American Resources Corporation Receives Advanced Roof Control Plan Approval for Carnegie Metallurgical Carbon Mines

Due to safety and performance of Carnegie 1 and Carnegie 2 mines, the Company has been approved by MSHA for an advanced roof control plan reducing estimated costs by an estimated $2.00 per ton.

FISHERS, IN / ACCESSWIRE / December 5, 2022 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, today announced that it has received approval from the Mine Safety and Health Administration (MSHA) for an advanced roof control plan at both its Carnegie 1 and Carnegie 2 mines in Pike County, Kentucky. The new roof control plan, which was issued due to the mine conditions and excellent work performed by its operating teams, will reduce operating costs by an estimated $2.00 per ton.

Mark Jensen, CEO of American Resources Corporation commented, "Having a team in place that can create a safe and efficient work place is the key to any operation. I'm extremely proud that our team on the ground is constantly looking at ways to increase production, reduce costs and make our work place a better operating environment. Furthermore, our focus for 2023 is to continually showcase steady growth from our operations in a time of persistent global supply constraints, allowing us to steadily increase cash to our balance sheet. Receiving this approval not only reduces our mining costs and expands production at our Carnegie mines, but it also puts less physical stress on our team at the operations which makes it a win for all parties involved. During the next few months, we'll be leveraging these proven capabilities to maximize our production at our McCoy Elkhorn complex while we also progress on our planning at our Wyoming County complex to secure our tax-exempt bond issuance that is progressing given some stabilization of interest rates and the bond markets."

Carnegie 1 and Carnegie 2 mines are underground room and pillar mines that are set up in a manner that will provide significant growth over the course of the next few years. The Company will achieve such growth and efficiencies with minimal capex by optimizing the operations through methods such as adding additional mining sections, now that mining has advanced further into the seam, and through deep cut mine plans at Carnegie 2, similar to those recently announced at Carnegie 1. The Company believes that the strength in the current carbon market will be further exemplified in 2023 for metallurgical carbon for steel production as China slowly emerges from COVID-related lock downs.