American Resources Corp Q4 FY2022 earnings call

• Corporate Accomplishments: Board established a special committee, share repurchase program executed (86,400 shares repurchased by Dec 31, 2022), reacquired 7.5% of ReElement, filed Form 10 for ReElement spin-off, sold carbon nanostructure patents, convertible debt converted to common stock reducing debt by over $9M.
• ReElement Highlights: Commercial-scale refining of rare earths and lithium from recycled materials, unique chromatography technology, secured partnerships (e.g., with USA rare earth magnets), plans for spin-off.
• American Carbon Highlights: Focus on monetizing assets, evaluating sale or redeployment of Perry County Complex assets to Wyoming County, progress at McCoy Elkhorn and Wyoming County complexes, tax-exempt bond progress.
• Talent and Partnerships: Added key talent to ReElement, ongoing partnerships in lithium and magnet recycling, co-location opportunities globally.

American Carbon: In 2022, revenue reached nearly $40 million, a over 400% increase from 2021. The McCoy Elkhorn complex was a key contributor. The Perry County Resources Complex was idled, with assets potentially valued at ~$40 million, some of which could be relocated to the Wyoming County Complex. Wyoming County is a mid-wall complex with high-quality mines and processing plant. ReElement Technologies: Achieved commercial-scale production of over 99.5% pure rare earth elements and critical battery elements domestically. Secured partnerships and has a patent portfolio with long runway. American Metals: Predominantly a ferrous metal recycler, working on developing shredding operations for batteries and magnets.

• Reaffirmation of focus on long-term value creation. - Expect continued growth in ReElement through partnerships and spin-off. - Plan to monetize assets in American Carbon, including potential sale of Perry County Complex and redeployment of assets to Wyoming County. - Anticipation of revenue growth from ReElement through pilot programs and co-location.

• Dependence on external factors like bond market stability, interest rates, and regulatory approvals for spin-off and projects. - Competition in the critical minerals refining space, especially from China's conventional methods. - Uncertainties in feedstock supply for ReElement's recycling and refining operations.

Q: Issues at McCoy Elkhorn with supply, labor?

A: Stabilization in supply and labor, processing capacity was a prior issue but resolved with own processing plant.

Q: Partnerships for ReElement?

A: Worldwide partnerships, including African and domestic, focusing on co-location and diversified feedstocks.

Q: Perry County Complex value and relocation?

A: Assets worth ~$40M, considering sale or redeployment to Wyoming County for $35M net value.

Q: ReElement spin-off SEC filing?

A: Responding to SEC questions, re-filing Form 10 soon, focusing on value extraction.