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3/25/22, 9:42 AM <br />road -20210930 <br />Level 3 fair values are used to value acquired mineral reserves and leased mineral interests. The fair values of mineral reserves and <br />leased mineral interests are determined using an excess earnings approach, which requires management to estimate future cash flows. <br />The estimate of future cash flows is based on available historical information and forecasts determined by management, but is <br />50 <br />https://www.sec.gov/Archives/edgaridata/0001718227/000171822721000107/road-20210930.htm 90/144 <br />