RESPONSE BY WESTERN RESEARCH INSTITUTE TO MEDIA

INQUIRIES ON RECENT DEPT. OF ENERGY GRANT

Laramie, Wyoming (July 22, 2017): Donald Collins, Chief Executive

Officer of Western Research Institute (WRI) in Laramie, responded today
to recent public comments from representatives of the Powder River Basin
Resource Council (PRBRC) concerning a recent successful Department of
Energy (DOE) grant application to develop low cost carbon fiber
components from a variety of feedstock, including coal.

WRI is the lead organizer of a consortium consisting of national

laboratory, university, mining and manufacturing members for which WRI
submitted the grant and will coordinate its implementation. This was a
strong team effort by all. WRI is a multi-million dollar, not for profit,
research organization known for work in advanced energy systems and
related technologies with over three decades of correctly using and
managing Federal research and development funds with combined value
exceeding $100 million.

Collins commented;
The recent statements by the PRBRC completely mischaracterize and
misconstrue the Ramaco Carbon (Ramaco) press release made on July 20
related to the DOE grant. Ramaco was clear that they along with research
and strategic partners were selected by DOE, and that WRI is leading the
consortium.

The overall DOE grant consists of the cash amount, which the DOE
contributes, as well as the cost share in the research, which each party to the
grant contributes. The DOE portion which was reported in the DOE release
is approximately $3.8 million in cash funding. As the lead organizer of the
grant we budget that the eight participating groups, including Ramaco, will
cumulatively contribute an equal or greater amount along with the DOE,
such that the figure of $7 million used in the release is appropriate.

Ramaco, as with all of the other research parties, will benefit from the
grant and the ability to collaborate with the other members in developing
new technologies. In Ramacos case, these technologies are to the oily
compounds available in coal.

In particular,the overarching strategy being pursued jointly by

Ramaco and WRI, has been to work in parallel to develop all the
important elements, as soon as possible, in order to reduce time and
cost. These consist of the Brook Mine coal, the integrated industry
park (iPark) and the research and technological center (iCAM).

A key objective has always been to start now to build the

research with our technology teams and jump start work to produce
results that can be commercially deployed when the iCAM and iPark
are physically ready for occupancy.

It was also always envisioned that R&D work would be started

at our research partners existing facilities prior to the iPark and iCAM
being ready and that Ramaco will use their existing facilities in
Sheridan prior to any new facilities being approved through the
appropriate permit processes.

The libelous comment made by PRBRC that suggest that

Ramaco, and by association WRI, intends to fraudulently pocket DOE
grant funds on a project, which WRI will oversee and administrate,
are inaccurate, unfair, and do not merit dignifying with a response.