Fishers, Indiana, March 12, 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, announced today a partnership with EDP Renewables North America (“EDPR NA”), a North American leader in the renewable energy sector, to  advance sustainable practices in the wind energy sector through the EDPR NA’s newly launched Close the Loop Program. The focus of this collaboration is efficient and sustainable recycling of neodymium-based permanent magnets from decommissioned wind turbines into magnet-grade rare earth elements, contributing to the development of a truly circular supply chain for renewable energy equipment and inputs.

As the world’s fourth-largest wind energy producer and a top five owner and operator of renewables in North America, the partnership leverages EDPR NA's expertise in wind energy and ReElement's advanced critical mineral refining technology for rare earth and critical battery element. Neodymium-based permanent magnets, commonly used in clean energy applications such as wind turbines and electric vehicle motors to enhance efficiency, are critical components of the renewable energy landscape. By recycling these magnets, EDPR NA and ReElement aim to reduce the environmental impact associated with the production and disposal of wind turbine components as well the primary extraction and common processing methods utilized today in the production of critical and rare earth mineral inputs.

Chris Moorman, Chief Commercial Officer of ReElement Technologies, emphasized the significance of this collaboration in establishing a circular supply chain for renewable energy stating, "We are thrilled to partner with EDPR to address the environmental challenges associated with neodymium-based permanent magnets. ReElement’s critical mineral refining process is a game-changer, providing a sustainable solution for recovering and refining a broad range of critical minerals. Our flexibility to refine multiple feedstocks utilizing a smaller, scalable and significantly more environmentally safe method enables us to provide valuable solutions to the supply chain challenges we face today. Our approach not only facilitates the recycling of wind turbine components but also significantly reduces the environmental footprint. We applaud EDPR NA and are thankful to have this collaborative opportunity to lead the world in delivering real solutions. The next generation of the electrified economy relies on responsible practices, and through this partnership, we are collectively setting a new standard for sustainability in the renewable energy sector."

EDPR NA and ReElement anticipate that this collaboration will set a precedent for responsible and sustainable practices in the renewable energy sector and beyond, fostering a circular economy that extends the life cycle of the critical and rare earth elements required today to fuel our technology. ReElement's proprietary process for critical mineral recovery and refining stands out for its high performance, efficiency and environmental responsibility. Unlike traditional mining and processing methods, mostly utilized in China, ReElement’s process of recycling permanent magnets is approximately 3-times more environmentally safe, aligning with the commitment to sustainable practices in the renewable energy industry. As the Company executes and scales the production at its facilities, it will significantly reduce the United States' and its economic partner's dependency on foreign nations for the supply of these critical raw materials while also creating a true circular life-cycle solution.

Learn more about ReElement Technologies’ process and technology here - Video.

About American Resources Corporation
American Resources Corporation (NASDAQ: AREC) is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.

American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.

About ReElement Technologies Corporation
ReElement Technologies Corporation 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.

About EDP Renewables North America (EDPR NA)
EDP Renewables North America LLC (EDPR NA), its affiliates, and its subsidiaries develop, construct, own, and operate wind farms, solar parks, and energy storage systems throughout North America. Headquartered in Houston, Texas, with 60 wind farms, 12 solar parks, and eight regional offices across North America, EDPR NA has developed more than 9,600 megawatts (MW) and operates more than 8,900 MW of onshore utility-scale renewable energy projects. With more than 1,000 employees, EDPR NA’s highly qualified team has a proven capacity to execute projects across the continent.

EDP Renewables (Euronext: EDPR) is a global leader in renewable energy development with a presence in 28 regions in Europe, North America, South America and Asia-Pacific. With headquarters in Madrid and leading regional offices in Houston, São Paulo and Singapore, EDPR has a sound development portfolio of top-level assets and market-leading operating capacity in renewable energies. Particularly worthy of note are onshore wind, distributed and large-scale solar, offshore wind (OW - through a 50/50 joint venture), and technologies to complement renewables such as storage and green hydrogen.

EDPR's employee-centered policies have received recognition such as Top Workplace 2023 in the USA, Top Employer 2023 in Europe (Spain, Italy, France, Romania, Greece, Portugal and Poland) Colombia and Brazil, and are also included in the Bloomberg Gender-Equality Index.

EDPR is a division of EDP (Euronext: EDP), a leader in the energy transition with a focus on decarbonization. Besides its strong presence in renewables (with EDPR and hydro operations), EDP has an integrated utility presence in Portugal, Spain and Brazil including electricity networks, client solutions and energy management. EDP – EDPR’s main shareholder – has been listed on the Dow Jones Index for 16 consecutive years, recently being named the most sustainable electricity company on the Index.

For more information, visit https://www.edpr.com/north-america/ and follow us on LinkedIn.

Special Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company’s actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation’s control. The words “believes”, “may”, “will”, “should”, “would”, “could”, “continue”, “seeks”, “anticipates”, “plans”, “expects”, “intends”, “estimates”, or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.

Investor Contact:
JTC Team, LLC
Jenene Thomas 
T: 833-475-8247
E: arec@jtcir.com   

RedChip Companies Inc.
Robert Foley
T: 1-800-RED-CHIP (733-2447)
E: Info@redchip.com   

Company Contact:
Mark LaVerghetta
Vice President of Corporate Finance and Communications 
T: 317-855-9926 ext. 0
E: investor@americanresourcescorp.com   

Tom Weirich 
EDP Renewables North America (EDPR NA) & EDPR Canada Ltd. (EDPR Canada)
E: thomas.weirich@edp.com