NACCO Industries is a U.S.-based natural resource company operating across three core businesses: utility coal mining, contract mining services, and oil and gas mineral royalties. The utility coal mining business, run under the North American Coal brand, operates surface lignite mines that are the exclusive, long-term fuel suppliers to adjacent power plants in North Dakota and Mississippi. Each mine is physically integrated with a single customer's facility, creating de facto monopoly arrangements. NACCO earns either a management fee per ton (at three mines where customers bear all capital costs) or a cost-plus contract price (at MLMC, where NACCO owns the capital). The contract mining business, run under the North American Mining brand, performs extraction work at independently owned quarries and mines — primarily using large dragline equipment — earning service fees rather than owning or selling minerals. Customers include several of the top U.S. aggregates producers, with operations in Florida, Arkansas, and Nebraska. A notable contract involves serving as exclusive miner for the Thacker Pass lithium project in Nevada, a joint venture between Lithium Americas and General Motors. The minerals and royalties business, run through Catapult Mineral Partners, owns oil and gas mineral interests leased to third-party operators, generating passive royalty income with no capital expenditure obligations. The portfolio spans roughly 208,000 gross acres concentrated in the Permian Basin, Haynesville Shale, and Appalachian Basin. NACCO's business model stacks long-term contracts and royalty streams to compound cash flows over time, and management targets $150M in annual EBITDA within five to seven years from 2025.