Enables reELEMENT Technologies to establish credit history and provides low cost, non-dilutive, growth capital to expand current rare earth and battery element purification facility
Maxus Capital has put in place an initial facility of $2.0 million to expand the production capabilities of rare earth and battery element recycling
FISHERS, IN / ACCESSWIRE / July 1, 2022 / American Resources Corporation (NASDAQ:AREC) ('American Resources' or the 'Company'), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, today announced that reELEMENT Technologies (reELEMENT) has put in place an independent working capital facility that will enable the division to expand to revenue and cash flow generation. This initial working capital facility of $2.0 million will be used to expand reELEMENT's first-of-a-kind facility in terms of critical battery material production, internal lab space and additional preprocessing to scale the production of high-purity and sustainable battery and magnet grade critical and rare earth elements.
Mark Jensen, CEO of American Resources Corporation commented, 'We've had a positive relationship with the Maxus Capital team and are excited to bring them in as a partner to the reELEMENT business as we bring innovative solutions in terms of being the first and most efficient commercial producer of separated and purified critical and rare earth elements to support the growth of the EV and green energy movement and significantly strengthen our domestic market's capabilities. Maxus recently took the effort to visit our first purification facility in Indiana and have seen the tremendous progress we have made in solving the rare earth and battery element recycling equation for commercial and national security. This initial credit facility will enable our reELEMENT division to establish its own independent credit history while aggressively expanding our production capacity. We look forward to expanding our relationship with Maxus as we continue to grow.'
Mike Dance, COO of Maxus Capital, stated, 'Having visited the facility and seeing the progress they have made, we were excited to put in place this initial facility to enable reELEMENT to expand beyond their current rare earth production train. We're impressed by the revolutionary technology that they're commercializing and believe our capital is a cost effective way to leverage their asset base and expand their magnet and battery recycling capacity. We look forward to growing our partnership as they continue to lead the market in addressing such a critical component of the domestic supply chain for battery and magnet-grade rare earth and critical elements.'
Facility Production Update
reELEMENT's first Noblesville, Indiana facility has successfully completed the chromatography column preparation and system commissioning process for the first-of-its-kind rare earth element production train able to produce high-purity, magnet-grade REE oxides in the United States. Over the next few weeks, reELEMENT will commence to produce pure fractions of neodymium (Nd), praseodymium (Pr), and dysprosium (Dy) and a high-purity mixed fraction of NdPr from end-of-life rare earth permanent magnets that can be used in the manufacturing of new magnets and technologies.
reELEMENT Technologies has two properties in Noblesville, Indiana including a 7.5-acre site for future expansion. The current operating site is being expanded to three production trains for magnet recycling for isolating and purifying the rare earth elements neodymium (Nd), praseodymium (Pr) and dysprosium (Dy) to magnet grade qualities and two production trains for battery recycling in the form of processing black mass into individual isolated and purified battery grade elements (cobalt, nickel and manganese sulfates and lithium hydroxide). The company utilizes its patented chromatography processes and believes the technologies will quickly displace solvent extraction and hydrometallurgical separation and purification worldwide. The current Noblesville, Indiana facility will eventually convert to a commercial-scale chromatography testing and innovation hub to continually optimize the process for future expansion and capabilities.
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. American Rare Earth 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 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.
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SOURCE: American Resources Corporation
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