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Here are 1-2 brief analogies for American Resources (AREC):

• A boutique Glencore, focused on critical materials for the new energy economy.
• A modernizing Cliffs Natural Resources, pivoting from steelmaking coal to critical minerals for advanced technologies.

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• Metallurgical Coal: Production and sale of high-quality metallurgical coal used primarily in steel manufacturing.
• Rare Earth & Critical Mineral Recovery: Development and implementation of technologies to recover rare earth and critical minerals from coal refuse and other waste streams.
• Carbon Products & Technologies: Research and development of advanced carbon materials and technologies, leveraging their coal assets for various industrial applications.

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American Resources Corporation (AREC) primarily sells its products and services to other companies (business-to-business), rather than directly to individuals.

While the company's public filings indicate a significant customer concentration (with one customer accounting for approximately 76% of consolidated revenue in 2022 and 75% in 2021), American Resources Corporation does not disclose the names of its specific major customers in its SEC filings. Therefore, a list of named customer companies and their symbols cannot be provided.

Based on the company's business segments and product offerings, its major customers fall into the following categories:

• Steel Mills and Other Industrial Users: These customers purchase American Resources' metallurgical carbon products, which are essential raw materials primarily used in the steelmaking industry and various other industrial applications.
• Magnet, Battery, and Other High-Tech Manufacturers: As American Resources further develops and commercializes its rare earth and critical elements products, these types of manufacturers are expected to be key customers. They utilize these materials for advanced technologies, including electric vehicle batteries, permanent magnets, and other high-tech components.

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Mark C. Jensen, Chief Executive Officer & Chairman of Board

Mark C. Jensen is a leader and innovator in the critical mineral and infrastructure supply chain with over 20 years of commodity experience, having developed low-cost sustainable solutions through a collaborative platform of partners and technologies. Before his operational experience, he invested in or advised on over $1 billion of transactions across various asset classes globally. He has been the Chief Executive Officer of American Resources Corporation since 2015. Jensen is a cofounder and comanaging partner in the microcap investment fund, T Squared Capital, LLC, and founded T Squared Partners, LLC (serving as Managing Director since 2009), Quest Energy, Inc., ReElement Technologies Corp., and Land Betterment Corp. He currently also serves as CEO of Electrified Materials Corp., Executive Chairman at American Infrastructure Corp., and Executive Chairman at eko Solutions LLC. His career on Wall Street began in 2002, working with firms specializing in company turnarounds. In 2015, he oversaw the acquisition of nine mining assets, including five bankruptcies, focused on metallurgical carbon in the Central Appalachia Basin.

Kirk P. Taylor, CPA, Chief Financial Officer

Kirk P. Taylor has over 16 years of experience in accounting and auditing at national public accounting firms, with a focus on tax-advantaged business structuring. He has integrated three acquisitions in twelve months, establishing a robust and scalable accounting and financial infrastructure, and built a streamlined finance, accounting, and purchasing staff with strong cost controls. Taylor also holds the position of President and Chief Financial Officer of American Acquisition Opportunity Inc (NASDAQ: AMAO) and is a founder of Land Betterment Corp. He also serves as Chief Financial Officer & Director at eko Solutions LLC.

Tom M. Sauve, President & Director

Tom M. Sauve brings over 12 years of experience leading and managing mining operations and more than 15 years in investing, restructuring, and building businesses. He has a track record of successfully identifying mining operations that align with the company's cost-cutting and efficiency model, demonstrated by his management of the due diligence process, closing, staffing, and ramp-up of three acquisitions within a twelve-month period.

Tarlis R. Thompson, Chief Operating Officer

Tarlis R. Thompson oversees all operations for American Resources' Central Appalachian subsidiaries, including McCoy Elkhorn, Deane Mining, and Knott County Coal. His responsibilities encompass managing activities at the company's various processing facilities and loadouts, coordinating production across mines, ensuring environmental compliance and reclamation, and overseeing quality control and customer shipments. He possesses over 15 years of experience with companies such as Commercial Testing & Engineering, SGS Minerals, Massey Energy, and CAM Mining.

Mark LaVerghetta, Vice President of Corporate Finance & Communications

Mark LaVerghetta has over 15 years of financial market experience, having held various roles at several Wall Street firms. He has been instrumental in assisting with the integration of acquired assets into American Resources' business model and in analyzing the overall financial impact of such opportunities. Mark is recognized for his ability to effectively communicate corporate strategy, benchmarks, and financial information to the investment community.

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The key risks to American Resources Corporation (AREC) are primarily centered around its financial viability, the unproven nature of its new business ventures, and the associated risks of shareholder dilution.

1. Financial Viability and Going Concern: American Resources Corporation faces significant financial distress, characterized by minimal revenue, consistent losses, and a substantial stockholders' deficit of over $93 million as of September 30, 2025. The company's liabilities of $296.2 million significantly outweigh its assets of $201.2 million, leading to negative shareholder equity. Furthermore, AREC has high current obligations, including a $43.7 million bond payable classified as current, and has reported deeply negative operating cash flow, indicating severe liquidity pressure. The company has explicitly included "going concern" language in its reports, raising substantial doubt about its ability to continue operations without securing additional financing. Its cash runway is also severely limited, estimated at 1-2 months based on free cash flow projections.
2. Execution Risk of New Ventures and Unproven Business Model: The company's future hinges significantly on the successful commercialization and scaling of its ReElements and Electrified Materials segments, which currently represent an unproven technology and execution track record. While American Resources is positioning itself as a key player in critical minerals, its current operations are not covering fixed costs, and the profitability of its new ventures at scale is uncertain. The speculative nature of its business model means that the entire bullish outlook heavily relies on the success of these emerging technologies, and there is a considerable risk that management may not be able to execute this challenging turnaround profitably.
3. Shareholder Dilution and Capital Raising Challenges: Given its ongoing losses and significant debt burden, American Resources is highly dependent on raising additional capital to sustain operations and fund its new initiatives. This reliance on external financing has historically led to, and is expected to continue to result in, substantial shareholder dilution. The company's recent filing for the sale of a significant number of shares further highlights this risk, as such actions can lead to diluted earnings per share and a decrease in stock value for existing shareholders.

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1. Shift towards Green Steel Production: The accelerating global investment and development of "green steel" technologies, particularly hydrogen-based direct reduced iron (DRI) processes, poses an emerging threat to the long-term demand for metallurgical coal. Major steel manufacturers are committing significant capital to pilot and scale these technologies, aiming to decarbonize steel production, which could gradually erode the market for traditional coking coal.

2. Advancements in Rare Earth Element (REE) Recycling: Emerging technologies and increasing investments in the recycling and recovery of rare earth elements from end-of-life products (e.g., magnets from electric vehicles and wind turbines) represent a growing threat to the demand for newly mined and processed rare earths. As these recycling methods become more efficient and economically viable, they could reduce the reliance on primary rare earth extraction and processing, impacting companies focused on establishing new supply chains from virgin materials.

3. Intensified Competition in the Domestic Rare Earth Supply Chain: The concerted efforts by the US government and private entities to establish a secure, non-Chinese domestic rare earth supply chain are leading to an increase in the number of companies entering or expanding in the REE extraction, processing, and separation space. While this addresses a strategic need, it also creates an emerging threat of intensified competition, potential market fragmentation, and pricing pressures for companies like American Resources that are positioning themselves in this sector.

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American Resources Corporation (AREC) focuses on several key product and service areas, primarily metallurgical carbon, and critical and rare earth minerals for the electrification market, with a strong emphasis on recycling.

Addressable Markets for American Resources Corporation:

• Metallurgical Carbon: The global metallurgical coal market was valued at approximately USD 72.63 billion in 2024 and is projected to grow to about USD 100.02 billion by 2035, with a compound annual growth rate (CAGR) of 2.95% during this period. Other estimates place the global market value at USD 94.1 billion in 2024, with a projected CAGR of 4.8%. The Asia-Pacific region is identified as the largest market, followed by North America.

• Critical Minerals Recycling: The global critical minerals market, which includes rare earth elements, was valued at approximately USD 328.19 billion in 2024 and is expected to reach USD 586.63 billion by 2032, growing at a CAGR of 7.53%. Within this, the critical material recovery market (recycling) is forecasted to grow to over USD 110 billion globally by 2045. The volume of critical material recovery is projected to reach around 3.34 million tonnes globally by the end of 2045.

• Rare Earth Metals Recycling: As a subset of critical minerals recycling, the global rare earth metals recycling market was valued at USD 0.82 billion in 2023 and is expected to reach USD 1.47 billion by 2030, growing at a CAGR of 8.7%. Another estimate places the market at USD 410.16 million in 2023, projected to reach USD 871.16 million by 2032 with an 8.7% CAGR. Asia-Pacific held the largest market share for rare earth recycling in 2023.

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Here are 3-5 expected drivers of future revenue growth for American Resources Corporation (AREC) over the next 2-3 years:

1. Scaling of ReElement Technologies' Rare Earth and Lithium Production: American Resources is emphasizing significant growth from its ReElement Technologies subsidiary, particularly in the lithium and rare earth elements sectors. The Noblesville facility is currently in production, with plans for expanded operations at the Marion, Indiana facility. The Marion facility is anticipated to become a major producer of separated and purified rare earth oxides and lithium carbonate equivalent, driving substantial revenue growth in 2025 as operations scale up. The company's unique rare earth element separation process and potential government funding are cited as key advantages.
2. Expansion of the "Powered by ReElement" Service Model: American Resources plans to expand its "Powered by ReElement" service, which is expected to generate revenue in 2024. This hybrid model, combining the company's own facilities with a service offering, aims to reduce capital expenditures and operational risks while broadening market reach for critical mineral refining.
3. Growth in Metallurgical Carbon and Iron Ore Production via American Infrastructure: The American Infrastructure division, formerly American Carbon Corporation, is focused on metallurgical carbon and iron ore production. The company has consolidated valuable assets and is restructuring to concentrate on high-value, high-margin products within this segment. This business line is designed to drive cash flow to American Infrastructure through a royalty-based structure, minimizing capital expenditure and operational risk for American Resources.
4. Strategic Partnerships and Funding for Rare Earth Supply Chain: ReElement Technologies has announced a $1.4 billion joint partnership with the U.S. Department of War's Office of Strategic Capital to expand its rare earth magnet supply chain. This partnership includes substantial loans to support U.S. production capabilities and is expected to significantly reduce the domestic NdFeB magnet supply chain gap, thereby contributing to future revenue.

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Share Repurchases

• American Resources' Board of Directors authorized a stock repurchase program for up to $10,000,000 of its common stock on August 29, 2022.

Share Issuance

• American Resources priced a private placement of approximately 9.48 million class A common shares at $3.55 per share, generating an estimated $33.7 million in gross proceeds, expected to close around October 14, 2025.
• The company also secured approximately $40 million through a private placement by selling around 7.84 million class A common shares at $5.10 per share to institutional investors, with a projected closing around October 16, 2025.
• American Resources completed a $33 million private investment in public equity (PIPE) transaction aimed at accelerating its strategy for extracting rare earth elements from coal waste.

Inbound Investments

• The company successfully closed $20 million in debt financing via a convertible note to fuel procurement and the launch of new commercial-scale equipment for its subsidiary, ReElement Technologies.
• American Resources' ReElement Technologies closed a bond purchase agreement for $150 million for its Kentucky Lithium complex, intended to produce battery-grade lithium products.

Outbound Investments

• American Resources completed the merger of its partially owned subsidiary, American Infrastructure Corporation (AIC), with CGrowth Capital, Inc., which will be renamed American Infrastructure Holding and plans to uplist to a senior national exchange.
• American Resources announced a spin-off of ReElement Technologies Corporation, distributing one share of ReElement Technologies for every three shares of American Resources Class A Common Stock held, with a payment date of February 14, 2025.
• American Metals, a subsidiary, executed a definitive business combination agreement with AI Transportation Acquisition Corp. (AITR) in a deal valued at $170 million to form Electrified Materials Corp., which will be listed on Nasdaq.

Capital Expenditures

• American Resources anticipates a CAPEX allocation of $5 million for upcoming quarters to invest in sustainable practices and operational enhancements.
• The Electrified Materials unit completed a power upgrade at its Noblesville, Indiana site, enhancing operations and productivity with advanced shredding equipment.
• ReElement Technologies is expanding its Indiana facilities, with the Marion Supersite aiming to process up to 3,500 metric tons annually and the Noblesville facility to produce over 250 metric tons per year of ultra-pure defense elements.