Form 4: Peter Leidel discloses Yorktown fund dispositions at $18.75

Rhea-AI Filing Summary

Peter A. Leidel, a director of Ramaco Resources, filed a Form 4 reporting that Yorktown Energy Partners IX L.P., X L.P. and XI L.P. sold Class A Common Stock on 08/08/2025 at a price of $18.75 per share in connection with the exercise in full of the overallotment option for a registered underwritten secondary offering.

The filing lists sales of 527,910, 426,627 and 645,463 shares by the Yorktown funds, showing ending beneficial ownership balances of 3,097,134, 2,502,930 and 3,786,797 shares respectively. An additional disposal of 85,474 shares is recorded without a transaction date. The report disclaims beneficial ownership except for pecuniary interest and corrects a prior March 27, 2025 mathematical error reducing a previously reported balance by 37,837 shares.

Positive

• Transactions executed via an underwritten secondary offering overallotment at $18.75 per share
• Filing acknowledges and corrects a prior March 27, 2025 mathematical error
• Reporting person discloses relationship to Yorktown funds and includes disclaimer of beneficial ownership except for pecuniary interest

Negative

• Yorktown funds disposed of a large aggregate block of 1,600,000 shares across three fund lines
• An additional disposal of 85,474 shares is recorded without a transaction date on the form
• Prior reporting misstatement (March 27, 2025) indicates a past reporting control error that required correction

Insights

Financial Analyst

TL;DR: Yorktown funds sold large blocks at $18.75 via overallotment; transactions increase public float.

The Form 4 documents coordinated disposals by three affiliated Yorktown funds executed as part of an overallotment in an underwritten secondary offering on 08/08/2025 at $18.75 per share. The reported sale quantities aggregate to 1,600,000 shares across the three listed rows, which is material in absolute terms and increases shares available to public investors. The filing is explicit about the price being the public offering price before underwriting discounts and commissions. The information is factual; the filing does not disclose use of proceeds or timing beyond the transaction date.

Corporate Governance Expert

TL;DR: Reporting is timely and includes a correction, but a prior math error was acknowledged.

The reporting person, Peter A. Leidel, discloses his role as member/manager of the general partner entities for the Yorktown funds and includes the required disclaimer that he disclaims beneficial ownership except to the extent of pecuniary interest. The Form 4 also corrects a March 27, 2025 mathematical error reducing a previously reported balance by 37,837 shares, which demonstrates attention to accuracy but also indicates a prior reporting lapse. Overall, disclosures meet Section 16 formatting and footnote requirements shown in the filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LEIDEL PETER A

(Last) (First) (Middle)

410 PARK AVENUE

20TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Ramaco Resources, Inc. [ METC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock, par value $0.01 per share	08/08/2025		S		527,910(1)	D	$18.75(2)	3,097,134(1)(6)	I	See Footnote(3)
Class A Common Stock, par value $0.01 per share	08/08/2025		S		426,627(1)	D	$18.75(2)	2,502,930(1)	I	See Footnote(4)
Class A Common Stock, par value $0.01 per share	08/08/2025		S		645,463(1)	D	$18.75(2)	3,786,797(1)	I	See Footnote(5)
Class A Common Stock, par value $0.01 per share								85,474	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting person disclaims beneficial ownership of these securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for Section 16 or any other purpose.

2. On August 8, 2025, Yorktown Energy Partners IX L.P. ("Yorktown IX"), Yorktown Energy Partners X L.P. ("Yorktown X"), and Yorktown Energy Partners XI L.P. ("Yorktown XI") sold shares of Class A Common Stock at a price of $18.75, before underwriting discounts and commissions, in connection with the exercise in full of the overallotment option granted by Yorktown IX, Yorktown X, and Yorktown XI, to the underwriters pursuant to the underwriting agreement for a registered underwritten secondary offering by the Issuer. The reported price is the price to the public in the secondary offering before underwriting discounts and commissions.

3. These securities are owned directly by Yorktown IX. The reporting person is a member and manager of Yorktown IX Associates LLC, the general partner of Yorktown IX Company LP, the General Partner of Yorktown IX.

4. These securities are owned directly by Yorktown X. The reporting person is a member and manager of Yorktown X Associates LLC, the general partner of Yorktown X Company LP, the General Partner of Yorktown X.

5. These securities are owned directly by Yorktown XI. The reporting person is a member and manager of Yorktown XI Associates LLC, the general partner of Yorktown XI Company LP, the General Partner of Yorktown XI.

6. A mathematical error was made on the Form 4 filed on March 27, 2025 that misstated the ending balance of the Class A Common Stock held by Yorktown IX. The reported number of 3,662,881 should have been reported as 3,625,044 to account for the properly reported sale on March 27, 2025 of 37,837 shares.

	/s/ Peter A. Leidel	08/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transactions does the Form 4 for METCL report?

The Form 4 reports that Yorktown Energy Partners IX, X and XI sold Class A Common Stock on 08/08/2025 at $18.75 per share; the table shows sales of 527,910, 426,627 and 645,463 shares and an additional disposal of 85,474 shares recorded without a date.

Who filed the Form 4 and what is their relationship to the issuer?

The Form 4 was signed by Peter A. Leidel, identified as a Director and as member/manager of the general partner entities for Yorktown IX, X and XI, which directly own the reported securities.

At what price were the shares sold?

The shares were sold at a public offering price of $18.75 per share, stated as before underwriting discounts and commissions.

Does the filing correct any prior errors?

Yes. The filing states a mathematical error on the Form 4 filed March 27, 2025 misstated an ending balance; the reported number should have been reduced by 37,837 shares.

What were the resulting beneficial ownership balances after the reported transactions?

The filing shows ending beneficial ownership balances of 3,097,134, 2,502,930 and 3,786,797 shares for the three Yorktown fund lines as listed in the table.