Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-10

Ramaco Resources (METCB)

CEO Randall Atkins was paid $9,206,767 in fiscal year 2025, ↑ up 18.7% from fiscal year 2024, the 60th percentile of its disclosed peer group (SEC filing 0001213900-26-047772 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$9,206,767 ↑
Randall Atkins total, FY2025
60th
CEO pay percentile vs peers
65:1
CEO-to-median pay ratio
92.3%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Randall Atkins (Chief Executive Officer, Director and Chairman of the Board), FY2025 total compensation $9,206,767 (base salary $1,000,000) [exec_comp, SEC accession 0001213900-26-047772, filed 2026-04-27]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

METCB's next annual pay disclosure, estimated April 24, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Randall Atkins$1,000,000$1,100,000$5,442,767$0$1,650,000$0$14,000$9,206,767
Chief Executive Officer, Director and Chairman of the Board
Paul Horn Jr.661,500500,0001,639,3900750,000014,0003,564,890
EVP for Mine Operations
Jeremy Sussman661,500500,0001,639,3900750,000014,0003,564,890
Chief Financial Officer and Assistant Secretary
Jason Fannin661,500440,0001,639,3900660,000014,0003,414,890
EVP and Chief Commercial Officer
Christopher Blanchard661,500440,0001,639,3900660,000014,0003,414,890
EVP for Mine Planning and Development

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Randall Atkins$9,206,767$7,755,393$7,508,800↑ +1,451,374
Paul Horn Jr.3,564,890———
Jeremy Sussman3,564,8903,188,7853,665,547↑ +376,105
Jason Fannin3,414,8903,223,2773,605,656↑ +191,613
Christopher Blanchard3,414,8902,995,6673,583,197↑ +419,223

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against METCB
2 companies name METCB as a compensation peer

Each company listed discloses METCB in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named METCB in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Aurelia Skipwith GiacomettoIndependent Director$253,594
Bryan H. LawrenceDirector—
C. Lynch Christian IIIIndependent Director$253,594
David E. K. Frischkorn JrIndependent Director$253,594
E. Forrest Jones JrFormer director (through FY2025)$153,594
Evan H. JenkinsDirector—
Joseph Manchin IIIIndependent Director$212,609
Michael R. GraneyDirector$50,000
Patrick C. Graney IIIFormer director (through FY2025)$273,332
Peter LeidelDirector—
Richard M. WhitingIndependent Director$253,594
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jeremy SussmanPSU2025-02-2432,99965,99865,998131,996$1,639,390
Randall AtkinsPSU2025-02-24109,557219,113219,113438,2265,442,767
Paul Horn Jr.PSU2025-02-2432,99965,99865,998131,9961,639,390
Jason FanninPSU2025-02-2432,99965,99865,998131,9961,639,390
Christopher BlanchardPSU2025-02-2432,99965,99865,998131,9961,639,390
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jeremy Sussman$0$1,639,390$0100.0%
Randall Atkins05,442,7670100.0%
Paul Horn Jr.01,639,3900100.0%
Jason Fannin01,639,3900100.0%
Christopher Blanchard01,639,3900100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Randall AtkinsRSU448,712—$8,076,816
Randall AtkinsPSU438,226—7,888,068
Randall AtkinsPSU219,113—3,944,034
Randall AtkinsPSU185,392—3,336,876
Jeremy SussmanPSU131,996—2,375,928
Christopher BlanchardPSU131,996—2,375,928
Jason FanninPSU131,996—2,375,928
Paul Horn Jr.PSU131,996—2,375,928
Paul Horn Jr.PSU10,196—183,528
Jason FanninPSU67,796—1,220,328
Jeremy SussmanPSU66,738—1,201,284
Randall AtkinsPSU9,646—113,341
Jeremy SussmanPSU65,998—1,187,964
Christopher BlanchardPSU65,998—1,187,964
Jason FanninPSU65,998—1,187,964
Paul Horn Jr.PSU65,998—1,187,964
Randall AtkinsPSU61,794—1,112,292
Christopher BlanchardPSU58,396—1,051,128
Randall AtkinsPSU48,234—868,212
Paul Horn Jr.PSU30,588—550,584
Jason FanninPSU22,598—406,764
Jeremy SussmanPSU22,246—400,428
Jeremy SussmanPSU21,877—393,786
Christopher BlanchardPSU21,877—393,786
Jason FanninPSU21,531—387,558
Christopher BlanchardPSU19,465—350,370
Paul Horn Jr.PSU7,990—143,820
Jeremy SussmanPSU4,376—51,418
Christopher BlanchardPSU4,376—51,418
Jason FanninPSU4,306—50,596
Paul Horn Jr.PSU1,598—18,777
05

Incentive-plan design — the Compensation Discussion & Analysis

Compensation is determined by the Compensation Committee based on financial condition, need to attract and retain talent, and competitive market levels. The program aims to align executive interests with shareholders, reward critical performance, and incentivize management to meet long-range objectives.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantMeridian
Clawback policy—
Anti-hedgingtrue
Anti-pledging—
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1035,914,3732,997,223159,75092.3%Passed
20252025-06-2638,151,756574,645222,45098.52%Passed
20242024-06-2638,321,074646,2721,085,56195.68%Passed
20232023-06-2731,117,346368,649219,05098.83%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1092.3%a
20252025-06-2698.52%b
20242024-06-2695.68%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Approved under the standard stated in the filing — “Abstentions have the effect of a vote against this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)65 : 1
CEO total compensation$7,755,393
Median employee compensation$119,227
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Patrick C. Graney IIIIndependent · Departed during FY$112,500$160,832$0—$0$273,332
C. Lynch Christian IIIIndependent · Environmental, Health and Safety Committee (Chair) · Nominating and Corporate Governance Committee · Technology Committee150,000103,5940—0253,594
Aurelia Skipwith GiacomettoIndependent · Nominating and Corporate Governance Committee (Chair) · Government Relations Committee · Technology Committee150,000103,5940—0253,594
Richard M. WhitingIndependent · Audit, Finance and Investment Committee (Chair) · Compensation Committee · Nominating and Corporate Governance Committee150,000103,5940—0253,594
David E. K. Frischkorn JrIndependent · Audit, Finance and Investment Committee · Compensation (Chair) · Environmental, Health and Safety Committee · Audit · Finance and Investment150,000103,5940—0253,594
Joseph Manchin IIIIndependent · Environmental, Health and Safety Committee · Government Relations Committee · Technology Committee (Chair) · Newly elected112,500100,1090—0212,609
E. Forrest Jones JrNot independent · Departed during FY50,000103,5940—0153,594
Michael R. GraneyNot independent · Audit, Finance and Investment Committee · Compensation Committee · Government Relations Committee (Chair) · Newly elected50,00000—050,000
Randall W. AtkinsEmployee director · Board Chair—————0
Evan H. JenkinsEmployee director—————0
Bryan H. LawrenceNot independent000—00
Peter LeidelNot independent000—00
09

Board fee structure and ownership guideline

Annual cash retainer$150,000
Annual equity retainer$100,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$925,000
Equity awards (grant-date value)$778,911
All other compensation$0
Total cost of the board$1,703,911

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Ramaco Resources names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Ramaco Resources.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Berry Corporation2024Kevin Kwilinski$1,029,808$14,071,727$2,879,994$1,535,625$20,017,718
2Core Natural Resources, Inc.2025James Brock1,000,00015,922,17602,128,75019,445,313
3Ramaco Resources2025Randall Atkins1,000,0005,442,76701,650,0009,206,767
4Compass Minerals International, Inc.2025Edward Dowling Jr.1,000,0003,500,01901,645,2806,343,575
5Alpha Metallurgical Resources, Inc.2025C. Andrew Eidson943,8462,660,3570520,9564,167,842
6Hallador Energy Company2025Brent Bilsland675,00000659,2301,442,407
—Coronado Global Resources Inc.——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Ramaco Resourcesnot disclosednot disclosednot disclosedMeridian
Alpha Metallurgical Resources, Inc.not disclosedRSU 50 · PSU 50not disclosedMeridian
Berry Corporation117%PSU 60 · Options 40Yes — Relative TSR vs. Peer GroupPearl Meyer
Compass Minerals International, Inc.not disclosedRSU 50 · PSU 50not disclosedFW Cook
Core Natural Resources, Inc.Aggregate payout scores ranged from 78.15% (Klein) to 85.15% (Brock) of target opportunity.%PSUs 55 · RSUs 45Yes — Relative TSR - Compensation Peer GroupMercer
Coronado Global Resources Inc.not disclosednot disclosednot disclosednot disclosed
Hallador Energy Companynot disclosedRSU 100not disclosedF.W. Cook & Co.

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Ramaco Resources in fiscal 2025?
As disclosed, Randall Atkins (Chief Executive Officer, Director and Chairman of the Board) was the highest-paid executive at Ramaco Resources in fiscal 2025, with total compensation of $9,206,767.
How does Ramaco Resources's chief executive pay compare to its disclosed peer group?
As disclosed, Randall Atkins's total compensation ranked at the 60th percentile of Ramaco Resources's disclosed peer group.
What is Ramaco Resources's CEO-to-median employee pay ratio?
As disclosed, Ramaco Resources's CEO-to-median employee pay ratio was 65:1.
How did shareholders vote on Ramaco Resources's executive compensation?
As disclosed, 92.3% of shareholders supported Ramaco Resources's executive compensation in the latest say-on-pay vote.
How much does Ramaco Resources spend in total on board compensation for fiscal 2025?
As disclosed, Ramaco Resources reported total board compensation of $1,703,911 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Randall AtkinsDEF 14A2026-04-270001213900-26-047772Section “Summary Compensation Table for 2025” · page 36. As printed: 9,206,767. Filing ↗machine: r1 · c7 · span 1327893–1327902
2Section 01, Paul Horn Jr.DEF 14A2026-04-270001213900-26-047772Section “Summary Compensation Table for 2025” · page 36. As printed: 3,564,890. Filing ↗machine: r13 · c7 · span 1418231–1418240
3Section 01, Jeremy SussmanDEF 14A2026-04-270001213900-26-047772Section “Summary Compensation Table for 2025” · page 36. As printed: 3,564,890. Filing ↗machine: r4 · c7 · span 1350604–1350613
4Section 01, Jason FanninDEF 14A2026-04-270001213900-26-047772Section “Summary Compensation Table for 2025” · page 36. As printed: 3,414,890. Filing ↗machine: r10 · c7 · span 1395759–1395768
5Section 01, Christopher BlanchardDEF 14A2026-04-270001213900-26-047772Section “Summary Compensation Table for 2025” · page 36. As printed: 3,414,890. Filing ↗machine: r7 · c7 · span 1373079–1373088
6Section 03, Jeremy Sussman PSUDEF 14A1900-01-010001213900-26-047772Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1487792–1487801
7Section 03, Randall Atkins PSUDEF 14A1900-01-010001213900-26-047772Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1469876–1469885
8Section 03, Paul Horn Jr. PSUDEF 14A1900-01-010001213900-26-047772Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1542540–1542549
9Section 03, Jason Fannin PSUDEF 14A1900-01-010001213900-26-047772Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1524129–1524138
10Section 03, Christopher Blanchard PSUDEF 14A1900-01-010001213900-26-047772Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1506215–1506224
11Section 07, pay ratioDEF 14A2025-04-300001104659-25-041856Section “CEO Pay Ratio”. As printed: 65 : 1. Filing ↗
12Section 08, Patrick C. Graney IIIDEF 14A2026-04-270001213900-26-047772Section “Director Compensation”. As printed: 273,332. Filing ↗machine: span 693787–694147
13Section 08, C. Lynch Christian IIIDEF 14A2026-04-270001213900-26-047772Section “Director Compensation”. As printed: 253,594. Filing ↗machine: span 698935–699295
14Section 08, Aurelia Skipwith GiacomettoDEF 14A2026-04-270001213900-26-047772Section “Director Compensation”. As printed: 253,594. Filing ↗machine: span 714087–714447
15Section 08, Richard M. WhitingDEF 14A2026-04-270001213900-26-047772Section “Director Compensation”. As printed: 253,594. Filing ↗machine: span 688790–689150
16Section 08, David E. K. Frischkorn JrDEF 14A2026-04-270001213900-26-047772Section “Director Compensation”. As printed: 253,594. Filing ↗machine: span 703938–704298
17Section 08, Joseph Manchin IIIDEF 14A2026-04-270001213900-26-047772Section “Director Compensation”. As printed: 212,609. Filing ↗machine: span 729557–729917
18Section 08, E. Forrest Jones JrDEF 14A2026-04-270001213900-26-047772Section “Director Compensation”. As printed: 153,594. Filing ↗machine: span 709084–709444
19Section 08, Michael R. GraneyDEF 14A2026-04-270001213900-26-047772Section “Director Compensation”. As printed: 50,000. Filing ↗machine: span 732232–732591
20Section 08, Randall W. AtkinsDEF 14A2026-04-270001213900-26-047772Section “Director Compensation”. As printed: 0. Filing ↗
21Section 08, Evan H. JenkinsDEF 14A2026-04-270001213900-26-047772Section “Director Compensation”. As printed: 0. Filing ↗
22Section 08, Bryan H. LawrenceDEF 14A2026-04-270001213900-26-047772Section “Director Compensation”. As printed: 0. Filing ↗
23Section 08, Peter LeidelDEF 14A2026-04-270001213900-26-047772Section “Director Compensation”. As printed: 0. Filing ↗
24Section 06, 2026 voteForm 8-K2026-06-100001213900-26-067334Item 5.07 · say-on-pay result. As reported: 92.3% (votes for as printed: 35,914,373). Filing ↗
25Section 06, 2025 voteForm 8-K2025-06-270001104659-25-063615Item 5.07 · say-on-pay result. As reported: 98.52% (votes for as printed: 38,151,756). Filing ↗
26Section 06, 2024 voteForm 8-K2024-06-280001104659-24-076266Item 5.07 · say-on-pay result. As reported: 95.68% (votes for as printed: 38,321,074). Filing ↗
27Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
28Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
29Section 09b board cost (computed)Computed——Cash 925,000 + equity 778,911 + all other 0 = 1,703,911, summed across the director compensation table rows.machine: formula: Σ = 1,703,911
30Berry Corporation, Section 10b CEO totalDEF 14A2025-01-070001104659-25-001507CEO total compensation as printed in Berry Corporation's own proxy. As printed: 20,017,718. Filing ↗machine: r1 · c42 · span 938559–938569
31Core Natural Resources, Inc., Section 10b CEO totalDEF 14A2026-03-160001710366-26-000017CEO total compensation as printed in Core Natural Resources, Inc.'s own proxy. As printed: 19,445,313. Filing ↗machine: r2 · c45 · span 717665–717675
32Ramaco Resources (subject), Section 10b CEO totalDEF 14A2026-04-270001213900-26-047772CEO total compensation as printed in Ramaco Resources's own proxy. As printed: 9,206,767. Filing ↗machine: r1 · c7 · span 1327893–1327902
33Compass Minerals International, Inc., Section 10b CEO totalDEF 14A2026-01-230001308179-26-000019CEO total compensation as printed in Compass Minerals International, Inc.'s own proxy. As printed: 6,343,575. Filing ↗machine: r1 · c14 · span 810548–810557
34Alpha Metallurgical Resources, Inc., Section 10b CEO totalDEF 14A2026-03-310001140361-26-012338CEO total compensation as printed in Alpha Metallurgical Resources, Inc.'s own proxy. As printed: 4,167,842. Filing ↗machine: r2 · c25 · span 867785–867794
35Hallador Energy Company, Section 10b CEO totalDEF 14A2026-04-150001104659-26-043867CEO total compensation as printed in Hallador Energy Company's own proxy. As printed: 1,442,407. Filing ↗machine: r2 · c7 · span 487273–487282
36Section 10a, Alpha Metallurgical Resources, Inc. reciprocityDEF 14A—0001140361-26-012338Alpha Metallurgical Resources, Inc.'s most recent proxy was read; its disclosed peer group does not include Ramaco Resources. Filing ↗
37Section 10a, Compass Minerals International, Inc. reciprocityDEF 14A—0001308179-26-000019Compass Minerals International, Inc. names Ramaco Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
38Section 10a, Berry Corporation reciprocityDEF 14A—0001104659-25-001507Berry Corporation's most recent proxy was read; its disclosed peer group does not include Ramaco Resources. Filing ↗
39Section 10a, Core Natural Resources, Inc. reciprocityDEF 14A—0001710366-26-000017Core Natural Resources, Inc.'s most recent proxy was read; its disclosed peer group does not include Ramaco Resources. Filing ↗