American Resources Corporation Engages Contract Mining Company to Operate Its Carnegie 2 Metallurgical Carbon Mine and to Further Expand Production

Company's Carnegie 2 mine is in addition to its production at its recently restarted Carnegie 1 mine in one of the strongest metallurgical carbon markets since 2006/2007

Carnegie 2 mine produces a high volatile metallurgical carbon used in the steel making industry for infrastructure needs worldwide

FISHERS, IN / ACCESSWIRE / October 15, 2021 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a next generation and socially responsible supplier of raw materials to the new infrastructure and electrification marketplace, today announced that it has engaged a contract mining company to operate its Carnegie 2 mine. The Company's Carnegie 2 mine is the second of a series of metallurgical carbon mines located in Pike County, Kentucky accessing high-quality carbon from the Alma seam specific and an essential ingredient to the production of new steel.

Mark Jensen, CEO of American Resources Corporation commented, "Now that we have restarted our McCoy Elkhorn processing and logistics complex as well as our Carnegie 1 mine, it is important for us to rapidly scale our production of high-quality metallurgical carbon to meet the growing demands of the infrastructure market and our customer base. With so many constrained supply chains worldwide, we are expecting a longer-term tightening in the metallurgical carbon market when combined with a lack of invested capital throughout the industry. We find ourselves in an exciting position to be a long-term supplier given the unique growth platform of assets we have built over the past six years and the restructuring efforts we have made to cut costs and streamline efficient operations. We're excited to have come to terms with a proven producer that has access to strong and dependable talent in the industry."

The Company's Carnegie 2 mine accesses the same boundary of premium High Vol A/B carbon as its Carnegie 1 mine. The Carnegie 2 mine will utilize one continuous miner under a single-section mining plan. The Company expects production at Carnegie 2 to begin before the end of the fourth quarter of 2021. Once fully ramped, the production rate is expected to be approximately 8,000 to 12,000 clean tons per month to enhance and compliment the production of the Carnegie 1 mine. All production from the Company's Carnegie mines will be processed at its nearby McCoy Elkhorn facility and shipped into both the domestic and international markets.