American Resources Corporation Q3 FY2024 earnings call

• ReElement Technologies: Born from environmental cleanup, developed versatile multi-mineral platform technology. Producing in Noblesville, with Marion facility under renovation for scaling. Completed initial financing and working on partnerships. • American Infrastructure: Focus on metallurgical carbon and iron ore, aiming to become royalty-based with progress on McCoy Elkhorn and Wyoming County Complexes. • American Metals: Advanced pre-processing strategies, partnered with LOHUM Cleantech, progressing on merger with AI Transportation Acquisition Corp. • Royalty Management Holding Corporation: Undervalued, with investment and stock repurchase activity. • Novusterra Inc.: Working on S-1 filings for listing on national exchange, with military partnerships.

No detailed absolute financial performance numbers or revenue contribution percentages for product segments were provided in the transcript. However, key segments mentioned include ReElement Technologies, American Infrastructure, American Metals, Royalty Management Holding Corporation, and Novusterra Inc. ReElement is developing a rare earth and critical mineral refining platform, American Infrastructure focuses on metallurgical carbon and iron ore, American Metals works on pre-processing and recycling, Royalty Management has an undervalued portfolio, and Novusterra is working on listing on a national exchange.

• ReElement spin-off record date set, intention to be public with audits ongoing. • Confidence in Marion facility production ramping up, expecting substantial revenue growth in 2025. • Novusterra and American Infrastructure progressing towards public listing, with Novusterra close to listing on a national exchange. • Expectation of mining business commencing soon with positive cash flow potential once operational.

• Algorithmic and hedge fund gamesmanship affecting American Resources' stock price. • Previous auditor issues delaying spin-off processes for American Infrastructure and others, requiring re-audits of subsidiaries.

Q: Kyle Gallagher asked about ReElement revenue ramp, Noblesville vs. Marion production, and partner disclosures.

A: Mark Jensen said ReElement has a diversified customer base, Noblesville is for qualification, Marion is for scaling pre-processing, and partners often avoid public disclosure due to market volatility.

Q: Unidentified Participant asked about ReElement spin-off timeline and public listing.

A: Mark Jensen said ReElement spin-off record date is set, intention is to be public, with audits ongoing.

Q: Steve Segal asked about Marion facility progress and revenue potential.

A: Mark Jensen said feedstock is building, non-dilutive financing is in place, expecting substantial growth by third quarter next year.

Q: Michael Samuels asked about Novusterra and American Carbon public listing timelines.

A: Mark Jensen said Novusterra is close to listing on a national exchange, American Infrastructure is being evaluated with potential reverse split to increase stock price.

Q: Mark Stone asked about reverse splits and stock valuation.

A: Mark Jensen discussed potential reverse splits for American Infrastructure to attract institutional investors and noted American Resources is undervalued due to algorithmic and hedge fund activity.

Q: Steve Martin asked about American Resources cash flow and mining business timeline.

A: Mark Jensen said cash flow positive when mining business starts, with progress on mining negotiations and expectation of commencing soon.