NACCO Industries, Inc. Annual Report 2023

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FY2023 Annual Report · NACCO Industries, Inc.

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Bringing Natural Resources to Life

ANNUAL REPORT

2023

NACCO INDUSTRIES

TABLE OF CONTENTS

OUR OPERATIONS

SELECTED FINANCIAL
AND OPERATING DATA

LETTER TO OUR
STOCKHOLDERS

FORM 10-K

140

DIRECTORS
AND LEADERSHIP

Inside
Back
Cover
CORPORATE
INFORMATION

Bringing Natural Resources to Life

ANNUAL REPORT

OUR OPERATIONS

NACCO Industries, Inc.® brings natural resources to life by delivering aggregates, minerals,

reliable fuels and environmental solutions through its robust portfolio of NACCO Natural
Resources® businesses. The Company operates under three business segments: Coal Mining,
North American Mining® and Minerals Management. The Coal Mining segment, through North
American Coal®, operates surface coal mines for power generation companies. The North
American Mining segment is a trusted mining partner for producers of aggregates, activated
carbon, lithium and other industrial minerals. The Minerals Management segment, which
includes the Catapult Mineral Partners business, acquires and promotes the development of
mineral interests. In addition, Mitigation Resources of North America® provides stream and
wetland mitigation solutions, and ReGen Resources is pursuing opportunities to develop new
power generation resources.

ABOUT THE COVER

A Wirtgen surface miner,
used by North American
Mining, is designed to cut,
crush and load rock in a
single operation, providing
increased efficiency and
safe extraction of limestone.

AT RIGHT

We continue to support
Lithium Americas as they
advance development of
Thacker Pass in northern
Nevada, one of the largest
known lithium reserves in
North America.

NACCO INDUSTRIES

SELECTED FINANCIAL
AND OPERATING DATA
NACCO Industries, Inc. and Subsidiaries

Year Ended December 31

2023(1)

2022(1)(2)

2021(2)

(In thousands, except per share data)

Operating Statement Data:

Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 214,794

Operating profit (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Basic earnings (loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Diluted earnings (loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(70,137)

(39,587)

(5.29)

241,719

69,986

74,158

10.14

10.06

Per Share and Share Data:

Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 0.8600

$ 0.8200

Market value at December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Stockholders’ equity at December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Actual shares outstanding at December 31 . . . . . . . . . . . . . . . . . . . . . . . . . .

Basic weighted average shares outstanding . . . . . . . . . . . . . . . . . . . . . . . .

Diluted weighted average shares outstanding . . . . . . . . . . . . . . . . . . . . . .

36.50

51.33

7,449

7,478

38.00

58.10

7,349

7,312

7,373

191,846

55,410

48,125

6.73

6.69

0.7850

36.29

49.02

7,183

7,146

7,190

(1) During 2023 and 2022, the Company recorded non-cash impairment charges of $65.9 million and $3.9 million, respectively.
(2) During 2022 and 2021, the Company received contract termination settlement income of $14.0 million and $10.3 million,

respectively. In addition, in 2022, the Company recorded non-cash termination settlement income of $16.9 million.

During 2023, we
solidified and expanded
customer relationships,
while maintaining our
strong balance sheet
and financial flexibility.

ANNUAL REPORT

Year Ended December 31
2022(1)(2)

2021(2)

2023(1)

(In thousands, except employee data)

Balance Sheet Data at December 31:

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 85,109

110,748

$ 86,005

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 539,708

$ 568,072

$ 507,220

Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 22,003

16,019

18,183

Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 382,340

$ 426,966

$ 352,116

Cash Flow Data:

Provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 54,490

Used for investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (81,597)

67,735

$ 74,875

(33,152)

(44,147)

Cash Flow before financing activities(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (27,107)

$ 34,583

$ 30,728

Provided by (used for) financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,468

(9,840)

(33,173)

Other Data:

Total employees at December 31(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,700

1,600

(3) Cash Flow before financing activities is equal to net cash provided by operating activities less net cash used for investing

activities.

(4) Includes employees from the unconsolidated mines for all years presented.

Year Ended December 31
2022(1)(2)

2021(2)

2023(1)

(In thousands)

Calculation of Adjusted EBITDA(5)

Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (39,587)

74,158

$ 48,125

Asset impairment charges(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

65,887

3,939

–

Contract termination settlement income(2) . . . . . . . . . . . . . . . . . . . . . . . . . .

–

(30,882)

(10,333)

Income tax provision (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Depreciation, depletion and amortization expense . . . . . . . . . . . . . . . . .

(24,571)

2,460

(6,081)

29,387

13,565

2,034

(1,449)

26,816

8,725

1,719

(449)

23,085

Adjusted EBITDA(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 27,495

88,181

$ 70,872

(5) Adjusted EBITDA is provided solely as a supplemental disclosure with respect to operating results. Adjusted EBITDA does not
represent net income (loss), as defined by U.S. GAAP, and should not be considered as a substitute for net income (loss), or as
an indicator of operating performance. NACCO defines Adjusted EBITDA as income (loss) before long-lived asset impairment
charges, contract termination settlement income and income taxes, plus net interest expense and depreciation, depletion
and amortization expense. Adjusted EBITDA is not a measurement under U.S. GAAP and is not necessarily comparable with
similarly titled measures of other companies.

NACCO INDUSTRIES

LETTER TO OUR STOCKHOLDERS
We believe our businesses have competitive advantages that provide value
to our customers and create long-term value for our stockholders.

We made meaningful progress
in 2023 on our journey to transform
NACCO Industries into a broad-
based natural resources company.
Our businesses provide critical
inputs for electricity generation,
construction and development, and
the production of industrial minerals
and chemicals. Increasing demand
for electricity, on-shoring and
current federal policies are creating
favorable macroeconomic trends
within these industries. We believe
our businesses have competitive
advantages that provide value to
our customers and create long-term
value for our stockholders.

While we delivered on our
strategies to grow and diversify in
2023, our financial results fell short of
our expectations. We knew 2023 was
going to be a challenging year, but
unexpected issues further tempered
our results. We started the year
knowing deliveries from our Sabine
Mine could cease on April 1, 2023,
as a result of the early retirement
of the power plant served by that
mine. We also knew that Mississippi
Lignite Mining Company (MLMC)
would experience elevated costs in
2023 due to a transition to a new
mine area, and that our Falkirk Mine
would experience a full year of price
concessions to support Rainbow
Energy’s 2022 purchase of the Coal
Creek Station Power Plant. We didn’t
expect that both Coteau and Falkirk
would experience reduced demand
because of temporary mechanical
issues at their respective customers’
plants, or that MLMC’s customer
would issue a force majeure

notice for an event at the Red Hills
Power Plant late in the year that
contributed to the recognition of a
significant non-cash impairment
charge. The combination of these
items resulted in a significant net
loss for the year.

Our MLMC business was the most

challenged in 2023, starting with
the transition to a new mine area.

Temporary operational inefficiencies
related to this transition were
compounded by adverse mining
conditions caused by greater than
normal rainfall. These factors led
to disappointing financial results
at MLMC. We had anticipated
improved 2024 financial results at
MLMC until we received notice of
force majeure for an event at the
power plant in December 2023.

As part of commissioning the new mine
area at MLMC, the Marion 8200 dragline,
known as “Steel Magnolia,” had to be moved
over four miles, including across a state
highway. This move took extensive planning,
including collaboration with numerous
state and local agencies to accommodate
the dragline’s journey. This project was
completed safely, and the dragline
is now operating at the new mine area.

The Marion 8200 dragline known as “Steel Magnolia” at MLMC.

ANNUAL REPORT

This is expected to reduce customer
demand significantly for at least
a portion of 2024. Over the longer
term, we expect the Red Hills Power
Plant to return to normal operation
once repairs are complete.

While managing through
these challenges in our legacy
coal business, we continued to
execute on our long-term strategy
of pursuing organic growth and
diversification. With an eye on our
long-term goals, we focused on
gaining new customers, extending
and expanding current contracts
and increasing our investment
in oil and gas assets. Our North
American Mining team succeeded in
winning a bid for a six-year contract
extension with its largest customer
and secured a new 15-year contract
to mine phosphate, building on
its goal to diversify into additional

In 2023, we
continued to execute
on our long-term
strategy of pursuing
organic growth and
diversification.

minerals. Also, our Catapult Mineral
Partners team, which oversees our
Minerals Management segment,
successfully negotiated and closed
on a major acquisition in the
Midland section of the Permian
Basin. This acquisition of oil and
gas mineral interests is Catapult’s
largest acquisition to date.

Overall, we solidif ied and
expanded customer relationships,
while maintaining our strong
balance sheet and f inancial

In 2023, the Coteau Properties Company celebrated 40 years of coal deliveries to
Basin Electric. Coteau delivers coal to its customer’s two power plants and the only
coal gasification facility in the United States. Pictured are some of the employees
who served on the 40th anniversary celebration planning committee.

is happening at the same time the
demand for electricity is increasing.
We believe that coal-fired power
generation must remain an essential
part of an affordable and reliable
energy mix in the United States
for the foreseeable future. While
renewables such as solar can be an
important part of the total energy
solution, moving away from long-
established, dispatchable energy
sources such as coal and natural gas
presents challenges to grid reliability
and energy security. The United
States needs affordable and reliable
energy to meet the needs of an
increasingly electrified world.

flexibility. We believe these actions
solidly position us for future growth,
and we are optimistic about the
future of our businesses.

The transition to a new customer

at Falkirk has gone extremely well.
Helping facilitate the 2022 transfer
of the Coal Creek Station power
plant to a new owner was one of the
Company’s biggest wins to date.
Because of that win, Falkirk was able
to continue its proud and successful
history, and, in 2023, celebrate its
45th anniversary of continuous
coal deliveries.

Also in 2023, Coteau celebrated
40 years of coal deliveries to Basin
Electric. Coteau delivers coal to its
customer’s two power plants and
the only commercial scale coal
gasification facility in the United
States. The duration of these
exclusive contractual relationships
speaks volumes about our long-term
approach to serving our customers.

Over the past several years, the
United States has seen a transition
away from the use of coal for power
generation, including the premature
closure of the Pirkey Power Plant in
2023, which was served by our Sabine
Mine. The reduction in the use of coal

NACCO INDUSTRIES

To defend against possible future
restrictions on carbon emissions, we
are evaluating carbon capture and
storage opportunities at MLMC and
supporting our customers’ efforts
in developing similar capabilities at
other facilities. These initiatives may
provide additional future growth
and diversification opportunities.

NACCO also has accumulated

very substantial oil and gas
mineral interests during its 110-year
history. Catapult is now focused
on managing and expanding this
portfolio. Mineral interests are leased
to third-party operators who bear
the cost of well development and
other expenses. We are entitled to
a percentage of revenue from wells
in which we maintain an interest.

Prior to 2020, income in the
Minerals Management segment
was primarily driven by our natural
gas-rich Appalachian basin assets.
Catapult has grown and diversified
this business significantly over the
last several years. Since 2020, we
have diversified via acquisitions in
the Permian basin, and to a lesser
extent, the Eagle Ford, Haynesville
and Powder River basins. Our
current portfolio includes mineral
and royalty interests in premier oil
and gas producing regions of the
United States.

Our highly skilled Catapult team

continues to drive this business
forward, selectively investing in
additional assets to grow and
diversify our mineral asset base
and drive profitable long-term
growth. Catapult’s experienced team
evaluates hundreds of deals annually
to identify the few that meet their
highly technical and financially
disciplined acquisition criteria.

In December, Catapult com-
pleted a $37 million transformative
acquisition that includes 2,500 net
royalty acres in the core of the
Midland section of the Permian
Basin. Our strategy is focused on
growing our portfolio of reserves,
while diversifying with acquisitions
in multiple basins, as we target
accretive acquisitions of assets in
premier basins in the United States.
We are also considering investments

Our Minerals
Management portfolio
has grown since 2019
and includes mineral
and royalty interests
in premier oil and gas
producing regions of
the United States.

in non-operating working interests
and joint ventures.

North American Mining spent

much of 2022 and the first half
of 2023 concentrating on profit
improvement initiatives before
refocusing on new business
development. As a result, North
American Mining has identified
ways to enhance operational
excellence and drive profitable
growth. With a renewed focus
on business development, North
American Mining executed a 15-year
contract to mine phosphate at a
quarry in central Florida. Production
is expected to commence in the
first half of 2024 once relocation
of a dragline is complete. North
American Mining also amended
and extended existing limestone
contracts with two customers that
contain mutually advantageous
contract terms and expanded
the scope of work with another
customer.

North American Mining operates

a specialized piece of equipment
for an industry-leading cement
producer in Nebraska. This business
leveraged the Company’s expertise
in operating Wirtgen surface miners
in coal operations to develop this
niche application in limestone
production. The Wirtgen surface

Catapult Growth
As of December 31

Net Acres
(in thousands)

Gross Acres
(in thousands)

185

160

135

110

Net Wells

Gross Wells

2,000

1,500

1,000

500

2019

2023

2019

2023

2019

2023

2019

2023

ANNUAL REPORT

North American Mining leveraged the Company’s expertise in operating Wirtgen surface miners in coal operations to develop
a niche application in limestone production. North American Mining is operating this specialized piece of equipment for an
industry-leading cement producer in Nebraska.

miner is designed to cut, crush
and load rock in a single operation,
providing increased efficiency and
safe extraction of limestone for this
customer. The project has been so
successful that North American
Mining has ordered a second
Wirtgen surface miner to increase
production for this customer. The
new machine is expected to start
operating in 2024. North American
Mining plans to pursue additional
opportunities to utilize this type of
equipment.

New contracts and contract

extensions such as these are central
to North American Mining’s organic
growth strategy. These develop-
ments were particularly important
after a pause on new business
development. Once again, the North
American Mining team is focused on
evaluating new business opportuni-
ties and driving profitable growth in
line with refined strategic objectives.

We continue to support

Lithium Americas as they advance
development of Thacker Pass in
northern Nevada, one of the largest
known lithium reserves in North
America. The Thacker Pass project
will produce battery-quality lithium
carbonate. Our subsidiary, Sawtooth

Mining, is the exclusive contract
miner for this project, providing mine
design, construction and mining
operations. Lithium will be mined
utilizing a shallow open-pit mine,
using techniques similar to our other
comprehensive mining operations.

Mitigation Resources of North

America marked another year
of meaningful progress toward
becoming a significant player
in this industry. Drawing on our
service-based business model,
this team partners with customers

and landowners to find solutions
to mitigation challenges through
development of mitigation banks or
custom mitigation solutions. During
2023, Mitigation Resources invested
in people and the power of data
analytics to make more informed
decisions about markets to target.

Mitigation Resources is also
focused on securing projects to
restore abandoned mine lands, not
associated with our current or prior
coal mining operations, utilizing
funds available under the Bipartisan

Employees of North American Mining collaborate on how to enhance operational
excellence.

NACCO INDUSTRIES

During 2023, Mitigation Resources invested in people and training. Shown
here is the permitting team during a field training event.

Mitigation Resources
was selected to be a
preferred contractor
to restore abandoned
mine land within the
State of Texas.

Infrastructure Law. As a result of
our strength in this area, Mitigation
Resources was selected to be a
preferred contractor to restore
abandoned mine land within the
State of Texas. This development
represents a substantial opportunity
for this business, and provides
significant potential to expand into
other states.

As energy consumption continues to rise and electricity generating
capacity becomes more constrained, there is a growing need to develop
new power generation sources. During 2023, we formed ReGen Resources to
pursue opportunities to develop such power generation sources, including
solar, wind and natural gas fueled “peaker” units. The Inflation Reduction
Act provides enhanced incentives for renewable energy projects developed
on reclaimed mine land equal to 10% of a project’s capital costs. Significant
opportunities exist to develop new projects in these reclaimed mine land
areas. We have a substantial amount of reclaimed mine land that is in close
proximity to existing grid infrastructure, and are particularly focused on
developing projects that capitalize on these opportunities.

In December 2023, we entered into a power purchase agreement with
the Tennessee Valley Authority for the energy generated from a proposed
67.5 MW solar farm to be built on reclaimed land at MLMC. The development
of this project is subject to the favorable completion of an environmental
impact study and approval of an interconnection agreement. We are also
pursuing an additional opportunity to develop a solar or other energy
project in Texas. Other utility-scale solar projects are under consideration for
development internally, or through joint ventures that include partners with
expertise in energy development projects, including projects that utilize our
legacy mining properties.

Drawing on our service-based business
model, Mitigation Resources of North
America partners with customers and
landowners to find solutions to mitigation
challenges through development of
mitigation banks or custom mitigation
solutions. Shown here is the Buffalo Valley
Mitigation Bank property in Tennessee.

ANNUAL REPORT

While we maintain a
disciplined approach to
investing capital for growth
and diversification, we
also continue to return
cash to stockholders
through dividends and
share repurchases.
NACCO’s discretionary
stock repurchase program
underscores our confidence
in NACCO’s long-term
outlook and our belief
that our share price is
undervalued. While we
have no direct competitors
with a similar business
profile, we believe our
strategically competitive
businesses, strong balance
sheet and demonstrated
capacity for growth support
a much higher stock price,
and provide a compelling
reason for our share
repurchase program. We
repurchased $3.1 million of
NACCO stock during 2023
and paid dividends totaling
$0.86 per share in 2023.

We believe the Stewardship Report helps all of our
stakeholders, customers, employees, stockholders
and others, gain a better understanding of who we
are as a company, what we believe in and the values
and principles that guide us.

We published the first edition of our aptly titled Stewardship Report
in 2023. We believe this report helps all of our stakeholders – customers,
employees, stockholders and others – gain a better understanding of who
we are as a company, what we believe in, and the values and principles
that guide us. In this report, we describe our commitment to safety, people,
community and the environment and highlight our approach to the issues
that matter most to our company and our stakeholders. We also describe
our long-term perspective and our principles of governance that guide
everything we do. This report is available on NACCO’s website on our
Stewardship page.

Our Stewardship Report describes our commitment to safety, people,
community and the environment and highlights our approach
to the issues that matter most to our company and our stakeholders.

NACCO INDUSTRIES

respectively. Valerie brings a wealth
of knowledge from her extensive
legal career, including as general
counsel of a global company
focused on mining and production
of specialty minerals. Paul spent
his career in large scale oil and gas
production, working in a wide range
of leadership roles. We are privileged
to have both Valerie and Paul join
the board.

As we turn our focus to 2024,
I believe we are strategically and
financially well-positioned for the
future. I am extremely proud of the
way our talented, dedicated and
motivated employees have worked
to make our current operations
successful and have found new and
exciting ways to grow and diversify
our company. I want to thank each
of them for the hard work and
contributions they put forth to make
NACCO what it is today, and to push
forward to secure new opportunities
that strengthen our future. Our
employees are NACCO’s greatest
asset, and their energy, passion and
skill are the driving force behind all
of the Company’s successes. I am
honored each and every day to work
alongside such an amazing team.

In closing, I would like to thank
our customers for their partnership,
and our stockholders for their
continued support. We will continue
pursuing positive outcomes in 2024
and beyond.

J.C. Butler, Jr.
President and Chief Executive Officer,
NACCO Industries and NACCO
Natural Resources

We remain committed to supporting the health, safety and well-being of our
employees. We have a strong safety culture that reinforces high standards. Our
unwavering commitment to safety remains a core value.

NACCO has a collaborative
culture, where people feel they
are a valued part of the team and
their opinions matter. We remain
committed to supporting the
health, safety and well-being of
our employees. We have a strong
safety culture that reinforces

and to leave a lasting legacy of
positive economic benefits in the
communities in which we operate.
We remain committed to complying
with both regulatory requirements
and our own high standards for
employee safety and environmental
stewardship.

We are proud of our
commitment to leave mine
sites or mitigation projects
better than we found them
and to leave a lasting
legacy of positive economic
benefits in the communities
in which we operate.

We are committed

to upholding strong
corporate governance
practices, beginning
with NACCO’s Board of
Directors. A majority of our
directors are independent,
and they bring diverse
backgrounds, experiences
and perspectives to their
role overseeing the control
and direction of the
Company. The board views

high standards. Our unwavering
commitment to safety remains a
core value. While we are proud of
our record, safety requires ongoing
vigilance. We are always working
to find ways to do better. We are
also proud of our commitment to
leave mine or mitigation project
sites better than we found them

good corporate governance as the
foundation of the long-term success
of the Company.

We are very pleased to welcome

the talents and fresh perspectives
of Valerie Gentile Sachs and Paul
McDonald, who joined the board
of directors in 2023 and early 2024,

This annual report to stockholders contains forward-looking statements. For a discussion of the factors that may cause the Company’s actual
results to differ from these forward-looking statements, refer to page 66 in the attached Form 10-K.

DIRECTORS

J.C. Butler, Jr.
President and Chief Executive Officer,
NACCO Industries, Inc. and
NACCO Natural Resources Corporation

John S. Dalrymple, III
Former Governor of the State of North Dakota

John P. Jumper
Retired Chief of Staff, United States Air Force

Dennis W. LaBarre
Retired Partner, Jones Day

W. Paul McDonald
Retired Vice President - Engineering,
Pioneer Natural Resources Company

Matthew M. Rankin
President and Chief Executive Officer,
Carlisle Residential Properties

Roger F. Rankin
Self-employed (personal investments)

Lori J. Robinson
Retired General, United States Air Force

Valerie Gentile Sachs
Retired Vice President, General Counsel
and Corporate Secretary, OM Group, Inc.

Robert S. Shapard
Retired Chief Executive Officer,
Oncor Electric Delivery Company

Michael S. Miller
Retired Managing Director, The Vanguard Group

Britton T. Taplin
Self-employed (personal investments)

Alfred M. Rankin, Jr.
Non-Executive Chairman, NACCO Industries, Inc.

Executive Chairman,
Hyster-Yale Materials Handling, Inc.

Non-Executive Chairman,
Hamilton Beach Brands Holding Company

LEADERSHIP

J.C. Butler, Jr.
President and Chief Executive Officer

Carroll L. Dewing
Senior Vice President and Chief Operating Officer
NACCO Natural Resources Corporation

John D. Neumann
Senior Vice President, General Counsel and Secretary

J. Patrick Sullivan, Jr.
Senior Vice President and Chief Financial Officer,
NACCO Natural Resources Corporation

Elizabeth I. Loveman
Senior Vice President and Controller,
NACCO Industries, Inc.

Thomas A. Maxwell
Senior Vice President, Finance and Treasurer,
NACCO Industries, Inc.
Vice President of Finance and Treasurer,
Mitigation Resources of North America

Christopher D. Friez
Vice President, Land, Associate General Counsel
and Assistant Secretary

Sarah E. Fry
Vice President, Associate General Counsel
and Assistant Secretary

Matthew J. Dilluvio
Associate General Counsel and Assistant Secretary

Stephen H. Clevett
Vice President, Corporate Development,
NACCO Natural Resources Corporation
President, ReGen Resources

Eric A. Dale
Vice President, Financial Planning and Analysis and
Treasurer, NACCO Natural Resources Corporation

Andrew B. Hart
Vice President, Controller,
NACCO Natural Resources Corporation

Eric S. Anderson
President, Mitigation Resources of North America

Philip N. Berry
President, North American Mining

Brian M. Larson
President, Catapult Mineral Partners

CORPORATE INFORMATION

Annual Meeting

Form 10-K

The Annual Meeting of Stockholders of NACCO

Additional copies of the Company’s Form 10-K

Industries, Inc. will be held on May 15, 2024, at

filed with the Securities and Exchange Commission

9:30 a.m. CT located at:

301 E. Main Street

Starkville, Mississippi 39759

Stock Exchange Listing

The New York Stock Exchange Symbol: NC

Stock Transfer Agent and Registrar

Stockholder Correspondence:

Computershare Investor Services

P.O. Box 43078

Providence, RI 02940-3078

Overnight Correspondence:

Computershare Investor Services

150 Royall Street, Suite 101

Canton, MA 02021

(800) 622-6757 (U.S., Canada and Puerto Rico)

(781) 575-4735 (International)

Legal Counsel

McDermott Will & Emery LLP

444 West Lake Street

Chicago, Illinois 60606

Independent Registered Public
Accounting Firm

Ernst & Young LLP

1001 Lakeside Ave., Suite 1800

Cleveland, Ohio 44147

are available free of charge through NACCO Industries’

website (nacco.com) or by request to Investor Relations

Investor Relations Contact

Investor questions may be addressed to:

Investor Relations

NACCO Industries

5875 Landerbrook Drive, Suite 220

Cleveland, Ohio 44124

or sent through the Company’s website.

Visit Our
Websites

Watch Our
Video

NACCO Industries: nacco.com

NACCO Natural Resources: nacco.com

North American Coal: nacoal.com

North American Mining: namining.com

Mitigation Resources of North America: mitigate.pro

Catapult Mineral Partners: catapultmp.com

North American Mining continues to focus on
safe and efficient operations at all locations.

Bringing Natural Resources to Life

5875 Landerbrook Drive, Suite 220 | Cleveland, OH 44124