Yorktown funds cut Ramaco (METC) holdings after 806K-share March sale

Rhea-AI Filing Summary

Yorktown-affiliated investment vehicles have reduced their stake in Ramaco Resources and updated their ownership filing. As of March 27, 2026, the reporting persons collectively beneficially own 2,979,968 shares of Class A Common Stock, equal to 5.32% of the company’s outstanding shares.

The percentage is based on 55,963,520 Class A shares outstanding as of February 25, 2026. From March 5 through March 27, 2026, Yorktown Equity Partners XI, L.P. sold 806,929 shares in a series of open market transactions at weighted average prices generally in the low-to-mid teens per share.

Insights

Equity ownership analyst

Yorktown modestly trims its Ramaco stake but remains a 5.32% holder.

The filing shows Yorktown-related entities now beneficially own 2,979,968 Ramaco Class A shares, representing 5.32% of shares outstanding, based on 55,963,520 shares reported in the company’s Form 10-K as of February 25, 2026.

Between March 5 and March 27, 2026, Yorktown Equity Partners XI, L.P. executed open market sales totaling 806,929 shares at weighted average prices mostly in the low-to-mid teens. Despite these sales, the group continues to hold a meaningful but not controlling minority position.

Key Figures

Beneficial ownership: 2,979,968 shares Ownership percentage: 5.32% Shares outstanding: 55,963,520 shares +3 more

6 metrics

Beneficial ownership 2,979,968 shares Class A Common Stock beneficially owned as of March 27, 2026

Ownership percentage 5.32% Portion of Ramaco Class A Common Stock represented by 2,979,968 shares

Shares outstanding 55,963,520 shares Ramaco Class A shares outstanding as of February 25, 2026

Shares sold 806,929 shares Open market sales by Yorktown Equity Partners XI, L.P. from March 5–27, 2026

Weighted average price $15.1791 per share March 5, 2026 open market sales weighted average price

Weighted average price $13.4811 per share March 20, 2026 open market sales weighted average price

Key Terms

beneficially owns, pecuniary interest, open market sales, weighted average price, +1 more

5 terms

beneficially owns financial

"As of March 27, 2026, each of the Reporting Persons beneficially owns 2,979,968 shares"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

pecuniary interest financial

"disclaims beneficial ownership of the securities ... in excess of its pecuniary interests therein"

open market sales financial

"sold 806,929 shares of Class A Common Stock of the Issuer in a series of open market sales"

weighted average price financial

"Number of Shares Weighted Average Price Per Share March 5, 2026 8,115 $15.1791(1)"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Schedule 13D financial

"This Amendment No. 4 amends the with respect to the shares ... previously filed"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Ramaco Resources, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.01 per share

(Title of Class of Securities)

75134P303

(CUSIP Number)

Bryan H. Lawrence
Yorktown Partners LLC, 410 Park Avenue, 20th Floor
New York, NY, 10022
(212) 515-2112

Jesse E. Betts
Willkie Farr & Gallagher LLP, 2828 Routh Street
Dallas, TX, 75201
(214) 233-4537

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/27/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 75134P303

1

Name of reporting person

Yorktown Energy Partners XI, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,979,968.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,979,968.00

11

Aggregate amount beneficially owned by each reporting person

2,979,968.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.32 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

(1) The percent of class represented by the amount in Row (11) is based on 55,963,520 shares of Class A common stock, par value $0.01 per share ("Class A Common Stock") of Ramaco Resources, Inc. (the "Issuer") outstanding as of February 25, 2026, as reported in the Issuer's Form 10-K, filed with the Securities and Exchange Commission ("SEC") on February 26, 2026.

SCHEDULE 13D

CUSIP Number(s): 75134P303

1

Name of reporting person

Yorktown XI Co LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,979,968.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,979,968.00

11

Aggregate amount beneficially owned by each reporting person

2,979,968.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.32 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

(1) These securities are directly held by Yorktown Energy Partners XI, L.P. Yorktown XI Company LP is the sole general partner of Yorktown Energy Partners XI, L.P. As a result, Yorktown XI Company LP may be deemed to have the power to vote or direct the vote or to dispose or direct the disposition of the shares owned by Yorktown Energy Partners XI, L.P. Yorktown XI Company LP disclaims beneficial ownership of the securities owned by Yorktown Energy Partners XI, L.P. in excess of its pecuniary interests therein. (2) The percent of class represented by the amount in Row (11) is based on 55,963,520 shares of Class A Common Stock of the Issuer outstanding as of February 25, 2026, as reported in the Issuer's Form 10-K, filed with the SEC on February 26, 2026.

SCHEDULE 13D

CUSIP Number(s): 75134P303

1

Name of reporting person

Yorktown XI Associates LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,979,968.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,979,968.00

11

Aggregate amount beneficially owned by each reporting person

2,979,968.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.32 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) These securities are directly held by Yorktown Energy Partners XI, L.P. Yorktown XI Company LP is the sole general partner of Yorktown Energy Partners XI, L.P. and Yorktown XI Associates LLC is the sole general partner of Yorktown XI Company LP. As a result, Yorktown XI Associates LLC may be deemed to have the power to vote or direct the vote or to dispose or direct the disposition of the shares owned by Yorktown Energy Partners XI, L.P. Yorktown XI Company LP and Yorktown XI Associates LLC disclaim beneficial ownership of the securities owned by Yorktown Energy Partners XI, L.P. in excess of their pecuniary interests therein. (2) The percent of class represented by the amount in Row (11) is based on 55,963,520 shares of Class A Common Stock of the Issuer outstanding as of February 25, 2026, as reported in the Issuer's Form 10-K, filed with the SEC on February 26, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.01 per share
(b)	Name of Issuer: Ramaco Resources, Inc.
(c)	Address of Issuer's Principal Executive Offices: 250 West Main Street, Suite 1900, Lexington, KENTUCKY , 40507.
Item 1 Comment: This Amendment No. 4 amends the Schedule 13D with respect to the shares of Class A Common Stock, of the Issuer, previously filed by Yorktown Energy Partners XI, L.P., a Delaware limited partnership Yorktown XI Company LP, a Delaware limited partnership, and Yorktown XI Associates LLC, a Delaware limited liability company (together, the "Reporting Persons") with the SEC on February 21, 2017, as amended by Amendment No. 1 thereto filed with the SEC on November 21, 2023, as further amended by Amendment No, 2, filed with the SEC on March 31, 2025, as further amended by Amendment No. 3, filed with the SEC on August 11, 2025 (the "Schedule 13D"). Capitalized terms used herein without definition shall have the meanings given to such terms in the Schedule 13D. This Amendment No. 4 amends the Schedule 13D as specifically set forth herein.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated in its entirety by the following: As of March 27, 2026, each of the Reporting Persons beneficially owns 2,979,968 shares of Class A Common Stock of the Issuer, representing 5.32% of the issued and outstanding shares of Class A Common Stock of the Issuer (based on 55,963,520 shares of Class A Common Stock of the Issuer outstanding as of February 25, 2026, as reported in the Issuer's Form 10-K, filed with the SEC on February 26, 2026). Each Reporting Person disclaims beneficial ownership of the reported Class A Common Stock except to the extent of such Reporting Person's pecuniary interest therein, and this statement shall not be deemed an admission that such Reporting Person is the beneficial owner of the reported Class A Common Stock for the purposes of Section 13(d) of the Exchange Act or any other purpose.
(b)	Item 5(b) is hereby amended and restated in its entirety by the following: As of March 27, 2026, Yorktown Energy Partners XI, L.P. directly owns 2,979,968 shares of Class A Common Stock of the Issuer. Yorktown XI Company LP is the sole general partner of Yorktown Energy Partners XI, L.P. Yorktown XI Associates LLC is the sole general partner of Yorktown XI Company LP. Yorktown XI Associates LLC has the sole power to cause Yorktown XI Company LP to cause Yorktown Energy Partners XI, L.P. to vote or direct the vote or to dispose or direct the disposition of the shares owned by Yorktown Energy Partners XI, L.P.
(c)	Item 5(c) is hereby amended and restated in its entirety by the following: From March 5, 2026 through March 27, 2026, Yorktown Equity Partners XI, L.P. sold 806,929 shares of Class A Common Stock of the Issuer in a series of open market sales. Except as disclosed in the table below, there have been no transactions in the shares of Class A Common Stock by the Reporting Persons in the last 60 days: Date of Sale Number of Shares Weighted Average Price Per Share March 5, 2026 8,115 $15.1791(1) March 17, 2026 80,683 $14.2172(2) March 18, 2026 80,683 $13.7665(3) March 19, 2026 161,366 $14.4059(4) March 20, 2026 80,683 $13.4811(5) March 23, 2026 80,683 $13.5327(6) March 24, 2026 80,683 $14.0004 (7) March 25, 2026 80,683 $14.0605 (8) March 26, 2026 80,683 $13.6721 (9) March 27, 2026 72,567 $15.3076(10) 1. This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $15.00 to $15.60, inclusive. The Reporting Persons undertake to provide to the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2), (3), (4), (5), (6), (7) , (8), (9), and (10) herein. 2. This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $13.905 to $14.4225, inclusive. 3. This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $13.585 to $14.10, inclusive. 4. This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $12.7075 to $15.077, inclusive. 5. This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $13.10 to $14.0977, inclusive. 6. This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $13.20 to $13.85, inclusive. 7. This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $13.31 to $14.5711, inclusive. 8. This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $13.80 to $14.35, inclusive. 9. This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $13.335 to $14.04, inclusive. 10. This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $13.97 to $15.7783, inclusive.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Yorktown Energy Partners XI, L.P.

Signature:	/s/ Bryan H Lawrence
Name/Title:	Managing Member of the general partner of the general partner
Date:	03/31/2026

Yorktown XI Co LP

Signature:	/s/ Bryan H Lawrence
Name/Title:	Managing Member of the general partner
Date:	03/31/2026

Yorktown XI Associates LLC

Signature:	/s/ Bryan H Lawrence
Name/Title:	Managing Member of the general partner
Date:	03/31/2026

FAQ

How many Ramaco Resources (METC) shares do the Yorktown reporting persons now own?

The reporting persons now beneficially own 2,979,968 shares of Ramaco Resources Class A Common Stock. This represents 5.32% of the company’s outstanding Class A shares, based on 55,963,520 shares outstanding as of February 25, 2026, per Ramaco’s Form 10-K.

What percentage of Ramaco Resources (METC) does Yorktown’s group currently hold?

Yorktown’s reporting group holds 5.32% of Ramaco Resources’ Class A Common Stock. This percentage is calculated using 55,963,520 Class A shares outstanding as of February 25, 2026, as disclosed in Ramaco’s Form 10-K filed on February 26, 2026.

How many Ramaco Resources (METC) shares did Yorktown sell in March 2026?

From March 5 through March 27, 2026, Yorktown Equity Partners XI, L.P. sold 806,929 shares of Ramaco Resources Class A Common Stock. These were executed as a series of open market transactions, each day reported with a specific number of shares and weighted average sale price.

What price levels did Yorktown receive for Ramaco Resources (METC) share sales?

The filing lists weighted average sale prices per day, generally in the low-to-mid teens per share. For example, weighted averages include $15.1791 on March 5, 2026 and $13.4811 on March 20, 2026, with detailed intraday price ranges provided in footnotes.

Which Yorktown entity directly holds Ramaco Resources (METC) shares after this amendment?

Yorktown Energy Partners XI, L.P. directly owns 2,979,968 Ramaco Resources Class A shares. Yorktown XI Company LP is its sole general partner, and Yorktown XI Associates LLC is the sole general partner of Yorktown XI Company LP, with each higher-tier entity disclaiming beneficial ownership beyond pecuniary interests.

Why did Yorktown file Amendment No. 4 to its Schedule 13D for Ramaco Resources (METC)?

Amendment No. 4 updates the disclosure of Yorktown’s beneficial ownership and recent transactions in Ramaco shares. It restates Item 5 to reflect current holdings of 2,979,968 shares, the 5.32% ownership calculation, and the detailed March 2026 open market sale activity.