American Resources

American Resources helps steel makers get the coal they need. It also recycles old batteries and magnets to find valuable minerals. These materials are used to build modern technology like electric cars and high-tech devices.

From Coal to Critical Minerals

• Metallurgical Coal: High-quality coal used for steel production; supplied from operations in Kentucky and West Virginia.
• Rare Earth Elements: Materials recovered from recycled magnets and batteries; these are essential for high-tech manufacturing.
• Recovered Metals: Aggregated steel and metal scrap collected for sale back into industrial markets.

Pivoting Toward the Future

• Shifted capital focus in 2023 toward its ReElements and Electrified Materials divisions to diversify revenue.
• Distributed majority ownership of American Infrastructure and ReElements to shareholders during the first quarter of 2025.
• Secured $150 million in industrial revenue bonds in March 2024 to fund the Kentucky Lithium refining project.

A New Kind of Miner

The company operates through a series of specialized units that handle different stages of mining and recycling. This structure allows it to manage diverse projects while shifting its main focus from traditional mining toward sustainable materials recovery.

The Numbers Behind the Shift

• Revenue reached $50,165 in Q3 2025, down 78.7% from the same period in 2024.
• Net loss narrowed to $6.3 million for the quarter ended September 30, 2025, compared to an $8.9 million loss in 2024.
• Operating loss narrowed to $4.3 million in Q3 2025, a 47.8% improvement from the previous year.
• Operating cash flow use narrowed to $536,416 in Q3 2025, an 82.2% improvement from 2024.
• Free cash flow turned positive at $0 in Q3 2025, up from a $3 million loss in Q3 2024.

Bottom Line

American Resources is transitioning from traditional coal mining to focus on recycling and critical minerals. This shift reflects a long-term strategy to support the global demand for sustainable industrial materials.