American Resources Corporation announced updated results of its rare earth deposits at its Wyoming County Coal project in West Virginia with over 550 ppm as verified from an independent third-party laboratory. The ongoing project development is being funded by the Company's previously announced $45 million tax exempt bond. Rare earth and critical minerals are used in the electric drive train (magnets and batteries) of e-mobility as well as other electronics and military applications all throughout the world.

American Carbon has an agreement in place with ReElement Technologies to refine concentrated rare earth materials from unconventional coal-based resources into ultra-pure products. Over 90% of the world's rare earth elements are refined in China to date and ReElement's mission is to continually grow its footprint to provide an alternative to the world in how rare earth and critical minerals are refined.