American Resources Corporation (NASDAQ:AREC) has released first quarter financial results and a corporate update, highlighting the progress at its ReElement Technologies and American Carbon divisions.
"Throughout the first quarter of 2023 we continued to focus on solidifying our strategic positioning within the value chain of our addressable markets,” CEO Mark Jensen said in a statement. “Our ReElement Technologies division continues to be the most exciting enterprise we have ever been a part of as it establishes itself as a world leader in innovative critical mineral refining technology.”
During the quarter, the company achieved ultra-high pure (greater than 99.9%) lithium from its patented multi-modal chromatography technology
“Currently, we are working on finalizing a joint venture to refine spodumene ore to high-purity lithium carbonate in west Africa,” Jensen said. “Our ability to deploy our high performing and environmentally safe refining technology to this resource rich region will enable us to secure high quality and abundant feedstock and help redirect the trade flow of material and goods."
Meanwhile, the company’s American Carbon division has been bolstered by the establishment of its McCoy Elkhorn complex as an initial driver of carbon production growth.
"Looking forward to the remainder of 2023, our belief in and excitement over the opportunities we have in front of us continues to reach an all-time high,” Jensen said. “...We continue to expand production at our set of Carnegie mines with a focus of adding a second operating section at our Carnegie 1 mine which will add incremental metallurgical carbon production feeding our onsite processing facility at McCoy.”
American Resources posted revenue of $8.87 million in the first quarter of 2023, compared to $9.08 million a year earlier. Net loss was $3.1 million, or $0.04 per share, compared to $2.75 million, or $0.04 per share, in the prior year period.
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