Business
American Resources Corporation Reports Second Quarter 2023 Financial Results and Provides Business Outlook
Company is executing on the monetization of its carbon platform receiving non-binding letters of intent (LOI) to sell the remaining assets of American Carbon
About this update from American Resources Corporation
[{"type":"text","content":"Company is executing on the monetization of its carbon platform receiving non-binding letters of intent (LOI) to sell the remaining assets of American Carbon and executing a LOI to sell Deane MiningLOI for American Carbon represents approximately $300 million in cash value or $3.83 per shareThe first domestic, commercial producer of separated and ultra-pure REEs from recycled permanent magnets and ultra-pure lithium from recycled lithium-based batteries and manufacturing scrapCompany has showcased its ability to sustainably produce ultra-high pure lithium carbonate (>99.99% pure) from recycled feedstock through independent lab analysisExecuting on global expansion and resource diversification strategy to secure partnerships to refine lithium ores from international sourcesCompany to host update conference call today at 4:30 PM ETFISHERS, IN / ACCESSWIRE / August 14, 2023 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, today announced financial results for the second quarter of 2023. The Company will host a conference call and webcast, today, August 14, 2023, at 4:30 PM ET (details below).Mark Jensen, Chairman and CEO of American Resources Corporation commented, \"Throughout the past several months we've continued to execute on our strategic plan of action to monetize our unique platform of assets while continuing to solidify our strategic positioning within the value chain of our addressable markets. Most recently, we have received increased interest from parties wanting to acquire our carbon assets. In addition to executing a binding LOI to sell certain assets associated with our Deane Mining complex, we have also received separate non-binding LOIs from unaffiliated parties to purchase the remaining assets of American Carbon and Perry County Resources, respectively. Additionally, we have also filed a Form 10 registration statement to spin-off American Carbon into its own standalone public company should sale options not fully materialize. Our ReElement Technologies division continues to be the most exciting enterprise we have ever been a part of as it establishes itself as a world leader of innovative c...