• The JV will utilize ReElement Techologies' proven commercial-scale lithium-ion battery recycling and refining technology to produce battery recycle and reuse lithium within Japan to feed the Japanese marketplace
• ReElement and JHUT will establish ReElement Technologies Japan to operate its JV partnership enabling optimal sourcing and refining operations in Japan
• Watch Chief Executive Officer, Mark Jensen, discuss the JV partnership with JHUT LLC on demand (link below)

FISHERS, IN / ACCESSWIRE / November 15, 2023 / American Resources Corporation's (NASDAQ:AREC) ("American Resources" or the "Company") ReElement Technologies Corporation ("ReElement"), a leading provider of high performance refining capacity of rare earth and critical battery elements, announced today that it has entered into joint venture partnership with JHUT LLC to a establish ReElement Technology Japan ("RTJ"), an entity that will operate lithium-ion battery and battery material recycling hub in the Oimachi, Oi-gun, Fukui Prefecture of Japan utilizing ReElement's revolutionary and proven critical mineral recycling and refining technology.

Mark Jensen, Chief Executive Officer of ReElement Technologies commented, "Over the course of the last year, we have had the opportunity to collaborate and strategize on a partnership with the JHUT team, and we are excited that we have come to an agreement to move forward together. Japan has been a leader on the world stage for developing and utilizing high value, cutting edge technologies and it couldn't be a better place for us to announce our first international JV expansion. We are excited to partner with JHUT to bring our technology to the Japanese market to source, recycle, and refine end-of-life lithium-ion batteries and manufacturing scrap back to ultra-pure, battery-grade materials, utilizing our proprietary, low cost and environmentally sustainable refining methods. We look forward to a long-term relationship with the JHUT team given their passion, drive and commitment to excellence."

Toshio Ozawa, CEO of JHUT commented, "Over the course of the last few years we have evaluated multiple technologies for lithium refining and battery recycling and are excited to have selected the ReElement Technologies method and collaborate with the ReElement team, given their proven success and scalable technology. We have selected Oi-machi, Oi-gun, Fukui Prefecture as the site for our battery recycling and refining hub and have commenced working with local partners to showcase the RTJ partnership in the Japanese market. The need for recycled material has never been greater, and Japan has long been a leader in the electrified economy. We are excited to work with the ReElement team to solve the gap by being able to provide battery grade refined critical material back into the marketplace for reuse."

RTJ will initially build a pilot facility that will operate at the selected site hub in the Oi-machi, Oi-gun, Fukui Prefecture of Japan which is capable of producing 100kg per day of battery grade lithium hydroxide or carbonate to showcase to the Company's partners and customers in the Japanese market. Post commencement of production of the Japanese pilot facility, RTJ will work to increase the scale of the facility through its modular design capability, thereby increasing the Company's capacity to recycle and refine a higher volume of battery material feedstock that is present in the Japanese market. ReElement is currently in the design and buildout phase of its 50 metric ton per day of lithium carbonate/hydroxide production line at their previously announced Marion, Indiana facility, which will be representative of the commercial scale production line that will be developed in Japan post pilot production.

ReElement Technologies will receive upfront fees to service, engineer, and design the initial production trains, as well as receive additional ongoing capital from JHUT and affiliates to build the initial commercial qualification plant that will showcase the technology in Japan for commercial partnerships and customers. Post the completion of the initial facility, expected in the second half of 2024, the parties will work together and with other strategic parties to build the first of several expected full-scale commercial facilities within Japan.

Watch CEO, Mark Jensen, discuss the JV partnership with JHUT LLC on demand here on the Virtual Investor platform's What This Means series.

About ReElement Technologies Corporation

ReElement Technologies Corporation, a majority 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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