What changed in this filing

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Item 2. Properties

2026-02-13 compared with 2025-02-14 · 29 added, 37 removed, 84 unchanged (44% of the section changed)

17 unchanged sentences

The following map shows the approximate locations of our permitted quarry properties as of December 31, 2025:

California and Utah are the only states/provinces that individually comprise more than 10% of our total mining operations.

California and Kentucky are the only states/provinces that individually comprise more than 10% of our total mining operations.

The following tables present information about our quarry properties as of December 31, 2025 (tons in millions):

2 unchanged sentences

California 34 526.4 435.0 61 % 39 % 10,918

Utah 10 111.9 36.7 67 % 33 % 1,497

Kentucky 1 — 407.3 100 % — % 626

All other states/provinces 81 338.5 373.6 48 % 52 % 20,253

4 unchanged sentences

The life cycle of mining sand, gravel and hard rock begins with exploration and continues through development and production.

After a sand, gravel and hard rock deposit has been identified through exploration, the mine is developed

before production begins.

After a sand, gravel and hard rock deposit has been identified through exploration, the mine is developed before production begins.

The following table presents the number of properties in each respective stage as of December 31, 2025 for all mining properties:

1 unchanged sentence

California 5 4 25

Kentucky — — 1

All other states/provinces 10 11 60

7 unchanged sentences

As of December 31, 2025, our qualified persons estimated our measured, indicated and inferred resources to be approximately 697.7 million tons.

As of December 31, 2024, California and Utah were the only individual states/provinces that comprised more than 10% of our total mining operations.

The Wine Group, Aerojet North White Rock and Coalinga Section 30 were the only mines that comprised 10% or more of our combined measured and indicated mineral resources for sand and gravel and the Euer Ranch and Bamberton Quarry were the only mines that comprised 10% or more of our combined measured and indicated mineral resources for hard rock.

As of December 31, 2025, California and Kentucky were the only individual states/provinces that comprised more than 10% of our total mining operations.

The Wine Group, Aerojet North White Rock, Coalinga Section 30 and Avenal were the only mines that comprised 10% or more of our combined measured and indicated mineral resources for sand and gravel and the Euer Ranch, Bamberton Quarry and Slats Lucas were the only mines that comprised 10% or more of our combined measured and indicated mineral resources for hard rock.

The following table presents information about our mineral resources at December 31, 2025 (tons in millions):

5 unchanged sentences

Coalinga Section 30 — — 18.0 Sand and Gravel 18.0 Sand and Gravel — —

Avenal 16.8 Sand and Gravel — — 16.8 Sand and Gravel — —

All other California 15.3 Sand and Gravel 1.6 Sand and Gravel 16.9 Sand and Gravel — —

Total California 47.4 — 71.0 — 118.4 — — —

Total California 64.1 Sand and Gravel 71.0 Sand and Gravel 135.1 Sand and Gravel — —

All other states/provinces 13.0 Sand and Gravel 11.3 Sand and Gravel 24.3 Sand and Gravel 17.1 Sand and Gravel

Total 60.0 — 79.6 — 139.6 — 0.7 —

Total 77.1 Sand and Gravel 82.3 Sand and Gravel 159.4 Sand and Gravel 17.1 Sand and Gravel

Euer Ranch 218.1 Hard Rock — — 218.1 Hard Rock — —

All other California 11.6 Hard Rock — — 11.6 Hard Rock — —

Total California 228.0 — — — 228.0 — — —

Utah 9.6 Hard Rock — — 9.6 Hard Rock — —

Bamberton Quarry (Canada) 42.4 Hard Rock 2.3 Hard Rock 44.7 Hard Rock 39.3 Hard Rock

All other states/provinces — — — — — — 33.0 Hard Rock

Total 280.0 — 2.3 — 282.3 — 72.3 —

Grand Total 340.0 — 81.9 — 421.9 — 73.0 —

Total California 229.7 Hard Rock — — 229.7 Hard Rock — —

Slats Lucas (Kentucky) 45.3 Hard Rock — — 45.3 Hard Rock 75.7 Hard Rock

Bamberton Quarry (British Columbia) 42.4 Hard Rock 2.3 Hard Rock 44.7 Hard Rock 39.3 Hard Rock

All other states/provinces 53.4 Hard Rock — — 53.4 Hard Rock 33.0 Hard Rock

Total 370.8 Hard Rock 2.3 Hard Rock 373.1 Hard Rock 148.0 Hard Rock

Grand Total 447.9 Hard Rock 84.6 Hard Rock 532.5 Hard Rock 165.1 Hard Rock

(1) The grade of product produced is contingent on market needs.

11 unchanged sentences

Waste factors for proven and probable reserves range up to 44% depending on the deposit type, market characteristics and extraction feasibility.

As of December 31, 2024, California and Utah were the only individual states/provinces that comprised more than 10% of our total mining operations, Coalinga, Solari and Grantsville were the only mines that comprised 10% or more of our mineral reserves for sand and gravel and Handley Quarry, Lockwood Mustang and Bamberton Quarry were the only mines that comprised 10% or more of our mineral reserves for hard rock.

As of December 31, 2025, California and Kentucky were the only individual states/provinces that comprised more than 10% of our total mining operations, Coalinga, Solari and Grantsville were the only mines that comprised 10% or more of our mineral reserves for sand and gravel and Handley Quarry and Slats Lucas were the only mines that comprised 10% or more of our mineral reserves for hard rock.

The following table presents information about mineral reserves at December 31, 2025 (tons in millions):

5 unchanged sentences

All other California 154.7 Sand and Gravel 8.6 Sand and Gravel 163.3 Sand and Gravel

Total California 370.0 — 17.0 — 387.0 —

Grantsville 99.0 Sand and Gravel — — 99.0 Sand and Gravel

All other Utah 12.8 Sand and Gravel 0.1 Sand and Gravel 12.9 Sand and Gravel

Total Utah 111.8 — 0.1 — 111.9 —

Total California 374.5 Sand and Gravel 16.8 Sand and Gravel 391.3 Sand and Gravel

Grantsville (Utah) 99.0 Sand and Gravel — — 99.0 Sand and Gravel

All other states/provinces 142.2 Sand and Gravel 55.9 Sand and Gravel 198.1 Sand and Gravel

Total 612.4 — 73.2 — 685.6 —

Total 615.7 Sand and Gravel 72.7 Sand and Gravel 688.4 Sand and Gravel

Handley Quarry 143.7 Hard Rock — — 143.7 Hard Rock

All other California 61.6 Hard Rock — — 61.6 Hard Rock

Total California 202.2 — — — 202.2 —

Utah 27.1 Hard Rock — — 27.1 Hard Rock

Lockwood Mustang (Nevada) 17.7 Hard Rock 32.0 Hard Rock 49.7 Hard Rock

Bamberton Quarry (Canada) 39.8 Hard Rock — — 39.8 Hard Rock

Total California 205.3 Hard Rock — — 205.3 Hard Rock

Slats Lucas (Kentucky) 214.0 Hard Rock 72.3 Hard Rock 286.3 Hard Rock

All other states/provinces 134.9 Hard Rock 68.3 Hard Rock 203.2 Hard Rock

Total 307.4 — 64.4 — 371.8 —

Grand Total 919.8 — 137.6 — 1,057.4 —

Total 554.2 Hard Rock 140.6 Hard Rock 694.8 Hard Rock

Grand Total 1,169.9 Hard Rock 213.3 Hard Rock 1,383.2 Hard Rock

(1) The grade of product produced is contingent on market needs.

7 unchanged sentences

Plant Properties

We operate plants at our quarry sites to process aggregates into construction materials.

Some of our sites may have more than one crushing, concrete or asphalt processing plant.

The following table presents the number of plants we owned and leased as of the respective dates:

December 31, 2024 2023

Aggregate crushing plants 40 35

Asphalt concrete plants(1) 59 59

Cement concrete batch plants 10 6

Asphalt rubber plants 4 4

Lime slurry plants 6 6

(1) Three of our asphalt concrete plants were operated under lease agreements for the years ended December 31, 2024 and 2023.

These plants are used by both of our reportable segments.

We operate plants at our quarry sites and deploy portable processing plants at certain construction projects sites to process aggregates into construction materials.

We own aggregate crushing plants, cement concrete batch plants, asphalt rubber plants, and lime slurry plants.

We also own and lease asphalt concrete plants.

These plants are used by both of our reportable segments and are located primarily within the United States.

Other Properties

We own and lease office and shop spaces that are used by both of our reportable segments and located primarily within the United States.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties