American Resources (AREC) Provides Update on Strategic, Value-Creating Initiatives

American Resources Corporation's (NASDAQ: AREC) ("American Resources" or the "Company") ReElement Technologies LLC ("ReElement"), a leading provider of high performance refining capacity of rare earth and critical battery elements, announced today that ReElement Technologies has filed the necessary paperwork to convert from a LLC (limited liability company) to a corporation in preparation of its spinoff into a standalone public company under the name ReElement Technologies Corporation with a reserved ticker of RLMT. Conversion of the company to a corporation will allow for the common shares of ReElement to be distributed proportionally to the shareholders of American Resources Corporation, at a record date that will be set by the Board of Directors and communicated to shareholders.

Mark Jensen, Chief Executive Officer of American Resources Corporation commented, "We are excited to announce the continued progress of our spinoff of ReElement into its own independent publicly traded company. Our strategic committee established a plan of action to unlock value for our shareholders and we remain focused on the execution of such events. We believe the dividend of ReElement shares distributed to our shareholders of American Resources will establish a uniquely positioned, pure play company focusing on rare earth and critical battery mineral refining. To date, we have been able to showcase our groundbreaking and patented refining platform's ability to produce ultra-pure minerals to battery and magnet-grade products from a variety of feedstocks in a low cost, modular-based, high performance method, which also is leading the market in terms of environmental safety. These attributes are key components of supporting our strategy to unlock value while also ensuring ReElement is well positioned for growth as one of the only premier refiners in the lithium and rare earth element space outside of China. The world cannot solely rely on China for rare earth elements and battery mineral refining, and our proven commercial scale technology provides the most efficient solution today and in the future."

The Company, its Board of Directors and Special Committee have set out the following objectives which are in process:

• Spinoff ReElement into an independently run and operated business focused on the pure play refining of battery and rare earth elements into battery and magnet grade;
• Monetization of the metallurgical carbon mining business either through the sale or spinoff of such assets; and
• Focus on American Resources, post such events, taking ownership stakes in attractive critical mineral and rare-earth element resources opportunities.

Learn more about ReElement: https://vimeo.com/reelementtech

About ReElement Technologies LLC

ReElement Technologies LLC, a majority owned subsidiary of American Resources Corporation (NASDAQ: AREC) 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 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.

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