• Total grade of rare earth and critical minerals exceed 550 ppm from its Wyoming County, WV property as certified by an independent third-party lab
• Critical and rare earth minerals will be concentrated alongside premium mid vol metallurgical carbon production as a byproduct to its core operations, significantly reducing costs of concentration step

FISHERS, IN / ACCESSWIRE / April 1, 2024 / American Resources Corporation (NASDAQ:AREC) ("American Resources"), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, today announced updated results of its rare earth deposits at its Wyoming County Coal project in West Virginia with over 550 ppm as verified from an independent third-party laboratory. The ongoing project development is being funded by the Company's previously announced $45 million tax exempt bond.

Tarlis Thompson, CEO of American Carbon Corporation commented, "Our team has laid the foundation for this project as one of the largest, low cost, mid vol metallurgical carbon facilities with inherent high-grade rare earth and critical mineral concentration. Extraction of rare earth minerals from nontraditional sources are extremely challenging to make economical as a standalone business. However, integrating it within a premium mid vol met carbon operation utilizing byproduct economics and innovative technology changes the cost structure for it to be viable. Our focus on building concentration facilities alongside profitable metallurgical carbon extraction and processing operations enables us to significantly lower costs and utilize byproduct economics to unlock the value of traditional wasted material. We are extremely excited to share that the analysis conducted from this site exceeds 550 ppm. As we push forward on this exciting project, we are also looking to further expand our footprint in West Virginia to replicate our efficient model to extract metallurgical coal and concentrate rare earth minerals as a byproduct to feed into our ReElement Technologies division for the final separation purification and refinement step."

Rare earth and critical minerals are used in the electric drive train (magnets and batteries) of e-mobility as well as other electronics and military applications all throughout the world. American Carbon has an agreement in place with ReElement Technologies to refine concentrated rare earth materials from unconventional coal-based resources into ultra-pure products. Over 90% of the world's rare earth elements are refined in China to date and ReElement's mission is to continually grow its footprint to provide an alternative to the world in how rare earth and critical minerals are refined.

ReElement Technologies Corporation is the only full lifecycle provider of critical and rare earth elements in the United States. Learn more about ReElement Technologies' process and technology here - Video.

About American Resources Corporation

American Resources Corporation (NASDAQ: AREC) is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.

American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.

About ReElement Technologies Corp

ReElement Technologies Corp is redefining how critical and rare earth elements are both sourced and processed while focusing on the recycling of end-of-life products such as rare earth permanent magnets and lithium-ion batteries, as well as coal-based waste streams and byproducts to create a low-cost and environmentally-safe, circular supply chain. ReElement Technologies has developed its innovative and scalable "Capture-Process-Purify" process chain in conjunction with its licensed intellectual property including 16 patents and technologies and sponsored research partnerships with three leading universities to support the domestic supply chain's growing demand for magnet and battery metals. For more information visit reelementtech.com or connect with the Company on Facebook, Twitter, and LinkedIn.

Special Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.

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