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                             February 17, 2023

       Randall W. Atkins
       Chairman and Chief Executive Officer
       Ramaco Resources, Inc.
       250 West Main Street, Suite 1900
       Lexington, Kentucky 40507

                                                        Re: Ramaco Resources,
Inc.
                                                            Amendment No. 3 to
Registration Statement on Form S-1
                                                            Filed February 3,
2023
                                                            File No. 333-267152

       Dear Randall W. Atkins:

             We have reviewed your amended registration statement and have the
following
       comments. In some of our comments, we may ask you to provide us with
information so we
       may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Amendment No. 3 to Registration Statement on Form S-1

       Estimated Cash Available for Dividends for the Quarters Ending June 30,
2023, September 30,
       2023 and December 31, 2023.
       Assumptions and Considerations, page 43

   1.                                                   We note your assumption
that you anticipate CORE will receive an increase in royalty
                                                        payments of
approximately $7.9 million, or 69%, to $19.3 million for the year ending
                                                        December 31, 2023
compared to the $11.4 million in the year ended December 31, 2022,
                                                        based on existing sale
contracts and the current forward market prices for coal similar in
                                                        quality to yours.
Please provide more details regarding your existing sale contracts and
                                                        current forward market
prices for coal and expand your discussion regarding the basis for
                                                        your projected increase
in royalty payments in 2023. For any assumption related to future
                                                        sales where you do not
currently have existing agreements in place, please make that clear
 Randall W. Atkins
Ramaco Resources, Inc.
February 17, 2023
Page 2
      and disclose the limitations on your ability to pay dividends.
General

2.    We note that you incorporate information by reference into your
registration statement.
      However, it appears that you are ineligible to incorporate by reference
because you have
      not yet filed an annual report required under Section 13(a) or Section
15(d) of the
      Exchange Act for your most recently completed fiscal year ended December
31,
      2022. See General Instruction VII.C to Form S-1. Please amend the
registration
      statement to include all of the disclosure required by Form S-1, or, in
the alternative, file
      your Form 10-K for the fiscal year ended December 31, 2022, and update
this section
      accordingly.
        You may contact Robert Babula, Staff Accountant, at 202-551-3339 or Gus
Rodriguez, Staff Accountant, at 202-551-3752 if you have questions regarding
comments on the
financial statements and related matters. You may contact Ken Schuler, Mining
Engineer, at 202-
551-3718 if you have questions regarding engineering comments. Please contact
Irene
Barberena-Meissner, Staff Attorney, at 202-551-6548 or Loan Lauren Nguyen, at
202-551-3642
with any other questions



                                                             Sincerely,
FirstName LastNameRandall W. Atkins
                                                             Division of
Corporation Finance
Comapany NameRamaco Resources, Inc.
                                                             Office of Energy &
Transportation
February 17, 2023 Page 2
cc:       Matthew R. Pacey, P.C.
FirstName LastName