Dividend Announcement - The company announced an adjustment to the record date and distribution date of its special dividend to May 27, 2024, and June 11, 2024, respectively[60]. Coal Mining Operations - The company operates seven coal mining and processing subsidiaries, focusing on metallurgical coal for steel making, with no sales in the thermal coal markets since mid-2019[62]. - The Carnegie 2 Mine has an estimated capacity to produce approximately 10,000 tons of coal per month, with operations having commenced in August 2022[63]. - The Bevins 1 Preparation Plant has a processing capacity of 800 tons per hour and a clean coal stockpile storage of 100,000 tons[64]. - The Bevins 2 Preparation Plant has a processing capacity of 500 tons per hour and a clean coal stockpile storage of 45,000 tons, currently utilizing less than 10% of its available processing capacity[65]. - The E4-2 mine has an estimated capacity to produce approximately 80,000 tons of coal per month[77]. - The Davidson Branch Preparation Plant has a processing capacity of 1,300 tons per hour, but currently utilizes less than 10% of this capacity[78]. - Wyoming County Coal has two idled underground mining permits and three permits associated with the idled Pioneer Preparation Plant, awaiting regulatory approval[75]. - The company has approximately 200 leases for coal mining and processing operations, with various mineral and surface owners[79]. - The allocated cost for the property at Deane Mining is $1,569,641, with the Mill Creek Preparation Plant operational and capable of processing coal[71]. - The allocated cost for the property at Wyoming County Coal is $22,326,101, with $22,091,688 paid in shares of Class A Common stock[74]. - The company holds 11 additional coal mining permits that are idled or in various stages of reclamation, with no current plans to bring them into production[67]. Financial Performance - Revenue for the three months ended June 30, 2024, was $4,095, a decrease of $1,996,594 compared to $2,000,689 for the same period in 2023[86]. - Operating expenses for the three months ended June 30, 2024, were $6,233,513, down by $3,116,969 from $9,350,482 in the prior year[86]. - Net loss from operations for the three months ended June 30, 2024, was $(6,229,418), an improvement of $1,120,375 compared to $(7,349,793) in 2023[86]. - The net loss for the six months ended June 30, 2024, was $(13,545,365), which is $2,861,525 higher than the net loss of $(10,683,840) for the same period in 2023[86]. - Total revenue for the three months ended June 30, 2024, decreased by $1,996,594, primarily due to a reduction of $1,675,815 in coal sales compared to 2023[88]. - Total operating expenses for the three months ended June 30, 2024, decreased by $3,116,969, with the cost of coal sales and processing dropping by $3,227,090[90]. - General and administrative expenses increased by $1,262,548 for the three months ended June 30, 2024, while development expenses decreased by $1,761,642[91]. - Total other expenses for the three months ended June 30, 2024, decreased by $99,889, with earnings from equity method investees improving by $413,859[93]. Cash Flow and Liquidity - As of June 30, 2024, available cash was $169,553,258, with expectations to fund liquidity requirements through cash on hand and future borrowings[94]. - Cash used in operating activities for the six months ended June 30, 2024, was $13,217,548, consisting of a net loss of $13,545,365[95]. - Cash used in investing activities for the six months ended June 30, 2024, was $248,796, primarily due to purchases of property and equipment[96]. - Cash provided by financing activities for the six months ended June 30, 2024, was $146,338,960, including proceeds from tax-exempt bonds of $149,719,203[96]. Internal Controls and Compliance - The Company's management concluded that its disclosure controls and procedures were not effective due to insufficient staff performing accounting and reporting functions and lack of timely reconciliations[101]. - There have been no changes in the Company's internal control over financial reporting during the period ended June 30, 2024, that have materially affected the Company's internal controls[102]. - The Company believes that the financial statements and other information presented are materially correct despite the identified control deficiencies[101]. - The design of the control system must consider resource constraints, and the benefits of controls must be weighed against their costs[101]. Legal and Regulatory Matters - The Company is subject to ordinary routine litigation incidental to its normal business operations[103].

Financial Performance - American Resources Corporation reported a net loss of $6.6 million or a loss of $0.09 per share for Q2 2024, compared to a net loss of $7.6 million or a loss of $0.10 per share in Q2 2023[19]. - Adjusted EBITDA loss improved to $3.9 million in Q2 2024 from a loss of $6.2 million in Q2 2023[19]. - Net loss attributable to AREC shareholders was $10,859,495, compared to a loss of $6,758,701 in the previous period[23]. - The company reported a net loss per share of $0.14, up from $0.09 in the prior year[23]. - For the six months ended June 30, 2024, the net loss was $13,545,365 compared to a net loss of $4,100,794 for the same period in 2023, indicating a significant increase in losses[28]. - Adjusted EBITDA for the three months ended June 30, 2024, was $(3,899,978), an improvement from $(6,164,060) in the same period of 2023, reflecting a reduction in operational losses[32]. - Cash used in operating activities for the six months ended June 30, 2024, was $(13,217,548), compared to $(6,617,505) for the same period in 2023, showing increased cash outflow[28]. - Noncash stock-based compensation expense increased to $1,763,253 for the six months ended June 30, 2024, from $753,146 in the same period of 2023[28]. Revenue and Financing - Total revenues for Q2 2024 were $4,095, a significant increase from $1.98 million in Q2 2023[20]. - The company successfully closed a $150 million tax-exempt bond offering to fund the development of its Kentucky Lithium refining facility[2]. - The company has secured $45 million in tax-exempt bonds to support the development of its Wyoming County Coal project, which has rare earth element deposits exceeding 550 ppm[13]. - The company received $149,719,203 from tax-exempt bonds for the six months ended June 30, 2024, compared to $43,475,887 in the same period of 2023, indicating strong financing activity[28]. Assets and Liabilities - Current assets totaled $4,450,229, a significant decrease from $34,885,493 due to restricted cash adjustments[26]. - Total assets were reported at $195,519,282, compared to $94,176,461 in the previous period[26]. - Total liabilities increased to $241,135,129, up from $91,522,320[27]. - Accumulated deficit reached $(226,097,239), an increase from $(178,694,329) year-over-year[27]. - The company holds cash and cash equivalents of $554,416, down from $2,666,638[26]. - Cash and cash equivalents at the end of the period were $169,553,258, a significant increase from $51,532,930 at the end of June 2023[28]. Business Developments - American Resources announced a definitive business combination agreement with AI Transportation Acquisition Corp valued at $170 million, aiming for a public listing under the ticker "EMCO"[11]. - The company is expanding its partnership with UK-based Jupiter Lithium Ltd to develop Nigeria's first large-scale lithium deposit, covering 442 square kilometers[6]. - American Resources is focused on spinning off ReElement Technologies and the majority of American Infrastructure to enhance shareholder value and operational focus[14]. - The company has established commercial partnerships with major U.S. auto manufacturers and EDP Renewables to promote sustainable recycling practices in the EV and wind energy sectors[8]. Operational Focus - The company has a growing portfolio of operations focused on metallurgical carbon and rare earth minerals, essential for the electrification market[33]. - American Resources Corporation is committed to a low-cost business model aimed at scaling its operations to meet global infrastructure demands[34]. - ReElement Technologies LLC, a subsidiary, is focused on recycling critical and rare earth elements, enhancing the company's sustainability efforts[35]. - The company reported a development gain on the sale of equipment of $8,780,538, a significant increase from $2,959,744[23]. - The company reported a gain on the sale of equipment of $400,000 for the six months ended June 30, 2024, compared to a loss of $(553,105) in the same period of 2023[28].

American Resources Corporation (NASDAQ:AREC) Q1 2024 Earnings Conference Call May 21, 2024 4:30 PM ET Company Participants Mark LaVerghetta - Vice President of Corporate Finance and Communications Mark Jensen - Chairman and Chief Executive Officer Conference Call Participants Heiko Ihle - H.C. Wainwright Mike Niehuser - ROTH Capital Partners Keith Goodman - Maxim Group Michael Lary - TGI Operator Greetings and welcome to the American Resources Corporation First Quarter 2024 Conference Call. At this time, al ...

American Resources Corporation (AREC) came out with a quarterly loss of $0.03 per share versus the Zacks Consensus Estimate of a loss of $0.06. This compares to loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 50%. A quarter ago, it was expected that this company would post a loss of $0.04 per share when it actually produced a loss of $0.14, delivering a surprise of -250%.Over the last four quarters, the company h ...

EX-99.1 2 arec_ex991.htm EARNINGS RELEASE EXHIBIT 99.1 American Resources Corporation Reports First Quarter 2024 Financial Results and Provides Business Outlook Company successfully executed and closed $150 million tax exempt bond of ering for the Company's Kentucky Lithium refining facility The first domestic, commercial producer of separated and high-purity REEs from recycled permanent magnets and high-purity battery elements from both ores and recycled feedstocks Company's patented chromatographic separa ...

10-Q 1 arec_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 000-55456 | --- | --- | |-------------------------------------------------------------------- ...

American Resources Corporation (AREC) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Florida 46-3914127 (State or jurisdiction of Incorporation or organization (I.R.S Employer Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common, $0.0001 Par Value AREC NASDAQ Capital Market Warrant ARECW NASDAQ Capital Market Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated Filer ☐ Smaller reporting company ☒ (Do not check if a smaller company)Emerging growth com ...

Penny stocks could be your ticket to striking it rich. But don’t expect easy money! While these thinly traded sub-$5 stocks offer the tantalizing prospect of turning pocket change into a small fortune, finding the diamonds in the rough is easier said than done. This has led to this list of penny stocks to buy.For every penny stock that skyrockets, there are dozens that fizzle out and leave investors holding the bag. It takes a keen eye and a high-risk tolerance to separate the winners from the losers in thi ...

American Resources Corporation (NASDAQ:AREC) Q4 2023 Earnings Conference Call March 28, 2024 3:30 AM ET Company Participants Mark LaVerghetta - VP of Corporate Finance and Communications Kirk Taylor - CFO Mark Jensen - CEO Conference Call Participants Heiko Ihle - H.C. Wainwright Mike Niehuser - Roth MKM Steve Segal - KBB Asset Management Kyle Gallagher - Merrill Lynch Operator Greetings and welcome to the American Resources Corporation Fourth Quarter and Year-End 2023 conference call. At this time, all par ...