Q1 2024 American Resources Corp Earnings Call

Greetings and welcome to the American Resources Corporation first quarter 2024 conference call.

Operator: Greetings and welcome to the American Resources Corporation first quarter 2024 conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mark Jensen.

Speaker Change: At this time all participants are in a listen only mode. A brief question and answer session will follow the formal presentation.

Speaker Change: If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad.

Speaker Change: As a reminder, this conference is being recorded.

Speaker Change: It is now my pleasure to introduce your host Mark will never get up Vice President corporate Finance and communications. Thank you you may begin.

Speaker Change: Thank you and good afternoon, everyone on behalf of American Resources Corporation I'd like to welcome everyone to our first quarter of 'twenty 'twenty four conference call and business update.

Mark J. LaVerghetta: Thank you, and good afternoon, everyone. On behalf of American Resources Corporation, I'd like to welcome everyone to our first quarter of 2020 conference call and business update. We always welcome these opportunities to provide an update on our business and discuss the accomplishments we've made over the past several months and how we are uniquely positioned within the markets that we serve for our American carbon, our American metals, and re-element technologies division.

Speaker Change: We always welcome the opportunity to provide an update on our business and discuss our accomplishments we've made over the past several months, how we are uniquely positioned within the markets that we serve for our American carbon our American metals, and we all know technologies Division.

Mark J. LaVerghetta: Also on the call today with me is Mark Jensen, our Chairman and CEO, Kirk Taylor, our Chief Financial Officer, and Tom Salve, our President. We'll provide some prepared remarks today, and then we'll get into some Q&A at the end for that part of the call. But first, before we start, I'd like to remind everyone of our normal cautionary statement.

Speaker Change: Also on the call today with me is Mark Jensen, our chairman and CEO, Curt Taylor, our Chief Financial Officer and tops all they are present.

Speaker Change: We will provide some prepared remarks today and then we'll get into some Q&A.

Speaker Change: At the end for the that part of the call. Our first before we are before we start I'd like to remind everyone of our normal cautionary statement certain.

Mark J. LaVerghetta: Certain statements discussed on today's call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed in the forward-looking statements. When considering forward-looking statements, you should keep in mind the risk factors, uncertainties, and other cautionary statements which are laid out in our press releases and SEC filings. We also do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Speaker Change: Certain statements discussed on today's call constitute forward looking statements within the meaning of the private Securities Litigation Reform Act.

Speaker Change: These forward looking statements are subject to risks uncertainties and other factors that could cause actual results to differ materially from different salts discussed in the forward looking statements when considering forward looking statements you should keep in mind, the risk factors uncertainties and other cautionary statements, which are laid out in our press release, the domestic steel filings.

Mark J. LaVerghetta: Lastly, for anyone wanting to ask any questions today, I believe you'll need to dial in by phone to get into the queue. We're also going to slightly modify the pace of the call today because it's been just about seven weeks since our last call and update. With that, I would first address and recognize our Chief Financial Officer, Kirk Taylor's efforts in quickly and successfully responding to the situation in regards to our previous accounting firm, BF Borders, and their permanent suspension from practicing before the Securities Exchange Commission as a PCOB registered public accountant.

Speaker Change: We also do not undertake any obligation to update or revise any forward looking statement, whether as a result of new information future events or otherwise lastly for anyone wanting to ask any questions. Today I believe it I need to dial in by phone to get into the queue.

Speaker Change: We're also going to slightly modify the cadence of the call today, because it's been just about seven weeks since our last call and update.

Speaker Change: With that I would like to first address and recognize our chief financial.

Speaker Change: Financial Officer, Chuck Taylors efforts and quickly and successfully responding to the situation in regards to our.

Speaker Change: Previous accounting firm B S borders and their permanent suspension from practicing before the Securities Exchange Commission as a P C that'd be registered public accounting.

Speaker Change: We were made aware of the situation just on May 3rd and Kirk and our team responded quickly to meet our deadline for filing our quarterly financial statements in light of the extremely tight time frame. The SEC did just issue.

Mark J. LaVerghetta: We were made aware of this situation just on May 3rd, and Kirk and our team responded quickly to meet our deadline for filing our quarterly financial statement. In light of the extremely tight timeframe, the SEC did just issue exemptive relief for the affected registrants, which is about over 300 companies from our understanding, and an additional period of time to hire a new Qualified Independent Accounting Firm and file their financial information with the Commission.

Speaker Change: Exemptive relief for the affected registering switches, which added over 300 companies from our understanding.

Speaker Change: And an additional period of time.

Kirk: To hire new qualified independent accounting firm and file their financial information.

With the commission, we'd also like to thank our board of directors and our audit committee before responding under an unprecedented short timeframe to allow us to engage our new qualified P. C. E O be registered public Accountants G. BQ partners are the quick response.

Mark J. LaVerghetta: We'd also like to thank our Board of Directors and our Audit Committee for responding under an unprecedented short time frame to allow us to engage our new Qualified PCAOB, Registered Public Accountants, GBQ Partners. The quick response, the time, and the focus of our Board and our team allowed us to run an extensive process to meticulously interview and evaluate multiple PCAOB-registered public accounting firms that can handle the growth of our platform of infrastructure supporting assets and operations.

Speaker Change: The focus of our board and our team allowed us to run an extensive process to meticulously interview and evaluate optimal PCA it'd be registered public accounting firms that can handle the growth of our platform.

Speaker Change: Shuster supporting assets and operations.

Mark J. LaVerghetta: Lastly, we'd like to thank GBQ Partners for their hard work, timeliness, and professionalism in enabling us to meet our deadline without having to take any further extensions. I think this situation and how we were able to respond exemplifies the strength of our board and team in getting things done. The accomplishments we've made, especially in the critical mineral industry with ReElement Technologies, showcase how far we have come in a relatively short

Speaker Change: Lastly, we'd like to thank G. BQ partners for their hard work timeliness, and professionalism and enabling us to meet our deadline without having to take any further extensions I think the situation and how we were able to respond exemplifies the strength of our board and team and getting things done the accomplishments, we've made especially in the critical minerals.

Speaker Change: The street with reality technologies showcases how far we've come in a relatively short period.

Mark J. LaVerghetta: ReElement has positioned itself as the world leader in deploying efficient, low-cost, and environmentally safe critical mineral refining capacity outside of China. We find ourselves at the tip of the spear in providing real critical mineral refining and sustainable solutions to the entire world and to diversify away from a single source monopolistic economy. And that really is the true value proposition of re-element technology. We strive to be as transparent as possible with how we are positioning American Resources and each of its subsidiaries and the milestones that we achieve.

Re element is has positioned itself as the world leader in deploying efficient low cost and environmentally safe critical mineral refining capacity outside of China.

Speaker Change: We find ourselves as that at the tip of spear and providing real critical minerals refining and sustainable solutions to the entire world under diversify away from a single source monopolistic economy and that really is the true value proposition of relevant technologies.

We strive to be as transparent as possible with how we are positioning American resources in each of its subsidiaries and the milestones that we achieved and looking back it's remarkable at how far we've come since we first announced our re element technologies Division just about three and a half years ago.

Mark J. LaVerghetta: Looking back, it's remarkable at how far we have come since we first announced our ReElement Technologies division just about three and a half years ago. We try to recap our accomplishments on a quarterly basis and find ourselves very selectively choosing which milestones to highlight. Our milestones are supported and driven by our, www.kenhub.com. From a corporate standpoint, our goal is to continue to execute on our strategic directive and spin off American Carbon Corporation and ReElement Technology Corporation into standalone companies by the end of this year. With that said, I'd now like to turn the call over to our chairman and CEO, Mark Jensen.

Speaker Change: We try to recap our accomplishments on a quarterly basis and find ourselves very selectively choosing which milestones to highlight our milestones are supported and driven by our.

Speaker Change: Substantial platform of assets, our intellectual property and groundbreaking technology and our best in class team.

Speaker Change: From a corporate standpoint, our goal is to continue to execute on our strategic directive and spinoff American Carbon Corporation and re elements Technology Corporation into Standalone companies by the end of this year.

Speaker Change: With that I'd like to now turn the call over to our chairman and CEO Mark Jensen Mark.

Mark C. Jensen: Thanks, Mark and thank you all for joining I'm going to keep my remarks relatively short today, but feel free to ask any question says we you just heard we said and we try to be as transparent as we can with our public communication.

Mark C. Jensen: Thanks, Mark, and thank you all for joining us. I'm going to keep my remarks relatively short today, but feel free to ask any questions. As you just heard us say, and we try to be as transparent as we can with our public communication at a corporate level. I couldn't be more pleased with the positioning of our various divisions and the efforts that our team is putting forth in this transitionary period of time.

Mark C. Jensen: From a corporate level I couldn't be more pleased with the positioning of our various divisions and the efforts that our team is putting forth in this transition period of time.

Speaker Change: As you recall, our strategic committee from our board.

Mark C. Jensen: As you recall, our strategic committee from our board had set a game plan of spinning off the various divisions. We accomplished that with our Novostera interest, so all shareholders should have those shares in their account. If they do not, check with your broker.

Speaker Change: Headset, a game plan of spinning off the various divisions, we accomplished that with our Nova stirrer interests, which all shareholders should have those shares in their account if they do not check with your broker.

Mark C. Jensen: We understand that there could be some short interest out there that is still holding shares that haven't been delivered to certain accounts. It takes a lot of effort to prepare these positions as stand-alone entities, setting up the agreement, setting up the..., and positioning these assets to be standalone companies and their management. So, we're excited about the position of where we're at and the efforts that our team is putting forth to accomplish this in short order.

Speaker Change: We understand that there could be some short interest out there that is still holding shares that haven't been delivered to certain accounts.

Speaker Change: It takes a lot of effort to prepare these positions as a standalone entity setting up the agreement setting up the brand positioning these assets to be Standalone companies and the management teams have them.

Speaker Change: So we're excited about the position of where we're at and the and the effort that our team has taken for it to accomplish this in short order I'm American carbon we've announced our record date and our distribution date.

Mark C. Jensen: American Carbon, we've announced our record date and our distribution date. The nice thing about American Carbon, we have a phenomenal CEO in place. It's Carlos Thompson, born and raised in Pikeville, Kentucky, in the heart of our mining assets, which is where American Carbon really is a permit holder. And so spinning off those permits to be in a position to operate very lean and efficient is a very good idea, puts them in a very strong position with the equipment that was then leased to it from American Resources, making it a very streamlined operation, as well as with these bond releases that we're getting.

Speaker Change: This thing about American carbon we have a phenomenal CEO in place of Charles Thompson, born and raised in Pikeville, Kentucky.

Speaker Change: In the heart of our mining assets, which is where American carbon really is a permit water.

Speaker Change: And so spinning off those permits to be in a position to operate very lean and efficient is it a.

Speaker Change: Gary puts.

Speaker Change: Puts it in a very strong position with the equipment that has been leased to it from American resources.

Speaker Change: Makes it a very streamlined operation as well as with these bond releases that were getting so were preparing them for low cost operations post spin off where it can ramp up operations as a standalone company.

Mark C. Jensen: So we're preparing them for low-cost operations, post-spinoff work, and ramp-up operations as a standalone company. Secondly, we have our re-element technology spin-off. We will, within the next couple weeks, announce the record date as well as the distribution date for re-element technology. And we believe these need to be standalone entities where they're positioned to grow and really operate within that realm of the business

Speaker Change: Secondly, as a relevant technology spinoff, we within the next hour.

Speaker Change: Couple of weeks and we'll announce the record date as well as the distribution date for rehab them in technologies.

Speaker Change: And we believe these need to be standalone entities, where they are positioned to grow and really operate within that realm in the business and then American resources at the holding company, who can execute upon education, we have some neat announcements out where the business is going from a holding company perspective, and a future operations from commodity trading to investing into.

Mark C. Jensen: And then American Resources, the holding company, can execute upon its vision. We have some neat announcements of where the business is going from a holding company perspective and the future operations from commodity trading to investing in the magnet and battery supply chain and the commodity markets of investing in these mines that can partner with ReElement on that refining capacity, as well as identifying management teams for American Resources post-ReElement spinout.

Speaker Change: The magazine battery supply chain and the commodity markets and investing in these mindset then can partner with re element on that refining capacity.

Speaker Change: Well, it's a we have identifying management teams for American resources as opposed to re element spin out.

Mark C. Jensen: And so we're really excited about some of the progress we're making there and the opportunity that it's going to offer for our investors to own these individual pure play opportunities within the marketplace, which we believe, on a separated basis, will trade at a significantly higher multiple than where they trade today. Simpler stories trade well in the markets, especially smaller companies, and will enable the companies to be positioned for growth, the teams to be motivated by the equity which they own in them, as management teams own a significant stake within the interests of the companies in themselves.

Speaker Change: And so we're really excited about the progress, we're making there and the opportunity that's golfer for our investors too.

Speaker Change: Two to own these individual pure play opportunities within the marketplace, where we believe.

Speaker Change: On a separate basis will trade at a significantly higher multiple than where they trade today and simple simpler stories trade well in the market, especially smaller companies and will enable the company is to be positioned for growth the teams to be motivated by.

Speaker Change: The equity, which they own in those as we as management teams I own a significant stake in within the interest of the companies in themselves.

Mark C. Jensen: Quickly, I'll dive into American Carbon. American Carbon, as I mentioned, owns the permits around the mining operation. We are very quickly in the midst of spinning that division off and distributing those shares to our underlying investors, with the goal of ramping up those operations, predominantly focused on Wyoming County Coal, significant development taking place there from an equipment perspective and from a face-up perspective being unleashed there to finish that face-up to put the mine into production and then also the equipment that we've been procuring for that operation and rebuilding that equipment and staging that equipment that we can be delivering into Wyoming very shortly.

Speaker Change: Quickly I'll dive into American carbon American carbon as I mentioned on the permits surround the mining operation.

Speaker Change: Our very quickly in the midst of spinning that division off and distributing those shares to our underlying investors are with.

Speaker Change: With the goal of ramping up those operations predominantly focused on Wyoming County cool.

Speaker Change: A significant development taking place there from an equipment perspective.

Speaker Change: And from a face up perspective being at least there to finish that face up to put the mine into production and then.

Speaker Change: Also the equipment that we've been procuring for that operation and rebuilding that equipment staging that equipment that we can be delivering into Wyoming very shortly it really excited about the quality of that most highest quality coal.

Mark C. Jensen: Really excited about the quality of that highest quality coal that feeds the steel industry that's produced in the United States from a mid-vault perspective, low sulfur, really attractive. And then our McCoy-Elkhorn complex, a perfect blend product actually for Wyoming County being a high-vault product and very high quality there as well. We're excited about the opportunity there and then continually looking at either selling pieces of the American Carbon Division or evaluating offers that come in and making sure that these individuals can close.

Speaker Change: The steel industry, that's pretty used in the United States from a mid vol perspective, low sulfur really attractive and then Macquarie El Corte complex, a perfect blend product actually for Wyoming County, being a high vol a product.

Speaker Change: And very high quality in there as well.

Speaker Change: We're excited about the opportunity there and then it's anyway looking at either selling pieces of the American carbon division and evaluating offers to come in and making sure that these individuals can close them. So we're still in litigation on the nonpayment against our Dean complex we are filing.

Mark C. Jensen: So we're still in litigation on the non-payment against Ardene. We are filing to get that resolved, to get our money from the people that claimed they were going to buy it, and working aggressively with our attorneys on that. And then evaluating the other offers that we're seeing on these properties to make sure these individuals can actually close when they sign the agreement.

Speaker Change: Payments to get that resolved and get our money from the people that buy them theyre going to buy it and working aggressively with our attorneys on that and then evaluating the other offers that we see on these properties. He makes at these individuals can actually close when they signed the agreement.

Speaker Change:

Mark C. Jensen: Very excited about our Jamaican Iron Ore Diversified Mineral Complex that we acquired. The iron ore, vanadium, and titanium reserve that's present there, working with the local operating team, a phenomenal team that actually came out of the coal mining industry many, many years ago, have moved to Jamaica and are well positioned to help us ramp up that complex. So that one, we hope to have some really significant developments on here shortly.

Speaker Change: Very excited about our Jamaican iron ore diversified mineral complex that we that we acquired the iron ore vanadium titanium reserve is present, there working with the local operating team a phenomenal team that actually came out of the gold mining industry. Many many years ago.

That have moved to Jamaica and are well positioned to help us ramp up that complex.

Speaker Change: [laughter].

Speaker Change: So that one we hope to have some really significant developments on here here shortly to huge reserve, our low cost base being in the fans complex not hard rock. So there's less less preprocessing, that's needed there and it will enable us to move pretty expeditiously on getting that complex up and running.

Mark C. Jensen: It's a huge reserve, a low-cost base being in the sands complex, not hard rock, so there's less pre-processing that's needed there. And it'll enable us to move pretty expeditiously on getting that complex up and running. Furthermore, the American Carbon Division does have the rights to the pre-processing and concentration steps of re-element on the rare earth element side. So Wyoming County Coal, We're excited about the preliminary results that have come back on that. I would say some of the highest rare earth element characterization in the carbon industry that we've seen at 500 parts per million, verified by our independent third-party lab.

Speaker Change: Furthermore, the American carbon division does have the rights to the preprocessing and concentration steps every element on the rare earth elements I, So Wyoming County coal.

Speaker Change: We're excited about the preliminary results and I'll come back on that I would say some of the highest rare earth element characterizations in the carbon industry that we've seen a 500 parts per million verified by an independent third party lab.

Mark C. Jensen: There are results of what Ramico has been doing in Wyoming. The reserve base we have in Wyoming, we're not mining this material. This is coming from tailings, so we don't have the extraction costs that they have, and we have a higher parts per million than what they have. So we're excited. Hopefully, they're super successful.

Speaker Change: Theres been results of what <unk> been doing in Wyoming.

Speaker Change: The reserve base, we have and in Wyoming, we're not mining. This material. This is coming from tailings. So we don't have the extraction cost that they have and we have a higher parts per million that what they have.

Mark C. Jensen: We'd love to refine their product at ReElement, but at the same point, we're tackling a product that's easier to produce, lower cost to refine, and a higher quality product. So we're excited about pushing that forward. And then also, obviously, significant reserves within Kentucky that we can tackle as well on the rare side from carbon waste, so long as you monetize it with byproducts. You have to do that.

Speaker Change: We're excited hopefully they're super successful, we'd love to refine their product every element, but at the same point, we were tackling a product that's easier to produce lower cost of refined and of higher quality products. So we're excited about pushing that forward and then also obviously significant reserves within Kentucky that we can tackle as well on the rare aside from carbon waste.

Speaker Change: So long as you monetize it with byproducts you have you have to do that where we're tying that to our mining operations to enable it to be cost effective and be a supply chain partner to the domestic national security supply chain.

Mark C. Jensen: We're tying that to our mining operations to enable it to be cost effective and a supply chain partner to the domestic national security supply chain. ReElement Technologies, a tremendous amount going on in ReElement, led by the operational side with Jeff Peterson, our Chief Operating Officer, has done an absolutely phenomenal job of positioning the business for success and positioning the business for growth. What's really exciting about it is the versatility of our technology and the cost structure of our technology, meaning that we can refine critical minerals, rare earth elements, at very, very cost-effective levels, and we're starting to see interest levels from U.S. markets, where historically all this product and all these concentrates and black mass and materials have been sent to China.

Speaker Change: Relevant technologies.

Speaker Change: Tremendous amount going on in re element led by the operational side with Jeff Peterson, Our Chief operating officer has done an absolutely phenomenal job of positioning the business for success positioning the business for growth, what's really exciting about is the versatility of our technology and the cost structure of our technology, meaning that we can refine critical minerals rare earth element of very very calm.

Jeff Peterson: Cost effective structure. So we're starting to see the interest level from the U S markets, where historically all of this product in all of these concentrates and black mass and materials have been sent to China I think the with the current tariffs they've just got put in place that's a huge tailwind behind our back that's helping drive this industry forward and putting us in a really nice position given where.

Mark C. Jensen: I think the current tariff that just got put in place is a huge tailwind behind our backs that's helping drive this industry forward and putting us in a really nice position, given we're one of the only refining technologies in the U.S. that can operate at a lower cost structure than China, and we're showcasing that on a daily basis today. The facility operating LFP black mass, we just got big samples in from our partners at Duesenfeld, as well as another one of our partners in Canada, which we're excited to continue to process in our Noblesville facility and continue to expand the production capacity in our Noblesville facility, including bringing in a new oven this week.

The one of the only refining fast and technologies in the U S that can operate at a lower cost structure than China, and we're showcasing that on a daily basis today the facility operating L. F. P. Black bass, we just got a big samples in from our partners that Doosan filed as well as another one of our partners in Canada.

Speaker Change: Which we're excited to continue to process that in our noblesville facility and continue to expand the production capacity of renewables they'll study, including bringing in a new ovens. This.

Speaker Change: This week that'll enable us to increase our capacity pretty significantly and will continue to do that and our noblesville facility as we get ready to unlock our Marion facility, which we just got a certificate of occupancy for Noblesville.

Mark C. Jensen: That will enable us to increase our capacity pretty significantly, and we'll continue to do that in our Noblesville facility as we get ready to unlock our Marion facility, which we just got a certificate of occupancy for. Noblesville is a 7,000 square foot facility.

Speaker Change: <unk> 7000 square foot facility, we could produce per square foot, a significantly higher multiple materials and any other refining facility in the world. Our Marion facility is 400000 square feet under roof 42 acre campus railroad out on site as well as Bob <unk>.

Mark C. Jensen: We can produce per square foot a significantly higher multiple of materials than any other refining facility in the world. Our Marion facility is 400,000 square feet under a 42-acre campus, rail load out on site, as well as a significant number of other logistics from the truck side. That will enable us to run at full capacity to be a true supply chain partner on the rare earth element side as well as the battery material side, from lithium to other materials like cobalt and nickel that we can process in that facility. We're also excited about the feedstock capabilities of our technology. So it's not just one material. It's not just black mass.

Speaker Change: A number of other logistics from the trains are a truck side.

Speaker Change: That'll enable us to run at full capacity to be a true supply chain partner, our rare earth element side as well as the battery materials side from lithium to other materials that cobalt nickel that we can process in that facility.

Speaker Change:

Speaker Change: We're also excited about the feedstock capabilities of our technologies. So it's not one it's not just one materials not just black mass, it's not just end of life magnets.

Mark C. Jensen: It's not just end-of-life magnets. It's not just lithium ores from spodumene or rare earth ores, which we now have access to as well. The final stage, the exclusive rights to all feedstocks, all elements for our technology today worldwide from Purdue University, a phenomenal partner of ours, but we have recently been processing brines, testing brines within it, and the efficiency and efficacy of our technology to significantly simplify the flow sheet from brine producers. When producing from brine, you have to take a parts per million or parts per billion material and concentrate it. It's very challenging.

Speaker Change: It's not just lithium ores from spodumene or rare authority, which we now have access to as well that we can secure that the final stage the exclusive rights to all feedstocks all elements for our technology today worldwide from Purdue University, a phenomenal partner of ours, but also have recently been processing brines testing brines within it and the efficiency.

Speaker Change: And efficacy of our technology to significantly simplify the flow sheet from brine producers, Brian producing from Brian you have to take a parts per million or parts per billion material and concentrated it's very challenging.

Mark C. Jensen: We can help them significantly reduce their cost structure by bringing in our technology on the separation purification step to make lithium carbonate, lithium hydroxide cost effective from brines, not only in the U.S., but also worldwide. Furthermore, we've launched recently our Powered by ReElement division. Powered by ReElement, you can think of as a JV partnership with all the different refining or recyclers out there where we offer that separation purification step, really the heart of what we do at ReElement to these partners to unlock their business model, but also make our shareholders, Complete the supply chain, help us grow more expeditiously, and move faster to truly get refining capacity, not only in the U.S., but worldwide, up and running faster to compete head-to-head against China, which we can now do.

Speaker Change: We can help them significantly reduce their cost structure by bringing in our technology on the separation purification step to make lithium carbonate lithium hydroxide cost effective from Brian not only in the U S. But also worldwide.

Speaker Change: Furthermore, we launched recently our powered by realm of Division powered by Ria element. You can think of is that as a JV partnership with all the different refining or recyclers out there, where we offer that separation purification step really the heart of what we do every element to these partners to unlock their business model, but also make our shareholders money compete.

Speaker Change: The supply chain help us grow more expeditiously and move faster to truly get refining capacity not only in the U S, but worldwide up and running faster to compete head to head against China, which we can now do.

Mark C. Jensen: So we're really excited about that product offering. It's a product offering that we believe can generate significant revenues in partnership-based models while reducing our CapEx or capital needs. Our Noblesville facility, as I mentioned, our customer qualification plant, validation plant, we've been in validation with over, over a dozen companies today, where we've sent lithium carbonate to those customers. It's a fairly long qualification process for battery production.

So we're really excited about that product offering it's a product offering that we believe can generate significant revenues and and partnership based models with reducing our capex or capital needs.

Speaker Change: Hum.

Speaker Change: Noblesville facility as I mentioned, our customer qualification plant validation plant, we've been and where and validation with over over a dozen companies today, where we've sent lithium carbonate to those customers. Its a fairly long qualification process with battery producers. We're also very excited about an Mou, we're signing on the technical grade of lithium as well, which is a much faster process.

Mark C. Jensen: We're also very excited about an MOU we're signing on the technical grade of lithium, which is a much faster process to start moving revenue forward quicker. With a partner out of Europe that we're going to be very quickly moving forward with. Our Marion facility, as I mentioned, we've got our certificate of occupancy. We're working on project financing, tax-exempt bonds, very similar to what we just did with Kentucky Lithium. I have a phenomenal partner in Hilltop Securities with that, that's helped us finance our Wyoming County facility, helped us secure $150 million for our Kentucky Lithium facility, and now working on our Marion tax-incentive bond, and just a really strong partner, one of the best companies I've worked with in the space on the financing side of creatively working in the best interest of our shareholders.

Speaker Change: To start moving revenue forward quicker with a partner out of Europe that we're gonna be a very quickly moving forward with it.

Speaker Change: Our marine facilities I mentioned, we've got our stipulate a occupancy.

Speaker Change: Working on project financing tax exempt bonds very similar to what we just did with Kentucky lithium.

Speaker Change: So nominal partner in hilltop securities with that.

Speaker Change: And that has helped us finance our tower, Wyoming County facility.

Speaker Change: It helped us secure 150 million for our Kentucky lithium facility and now working on our our Marion.

Speaker Change: Taxes, and bond and just a really strong partner one of the best companies I've worked with in the space on the financing side of creatively working in the best interest of our shareholders. So I'm really excited about working with them and excited about what they bring to the table here.

Mark C. Jensen: So I'm really excited about working with them and excited about what they bring to the table here. As I mentioned, we're starting to see a significant number of feedstocks come in, so black mass, LFP black mass, which is unique. Most people can't make money at it.

Speaker Change: As I mentioned, we're starting to see a significant number of our feedstocks going ahead, so black mass E. L. F. P. Black mass, which is unique most people can't make money at it we can.

Mark C. Jensen: We can. The NMC Black Mask, the uniqueness of how we efficiently tackle it to produce the products needed. And then the Magnet Black Mask.

Speaker Change: N M C black math uniqueness in how we efficiently tackle that to produce the products needed and then the magnet black masks, we have a number of different magnet partners that we are.

Mark C. Jensen: We have a number of different magnet partners that we are working with, and taking product in from PowerTools to the automotive manufacturer that we work with here domestically that's supplying us magnets on a monthly basis as we speak. So we're building significant feedstock to meet the demand of the customers we're seeing on the rare earth oxide supply chain. And there are some really great companies in the U.S. that are building out that supply chain.

Speaker Change:

Speaker Change: Working with them and taking product and from power tools to the automotive manufacturer that we worked with here domestically that supplying us magnets on a monthly basis as we speak. So we're building significant feedstock to meet the demand of the customers were seeing on the rare earth oxide supply chain and there's some really great companies in the U S that are building out that supply.

Mark C. Jensen: And we're in, obviously, USA Rare Earth, AML, AML is a phenomenal company, really neat technology. But there are multiple other companies that we're working with as well that are needing these oxides to supply the base and not only commercial but also national security supply chains. And then the international, international side of re-element. So we're not; re-element technology is not just for the United States. It meets the needs of the globe, and honestly, it should be used throughout the world.

Speaker Change: And we're in a.

Speaker Change: Obviously, USA Earth AML AML is a phenomenal company really neat technology, but there's multiple other companies that we're working with as well that are needing these oxides two to supply the base and not only commercial but also national security supply chains.

Speaker Change:

Speaker Change: And then international International side every element so were not reality technologies not just for the United States. It meets the needs of the globe and honestly it should be used throughout the globe and protects the environment and drops cost structure. It makes electrified it if it makes the electrified economy affordable.

Mark C. Jensen: It protects the environment. It drops the cost structure. It makes electrification, it makes the electrified economy affordable. So we're excited about the exploration, the development we're taking, that's taking place on the international level, specifically in Africa, making tremendous progress there. We had some phenomenal visits in Nigeria.

Speaker Change: So we're excited about the extra dogs or the development, we're taking that's taking place on the international level, especially specifically.

Speaker Change: Specifically in Africa are making tremendous progress there we had some phenomenal visits in Nigeria, we have a great partnership that we're developing in Nigeria with a massive reserve we visited the mine really excited about the developments there and think we can get to a partnership very very quickly that we can bring to the market and share what we're doing there, but it's one of the largest <unk>.

Mark C. Jensen: We have a great partnership that we're developing in Nigeria with a massive reserve. We visited the mine, are really excited about the developments there, and think we can get to a partnership very, very quickly that we can bring to the markets and share what we're doing there. But it's one of the largest reserves I've ever seen, probably one of the largest reserves in the world.

Speaker Change: I've ever seen it probably one of the largest reserves in the world.

Mark C. Jensen: And so really excited to work with this team, just a phenomenal partnership, phenomenal, as well as looking at cobalt ores in Africa and some other unique product mixes like neobium and some of the other ones that we're working with on the African continent. Really, what the key of ReElement is, is we provide low-cost, environmentally sensitive refining. Now, obviously, environmentally sensitive is a key word, but what's nice about our process is we're chemical light, we're energy light, and we're water light.

Speaker Change: And so really excited to work with this team just a phenomenal partnership phenomenal team as.

Speaker Change: As well as looking at cobalt doors in Africa, and some other unique product mentioned mixes like Neil will be I mean, some of the other ones that we're working with and he and the African continent.

Speaker Change: Hmm.

Speaker Change: Really what the key of of every element is as we provide low cost environmentally sensitive refining now obviously environmentally sensitive as it is a keyword, but what's nice about art processes, where chemical light, where energy light more water light and so not only as an environmentally sensitive but because of that it makes it really cost affected the ability to produce lithium carbonate.

Mark C. Jensen: And so, not only is it environmentally sensitive, but because of that, it makes it really cost-effective. The ability to produce lithium carbonate at around $5 a kilogram, where you saw it drop below 13, and all of a sudden, people started shutting down production.

Speaker Change: At around $5, a kilogram, where you saw it drop below 13, and all of a sudden people started shutting in production we have a natural hedge built in place because of our cost structure of our technology, producing rare earth oxide that sub $12 a kilogram at scale enables us to compete head to head against China, So that when China Hammer surprise, which they're going to do.

Mark C. Jensen: We have a natural hedge built in because of the cost structure of our technology. Producing rare earth oxides at sub-12 a kilogram at scale enables us to compete head-to-head against China, so that when China hammers a price, which they're going to do, especially with these tariffs, we can survive and thrive where a lot of our competition is going to be struggling. So, we bring that low-cost structure to the table to create that natural hedge and that natural value proposition. Our goal is to really focus on and drive home ReElement and the ReElement product line and ReElement offerings. We believe this is a multi-billion dollar company. We believe the technology is a platform technology.

Speaker Change: Especially if these terrorists, we can survive and thrive where a lot of our competition is going to be struggling so we bring that low cost structure to the table.

Speaker Change: To create that natural hedge.

Speaker Change: That's natural value proposition.

Speaker Change: Hum.

Speaker Change: Our goal is to really focus and drive home re element and the relevant product line when relevant offerings. We believe this is a multibillion dollar company. We believe the technology is a platform technology. We believe we have a phenomenal team in place a phenomenal board in place every element that will fair really well as a standalone company that will help drive.

Mark C. Jensen: We believe we have a phenomenal team in place, and a phenomenal board in place at ReElement that will fare really well as a standalone company that will help drive this business forward in the United States but also globally. (Inaudible) In closing, we remain extremely confident in the positioning of all of our assets and the long-term value that they provide to our shareholders. We remain hyper-focused on unlocking that value. We have ample liquidity and don't foresee us needing to issue equity at the AREC level at these prices.

Speaker Change: This business forward in the United States, but also globally and so really excited about where we're positioned within the environment, where we're relatively early with not a lot of focus on refining in the U S. Today.

Speaker Change: Spite, the desperate need for it but it's starting to come to fruition very very quickly and we're right in the heart of that right in the sweet spot to capitalize on that opportunity.

Speaker Change: In closing we remain extremely confident in the positioning of all of our assets and the long term value that they provide to our shareholders. We remain hyper focused on unlocking that value, we have ample liquidity and don't see us needing to issue equity.

Speaker Change: A record level at these prices.

Mark C. Jensen: We continue to explore equity partners at the re-element level, at the American Metals Division, as well as at the American Carbon Division on an operating basis that can help grow the businesses better, faster, and stronger. We are always looking at unique opportunities like our tax-exempt bond financings to bring in capital and do that in a non-dilutive fashion. With that, I really thank all of you for joining today. I kept it a little bit short, but happy to answer any questions that you may have, and look forward to some very real-time communication that should be coming out of our business in light of progress that's taking place as we speak over the next few weeks. And look forward to getting these businesses separated so that we can focus on driving that value and unlocking that value for all of our shareholders. With that, I'd like to turn it back over to the moderator for some Q&A. Thank you.

Speaker Change: We continue to explore equity partners at the realm of level at the end.

Speaker Change: American metals division as well as the American carbon division on on the operating basis that can help grow the business is better faster stronger I'm always looking at unique opportunities like our tax exempt bond financings to bringing capital and to do that in a non dilutive fashion.

Speaker Change:

Speaker Change: With that I really thank all of you for joining today's kept it a little bit short, but happy to answer any questions that you may have and look forward to some very real time communication that should be coming out of our business from progress that's taking place as we speak over the next few weeks and look forward to getting these businesses separated so that we can focus on driving that value on them.

Speaker Change: That value for all of our shareholders.

Speaker Change: With that I'd like to turn it back over to the moderator for some Q&A.

Speaker Change: Thank you.

Operator: Thank you. And at this time, we'll conduct our question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Once again, to ask a question, press star 1 on your telephone keypad. Our first question comes from Heiko Ihle on HC Wainwright. Please state your question.

Speaker Change: And at this time, we'll conduct our question and answer session. If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate that your line is in the question queue.

Speaker Change #100: You May press Star two if you would like to remove your question from the queue for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys. Once again to ask a question press star one on your telephone keypad.

Speaker Change #101: Our first question comes from Heiko with H C. Wainwright. Please state your question.

Morris: Hey, Morris Thanks for taking my questions I assume you can hear me okay.

Heiko Felix Ihle: Hey Morris, thanks for taking my questions. I assume you can hear me okay?

Mark C. Jensen: Yep, I can. How are you doing, Heiko? Fine.

Ken: Yeah, Ken how are you doing heiko.

Heiko Felix Ihle: Hey, I'm Aaron Carbon at the Wyoming County Coal Project there. You've got this $45 million tax-exempt bond that funds some of your expenditures. Any idea of how much of these funds have been paid off?

Speaker Change #104: Hey, American carbon at you I'm Gonna Kona coal project there you go.

Speaker Change #105: This 45 million taxes, some bond funds some of your expenditures any idea of how much of these funds have been well.

Speaker Change #105: Yeah.

Morris Thanks: Yeah, so roughly around 20 million of them have been spent to date and so that's buying the equipment developing the property positioning the prep plant securing additional components to expand that prep plant, we have with quite a bit of liquidity is still out on that project.

Mark C. Jensen: Yeah, so roughly around 20 million of them have been spent to date on buying the equipment, developing the property, positioning the prep plant, and securing additional components to expand that prep plant. So we have quite a bit of liquidity still on that project.

Heiko Felix Ihle: Okay, and conceptually, how should we expect the spending of the other 25 million?

Speaker Change #107: And conceptually how should we expect the spending with the other 25 million.

Speaker Change #108: Yeah. So here in the next few months, finishing the development of it and then putting the mine into production. So our our goal and I am just being transparent I mean, Wyoming is a different beast with the taxi that bond is focusing and getting that into production as soon as possible working through some nuances around the permit.

Mark C. Jensen: Yeah, so here in the next few months, finishing the development of it, and then putting the mine into production. So our goal, and just being transparent, I mean, Wyoming is a different beast with the taxes on bonds. It's focused on getting out of production as soon as possible, working through some nuances around the permits and some new regulations that came in around permits for salamanders, which is a new thing for us, the streams around there, which we don't have, so it's a good thing for us.

Speaker Change #108: And some new regulations that came in around permits of salamanders, which is a new thing for us.

Speaker Change #108: The AR and the streams around there, which we don't have so that's a good thing for us.

Mark C. Jensen: But Wyoming is focused on going into production as soon as possible. We've been focusing on getting American Carpets spun out before we ramp up the balance of the carbon operation, so in the meantime, we've been doing a lot of development and cost reductions, reducing bonds outstanding, positioning the assets, and focusing on the highest-value assets as we bring these back on post-spinout.

Speaker Change #109: But the Wyoming is focused on bringing in production as soon as possible. We've been we've been focusing on getting American carbon spun out before I wrap up the balance of the carbon operations. So in the meantime, we have been doing a lot of development and cost reductions reducing bonds outstanding positioning the assets focusing on the most highest value assets as we bring these back on post spin out.

Speaker Change #110: Fair enough speaking of spin off Grace a lead over to my next question any idea what the cash costs for the element technologies, the American called and it's been all theyre going to be in other words almost of a check do you have to wait for you know legal expenses consultants I have no idea all the people that got their hands.

Heiko Felix Ihle: Fair enough. Speaking of spin-outs, a great lead-in to my next question. Any idea what the cash costs for the re-element technologies in the American cloud and spin-out are going to be? In other words, how much of a check do you have to write for, you know, legal expenses, consultants, I have no idea, all the people that got their hands out?

Speaker Change #109: Zoe.

Mark C. Jensen: That's a good question. So we should try to reduce those expenses. We're a pretty experienced team. We have great lawyers that work for us. We have great auditors that work for us. We had to go back and do some, we had to push back on American Carbon Distribution because we do have to do some audit work on that because of the BF Borger situations, which we are evaluating options there of what we do from a damages perspective to make sure we protect our shareholders in the best way.

Speaker Change #111: [laughter], that's a great question.

Speaker Change #112: We try to reduce those expenses were a pretty experienced team we have great lawyers that work for us we have great auditors that work for us.

Speaker Change #113: We have to go back and do some we had to push back the American carbon distribution because.

Speaker Change #114: Because if you do have to do some audit work on that because it would be if board your situations, which we are evaluating.

Speaker Change #115: <unk> there of what we do from a damages perspective to make sure we protect our shareholders and the best way.

Speaker Change #115: Hmm.

Mark C. Jensen: But we don't think it's going to be overly expensive. I mean, we work with our transfer agents. We work with the different exchanges and or re-listing of these companies so that they do spend out in the private environment. But it's not an overly expensive process. There's just a lot of boxes you got to check. And so it's working through the nuances of that. We've obviously just done it with Novostera, so we're very familiar with the process. And we're working through that as we speak with American Carbon and working with our transfer agent on that, as well as the re-element technologies division.

But we don't think it's gonna be overly expensive and we work with our transfer agents, we work with the different exchanges.

Speaker Change #116: And or re listing of these companies if they do spend out in the private environment, but the no.

Speaker Change #117: They're not it's not an overly expensive process. There's just a lot of boxes. She got a check and so it's working through the nuances of that we obviously just did it with Nova Sarah So we're very familiar with the process.

Speaker Change #118: And we're working through that as we speak with American carbon and working with our transfer agent on that as well as the rehab on the technologies Division.

Speaker Change #119: Well, you wouldn't be willing or able to give me a number.

Heiko Felix Ihle: But you wouldn't be willing or able to do that.

Speaker Change #120: I mean some.

Speaker Change #121: Sub a quarter of a million dollars.

Mark C. Jensen: sub a quarter of a million dollars. Oh, okay, that one. Okay, perfect. That makes sense. What? Yeah, I would say under a quarter of a million dollars. I mean, so there's a little bit more that has to go into the new audit work, but other than that, it's a pretty low-cost process.

Speaker Change #122: Oh, okay.

Speaker Change #123: That makes.

Speaker Change #123: Right.

Speaker Change #123: Yeah, I would say I would say sort of a quarter of a million dollars I mean, so there's a little bit more of that has to go into a new audit work, but other than that it's a it's a pretty low cost process.

Heiko Felix Ihle: Somewhere in my head, I had a number that was a multiple of that. So, no, that's actually very helpful and quite reassuring. And with that, I'll get back in queue. Thank you so much.

Speaker Change #124: Or more in my head I had a number that was a multiple of that so no. That's actually very helpful. And then quite reassuring and with that I'll get back in queue. Thank you so much.

Speaker Change #125: Yeah, absolutely well I'll tell you that one add on to that I go into that.

Mark C. Jensen: Yeah, absolutely. Well, I'll say that one add-on to that, Heiko, is that we're equity owners. The management team, the executives of the company, are some of the largest owners of the company, or are the largest owners of the company. And so we look at it as if it's our own money. And that's how we treat this business from day one, trying to protect it for all of our shareholders, so we all win together.

Speaker Change #126: I mean, where where equity on us the management team. The majority of the executives of the company are some of the largest owners of the company or are the largest company owners of the company and so we look at it as its our own money and that's how we treat this business from day. One is that we try to protect it for all of our shareholders. So we all win together so.

Mark C. Jensen: So we don't like to pay fees if we don't have to, but we like to do things the right way as well, make sure we're following. I mean, with this recent audit stuff, bringing in the new auditor is just a phenomenal group to work with, extremely professional. And so we're excited about that change but excited about making sure that when we're spending money, it's being spent in a way that tries to maximize the value for all of us.

Speaker Change #127: So we don't like to pay even if you don't have to but we like to do things the right way as well and make sure. We're following them.

Speaker Change #127: I mean, we like with this recent audit stuff and bringing in a new water I mean, it's a phenomenal group to work with an extremely professional and so we're excited about that change, but excited about making sure that when we're spending money is being spent in a way that's right that tries to maximize value for all of us.

Speaker Change #127: Yeah.

Speaker Change #128: Thank you and just a reminder to the audience to ask a question at this time press star one on your phone.

Operator: Thank you. And just a reminder to the audience, to ask a question at this time, press star 1 on your phone. And our next question comes from Mark Stone. Please go ahead with your question.

Speaker Change #128: And our next question comes from Mark Stone. Please go ahead with your question.

Mark Stone: I'd like to inquire about the trading status of the Novostera stock that ended out a little over two months ago. I have no evidence. The shares were placed in my account right away, but I have no evidence that there's any actual trading symbol or that there's actually any trading available. Can you comment on that?

Mark Stone: I would like to inquire about the trading status of the Novus terrorist stock that was if you didn't do that in a little over two months ago I have no evidence the shares were placed in that talent right away, but I have no evidence of any actual trading symbol, whereas it does actually any trading available can you comment on that.

Mark C. Jensen: Yes, as of now, there is not, so it's not a public company; it's a private company, but you are an owner of that company. The company is, has filed an S-1, and is now responding to those comments on the S-1 with the goal of listing on the public environment. Obviously, there's a separate management team in place there, a separate board, and they're working through that process. We're excited about the developments on the operational level of Novostera with the Army and Air Force contracts through Kenai Defense and the development of the technology, but they are working through the public listing process, and I anticipate in the next few months them refiling the comments to their S-1 to expeditiously pursue the public listing.

Speaker Change #130: Yeah as of now there is not so it's not a public company. That's a private company, but you are an owner of that company. The company is.

Speaker Change #131: We filed an S. One and is now responding to those comments on the S. One with the goal of listing on the public environment.

Speaker Change #132: Obviously, there's a separate management team in place there are separate board and they're working through that process. We're excited about the developments on the operational level I've never stirrer.

Speaker Change #133: With the Army and Air force contracts or can I defense and the development of the technology.

Speaker Change #134: But they are they are working through the public listing process and and I anticipate here in the next few months them Refiling the comments of their S. One to expeditiously pursue the public listing.

Mark Stone: Well, can you comment on what that process is going to be for American Carbon and re-element? [inaudible] Will it be traded right away after the dividend, or some other thing will happen?

Speaker Change #135: So can you comment on what that process is going to be for American carbon and V element.

Speaker Change #136: Well those two.

Speaker Change #137: We traded right away after the dividend doors as some others chemo happened.

Mark C. Jensen: We are working on that. So we're working on working with different exchanges, working on getting the financials re-audited from the BF Borgers situation. I can't give 100% clarity on that, but the intent is for them to be publicly listed.

Speaker Change #138: We are working on that so we're working on are working with different exchanges working on getting the financials reorder did from the B F orders situation.

Speaker Change #139: I can't give a 100% clarity on it but the intent is for them to be publicly listed.

Speaker Change #140: So is it actually upon us.

Mark Stone: So, is it actually prudent to make the dividend prior to the actual... availability to go immediately into a trading status?

Speaker Change #141: To make the dividend prior to the actual.

Speaker Change #142: Availability to grow immediately need to trading status.

Yeah, I believe so because I believe it maximizes the value of the companies I mean at the end of the day that's.

Mark C. Jensen: I believe so because I believe it maximizes the value of the company. I mean, at the end of the day, it's the focus. The focus is on maximizing shareholder value, and that puts the businesses in the best operational position for success. So we do believe it does. And the board does, too.

Speaker Change #143: The focus the focus is on maximizing shareholder value.

Mark Stone: And the board does. I guess I'm really asking because of the Novus Teres situation. So I guess what I don't want to see is a significant value of American resources spun out, and now those kinds of stocks are kind of...

Speaker Change #143: And that puts the business is in the best operational positioned for success.

Speaker Change #144: We do believe it does.

And the board does.

Speaker Change #145: Only asking because of the notice tariff situations.

Speaker Change #146: So I guess, what I don't want to see is a significant value of American resources.

Speaker Change #147: But all in all those kind of stocks or kind of are owned but not treated that.

Speaker Change #148: It has implications for the liquidity.

Speaker Change #148: Holders of the American resources.

Speaker Change #149: Well it does.

Mark C. Jensen: It does. Well, I mean, American Resources. Obviously, you still own your stock there, so you have liquidity within your position that you have. The board believes that it's best to separate these companies and do it as expeditiously as we can. So you still have liquidity, but you also own an interest in the individual entities as well that are there. I think the Nova Sera situation was a great situation for our investors. We owned something that was a non-core asset. We weren't running the business.

Speaker Change #150: Well I mean American resources, obviously, you're still in your stock there see you have liquidity within your position that you have.

Speaker Change #151: The board believes it is the best in separate these companies can do it as expeditiously as we can so you still have liquidity, but you also own interest in the individual entities as well that are there and I think the novus terror situation.

Speaker Change #152: The situation was a great situation for our investors, we own something that was a noncore asset we werent running the business. There was an asset held we feel that it puts an individual's shareholders in a position to make a decision on what they want to do with it once it's listed.

Mark C. Jensen: It was an asset held. We feel that it puts the individual shareholders in a position to make a decision on what they want to do with it once it's listed. But it also simplifies the story of what American Resources is doing. So as we distribute these underlying divisions, it simplifies the public markets for American Resources, which should drive value. We believe most of the distribution of American Resources is still well undervalued based on where it's going as a business and what it has in place, and the royalties that it will receive back from American Carbon as well, which we believe will generate significant value for American Resources shareholders.

Speaker Change #153: But it I believe also simplifies the story of what American resources doing so as we distribute these underlying divisions simplifies the public markets for American resources, which should drive value. We believe post the distribution American resources as well and are valued feel based on where it's going into business and what it has in place.

Speaker Change #154: And the royalties that are or receive back from American carbon as well, which we believe will generate significant value for the American resources' shareholders, but.

Mark C. Jensen: But we believe separating these businesses streamlines the businesses, positions the businesses for growth, and then also will, in the short to medium to long term, provide that additional liquidity of the individual securities that you hold.

Speaker Change #155: But we believe separating these businesses streamlines the businesses positioned our businesses for growth and then also will in the short to medium to long term will provide that additional liquidity of the individual securities that you held.

But right now we're not we don't we don't believe we're getting value for an American resource level. We don't believe we're anybody's valuing the underlying securities are very element. We don't believe there are valuing the assets that American resource zones on the equipment side, we don't believe it's valuing the permits on the carbon side and so together clearly there's a <unk>.

Mark Stone: But obviously, right now, we don't believe we're getting value for an American resource level. We don't believe anybody's valuing the underlying securities of every element. We don't believe they're valuing the assets that American Resources owns on the equipment side, and we don't believe they're valuing the permits on the carbon side. And so together, clearly, there's a disconnect between what we believe the fundamental value is and the asset value to businesses versus what the market is. And so the board made the determination that we believe we need to simplify the messaging and simplify the corporate structure of the individual.

Speaker Change #156: Disconnect on what we believe the fundamental value is and the asset value of the businesses versus what the market is and so did the board made the determination that we believe we need to simplify the messaging and simplified our corporate structure of the individual entities.

Speaker Change #157: Well my comment on the liquidity was from the perspective of the shareholder and if we look forward to seeing American carbon and be element.

Mark C. Jensen: Now, my comment on liquidity was from the perspective of the shareholder. And if we look forward to, say, American Carbon and re-element, If those basically now constitute a significant portion of the value of American Resources stock when they go ex-dividend, then one should anticipate a significant reduction in the stock price of American Resources based on some of the value being dividended out. And if all that significant value now is not actually liquid, that has now reduced the liquidity of the shareholders. So that is what my comment was about, dividends, splits, split-offs, then as has been the case in Novosibirsk.

Speaker Change #158: Basically now constitute a significant portion of the value of American stock when they go ex dividend and when should anticipate even significant reduction in the spot price of another can be sources based on summit value being dividend at all that not all that significant value now is not actually.

Speaker Change #159: Liquid that is mad reduced liquidity of the shareholders. So that is what my comment was about and I guess I have another condition.

Speaker Change #160: And that'd be there you'd be more transparent with regard to the future.

Thought dividends splits split off than has been the case another center.

Speaker Change #161: Yeah, I don't know how many I don't know how we can get any more transparent because we shared exactly what we're doing with the investors, but and I'm not saying that the investors won't be.

Mark C. Jensen: Yeah, I don't know how we can be any more transparent because we shared exactly what we were doing with the investors, but I'm not saying that the investors won't be, or that the companies won't be public after distribution. I said, I can't give you clarity on that today as we're working through the audits, given the border situation and working with the different exchanges based on. But I don't also believe that American Resources will, that those, or that it should trade down.

Speaker Change #160:

Speaker Change #162: You got the companies won't be public post distribution I said I can't give you clarity on that today as we're working through the the audits given the BF border situation and working with the different exchanges based on that.

Speaker Change #163: But I don't also believe that the American resources will that does that it should trade down I believe that the fundamental valued American resources, the royalties its going to get off the carbon division and the assets at a holds in the direction of American resources as a whole even post distribution well I think it's I think it's trading at a discount to that.

Mark C. Jensen: I believe that the fundamental value of American Resources, the royalties it's going to get off the carbon division, and the assets that it holds, and the direction of American Resources as a whole, even post-distribution, well, I think it's trading at a discount to the comps within the marketplace, and ultimately, our goal with carbon and re-element is for them to be public companies. So we're working expeditiously to accomplish that, as no different than Novostera is.

Speaker Change #164: Comps within the marketplace and I'm in and ultimately our goal with carbon and re element is for them to be public companies and so we're working expeditiously to that as no different than novus areas, but from day. One we said that we're distributing of US there is a privately held company. It didn't have any effect on the stock price close distribution because it was not being reflected within the market.

Mark C. Jensen: But from day one, we said that we were distributing Novostera as a privately held company. It didn't have any effect on the stock price post-distribution because it was not being reflected within the market value of the company.

Speaker Change #165: Are you of the company.

Speaker Change #165: Thank you.

Operator: And our next question comes from Mike Niehuser with Roth Capital Partners. Please state your question.

And our next question comes from Mike <unk> with Roth Capital Partners. Please state your question.

Richard Michael Niehuser: Hi Mark, can you hear me okay? Yep, I can't hear you great.

Mike <unk>: Hi, Mark can you hear me okay.

Mike <unk>: Do you have can hear you great.

Mark C. Jensen: Great. How, how, how soon or what do you think we'll see some meaningful production coming out of Marriott? I'm imagining that the way things are going and how quickly this can be deployed, at least on paper, could be a substantial step up by the end of the year, but I don't want to get ahead of myself. Can you give any thoughts about scale and rate? Commencement dates, commissioning, anything as it's being fleshed out on Marion?

Mike <unk>: Great how how how soon or what what how soon do you think we'll see some a meaningful production coming out of Marriott.

Speaker Change #167: Because I'm imagining that the way things are going in Hell. How quickly this can be deployed at least on paper.

Speaker Change #168: Could be at a substantial step up by the end of the year, but I don't want to get ahead of myself, but can you give any thoughts about scale right.

Speaker Change #169: Commencement dates commissioning anything.

Speaker Change #170: As its been flushed out on Marianne.

Speaker Change #171: Yeah. So we just got slipped out of occupancy we have to install a fire suppression up there, but I will say that we are continuing expanding our capacity also in noblesville in the meantime, and so we the way that we look at it as noblesville.

Richard Michael Niehuser: Yeah, so we just got the certificate of occupancy. We have to install fire suppression up there, but I will say that we are continually expanding our capacity also in Noblesville in the meantime, and so the way that we look at it is Noblesville. We will continue to expand our refining capacity there, and the first step would probably be moving our pre-processing up to Marion and or to our river property that we have to further expand production out of Noblesville.

Speaker Change #172: We will continue to expand our refining capacity there.

Speaker Change #173: And the first step would probably be moving our R. R.

Speaker Change #174: Our pre processing up to Marianne indoor to our river property that we have.

Speaker Change #174: To further expand production out of Noblesville.

Richard Michael Niehuser: But the Marion crew, the team up there, is doing an absolutely phenomenal job on the renovations, on the development. We just got the industrial natural gas line installed, or it's being installed this week, started last week, which enables the kilns to be fired and some of the pre-processing steps to be done very efficiently. But our goal is to have operations up and running there this year within the calendar year, and also to continue to expand our production capacity in Noblesville to further handle the demand that we see and the qualifications that we're getting through with our customers.

Speaker Change #175: But then the Marion crew the team up there is doing an absolutely phenomenal job on the renovations on the development. We just got the industrial natural gas line installed.

Speaker Change #176: Being installed this week started on last week, which enables the kilns to be fired and and the some of the preprocessing steps to be done very efficiently.

Speaker Change #176:

Speaker Change #177: But the our goal is to have operations up and running there this year within the calendar year and but also Furthermore to continue to expand our production capacity in noblesville.

Speaker Change #178: To further handle the demand that we see in the qualifications that were getting through with our customer base.

Speaker Change #178: Yeah.

Mark C. Jensen: And I think that the technology is modular enough that it seems like you can just start replicating a Noblesville-sized... you know, operation to meet demand or whatever the needs of the customers are. That's kind of the whole powered by re-element thing, isn't it?

Speaker Change #179: And and I think that the technology is modular enough that.

Speaker Change #179: At.

Speaker Change #180: It seems like you can just start replicating noblesville size.

Speaker Change #181: You know operation.

Speaker Change #181: To meet demand.

Speaker Change #181: Or you know whatever the needs of the customers are that's that's kind of the whole powered by re element thing isn't it.

Speaker Change #182: Yeah, well powered by Ria I'll, Miss working with offering the separation purification step two.

Richard Michael Niehuser: Yeah, Powered by Realme is working on offering the separation purification step to other industry partners, other recyclers out there that are shredding batteries, but they can't refine them, and or they can't maybe extract the nickel out of their process, or they can't extract the cobalt, or they can't extract the lithium out of their process. Or we can help streamline, like a DLE process, Direct Lithium Extraction; we can help streamline their flow sheets by offering it.

Speaker Change #183: Other industry partners other recyclers out there that are shredding batteries, but they cant refine them and or they can't maybe.

Speaker Change #184: Extract the nickel out of their process. So they can extract the cobalt or they can't extract lithium out of their process or we can help streamline like a D. L. E process direct lithium extraction, we can help streamline their flow sheets by offering. It. That's that's really powered by re element as a partnership based model with existing other call them competitors, calling what you want we view them as industry partners.

Richard Michael Niehuser: That's really powered by ReElement as a partnership-based model with existing others, call them competitors, call them what you want. We view them as industry partners. But yeah, I mean Marion. The first production line we have in Marion will be multiples above the current production line in Oberlin, just because it makes sense that there's demand for it. Feedstocks are flowing both on the ore side as well as the recycled products. And so, Marion expects, production will be significantly larger in scale and scope.

Speaker Change #184: But yeah, I mean, Marianne the first production line, we have a marion will be multiples above the current production line in Noblesville, just because it makes sense to there's demand for it feedstocks are are flowing both on the ore side as well as the recycled products.

Speaker Change #184: And so.

Speaker Change #185: Marion will be production will be significantly larger in scale and scope, we hired a phenomenal engineering firm, which we'll talk about your publicly very soon that is helping us on our call. It fell to you flashed all three study, but it's really designing the equipment line decides in designing the production and sourcing the big volume equipment that we're currently in the midst of doing and Jeff Peterson.

Richard Michael Niehuser: We've hired a phenomenal engineering firm, which we'll talk about here publicly very soon, that's helping us on our, call it a Fel 2 slash Fel 3 study, but it's really designing the equipment line, designing the production and sourcing the big volume equipment that we're currently in the midst of doing, and Jeff Peterson and Bill Smith on our team, who's just a phenomenal team member, doing a great job at that.

Speaker Change #185: And Bill Smith on our team who is just a phenomenal team member and doing a great job at that.

Speaker Change #186: It is I always think I got it I was thinking more just from the flexibility of the technology, how you'd be.

Mark C. Jensen: I got it. I was thinking more just about the flexibility of the technology, how you'd be able to accommodate whatever kind of schedule to follow on is when you mentioned brines, lithium brines. It seems like a lot of lithium projects have their own proprietary science experiments, unique approaches to trying to make their projects profitable. I'm sensing that your technology could come in and displace a lot of that. This is probably a direct powered by re-element thing where you're actually able to unlock the economic potential of these various lithium deposits and operations.

Speaker Change #187: Able to accommodate whatever kind of.

Speaker Change #188: Schedule, you you're doing at Maryann to attempt to match demand and and the other feedstocks coming in so I think that answers my question to some to some degree but also my second question a follow on as you know you mentioned, Brian lithium brines and it.

Speaker Change #189: It seems like a lot of lithium projects they have their own proprietary.

Speaker Change #190: M Science experiment, you know unique or approaches to trying to make their projects economic and I'm I'm kind of sensing that your technology could come in and displace a lot of that.

Speaker Change #190: To simplify it and this is probably a direct kind of powered by re element thing, where you're actually able to unlock the economic potential of these various lithium deposits in operations is that fair.

Speaker Change #190: Without a doubt I mean, that's that's it and you're right on the Marriott side as well I mean, obviously the ability to expand production expand capacity module early scale up moderately grow to meet the demands, especially you've seen a lot of talk on the rare Earth element side, that's gonna get really interesting really quickly on the deal side, we're working with the daily company right now on the direct lithium extraction a lot of these players.

Richard Michael Niehuser: Without a doubt. I mean, that's the case, and you're right on the variant side as well.

Mark C. Jensen: I mean, obviously, the ability to expand production, expand capacity, modularly scale, and modularly grow to meet the demands, especially you're seeing a lot of talk on the rare element side; that's going to get really interesting really quickly. On the DLE side, we're working with a DLE company right now on direct lithium extraction. A lot of these players can't get to [inaudible]. And so, we can help streamline not only their OPEX significantly to make it affordable, but we can also get them to the purity that they need to get to, and we significantly reduce their CAPEX and space required to do what we need to do.

Speaker Change #191: Can't get to.

Speaker Change #191: Battery grade so they can get into technical grade they can get it to a 95% purity and 97% purity, but they can't get to that 99, 9% purity. So we can help them do that we're working with a group today they send us a sample the Atlas we can help them and they said within their flow sheet. We are one step removed four steps of their process.

Speaker Change #192: And so we can help streamline not only their opex significantly to make it affordable, but we can also get them to the purity that they need to get to and we significantly reduced their capex and space required to do what we do and so that's it's an exciting I mean I'll be honest, we haven't looked at lot of Brian's until recently, but it's really really interesting to see where our technology plays.

Mark C. Jensen: So that's it's exciting. I mean, we I'll be honest. We haven't looked at a lot of brines until recently. But it's really, really interesting to see where our technology flows into that process to help help them be more efficient and help their projects move faster.

Then within that process to help help them be more efficient and help their projects faster.

Richard Michael Niehuser: Well, that's why it caught my eye, and the fact that you're now able to move beyond end-of-life products into ores just opens up the world to you. But it is exciting, and you know it's only been a short time since the last call, but I'm looking forward to the next couple months because it seems like you're gonna have quite a few releases coming out, so I'll shut up and get off the call. Thanks a lot, Mark.

Speaker Change #193: Well, that's why I caught my eye and the fact that you're now able to move beyond end of life products into ores. Just just opens up the world to you I bet it is exciting and.

Speaker Change #193: There's only been a short time since the last call, but I'm looking forward to the next couple of months because it seems like are you going to have quite a few releases coming out so I'll I'll shut up and get off the call. Thanks, a lot Mark yeah well.

Mark C. Jensen: Well, Mike, I appreciate you. And absolutely, from partnerships in Africa to developments here domestically, to expansion and products that we're producing, there's going to be quite a bit of information flow and transparency that we continue to provide our investors and, and from a corporate level to an operational level. So we're super excited about that and appreciate you being here.

Speaker Change #193: Mike I appreciate you and absolutely we're from partnerships in Africa to developments here domestically to expansion and products that we're producing there there's going to be quite a bit of information flow in and transparency that we continue to provide our investors and and.

Speaker Change #193: And from a corporate level to an operational level. So we're super excited about that and I appreciate you being here.

Richard Michael Niehuser: Well, your first mention of Canada, too, by the way, kind of long overdue, but a real good positive sign of penetration. So I will be quiet. Thanks a lot, Mark. Yeah, no, we're good.

Speaker Change #194: Well your first mentioned in Canada, too by the way I'm kind of a long overdue, but a real good positive.

Speaker Change #195: Of penetration, so I will be quiet, thanks, a lot mark.

Mark C. Jensen: Yeah, we love our Canadian partner. We just can't quite talk about it. Companies are sensitive about what you talk about, just because they're also, a lot of these companies are doing financing, or they're big, huge companies that are going through turmoil in the EV industry right now a little bit, and they're reshuffling and making their business more efficient. So they're sometimes a little sensitive about talking about it in the public markets, but they're phenomenal partners. I mean, we'll soon be in a position where we can start, hopefully, mentioning more of their names.

Speaker Change #196: Yeah no.

Speaker Change #197: We love our Canadian partner, just can't quite can't quite talk about companies are sensitive about what we what you talk about just because they're also a lot of these companies are doing financing or are there big huge companies that are growing to the turmoil in the EV industry right now a little bit and just their reshuffling and re and making their businesses efficient so they're sometimes a little sensitive about talking about.

Speaker Change #198: And the public markets, but they're phenomenal partners I mean, where it can be just we'll get soon in a position where we can start hopefully you're mentioning more of their names.

Speaker Change #199: Thank you and our next question comes from Keith Goodman with Maxim Group. Please state your question.

Operator: Thank you. And our next question comes from Keith Goodman with Maxim Group. Please state your question.

Speaker Change #200: Hi, guys I read a lot about different I guess.

Keith Goodman: Hi guys, I read a lot about different companies that are suggesting what they could do... refining, processing, lithium, cobalt, whatever may be the different elements. How do we know that their technologies are not, you know? LifeCycle is an example, not to disparage a potential competition, but they had some troubles. I mean, can they process end-to-life? Can you? help pick up the pieces, or explain to me why 2Q Materials gets a lot of media coverage, Lifecycle, which turned out to have some trouble, but how do you differentiate from all of this potential competition or other companies in the industry that claim to be able to process stuff to handle it?

Read a lot about different companies that are.

Speaker Change #201: And they could do.

Refining processing lithium cobalt whatever it may be a different element.

Speaker Change #202: How do we know that their technologies are not lifecycle as an example, not to disparage a potential competition, but it had some troubles I mean.

Speaker Change #203: They parcel center like you.

Speaker Change #203: Ill pick up the pieces or explain to me why simply materials gets a lot of media coverage lifecycle, which turned out.

Speaker Change #204: But how do you differentiate from all of these tens of compensation or other.

Speaker Change #204: Other companies in the industry that claim to be able to process stuff and the like.

Speaker Change #205: Yeah, that's a great question.

Mark C. Jensen: Keith, that's a great question. 95% of the recyclers in this industry don't recycle. They just shred stuff and produce a product that can be sold. They don't refine it to battery or magnet grade.

Speaker Change #205: 95% of the recyclers in this industry don't recycle they just spread stuff and produce a product that can be sold they don't refined the battery or magna grade and so the easiest way we've seen it in from a customer perspective of why we're going through all these validation now it's because people can come into our facility and they can watch us pretty stocked.

Keith Goodman: And so the easiest way we've seen it, and from a customer perspective, and why we're going through all these validations now, is because people can come into our facility, and they can watch us produce products. And that's been, Don't get me wrong, we're relatively early within this sector, especially on the refining side. The government hasn't really awarded any capital to any refining projects.

Speaker Change #205: And that's been.

Speaker Change #206: I mean in it and they'll be wrong I guess, we were relatively early within the sector I mean, it's especially on the refining side. The government has an award in really any capital to any refining projects typically so he's been in the preprocessing shredding side or and stuff of that nature, but seeing is believing and we're starting to get quite a I mean, we've had an immense amount of traffic we have a huge.

Mark C. Jensen: Typically, it's always been on the pre-processing or shredding side and stuff of that nature. Seeing is believing, and we're starting to get quite, I mean, we've had an immense amount of teraptic. We have a huge company coming in tomorrow to see our facility again, and when people see us producing product out of there and see what we can do in the footprint that we're in, it opens their eyes, and all of a sudden, they recognize it.

Speaker Change #207: Coming in tomorrow to see our facility again, and when people see us producing product out of there and see what we can do in the footprint that we're in it opens their eyes and all of a sudden they recognize that we had a one of the probably one of the more renowned rare earth guys. In this space come by or facility about two months ago and since then he has introduced us to companies that are well north of 80 billion.

Mark C. Jensen: We had one of the more renowned rare earth guys in the space come by our facility about two months ago, and since then, he's introduced us to companies that are well north of 80 billion dollars in market cap that are looking for rare earth oxides. And he was skeptical until he saw it. And so he came in, he saw what we do, and he walked out of there saying, "I'm going to introduce you to every I mean, it's going to take a little bit of time to flesh out who can do what they say they can do and who's just talking their book. And the good thing about it for us is that most of these companies that have come by said the other companies wouldn't let us see them, or we showed up, and there was just a green field.

Speaker Change #207: Market caps that are looking for rare earth oxides, and and he he was sceptical until they saw it and so he came in he saw its all we do and you walk out everything I'm going to reach to every customer right now and so that's I mean, the industry is going to see that though I mean, it's going to take a little bit of time to flush out who can do what they say they can do and he was just talking their book.

Speaker Change #208: And the good thing about it with US is most of these companies that have come by said the other companies wouldn't let US theater, we showed up and there was just a greenfield with you guys. If we get to see what you're doing and we take pride in that week, we give complete transparency to our customer base, let them, let us not only watch us run, but also watch their product being right.

Mark C. Jensen: With you guys, we get to see what you're doing, and we take pride in that. We give complete transparency to our customer base, letting them not only watch us run but also watch their product being run.

Speaker Change #209: Gotcha Gotcha. Thank you and then obviously you use a couple of questions have come in as far as.

Keith Goodman: Gotcha, gotcha. Thank you. And then, obviously, a couple of questions have come in as far as the spinoff and being public; obviously, you can't answer that, but do you have an expectation of, if you get approval to be public on the re-element side, what does the path look like to that, I mean, does it trade just on that basis?

Speaker Change #210: And often being public.

Speaker Change #211: Obviously, you can't answer on that but you have an expectation of if you can get approval to be public on the re element side, what does the path look like to that I mean does it change us states.

Based upon it.

Mark C. Jensen: What is a valuation? How do we determine what that valuation is?

Speaker Change #211: What what is the valuation how does how do you use.

Speaker Change #211: How do we determine what that value what valuation would be if and when it were to go public.

Speaker Change #212: Yeah. So I mean, that's part of what we're also doing a private financing of which.

Keith Goodman: Yeah, so I mean, that's part of what we're also doing in this private financing that we're putting together, which we announced previously, is to set that valuation of re-element. I mean, that's part of the complication.

Speaker Change #213: [laughter] that that we're putting together, which we announced previously and just that that valuation every element I mean, that's part of the complication that are under the current market cap values arent being recognized so we have to separate the companies.

Mark C. Jensen: Under the current market cap, values aren't being recognized, so we have to separate the companies. And by doing that, we can help, and I apologize we have a little wind here, but we can streamline the businesses and set those valuations. So we're in the midst of working on that at ReElevent as well as American Farmer to set that initial valuation for the exchanges. But that's it.

Speaker Change #213: And by doing that.

Speaker Change #213: Yeah.

Speaker Change #214: You can help me I apologize I got all the wind here.

But we can have streamlined the business isn't evaluations. So we're in the midst of working on that.

Speaker Change #215: As well as American carbon to set that initial valuation for the exchanges.

Speaker Change #216: Yeah unequivocal goal is for them to be public and that's what we believe.

Speaker Change #216: Yes.

Speaker Change #217: Okay, and then lastly, as long as you mentioned American Carbons, obviously, you didn't do any revenue American carbon this last quarter. It sounds like to me and correct me if I'm wrong. When you split up the entities when it finally does become a stand alone maybe at that point, we'll start to see production at at American.

Keith Goodman: Okay. And then lastly, as long as you mentioned American Carbon, obviously, you didn't make any revenue on American Carbon this last quarter. It sounds like to me, and correct me if I'm wrong, when you split up the entities when they finally did.

Speaker Change #216: Carbon.

Mark C. Jensen: Out of Wyoming, 100% of our capital is being either gone to reduce the cost structure of American carbon for when we do bring it online or to develop re-elements.

Speaker Change #218: Yeah, I mean, I'll I'll kind of Wyoming, 100% of our capital is being either gone to reduce cost structure of American carbon that for when we do bring it online sports and developer element.

Speaker Change #219: We believe worth multiples above American carbon and were allocating our cash.

Speaker Change #220: The nominees now post separation that enables the companies on the maximum value for those individuals.

Keith Goodman: Individuals visited from that as well. Absolutely, folks. I'm Randy.

Speaker Change #220: So absolutely.

Speaker Change #220: Yeah.

Mark C. Jensen: and we're super excited about where the mines are set up to do that. Obviously, Wyoming, for me, Wyoming is working on it.

Speaker Change #221: We're super excited about where the mines are set up to do that obviously Wyoming.

Keith Goodman: [inaudible]

Speaker Change #221: Yeah.

Speaker Change #221: Okay.

Speaker Change #221: Thanks.

Mark C. Jensen: Okay, all right, and obviously, just because you're splitting off American Carbon from the other entities doesn't prevent you from continuing to try to monetize it in the form of a sale.

Speaker Change #222: Okay, Alright, and and obviously, just because you're splitting off American carbon from the other entities doesn't prevent you from continuing to try to monetize it in the form of himself.

Speaker Change #223: American carbon that's correct Yep, Yep American country, and American carbon on the iron ore side, we're focused on.

Keith Goodman: That's correct. Yep, yep. American Carbon on the iron ore side. We are always evaluating.

Speaker Change #224: We are always evaluating opportunities.

Speaker Change #224: Yeah.

Speaker Change #224: Eric.

Speaker Change #224: Noncore to us, but we're gonna be.

Speaker Change #224: People.

Speaker Change #224: Jumping.

Speaker Change #224: Wait.

Speaker Change #224: See there or what else.

Mark C. Jensen: [inaudible]

Speaker Change #225: But the.

Speaker Change #226: [noise] stations by Wyoming.

Speaker Change #227: Partner relationships and no's share agreements between entity.

Speaker Change #227: Okay.

Speaker Change #228: Okay, Alright, thank you very much.

Speaker Change #228: Okay.

Speaker Change #228: Yeah.

Speaker Change #228: Yeah.

Speaker Change #228: Thank you.

Keith Goodman: https://www.youtube.com

Speaker Change #229: Our next question comes from 10 tests. Please state your question.

Mark: Hey, Mark Thanks to you and the team for getting so much John.

Mark C. Jensen: [inaudible]

Keith Goodman: I have the values for all of them. Okay.

Speaker Change #231: Thank you for defining deli for us that was really good.

A question for you on product.

Speaker Change #232: Just there's a spectrum from or brine concentrate or can we say higher purity.

Speaker Change #233: We're looking at parts per million of 50 to 2000, which indicates you have to really go through a lot of my material. So the word that I keep saying in the press release and sits on us concentrate and preprocessing.

Speaker Change #234: So can you tell us how that happens like we have mine waste, which seems to be in some kind of liquid slurry type of situation versus <unk> versus all of these things that I realize it's a spectrum I guess, just some clarification on how you see it.

Speaker Change #234: Yeah.

Speaker Change #234: Okay.

Speaker Change #235: [noise] the.

Speaker Change #236: The lithium or a bad thing I can.

Trade for them.

We at least parts per million and then they preprocessing concentrate chorus can get it.

Speaker Change #236: And then we take it over.

Speaker Change #236:

Speaker Change #236: The black bass.

Speaker Change #236: It must be back math, but it's about a 3.5% lithium passenger into it.

Speaker Change #236: Back mass, obviously, lithium cobalt manganese nickel as well.

Speaker Change #236: 20%.

Speaker Change #236: Cobalt about foreign ampersand in lithium and about 30%.

Speaker Change #236: So each one of them have different concentrates and different percentages of concentrate mine waste is mine waste is really really hard I mean, the ceramic it was worth $1 billion.

Speaker Change #237: Rare earth in parts per million at 500, that's phenomenal I mean, that's great I love that value and I hope, we I hope everybody gets that recognize because we have higher horse vermillion and they do.

Speaker Change #237: But the it's hard to make money in Kuwait, when youre dealing in parts of a million dollars.

Speaker Change #238: Unless you can do byproduct economics and reduce your traction there not so.

Speaker Change #238: So once you extract workshop into her then.

Speaker Change #238: Or for Marty exactly material and then then concentrating that using our other technology onside, Texas, and Ohio University, but you have to look at the entire spectrum to see how do you design a process to actually make money on that and that's what I mean, but I guess I meant bye.

Speaker Change #238: Led by Jeff Peterson and eating phenomenal guy.

Speaker Change #238: That have been able to test all of these products and then define the profitability of each one of these feedstocks for commercial enterprises by ourselves.

Speaker Change #239: Great. Thank you.

Speaker Change #240: That helps.

Speaker Change #240: Thank you.

Speaker Change #241: You can reach out if you ever got to the questions on that.

Speaker Change #241: Thank you and our next question comes from Michael Larry with T. G. I. Please state your question.

Mark: Yeah, Hi, Mark Thanks, so much for.

Speaker Change #242: You know filling us in on a bunch of moving parts that are going on and I know you guys must be you know doing a lot of work over there I I jumped off the webex and onto the conference call. So I could ask the question. So you may have already answered this but I'm going to ask it anyway can you unpack the recent headlines about American resources.

Speaker Change #243: All of these being approved and accepted by the member of Defense Industrial base consortium and what that represents the re element technologies as a whole.

Speaker Change #244: Yeah, So where where we applied for it we got accepted as a part of the defense Industrial base, we believe our technology solves a major problems for National Security you can work with the D. O E. R. You've worked with the D. O D. We very much like working with the D. O D. I have two brothers that are in the military the military desperately needs a product that we can.

Speaker Change #245: Purdue what that enables us to do is have access to contracts and bid on contracts for supplying these critical material to that supply chain. So it's a it's a good puts us in with other customers. We're testing products for defense contractors as we speak.

From that or any from high heat applications for their Tony or Neil will be and some of these other products that we've been testing for and and that that puts us not only in conversations with the defense space and National security. The D. O D. But also the contractors and puts us in the visibility of showcasing what we.

Speaker Change #245: Do and what we can do for them.

Speaker Change #245: And so that it's good it's a good good to be in the same room as them.

Speaker Change #246: You'd be able to offer those solutions to them for what they need.

Speaker Change #247: Got it thanks I appreciate it.

Speaker Change #248: Yeah, absolutely. Thank you.

Speaker Change #248: Yeah.

Keith Goodman: Okay. All right. Thank you very much.

Speaker Change #249: Thank you there are no further questions at this time I'll hand, the floor back to management for closing remarks.

Speaker Change #249: Okay.

Speaker Change #250: Well. Thank you guys all for your Great question. Thank you guys for taking your time out of your day here on a Tuesday.

Operator: And our next question comes from... Tim Tesh. Hey Mark, thanks to you and the team for getting so much done.

Tim Tesh: Hey Mark, thanks to you and the team for getting so much done. Thank you for defining DLE for us. That was really good.

Tim Tesh: Question for you on the product. There's a spectrum from ore, brine, and concentrate to, can we say, higher purity. We're looking at parts per million of 550 to 2,000, which indicates you have to really go through a lot of material. So the words I keep seeing in the press releases and so on are concentrate and pre-process. So can you tell us how that happens, like we have mine waste, which seems to be in some kind of liquid slurry type of situation versus all these things. I realize it's a spectrum, I guess, just some clarification on how you see it.

Mark C. Jensen: We'll just have about a 6% concentrate on them. DLE is cars for millions, and then they pre-process and concentrate it for us to get it to the one user sent, and we take it over.

Tim Tesh: The Black Mass. LSP Black Mask has about three and a half percent lithium concentrate in it. Black Mask obviously has lithium, cobalt, manganese, and nickel as well, of which nickel is about 20%, cobalt about 4.5%, and lithium at about 30%. See the link in the description below, but it's hard to make money on coal waste when you're dealing in parts per million unless you can do byproduct economics and reduce your traction cost and everything else.

Tim Tesh: So we're not extracting it. We're extracting the carbon and or from already extracted material and then concentrating that using our other technologies alongside Texas Tech and Ohio University. But you have to look at the entire spectrum to see how you design a process to actually make money on that. And that's what, I mean, led by, as I mentioned, led by Jeff Peterson and E. Ding, phenomenal guys that have been able to test all these products and then define the profitability of each one of these feedstocks for commercial enterprises for ourselves.

Speaker Change #251: Listen what we're doing please stay in touch follow what we're doing on a daily basis we.

Speaker Change #252: Pride ourselves on being transparent and trying to maximize the transparency that we can offer our shareholders, but also create that value unlocking it for all the shareholders, including management, which are fully aligned with our shareholder base from an equity ownership position.

Mark C. Jensen: Great, thank you. That helped. Excellent. Well, thank you. Feel free to reach out if you ever have any further questions on that.

Speaker Change #252: We're super excited about where we're at we're excited about the individual assets, we own we believe they need to be honest separated basis, we're putting our effort forth to accomplish that and to do it in a way that is creating liquidity for our investors as well. So we thank you all for your interest. Thank you for joining in and excited about the future.

Operator: Thank you. And our next question comes from Michael Larry with TGI. Please state your question.

Michael Larry: Yeah, hi Mark. Thanks so much for filling us in on a bunch of, you know, moving parts that are going on. I know you guys must be, you know, doing a lot of work over there. I jumped off the WebEx and onto the conference call so I could ask the question. So, you may have already answered this, but I'm going to ask it anyway. Can you unpack the recent headlines about American Resources ReELEMNT Technologies being approved and accepted by members of the FESS Industrial Base Consortium and what that represents to the, you know, ReELEMNT Technologies as a whole?

Mark C. Jensen: Yes, so we applied for it. We got accepted as part of the Defense Industrial Base. We believe our technology solves major problems for national security. You can work with the DOE, or you can work with the DOD. We very much like working with the DOD. I have two brothers that are in the military.

Michael Larry: The military desperately needs the products that we can produce. What that enables us to do is have access to contracts and bid on contracts for supplying these critical materials to that supply chain. So it's a good partnership. It puts us in contact with other customers. We're testing products for defense contractors as we speak, for any high-heat applications for plutonium or niobium and some of these other products that we've been testing for.

Michael Larry: And that puts us not only in conversations with the defense base, the national security, the DOD, but also with contractors and puts us in the visibility of showcasing what we really do and what we can do for them. So, it's good to be in the same room as them to be able to offer those solutions to them for what they need.

Mark C. Jensen: Got it. Thanks. I appreciate it.

Operator: Thank you. There are no further questions at this time. I'll hand the floor back to management for closing remarks.

Mark C. Jensen: Well, first, thank you guys for all your great questions. Thank you guys for taking your time out of your day here on a Tuesday to listen to what we're doing. Please stay in touch, follow what we're doing on a daily basis. We, as a team, pride ourselves on being transparent and trying to maximize the transparency that we can offer our shareholders, but also create that value to unlock it for all the shareholders, including management, who are fully aligned with our shareholder base from an equity ownership perspective. We're super excited about where we are, we're excited about the individual assets we own. We believe they need to So we thank you all for your interest, thank you for joining us, and we are excited about the future.

Operator: Thank you. And this concludes today's conference. All parties may disconnect. Have a good day.

Speaker Change #253: Thank you and this concludes today's conference all parties may disconnect have a good day.