Company: NC
Filing Date: 2025-04-07
Form Type: ARS
Source: 0000789933-25-000013
Chunk: 77

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-07
Form: ARS
Chunk 77
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900 5,090 43.3 14.9 0.6 Note: – Mineral Reserves Estimates have been prepared by a qualified person employed by MLMC as of December 31, 2024. – Mineral Reserves have been demonstrated to be economic based on a positive cash flow – Mineral Reserves are stated on a Run of Mine basis – An economic cutoff in the Life of Mine plan averaged $34.41 per ton and was used to demonstrate coal reserves – Recovery varies by coal seam and ranges from 67% to 100% – Mineral Reserves use an economic cut-off of a maximum cumulative stripping ratio of 14:1. There are some instances where the stripping ratio for a single year could exceed 14:1, but the average for the entire area evaluated is less than 14:1. – Historical coal recovery rates at Red Hills Mine have been applied to generate the Mineral Reserve tonnages. – Mineral Reserves are estimated using Vulcan Software. – Tonnages and qualities have been rounded to an accuracy level deemed appropriate by the QP. Summation errors due to rounding may exist. Table 2.3 Mineral Reserves Summary as of December 31, 2024 Table 2.4 describes the difference between the Mineral Reserves and Mineral Resources reported as of December 31, 2023 and December 31, 2024. Resource Classification December 31, 2023 Tonnage (Kt) December 31, 2024 Tonnage (Kt) Percent Change Measured 4,300 4,400 2% Indicated 500 400 (20)% Measured + Indicated 4,800 4,700 (2)% Inferred 1,600 100 (94)% Reserve Classification December 31, 2023 Tonnage (Kt) December 31, 2024 Tonnage (Kt) Percent Change Proven 15,100 18,200 21% Probable 7,400 4,700 (36)% Proven + Probable 22,500 22,900 2% Table 2.4. 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