45 unchanged sentences
We, or our wholly owned subsidiaries, are the sole operators of our mines.
−Removed: We have active properties in all stages of operation (exploration, development and production).
+Added: We have a total of 68 mining properties in all stages of operation (exploration, development and production), with 3 mining properties in California, 37 mining properties in Georgia, 3 mining properties in Illinois, 23 mining properties in Mississippi, 1 mining property in Nevada, and 1 mining property in Tennessee.
Our properties in production, located in Mississippi, Georgia, California and Illinois, collectively produced approximately 781 thousand and 793 thousand tons of finished product in fiscal years 2025, and 2024, respectively.
1 unchanged sentence
In addition, we own approximately one acre of land in Laval, Quebec, Canada, which is the site of the processing, packaging and distribution facility for our Canadian subsidiary.
−Removed: While we have reserves in Nevada and Tennessee, we are not actively mining these properties.
+Added: While we have reserves at our mining properties in Nevada and Tennessee, we are not actively mining these properties.
Our mining operations are conducted on both owned and leased land.
19 unchanged sentences
As a result, we are only required to disclose summary information related to our mineral reserves.
−Removed: Our summary of mineral reserves as of July 31, 2024, have been prepared and certified by a certified professional geologist who qualifies as a "qualified person" as such term is defined in Item 1300 of Regulation S-K.
+Added: Our summary of mineral reserves as of July 31, 2025, have been prepared and certified by an employee of the Company who is a certified professional geologist who qualifies as a "qualified person" as such term is defined in Item 1300 of Regulation S-K.
+Added: The reference point for our mineral reserves is in-situ, or in-place, material.
Item 1303 of Regulation S-K requires the disclosure of mineral resources;
however, we have no mineral resource estimates as all mineral accumulations of economic interest and with reasonable prospects for eventual economic extraction are either currently on production or subject to an economically viable future development plan and are classified as mineral reserves.
+Added: Item 1303 of Regulation S-K also requires the disclosure of the grades/qualities of our mineral reserves;
+Added: however, because there is no single size, chemical, or physical specification of our clay that fits all requirements for our various products, it is not practical or possible for us to provide information related to grades/qualities.
Our summary of proven and probable reserves as of July 31, 2025, is as follows:
10 unchanged sentences
92,319 115,307 207,626
+Added: 1 Mineral reserves are based on the fiscal year 2025 average price of $564 per ton of our clay-based products.
+Added: We assess the economic viability of clay by conducting industry standard in-situ tests in order to determine reserves.
+Added: The minimum quality threshold used in our determination of reserves is whether the clay could be used in one of our products.
+Added: Once a determination is made, based on in-situ testing by exploratory drilling, that a measured resource of clay is usable in one of our products, we determine economic viability based on a variety of factors.
+Added: These factors can differ from mine to mine but generally include the amount of clay at the mine;
+Added: projected costs related to operating the mine;
+Added: demand for the type or types of product the clay meets the specifications for;
+Added: other geographical factors such as proximity to permanent structures or bodies of water;
+Added: and environmental factors and regulations.
Based on our rate of consumption during fiscal year 2025, and without regard to any of our reserves in Nevada and Tennessee, where we do not actively mine, we consider our proven and probable reserves adequate to supply our needs for over forty years.
−Removed: Although we consider these reserves to be extremely valuable to our business, only a small portion of the reserves, those which were acquired in acquisitions, are reflected at cost on our balance sheet.
+Added: Although we consider these reserves to be extremely valuable to our business, we consider our in-situ clay to have no inherent value and to only become valuable through the mining and manufacturing methods described below.
It is our policy to attempt to maintain a minimum of forty years of proven and probable reserves of each type of clay at each location.
−Removed: We have an ongoing program of exploration for additional reserves but we cannot assure that additional reserves will continue to become available.
+Added: We have an ongoing program of exploration for additional reserves but we cannot provide assurance that additional reserves will continue to become available.
Our use of these reserves, and our ability to explore for additional reserves, are subject to compliance with existing and future federal and state statutes and regulations regarding mining and environmental compliance.
3 unchanged sentences
grade and/or quality are computed from results of detailed sampling, and (b) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well established.
−Removed: Probable reserves are computed from information similar to that used for proven reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced.
+Added: Probable reserves are computed from information
+Added: similar to that used for proven reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced.
The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation.
4 unchanged sentences
Management also assesses risks inherent in mineral resource and reserve estimates, such as the accuracy of geological data that is used to support mine planning, identify hazards and inform operations of the presence of mineable deposits.
−Removed: management is aware of risks associated with potential gaps in assessing the completeness of mineral extraction licenses, entitlements or rights, or changes in laws or regulations that could directly impact the ability to assess mineral resources and reserves or impact production levels.
+Added: Also, management is aware of risks associated with potential gaps in assessing the completeness of mineral extraction licenses, entitlements or rights, or changes in laws or regulations that could directly impact the ability to assess mineral resources and reserves or impact production levels.
Risks inherent in overestimated reserves can impact financial performance when revealed, such as changes in amortization that are based on life of mine estimates.
Our analysis of risks related to our reserves is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other risk areas.
−Removed: Refer to Item 1A “Risk Factors” for further discussion of risks associated with mineral reserves.
+Added: Refer to Item 1A “Risk Factors” for further discussion of risks associated with our mineral reserves.
M INING AND M ANUFACTURING M ETHODS
4 unchanged sentences
The stripping process involves removing the overburden and preparing the site to allow the excavators to reach the desired clay.
+Added: We consider overburden to be waste, and it is generally visually distinguishable from the clay that we mine and process.
+Added: Portions of clay or other materials within a mine that are unusable by us to produce our products are also considered waste and are not included in our calculation of mineral reserves.
+Added: In addition to being visually distinguishable, the dividing line between the overburden and the clay is confirmed with survey-grade GPS equipment and verification testing is used to confirm whether clay is usable to produce our products.
+Added: Verification testing is initially conducted on the samples of clay, overburden and other materials extracted through the process of exploratory drilling, and then on an on-going basis once extraction begins as we conduct regular application-specific testing on clay as it is mined.
When stripping is completed, the excavators dig out and load the clay onto dump trucks.
18 unchanged sentences
In addition, certain other products may go through further processing or the application of fragrances and additives.
−Removed: For example, certain fluid purification and animal health products are processed into a powder form.
+Added: For example, certain fluids purification and animal health products are processed into a powder form.
We also use a proprietary process for our engineered granules to create spherical, uniform-sized granules.
4 unchanged sentences
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.