[Form 4] American Resources Corp Insider Trading Activity

Rhea-AI Filing Summary

American Resources Corp (AREC) reported insider sales of Class A common stock on 11/10/2025. The filing lists multiple 10,000‑share open‑market trades at prices ranging from $4.06 to $4.23. After the reported transactions, the reporting person directly beneficially owned 10,288,832 shares. The form indicates it was filed by one reporting person with direct (D) ownership.

Insights

Equity Governance Analyst

Significant holder reported multiple same-day sales at ~$4.06–$4.23; ownership remains >10 million shares, implying limited directional signal.

On 11/10/2025, a reporting person identified as both a Director and 10% Owner filed a Form 4 showing numerous transactions coded S in 10,000‑share increments. Reported per‑share prices range from $4.06 to $4.23. After the transactions, the filer shows beneficial ownership of 10,288,832 Class A shares, held directly.

The clustered activity suggests execution across multiple prints on the same day rather than a single block. Form 4 code S denotes a sale; the filing does not indicate derivative exercises or option activity in Table II. One line reflects an "(A)" marker alongside an "S" code, which introduces form-level ambiguity for that entry but leaves the aggregate post‑transaction share count clearly disclosed.

Key items to watch: any subsequent Form 4s that continue this pattern; whether the holder’s status as a 10% Owner changes based on future filings; and any future clarification regarding the line showing "(A)" with code "S". The next relevant signals would appear in additional Forms 4 filed after 11/10/2025 that alter the disclosed 10,288,832 share balance.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GOLDEN PROPERTIES LTD.

(Last) (First) (Middle)

#500

1177 WEST HASTINGS STREET

(Street)

VANCOUVER A1 V6E 2K3

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
American Resources Corp [ AREC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	11/10/2025		S		10,000	D	$4.15	10,578,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.21	10,568,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.23	10,558,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.22	10,548,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.15	10,538,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.15	10,528,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.14	10,518,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.16	10,508,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.13	10,498,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.16	10,488,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.15	10,478,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.22	10,468,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.12	10,458,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.13	10,448,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.11	10,438,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.09	10,428,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.09	10,418,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.1	10,408,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.13	10,398,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.11	10,388,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.12	10,378,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.08	10,368,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.09	10,358,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.06	10,348,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.07	10,338,832	D
Class A Common Stock	11/10/2025		S		10,000	A	$4.07	10,328,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.07	10,318,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.1	10,308,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.11	10,298,832	D
Class A Common Stock	11/10/2025		S		10,000	D	$4.12	10,288,832	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	/s/ Alex Lau	11/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the AREC Form 4 disclose?

The filing reported open‑market sales of AREC Class A common stock by an insider.

When did the AREC insider transactions occur?

All reported trades occurred on 11/10/2025.

What was the trade size and price range for AREC?

The form lists multiple 10,000‑share sales at prices between $4.06 and $4.23.

How many AREC shares were owned after the transactions?

Following the reported trades, the insider directly beneficially owned 10,288,832 shares.

Was the ownership direct or indirect after the trades?

Ownership is listed as Direct (D).

Were any derivative securities reported?

The derivative securities table shows no listed transactions.