8-K: Ramaco Resources Announces Executive Leadership and Board Changes: E. Forrest Jones Jr. Appointed General Counsel, Evan H. Jenkins Elected to Board and Vice-Chairman

Ramaco Resources appoints E. Forrest Jones Jr. as General Counsel and elects Evan H. Jenkins to the Board and as Vice-Chairman, marking significant shifts in leadership.

Summary

• Ramaco Resources announced that E. Forrest Jones, Jr. has been appointed as the new General Counsel, effective May 1, 2025.
• Mr. Jones resigned from the Board of Directors on March 14, 2025, to take on the General Counsel role.
• Evan H. Jenkins, the current General Counsel and Secretary, has been elected to the Board and appointed as Vice-Chairman, effective March 14, 2025.
• Mr. Jenkins will step down as General Counsel when Mr. Jones assumes the role but will remain the Corporate Secretary.
• Mr. Jones's compensation includes an annual base salary of $500,000 and eligibility for cash bonuses and long-term incentive compensation.
• Mr. Jenkins's compensation includes an annual base salary of $600,000 and eligibility for cash bonuses.
• Mr. Jones will receive 50% of his 2025 Plan award at the time of commencement of his employment, based on the Company's Class A and Class B stock price at the close of the market on April 30, 2025.

Sentiment

Score: 7

Explanation: The announcement is generally positive, highlighting strategic leadership changes and leveraging the expertise of key personnel. The sentiment is slightly tempered by the inherent risks associated with forward-looking statements.

Positives

• The appointment of E. Forrest Jones, Jr. brings extensive legal experience in the minerals and coal industry to the General Counsel role.
• Evan H. Jenkins's election to the Board and appointment as Vice-Chairman leverages his legal expertise and legislative background.
• The transition maintains continuity by retaining Mr. Jenkins as Corporate Secretary.
• The company is ensuring the highest standards of safety and well-being for all employees.

Risks

• The announcement contains forward-looking statements that are subject to risks, uncertainties, and other factors outside of Ramaco Resources' control.
• These risks include unexpected delays in mine development, failure of sales commitment counterparties to perform, and increased government regulation of coal.

Future Outlook

The company anticipates a smooth transition in leadership roles and expects to benefit from the expertise of both Mr. Jones and Mr. Jenkins in their new positions.

Management Comments

• Randall W. Atkins, Ramaco Chairman and CEO, stated that Mr. Jones' decades of experience, qualifications, and unique legal skills make him well qualified to serve as our General Counsel.
• Mr. Atkins said that Mr. Jenkins' guidance, decision-making and strategic planning will greatly benefit the Company as both a Board member and now in the additional role of Vice-Chairman.

Industry Context

This announcement reflects a strategic realignment of leadership within Ramaco Resources, potentially positioning the company for continued growth and success in the metallurgical coal industry.

Comparison to Industry Standards

• Executive compensation packages, including base salary and bonus potential, are generally in line with industry standards for companies of similar size and scope in the coal sector.
• Companies like Arch Resources and Peabody Energy also utilize a combination of base salary, bonuses, and long-term incentives to attract and retain key executives.
• The appointment of a former board member to a senior management role is not uncommon, as it provides the company with an individual who already possesses a deep understanding of the company's operations and strategy.

Management Changes

Stakeholder Impact

• Shareholders may view the leadership changes positively, anticipating strategic benefits from the new appointments.
• Employees may experience changes in reporting structures and responsibilities as a result of the executive transitions.

Next Steps

• E. Forrest Jones, Jr. will assume the role of General Counsel on or about May 1, 2025.
• Evan H. Jenkins will continue to serve as General Counsel until Mr. Jones joins the Company.
• The Company will enter into an indemnification agreement with Mr. Jones.

Key Dates