{"url_path":"/sec/arec/10-k/2026/item-12","section_key":"item-12","section_title":"Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-05-20","source_url":"https://www.sec.gov/Archives/edgar/data/1590715/0001477932-26-003317-index.html","accession_number":"0001477932-26-003317","cik":"0001590715","ticker":"AREC","issuer_name":"American Resources Corp","edgar_url":"https://www.sec.gov/Archives/edgar/data/1590715/0001477932-26-003317-index.html","primary_entity_key":"0001590715","primary_entity_name":"American Resources Corp"},"word_count":387,"has_tables":true,"body_markdown":"**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**\n\n \n\nThe following tables set forth, as of December 31, 2025, information regarding the beneficial ownership of the Company’s Class A Common Stock and Series A Convertible Preferred Stock by (i) each person or entity known to the Company to be the beneficial owner of more than five percent (5%) of the Company’s Common Stock, (ii) each executive officer and director, and (iii) all executive officers and directors as a group. Beneficial ownership information is determined in accordance with Rule 13d‑3 under the Securities Exchange Act of 1934.\n\n   \n\n**Name and Address of Shareholder**\n\n \n\n**Number of Shares of**\n\n**Common Stock**\n\n**Beneficially**\n\n**Owned (1)**\n\n \n\n \n\n**Percent of Common Stock Owned**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGolden Properties, Ltd. (2) (3)\n\n \n\n \n\n9,102,246\n\n \n\n \n\n \n\n8.51\n%\n\n____________________\n\n \n\n \n\n26\n\n*Table of Contents*\n\n \n\n**Name**\n\n \n\n**Number of**\n\n**Shares of**\n\n**Series A Preferred**\n\n**Stock Beneficially**\n\n**Owned**\n\n \n\n \n\n**Percent of**\n\n**Series A**\n\n**Preferred**\n\n**Stock**\n\n**Owned**\n\n \n\n \n\n**Common**\n\n**Stock**\n\n**Beneficially**\n\n**Owned**\n\n**(1)**\n\n \n\n \n\n**Percent of**\n\n**Common**\n\n**Stock**\n\n**Beneficially**\n\n**Owned**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Officers and Directors**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nMark C. Jensen, Chief Executive Officer, Director\n\n \n\n \n-\n \n\n \n\n \n0%\n \n\n \n149,969\n \n\n \n\n \n0.14%\n\nThomas M. Sauve, Former President, Director\n\n \n\n \n-\n \n\n \n\n \n0%\n \n\n \n59,988\n \n\n \n\n \n\n0.06\n%\n\nKirk P. Taylor, Chief Financial Officer\n\n \n\n \n-\n \n\n \n\n \n0%\n \n\n \n1,620,383\n \n\n \n\n \n1.52%\n\nJosh Hawes,\n\n \n\n \n-\n \n\n \n\n \n0%\n \n\n \n-\n \n\n \n\n \n0%\n\nCourtney O. Taplin\n\n \n\n \n-\n \n\n \n\n \n0%\n \n\n \n-\n \n\n \n\n \n0%\n\nGeradine Boutte\n\n \n\n \n-\n \n\n \n\n \n0%\n \n\n \n-\n \n\n \n\n \n0%\n\n**All Directors and Officers as a Group (6 persons)**\n\n \n\n \n**-**\n \n\n \n\n \n**0****%**\n \n\n \n\n1,830,340\n\n \n\n \n\n \n**1.67****%**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**All Directors, Officers and 5% Holders as a Group (7 persons)**\n\n \n\n \n**-**\n \n\n \n\n \n**0****%**\n \n\n \n\n10,932,586\n\n \n\n \n\n \n**10.18****%**\n\n ____________________\n\n(1)\n\nA person is deemed to be the beneficial owner of securities that may be acquired within 60 days through the exercise of options, warrants or convertible securities.\n\n \n\n \n\n(2)\n\nBased on 106,919,829 shares of Class A Common Stock issued and outstanding as of December 31, 2025. Percentages have been rounded for convenience.\n\n \n\n \n\n(3)\n\nGolden Properties, Ltd. holds warrants exercisable for shares of Class A Common Stock; however, such warrants include provisions limiting exercise to ensure that Golden Properties, Ltd. and its affiliates do not beneficially own more than 9.99% of the Company’s outstanding Common Stock. Accordingly, pursuant to Rule 13d‑3, Golden Properties, Ltd. is deemed to beneficially own **9,102,246 shares** of the Company’s Class A Common Stock as of December 31, 2025.\n\n \n\n \n\n(4)\n\nNo shares of Series A Convertible Preferred Stock were outstanding as of December 31, 2025.\n\n  \n\n \n\n27\n\n*Table of Contents*"}