Citadel discloses 3.2% American Resources (AREC) stake in 13G/A filing

Rhea-AI Filing Summary

Citadel-affiliated funds and Kenneth Griffin filed an amended Schedule 13G reporting a passive ownership stake in American Resources Corporation Class A common stock. Griffin may be deemed to beneficially own 3,202,848 Shares, representing 3.2% of the class.

Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may each be deemed to beneficially own 2,891,941 Shares, or 2.9% of the outstanding Shares. Citadel Securities LLC and its related entities may each be deemed to beneficially own 310,907 Shares, or 0.3%. Percentages are based on 101,393,308 Shares outstanding as of November 14, 2025, as stated in an issuer prospectus.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

American Resources Corporation

(Name of Issuer)

Class A common stock, par value $0.0001 per share (the "Shares")

(Title of Class of Securities)

02927U208

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 02927U208

1

Names of Reporting Persons

Citadel Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,891,941.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,891,941.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,891,941.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.9 %

12

Type of Reporting Person (See Instructions)

IA, HC, OO

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 101,393,308 Shares outstanding as of as of November 14, 2025 (according to the issuer's prospectus as filed with the Securities and Exchange Commission on November 18, 2025).

SCHEDULE 13G

CUSIP No. 02927U208

1

Names of Reporting Persons

Citadel Advisors Holdings LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,891,941.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,891,941.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,891,941.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.9 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP No. 02927U208

1

Names of Reporting Persons

Citadel GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,891,941.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,891,941.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,891,941.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.9 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 02927U208

1

Names of Reporting Persons

Citadel Securities LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 310,907.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 310,907.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

310,907.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.3 %

12

Type of Reporting Person (See Instructions)

BD, OO

SCHEDULE 13G

CUSIP No. 02927U208

1

Names of Reporting Persons

Citadel Securities Group LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 310,907.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 310,907.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

310,907.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.3 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP No. 02927U208

1

Names of Reporting Persons

Citadel Securities GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 310,907.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 310,907.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

310,907.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.3 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 02927U208

1

Names of Reporting Persons

Kenneth Griffin

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,202,848.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,202,848.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,202,848.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.2 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: American Resources Corporation
(b)	Address of issuer's principal executive offices: 12115 Visionary Way, Suite 174, Fishers, IN, 46038
Item 2.
(a)	Name of person filing: This Schedule 13G is being jointly filed by Citadel Advisors LLC ("Citadel Advisors"), Citadel Advisors Holdings LP ("CAH"), Citadel GP LLC ("CGP"), Citadel Securities LLC ("Citadel Securities"), Citadel Securities Group LP ("CALC4"), Citadel Securities GP LLC ("CSGP") and Mr. Kenneth Griffin (collectively with Citadel Advisors, CAH, CGP, Citadel Securities, CALC4 and CSGP, the "Reporting Persons") with respect to the Shares of the above-named issuer owned by Citadel Multi-Strategy Equities Master Fund Ltd., a Cayman Islands company ("CM"), Citadel CEMF Investments Ltd., a Cayman Islands limited company ("CCIL"), and Citadel Securities. Such owned Shares may include other instruments exercisable for or convertible into Shares. Citadel Advisors is the portfolio manager for CCIL and CM. CAH is the sole member of Citadel Advisors. CGP is the general partner of CAH. CALC4 is the non-member manager of Citadel Securities. CSGP is the general partner of CALC4. Mr. Griffin is the President and Chief Executive Officer of CGP, and owns a controlling interest in CGP and CSGP. The filing of this statement shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the statement other than the securities actually owned by such person (if any).
(b)	Address or principal business office or, if none, residence: The address of each of the Reporting Persons is 830 Brickell Plaza, Miami, Florida 33131.
(c)	Citizenship: Each of Citadel Advisors, CGP, Citadel Securities and CSGP is organized as a limited liability company under the laws of the State of Delaware. Each of CALC4 and CAH is organized as a limited partnership under the laws of the State of Delaware. Mr. Griffin is a U.S. citizen.
(d)	Title of class of securities: Class A common stock, par value $0.0001 per share (the "Shares")
(e)	CUSIP No.: 02927U208
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own 2,891,941 Shares. 2. Citadel Securities LLC may be deemed to beneficially own 310,907 Shares. 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own 310,907 Shares. 4. Mr. Griffin may be deemed to beneficially own 3,202,848 Shares.
(b)	Percent of class: 1. The number of Shares that each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own constitutes 2.9% of the Shares outstanding. 2. The number of Shares that Citadel Securities LLC may be deemed to beneficially own constitutes 0.3% of the Shares outstanding. 3. The number of Shares that each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own constitutes 0.3% of the Shares outstanding. 4. The number of Shares that Mr. Griffin may be deemed to beneficially own constitutes 3.2% of the Shares outstanding.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0 2. Citadel Securities LLC: 0 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0 4. Mr. Griffin: 0
	(ii) Shared power to vote or to direct the vote: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 2,891,941 2. Citadel Securities LLC: 310,907 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 310,907 4. Mr. Griffin: 3,202,848
	(iii) Sole power to dispose or to direct the disposition of: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0 2. Citadel Securities LLC: 0 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0 4. Mr. Griffin: 0
	(iv) Shared power to dispose or to direct the disposition of: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 2,891,941 2. Citadel Securities LLC: 310,907 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 310,907 4. Mr. Griffin: 3,202,848
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Citadel Advisors LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	02/17/2026

Citadel Advisors Holdings LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	02/17/2026

Citadel GP LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	02/17/2026

Citadel Securities LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	02/17/2026

Citadel Securities Group LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	02/17/2026

Citadel Securities GP LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	02/17/2026

Kenneth Griffin

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, attorney-in-fact*
Date:	02/17/2026

Comments accompanying signature: * Seth Levy is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by Citadel Advisors LLC on Schedule 13G for Allakos Inc. on October 13, 2023.

FAQ

What ownership stake in American Resources (AREC) is reported in this Schedule 13G/A?

The filing reports that Kenneth Griffin may be deemed to beneficially own 3,202,848 Shares of American Resources, representing 3.2% of the Class A common stock. This percentage is calculated using 101,393,308 Shares outstanding as of November 14, 2025.

Which Citadel entities are included as reporting persons for AREC in this 13G/A?

Reporting persons include Citadel Advisors LLC, Citadel Advisors Holdings LP, Citadel GP LLC, Citadel Securities LLC, Citadel Securities Group LP, Citadel Securities GP LLC, and Kenneth Griffin. They report holdings in American Resources Class A common stock through various Citadel-managed funds and entities.

How many American Resources (AREC) shares are attributed to Citadel Advisors entities?

Each of Citadel Advisors LLC, Citadel Advisors Holdings LP, and Citadel GP LLC may be deemed to beneficially own 2,891,941 Shares of American Resources. This holding represents 2.9% of the outstanding Class A common stock based on the issuer’s disclosed share count.

What position does Citadel Securities report in American Resources (AREC)?

Citadel Securities LLC may be deemed to beneficially own 310,907 Shares of American Resources Class A common stock. This position represents 0.3% of the outstanding Shares, with shared voting and dispositive power over the same number of shares as related Citadel Securities entities.

Is the Citadel and Kenneth Griffin stake in American Resources (AREC) above 5%?

No. The filing indicates Kenneth Griffin may be deemed to beneficially own 3.2% of American Resources’ Class A common stock. Item 5 confirms beneficial ownership of 5 percent or less of the class, consistent with the reported percentage calculations in the document.

Are the American Resources (AREC) shares held for control purposes by Citadel or Kenneth Griffin?

The certification states the securities were not acquired and are not held for the purpose of changing or influencing control of American Resources. They also are not held in connection with any transaction seeking such control, other than activities related to a nomination under Rule 14a-11.