March 7, 2023 - American Resources Corporation's, American Carbon subsidiary, a leading producer of high quality metallurgical and specialty carbon, announced that it has commissioned its McCoy Elkhorn processing facilities in Pike County, Kentucky for internal processing, third party processing, and carbon loading businesses, thereby enabling additional growth opportunities and enhanced margins from existing production.

Tarlis Thompson, President of American Carbon Corporation commented, "We are excited to be in an advantageous position to commence operation at our McCoy Elkhorn processing and loading facilities, which are state-of-the-art facilities located in the heart of the metallurgical coal region of eastern Kentucky. Due to the strong commitment from our team to get these facilities back operating, we are pleased to have the recommissioning of these plants ahead of schedule and under budget. Given the market opportunity and our planned expansion from the McCoy complex, we have been working on the restart of our internal processing capacity at this location. Reopening this complex enables us to expand our production capabilities and take advantage of attractive specialty carbon contracts that are available in the market, while also buying and processing third party carbon for additional revenue growth. I am thankful for the hard work the men and women on our team have put forth to make this happen in this strong carbon market".

The McCoy Elkhorn processing complex in Pike County, Kentucky has two onsite, state-of-the-art processing facilities (one 500 ton per hour and one 800 ton per hour), a unit train rail loadout on the CSX railway and two extensive refuse impoundments that have significant life and storage capacity. The McCoy Elkhorn complex is in the heart of the Company's existing and potential reserve base, containing both currently operating mines and several permitted mines that can be restarted at a relatively low-cost, but contain high production capacity for many years to come. The Company is currently producing at its Carnegie 1 and 2 mines and previously announced the planned expansion around its McCoy Elkhorn complex in the coming weeks due to recent investment in structural upgrades to the mines. Additionally, the Company is also working on commencing production at several regional mines that have a logistical advantage and can be brought into production this year with relatively low cost. Given its recent strong production, the Company has been shipping production to its customer to fulfill existing orders while also building a stockpile of inventory at its McCoy complex to immediately begin processing.

Furthermore, in addition to American Carbon's own production, the Company has been approached by third parties seeking the use of the McCoy Elkhorn complex for their processing and loading needs. This additional business will enable the Company to significantly expand its processing revenue with minimal additional capital expenditures beyond what has already been incurred as part of this startup, thereby further increasing the value of this complex to the Company and the surrounding region. Third party processing can come in the form of tolling arrangements for both processing carbon as well as loading carbon through its state of the art loadout facilities on either the CSX railway or truck, both present on-site.

About American Resources Corporation

American Resources Corporation is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.

American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.