What Eagle Materials reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
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.
The rest of Item 2
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.
Limestone Resources (1)(2)
Location · Measured · Indicated · TotalMeasured &Indicated · Inferred
Buda, Texas (3) · 77,100 · 14,300 · 91,400 · 1,000
LaSalle, Illinois · 20,900 · 6,500 · 27,400 · 50
Sugar Creek, Missouri · 92,000 · 98,500 · 190,500 · 36,000
Laramie, Wyoming · 58,400 · 47,100 · 105,500 · 353,600
Tulsa, Oklahoma · 30,900 · 3,300 · 34,200 · 4,550
Fernley, Nevada · 76,825 · 29,250 · 106,075 · 16,800
Louisville, Kentucky · 62,150 · 102,000 · 164,150 · 124,400
Fairborn, Ohio · 13,880 · 19,160 · 33,040 · 1,700
432,155 · 320,110 · 752,265 · 538,100
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.
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.
Below is a summary of our limestone reserves serving each of our cement plants at March 31, 2026.
Limestone Reserves (1)(2)
Location · Proven · Probable · Total Proven & Probable
Buda, Texas (3) · 23,800 · 14,340 · 38,140
LaSalle, Illinois · 14,500 · 3,020 · 17,520
Sugar Creek, Missouri · 22,070 · 4,900 · 26,970
Laramie, Wyoming · 36,640 · 24,370 · 61,010
Tulsa, Oklahoma · 33,780 · 280 · 34,060
Fernley, Nevada · 17,260 · 7,050 · 24,310
Louisville, Kentucky · 43,260 · 45,330 · 88,590
Fairborn, Ohio · 22,620 · 40 · 22,660
213,930 · 99,330 · 313,260
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.
