American Resources Corporation Q1 FY2024 earnings call

• Addressed the situation with previous accounting firm B.F. Borgers, quickly responding and engaging new auditors GBQ partners.
• ReElement Technologies is a world leader in critical mineral refining, with low-cost and environmentally friendly technology. Facilities in Noblesville and Marion are being expanded, working with Purdue University on feedstocks and testing brines. Launched Powered by ReElement JV partnership.
• American Carbon is in the process of spinning off, with progress in Wyoming County Coal development, McCoy Elkhorn Complex, and Jamaican iron ore project.

American Carbon owns mining permits and is focused on spinning off, with progress in Wyoming County Coal and McCoy Elkhorn Complex. ReElement Technologies is a world leader in critical mineral refining, with facilities in Noblesville and Marion, working on various feedstocks and partnerships, but no specific revenue contribution percentages provided.

• Goal to spin off American Carbon Corporation and ReElement Technology Corporation into standalone companies by end of 2024.
• ReElement Technologies aims to have Marion facility operational this year and continue expanding production capacity.
• Focus on unlocking value of individual entities post-spin off.

• Risk of time pressure due to previous accounting firm B.F. Borgers being suspended, requiring quick response to find new auditors.

Q: Heiko Ihle asked about the spending of $45 million tax exempt bond for American Carbon's Wyoming County Coal Project.

A: Mark Jensen said roughly $20 million spent to-date, with remaining $25 million to finish development and put mine into production.

Q: Heiko Ihle asked about cash costs for ReElement and American Carbon spin-offs.

A: Mark Jensen said sub-$1 million, with audit work adding some cost but overall low.

Q: Unidentified Analyst asked about Novusterra stock trading status.

A: Mark Jensen said it's a private company, working on public listing process.

Q: Unidentified Analyst asked about trading status of American Carbon and ReElement spin-offs.

A: Mark Jensen said working on it, intent is to be publicly listed.

Q: Mike Niehuser asked about production timeline for Marion facility.

A: Mark Jensen said just got certificate of occupancy, aiming for operations this year, with Marion production significantly larger than Noblesville.

Q: Mike Niehuser asked about ReElement's technology in lithium brines.

A: Mark Jensen said technology can help streamline DLE processes, reduce OpEx and CapEx for lithium brine projects.

Q: Keith Goodman asked about differentiating from competition.

A: Mark Jensen said 95% of recyclers don't refine to grade, ReElement offers transparency with customers seeing product production.

Q: Keith Goodman asked about ReElement's public listing path.

A: Mark Jensen said working on private financing to set valuation for exchanges.

Q: Unidentified Analyst asked about product processing spectrum.

A: Mark Jensen explained about different feedstocks and concentrates, need for byproduct economics.

Q: Michael Lary asked about ReElement being accepted by Defense Industrial Base Consortium.

A: Mark Jensen said it allows access to DOD contracts for supplying critical materials.