New York, September 28th / PRNewswire / -- Ramaco Resources, Inc. (Nasdaq codes: METC, METCB) ("Ramaco" or "the Company") announced today that a federal jury has ruled in its insurance coverage lawsuit against Federal Insurance Company and ACE American Insurance Company to award $30 million in compensation to the Company's subsidiaries Ramaco Resources and LLC ("Ramaco LLC"). Both of the aforementioned companies are subsidiaries of Chubb Insurance (collectively referred to as "Chubb"). The trial took place at the Charleston Division of the United States District Court for the Southern District of West Virginia.
The lawsuit stemmed from the defendant's refusal to process an insurance claim filed by Ramaco LLC in November 2018, following a partial structural failure of a raw coal storage silo at the company's Elk Creek coal preparation plant. Ramaco LLC filed a lawsuit in August 2019, seeking the court to declare the silo collapse as a covered event and requesting compensation in accordance with the applicable insurance policy.
After a retrial of the damages claim on September 25, 2026, the jury determined, based on the principle of preponderance of the evidence, that the following compensation should be awarded to Ramaco LLC:
- Damage compensation of $2.5 million due to exacerbation and inconvenience;
- Compensation for net economic losses amounts to 27.5 million US dollars.
On September 25, 2026, the court rendered a judgment in favor of Ramaco LLC and against the defendant Chubb in accordance with the jury's verdict. The jury's decision resolved two of the three elements of damages in this case. The remaining element—legal fees—was not determined by the jury and will be decided by the court.
The defendant may file a post-trial motion within 28 days after the registration of the judgment, and may submit an appeal notice within 30 days from the date of registration of the final judgment.
Ramaco Resources Chairman and CEO Randall Atkins stated: "The company thanks the jury for their careful consideration of the facts and for making a fair ruling that recognizes the damages we suffered due to the incorrect delay by the insurance company in processing our legitimate insurance claims filed in 2019."
For more information, please refer to the company's current 8-K report submitted today.
About Ramaco Resources
Ramaco Resources, Inc is a company that operates and develops high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, while also exploring coal, rare earths, and other key mineral projects in Wyoming. The company's headquarters are located in Lexington, Kentucky, with operational offices in Charleston, West Virginia, and Sheridan, Wyoming. Currently, the company has four operational metallurgical coal mining complexes in the Central Appalachia region and owns a coal mine near Sheridan, Wyoming, as well as assets in the exploration phase for rare earth elements and other key minerals ("Brook Mine"). Brook Mine is still in the exploration stage; there is no guarantee that it can be successfully developed into a commercial-scale mine, nor is there any assurance that the estimated mineral resources will ultimately be converted into more reliably quantifiable mineral reserves. Adjacent to Brook Mine, the company operates a carbon research facility to study the potential for producing advanced carbon products and materials using coal. In connection with these activities, the company holds over 70 intellectual property patents, pending applications, exclusive licensing agreements, and multiple trademarks. For news and more information about Ramaco Resources, including documents submitted to the U.S. Securities and Exchange Commission, please visit https:// www.ramacoresources.com. Contact information for investor relations: (859) 244-7455, or [email protected].
Contact persons: George Cpin, Ramaco Resources, [ email protected ]
Warning Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding pending post-trial motions and potential appeal outcomes, the determination of attorney fees, the collection of awarded damages, and the company’s financial guidance and prospects. These forward-looking statements reflect Ramaco Resources’s judgments or beliefs about future events and expected results, which may not materialize. Such forward-looking statements are subject to various risks, uncertainties, and other factors, many of which are beyond Ramaco Resources’s control and could lead to significant differences between actual results and those stated in the forward-looking statements. These factors include, but are not limited to: jury verdicts possibly being reduced or overturned in post-trial motions or appeals, the defendant’s ability to comply with the judgment, the outcome of any appeal proceedings, and court rulings regarding attorney fees. Any forward-looking statements are as of the date they are made, and unless required by law, Ramaco Resources assumes no obligation to update or revise any forward-looking statements due to new information, future events, or other reasons. When considering these forward-looking statements, you should also refer to the risk factors and other cautionary statements listed in the documents submitted by Ramaco Resources to the U.S. Securities and Exchange Commission (“SEC”), including its 10-K annual reports and 10-Q quarterly reports. The risk factors and other factors mentioned in SEC’s documents could lead to significant differences between actual results and the content of any forward-looking statements.
