Parties will collaborate to support the construction of African lithium-ion cell manufacturing plants or "gigafactories" within the African markets

ReElement to support Afrivolt's construction of comprehensive circular lithium-battery ecosystem with African critical minerals refined in Africa utilizing ReElement's innovative chromatographic purification technology

FISHERS, IN / ACCESSWIRE / January 23, 2024 / 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 executed a MOU with Afrivolt Pty Ltd ("Afrivolt"), a pioneer in developing large industrial projects to support the build-out of Africa's regional and global lithium-ion battery supply chains. The agreement between ReElement and Afrivolt will focus on establishing a comprehensive closed-loop lithium-battery and EV manufacturing ecosystem within Africa utilizing critical minerals mined in regional localities with refining and purification performed by ReElement Africa and its subsidiaries including ReElement Ghana. To support the build out of the African critical mineral ecosystem, ReElement and Afrivolt are dedicated to collaborating with local institutions to cultivate the necessary skills pipeline to provide the high-skilled labor for the next generation of African industry and manufacturing. ReElement Ghana is already committed to community development, having established a partnership with University of Mines and Technology (UMaT), advocating education exchange programs with Purdue University in West Lafayette, Indiana, USA.

Ben Kincaid, Chief Executive Officer of ReElement Technologies Africa, Ltd. commented, "Collaborating with Afrivolt is a testament to our commitment to drive innovation and sustainability in Africa's battery industry. Through ReElement Africa, we are dedicated to empowering local economies and making global supply chains more resilient."

Deshan Naidoo, Managing Director of Afrivolt added, "This strategic alliance serves as a vital conduit, channeling essential technology and capital. In doing so, it not only catalyzes the evolution of the African battery value chain but also marks a transformative shift, ensuring that the continent transcends its perceived role as a mere minerals scratch patch for the globe."

Commenting on the partnership, Mr. Franklin Asare, CEO of TECHGULF Ghana said, "We are excited about the prospects of this collaboration and the positive impact it will have in shaping the future of an African battery industry - sustainability and self-sufficiency. This partnership is not only a technological advancement but also a catalyst for continental workforce development, aligning with our commitment to fostering skill enhancement within the region."

The MOU between ReElement and Afrivolt is designed to evolve into a comprehensive collaboration and offtake agreement for ReElement Technologies to support the operation of African gigafactories and supporting regional economic development with nearly all minerals and raw materials sourced regionally from African mines with a specific initial focus on Ghanaian critical minerals. The MOU places a strong emphasis on the development of a comprehensive manufacturing industry that utilizes critical minerals sourced, processed and refined in Africa while involving the local workforce at every step.

ReElement Technologies is committed to leading the buildout of a more robust and secure global supply chain for rare earth and battery elements. The Company has proven that its patented chromatographic separation and purification is a low cost, scalable, flexible and environmentally safe replacement to the existing environmentally and socially toxic alternatives used around the globe for rare earth and critical element separation and purification. As the Company executes and scales the production at its facilities, it will significantly reduce the United States' and its economic partner's dependency on foreign nations for the supply of these critical raw materials while also creating a true circular life-cycle solution.

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 Corporation

ReElement Technologies Corporation 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 Afrivolt

Afrivolt™ is at the forefront of revolutionizing the African energy storage industry, driven by an unwavering commitment to pioneering cell manufacturing in Africa by leveraging international technology partnerships. This initiative aims to catalyze economic growth by creating job opportunities, fostering skills development, and establishing a strong local footprint in the battery value chain across the continent. With a visionary approach, afrivolt™ has spent the last 15 months developing the business ecosystem to drive sustainable energy solutions for a brighter, more prosperous African future. The company's 5GWh project, "afrivolt™ 1" is expected to manufacture battery cells for stationary storage in South Africa, a market that has seen exponential growth over the last 3 years.

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
833-475-8247
arec@jtcir.com

RedChip Companies Inc.
Robert Foley
1-800-RED-CHIP (733-2447)
Info@redchip.com

Company Contact:
Mark LaVerghetta
Vice President of Corporate Finance and Communications
317-855-9926 ext. 0
investor@americanresourcescorp.com

SOURCE: American Resources Corporation