Ramaco Resources, Inc. Announces Litigation Verdict and Jury Prize of $ 32.7 Million

LEXINGTON, Ky., July 19, 2021 / PRNewswire / – Enabled July 15th and on 16 2021, Ramaco Resources, Inc. (NASDAQ: METC) (the “Company” or “Ramaco Resources”) won and was awarded a prize of approximately $ 32.7 million jury verdict in its lawsuit against insurance companies indirectly owned by Chubb INA Holdings, Inc. (“Chubb”). The claim was argued in United States District Court of the Southern District of West Virginia (the “southern district of West VirginiaIt arises from Chubb’s refusal to provide coverage for damages suffered by the Company as a result of the collapse of a coal storage silo, which occurred at the Company’s plant. Elk Creek coal complex West Virginia to November 5, 2018.

Based on the denial of this coverage, the Company filed a lawsuit against Chubb in August 2019, which was eventually heard in Federal Court for the Southern District of West Virginia. At July 15, 2021, the jury returned a verdict in favor of the Company for $ 7,653,057 in damages and on July 16, 2021, granted an additional allocation of $ 25,000,000 for inconvenience and aggravation. The Company will seek to recover in addition its legal fees and expenses. This verdict is not final and may be the subject of post-trial motions or appeals.

About Ramaco Resources, Inc.

Ramaco Resources, Inc. is an operator and developer of high quality, low cost metallurgical coal in the south West Virginia, South West Virginia and southwest Pennsylvania. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia. The Company currently has five active mines in two mining complexes.

News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, is available at http://www.ramacoresources.com. For more information, contact Investor Relations at (859) 244-7455.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the expectations or beliefs of Ramaco Resources regarding directions, future events, anticipated income, future demand and production levels, macroeconomic trends, current project development, costs and expectations regarding operating results, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are beyond the control of Ramaco Resources, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These factors include, but are not limited to, risks associated with the outcome of pending litigation and the possibility of future appeals. Any forward-looking statement is only valid as of the date on which it is made and, except as required by law, Ramaco Resources assumes no obligation to update or revise any forward-looking statement, whether as of following new information, future events or others. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all of these factors. When reviewing these forward-looking statements, you should keep in mind the risk factors and other cautionary statements contained in the documents filed by Ramaco Resources with the Securities and Exchange Commission (“SEC”), including its annual report on Form 10-K and its quarterly reports. on Form 10-Q. Risk factors and other factors noted in Ramaco Resources’ filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement.

SOURCE Ramaco Resources, Inc.

Related links

http://www.ramacoresources.com

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