EAGLE MATERIALS INC

Our operating facilities span the U.S. They include cement and slag cement plants, quarries, and related facilities; concrete and aggregates plants and quarries; gypsum wallboard plants; a recycled paperboard mill; cement distribution terminals; and our headquarters in Dallas, Texas. All our facilities are owned, with the exception of our headquarters in Dallas, which is leased through January 2036, and certain terminals, as discussed on page 10. None of our facilities are pledged as security for any debts. Please see the Industry Segment Information section on pages 6-21 for more information about the location of our facilities, and a summary of mineral reserves for each of our applicable businesses.

The following map shows the locations of our operating facilities at March 31, 2026, by type of facility. Quarries supporting our Cement, Aggregates, and Gypsum Wallboard businesses are in close proximity to the respective plants.

Mining Properties

In this Form 10-K, the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource,” “inferred mineral resource,” “mineral reserve,” “proven mineral reserve,” and “probable mineral reserve” are defined and used in accordance with subpart 1300 of Regulation S-K. Under subpart 1300 of Regulation S-K, mineral resources may not be classified as “mineral reserves” unless a qualified person (QP) (as defined under subpart 1300 of Regulation S-K) has determined that the mineral resources can be the basis of an economically viable project. Part or all of the mineral deposits (including any mineral resources) in these categories may never be converted into mineral reserves. Further, except for the portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value. Estimates of inferred mineral resources have too high of a degree of uncertainty as to their existence and may not be converted to a mineral reserve. Therefore, it should not be assumed that all or any part of an inferred mineral resource exists, that it can be the basis of an economically viable project, or that it will ever be upgraded to a higher category. Likewise, it should not be assumed that all or any part of measured or indicated mineral resources will ever be converted to mineral reserves. Management relies on estimates of our recoverable mineral reserves, which estimation is complex due to geological characteristics of the properties and the number of assumptions made and variable factors, some of which are beyond our control.

The estimates of mineral resources and reserves in this Form 10-K are based on information and supporting documentation prepared in accordance with the requirements of subpart 1300 of Regulation S-K by third-party QPs who have no affiliation with or interest in the Company or our mining properties.

Cement Mining Properties

We mine primarily limestone at our quarry operations serving each of our cement plants. Eagle operates all its quarries, and mining at our quarries is done by Company personnel. The limestone mined at our quarries is converted to cement, as outlined in Item 1. Business. Each cement plant has its own dedicated limestone quarries, all of which have adequate access to highways and/or waterways. Limestone is delivered to our Louisville plant by barge, and to all other plants by truck. All our mines, with the exception of one, are surface mines, which are mined using open pit techniques. We have one underground mine serving our plant in Sugar Creek, Missouri. All our limestone reserves are located on properties that are in the production stage. All our quarries are close to our operating facilities.

As of March 31, 2026, we had 313.3 million tons of proven and probable limestone reserves, and 752.3 million tons of measured and indicated limestone resources, exclusive of limestone reserves. Approximately 80% of our total reserves are owned, and the remainder are leased. We do not consider any of our individual quarries to be material for disclosure purposes. All our individual locations have at least 25 years of reserves and resources, with most of our locations having in excess of 50 years.

Below is a summary of our limestone resources, exclusive of limestone reserves, serving each of our cement plants at March 31, 2026.

(1)

Measured, Indicated, and Inferred resources are based on an initial assessment using average selling price assumptions ranging from $18.76 to $23.06 per ton depending on location and market.

(2)

The point of reference for reserves other than the Louisville and Buda locations are recorded on a recoverable or "run-of-mine" basis. Louisville and Buda are recorded on an in situ basis.

(3)

Below is a summary of our limestone reserves serving each of our cement plants at March 31, 2026.

(1)

The economic viability of our reserves was determined using average limestone prices ranging from $18.76 to $23.06 per ton, depending on location and market.

(2)

The point of reference for reserves other than the Louisville and Buda locations are recorded on a recoverable or "run-of-mine" basis. Louisville and Buda are recorded on an in situ basis.

(3)

Our total measured and indicated limestone resources were 752.3 million tons at March 31, 2026, compared with 728.4 million tons at March 31, 2025. Our total proven and probable reserves were 313.3 million tons at March 31, 2026, compared with 321.2 million tons at March 31, 2025. The decrease was primarily due to depletion during fiscal 2026.

Below is a summary of the annual production volumes from our cement quarries for each of the following fiscal years.

(1)

Aggregate Mining Properties

We have Aggregate operations near most of our concrete facilities as well as other locations throughout the US. Aggregates are obtained principally by mining and extracting from quarries owned or leased by the Company. The Company operates all its quarries, and mining at our quarries is done by Company personnel.

Mineral resources and reserves for our aggregate plants consist of both sand and gravel, as well as limestone.

As of March 31, 2026, we had 205.7 million tons of proven and probable aggregate reserves and 250.9 million tons of measured and indicated aggregate resources, exclusive of aggregate reserves. Approximately 60% of our reserves are owned, with the rest covered under leases expiring between 2040 and 2060. We do not consider any of our individual quarries to be material for disclosure purposes. All our individual locations, with the exception of the Kansas City area, have at least 25 years of reserves and resources. All of our aggregate mines are surface mines with the exception of one.

The following table sets forth certain information regarding our aggregates facilities as well as aggregates resources, exclusive of aggregates reserves, at March 31, 2026.

(1)

Measured, Indicated, and Inferred resources are based on an initial assessment using average selling price assumptions ranging from $8.00 to $28.00 per ton depending on location and market. Aggregates resources are reported on an in situ basis.

(2)

The Company currently is not operating its aggregate facility in the Kansas City area.

The following sets forth certain information regarding our aggregates reserves at March 31, 2026.

(1)

The economic viability of our reserves was determined using average limestone, sand, and gravel prices ranging from $8.00 to $28.00 per ton, depending on location and market. Aggregates reserves are reported on saleable product basis.

(2)

The Company is currently not operating its aggregate facility in the Kansas City area.

Our total measured and indicated aggregates resources were 250.9 million tons at March 31, 2026, compared with 212.6 million tons at March 31, 2025. Our total proven and probable reserves were 205.7 million tons at March 31, 2026, compared with 191.7 million tons at March 31, 2025. The increases in reserves and resources were primarily due to the Aggregates Acquisitions, partially offset by depletion during fiscal 2026.

Below is a summary of the annual production volumes from our aggregate quarries.

(1)

The Company is currently not operating its aggregate facility in the Kansas City area.

(2)

This mine was acquired on January 7, 2025. The tons mined in fiscal 2025 are from this date through March 31, 2025.

Gypsum Mining Properties

We have adequate access to all our gypsum quarries. Mining at all our quarries is done by Company personnel, and all our mines are in the production stage. Mineral resources and mineral reserves for our Gypsum Wallboard business are defined similarly to how they are defined for our Cement business. See the Limestone Resources and Reserves section in the Cement segment discussion above for a more detailed description of how we define mineral resources and reserves.

As of March 31, 2026, we had 65.5 million tons of proven and probable gypsum reserves, and 149.7 million tons of measured and indicated gypsum resources, exclusive of gypsum reserves. Approximately 40% of our reserves are owned, with the rest leased.

The following table sets forth certain information regarding our gypsum wallboard plants and gypsum resources, exclusive of gypsum reserves, at March 31, 2026.

(1)

Gypsum resources are shown on an in situ basis.

(2)

Measured, Indicated and Inferred resources were based on an initial assessment using average selling price assumptions ranging from $17.83 to $19.33 per ton, depending on location and market.

(3)

The same resources serve both New Mexico plants.

(4)

In 2006, we signed a 60-year supply agreement for synthetic gypsum with Santee Cooper that expires in 2069.

The following table sets forth certain information regarding gypsum reserves at March 31, 2026.

(1)

Gypsum reserves are shown on a recoverable basis.

(2)

The economic viability of our reserves was determined using average gypsum prices ranging from $17.83 to $19.33 per ton, depending on location and market.

(3)

The same reserves serve both New Mexico plants.

(4)

In 2006, we signed a 60-year supply agreement for synthetic gypsum with Santee Cooper that expires in 2069.

Our total measured and indicated gypsum resources were 149.7 million tons at March 31, 2026, and 149.7 million tons March 31, 2025. Our total proven and probable reserves were 65.5 million tons at March 31, 2026, compared with 67.2 million tons at March 31, 2025. The decrease in proven and probable reserves was primarily due to mined gypsum during fiscal 2026.

Below is a summary of the annual production volumes from our gypsum quarries.

(1)

The same resources serve both New Mexico plants.

Internal Controls

We have compiled reserve and resource estimates with the assistance of a third-party QP. In general, the procedure for developing these estimates was a collaboration between site personnel and the QP for each individual site. Past exploration data was field verified, and quality was verified by reviewing on-site lab certification or third-party testing. Third-party resource modeling was developed using verified past exploration data and field observations. Where applicable, site-specific ore density, recovery, and loss parameters were used to calculate reserves. Property ownership, permit status, and lease evaluations were performed by the third-party QP to evaluate the legal right to mine. When evaluating economic viability, past income statements and operating costs were reviewed, as well as future operating and capital cost estimates. Commodity pricing was taken either from published USGS reports or from reasonable expected pricing given site location and haulage rates.

While the mineral reserve and resource classification categories (proven and probable) identify relative confidence of reserve estimates, there is inherent risk associated with such estimates. We base estimates on information known at the time of determination and regularly re-evaluate reserves whenever new information indicates a material change in reserves at one of our sites.