American Resources Corporation's subsidiary American Carbon Corporation, an owner and operator of low-cost, high-quality metallurgical and specialty carbon assets, has acquired a 51% ownership interest in a diversified mineral asset with a focus on iron ore, titanium and vanadium with an initial estimated deposit of 212,925,000 tons of raw feedstock with an estimated 106,462,500 tons of ore body, based on an average of 50% magnetic material. American Carbon Corporation acquired its 51% ownership stake of TR Mining and Equipment Limited ("TR Mining") (including equipment, leases, permits etc.) with 100% offtake rights to mineral feedstock located within the Special Exclusive Prospecting License No. 611, or any successor permit.

The total consideration for the 51% ownership interest and offtake rights is the issuance of approximately 6% of the equity of American Carbon Corporation to the owners of TR Mining equating to a total equity consideration of approximately $19.305 million. The initial assessment and laboratory results from the magnetite and titanomagnetite indicate the black sand resource typically range from 9% to 57% in surface iron content. The asset base contains both onshore and offshore reserves off the southern shore of Jamacia outside of any residential regions of the island.

The minerals identified though the initial assessment included titanomagnetite, magnetite, hematite, ilmenite, plagioclase, quartz, epidote, olivine, augite, hornblende, apatite, calcite, garnet, hypersthene, rutile, zircon, etc. Third-party analysis and reserve report evaluation were conducted by the Geological and Geographical Solutions field team, Ja-GeoS, and commissioned by T.R. Mining and Equipment Limited.