The partnership will establish Africa's first fully integrated critical mineral refining platform employing local talent

ReElement's innovative critical mineral refining platform is scalable, cost competitive and environmentally safe, catalyzing the region's manufacturing economy

FISHERS, IN / ACCESS Newswire / February 5, 2025 / American Resources Corporation (NASDAQ: AREC) ("American Resources" or the "Company"), along with its holding in ReElement Technologies Corporation ("ReElement"), a leading provider of high-performance refining capacity of rare earth and critical battery elements, has announced a partnership with Novare Holdings Proprietary Limited ("Novare"), a South African headquartered multi-disciplinary investment holding company with operations across the African continent. Together, they plan to develop integrated refining facilities across Africa through an investment of USD $100 million. This milestone agreement advances their partnership and represents a pivotal step toward establishing Africa's inaugural critical and rare earth element refining facility, focused on producing high-purity elements essential for advanced technologies in both the commercial and defense sectors.

The agreement outlines the mutual commitment of both parties to develop a facility utilizing ReElement's proprietary refining platform to produce high-purity lithium carbonate, rare earth oxides, and other critical minerals. The facility will be supplied with locally and regionally sourced raw materials to support the growing demand in the battery and defense industries within both Africa and North America. ReElement Technologies aims to begin development of the refining facility by the second half of 2025.

Under the agreement, ReElement Technologies Africa will contribute its advanced chromatographic separation and purification platform technology along with project management expertise, while Novare will provide the necessary capital investment along with operational management. ReElement has successfully developed its versatile multi-mineral, multi-feedstock critical mineral technology, offering a high-performance, scalable, and cost-effective solution for separating, purifying, and refining rare earth and critical elements through an environmentally sustainable process. This collaboration will provide the initial funding to launch the project under an established Africa-based operating entity.

Ben Kincaid, CEO of ReElement Technologies Africa commented, "This partnership reflects our commitment to innovation in the critical minerals sector. Together with Novare, we are bringing innovative refining technology to the region, enabling nations to enhance and capture the value of their natural resources and catalyze industrial economic development on the continent. South Africa-based Novare will lead the way forward, modelling how African nations can and must serve as primary stakeholders in the global supply chain for critical minerals."

Ola Leepile, CEO of Novare Group, continued "Novare is excited about this collaboration's potential for securing reliable and quality critical mineral supplies. It aligns seamlessly with our vision of being an impactful investor by establishing Sub-Saharan Africa's first battery and critical minerals manufacturing facility. Through this partnership, we are confident that value addition and resource beneficiation can be achieved locally."

ReElement Technologies Africa and Novare look forward to collaborating to leverage opportunities which make a positive impact on the industries they serve. ReElement Technologies is dedicated to deploying its technology platform both domestically and internationally to unlock the bottleneck in the global critical mineral supply chain, 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 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 Novare
Novare is multi-disciplinary investment holding company headquartered in South Africa. The company is a leading provider of investment solutions to predominantly institutional clients on the African continent. The group's investment solutions which are provided through fully owned subsidiaries encompasses Real Estate Funds, Impact Investing Funds, Multi Managed Funds and Implemented Investment Consulting across a range of asset classes. The group has physical operations in five African countries namely South Africa, Nigeria, Mozambique, Mauritus and Zambia.

For more information visit www.novare.com or connect with the Company on LinkedIn.

About American Resources Corporation
American Resources Corporation is a leader in the critical mineral supply chain, developing innovative solutions both upstream and downstream of the refining process. The company and its affiliates focus on the extraction and processing of metallurgical carbon and iron ore, essential ingredients in steelmaking, as well as critical and rare earth minerals for the electrification market and recycled metals.

Leveraging its affiliation and former parent status of ReElement Technologies Corporation, a leading provider of high-performance refining capacity for rare earth and critical battery elements, American Resources is investing in and developing efficient upstream and downstream critical mineral operations. These operations include mining interests in conventional and unconventional sources, recycling, and manufacturing.

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

Media Inquiries:
Marjorie Weisskohl
703-587-1532
mweisskohl@allseasonspr.com

Company Contact:
Mark LaVerghetta
317-855-9926 ext. 0
investor@americanresourcescorp.com

SOURCE: American Resources Corporation