Company profile
American Resources Corp: what it does, projects, funding and status (2026)
Processing / manufacturing (building) Nasdaq: AREC; holds a minority stake in ReElement Technologies HQ: Fishers, Indiana
American Resources Corporation (Nasdaq: AREC), based in Fishers, Indiana, is a metallurgical coal and raw-materials company that holds a minority stake in rare earth refiner ReElement Technologies and leads a consortium that the Department of Energy selected in July 2026 for a coal-waste rare earth recovery pilot. Mark Jensen is chairman and chief executive.
Verified through Oct 1, 2026
Status and timeline Report a correction All US rare earth companies
What does American Resources do?
American Resources mines and processes metallurgical coal in eastern Kentucky for steelmakers and holds a minority interest in ReElement Technologies, which refines rare earths. It reaches the rare earth sector through that stake and a coal-waste recovery pilot, not through a mine of its own.
The company describes itself as a raw materials solutions provider for rare earth magnets, lithium-ion batteries, semiconductors, infrastructure and electrification. Its coal operations are in the Central Appalachian Basin, and its customers are blast furnace steel mills, coke plants and other industrial buyers.
Its pitch is that coal waste, mine tailings and recycled materials can supply critical minerals, and that ReElement's chromatographic refining can turn them into high-purity oxides.
Which assets and facilities does American Resources hold?
American Resources holds coal mining and processing operations in eastern Kentucky, a minority stake in ReElement Technologies and a metals-recycling business, Electrified Materials. It leads a DOE-selected pilot project for rare earth recovery from coal-based by-products.
| Asset | Location | What it does | Size or output | Status |
|---|---|---|---|---|
| American Infrastructure Corporation | Eastern Kentucky (also West Virginia) | Metallurgical coal extraction, processing and sales | Not a rare earth asset | Operating |
| ReElement Technologies stake | Fishers, Indiana (HQ); Marion and Noblesville | Rare earth refining and recycling | About 19% minority interest (Nov 2025) | See ReElement Technologies |
| DOE coal-waste pilot | Not stated | Recovery of rare earths from coal-based by-products | Pilot scale; part of $75M for five pilots | Selected for award negotiation, announced by the company Jul 9, 2026 |
| Electrified Materials | Not stated | Aggregates and recycles used metals into steel products | Not a rare earth asset | Operating |
ReElement is a separate company in which American Resources holds a minority interest. Earlier descriptions of ReElement as a subsidiary or parent relationship are out of date.
What is the American Resources DOE pilot and how does it connect to ReElement?
American Resources will lead a consortium for a Department of Energy pilot to recover rare earths and other critical minerals from coal-based by-products, with ReElement contributing its chromatographic separation technology. It was one of five organizations the DOE selected for award negotiations in July 2026, and the company announced its selection on Jul 9.
The five pilots share $75M under a DOE program for recovering by-product critical minerals at domestic industrial facilities, and the five named awardees are UND Falkirk, Valor Metals, CONSOL Innovations, American Resources and Peabody. Award negotiations do not guarantee a final award or amount.
American Resources announced a $1.4B partnership with the Office of Strategic Capital on Nov 3, 2025 that included conditional loan commitments of $80M to ReElement and $620M to Vulcan Elements, and it said it held about 19% of ReElement then. ReElement later raised a $200M equity facility and a $25M Department of War investment.
What is the timeline of American Resources?
American Resources announced the OSC partnership around ReElement on Nov 3, 2025, saw ReElement close a $200M equity facility on Jan 13, 2026 and was selected for a DOE coal-waste pilot in July 2026. Award negotiations and the pilot are next.
- Nov 3, 2025
American Resources announces a $1.4B partnership with the Office of Strategic Capital around ReElement and Vulcan Elements.
- Jan 13, 2026
ReElement closes a $200M equity facility with Transition Equity Partners.
- Jul 2 to 9, 2026
The Department of Energy selects five coal-waste pilots, including American Resources, for award negotiation; the company announces its selection on Jul 9.
- Jul 15, 2026
The Department of War invests $25M in ReElement.
Next milestones
- Late 2026
DOE award negotiation and pilot design are next; no date is published.
What government support has American Resources received?
American Resources has been selected for DOE award negotiations for a coal-waste rare earth pilot, part of $75M across five projects, with no final amount published for its share. ReElement, in which it holds a stake, has a conditional $80M OSC loan commitment.
| Agency and instrument | Amount | When | Status |
|---|---|---|---|
| Department of EnergyCoal-waste critical minerals pilot, selected for award negotiation. Share not stated; negotiation not final | Part of $75M for five pilots | Jul 2026 | Announced |
Selection for negotiation is not a final award. See the government support tracker.
What are the risks and unknowns for American Resources?
The main unknowns are the size of its DOE award, how much value it can draw from a minority ReElement stake and the health of its coal business. It owns no rare earth mine. This directory reports facts and gives no investment view.
- Indirect exposure: its rare earth link is a minority stake and a pilot, not a mine or plant it controls.
- DOE award: negotiation could change scope or amount.
- Coal dependence: metallurgical coal remains its main operating business.
- ReElement dilution: its stake was about 19% in Nov 2025 and ReElement has since raised new capital.
Questions about American Resources Corp
Is American Resources a public company?
Yes. American Resources Corporation trades on Nasdaq under the ticker AREC. This directory shows tickers as facts and gives no investment advice.
Does American Resources own ReElement Technologies?
No. American Resources holds a minority interest in ReElement, about 19% of common shares as of Nov 2025, and describes it as a portfolio company.
Where is American Resources based?
American Resources is based in Fishers, Indiana. Its coal operations are in eastern Kentucky.
What DOE award did American Resources get?
In July 2026 the Department of Energy selected it for award negotiations in a coal-waste critical minerals pilot, one of five projects sharing $75M. The final amount for its project has not been published.
Does American Resources mine rare earths?
No. It mines metallurgical coal and reaches rare earths through its stake in ReElement and a pilot to recover them from coal-based by-products.
Sources and verification
Each profile lists its sources, a confidence grade and a verification date. Order of authority: official records (SEC filings, agency documents), company documents and technical reports, research papers, then independent press. Syndicated copies and reference works are labeled and are never the only source for a number. Company-reported figures are labeled as such, and non-binding deals are labeled "letter of intent" or "conditional".
- OSTI review, Minerals Engineering 249 (Kashyap et al., 2026) Research paper
- American Resources press release on the Nov 2025 partnership and its ReElement stake (SEC exhibit 99.1) Official record
- Department of Energy: selections for award negotiation, coal-waste rare earth pilots (Jul 1, 2026) Official record
- Vulcan Elements and ReElement announce a $1.4B partnership (PR Newswire, Nov 2025) Company document
- Chartmill: American Resources chosen by the DOE for a rare earth recovery pilot Syndicated copy
- Pulse 2: the $200M equity facility for ReElement (Jan 2026) Syndicated copy
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