New agreement with Uzbekistan Technological Metals Complex and the Uzbekistan Fund for Reconstruction and Development advances collaboration beyond the November 2025 MOU toward a commercial demonstration program

Following successful technical validation of Uzbek-sourced tungsten, ReElement will advance commercial demonstration activities and evaluate future deployment of its advanced refining technology in Uzbekistan

Collaboration establishes a new model for U.S.-Uzbekistan critical mineral cooperation focused on domestic value creation, technology deployment, and mutually beneficial supply chains

FISHERS, IN / ACCESS Newswire / October 21, 2026 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or "AREC"), together with ReElement Technologies Corporation ("ReElement"), a leading U.S. developer and operator of advanced critical mineral separation and refining technologies in which American Resources maintains a strategic minority interest, today announced the execution of a new agreement with Uzbekistan Technological Metals Complex ("UzTMK") and the Fund for Reconstruction and Development of the Republic of Uzbekistan ("UFRD") to advance their strategic collaboration in tungsten processing and refining.

The agreement was signed on October 19, 2026, in Samarkand, Uzbekistan, during the American-Uzbek Business and Investment Council event, held in connection with broader U.S.-Uzbekistan and C5+1 diplomatic and commercial engagements involving President Shavkat Mirziyoyev of Uzbekistan, Saida Mirziyoyeva, Head of the Presidential Administration of Uzbekistan, U.S. Secretary of State Marco Rubio, and U.S. Special Envoy for South and Central Asian Affairs Sergio Gor. The signing reflects the growing commitment of both countries to strengthen bilateral economic cooperation, expand investment, and develop more secure and diversified critical mineral supply chains.

The new agreement advances the parties' November 2025 memorandum of understanding beyond initial technical evaluation toward a structured commercial demonstration and engineering program. Through the existing collaboration, ReElement has successfully validated the processing of Uzbek-sourced tungsten into high-purity oxide form using its proprietary refining technology.

Tungsten is an increasingly strategic critical mineral essential to industrial, defense, aerospace, advanced manufacturing, and electronics applications. With global tungsten supply chains highly concentrated and increasingly subject to geopolitical and trade-related disruptions, secure, diversified refining capacity has become a growing priority. ReElement's proprietary, modular refining platform is designed around a demand-aligned refining model, producing high-purity critical mineral products tailored to downstream customer specifications while aligning processing capacity with commercial demand.

Under the newly executed agreement, the parties have agreed on expanded technological evaluation and a commercial demonstration program utilizing Uzbek-sourced tungsten at ReElement's U.S. facilities, designed to further validate commercial viability, processing efficiencies, product quality, and scalability.

An equally important component of the collaboration is the advancement of preliminary engineering, process design, and techno-economic modeling for potential tungsten refining operations in Uzbekistan, as the parties evaluate opportunities to establish higher-value processing and refining capabilities closer to the source of the minerals.

The agreement also establishes a joint working group of all four parties to coordinate technical activities, engineering and economic evaluations, and subsequent project proposals, and includes opportunities for Uzbek technical specialists to visit ReElement's U.S. facilities and evaluate additional applications of the technology.

The initiative reflects a new model for international critical mineral development - one that moves beyond the traditional approach of extracting, concentrating, and exporting raw materials. Instead, the parties are connecting complementary capabilities across resource development, advanced processing, refining, and downstream industrial markets to maximize economic benefits for both countries.

For Uzbekistan, this approach has the potential to support domestic industrial development, technological advancement, skilled employment, and greater value creation from its mineral resources. For the United States, it offers expanded access to diversified critical mineral supplies while supporting American-developed refining technologies.

Mark Jensen, Chairman and CEO of American Resources Corporation and ReElement Technologies, commented: "We are extremely pleased to advance our relationship with UzTMK and UFRD beyond the MOU stage and into a clearly defined commercial demonstration program. Our initial success in refining Uzbek-sourced tungsten provides an important technical foundation for this next phase.

"We believe we have reached a pivotal moment when mineral security has never been more important to economic prosperity and national security. Cooperation between the United States and Uzbekistan can establish a new model for critical mineral supply chains - one built on collaboration and mutual economic benefit. We believe Uzbekistan is the ideal country to pioneer this model of cooperation. Our objective is not simply to move raw materials from one country to another, but to deploy technology that creates higher-value products for both countries."

American Resources and ReElement believe this collaboration is a practical example of how American innovation and Uzbekistan's resource and industrial strengths can be de-risked and connected to deliver lasting economic value to both nations.

About American Resources Corporation

American Resources Corporation is developing an integrated critical materials ecosystem through its Platform Orchestration strategy, bringing together commercial feedstock origination, industrial processing, and advanced refining through its strategic affiliation with, and former parent relationship to, ReElement Technologies Corporation. The Company's modular, asset-light business model emphasizes disciplined capital allocation, scalable growth, and strategic partnerships, supporting resilient, commercially sustainable supply chains across infrastructure, defense, advanced manufacturing, semiconductors, energy, and electrification markets. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.

About ReElement Technologies Corporation

ReElement Technologies Corporation, a portfolio holding of American Resources Corporation (NASDAQ:AREC), is a leading U.S. developer and operator of advanced rare earth and critical mineral refining capacity. Its modular, refining-first platform, built around proprietary chromatography-based separation and purification technology, produces specification-grade materials from primary mineral concentrates, recycled materials, industrial byproducts and other unconventional feedstocks while reducing chemical consumption and environmental impact. ReElement supports secure, resilient domestic and allied critical mineral supply chains for defense, semiconductors, advanced manufacturing, permanent magnets, energy and battery technologies. For more information visit reelementtech.com or connect with the Company on Facebook, Twitter, and LinkedIn.

About Uzbekistan Technological Metals Complex (UzTMK)

Uzbekistan Technological Metals Complex (UzTMK) is a state-owned industrial enterprise established in 2024 to advance Uzbekistan's critical minerals and technological metals sector. With initiatives in tungsten, molybdenum, lithium, germanium, graphite, and other critical minerals, UzTMK is developing a comprehensive value chain from exploration and extraction through refining and high-value manufacturing.

About the Fund for Reconstruction and Development of the Republic of Uzbekistan (UFRD)

Established in 2006, the Fund for Reconstruction and Development of the Republic of Uzbekistan (UFRD) is a government-established financial institution operating under the Cabinet of Ministers of Uzbekistan. UFRD supports the country's long-term economic development by financing strategic investment projects, industrial modernization, and infrastructure, and facilitates cooperation with domestic and international financial institutions.

Special Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.

Company Contact:

Mark LaVerghetta
317-855-9926 ext. 0
investor@americanresourcescorp.com

SOURCE: American Resources Corporation



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