$200 Million Joint Venture Establishes End-to-End Rare Earth Supply Chain from Feedstock to Magnet Manufacturing

Strategic U.S.-South Korea Partnership Advancing a Secure, Resilient, and Diversified Allied Supply Chain for Defense, Energy, and Advanced Technologies

JV expands on Existing Strategic Partnership and Long-Term Offtake Agreement Between ReElement and POSCO International

FISHERS, IN / ACCESS Newswire / May 22, 2026 / American Resources Corporation (NASDAQ: AREC) ("American Resources") through its affiliated minority holding in ReElement Technologies Corporation ("ReElement"), a leading U.S.-based innovator in rare earth and critical mineral refining, today announced that ReElement has formed a joint venture with POSCO International Corporation ("POSCO International"), a global leader in materials trading and industrial development, to develop integrated rare earth element and permanent magnet production in the United States.

A formal signing ceremony took place on May 21, 2026 in Washington, D.C., with ReElement CEO Mark Jensen and POSCO International President and CEO Kye-In Lee executing the agreement.

The joint venture represents a major milestone in advancing the long-term partnership previously established between ReElement and POSCO International, including their commercial offtake agreement announced in September. The collaboration further strengthens U.S.-South Korea cooperation in building a resilient and sustainable supply chain for critical minerals essential to national security, clean energy, and advanced technologies.

Establishing a Fully Integrated, Allied Rare Earth Supply Chain

The joint venture is designed to establish a closed-loop, end-to-end rare earth supply chain, spanning feedstock sourcing, separation, purification and refining, and permanent magnet manufacturing within the United States.

The partnership combines:

• POSCO International's global industrial capabilities and deep relationships across automotive and industrial markets, along with its expertise in large-scale industrial deployment and materials science.

Together, the companies are building a scalable platform to support high-growth sectors including electric vehicles, artificial intelligence, advanced semiconductors, defense systems, and clean energy technologies.

Project Scope and Development Timeline

The joint venture brings a $200 million investment to develop a U.S.-based rare earth refining and magnet manufacturing complex. Final site selection is currently underway.

Initial development phases include:

• Phase 1 (2028): ~3,000 metric tons per annum (MTPA) of separated rare earth oxides (SREO)

• Phase 2 (2030): Expansion to ~6,000 MTPA of SREO

In addition to oxide production, the project will incorporate:

• Light and heavy rare earth metalization capabilities

• Permanent magnet manufacturing capacity

• Integrated feedstock sourcing through a joint taskforce focused on both domestic and international primary and recycled resources

Strengthening Allied Supply Chains Through Strategic Collaboration

The joint venture directly addresses critical gaps in U.S. and allied supply chains by enabling domestic production of high-purity rare earth materials and magnets-historically dominated by foreign supply.

By combining complementary strengths, ReElement and POSCO International are advancing a capital-efficient, scalable, and environmentally responsible model for rare earth development -one that reduces reliance on legacy, capital-intensive and single-source systems that have proven unsustainable, while supporting long-term supply chain resilience.

Mark Jensen, Chief Executive Officer of ReElement Technologies, commented:

"This joint venture represents a defining moment in the evolution of the rare earth supply chain in the United States. By combining ReElement's refining-first platform with POSCO International's global capabilities and industrial scale, we are creating a fully integrated, end-to-end solution that addresses one of the most critical gaps in the market.

This is not just about building capacity - it's about building a new model. One that is modular, scalable, and capable of aligning with the rapidly evolving needs of domestic and allied markets. Together, we are establishing a secure, non-China supply chain that supports national security, clean energy, and the next generation of advanced technologies."

Kye-In Lee, President and CEO of POSCO International, added:

"Today's signing is more than just a contract - it is a reflection of the trust and shared vision between our two companies. POSCO International's global supply chain capabilities and ReElement's innovative refining technology are highly complementary and bring out the best in each other.

Building a heavy rare earth separation and refining value chain in the United States will not be easy, but that is precisely why this partnership matters. Together, we believe we can achieve something meaningful and strategically important for the future."

About ReElement Technologies Corporation

ReElement Technologies Corporation, a minority holding of American Resources Corporation (NASDAQ: AREC), is a leading provider of high-performance refining capacity for rare earth elements and critical minerals. Its refining-first, multi-mineral, multi-feedstock platform is designed to process a wide range of inputs - including recycled materials from permanent magnets, lithium-ion batteries, and industrial, defense, and technology waste streams, as well as mined ores, brines, and coal-based byproducts - into high-purity products that support a cost-effective, environmentally responsible, and circular supply chain.

ReElement's innovative and scalable "Powered by ReElement" process leverages its exclusively licensed and internally developed intellectual property, integrating directly into partners' material processing flowsheets to enhance efficiency and adaptability across the global critical mineral supply chain. For more information visit reelementtech.com or connect with the Company on Facebook, Twitter, and LinkedIn.

About POSCO International Corporation

POSCO International, a core member of the POSCO Group, continues to solidify its position as a leading trading and investment company with a diverse business portfolio spanning energy, materials, and agro business. Leveraging an extensive global network, the company is actively engaged in steel trading, the development and operation of the Myanmar Gas Field, as well as sourcing key resources for its overseas agribusiness operations.

In line with its commitment to sustainable growth, POSCO International is also exploring future growth engines such as renewable energy and eco-friendly mobility components. By prioritizing innovation and sustainability, the company aims to stay ahead in a rapidly changing global business landscape.

Supported by a stable business foundation and robust global capabilities, POSCO International is well-positioned to achieve sustainable growth and create long-term value. For more information, please visit www.poscointl.com.

About American Resources Corporation (NASDAQ: AREC)

American Resources Corporation has established a comprehensive solution platform across the rare earth and critical mineral supply chain, leveraging its affiliation with, and former parent relationship to, ReElement Technologies Corporation - a leading provider of high-performance refining capacity for rare earth and critical battery elements. The Company is advancing efficient upstream and downstream critical mineral operations.

These operations span conventional and unconventional resource sourcing and development, as well as recycling and manufacturing, enabling American Resources to aggregate and process diverse feedstocks while efficiently aligning supply with end-market demand.

American Resources has established a nimble, low-cost business model focused on scalable growth. Its streamlined approach enables the Company to expand its asset portfolio and meet increasing global demand across infrastructure, defense, technology, and electrification markets - while maximizing margins and maintaining cost discipline. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.

Special Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.

Media Inquiries:
Marjorie Weisskohl
703-587-1532
mweisskohl@allseasonspr.com

Company Contact:
Mark LaVerghetta
317-855-9926 ext. 0
investor@americanresourcescorp.com

SOURCE: American Resources Corporation