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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n** **\n\n**FORM 10-K** \n\n \n\n(Mark One)\n\n☒\n\nANNUAL REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the fiscal year ended **December 31, 2025**\n\n \n\n☐\n\nTRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from ____________to _____________\n\n \n\nCommission file number **000-55456**\n\n \n\n**AMERICAN RESOURCES CORPORATION**\n\n*(Exact Name of Registrant as specified in its charter)*\n\n \n\n**Florida**\n\n** **\n\n**46-3914127**\n\n*(State or jurisdiction*\n\n*of Incorporation or organization*\n\n \n\n*(I.R.S Employer*\n\n*Identification No.)*\n\n** **\n\n** **\n\n** **\n\n**12115 Visionary Way Fishers, Indiana**\n\n** **\n\n**46038**\n\n*(Address of principal executive offices)*\n\n \n\n*(Zip Code)*\n\n \n\n*Registrant’s telephone number, including area code:***317-855-9926**\n\n \n\nSecurities registered under Section 12(b) of the Exchange Act: Title of each class Name of each exchange on which registered\n\n \n\n**Title of each class**\n\n**Trading Symbol(s)**\n\n**Name of each exchange on which registered**\n\nClass A Common, $0.0001 Par Value\n\nAREC\n\nNASDAQ Capital Market\n\nWarrant\n\nARECW\n\nNASDAQ Capital Market\n\n \n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes     ☒ No \n\n \n\nIndicate by check mark whether the registrant is not required to file reports pursuant to Section 13 or 15 (d) of the Exchange Act. ☐ Yes     ☒ No \n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☐ Yes     ☒ No \n\n \n\nIndicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes     ☐ No\n\n \n\nIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation s-K (§ 229.405 of this chapter is not contained herein and will not be contained to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐ Yes     ☐ No\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” “smaller reporting company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated Filer\n\n☐\n\nSmaller reporting company\n\n☒\n\n(Do not check if a smaller company)\n\n \n\nEmerging growth company\n\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes     ☒ No\n\n \n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☒\n\n \n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nState the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter; $63,949,282.\n\n \n\nIndicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.\n\n \n\nThe number of shares outstanding of the issuer’s Common Stock, $.0001 par value, as of May 19, 2026 was 106,971,272 shares.\n\n \n\nDOCUMENTS INCORPORATED BY REFERENCE\n\n \n\nNone.\n\n \n\n \n\n \n\n \n\n**AMERICAN RESOURCES CORPORATION**\n\n**ANNUAL REPORT ON FORM 10-K**\n\n**Fiscal Year Ended December 31, 2025**\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n \n\n \n\n \n\n**Page**\n\n \n\n[Special Note Regarding Forward Looking Statements](#Special)\n\n \n\n3\n\n \n\n \n\n \n\n \n\n \n\n \n\n**PART I**\n\n \n\n \n\n \n\n \n\n \n\n[Item 1.](#i1)\n\n[Business](#i1)\n\n \n\n4\n\n \n\n[Item 1A.](#i1a)\n\n[Risk Factors](#i1a)\n\n \n\n6\n\n \n\n[Item 1B.](#i1b)\n\n[Unresolved Staff Comments](#i1b)\n\n \n\n6\n\n \n\n[Item 2.](#i2)\n\n[Properties](#i2)\n\n \n\n6\n\n \n\n[Item 3.](#i3)\n\n[Legal Proceedings](#i3)\n\n \n\n7\n\n \n\n[Item 4.](#i4)\n\n[Mine Safety Disclosures](#i4)\n\n \n\n7\n\n \n\n \n\n \n\n \n\n \n\n \n\n**PART II**\n\n \n\n \n\n \n\n \n\n \n\n[Item 5.](#i5)\n\n[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i5)\n\n \n\n8\n\n \n\n[Item 6.](#i6)\n\n[Selected Financial Data](#i6)\n\n \n\n12\n\n \n\n[Item 7.](#i7)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i7)\n\n \n\n12\n\n \n\n[Item 7A.](#i7a)\n\n[Quantitative and Qualitative Disclosure About Market Risk](#i7a)\n\n \n\n15\n\n \n\n[Item 8.](#i8)\n\n[Financial Statements and Supplementary Data](#i8)\n\n \n\n15\n\n \n\n[Item 9.](#i9)\n\n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i9)\n\n \n\n15\n\n \n\n[Item 9A.](#i9a)\n\n[Controls and Procedures](#i9a)\n\n \n\n15\n\n \n\n[Item 9B.](#i9b)\n\n[Other Information](#i9b)\n\n \n\n16\n\n \n\n \n\n \n\n \n\n \n\n \n\n**PART III**\n\n \n\n \n\n \n\n \n\n \n\n[Item 10.](#i10)\n\n[Directors, Executive Officers and Corporate Governance](#i10)\n\n \n\n17\n\n \n\n[Item 11.](#i11)\n\n[Executive Compensation](#i11)\n\n \n\n23\n\n \n\n[Item 12.](#i12)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i12)\n\n \n\n26\n\n \n\n[Item 13.](#i13)\n\n[Certain Relationships and Related Transactions, and Director Independence](#i13)\n\n \n\n28\n\n \n\n[Item 14.](#i14)\n\n[Principal Accounting Fees and Services](#i14)\n\n \n\n29\n\n \n\n \n\n \n\n \n\n \n\n \n\n**PART IV**\n\n \n\n \n\n \n\n \n\n \n\n[Item 15.](#i15)\n\n[Exhibits, Financial Statement Schedules](#i15)\n\n \n\n30\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Signatures](#sig)\n\n \n\n32\n\n \n\n \n\n \n\n2\n\n*Table of Contents*\n\n \n\n**Special Note Regarding Forward Looking Statements.**\n\n \n\nThis annual report on Form 10-K of American Resources Corporation for the year ended December 31, 2025 contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. To the extent that such statements are not recitations of historical fact, such statements constitute forward looking statements which, by definition involve risks and uncertainties. In particular, statements under the Sections; Description of Business, Management’s Discussion and Analysis of Financial Condition and Results of Operations contain forward looking statements. Where in any forward-looking statements, the Company expresses an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement of expectation or belief will result or be achieved or accomplished.\n\n \n\nYou should not rely on forward looking statements in this annual report. This annual report contains forward looking statements that involve risks and uncertainties. We use words such as “anticipates,” “believes,” “plans,” “expects,” “future,” “intends,” and similar expressions to identify these forward-looking statements. Prospective investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this annual report. Our actual results could differ materially from those anticipated in these forward-looking statements.\n\n \n\n \n\n3\n\n*Table of Contents*\n\n \n\n**PART I**"}