Ramaco Resources Inc. (METC) shares gained 12.12% in after-hours on Monday, July 19, 2021, and closed at $6.20 per share. Earlier in the morning session of Monday, METC’s stock lost -2.64% to close Monday’s morning session at $5.53. METC shares have risen 142.54% over the last 12 months, and they have moved down 7.83% in the past week. Over the past three months, the stock has gained 36.54%, while over the past six months, it has shed 74.45%.

Insurance claim awarded to METC against Chubb

On July 19, 2021, Ramaco Resources Inc announced that it was prevailed and was awarded an approximately $32.7 million jury verdict in its lawsuit against insurance companies indirectly owned by Chubb INA Holdings, Inc on July 15 and 16, 2021. The claim was filed in the United States District Court for the Southern District of West Virginia. It arose from Chubb’s denial of insurance coverage of damages incurred by the Company from the collapse of a coal storage silo, which occurred at the Company’s Elk Creek coal complex in West Virginia on November 5, 2018.

Completion of Senior Unsecured Notes Offering

On July 13, 2021, Ramaco Resources, Inc closed its previously announced public offering of senior unsecured notes due 2026. Due to strong demand, the size of the Offering has been increased from the previously announced $25.0 million aggregate principal amount to $30.0 million aggregate principal number of Notes.

The Notes will mature on July 30, 2026, unless redeemed before maturity.

New VP for Metallurgical Sales

On May 18, 2021, Ramaco Resources, Inc appointed Bruce A. Hartshorn as Vice President, Metallurgical Sales of Ramaco Coal Sales, LLC.

Mr. Hartshorn has more than four decades of coal sales and marketing experience, as well as an extensive background in logistics, coal purchasing and trading, and production and development. he has spent the past four years as a consultant to companies in the U.S. metallurgical coal industry, before joining Ramaco.

Recent financial results announcement

On May 12, 2021, Ramaco Resources, Inc announced its financial results for the first quarter of 2021 which ended on March 31, 2021.

Q1 2021 financial highlights

• Ramaco Resources sales were 422,000 tons in Q1 2021 compared to 416,000 tons in Q1 2020.
• The company reported a net income of $4.1 million, or $0.10per diluted share in Q1 2021 compared to a net income of $2.0 million or $0.05 per diluted share in Q1 2020.
• Capital expenditures were $3.7 million inQ1 2021 compared to $4.2 million for the fourth quarter of 2020.
• The Company had liquidity of $19.2 million, consisting of $5.5 million of cash on hand plus $13.6 million of availability under its revolving credit facility as of March 31, 2021.

Conclusion

METC stock performed well after the company won an insurance claim against Chubb which brought more financial stability to the company. It can further surge in the coming days based on its recent developments.