What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-03-04 compared with 2025-03-05 · 39 added, 41 removed, 599 unchanged (12% of the section changed)

Coal Mining Segment - Operations

Utility Coal Mining Segment - Operations

NACCO-owned Properties

48 unchanged sentences

All production from the mine is delivered to MLMC's customer's Red Hills Power Plant.

During 2023, MLMC received notice from its customer related to a boiler issue at the Red Hills Power Plant that began on December 15, 2023.

While this issue has been resolved, it resulted in a reduction in customer demand which had a significant impact on our 2024 results of operations.

The Red Hills Mine, operated by MLMC, is located approximately 120 miles northeast of Jackson, Mississippi (Figure 2.1).

29 unchanged sentences

The mining operation is comprised of four major equipment fleets.

Primary removal of burden is achieved with one 82-cubic yard electric-powered dragline, four large track-type push dozers, and a truck and shovel fleet utilizing a 41-cubic yard electric rope shovel.

Primary removal of burden is achieved with one 82-cubic yard electric-powered

dragline, four large track-type push dozers, and a truck and shovel fleet utilizing a 41-cubic yard electric rope shovel.

Lignite is mined using a surface miner or a hydraulic backhoe to load a fleet of end dump haul trucks, and is directly shipped to the RHPP or the lignite stockpile.

13 unchanged sentences

Figure 2.1 – Red Hills Mine Location

Mineral Resources and Reserves have been summarized from the December 31, 2024 TRS for MLMC.

Mineral Resources and Reserves have been summarized from the December 31, 2024 TRS for MLMC and have been modified from mining depletion.

The Mineral Resources and Mineral Reserves as of December 31, 2025 are included as Table 2.2 and Table 2.3.

33 unchanged sentences

100 5,200 45.5 12.0 0.5

– Mineral Resources estimates have been prepared by a qualified person employed by NACCO Natural Resources as of December 31, 2024.

– Mineral Resources estimates have been prepared by a qualified person (QP) employed by NACCO Natural Resources.

– Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability and there is no certainty that all or any part of such Mineral Resources will be converted into Mineral Reserves.

14 unchanged sentences

Mississippi Lignite Mining Company Total 20,300 5,110 43.3 14.9 0.6

– Mineral Reserves Estimates have been prepared by a qualified person employed by MLMC as of December 31, 2024.

– Mineral Reserves Estimates have been prepared by a QP employed by MLMC.

– Mineral Reserves have been demonstrated to be economic based on a positive cash flow

18 unchanged sentences

Reserve Classification December 31, 2024 Tonnage (Kt)

December 31, 2024 Tonnage (Kt)

Percent Change

December 31, 2025 Tonnage (Kt) Percent Change

Proven 18,200 15,700 (14)%

2 unchanged sentences

Net difference of reported Mineral Resources and Mineral Reserves from previous reporting period to current reporting period.

The Mineral Resources and Mineral Reserves as of December 31, 2024 reflect modifications from mining extraction of Mineral Reserves, acquisition of additional leased tracts which increased Mineral Reserves and an update to the resource model which allowed conversion of portions of Mineral Resources to Mineral Reserves.

The update to the resource model added 31 quality

core holes and 10 structural drill holes to the resource model.

Mining extraction is occurring solely in Mine Area 3.

The Mineral Resources and Mineral Reserves as of December 31, 2025 reflect modifications from mining extraction of Mineral Reserves.

No updates to Mineral Resources were made for 2025.

Additionally, MLMC delivered 2.7 million tons during 2025.

39 unchanged sentences

Instead, these contracts are accounted for as equity method investments.

The income before income taxes associated with these VIEs is reported as Earnings of unconsolidated operations on the Consolidated Statements of Operations, and our investment is reported on the line Investments in unconsolidated subsidiaries in the Consolidated Balance Sheets.

The income before income taxes

associated with these VIEs is reported as Earnings of unconsolidated operations on the Consolidated Statements of Operations, and our investment is reported on the line Investments in unconsolidated subsidiaries in the Consolidated Balance Sheets.

The Freedom Mine, operated by Coteau, generally produces between 11.0 million and 13.0 million tons of lignite coal annually.

53 unchanged sentences

Coal Creek Station was owned by GRE until May 1, 2022 when it was purchased by Rainbow Energy.

The initial production period is expected to run through May 1,

2032, but the coal sales agreement may be extended or terminated early under certain circumstances.

The initial production period is expected to run through May 1, 2032, but the coal sales agreement may be extended or terminated early under certain circumstances.

In 2014, Falkirk began delivering coal to Spiritwood Station, another electric power generating station owned by GRE.

114 unchanged sentences

SWEPCO is an American Electric Power (AEP) company.

As a result of the early retirement of the Pirkey Plant, Sabine ceased deliveries in the first quarter of 2023 and commenced final reclamation on April 1, 2023.

As a result of the early retirement of the Pirkey Plant, Sabine ceased deliveries and commenced final reclamation on April 1, 2023.

Funding for mine reclamation is the responsibility of SWEPCO, and Sabine receives compensation for providing mine reclamation services.

Sabine will provide mine reclamation services through September 30,

As of October 1, 2026, SWEPCO has an obligation to acquire all of the capital stock of Sabine and complete the remaining mine reclamation.

As of October 1, 2026, SWEPCO is obligated to acquire all of the capital stock of Sabine and complete the remaining

mine reclamation.

5.0 Facilities and Equipment

12 unchanged sentences

Red Hills Mine — Mississippi Lignite Mining Company Dragline operation with 1 dragline $ 54.4

NAMining Segment - Operations

NAMining provides contract mining services for independently owned mines and quarries, primarily operating and maintaining draglines at limestone quarries and utilizing other mining equipment at sand and gravel quarries.

At December 31, 2024, NAMining operated 31 draglines and other equipment at 23 quarries.

Contract Mining Segment - Operations

Contract Mining provides contract mining services for independently owned mines and quarries, primarily operating and maintaining draglines at limestone quarries and utilizing other mining equipment at sand and gravel quarries.

At December 31, 2025, Contract Mining operated 34 draglines and other equipment at 23 quarries.

Of the 34 draglines, 8 are owned by us and 26 are owned by customers.

At December 31, 2024, NAMining had $72.7 million in property, plant and equipment, net of applicable accumulated amortization, depreciation and impairment.

At December 31, 2025, Contract Mining had $96.5 million in property, plant and equipment, net of applicable accumulated amortization, depreciation and impairment.

The mining process at the limestone mines involves excavating limestone from a water-filled quarry utilizing draglines.

The excavated limestone is transported and processed by the customer.

The following mines were operational during 2024:

The following locations were operational during 2025:

Location Name Aggregate Location State Customer Year NACCO Started Operations

16 unchanged sentences

SDI Aggregates Limestone Florida City FL Martin Marietta 2018

Queenfield Sand and gravel King William County VA Holcim Group

Newberry Limestone Alachua County FL Summit Materials/Quikrete 2019

1 unchanged sentence

Little River Sand and gravel Ashdown AR Heidelberg Materials

Rosser Sand and gravel Ennis TX Heidelberg Materials

Sand and gravel Ennis TX Heidelberg Materials

Brooksville Cement Plant Limestone Brooksville FL Cemex 2021

Ash Grove Limestone Louisville NE Ash Grove, A CRH Company

Mineral Development, LLC

(a) The MDL quarry was idled during 2024.

NAMining mined de minimis amounts at this location during 2024.

NAMining's customers control all of the limestone and sand reserves within their respective mines.

NAMining has no title, claim, lease or option to acquire any of the reserves at any of the mines where it provides services.

Fort Myers Quarry

Sand and gravel Ft.

Martin Marietta 2025

19th Ave Quarry

Sand and gravel Phoenix

(a) The Contract Mining segment ceased operating at the Rosser location during 2025.

The Contract Mining segment mined 0.3 million and 1.2 million tons of sand and gravel at the Rosser location during 2025 and 2024, respectively.

Contract Mining's customers control all of the limestone and sand reserves within their respective mines.

Contract Mining has no title, claim, lease or option to acquire any of the reserves at any of the mines where it provides services.

Access to the White Rock mine is by means of a paved road from 122nd Avenue.

14 unchanged sentences

Access to the SDI Aggregates mine is by means of paved road from SW 167 th AVE.

Access to the Queenfield Mine is by means of paved road from Dabney's Mill Road (SR 604).

Access to the Newberry mine is by means of paved road from NW County Road 235 (CR 235).

1 unchanged sentence

Access to the Little River mine is by means of an unpaved road from Little River 60.

Access to the Rosser mine is by means of a paved road from TX-34 S.

Access to Brooksville Cement plant is by means of a paved road from Cement Plant Road.

Access to Ash Grove Louisville Quarry is by means of a paved road from HWY 50.

Access to MDL Quarry is by means of Noralyn Mine Road.

Minerals Management - Operations

Access to the Fort Myers Quarry is by means of a paved road from Alico Road.

Access to the 19 th Ave Quarry is by means of paved road from 27 th Ave.

Minerals and Royalties - Operations

As an owner of royalty and mineral interests, our access to information concerning activity and operations of our royalty and mineral interests is limited.

94 unchanged sentences

All of our reserves are located in the United States.

Net reserves as of December 31, 2024 Net reserves as of December 31, 2023

Net reserves as of December 31, 2025

Net reserves as of December 31, 2024

Oil (bbl) (1)

20 unchanged sentences

• Verification of property ownership by our land department.

The Minerals Management Segment’s Vice President of Engineering and Finance is the technical person primarily responsible for overseeing the preparation of the internal reserve estimates and for coordinating with Haas & Cobb in the preparation of the third-party reserve report.

The Minerals and Royalties Segment’s Vice President of Engineering and Finance is the technical person primarily responsible for overseeing the preparation of the internal reserve estimates and for coordinating with Haas & Cobb in the preparation of the third-party reserve report.

The Vice President of Engineering and Finance has over 15 years of industry experience with positions of increasing responsibility and reports directly to the President of Catapult Mineral Partners, our business unit focused on managing and expanding our portfolio of oil and gas mineral and royalty interests.

20 unchanged sentences

December 31, 2024 74,400 30,280 135,830

Purchases 2,208 38 5,237

Extensions and discoveries 54,481 7,547 172,125

(3,322) (1,914) (10,017)

Revisions of previous estimates (3)

8 unchanged sentences

As of December 31, 2025, PUD reserves consists of 126 wells in various stages of drilling or completions.

As of December 31, 2024, less than 1% of our total proved reserves were classified as PUDs.

As of December 31, 2025, approximately 2% of our total proved reserves were classified as PUDs.

Headquarter locations

NACCO leases office space in Highland Hills, Ohio, a suburb of Cleveland, Ohio, which serves as our corporate headquarters.

Coal Mining and Minerals Management lease corporate headquarters office space in Plano, Texas.

NAMining leases office and warehouse space in Medley, Florida.

Utility Coal Mining and Minerals and Royalties lease corporate headquarters office space in Plano, Texas.

Contract Mining leases office and warehouse space in Medley, Florida.

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