American Resources Corporation

ReElement reported about $150,000 of revenue in the quarter. Management did not provide company-wide revenue, EPS, gross margin, or consolidated year-over-year figures on the call. On guidance, management said the ReElement business should start showing large revenue growth in 2025, with the middle to later part of 2025 likely when Marion is fully producing. They also said third-quarter 2025 is a highly confident target for potential meaningful revenue from Marion, assuming equipment installation and ramp go according to plan.

Mark Jensen framed the quarter as part of a broader transformation toward a domestic rare earth and critical minerals platform. He emphasized that ReElement is differentiated by its ability to produce heavy rare earth oxides and battery materials in the United States at a cost structure he says can compete with or beat China, and he repeatedly described the business as a “unicorn.” His tone was defensive but optimistic, focused on unlocking value through spin-offs, customer qualification, and scaling production without excessive dilution.

No formal CFO prepared remarks were given on the call, so financial commentary came mainly from management. Jensen said the company is being “very conscious” about spending and is using alternative capital tools such as a bond offering for Marion and convertible debt, while trying to avoid dilution. He also said American Resources targets to retain 19% of ReElement after the distribution, and that the ReElement initial closing was done at a $150 million valuation, which he said is almost 2x American Resources’ current market price.

Analysts pressed on how fast ReElement can ramp, whether Noblesville is at capacity, and why some partners remain unnamed. Management said Noblesville can still handle more separation and purification throughput, but Marion must take over pre-processing to unlock scale, and they said partner names often stay confidential because auto OEMs and other customers do not want disclosure amid industry volatility. Questions also focused on spin-off timing and listing plans; management said ReElement intends to be public from day one, Novusterra has an approved selling shareholder S-1 and is working on a new issuance S-1, and American Infrastructure may need a reverse split to meet exchange price requirements.