American Resources Corporation Selected As A Consortium Member In U.S. Department Of Energy Contract To Assess Northern Appalachian Critical And Rare Earth Elements

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Consortium, led by Penn State, selected for Department of Energy award valued at approximately $1.2 million

Company expands its partnership with Penn State as a member of CORE-CM consortium

FISHERS, IN / ACCESSWIRE / May 5, 2021 / American Resources Corporation (NASDAQ: AREC) ("American Resources" or the "Company"), a next-generation and socially responsible supplier of raw materials to the new infrastructure and electrification marketplace, today announced that the Department of Energy's National Energy Technical Laboratory ("NETL") has selected a Consortium to Assess Northern Appalachia Resource Yield ("CANARY")led by Penn State, which includes American Resources, for an award targeting rare earth element ("REE") and critical mineral recoveries from waste streams. The grant, Carbon Ore, Rare Earth and Critical Minerals (CORE-CM) Initiatives for U.S. Basins, will assess and catalog Northern Appalachian sources of REEs and critical mineral, assess and develop strategies used to recover REEs and critical minerals, assess the infrastructure, industries and businesses to determine supply chain gaps, and formulate plans to establish Technology Innovation Centers. The CANARY of CORE-CM proposed by Penn State and its partners will be under the direction of Dr. Sarma Pisupati, Director of Penn State's Center for Critical Minerals.

Mark Jensen, CEO of American Resources Corporation commented, "Penn State has been a great partner for us as we continue to create innovative ways to capture, process, and purify critical and rare earth elements from coal-based waste and byproducts. We are honored to join this consortium with Penn State, and its other members, and to further our existing partnership. As a regional leader in the innovation of rare earth element production, one of the largest owners of mining infrastructure in the Appalachian region, and control of over 21,000 surface acres, we are confident we can bring a lot of value to the consortium and are committed to supporting it to enlighten stakeholders on how this region can contribute in a very meaningful way in restoring the domestic supply chain of these critical resources that are essential to creating a cleaner and greener economy. Furthermore, producing these critical resources from coal waste streams and byproducts enables us to be low cost and environmentally friendly, which is necessary, in our view, to gain and sustain global competitiveness."

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