Companies enter into a Memorandum of Understanding (MOU) to develop a commercial partnership
ReElement will utilize its proprietary technology for lithium conversion and production of battery-grade lithium carbonate from concentrated spodumene ore produced from IRIS Metals
FISHERS, IN / ACCESSWIRE / October 10, 2024 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company") announced today that its wholly owned subsidiary, ReElement Technologies Corporation ("ReElement"), a leading provider of high-performance refining capacity for rare earth and critical battery elements, has signed a Memorandum of Understanding (MOU) with IRIS Metals Limited ("IRIS") for downstream lithium conversion and the production of battery grade lithium carbonate equivalent (LCE). The MOU follows the successful production of 6% spodumene concentrate (SC6) from IRIS Metals' flagship Beecher Lithium Project in the Black Hills of South Dakotaandrelates to potential future spodumene concentrate production.
IRIS Metals Chairman, Peter Marks, commented, "The team at IRIS Metals is thrilled with the new partnership with ReElement. This collaboration is set to transform our concentrate into battery-grade lithium carbonate right here in the US, using homegrown technology and processes. It's a pivotal step that not only elevates IRIS from explorer to near-term producer, but also strengthens our commitment to a fully domestic supply chain. IRIS is on track to announce a maiden mineral resource estimate at Beecher and we remain ambitious to expand into a multi-project lithium enterprise in the coming years."
Mark Jensen, CEO of ReElement Technologies added, "Securing reliable lithium sources is crucial for bolstering our integrated supply chain and aligns with ReElement's commitment to being a leading and sustainable producer of ultra-pure, refined rare earth and critical battery elements. We utilize the most cost effective and environmentally safe methods developed to date, and I'm confident that the MOU with IRIS Metals will establish a strong foundation for our joint efforts to accelerate business growth and seize opportunities that address both the electrified economy and national security needs."
Under the MOU between IRIS Metals and ReElement, the parties aim to convert US-origin SC6 into battery-grade lithium carbonate within the United States, utilizing ReElement's proprietary intellectual property and commercial processes. This development signifies IRIS Metals' progression from an exploration company to a near-term producer and supplier of lithium carbonate equivalent (LCE), leveraging a fully domestic supply chain.
IRIS's Beecher project is already licensed for production, and ReElement is advancing from its Customer Qualification Plant in Noblesville, Indiana to its commercial-scale critical mineral refining plant at their 42-acre campus in Marion, Indiana. Together, the parties are positioned as an imminent new domestic supplier of lithium carbonate, offering fully Inflation Reduction Act (IRA) compliant lithium units to the expanding US market. This partnership is a pivotal step towards fulfilling America's critical mineral requirements.
Following the signing of this MOU and the successful demonstration-scale conversion trial, additional bulk testing and definitive discussions for commercialization and production ramp-up are planned. IRIS Metals aims to commence domestic SC6 production in 2025, while ReElement scales into its large-scale commercial operations in Marion, Indiana.
ReElement utilizes its patented technology for the separation and purification of rare earth and critical battery and defense material. Unlike conventional solvent-based, hydrometallurgical processes that rely on toxic acids and solvents, ReElement maximizes surface area interface by using columns and resins. This innovative application of this longstanding technology significantly reduces CapEx, physical footprint, environmental impact, chemical usage, resulting in lower OpEx for mineral separation, purification and refinement.
The technology was developed over decades, drawing on expertise from commercially operating processes used in industries such as sugar refinement (for fructose and glucose) and pharmaceutical production, including commercial production of insulin.
ReElement Technologies is dedicated to leading the domestic supply chain for refined rare earth and critical battery elements, addressing both the electrified economy and national security needs. The Company has demonstrated that its patented chromatographic separation and purification technology is a cost effective, scalable, flexible and environmentally safe alternative to the legacy processes, which are both environmentally and socially harmful. As the Company expands and scales production across its own and partner facilities, it will play a key role in reducing U.S. dependence on foreign sources of critical raw materials while also fostering a true circular life-cycle solution.
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 a leading provider of high-performance refining capacity for rare earth and critical battery elements. Its multi-mineral, multi-feedstock platform technology focuses on the refining of recycled material from rare earth permanent magnets and lithium-ion batteries, concentrated ores and brines, as well as coal-based waste streams and byproducts to create a cost effective and environmentally-safe, circular supply chain. ReElement has developed its innovative and scalable "Powered by ReElement" process which collaboratively utilizes its exclusively licensed intellectual property within its partners' material processing flow sheets to more efficiently support the global supply chain's growing demand for magnet and battery-grade products. For more information visit reelementtech.com or connect with the Company on Facebook, Twitter, and LinkedIn.
About IRIS Metals
IRIS Metals Ltd (ASX:IR1) is an exploration company with an extensive suite of assets considered to be highly prospective for hard rock lithium located in South Dakota, United States (US). The company's large and expanding South Dakota Project is in a mining friendly jurisdiction and provides the company with strong exposure to the battery metals space, and the incentives offered by the US government for locally sourced critical minerals.
The Black Hills have a long and proud history of mining dating back to the late 1800s. The Black Hills pegmatites are famous for having the largest recorded lithium spodumene crystals ever mined. Extensive fields of fertile LCT-pegmatites outcrop throughout the Black Hills with significant volumes of lithium spodumene mined in numerous locations.
To learn more, please visit: www.irismetals.com
About American Resources Corporation
American Resources Corporation 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.
Investor Contact:
JTC Team, LLC
Jenene Thomas
(908) 824 - 0775
arec@jtcir.com
RedChip Companies Inc.
Robert Foley
1-800-RED-CHIP (733-2447)
Info@redchip.com
Company Contact:
Mark LaVerghetta
317-855-9926 ext. 0
investor@americanresourcescorp.com
IRIS Metals Contacts:
Company:
Peter Marks
admin@irismetals.com
Investor & Media:
Melissa Tempra
melissa@nwrcommunications.com.au
SOURCE: American Resources Corporation
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