November, 2024 Letter to Shareholders

Building The Only Rare Earth and Critical Mineral Refining Platform From the Depths of a Metallurgical Carbon Business - A True Energy Transformation Play

FISHERS, IN / ACCESSWIRE / November 14, 2024 / American Resources Corporation (NASDAQ:AREC)

To our shareholders:

First, I want to extend my heartfelt thanks to all our shareholders. Recently, I reconnected with a mentor, friend, and someone I consider family - a person of great wisdom who has overcome immense challenges and always emerged stronger. He shared many insights, but one stood out: the importance of expressing empathy and acknowledging the struggles of our shareholders in challenging markets. This resonates deeply with me and our team. We understand the frustration and pain that can come with declines in stock prices. We recognize that people invest in our company for its potential, and it is our responsibility to deliver. Our focus as a team has been to stay committed, work harder, push ourselves, and dig deeper to drive business success, which we believe will ultimately be reflected in market value. While some of these efforts may not be visible externally or currently be shared, I want to assure you that we are fully committed. We feel the same drive and urgency, and we're dedicated to achieving the fundamental value that our shareholders deserve. Our team is ready to go the distance to make that a reality.

Historically, our shareholder base predominately consisted of management and over 25,000 retail shareholders. Since management founded and initially funded the company, we have not traditionally had a large institutional shareholder presence. Fortunately, as the business has expanded, we have attracted attention from larger investors, and we believe that support from institutional shareholders is beginning to grow.

As both shareholders and management, we share the frustration over our current market valuation. We are fully committed to fighting for our shareholders, to building fundamental value, and to ensuring that our stock reflects that value for everyone - from those with ten million shares to those with ten. While we acknowledge that we haven't always met our goals, due to factors both within and beyond our control, we believe strongly in our exceptional portfolio of assets, which are strategically positioned to create substantial value. We are proud of the steps and progress we've made to reach this point and are committed to working tirelessly toward success so that all shareholders benefit.