American Resources secures $5 million credit line from Old National Bank

American Resources Corporation (NASDAQ: AREC) announced it has secured a $5 million inventory line of credit with Old National Bank (NASDAQ: ONB) to finance the procurement of materials for critical mineral processing.

The credit facility will enable the company to purchase end-of-life materials, manufacturing scrap, ores and concentrates that will be processed into mineral feedstocks. These materials will be supplied to ReElement Technologies, American Resources' subsidiary, for separation, purification and refinement into rare earth and critical mineral products.

"This collaboration with Old National Bank provides us with the liquidity and flexibility to accelerate our feedstock acquisition strategy and expand the material entering ReElement Technologies' refining platform," said Kirk Taylor, Chief Financial Officer of American Resources Corporation.

Sandy Miller, Senior Director of Business Banking at Old National Bank, said the bank is pleased to provide financing that empowers American Resources to pursue rare earth processing.

American Resources has validated the ability to extract rare earth elements including neodymium, praseodymium, dysprosium, terbium, gadolinium and yttrium from various inputs including coal-based byproducts, end-of-life magnet material, lithium-ion battery waste and manufacturing scrap. The company controls more than 120 million tons of pre-mined, permitted coal-based byproducts across Kentucky and West Virginia.

The information is based on a press release statement from American Resources Corporation.

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