AREC 10% owner sells 92,973 shares; beneficially holds 11,296,987

American Resources Corp (AREC): A 10% owner reported open-market sales of Class A common stock on 11/04/2025.

Rhea-AI Filing Summary

American Resources Corp (AREC): A 10% owner reported open-market sales of Class A common stock on 11/04/2025. The insider sold 92,973 shares across multiple trades at $4.00 and $4.01 per share. Following these transactions, the reporting person beneficially owned 11,296,987 shares, held directly.

Insider Trade Summary

Net Seller: 92,973 shares

Net Sell 5 txns

Insider GOLDEN PROPERTIES LTD.

Role 10% Owner

Sold 92,973 shs ($372K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	20,000	$4.00	$80K
Sale	Class A Common Stock	25,000	$4.00	$100K
Sale	Class A Common Stock	25,000	$4.01	$100K
Sale	Class A Common Stock	20,000	$4.01	$80K
Sale	Class A Common Stock	2,973	$4.00	$12K

Holdings After Transaction: Class A Common Stock — 11,296,987 shares (Direct)

FAQ

What did AREC's insider report on Form 4?

A 10% owner reported open-market sales of 92,973 shares of Class A common stock on 11/04/2025.

At what prices were the AREC shares sold?

Shares were sold at $4.00 and $4.01 per share.

How many AREC shares does the insider now beneficially own?

Following the transactions, the reporting person beneficially owns 11,296,987 shares, held directly.

What was the transaction code on the Form 4?

The transactions were coded S, indicating open-market or private sale of non-derivative securities.

What is the insider’s relationship to AREC?

The reporting person is indicated as a 10% Owner.

Were any derivative securities involved?

No derivative securities were reported in Table II for these transactions.

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Accepted by SEC EDGAR 11/06/2025 - 11:16 AM Learn about SEC filing dates

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)
11/04/2025

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	11/04/2025		S		20,000	D	$4	11,369,960	D
Class A Common Stock	11/04/2025		S		25,000	D	$4	11,344,960	D
Class A Common Stock	11/04/2025		S		25,000	D	$4.01	11,319,960	D
Class A Common Stock	11/04/2025		S		20,000	D	$4.01	11,299,960	D
Class A Common Stock	11/04/2025		S		2,973	D	$4	11,296,987	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	11/06/2025
	** 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.