2023 2022 Plant and equipment ​ $ 290,060 ​ $ 232,885 Mining property and mineral rights ​ ​ 120,532 ​ ​ 120,760 Construction in process ​ 13,984 ​ 34,698 Capitalized mine development costs ​ 174,260 ​ 153,436 Less: accumulated depreciation, depletion, and amortization ​ (139,745) ​ (111,937) Total property, plant, and equipment, net ​ $ 459,091 ​ $ 429,842
Schedule of depreciation and amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) 2023 2022 2021 Depreciation of plant and equipment ​ $ 30,913 ​ $ 24,132 ​ $ 17,945 Amortization of right-of-use assets (finance leases) ​ ​ 8,547 ​ ​ 4,846 ​ ​ 1,109 Amortization and depletion of capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ mine development costs and mineral rights ​ 14,792 ​ 12,216 ​ ​ 7,151 Total depreciation, depletion, and amortization ​ $ 54,252 ​ $ 41,194 ​ $ 26,205 ​

Note 5 - Asset Retirement Obl_2

Note 5 - Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Amounts recorded related to asset retirement obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (In thousands) 2023 2022 Balance at beginning of year ​ $ 28,885 ​ $ 22,549 Additional asset retirement obligations acquired/incurred ​ 542 ​ 1,440 Expenditures made ​ ​ — ​ ​ — Accretion expense ​ 1,403 ​ 1,115 Revisions to estimates ​ (1,870) ​ 3,781 Balance at end of year ​ $ 28,960 ​ $ 28,885 ​

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt
Schedule of outstanding debt	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2023 December 31, 2022 Revolving Credit Facility ​ $ 42,500 ​ $ 25,000 Equipment loans ​ ​ 2,983 ​ ​ 8,396 Senior Notes, net ​ 33,296 ​ 32,830 Financing of Ramaco Coal acquisition - Related party debt ​ ​ — ​ ​ 40,000 Financing of Maben Coal acquisition ​ ​ 11,400 ​ ​ 21,000 Total debt ​ $ 90,179 ​ $ 127,226 Current portion of long-term debt ​ 56,534 ​ 75,639 Long-term debt, net ​ $ 33,645 ​ $ 51,587
Schedule of maturities of long-term debt	​ ​ ​ ​ ​ (In thousands) ​ ​ ​ Years ending December 31: ​ 2024 ​ $ 56,534 2025 ​ 335 2026 ​ ​ 34,514 2027 ​ ​ — 2028 ​ ​ — Total debt ​ $ 91,383 ​ ​ ​ ​ ​

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases
Schedule of right-of-use assets and lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Classification ​ December 31, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ ​ ​ ​ ​ ​ ​ Financing Financing lease right-of-use assets, net ​ $ 10,282 ​ $ 12,905 Operating Other assets ​ ​ 540 ​ ​ 694 Total right-of-use assets ​ ​ $ 10,822 ​ $ 13,599 ​ ​ ​ ​ ​ ​ ​ ​ Current lease liabilities ​ ​ ​ ​ ​ ​ ​ Financing Current portion of financing lease obligations ​ $ 5,456 ​ $ 5,969 Operating Accrued expenses ​ ​ 134 ​ ​ 122 Non-current lease liabilities ​ ​ ​ ​ ​ ​ ​ Financing Long-term portion of financing lease obligations ​ $ 4,915 ​ $ 4,917 Operating Other long-term liabilities ​ ​ 450 ​ ​ 585 Total lease liabilities ​ ​ $ 10,955 ​ $ 11,593
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 (In thousands) Financing Operating Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future minimum lease payments: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 5,910 ​ $ 165 ​ $ 6,075 2025 ​ ​ 2,390 ​ ​ 165 ​ ​ 2,555 2026 ​ ​ 1,233 ​ ​ 165 ​ ​ 1,398 2027 ​ ​ 1,233 ​ ​ 165 ​ ​ 1,398 2028 ​ ​ 514 ​ ​ — ​ ​ 514 Total undiscounted lease payments ​ ​ 11,280 ​ ​ 660 ​ ​ 11,940 Less: Amounts representing interest ​ ​ (909) ​ ​ (76) ​ ​ (985) Present value of lease obligations ​ $ 10,371 ​ $ 584 ​ $ 10,955 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining term (years) ​ ​ 2.8 ​ ​ 4.0 ​ ​ ​ Weighted average discount rate ​ ​ 4.2% ​ ​ 6.0% ​ ​ ​
Schedule of maturities of financing lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 (In thousands) Financing Operating Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future minimum lease payments: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 5,910 ​ $ 165 ​ $ 6,075 2025 ​ ​ 2,390 ​ ​ 165 ​ ​ 2,555 2026 ​ ​ 1,233 ​ ​ 165 ​ ​ 1,398 2027 ​ ​ 1,233 ​ ​ 165 ​ ​ 1,398 2028 ​ ​ 514 ​ ​ — ​ ​ 514 Total undiscounted lease payments ​ ​ 11,280 ​ ​ 660 ​ ​ 11,940 Less: Amounts representing interest ​ ​ (909) ​ ​ (76) ​ ​ (985) Present value of lease obligations ​ $ 10,371 ​ $ 584 ​ $ 10,955 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining term (years) ​ ​ 2.8 ​ ​ 4.0 ​ ​ ​ Weighted average discount rate ​ ​ 4.2% ​ ​ 6.0% ​ ​ ​

Note 9 - Equity (Tables)

Note 9 - Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity
Schedule of restricted awards outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Restricted Stock Units Performance Stock Units ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ ​ ​ Average Grant ​ ​ ​ Average Grant ​ ​ ​ Average Grant For Class A common stock: ​ Shares Date Fair Value ​ ​ Shares Date Fair Value ​ ​ Shares Date Fair Value Outstanding at December 31, 2021 3,741,770 ​ $ 3.98 ​ — ​ $ — ​ — ​ $ — Granted 214,363 ​ 14.59 ​ 248,706 ​ 15.65 ​ 248,706 ​ ​ 22.21 Vested (809,539) ​ 6.57 ​ (82,903) ​ 15.65 ​ — ​ — Forfeited (637) ​ 15.65 ​ — ​ — ​ — ​ — Outstanding at December 31, 2022 3,145,957 ​ $ 4.04 ​ 165,803 ​ $ 15.65 ​ 248,706 ​ $ 22.21 Granted 296,115 ​ 10.61 ​ 518,348 ​ 10.61 ​ 518,348 ​ 18.09 Vested (1,695,234) ​ 3.37 ​ (82,903) ​ 15.65 ​ — ​ — Forfeited (38,484) ​ 11.90 ​ — ​ — ​ — ​ — Outstanding at December 31, 2023 1,708,354 ​ $ 5.66 ​ 601,248 ​ $ 11.30 ​ 767,054 ​ $ 19.43 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Class B common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial distribution of Class B awards - June 21, 2023 ​ 680,718 ​ ​ ​ ​ ​ 136,819 ​ ​ ​ ​ ​ 153,404 ​ ​ ​ Vested ​ (339,035) ​ ​ ​ ​ ​ (16,578) ​ ​ ​ ​ ​ — ​ ​ ​ Outstanding at December 31, 2023 ​ 341,683 ​ ​ ​ ​ ​ 120,241 ​ ​ ​ ​ ​ 153,404 ​ ​ ​

Note 11 - Revenue (Tables)

Note 11 - Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) ​ 2023 2022 2021 Coal Sales ​ ​ ​ ​ North American revenue ​ ​ $ 227,484 ​ $ 328,322 ​ $ 143,946 Export revenue, excluding Canada ​ ​ 466,040 ​ 237,366 ​ 139,448 Total revenue ​ ​ $ 693,524 ​ $ 565,688 ​ $ 283,394

Note 13 - Income Taxes (Tables)

Note 13 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Taxes.
Schedule of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (In thousands) 2023 2022 2021 Current taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 2,817 ​ $ 517 ​ $ — State ​ 819 ​ 407 ​ 3 Current taxes ​ 3,636 ​ 924 ​ 3 Deferred taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 17,323 ​ 28,389 ​ 6,518 State ​ 1,391 ​ 840 ​ (1,874) Deferred taxes ​ 18,714 ​ 29,229 ​ 4,644 Provision for income tax expense, net ​ $ 22,350 ​ $ 30,153 ​ $ 4,647
Schedule of accounting for differences between income taxes computed at the federal statutory rate and the provision recorded for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (In thousands) 2023 2022 2021 Income taxes computed at the federal statutory rate ​ $ 21,938 ​ $ 30,701 ​ $ 9,325 Effect of: ​ ​ ​ ​ ​ ​ ​ ​ ​ State taxes, net of federal benefits ​ 1,210 ​ 1,422 ​ 796 State tax rate changes, net of federal benefits ​ ​ 350 ​ ​ (546) ​ ​ (2,274) Percentage depletion ​ (1,717) ​ (3,314) ​ (3,363) Stock-based compensation ​ (3,395) ​ (1,499) ​ (194) 162(m) compensation limitation ​ ​ 5,716 ​ ​ 3,481 ​ ​ — Foreign-derived intangible income deduction ​ ​ (1,475) ​ ​ — ​ ​ — Other, net ​ (277) ​ (92) ​ 357 Total ​ $ 22,350 ​ $ 30,153 ​ $ 4,647
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (In thousands) 2023 2022 Deferred tax assets: ​ ​ Loss carryforwards U.S. - Federal/States ​ $ 1,801 ​ $ 6,598 Asset retirement obligations ​ 6,428 ​ 6,359 Accrued expenses ​ 3,857 ​ 3,257 Stock-based compensation ​ 2,916 ​ 2,249 Total deferred tax assets ​ 15,002 ​ 18,463 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Property, plant, and equipment ​ (69,354) ​ (54,100) Net deferred tax liabilities ​ $ (54,352) ​ $ (35,637)

Note 14 - Earnings Per Share (T

Note 14 - Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule computation of basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands, except per share amounts) ​ Years ended December 31, ​ 2023 2022 ​ 2021 Earnings attribution ​ ​ ​ ​ ​ ​ ​ ​ ​ Single class of common stock (through 6/20/2023) * ​ $ 31,382 ​ $ 116,042 ​ $ 39,759 Class A common stock (6/21/2023 - 12/31/2023) ​ ​ 44,663 ​ ​ — ​ ​ — Class A restricted stock awards (6/21/2023 - 12/31/2023) ​ ​ 1,897 ​ ​ — ​ ​ — Class B common stock (6/21/2023 - 12/31/2023) ​ ​ 3,498 ​ ​ — ​ ​ — Class B restricted stock awards (6/21/2023 - 12/31/2023) ​ ​ 144 ​ ​ — ​ ​ — Forfeitable dividends declared on unvested stock-based awards ​ ​ 729 ​ ​ — ​ ​ — Net income ​ $ 82,313 ​ $ 116,042 ​ $ 39,759 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ * Common stock and restricted stock participated in earnings 1:1 and are shown on a combined basis through 6/20/2023 consistent with historical presentation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Jan. 1 - June 20, ​ Years ended December 31, ​ 2023 2022 ​ 2021 EPS data for single class of common stock through 6/20/2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator ​ ​ ​ ​ ​ Net earnings ​ $ 31,382 ​ $ 116,042 ​ $ 39,759 Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares used to compute basic earnings per share * ​ 44,344 ​ 44,164 ​ ​ 43,964 Dilutive effect of stock option awards ​ 381 ​ 532 ​ ​ 293 Dilutive effect of restricted stock units ​ ​ — ​ ​ 6 ​ ​ — Dilutive effect of performance stock units ​ ​ 27 ​ ​ — ​ ​ — Weighted average shares used to compute diluted earnings per share ​ ​ 44,752 ​ ​ 44,702 ​ 44,257 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share (single class of common stock) ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.71 ​ $ 2.63 ​ $ 0.90 Diluted ​ $ 0.70 ​ $ 2.60 ​ $ 0.90 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 21, 2023 - December 31, 2023 ​ ​ ​ ​ Class A ​ Class B ​ ​ ​ EPS data for dual-class common stock 6/21/2023 - 12/31/2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ​ $ 44,663 ​ $ 3,498 ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares used to compute basic earnings per share ** ​ ​ 42,115 ​ ​ 8,428 ​ ​ ​ Dilutive effect of stock option awards ​ ​ 482 ​ ​ 111 ​ ​ ​ Dilutive effect of restricted stock units ​ ​ 157 ​ ​ 48 ​ ​ ​ Dilutive effect of performance stock units ​ ​ 436 ​ ​ 111 ​ ​ ​ Weighted average shares used to compute diluted earnings per share ​ ​ 43,190 ​ ​ 8,698 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share (dual-class structure) ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.06 ​ $ 0.42 ​ ​ ​ Diluted ​ $ 1.03 ​ $ 0.40 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ** Does not include unvested restricted stock, which averaged 1.8 million and 0.4 million for Class A and Class B, respectively, for the period June 21, 2023 through December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash
Restricted Cash	$ 800	$ 900
Restricted Cash, Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Inventories
Raw Coal	$ 20,122	$ 22,414
Saleable Coal	12,013	18,223
Coal Supplies	5,028	4,336
Supply inventory	$ 37,163	$ 44,973

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies - Property, plant, and equipment (Details)	Dec. 31, 2023
Minimum
Property, plant, and equipment
Estimated useful life	3 years
Maximum
Property, plant, and equipment
Estimated useful life	30 years

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies.
Other income recognized related to Coronavirus Aid, Relief and Economic Security Act Employee Retention Tax Credit	$ 5.4
Excess fair value of debt over carrying value	$ 35.5	$ 36.3

Note 2 - Summary of Significa_5

Note 2 - Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Valuation allowances	$ 0	$ 0
Unrecognized tax positions	$ 0	$ 0

Note 2 - Summary of Significa_6

Note 2 - Summary of Significant Accounting Policies - Concentrations (Details) - Customer Concentration Risk - customer	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable.
Concentrations
Number of Major Customers	3
Accounts Receivable. | Minimum
Concentrations
Concentration Risk, Percentage	10%
Accounts Receivable. | Customer A
Concentrations
Concentration Risk, Percentage	22%
Accounts Receivable. | Customer B
Concentrations
Concentration Risk, Percentage	19%
Accounts Receivable. | Customer C
Concentrations
Concentration Risk, Percentage	15%
Accounts Receivable. | Total Customer Base
Concentrations
Concentration Risk, Percentage	56%
Revenue Benchmark
Concentrations
Number of Major Customers	3	2	3
Revenue Benchmark | Minimum
Concentrations
Concentration Risk, Percentage			10%
Revenue Benchmark | Customer A
Concentrations
Concentration Risk, Percentage	15%	21%	30%
Revenue Benchmark | Customer A | North America
Concentrations
Concentration Risk, Percentage	33%
Revenue Benchmark | Customer B
Concentrations
Concentration Risk, Percentage	13%	17%	15%
Revenue Benchmark | Customer B | North America
Concentrations
Concentration Risk, Percentage		58%
Revenue Benchmark | Customer C
Concentrations
Concentration Risk, Percentage	13%		13%
Revenue Benchmark | Customer C | North America
Concentrations
Concentration Risk, Percentage			51%
Revenue Benchmark | Total Customer Base
Concentrations
Concentration Risk, Percentage	41%	38%	58%

Note 3 - Property, Plant and _3

Note 3 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) $ in Thousands		12 Months Ended
	Jul. 10, 2022 employee	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Property, plant, and equipment
Less: accumulated depreciation, depletion, and amortization		$ (139,745)	$ (111,937)
Total property, plant and equipment, net		459,091	429,842
Idle mine costs		9,500
Plant and equipment
Property, plant, and equipment
Property, plant and equipment, gross		290,060	232,885
Mining property and mineral rights
Property, plant, and equipment
Property, plant and equipment, gross		120,532	120,760
Number of personnel in the mine | employee	0
Construction in process
Property, plant, and equipment
Property, plant and equipment, gross		13,984	34,698
Capitalized mine development costs
Property, plant, and equipment
Property, plant and equipment, gross		174,260	153,436
Coal Properties
Property, plant, and equipment
Capitalized amounts related to coal reserves		$ 17,400	$ 33,400

Note 3 - Property, Plant and _4

Note 3 - Property, Plant and Equipment - Depreciation and amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment.
Depreciation of plant and equipment	$ 30,913	$ 24,132	$ 17,945
Amortization of right of use assets (finance leases)	8,547	4,846	1,109
Amortization and depletion of capitalized mine development costs and mineral rights	14,792	12,216	7,151
Total depreciation, depletion, and amortization	$ 54,252	$ 41,194	$ 26,205

Note 3 - Property, Plant and _5

Note 3 - Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, plant, and equipment
Proceeds from insurance for methane ignition on mine	$ 9.2
Mining property and mineral rights
Property, plant, and equipment
Gain on Insurance Recovery	$ 8.1
Accrued loss recovery asset		$ 1.1

Note 4 - Acquisitions (Details)

Note 4 - Acquisitions (Details) a in Thousands, $ in Thousands, MT in Millions			1 Months Ended	12 Months Ended
	Sep. 23, 2022 USD ($) a	Apr. 29, 2022 USD ($) a	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) MT
Asset Acquisition
Fair value of assets				$ 459,091	$ 429,842
Payment of cash bond replacement obligation				1,200
Maben Coal LLC
Asset Acquisition
Voting interest acquired	100%
Ramaco Coal Asset Acquisition
Asset Acquisition
Purchase price		$ 65,000
Initial payment		10,000
Deferred purchase price payable due in remainder of 2022		55,000
Quarterly Installment amount in remainder of 2022		5,000
Quarterly Installment amount in remainder of 2023		$ 10,000
Interest rate (as a percent)		9%
Area of thermo coal deposit Wyoming | a		16
Upfront payment receivable on royalty		$ 2,000
Minimum quarterly royalty payment receivable		125
Fair value of acquisition		3,700
Reduction in purchase price payable		1,600
Gain on sale of mineral rights		2,100
Consideration paid		68,300
Closing cost on asset acquisition		1,600
Amount reduced the cash investment related to this transaction					$ 11,738
Relinquishment cost on prepaid royalties		1,600
Amount paid to a mineral owner as part of the acquisition		100
Ramaco Coal Asset Acquisition | Mining property and mineral rights
Asset Acquisition
Fair value of assets		65,100
Ramaco Coal Asset Acquisition | Building
Asset Acquisition
Fair value of assets		2,600
Ramaco Coal Asset Acquisition | Equipment
Asset Acquisition
Fair value of assets		$ 600
Maben Coal LLC
Asset Acquisition
Purchase price	$ 30,000
Initial payment	$ 9,000
Area of Real Estate Property | a	28
Consideration paid	$ 33,000
Closing cost on asset acquisition	1,700
Liabilities recognized	1,300
Amount of cash bond replacement obligations incurred by the Company as part of the transaction	1,200
Amount reduced the cash investment related to this transaction	10,700
Aggregate principal amount	21,000
Maben Coal LLC | Mining property and mineral rights
Asset Acquisition
Consideration paid	30,600
Maben Coal LLC | Capitalized mine development cost
Asset Acquisition
Consideration paid	1,000
Maben Coal LLC | Cash bond replacement
Asset Acquisition
Consideration paid	1,200
Maben Coal LLC | Recoupable royalties
Asset Acquisition
Consideration paid	$ 200
Coronado Global Resources Inc.
Asset Acquisition
Purchase price			$ 30,000
Closing cost on asset acquisition				$ 600
Asset acquisition, capacity of coal preparation plant | MT					1.3

Note 5 - Asset Retirement Obl_3

Note 5 - Asset Retirement Obligations - Schedule of Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Balance at beginning of year	$ 28,885	$ 22,549
Additional asset retirement obligations acquired/incurred	542	1,440
Accretion expense	1,403	1,115	$ 615
Revisions to estimates	(1,870)	3,781
Balance at end of year	$ 28,960	$ 28,885	$ 22,549

Note 6 - Accrued Liabilities _2

Note 6 - Accrued Liabilities and Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accrued liabilities	$ 52,225	$ 41,806
Accrued compensation and related benefits	$ 14,600	$ 12,100
Annual occupational disease benefits discount rate	5.30%	5.60%
Estimated aggregate liability	$ 5,200	$ 3,600
Amount of occupational disease obligation	2,300	1,500
Contributions to defined contribution plan	3,100	2,300	$ 1,200
Restricted cash	800	900
Other long-term liabilities
Estimated aggregate liability	$ 3,100	$ 2,700

Note 7 - Debt - Summary of Outs

Note 7 - Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Total debt	$ 90,179	$ 127,226
Current portion long term debt	56,534	75,639
Long-term debt, net	33,645	51,587
Revolving Credit Facility
Total debt	42,500	25,000
Equipment loans
Total debt	2,983	8,396
Senior Notes, net
Total debt	33,296	32,830
Financing of Ramaco Coal acquisition - Related party debt
Total debt		40,000
Maben Coal LLC
Total debt	$ 11,400	$ 21,000

Note 7 - Debt - Revolving Credi

Note 7 - Debt - Revolving Credit Facility (Details) - Revolving loans under the new facility - USD ($) $ in Millions	Feb. 15, 2023	Dec. 31, 2023
Debt
Initial aggregate revolving commitment	$ 125	$ 91.1
Amount borrowed under accordian feature	$ 50
Outstanding borrowings		42.5
Fixed charge coverage ratio	1.10
Average daily cash balance	$ 5
Line of Credit Facility, Remaining Borrowing Capacity		$ 48.6
Additional amount to be maintained in a separate dedicated account	$ 1
Secured overnight financing rate
Debt
Interest rate, basis spread	2%
Base Rate
Debt
Interest rate, basis spread	1.50%
Debt instrument, interest rate during period	3%
Federal funds
Debt
Interest rate, basis spread	0.50%

Note 7 - Debt - Key Equipment F

Note 7 - Debt - Key Equipment Finance Loan (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) installment	Dec. 31, 2022 USD ($)	Apr. 16, 2020 USD ($)
Debt
Long-term Debt, Total	$ 91,383
KeyBank National Association | Equipment loans
Debt
Aggregate principal amount			$ 4,700
Interest rate			7.45%
Number of installments | installment	36
Frequency of periodic payment	monthly
Long-term Debt, Total		$ 600

Note 7 - Debt - J. H. Fletcher

Note 7 - Debt - J. H. Fletcher & Co. Loan (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Nov. 24, 2021	Jul. 23, 2021
Debt
Long-term Debt, Total		$ 91,383
J. H. Fletcher & Co | Equipment loans
Debt
Aggregate principal amount	$ 4,400		$ 3,900	$ 900
Interest rate				0%
Number Of Monthly Installments	24 months	24 months
Frequency of periodic payment	monthly	monthly
Amount of monthly installments				$ 200
Amount paid per installment	$ 195
Long-term Debt, Total		$ 1,900

Note 7 - Debt - Komatsu Financi

Note 7 - Debt - Komatsu Financial Limited Partnership Loan (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 16, 2021	Dec. 31, 2023	Oct. 31, 2022
Debt
Long-term Debt, Total		$ 91,383
Komatsu Financial Limited Partnership | Equipment loans
Debt
Aggregate principal amount	$ 1,000		$ 700
Interest rate	4.60%
Frequency of periodic payment		monthly
Number Of Monthly Installments		36 months
Long-term Debt, Total		$ 600
Amount paid per installment	$ 28
Komatsu Financial Limited Partnership | Equipment loans | Initial Period For Periodic Payments Under Debt Instrument [Member]
Debt
Amount of monthly installments	$ 36

Note 7 - Debt - Brandeis Machin

Note 7 - Debt - Brandeis Machinery & Supply Company (Details) - USD ($) $ in Thousands	Jan. 11, 2022	Dec. 31, 2023
Debt
Long-term Debt, Total		$ 91,383
Brandeis Machinery & Supply Company | Equipment loans
Debt
Aggregate principal amount	$ 1,400
Number Of Monthly Installments	48 months
Interest rate	4.80%
Frequency of periodic payment	monthly
Long-term Debt, Total		$ 500

Note 7 - Debt - Senior Unsecure

Note 7 - Debt - Senior Unsecured Notes due 2026 (Details) - USD ($) $ in Thousands	Jul. 13, 2021	Dec. 31, 2023
Debt
Unamoritzed discounts and issuance costs		$ 1,200
Long-term Debt, Total		91,383
Senior Notes, net
Debt
Aggregate principal amount	$ 34,500
Interest rate	9%
Amount of note offering costs	$ 2,400
Redemption price percentage	100%
Long-term Debt, Total		$ 33,300
Effective interest rate		10.45%
Amount of unamortized discounts and issuance costs	$ 1,200

Note 7 - Debt - Ramaco Coal Def

Note 7 - Debt - Ramaco Coal Deferred Purchase Price (Detail) $ in Thousands				1 Months Ended		12 Months Ended
	Feb. 15, 2023	Sep. 23, 2022 USD ($)	Apr. 29, 2022 USD ($) installment	Jan. 31, 2023 USD ($)	Apr. 30, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt
Outstanding principal amount						$ 90,179	$ 127,226
Current portion of long-term debt						$ 56,534	35,639
Weighted average interest rate						7.40%
Long-term Debt, Total						$ 91,383
Maben Coal LLC
Debt
Voting interest acquired		100%
Revolving Credit Facility
Debt
Outstanding principal amount						42,500	25,000
Maben Coal LLC
Debt
Outstanding principal amount						11,400	21,000
Current portion of long-term debt						11,400
Equipment loans
Debt
Outstanding principal amount						2,983	8,396
Current portion of long-term debt						2,600
Insurance financing
Debt
Unamortized Asset Balance with Insurance Premiums						4,000
Premium payments						$ 5,800
Term of debt						1 year
Revolving Credit Facility
Debt
Current portion of long-term debt						$ 42,500
Revolving loans under the new facility | Secured overnight financing rate
Debt
Interest rate, basis spread	2%
Revolving loans under the new facility | Base Rate
Debt
Interest rate, basis spread	1.50%
Revolving loans under the new facility | Federal funds
Debt
Interest rate, basis spread	0.50%
Financing of Ramaco Coal acquisition - Related party debt
Debt
Aggregate principal amount			$ 55,000
Interest rate			9%
Number of installments | installment			7
Frequency of periodic payment			quarterly
Outstanding principal amount							$ 40,000
Financing of Ramaco Coal acquisition - Related party debt | 2022
Debt
Amount paid per installment			$ 5,000
Financing of Ramaco Coal acquisition - Related party debt | 2023.
Debt
Amount paid per installment					$ 10,000
Financing of Maben Coal acquisition
Debt
Frequency of periodic payment				monthly
Financing of Maben Coal acquisition | Secured overnight financing rate
Debt
Interest rate, basis spread		3%
Investec Bank PLC | Financing of Maben Coal acquisition
Debt
Aggregate principal amount		$ 21,000				$ 11,400
Amount of monthly installments until maturity				$ 800,000

Note 7 - Debt - Maturities of D

Note 7 - Debt - Maturities of Debt (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt
2024	$ 56,534
2025	335
2026	34,514
Total debt	$ 91,383

Note 8 - Leases (Details)

Note 8 - Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) lease	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Number of operating leases | lease	1
Amortization of right of use assets with finance lease	$ 8,500	$ 4,800	$ 1,100
Interest expense recognized for financing lease liabilities	600	400	100
Operating lease expenses	200	200	$ 100
Financing lease right-of-use assets, net	10,282	12,905
Operating Lease, Right-of-Use Asset	$ 540	$ 694
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Total right-of-use assets	$ 10,822	$ 13,599
Finance Lease, Liability, Current	5,456	5,969
Operating Lease, Liability, Current	$ 134	$ 122
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Finance Lease, Liability, Noncurrent	$ 4,915	$ 4,917
Operating Lease, Liability, Noncurrent	$ 450	$ 585
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Present value of lease obligations	$ 10,955	$ 11,593
Office Space
Lessee, Lease, Description [Line Items]
Term of financing leases	5 years
Minimum
Lessee, Lease, Description [Line Items]
Term of financing leases	3 years
Minimum | Office Space
Lessee, Lease, Description [Line Items]
Term of financing leases	6 years
Maximum
Lessee, Lease, Description [Line Items]
Term of financing leases	5 years
Maximum | Office Space
Lessee, Lease, Description [Line Items]
Term of financing leases	8 years

Note 8 - Leases - Maturities of

Note 8 - Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases
Weighted average remaining lease term, operating	4 years
Weighted average remaining lease term, financing	2 years 9 months 18 days
Weighted average discount rate, operating	6%
Weighted average discount rate, financing	4.20%
Maturities of financing lease liabilities
2024	$ 5,910
2025	2,390
2026	1,233
2027	1,233
2028	514
Total undiscounted lease payments	11,280
Less: Amounts representing interest	(909)
Present value of lease obligations	10,371
Maturities of operating lease liabilities
2024	165
2025	165
2026	165
2027	165
Total undiscounted lease payments	660
Less: Amounts representing interest	(76)
Present value of lease obligations	584
Maturities of lease liabilities
2024	6,075
2025	2,555
2026	1,398
2027	1,398
2028	514
Total undiscounted lease payments	11,940
Less: Amounts representing interest	(985)
Present value of lease obligations	$ 10,955	$ 11,593

Note 9 - Equity - Common Stock

Note 9 - Equity - Common Stock (Details) $ / shares in Units, $ in Millions			3 Months Ended		12 Months Ended
	Jun. 21, 2023 shares	Jun. 12, 2023 Vote $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 $ / T	Dec. 31, 2023 D $ / shares	Dec. 31, 2022 $ / shares
Class of Stock [Line Items]
Common stock, par value (in dollars per share)					$ 0.01	$ 0.01
Percent of royalty fee income				3%
Price per ton of coal processed at preparation plants | $ / T				5
Price per ton of loaded coal at rail load-out facilities | $ / T				2.50
Percentage dividend from financial performance of carbon				20
Threshold trading days volume weighted average price | D					20
Dividend per share of tracking stock		$ 11
Retained Earnings
Class of Stock [Line Items]
Adjustments relating to restructuring of equity | $			$ (102.9)
Additional Paid-in Capital.
Class of Stock [Line Items]
Adjustments relating to restructuring of equity | $			102.9
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)					$ 0.01
Number of votes per common share | Vote		1
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)					$ 0.01
Distribution ratio	0.2
Percentage dividend from financial performance of carbon					20
Number of votes per common share | Vote		1
Number of shares issued | shares	8,201,956
Class B Common Stock | Common Stock
Class of Stock [Line Items]
Adjustments relating to restructuring of equity | $			$ 102.9

Note 9 - Equity - Options (Deta

Note 9 - Equity - Options (Details)					1 Months Ended		3 Months Ended	12 Months Ended			36 Months Ended
	Dec. 15, 2023 USD ($) $ / shares	Sep. 15, 2023 USD ($) $ / shares	Jun. 21, 2023 USD ($) shares	Aug. 31, 2016 item $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
EQUITY
Authorized (in shares)					10,900,000			10,900,000			10,900,000
Shares available for grant					4,600,000			4,600,000			4,600,000
Compensation costs | $								$ 12,900,000	$ 8,200,000	$ 5,300,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options granted				937,424
Option exercise price (per share) | $ / shares				$ 5.34
Number of executives | item				2
Options outstanding, intrinsic value | $					$ 10,900,000			$ 10,900,000			$ 10,900,000
Shares delivered per unit awarded								1
Common stock, shares authorized (in shares)						260,000,000			260,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01		$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)					50,000,000	50,000,000		50,000,000	50,000,000		50,000,000
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01		$ 0.01	$ 0.01		$ 0.01
Fair value of awards | $								$ 19,700,000	$ 11,000,000	5,100,000
Incremental compensation costs associated with modifications | $			$ 0
Payment of dividends | $						$ 5,500,000		25,800,000	20,000,000
Cash dividends declared | $					$ 6,000,000			$ 27,500,000	$ 23,064,000	2,501,000
Dividend payable per share | $ / shares						$ 0.52			$ 0.52
Quarterly dividend per share | $ / shares					$ (0.125)			$ (0.125)			$ (0.125)
Dividend payable | $					$ 7,198,000	$ 5,524,000		$ 7,198,000	$ 5,524,000	2,501,000	$ 7,198,000
Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Common stock, shares authorized (in shares)					225,000,000			225,000,000			225,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01			$ 0.01			$ 0.01
Dividends paid | $ / shares								$ 16,600,000
Dividends paid amount | $								$ 6,000,000
Dividend payable per share | $ / shares					0.375			$ 0.375			0.375
Quarterly dividend per share | $ / shares					$ 0.125			$ 0.125			$ 0.125
Class B Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Common stock, shares authorized (in shares)					35,000,000			35,000,000			35,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01			$ 0.01			$ 0.01
Dividends paid | $ / shares	$ 0.249	$ 0.165
Dividend payable | $	$ 2,200,000	$ 1,500,000
Employee Stock Option [Member]
EQUITY
Compensation costs | $								$ 0	$ 0	$ 0	$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options exercised							20,000
Balance options							917,424
Options exercised, intrinsic value | $							$ 124,000	$ 2,600,000
Expiration period				10 years
Employee Stock Option [Member] | Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options exercised								168,712
Options outstanding and unexercised					748,712			748,712			748,712
Employee Stock Option [Member] | Class B Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options granted								183,484
Options exercised								33,742
Options outstanding and unexercised					149,742			149,742			149,742
Restricted Stock | Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares					$ 5.66	$ 4.04		$ 5.66	$ 4.04	$ 3.98	$ 5.66
Outstanding, shares (in shares)					1,708,354	3,145,957		1,708,354	3,145,957	3,741,770	1,708,354
Granted (in shares)								296,115	214,363
Fair value of awards | $								$ 14,600,000
Outstanding, fair value | $								$ 29,300,000
Restricted Stock | Class B Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, shares (in shares)			680,718		341,683			341,683			341,683
Fair value of awards | $								$ 3,600,000
Outstanding, fair value | $								4,500,000
Restricted Stock | Executives and Employees
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Unrecognized compensation cost | $					$ 3,200,000			$ 3,200,000			$ 3,200,000
Weighted-average period for recognition								1 year 4 months 24 days
Restricted Stock | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Vesting period								1 year
Restricted Stock | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Vesting period								3 years 6 months
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Vesting period								3 years
Unrecognized compensation cost | $					$ 5,200,000			$ 5,200,000			$ 5,200,000
Weighted-average period for recognition								1 year 8 months 12 days
Delivery Period								30 days
Restricted Stock Units | Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares					$ 11.30	$ 15.65		$ 11.30	$ 15.65		$ 11.30
Outstanding, shares (in shares)					601,248	165,803		601,248	165,803		601,248
Granted (in shares)								518,348	248,706
Fair value of awards | $								$ 1,300,000
Outstanding, fair value | $								$ 10,300,000
Restricted Stock Units | Class B Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, shares (in shares)			136,819		120,241			120,241			120,241
Fair value of awards | $								$ 200,000
Outstanding, fair value | $								$ 1,600,000
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Vesting period								3 years
Unrecognized compensation cost | $					$ 8,900,000			$ 8,900,000			$ 8,900,000
Weighted-average period for recognition								1 year 8 months 12 days
Intrinsic value of the outstanding | $					$ 15,200,000			$ 15,200,000			$ 15,200,000
Delivery Period								30 days
Shares delivered per unit awarded								1
Outstanding, fair value | $								$ 27,000,000
Performance Stock Units | Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares					$ 19.43	$ 22.21		$ 19.43	$ 22.21	$ 22.21	$ 19.43
Outstanding, shares (in shares)					767,054	248,706		767,054	248,706		767,054
Granted (in shares)								518,348	248,706
Performance Stock Units | Class B Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, shares (in shares)			153,404		153,404			153,404			153,404
Performance Stock Units | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Potential earnings (as a percentage)								0%
Performance Stock Units | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Potential earnings (as a percentage)								200%

Note 9 - Equity - Summary of Re

Note 9 - Equity - Summary of Restricted Awards Activity (Details)					1 Months Ended	3 Months Ended		12 Months Ended			36 Months Ended
	Dec. 15, 2023 USD ($) $ / shares	Sep. 15, 2023 USD ($) $ / shares	Jun. 21, 2023 USD ($) shares	Aug. 31, 2016 shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2022	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Compensation costs | $								$ 12,900,000	$ 8,200,000	$ 5,300,000
Fair value of awards | $								$ 19,700,000	11,000,000	5,100,000
Shares delivered per unit awarded								1
Options granted				937,424
Distribution ratio for outstanding award			0.2
Changes in fair value | $			$ 0
Incremental compensation costs associated with modifications | $			$ 0
Dividend accrued not paid | $								$ 27,494,000
Dividend payable | $					$ 5,524,000	$ 7,198,000		7,198,000	5,524,000	$ 2,501,000	$ 7,198,000
Payment of dividends | $					$ 5,500,000			25,800,000	$ 20,000,000
Percentage dividend from financial performance of carbon							20
Forfeitable Dividend | $						$ 1,200,000
Class A Common Stock
Dividends paid amount | $								$ 6,000,000
Dividends paid | $ / shares								$ 16,600,000
Per share amount of a dividend declared | $ / shares						$ 0.1375		$ 0.1375			$ 0.1375
Class B Common Stock
Dividend payable | $	$ 2,200,000	$ 1,500,000
Dividends paid | $ / shares	$ 0.249	$ 0.165
Percentage dividend from financial performance of carbon								20
Restricted Stock
Vested, shares (in shares)									(809,539)
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares									$ 6.57
Restricted Stock | Minimum
Vesting period								1 year
Restricted Stock | Maximum
Vesting period								3 years 6 months
Restricted Stock | Class A Common Stock
Outstanding, shares (in shares)								3,145,957	3,741,770
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares								$ 4.04	$ 3.98
Granted (in shares)								296,115	214,363
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares								$ 10.61	$ 14.59
Vested, shares (in shares)								(1,695,234)
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares								$ 3.37
Forfeited, shares (in shares)								(38,484)	(637)
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares								$ 11.90	$ 15.65
Outstanding, shares (in shares)					3,145,957	1,708,354		1,708,354	3,145,957	3,741,770	1,708,354
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares					$ 4.04	$ 5.66		$ 5.66	$ 4.04	$ 3.98	$ 5.66
Fair value of awards | $								$ 14,600,000
Restricted Stock | Class B Common Stock
Vested, shares (in shares)								(339,035)
Outstanding, shares (in shares)			680,718			341,683		341,683			341,683
Fair value of awards | $								$ 3,600,000
Restricted Stock Units
Vested, shares (in shares)									(82,903)
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares									$ 15.65
Vesting period								3 years
Delivery period								30 days
Restricted Stock Units | Class A Common Stock
Outstanding, shares (in shares)								165,803
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares								$ 15.65
Granted (in shares)								518,348	248,706
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares								$ 10.61	$ 15.65
Vested, shares (in shares)								(82,903)
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares								$ 15.65
Outstanding, shares (in shares)					165,803	601,248		601,248	165,803		601,248
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares					$ 15.65	$ 11.30		$ 11.30	$ 15.65		$ 11.30
Fair value of awards | $								$ 1,300,000
Restricted Stock Units | Class B Common Stock
Vested, shares (in shares)								(16,578)
Outstanding, shares (in shares)			136,819			120,241		120,241			120,241
Fair value of awards | $								$ 200,000
Performance Stock Units
Vesting period								3 years
Delivery period								30 days
Shares delivered per unit awarded								1
Performance Stock Units | Minimum
Potential earnings (as a percentage)								0%
Performance Stock Units | Maximum
Potential earnings (as a percentage)								200%
Performance Stock Units | Class A Common Stock
Outstanding, shares (in shares)								248,706
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares								$ 22.21	$ 22.21
Granted (in shares)								518,348	248,706
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares								$ 18.09
Outstanding, shares (in shares)					248,706	767,054		767,054	248,706		767,054
Outstanding, Weighted average grant date fair value (in dollars per share) | $ / shares					$ 22.21	$ 19.43		$ 19.43	$ 22.21	$ 22.21	$ 19.43
Performance Stock Units | Class B Common Stock
Outstanding, shares (in shares)			153,404			153,404		153,404			153,404
Employee Stock Option [Member]
Compensation costs | $								$ 0	$ 0	$ 0	$ 0
Employee Stock Option [Member] | Class B Common Stock
Options granted								183,484
Executives and Employees | Performance Stock Units Granted in 2022
Fair value of awards | $								$ 1,200,000

Note 9 - Equity - Dividends (De

Note 9 - Equity - Dividends (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2022 $ / T	Dec. 31, 2023
Price per ton of coal processed at preparation plants	5
Price per ton of loaded coal at rail load-out facilities	2.50
Percentage dividend from financial performance of carbon	20
Class B Common Stock
Percentage dividend from financial performance of carbon		20

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details) $ in Thousands						12 Months Ended
	Jul. 20, 2023 USD ($)	Mar. 04, 2022 USD ($)	Jul. 16, 2021 USD ($)	Jul. 15, 2021 USD ($)	Nov. 05, 2018 item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
COMMITMENTS AND CONTINGENCIES
Reclamation bonding requirements						$ 27,200
Asset Retirement Obligation						28,960	$ 28,885	$ 22,549
Royalty Expense						35,000	$ 34,200	$ 18,500
Compensatory damages	$ 7,700	$ 1,800	$ 25,000	$ 7,700
Award to cover inconvenience and aggravation	$ 25,000
Proceeds from insurance for methane ignition on mine						9,200
Number of raw coal storage silos, failure | item					1
Number of raw coal storage silos | item					3
Percentage of structural failure					80%
Gain recorded from contingency						7,800
Insurance proceeds related to property, plant, and equipment						11,256
Take-or-pay Purchase Commitments
COMMITMENTS AND CONTINGENCIES
Amount of contingent liability						800
Commitment						20,000
Total commitment						$ 20,200
Commitment term						5 years
Environmental Restoration Costs [Member]
COMMITMENTS AND CONTINGENCIES
Regulatory Liabilities						$ 0
Environmental
COMMITMENTS AND CONTINGENCIES
Regulatory Liabilities						0
Mining property and mineral rights
COMMITMENTS AND CONTINGENCIES
Insurance proceeds related to property, plant, and equipment						$ 2,000

Note 10 - Commitments and Con_3

Note 10 - Commitments and Contingencies - Future Minimum Lease and Royalty Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Note 8 - Commitments and Contingencies - Future Minimum Lease and Royalty Payments (Details)
Royalty Expense	$ 35	$ 34.2	$ 18.5
2023, Coal Lease and Royalty Obligations	3.3
2024, Coal Lease and Royalty Obligations	3.3
2025, Coal Lease and Royalty Obligations	3.2
2026, Coal Lease and Royalty Obligations	3.2
2027, Coal Lease and Royalty Obligations	3.2
Thereafter, Coal Lease and Royalty Obligations	11
Total minimum payments, Coal Lease and Royalty Obligations	$ 27.2

Note 11 - Revenue (Details)

Note 11 - Revenue (Details) T in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023 USD ($) T	Dec. 31, 2022 USD ($)	Dec. 31, 2023 T $ / T
REVENUES
Contract term	1 year		1 year
Downward adjustment to revenue | $	$ 1.3	$ 2.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
REVENUES
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year		1 year
Percentage expected to be satisfied	88%		88%
Contracts with Indexed Based Pricing Mechanisms
REVENUES
Outstanding performance obligation, mass	2.1		2.1
Fixed Priced Contracts
REVENUES
Outstanding performance obligation, mass	1.4		1.4
Average per ton | $ / T			166

Note 11 - Revenue - Domestic Re

Note 11 - Revenue - Domestic Revenues an Export Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Revenues	$ 693,524	$ 565,688	$ 283,394
CANADA
REVENUES
Percentage of Sales	14%	12%
SOUTH AFRICA
REVENUES
Percentage of Sales		10%
GERMANY
REVENUES
Percentage of Sales	14%
BRAZIL
REVENUES
Percentage of Sales	10%
Domestic Coal Revenues
REVENUES
Revenues	$ 227,484	$ 328,322	143,946
Foreign Coal Revenues
REVENUES
Percentage of Sales	10%
Export Revenues
REVENUES
Revenues	$ 466,040	$ 237,366	$ 139,448

Note 11 - Revenue - Concentrati

Note 11 - Revenue - Concentrations (Details) - Customer Concentration Risk - customer	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue Benchmark
Concentrations
Number of Major Customers	3	2	3
Revenue Benchmark | Customer A
Concentrations
Concentration Risk, Percentage	15%	21%	30%
Revenue Benchmark | Customer A | North America
Concentrations
Concentration Risk, Percentage	33%
Revenue Benchmark | Customer B
Concentrations
Concentration Risk, Percentage	13%	17%	15%
Revenue Benchmark | Customer B | North America
Concentrations
Concentration Risk, Percentage		58%
Revenue Benchmark | Customer C
Concentrations
Concentration Risk, Percentage	13%		13%
Revenue Benchmark | Customer C | North America
Concentrations
Concentration Risk, Percentage			51%
Revenue Benchmark | Total Customer Base
Concentrations
Concentration Risk, Percentage	41%	38%	58%
Accounts Receivable.
Concentrations
Number of Major Customers	3
Accounts Receivable. | Customer A
Concentrations
Concentration Risk, Percentage	22%
Accounts Receivable. | Customer B
Concentrations
Concentration Risk, Percentage	19%
Accounts Receivable. | Customer C
Concentrations
Concentration Risk, Percentage	15%
Accounts Receivable. | Total Customer Base
Concentrations
Concentration Risk, Percentage	56%
Minimum | Revenue Benchmark
Concentrations
Concentration Risk, Percentage			10%
Minimum | Accounts Receivable.
Concentrations
Concentration Risk, Percentage	10%

Note 12 - Related Party Trans_2

Note 12 - Related Party Transactions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 29, 2022
Interest expense, net	$ (8,903)	$ (6,829)	$ (2,556)
Legal services payable		40,000
Long term debt	91,383
Accounts Payable, Current, Total	51,624	34,825
Financing of Ramaco Coal acquisition - Related party debt
Interest rate				9%
Legal Services
Legal services payable	$ 0	600
Other Professional Services
Number of Related paties | item	3
Professional fees	$ 300	100
Ramaco Coal, LLC
Royalties paid		3,100	$ 5,700
Ramaco Coal, LLC | Financing of Ramaco Coal acquisition - Related party debt
Interest expense, net	1,800	3,000
Long term debt	0	40,000
Ramaco Coal, LLC | Accounts Payable
Accounts Payable, Current, Total	400	400
Jones & Associates | Legal Services
Legal services paid	$ 0	800
Ramaco Foundation
Amount of charitable cash contribution		$ 1,000

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current taxes:
Federal	$ 2,817	$ 517
State	819	407	$ 3
Current taxes	3,636	924	3
Deferred taxes:
Federal	17,323	28,389	6,518
State	1,391	840	(1,874)
Deferred taxes	18,714	29,229	4,644
Total income tax expense, net	22,350	$ 30,153	$ 4,647
Income tax refund	$ 11,800

Note 13 - Income Taxes - Reconc

Note 13 - Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income taxes computed at the federal statutory rate	$ 21,938	$ 30,701	$ 9,325
State taxes, net of federal benefits	1,210	1,422	796
State tax rate changes, net of federal benefits	350	(546)	(2,274)
Percentage depletion	(1,717)	(3,314)	(3,363)
Stock-based compensation	(3,395)	(1,499)	(194)
162(m) compensation limitation	5,716	3,481
Foreign-derived intangible income deduction	(1,475)
Other, net	(277)	(92)	357
Total income tax expense, net	$ 22,350	$ 30,153	$ 4,647

Note 13 - Income Taxes - Compon

Note 13 - Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Loss carryforwards U.S. - Federal/States	$ 1,801,000	$ 6,598,000
Asset retirement obligations	6,428,000	6,359,000
Accrued expenses	3,857,000	3,257,000
Stock-based compensation	2,916,000	2,249,000
Total deferred tax assets	15,002,000	18,463,000
Valuation allowances	0	0
Deferred tax liabilities:
Depreciation & amortization	(69,354,000)	(54,100,000)
Net deferred tax liabilities	$ (54,352,000)	$ (35,637,000)

Note 13 - Income Taxes - Narrat

Note 13 - Income Taxes - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Cash paid for income taxes	$ 771,000	$ 15,500,000	$ 9,000
Unrecognized tax positions	0	$ 0
Income tax refund	11,800,000
Prepaid expenses and other current assets
Operating Loss Carryforwards [Line Items]
Income tax receivable	14,600,000
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 35,000,000

Note 14 - Earnings Per Share -

Note 14 - Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) $ / shares in Units, $ in Thousands		6 Months Ended				12 Months Ended
	Jun. 20, 2023	Dec. 31, 2023 USD ($) $ / shares shares	Jun. 20, 2023 USD ($) $ / shares shares	Jun. 20, 2022 $ / shares	Jun. 20, 2021 $ / shares	Dec. 31, 2023 USD ($) item $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Jun. 21, 2023 shares
EARNINGS PER SHARE
Net income | $			$ 31,382			$ 82,313	$ 116,042	$ 39,759
Forfeitable Dividends Declared on Unvested Stock Based Awards | $						$ 729
Weighted average shares used to compute basic EPS (in shares)			44,344,000				44,164,000	43,964,000
Weighted average shares used to compute diluted EPS (in shares)			44,752,000				44,702,000	44,257,000
Basic (in dollars per share) | $ / shares			$ 0.71	$ 2.63	$ 0.90	$ 1.77	$ 2.63	$ 0.90
Diluted (in dollars per share) | $ / shares			$ 0.70	$ 2.60	$ 0.90	$ 1.73	$ 2.60	$ 0.90
Ratio of participation in earnings for common stock and preferred stock	1
Share in dividends for unvested restricted stock awards with common shares | item						1
Restricted Stock Units
EARNINGS PER SHARE
Antidilutive shares			684,151
Performance Stock Units
EARNINGS PER SHARE
Antidilutive shares			248,706
Employee Stock Option [Member]
EARNINGS PER SHARE
Dilutive effect of stock-based awards (in shares)			381,000				532,000	293,000
Restricted Stock Units
EARNINGS PER SHARE
Dilutive effect of stock-based awards (in shares)							6,000
Performance Stock Units
EARNINGS PER SHARE
Dilutive effect of stock-based awards (in shares)			27,000
Antidilutive shares							248,706
Class A Common Stock
EARNINGS PER SHARE
Net income | $		$ 44,663
Weighted average shares used to compute diluted EPS (in shares)		43,190,000
Basic (in dollars per share) | $ / shares		$ 1.06
Diluted (in dollars per share) | $ / shares		$ 1.03
Class A Common Stock | Employee Stock Option [Member]
EARNINGS PER SHARE
Weighted average shares used to compute basic EPS (in shares)		42,115,000
Dilutive effect of stock-based awards (in shares)		482,000
Class A Common Stock | Restricted Stock
EARNINGS PER SHARE
Unvested restricted stock		1,708,354				1,708,354	3,145,957	3,741,770
Class A Common Stock | Restricted Stock Units
EARNINGS PER SHARE
Dilutive effect of stock-based awards (in shares)		157,000
Unvested restricted stock		601,248				601,248	165,803
Class A Common Stock | Performance Stock Units
EARNINGS PER SHARE
Dilutive effect of stock-based awards (in shares)		436,000
Unvested restricted stock		767,054				767,054	248,706
Class B Common Stock
EARNINGS PER SHARE
Net income | $		$ 3,498
Weighted average shares used to compute diluted EPS (in shares)		8,698,000
Basic (in dollars per share) | $ / shares		$ 0.42
Diluted (in dollars per share) | $ / shares		$ 0.40
Class B Common Stock | Employee Stock Option [Member]
EARNINGS PER SHARE
Weighted average shares used to compute basic EPS (in shares)		8,428,000
Dilutive effect of stock-based awards (in shares)		111,000
Class B Common Stock | Restricted Stock
EARNINGS PER SHARE
Unvested restricted stock		341,683				341,683			680,718
Class B Common Stock | Restricted Stock Units
EARNINGS PER SHARE
Dilutive effect of stock-based awards (in shares)		48,000
Unvested restricted stock		120,241				120,241			136,819
Class B Common Stock | Performance Stock Units
EARNINGS PER SHARE
Dilutive effect of stock-based awards (in shares)		111,000
Unvested restricted stock		153,404				153,404			153,404
Class A Restricted Stock | Restricted Stock
EARNINGS PER SHARE
Net income | $		$ 1,897
Class B Restricted Stock | Restricted Stock
EARNINGS PER SHARE
Net income | $						$ 144

Note 15 - Subsequent Events (De

Note 15 - Subsequent Events (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 29, 2024 USD ($)	Jun. 30, 2022	Dec. 31, 2023 $ / shares	Feb. 01, 2024 $ / shares	Dec. 31, 2022 $ / shares
Subsequent Events
Dividend payable per share					$ 0.52
Percentage dividend from financial performance of carbon		20
Class A Common Stock
Subsequent Events
Dividend payable per share			$ 0.375
Class B Common Stock
Subsequent Events
Percentage dividend from financial performance of carbon			20
Subsequent Event | Class B Common Stock
Subsequent Events
Dividend payable per share				$ 0.2416
Subsequent Event | Exiting coal preparation plant
Subsequent Events
Purchase price of the plant | $	$ 3
Anticipated additional initial development capital expenditures | $	$ 8

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 20, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 31,382	$ 82,313	$ 116,042	$ 39,759

Insider Trading Arrangements

Insider Trading Arrangements - shares		3 Months Ended	12 Months Ended
	Dec. 12, 2023	Dec. 31, 2023	Dec. 31, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement			On December 12, 2023, Jason Fannin, the Company’s chief commercial officer, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c). The duration of the plan is from March 20, 2024 until August 15, 2024
Name	Jason Fannin
Title	chief commercial officer
Rule 10b5-1 Arrangement Adopted			true
Non-Rule 10b5-1 Arrangement Adopted			false
Adoption Date	December 12, 2023
Rule 10b5-1 Arrangement Terminated			false
Non-Rule 10b5-1 Arrangement Terminated			false
Arrangement Duration		175 days
Aggregate Available	31,332	155,993	155,993