American Resources Achieves Breakthrough in Tungsten Separation Technology
American Resources, through its affiliated minority holding in ReElement Technologies, announced another landmark technical achievement in the separation and purification of tungsten from mined material supplied by international mining partners. ReElement processed tungsten concentrate grading approximately 28% tungsten into purified material achieving 99.9% purity, establishing what is believed to be one of the only demonstrated domestic capability in the United States for commercially viable tungsten and demonstrating another important capability within its multi-mineral, multi-feedstock refining platform. The achievement represents a meaningful advancement toward establishing domestic and allied refining optionality for tungsten, one of the most strategically important materials used across the U.S. defense and commercial industrial base. "This is another defining moment for ReElement and for America's strategic material independence," said Mark Jensen, CEO and Chairman of ReElement Technologies. "Tungsten is essential to the defense industrial base, yet the U.S. remains heavily reliant on foreign-controlled supply chains for refined material. ReElement has now demonstrated that its platform can separate and purify tungsten from mined concentrate to 99.9%+ purity. While tungsten is not part of our initial Phase 1 Marion buildout, this achievement gives us a clear pathway to add tungsten refining capacity as customer demand, prepayments, and commercial commitments justify expansion."
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- Joint Venture Formation: American Resources has formed a joint venture with South Korea's Posco Holdings to develop integrated rare earth element and permanent magnet production in the U.S., with an investment of $200 million, significantly enhancing U.S. self-sufficiency in rare earth materials.
- Technology Integration: The partnership will leverage ReElement's advanced chromatographic separation and purification refining platform, enabling the production of high-purity rare earth oxides, addressing urgent domestic needs and reducing reliance on foreign supply.
- Market Demand Response: The joint venture aims to fill critical gaps in U.S. and allied supply chains by facilitating domestic production of high-purity rare earth materials and magnets, which is expected to positively impact automotive and industrial markets.
- Long-term Collaboration Deepening: This joint venture represents a continuation of the long-term partnership previously established between the two companies, further solidifying their commercial collaboration in the rare earth sector and enhancing market competitiveness.
- Earnings Highlights: American Resources Corporation (AREC) reported a GAAP EPS of $0.63 for FY, exceeding market expectations and indicating sustained profitability in resource development, which is likely to positively impact stock prices.
- Cash Position: The company reported $72.5 million in cash and short-term investments, demonstrating strong liquidity that supports future expansion plans and strategic investments, thereby boosting investor confidence.
- Strategic Investments: AREC's total strategic investments amount to $32.4 million, indicating the company's positioning in key sectors, particularly in rare earth development, which is expected to yield long-term benefits.
- Partnership Agreement: American Resources signed a Memorandum of Understanding with Mitsubishi Materials for rare earth development, marking a strategic expansion into the global rare earth market, which could enhance its competitive edge and industry standing.
- Financial Recovery: American Resources reported a net income of $44.4 million for 2025, translating to earnings of $0.63 per share, primarily driven by gains from deconsolidation, indicating a successful transition and restored profitability that boosts market confidence.
- Successful Deconsolidation: The company has deconsolidated its legacy coal operations and ReElement technologies while maintaining strategic ownership, optimizing its financial structure and removing previous going concern warnings, which underscores its new positioning in the critical mineral supply chain.
- Market Position Shift: American Resources is transitioning from a legacy coal business to a solutions platform within the global critical minerals supply chain, focusing on resource development, recycling, and manufacturing, thereby enhancing its competitiveness in domestic and allied markets.
- Improved Investor Sentiment: Retail sentiment for AREC has shifted from neutral to bullish, despite a more than 23% decline in stock price this year, reflecting increased confidence in the company's transformation strategy and future prospects.

- Strategic Collaboration: American Resources Corporation's unit, ReElement Technologies, has entered into a strategic partnership with Mitsubishi Materials to develop integrated solutions that enhance supply chain resilience, which is expected to boost domestic manufacturing capabilities and support refining operations.
- Recycling Innovation: The two companies will evaluate and commercialize rare earth and critical mineral recycling solutions in Japan, leveraging Mitsubishi Materials' recycling infrastructure and ReElement's proprietary chromatographic refining platform to drive the production of high-purity critical mineral products.
- Compliance Restoration: American Resources Corporation successfully regained compliance with Nasdaq Listing Rules by timely filing a proxy statement and holding an annual stockholders' meeting, resolving the compliance matter and enhancing market confidence.
- Market Positioning: As a raw materials provider, American Resources Corporation focuses on the extraction, processing, and recycling of critical minerals and carbon, aiming to develop sustainable, low-cost technologies to meet the high demand in infrastructure and electrification markets.

- Stock Surge: American Resources (AREC) saw a pre-market increase of 7.6% on Tuesday, primarily driven by the signing of a memorandum of understanding with Mitsubishi Materials (MSBHF), reflecting positive market expectations for future growth.
- Strategic Partnership: Mitsubishi Materials will invest in ReElement Technologies to collaboratively develop rare earth recycling projects in the U.S., focusing on recovering resources from used magnets and batteries, thereby enhancing supply chain resilience and supporting domestic manufacturing capabilities.
- Resource Integration: The collaboration will concentrate on bolstering ReElement's refining operations through feedstock sourcing, tolling, and offtake opportunities, facilitating the ongoing expansion of domestic refining capacity in alignment with government strategies for stable supplies of critical minerals.
- Technological Edge: The companies will jointly explore opportunities to commercialize rare earth and critical mineral recycling solutions in Japan, leveraging Mitsubishi's established recycling infrastructure alongside ReElement's proprietary chromatographic refining platform to enhance market competitiveness.
- Capacity Expansion: American Resources Corp is increasing production capacity at its ReElement Technologies facility in Marion, Indiana, from approximately 8,000 metric tons to over 16,000 metric tons to meet rising demand from defense and commercial customers, which is expected to alleviate supply chain pressures in the U.S. and allied markets.
- Modular Processing Model: The company's modular processing model allows for incremental capacity additions as demand evolves, with plant buildouts typically completed within six to nine months, ensuring flexibility to adapt to market changes and maintain competitiveness in the rapidly growing rare earth sector.
- Budget Management: The project is running at less than 75% of its allocated budget, showcasing an uncommon ability to control costs during fast-paced industrial buildouts, indicating the company's focus on rapid expansion while optimizing operations to reduce costs and enhance profitability.
- Diversification Strategy: American Resources aims to compete with established global producers, including China, by lowering costs and offering competitive pricing, while diversifying across multiple minerals such as scandium, terbium, and tungsten to mitigate pricing risks and secure a stable market position over the long term.









