LEIDEL PETER A 4

What Happened

• Peter A. Leidel, a director of Ramaco Resources, reported a series of open-market/private sales (code S) in March 2026. Across multiple trades from March 5–26, 2026 he disposed of a total of 1,820,115 shares for aggregate gross proceeds of approximately $25,413,786. Individual weighted-average prices reported by date included $15.18 (Mar 5), $14.22 (Mar 17), $13.77 (Mar 18), $14.41 (Mar 19), $13.48 (Mar 20), $13.53 (Mar 23), $14.00 (Mar 24), $14.06 (Mar 25) and $13.67 (Mar 26). Per-footnotes, trade prices across the transactions ranged roughly from $13.335 to $15.60.

Key Details

• Dates: March 5–26, 2026 (multiple sales across those dates).
• Total shares sold: 1,820,115. Total gross proceeds: ≈ $25.41 million.
• Representative weighted-average prices per reporting lines: see above (individual lines show specific share counts and weighted prices). Actual sales occurred at many prices within the ranges noted in the filing footnotes.
• Ownership/structure: Many of the securities were owned directly by Yorktown Energy Partners IX, X and XI (footnotes F11–F13). Leidel is a member/manager of the general partner entities; he disclaims beneficial ownership except for any pecuniary interest (footnote F1).
• Footnotes on pricing: Several footnotes (F2–F10) state the reported prices are weighted averages and list the price ranges used to compute those averages. The filer offers to provide transaction-level breakdowns on request.
• Timeliness: The report was filed on June 10, 2026 for transactions in March — this is later than the typical two-business-day Form 4 deadline for Section 16 insiders (filing marked late).

Context

• These were sales (S), not purchases—sales can be routine (e.g., fund/liquidity management or portfolio rebalancing) and do not necessarily indicate negative views of the company. Because many shares were held by Yorktown funds and the reporting person is an officer of the general partner, these appear to be institutional/partner-level disposals rather than a simple personal retail sale.
• For retail investors, purchases by insiders generally carry clearer bullish signals than sales; here the filing documents substantial disposals but does not, by itself, reveal motivation.