American Resources Corporation (NASDAQ: AREC) (“American Resources”), through its holding in ReElement Technologies Corporation (“ReElement”), a leading U.S. innovator in rare earth element (REE) and critical mineral refining, announced today that Novare Holdings Proprietary Limited (“Novare”), a South African-headquartered institutional investment firm, has committed to be the anchor investor in ReElement’s private capital raise. This commitment will help unlock approximately $150 million in combined equity and debt financing to expand ReElement’s refining operations at its 42-acre Marion, Indiana supersite – revitalizing the former RCA-Thomson television factory, once a symbol of American industrial strength. ReElement is proud to revive the facility as a hub for advanced manufacturing, signaling the return of high-value industry to the American heartland.
ReElement’s patented chromatographic separation platform was developed in partnership with and based on pioneering research from Purdue University, one of America’s premier research institutions. ReElement has exclusively commercialized this technology and continues to collaborate actively with Purdue to refine and scale its application for critical mineral separation. The company has proven its capability at small commercial scale, delivering ultrapure light and heavy rare earth oxides to U.S. and allied magnet manufacturers. This new capital enables ReElement to significantly increase output of high-purity elements essential for advanced technologies in both the commercial and defense sectors.
The announcement marks a powerful example of how strategic foreign investment can accelerate U.S. innovation, industrial revitalization, and supply chain resilience. Novare’s commitment to ReElement’s domestic scale-up not only supports the growth of advanced American technology, but also demonstrates a forward-looking model for international partnership – one that bridges economic opportunity between Africa and the United States while reinforcing critical sectors tied to national and global security.
The investment also deepens ReElement and Novare’s ongoing partnership to deploy the same U.S. refining technology to Africa, announced this past February, where Novare’s large capital commitment will fund the continent’s first multimineral refining facility. By co-locating valueadded processing and refining in Africa, this collaboration reverses the “extract-to-export” mining model, enabling local beneficiation, industrial development, high-skill job growth, and secure offtake of manufacturing-grade minerals by U.S. and allied supply chains.
Mark Jensen, CEO and Chairman of ReElement Technologies, stated: “This is a historic moment. With Novare as our anchor investor, we are not just expanding capacity – we’re reshaping the global critical minerals supply chain. Together, we’re proving that African capital can invest in America’s best technology, and that same technology can deliver lasting value back to Africa. The former RCA factory in Marion will once again power American industry, and Africa will rise as a full participant in high-value mineral processing.”
Ola Leepile, CEO of Novare Holdings, added: “Novare is proud to stand behind ReElement as it scales groundbreaking American technology. This investment reflects our belief that African institutional capital has a powerful role to play in global industrial transformation. We are backing U.S. innovation at home and abroad – supporting jobs and growth in Indiana and bringing long-overdue value addition and industrial development to the African continent.”
ReElement’s refining platform – originally developed by Purdue for pharmaceutical purification – has been reengineered to separate rare earths and critical minerals with exceptional efficiency, scalability, and purity. Their patented, programmable platform handles multiple feedstocks and minerals, enabling rapid modular deployment across locations and resource types. Unlike legacy solvent extraction methods, it uses far fewer chemicals, requires less space, and generates minimal waste – making it faster to permit and simpler to co-locate near feedstock or end-use customers. This breakthrough eliminates a major chokepoint in global critical mineral supply chains, which has been dominated by single-source processing, no longer tenable as the U.S. must forge critical mineral supply chain independence, both through processing in the US and in partnership with allies abroad.
With this capital infusion, ReElement moves decisively forward on its roadmap to become the world’s leading independent processor of rare earth and critical minerals.