ReElement Technologies Corporation Enters Into Purified Rare Earth Oxide Sales Agreement

ReElement Technologies' patented process produces high purity rare earth oxides from recycled permanent magnets, returning the elements back to magnet grade materials

The Company is currently scaling up its rare earth oxide refining capacity at its 425,000 square foot facility on its 42-acre Advanced Technology Campus located in Marion, Indiana

FISHERS, IN / ACCESSWIRE / March 4, 2024 / American Resources Corporation's (NASDAQ:AREC) ("American Resources" or the "Company") wholly owned subsidiary, ReElement Technologies Corporation ("ReElement"), a leading provider of high performance refining capacity of rare earth and critical battery elements, today announced that it has executed a sales and offtake agreement with USA Rare Earth LLC for the production and sale of ultra-pure rare earth elements using ReElement's patented purification and refining process, currently in production at its Noblesville, Indiana facility and being expanded at ReElement's Marion Advanced Technology Campus, located in Marion, Indiana. The sale of the purified elements to USA Rare Earth under the agreement commences in 2025 and expands to over 900 metric tons of high purity oxides (greater than 99.5% to 99.99% pure depending on the specific element being sold) annually by 2028, representing over $65 million in annual revenue (based on index and consensus pricing for the various rare earth elements) produced by ReElement. USA Rare Earth intends to utilize the high-purity oxides in the company's permanent magnet manufacturing facility currently being constructed in Stillwater, Oklahoma

Mark Jensen, Chief Executive Officer of ReElement Technologies commented, "As the leading domestic producer of ultra-high purity rare earth oxides, we couldn't be more excited to further our relationship with USA Rare Earth and their amazing team for the fully domestic production of permanent magnets from rare earth elements. As we look to inaugurate and expand our Marion Advanced Technology Campus and facility, signing offtakes with manufacturers of permanent magnets and battery materials enables us to rapidly progress the business model at ReElement and prepare for future growth and profitability. We look forward to being the key to completing the domestic supply chain for production of these products, by enabling virgin ores and end of life products to both be able to be recycled and refined all the way back to rare earth permanent magnets and lithium-ion batteries".