American Resources Corporation's ReElement Technologies Produces Ultra-High Purity, Battery-Grade Lithium from Recycled Batteries

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 recycle and purify elements from a variety of battery chemistries and naturally-occurring sources

ReElement Technologies is focused on producing battery-grade materials from end-of-life lithium-ion nickel, manganese cobalt ("NMC") batteries, lithium iron phosphate ("LFP") batteries and lithium spodumene mineral ore

FISHERS, IN / ACCESSWIRE / January 3, 2023 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a next generation and socially responsible supplier of raw materials to the new infrastructure and electrification marketplace, today announced that it has achieved ultra-high pure (greater than 99.9%) lithium from its exclusively licensed and patented multi-modal chromatography technology that was developed in partnership with Purdue University. ReElement is focused on selling its high-purity lithium carbonate (Li2CO3) to the domestic battery manufacturing industry to help satisfy the need for domestically supplied battery materials and aligns with the clean vehicle tax credit as part of the Inflation Reduction Act.

Jeff Peterson, COO of ReElement Technologies commented, "Lithium refining in a cost effective and environmentally sensitive manner is the key to the domestic auto and electrification industry. We applaud our team for exceeding our initial target results in producing ultra-high purity, battery-grade lithium from end-of-life batteries utilizing our revolutionary and patented technology. The results we have achieved and the scalability we have now showcased is paramount for the high-growth battery industry. Our technology is unique in that we can operate standalone facilities, co-locate with battery manufacturers to process manufacturing waste or co-locate at mining operations to process spodumene to produce ultra-high purity lithium in either a carbonate or hydroxide form, and at a substantially lower economic and environmental cost than conventional chemical processing."

With growing attention on the fragile supplies of battery minerals such as lithium, nickel, cobalt and manganese, the Company is focused on the separation and purification of these elements from several sources which include:

• End-of-life batteries of varying chemistries (NMC and LFP);
• Black mass produced by third-parties;
• Battery manufacturing waste / scrap; and
• Spodumene mineral ore.

Lithium, given its historic price, has typically not been recovered in the recycling process of lithium-ion batteries. However, with the projected growth of electric vehicle manufacturing and larger-scale battery storage, the demand for lithium is expected to double over the next three years and increase tenfold over the next decade. Even though supply growth for lithium is expected to nearly triple by 2025 to approximately 1.5 million metric tons per annum, it is widely believed that demand will largely outweigh projected supply with global reserves estimated at only 80 million tons. The current market price for lithium carbonate per metric ton is currently greater than $70,000.

With its initial commercial battery production train at its first Noblesville, Indiana facility, ReElement has the capacity to process approximately 137,500 kilograms per year of battery materials to produce ultra-high pure battery minerals or compounds. The Company is in the design and engineering phase to implement its second battery production line which will have an annual capacity of approximately 13,750,000 kilograms per year with the ability to efficiently expand on a modular basis thereafter. As previously announced, this is in addition to its initial commercial production train that is used to recycle end-of-life permanent magnets for the separation and purification of their inherent rare earth elements. The Company continues to scale its first rare earth and critical element recycling facility in Noblesville, Indiana which is being developed as a modularly-scalable, commercial facility and is also currently evaluating additional sites for both standalone and co-located facilities.

Chromatography is 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. Typically, the Company's process first isolates lithium then subsequently isolates and recovers the supplemental products such as the inherent manganese, cobalt and nickel, from an NMC-type battery, with minimal increase in costs. Additionally, the chromatography produces very little waste making it environmentally benign and much easier to permit relative to conventional refining methods.

Mark Jensen, CEO of American Resources Corporation continued, "The social and environmental benefits of our rare earth and critical element recycling segment of our business might be the most exciting component of our Company. Not only are we addressing domestic supply chain needs, but we are also addressing our sustainability challenges by revitalizing these much-needed elements back to ultra-pure qualities, reducing the need for the mining of these elements from environmentally and socially hazardous regions of the world, while keeping these materials in the domestic marketplace. We believe a sustainable and circular economy will reduce costs of feedstocks for our future customer base while also protecting the environment in the process. We applaud and are very thankful for the efforts of our internal team lead by Yi Ding along with our Purdue technology team on this project, Dr.Linda Wang and Gabriel Perez Schuster. It is our believe that bringing practical, real-life solutions to the table will bolster a more resilient domestic supply chain for these increasingly-critical raw materials and help secure our energy independence. Chromatography and our technology team is a game changer!"

Under its recently expanded sponsored research program with Purdue University, the Company is refining and further advancing its critical and rare earth element purification technology for various feedstocks which include recycled waste permanent magnets, waste lithium-ion batteries and coal waste, fly ash and byproducts using various chromatography methods and techniques.

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.

Investor Contact:

JTC Team, LLC
Jenene Thomas
833-475-8247
arec@jtcir.com

RedChip Companies Inc.
Todd McKnight
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