• Patented Multi-Mode Chromatography technology has been scaled up and achieved better than expected separation and purification results from commercial operation
• Multi-Mode Chromatography technology scales modularly and is highly flexible to efficiently separate, purify, refine and recycle critical elements for an evolving electrified economy

FISHERS, IN / ACCESSWIRE / November 2, 2023 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company") 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 achieved an ultra-high purity of 99.96% battery-grade lithium carbonate (Li2CO3) from its exclusively licensed and patented multi-modal chromatography technology that was developed in partnership with Purdue University. The results were produced from hard rock, spodumene bearing pegmatite ore and showcase the technology's ability to provide industry-best purity results across various feedstocks, both primary and recycled.

Mark Jensen, CEO of American Resources Corporation commented, "As the electrified economy continues to expand the demand for high purity lithium will continue to see substantial demand as a commodity. Over the short term, we expect some price volatility around planned battery plants within the U.S. market. In the current market, both operating cost and capital investment will remain extremely important and we believe our refining solution is extremely competitive on both aspects, while also being able to build out in a scalable and modular basis. Being able to efficiently add refining capacity as demand warrants it is paramount to succeed in a commodity-driven, pricing environment. As such we continue to rapidly advance our innovative critical mineral refining technology at our Commercial Qualification Plant in Noblesville, Indiana with a variety of feedstocks. We are also frequently validating the products we produce for our partners, potential partners and customers to showcase our value-added position and to most efficiently meet the needs of our fragile critical mineral supply chains. Refining lithium from natural sources, such as spodumene, in a cost effective and environmentally sensitive manner is key to the near-term domestic battery industry. We realize the importance of sustainability and circularity which has been a big focus of our critical mineral refining platform. Given our technology's efficient attributes, we are also highly focused on the rapidly accelerating demands of the electrified economy. Our innovative platform can efficiently and cost effectively address the complex demands of our critical mineral supply chains through the refining of natural occurring ores while also creating a sustainable and circular life cycle. We applaud our technical and operational teams for exceeding our initial target results in producing ultra-high pure, battery-grade lithium from spodumene utilizing our revolutionary and patented technology. The results we have achieved and the scalability we have showcased is paramount for the high-growth battery industry. Our technology is unique in that we can operate standalone facilities, co-locate within the battery manufacturing and mining ecosystems to produce ultra-high pure lithium in either a carbonate or hydroxide form, and at a substantially lower economic and environmental cost than conventional chemical processing and refining."

This milestone of refining hard rock lithium ore to high purity, battery-grade lithium products follows the Company's success in refining end-of-life and waste feedstocks back to battery and magnet-grade qualities which include:

• Achieved greater than 99.5% pure rare-earth elements (Nd/Pr and Dy) representing the first commercial scale success in the United States (here);
• Achieved ultra-pure (greater than 99.9%) lithium from recycled NMC lithium-ion batteries (here);
• Achieved an ultra-purity of 99.99% lithium from LFP lithium-ion battery manufacturing waste (here);

ReElement's advanced chromatography methods are unique in that it's an efficient continuous closed loop, column-based, modular system that is able to operate at multiple stages and recover high value components. As such, the process can scale congruently with the needs of the market and require less Capex and Opex to scale. The Company's process first efficiently isolates lithium then can subsequently isolate and recover any supplemental products such as inherent iron phosphate, manganese, cobalt and nickel from waste battery material, with minimal increase in costs. Additionally, our chromatography process produces very little waste making it environmentally benign and much easier to permit relative to conventional refining methods.

American Resources continues to focus on running efficient streamlined operations in being a new-aged supplier of raw materials to the infrastructure and electrification marketplace in the most sustainable of ways, while also helping the world achieve its goals of carbon neutrality. By operating with low or no legacy costs and having one of the largest and most innovative growth pipelines in the industry, American Resources Corporation works to maximize value for its investors by positioning its large asset base to best fit a new-aged economy, while being able to scale its operations to meet the growth of the markets it serves.

About ReElement Technologies LLC

ReElement Technologies LLC 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.

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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