MOU with ReElement Technologies to develop a sustainable rare earth supply chain

MOU with ReElement Technologies to develop

a sustainable rare earth supply chain

Pensana Plc is pleased to announce the signing of a Memorandum of Understanding (“MOU”) with American Resources Corporation (NASDAQ:AREC) (“American Resources”) and ReElement Technologies (“ReElement”) a leading U.S. critical mineral refiner supplying the automotive, defense, and advance manufacturing industries in the US.

Key terms of the MOU include:

A shared commitment to develop a sustainable, independent rare earth supply chain to meet rising demand from U.S. and allied defense and commercial industries.

A proposed offtake of up to 20,000 tonnes per annum of ultra-clean Mixed Rare Earth Carbonate (“MREC”) from the Longonjo mine over a five-year period, with pricing to be agreed.

Integration of ReElement’s advanced refining platform, which offers a high-throughput, low-waste, and cost-effective process to produce ultra-pure separated rare earth oxides.

Strategic cooperation to strengthen and secure the global rare earth value chain and explore additional joint opportunities.

Leverage of the Lobito Corridor in Angola for low-cost, efficient access to global export markets.

Since 2023, ReElement has been refining rare earth materials for customer validation and for commercial sale at its Noblesville, Indiana facility. The company continues to expand capacity, including major development at its large-scale Marion, Indiana supersite, to meet growing demand from U.S. and allied defense and commercial industries.

Mark Jensen, CEO and Chairman of ReElement, commented, “Our partnership and MOU with Pensana represent a major advancement toward building a true mine-to-magnet global rare earth supply chain. Securing mineral independence requires innovation, not imitation - and legacy solvent-based refining methods simply won’t be competitive or scalable in the modern market.

We had the opportunity to welcome the Pensana team to our facilities recently where we discussed production schedules, quality of product and long term vision. We couldn’t be more impressed by their efforts and the opportunity for our partnership together to completely disrupt the global supply chain for rare earth oxides.

Partnering with Pensana allows us to secure a reliable source of high-quality MREC and further demonstrates our commitment to building a domestic rare earth supply chain that meets the growing needs of U.S. industry."

ReElement’s multi-mineral refining platform is uniquely positioned to unlock this opportunity with efficiency, flexibility, and global collaboration. We are excited to begin working with Pensana immediately.”

Tim George, CEO of Pensana, added, “We are thrilled to begin our collaboration with ReElement. Both teams share a clear vision for establishing an efficient, scalable, and resilient supply chain for magnet-metal rare earths – critical to the U.S. and allied defense and commercial industries.

This collaboration with ReElement builds on our recently announced offtake agreement for a similar tonnage of MREC with Toyota Tsusho and our plans for downstream magnet metal production in the UK and Asia.

The signing of this MOU marks another important milestone in Pensana’s journey to build a globally diversified and resilient magnet metal rare earth supply chain.”

About American Resources Corporation (NASDAQ: AREC)

American Resources Corporation is a leader in the critical mineral supply chain, developing innovative solutions both upstream and downstream of the refining process. The company and its affiliates focus on the extraction and processing of metallurgical carbon and iron ore, essential ingredients in steelmaking, as well as critical and rare earth minerals for the electrification market and recycled metals.

Leveraging its affiliation and former parent status of ReElement Technologies Corporation, a leading provider of high-performance refining capacity for rare earth and critical battery elements, American Resources is investing in and developing efficient upstream and downstream critical mineral operations. These operations include mining interests in conventional and unconventional sources, recycling, and manufacturing.

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

About ReElement Technologies Corporation

ReElement Technologies Corporation, a portfolio company of American Resources Corporation (NASDAQ:AREC), is a leading provider of high-performance refining capacity for rare earth and critical battery elements. Its multi-mineral, multi-feedstock platform technology focuses on the refining of recycled material from rare earth permanent magnets and lithium-ion batteries, concentrated ores and brines, as well as coal-based waste streams and byproducts to create a cost effective and environmentally-safe, circular supply chain. ReElement has developed its innovative and scalable “Powered by ReElement” process which collaboratively utilizes its exclusively licensed intellectual property within its partners’ material processing flow sheets to more efficiently support the global supply chain’s growing demand for magnet and battery-grade products. For more information visit reelementtech.com or connect with the Company on Facebook, Twitter, and LinkedIn.

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