• ReElement's Marion Indiana supersite is a 42-acre campus with over 425,000 square feet under roof that will reduce the stronghold China has on rare earth element and lithium refining
• Phase 1 capacity is being designed for 5,000 metric tons of lithium carbonate (99.9%+) and 1,000 metric tons of rare earth oxides (99.5%+) representing phase 1 revenue potential of $142 million based on market prices
• Watch CEO Mark Jensen and Marion Mayor, Ronald Morrell, Jr. discuss this milestone on demand here on the Virtual Investor platform's What This Means series

FISHERS, IN / ACCESSWIRE / April 25, 2024 / American Resources Corporation's (NASDAQ:AREC) ("American Resources" or the "Company") wholly owned subsidiary, ReElement Technologies Corporation ("ReElement"), a leading provider of high performance refining capacity of rare earth and critical battery elements, today announced that it has received its initial certificate of occupancy for its Marion, Indiana Advanced Technology Center supersite, which will be a first mover in reducing the chokehold that China has on the refining for critical and rare earth elements. ReElement is focused on building out phase 1 operations with the ability and goal of significantly expanding the Marion site beyond the initial production capacity over time. Phase 1 production capacity represents approximately $142 million in revenue potential based on current market prices of rare earth oxides and lithium carbonate production.

Mark Jensen, Chief Executive Officer American Resources Corporation and ReElement Technologies commented, "This is an exciting day for ReElement, our shareholders, the Marion, Indiana community as well as the global economy that relies almost entirely on China for its refining of critical and rare earth elements. We are thankful for the support of the community of Marion, Mayor Morrell, Common Council, and the rest of local government for their support as we move quickly to deploy our platform technology for larger scale commercial operations in the Marion community. This site just received its certificate of occupancy, which once was the largest employer in Marion. This milestone is another successful step in how we are supporting the reshoring of domestic manufacturing of clean tech applications, bringing jobs back to local communities, while also refining materials that bolster our national security to eliminate the need to rely upon single-source, foreign nations for key elements used by our military. This is a monumental day for our Company, and we are challenging our team to expand this site to be the largest producer of lithium carbonate and rare earth oxides in the United States over the coming years."

Mr. Jensen continued, "Our Marion site represents an expansion of production capability for our proven technology that we currently operate in Noblesville, Indiana where we produce ultra-pure critical minerals and rare earth oxides. The Company has progressed over the last three years and now are expanding our production capability based on proven technologies, commercial viability, a team and resources to bring this critical component of the supply chain back to the United States for the first time in decades."

The ReElement Technologies Marion Refining Campus will provide for:

• 42 acres with ample areas for operations and future development for both ReElement Technologies and its key industry partners;
• 425,000 square feet of existing production facility space, office, laboratories, and support structures;
• 250,000 square feet of additional foundation-ready space to expand production facilities or structures for further growth;
• The production of rare earth elements with a targeted initial capacity to produce 1,000 metric tons per year of ultra-pure (>99.5%) rare earth oxides sourced from virgin ores and recycled feedstocks, such as magnets found in high-efficiency motors, electric vehicles, wind turbines, power tools, and hard drives, and establishing the largest such producer of heavy rare earth elements outside of China;
• The production of critical battery materials with an initial refining capacity of 50 metric tons per day of lithium-ion battery input material ("black mass") sourced from end-of-life batteries and manufacturing waste, with the ability to process a wide range of lithium-ion battery chemistries including Lithium Iron Phosphate (LFP) and Nickle Manganese Cobalt (NMC);
• An onsite fully integrated domestic solution of the battery and magnet supply chains: The campus is being designed to drive collaboration with battery and magnet industry partners by creating co-located partnerships within the electrified value chain; reducing costs, maximizing productivity, and significantly reducing the carbon footprint of products produced;
• Rail loadout onsite along with 37 truck bays for enhanced transportation logistics, including access to major highways and interstate travel, with a central location to many potential customers within the automobile, battery and magnet industries within the U.S. battery belt; and
• Exceptional community support for ReElement Technologies, along with access to several important educational institutions, such as Indiana Wesleyan University, Ivy Tech Community College, Taylor University and Purdue University which can provide skilled personnel to ReElement Technologies' expanding workforce.

The Marion Advanced Technology Campus will scale up to an initially targeted production capacity of 5,000 metric tons of ultra-pure (>99.9%) lithium hydroxide or carbonate per year, and 1,000 metric tons per year of rare earth oxides, with the ability to strategically and efficiently expand production capacity by adding modular production capacity as the market matures.

Learn more about ReElement Technologies' process and technology here - Video.

About ReElement Technologies Corporation

ReElement Technologies Corporation, a wholly owned subsidiary of American Resources Corporation (NASDAQ:AREC), 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 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.

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.

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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