SCHEDULE: Yorktown Partners Reduces Ramaco Stake to 4.54%

Yorktown Energy Partners X, L.P. sold 426,627 shares of Ramaco Resources Class A Common Stock, reducing its beneficial ownership to 4.54%.

Summary

• Yorktown Energy Partners X, L.P. (a reporting person) sold 426,627 shares of Ramaco Resources, Inc. Class A Common Stock.
• The sale occurred on August 8, 2025, as part of an over-allotment option exercised by underwriters Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC.
• Shares were sold at a public price of $18.75 per share, with net proceeds to Yorktown of $17.71875 per share after underwriting discounts of $1.03125 per share.
• Following this transaction, the reporting persons beneficially own 2,502,930 shares, representing 4.54% of Ramaco Resources' Class A Common Stock.
• The total outstanding shares of Class A Common Stock are now 55,182,254 after the closing of the offering.
• Yorktown Energy Partners X, L.P. is subject to a 90-day lock-up agreement from August 5, 2025, restricting further sales without underwriter consent.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. While a major shareholder is reducing their stake, the transaction itself (secondary offering with over-allotment exercise) suggests market demand for the shares and provides liquidity. The lock-up agreement provides short-term stability regarding further sales from this specific holder.

Positives

• The successful exercise of the over-allotment option indicates strong market demand for Ramaco Resources' shares.
• The offering, which included shares sold by the Issuer, increases the public float of Ramaco Resources' stock, potentially improving liquidity.

Negatives

• A significant reduction in beneficial ownership by a major institutional investor (Yorktown Energy Partners X, L.P. reduced its stake to 4.54%) could be perceived negatively by some investors.

Risks

• The reporting person is subject to a 90-day lock-up period, restricting their ability to sell additional shares until approximately November 3, 2025.

Future Outlook

Yorktown Energy Partners X, L.P. is restricted from selling additional shares of Ramaco Resources Class A or Class B Common Stock, or any securities convertible into or exercisable or exchangeable for Common Stock, for a period of 90 days following August 5, 2025, due to a lock-up agreement.

Industry Context

This filing reflects a specific transaction by a major shareholder in Ramaco Resources, Inc., a company involved in coal mining. While it doesn't detail broader industry trends, it indicates capital markets activity (a secondary offering) within the energy sector, specifically coal.

Stakeholder Impact

• Shareholders: The offering increases the public float, potentially improving liquidity. The reduction in a major holder's stake could be viewed differently by investors, depending on their perspective on institutional ownership. The lock-up provides temporary stability from further sales by this specific entity.

Next Steps

• The 90-day lock-up period for Yorktown Energy Partners X, L.P. will expire around November 3, 2025, after which they will be free to sell additional shares without underwriter consent.

Key Dates

Recommendation

This filing primarily reports a reduction in a significant shareholder's stake through a secondary offering. While the offering itself indicates market demand and increases float, the reduction in a major institutional holding could be viewed cautiously. Without additional financial or operational data from Ramaco Resources, a "hold" recommendation is appropriate, advising investors to monitor future company performance and any further changes in institutional ownership.

Keywords

Ramaco Resources, Yorktown Partners, SEC Filing, Schedule 13D, Stock Sale, Beneficial Ownership, Coal Mining, Energy Investment, Secondary Offering, Lock-up Agreement