American Resources Corp (AREC) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to American Resources Corporation first quarter 2023 conference call. (Operator Instructions) At this time, it is my pleasure to turn the floor over to your host, Mark LaVerghetta. Sir, the floor is yours.

女士們、先生們，美好的一天，歡迎參加美國資源公司 2023 年第一季度電話會議。 （操作員說明） 現在，我很高興將發言權交給主持人 Mark LaVerghetta。先生，地板是你的了。

Thank you. And good afternoon, everyone. On behalf of American Resources Corporation, I'd like to welcome everyone to our first quarter of 2023 conference call and business update. Even though we conducted our last conference call update just about six weeks ago, we always welcome this opportunity to provide an update on our business and discuss our accomplishments and also discuss how we're uniquely positioned within the markets we serve for our American Carbon and American Metals and ReElement Technologies divisions.

謝謝。大家下午好。我謹代表美國資源公司歡迎大家參加我們的 2023 年第一季度電話會議和業務更新。儘管我們在大約六週前進行了最後一次電話會議更新，但我們始終歡迎有機會提供有關我們業務的最新信息並討論我們的成就，並討論我們如何在我們為美國碳和服務所服務的市場中處於獨特的地位。 American Metals 和 ReElement Technologies 部門。

That being said, we will provide some incremental updates since our last call and then get into a question-and-answers part of the call. Also on the call with me today is Mark Jensen, American Resources' Chairman and CEO; and Kirk Taylor, our Chief Financial Officer.

話雖這麼說，我們將提供自上次通話以來的一些增量更新，然後進入通話的問答部分。今天與我通話的還有美國資源公司董事長兼首席執行官馬克·詹森 (Mark Jensen)。和我們的首席財務官柯克·泰勒。

Before we kick it off, I'd like to remind everyone of our normal cautionary statement. Certain statements discussed on today's call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from the results discussed in the forward-looking statements.

在我們開始之前，我想提醒大家我們通常的警告聲明。今天電話會議中討論的某些陳述構成《私人證券訴訟改革法》含義內的前瞻性陳述。這些前瞻性陳述受到風險、不確定性和其他因素的影響，這些因素可能導致實際結果與前瞻性陳述中討論的結果存在重大差異。

Once considering forward-looking statements, you should keep in mind the risk factors, uncertainties, and other cautionary statements, which are laid out in our press releases and SEC filings. We also do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

一旦考慮前瞻性陳述，您應該牢記我們的新聞稿和 SEC 文件中列出的風險因素、不確定性和其他警示性陳述。我們也不承擔更新或修改任何前瞻性聲明的義務，無論是由於新信息、未來事件還是其他原因。

Lastly, for anyone wanting to ask a question today, I believe you'll need to dial in by phone to get in the queue. We're going to start today with a few comments from Kirk Taylor. Kirk?

最後，對於今天想要提問的人，我相信您需要通過電話撥入才能排隊。今天我們將從柯克·泰勒的一些評論開始。柯克？

Thank you, Mark, and thank you everyone, for spending a couple of minutes here with us this afternoon. First, I'll start with some financial highlights. The first several months of 2023 have continued to showcase our focus and executions, solidifying our strategic positioning within our addressable markets, which we believe position our company for long-term value creation.

謝謝你，馬克，也謝謝大家今天下午花幾分鐘時間和我們在一起。首先，我將從一些財務亮點開始。 2023 年的前幾個月繼續展示了我們的重點和執行力，鞏固了我們在目標市場中的戰略定位，我們相信這將使我們的公司能夠創造長期價值。

As Mark just mentioned, we recently just had our year-end earnings call where I commented on our past execution and highlighted our accomplishments on all fronts. Today, I'll focus on some comments pertaining to certain value-creating initiatives that we have had in the works.

正如馬克剛才提到的，我們最近剛剛舉行了年終收益電話會議，我在會上評論了我們過去的執行情況，並強調了我們在各個方面取得的成就。今天，我將重點談談與我們正在進行的某些價值創造舉措有關的一些評論。

First of all, update on our tax-exempt bond offering in Wyoming County West Virginia. As previously mentioned, we are positioning our Wyoming County coal mining complex as a driver of incremental growth with a federally and state commitment in the form of $4.9 million in new market tax credits as well as a $45 million volume cap allocation from the state of West Virginia from private activity, solid waste disposal facility revenue bonds.

首先，更新我們在西弗吉尼亞州懷俄明縣發行的免稅債券。如前所述，我們將懷俄明縣煤礦綜合體定位為增量增長的驅動力，聯邦和州承諾提供 490 萬美元的新市場稅收抵免，以及西州撥款 4500 萬美元的產量上限弗吉尼亞州從私人活動、固體廢物處理設施獲得債券收入。

These non-dilutive capital sources will fund the expansion and technological improvements to existing processing facility, the development of two underground deep mines, as well as the new construction of a critical mineral processing facility utilizing our pathogen electrolysis technology to capture certain elements such as lithium and cobalt from our carbon waste streams for their landfills. We believe this will be the first fully integrated mining and critical element processing facility in United States, a showcase for everybody to learn from.

這些非稀釋性資本來源將資助現有加工設施的擴建和技術改進、兩個地下深礦的開發，以及利用我們的病原體電解技術捕獲鋰等某些元素的關鍵選礦設施的新建以及從我們的碳廢物流中提取的鈷，用於填埋。我們相信這將是美國第一個完全集成的採礦和關鍵元素加工設施，是每個人都可以學習的展示。

This issuance was delayed due to the aggressive interest rate policy enacted by the Federal Reserve to combat multi-decade high inflation. With the recent stabilization in interest rates, our advisors feel that the municipal bond markets have reopened and again are receptive to our type of project. We continue to work with our advisors on executing the above allocation.

由於美聯儲為應對數十年來的高通脹而採取激進的利率政策，本次發行被推遲。隨著最近利率的穩定，我們的顧問認為市政債券市場已經重新開放，並且再次接受我們類型的項目。我們將繼續與我們的顧問合作執行上述分配。

Next, I'll talk about the spin out of ReElement Technologies. We've also previously discussed our intention to spin-off our wholly-owned ReElement Technologies division into a stand-alone public company given its evolution and strategic position as a world-leading refining technology platform. On this past January 24, we filed our initial Form 10 registration statement with United States Securities Exchange Commission. This past Friday, May 12, we filed our amended Form 10 registration statements update for both 12-31-2023 numbers and to address comments and questions raised by the SEC. The amended filing is currently under review, and all timing is subject to their review process.

接下來，我將談論 ReElement Technologies 的分拆。鑑於 ReElement Technologies 作為世界領先的煉油技術平台的發展和戰略地位，我們之前還討論過將其全資擁有的 ReElement Technologies 部門分拆為一家獨立的上市公司的意圖。今年 1 月 24 日，我們向美國證券交易委員會提交了初始 10 號表格註冊聲明。上週五（5 月 12 日），我們提交了 12-31-2023 編號的修訂後的 Form 10 註冊聲明更新，並解決了 SEC 提出的意見和問題。修改後的備案文件目前正在審查中，所有時間均以審查程序為準。

Next, I'll comment on American Acquisition Opportunity Inc. When we IPO'd AMAOU as a main sponsor, we sought out to merge with a dynamic cash flowing company that did not require complicated, highly dilutive financing as part of its destock process. Last June, AMAOU announced the definitive merger agreement to merge with Royalty Management Corporation, whereas RMC would become a public company.

接下來，我將評論 American Acquisition Opportunity Inc。當我們作為主要發起人對 AMAOU 進行 IPO 時，我們尋求與一家充滿活力的現金流公司合併，該公司不需要復雜的、高度稀釋性的融資作為其去庫存流程的一部分。去年6月，AMAOU宣布與Royalty Management Corporation合併的最終合併協議，而RMC將成為一家上市公司。

Last December, AMAOU filed its first Form S-4 registration statement with the SEC in conjunction with the planned merger between AMAOU and RMC, and have since been working through the comments provided by the SEC. On May 4, AMAOU filed its amended Form S-4 to again update for December 31, 2023 numbers and to address questions or comments raised by the SEC. Again, the timing is subject to their review, and we will update and respond accordingly.

去年 12 月，隨著 AMAOU 與 RMC 的合併計劃，AMAOU 向 SEC 提交了第一份 S-4 表格註冊聲明，此後一直在研究 SEC 提供的意見。 5 月 4 日，AMAOU 提交了修訂後的 S-4 表格，再次更新 2023 年 12 月 31 日的數據並解決 SEC 提出的問題或評論。再次強調，時間安排需經過他們的審核，我們將進行相應更新和回應。

Our unique platform of assets is in a great position to deliver on what we believe is attractive return and value to our shareholders, including our mining assets, our ReElement Technologies division, as well as American Metals division, which we are in the process of strategically positioning within electrified economy.

我們獨特的資產平台處於有利地位，能夠為我們的股東提供我們認為具有吸引力的回報和價值，包括我們的採礦資產、我們的 ReElement Technologies 部門以及我們正在戰略性地收購的 American Metals 部門電氣化經濟中的定位。

Some highlights of this last quarter. On January 31, 2023, the remaining amounts of our convertible notes in the amount of $9.8 million was converted into $9.4 million common shares of the company. This distinguishes all future liabilities and obligations under the existing convertible note. As of March 31, 2023, our traditional debt balance totaled approximately $839,000 and was little bit less than $300,000 equipment financing and $550,000 in the form of a mine development loan from one of our top customers.

上個季度的一些亮點。 2023 年 1 月 31 日，我們剩餘的 980 萬美元可轉換票據被轉換為公司 940 萬美元的普通股。這區分了現有可轉換票據下的所有未來負債和義務。截至 2023 年 3 月 31 日，我們的傳統債務餘額總計約為 839,000 美元，略低於 300,000 美元的設備融資和來自我們頂級客戶之一的礦山開發貸款形式的 550,000 美元。

Our balance sheet has never been stronger than it is today. As of March 31, 2023, our current shares outstanding totaled just over $78.2 million of our Class A common shares. Cash on hand at the end of first quarter was approximately $2.4 million plus a large inventory level of net carbon that we continue to sell into the marketplace, uncontracted to our contracted customers.

我們的資產負債表從未像現在這樣強勁。截至 2023 年 3 月 31 日，我們當前已發行的 A 類普通股總額略高於 7,820 萬美元。第一季度末手頭現金約為 240 萬美元，加上我們繼續向市場銷售的大量淨碳庫存，未與我們的簽約客戶簽訂合同。

Lastly, is probably worth reiterating given the recent regional bank events, all of our excess cash above FTIC limits are held by a top two US based bank.

最後，考慮到最近發生的區域銀行事件，可能值得重申的是，我們所有超出 FTIC 限額的多餘現金均由美國兩家頂級銀行持有。

I'd now like to turn the call over to Mark LaVerghetta for some additional comments on our ReElement Technologies division. Mark?

我現在想將電話轉給 Mark LaVerghetta，請他對我們的 ReElement Technologies 部門提出一些補充意見。標記？

Thanks, Kurt. As we frequently state, our ReElement Technologies division represents an incredibly exciting and very strategic opportunity for us. As we continue to strategically position ourselves in the global supply chain for critical minerals, I think it is important to reiterate and emphasize our position within that market. ReElement is an innovative and advanced refining platform for critical minerals. While we believe we are a high value component within the recycling value chain, we are not solely a recycling platform.

謝謝，庫爾特。正如我們經常指出的那樣，我們的 ReElement Technologies 部門對我們來說是一個令人難以置信的令人興奮且非常具有戰略意義的機會。隨著我們繼續在關鍵礦物的全球供應鏈中進行戰略定位，我認為重申和強調我們在該市場中的地位非常重要。 ReElement 是一個創新且先進的關鍵礦物精煉平台。雖然我們相信我們是回收價值鏈中的高價值組成部分，但我們不僅僅是一個回收平台。

However, we do believe our position in the recycling market and a sustainable supply of critical minerals is highly important as we move towards a highly mineral-dependent electrified economy. We also believe our refining methods hold an important position in the global value chain of processing and purifying a variety of feedstocks, including natural ores such as lithium.

然而，我們確實相信，隨著我們邁向高度依賴礦物的電氣化經濟，我們在回收市場和關鍵礦物的可持續供應中的地位非常重要。我們還相信，我們的精煉方法在加工和純化各種原料（包括鋰等天然礦石）的全球價值鏈中佔有重要地位。

Additionally, in regards to our strategic positioning, it is worth noting that our innovative and advanced refining technology holds a critically important role for our domestic supply chain of critical minerals and our domestic manufacturing of goods here in the United States. China's global dominance of critical minerals has a lot to do with their ability to refine products, both natural ores and in the recycling process, where they use conventional and environmentally and socially toxic refining methods. The low environmental and social standards allow China to produce these minerals at a lower capital cost. We believe that deploying these conventional refining methods here in the United States market is going to be very challenging.

此外，就我們的戰略定位而言，值得注意的是，我們創新和先進的煉油技術對於我們國內關鍵礦產供應鍊和美國國內商品製造起著至關重要的作用。中國在關鍵礦物的全球主導地位在很大程度上與其提煉產品（包括天然礦石和回收過程）的能力有關，在回收過程中，他們使用傳統的、對環境和社會有毒的提煉方法。較低的環境和社會標準使中國能夠以較低的資本成本生產這些礦物。我們相信，在美國市場部署這些傳統的精煉方法將非常具有挑戰性。

As we put together and develop our IP, we set out to solve the biggest net bottleneck in the supply chain, which we see as economically competitive refining, which is highly flexible to a variety of feedstocks and very environmentally safe. Our innovative and advanced refining methods using chromatographic separation and purification displaces those toxic conventional methods used in China and we believe is an important linchpin to making the US competitive within the electrified economy.

當我們整合和開發我們的知識產權時，我們著手解決供應鏈中最大的淨瓶頸，我們認為這是具有經濟競爭力的煉油，它對各種原料高度靈活，並且非常環保。我們使用色譜分離和純化的創新和先進的精煉方法取代了中國使用的那些有毒的傳統方法，我們相信這是使美國在電氣化經濟中具有競爭力的重要關鍵。

Our technology is showcased, that we, meaning the United States can migrate away from and no longer need to depend on foreign adversaries to refine these minerals necessary to advance high-tech green energy, including electric vehicles and wind energy as well as defense applications.

我們展示了我們的技術，這意味著美國可以擺脫並且不再需要依賴外國對手來精煉這些推進高科技綠色能源（包括電動汽車和風能以及國防應用）所必需的礦物。

Our innovative chromatography technology is a clear differentiator in the market for several reasons, which specifically addresses the refining bottleneck within the supply chain. Our refining technologies, modular structure and design enables it to scale congruently and efficiently with the needs of the market, meaning that we did not have to lay out a massive and disproportionate CapEx investment and wait for the market to adapt or to catch up.

出於多種原因，我們的創新色譜技術在市場上具有明顯的差異化優勢，特別是解決了供應鏈中的精煉瓶頸。我們的煉油技術、模塊化結構和設計使其能夠根據市場需求一致、高效地擴展，這意味著我們不必進行大規模且不成比例的資本支出投資，並等待市場適應或迎頭趕上。

And they can be deployed either utilizing a larger aggregation hub model or we can co-locate customized refining capacities for certain supply chain partners that we work with, allowing them to reduce logistics and chain of custody concerns and control a portion of their critical mineral supply. Our refining technology is very flexible to the type of feedstocks and materials that we choose to refine, meaning we can handle end-of-life recycling, manufacturing waste scrap and non spec material, as well as virgin ores such as lithium spodumene ore and refine it into high-purity lithium carbonate or lithium hydroxide, which is needed in the production of a variety of lithium-ion batteries.

它們可以利用更大的聚合中心模型進行部署，或者我們可以為與我們合作的某些供應鏈合作夥伴共同部署定制的煉油能力，從而使他們能夠減少物流和監管鏈問題並控制部分關鍵礦產供應。我們的精煉技術對於我們選擇精煉的原料和材料類型非常靈活，這意味著我們可以處理報廢回收、製造廢料和非規格材料，以及鋰輝石礦石等原始礦石並精煉將其轉化為高純度碳酸鋰或氫氧化鋰，這是生產各種鋰離子電池所需的。

We believe the opportunities to provide low-cost and environmentally safe lithium refining around the world in a collaborative manner to meet the needs of the energy storage market are abundant. Additionally and specifically to the battery materials market, our technology can efficiently adapt to different and evolving battery chemistries. An important distinction for our technology is that we can economically recycle lithium iron phosphate, also known as LSP, end of life manufacturing scrap and end-of-life batteries. In fact, we are the only ones that we know of that can effectively do this economically. It's a huge differentiator for us.

我們相信，在全球範圍內以協作方式提供低成本且環境安全的鋰精煉以滿足儲能市場需求的機會是充足的。此外，特別針對電池材料市場，我們的技術可以有效地適應不同且不斷發展的電池化學物質。我們技術的一個重要區別是，我們可以經濟地回收磷酸鐵鋰（也稱為 LSP）、報廢製造廢料和報廢電池。事實上，據我們所知，我們是唯一能夠在經濟上有效地做到這一點的公司。這對我們來說是一個巨大的差異化因素。

From our perspective -- and everyone can do their own research, it appears that the ever-evolving battery market is moving towards more broadly adopting LFP battery chemistry, which gives us a clear advantage in the recycling market.

從我們的角度來看，每個人都可以進行自己的研究，不斷發展的電池市場似乎正在朝著更廣泛地採用磷酸鐵鋰電池化學的方向發展，這使我們在回收市場上具有明顯的優勢。

As such, we feel like we hold a significant value add position with our ability to economically refine and recycle material as battery chemistries evolve within the energy storage space, as well as defining our value added and competitive advantage beyond just producing the black mass within the battery recycling market, where other recycling platforms are either trying to implement high-cost, conventional refining methods such as solvent extraction or hydrometallurgy, similar to those used in China domestically. We do not really have a clearly defined refining solution and sell material back to China for refining, which only benefits China.

因此，我們認為，隨著電池化學在儲能領域的發展，我們有能力經濟地精煉和回收材料，並確定我們的附加值和競爭優勢，而不僅僅是在電池中生產黑色物質，因此我們擁有重要的增值地位。電池回收市場，其他回收平台要么嘗試實施高成本的傳統精煉方法，例如溶劑萃取或濕法冶金，類似於中國國內使用的方法。我們確實沒有一個明確的煉油解決方案，將材料賣回中國進行煉油，這只對中國有利。

Given our competitive and value added refining capabilities, we are confident that we will continue to develop additional collaborative partnerships throughout the supply chain, which are cost competitive and keep the critical minerals here in the United States. We had early success in developing partnerships such as the ones we've established with our magnet partners in establishing the first complete domestic and circular life cycle for rare earth magnets here in the United States.

鑑於我們具有競爭力和增值的精煉能力，我們有信心在整個供應鏈中繼續發展更多的合作夥伴關係，這些合作夥伴關係具有成本競爭力，並將關鍵礦物保留在美國。我們在發展合作夥伴關係方面取得了早期成功，例如我們與磁鐵合作夥伴建立的合作夥伴關係，在美國建立了第一個完整的國內稀土磁鐵循環生命週期。

And we continue to have really good success with several other pilot programs where we are fostering collaborative opportunities that we are really excited about developing into long-term partnerships. These partnerships cover both rare earth elements and critical battery minerals from a variety of feedstocks.

我們在其他幾個試點項目中繼續取得了非常好的成功，我們正在培育合作機會，我們非常高興能夠發展成為長期合作夥伴關係。這些合作夥伴關係涵蓋來自各種原料的稀土元素和關鍵電池礦物。

It is also worth reminding that as we further commercialize our advanced refining technology chromatography that it has been around for over a century and has been utilized in large-scale commercial operations in industries such as pharmaceutical manufacturing and sugar purification all over the world. Our research partners and us have adapted this technology to be applied to critical mineral refining in a way that we believe can undercut China's cost structure. A huge distinction.

還值得提醒的是，隨著我們進一步將先進的層析精煉技術商業化，它已經存在了一個多世紀，並已在世界各地的製藥和糖純化等行業的大規模商業運營中得到應用。我們和我們的研究合作夥伴已將該技術應用於關鍵的礦物精煉，我們相信這種方式可以削弱中國的成本結構。一個巨大的區別。

We also think that we can produce high throughput and performance able to produce ultra-pure minerals and mineral compounds. And then I've stated deploying the same refining technologies such as solvent extraction for hydrometallurgy here domestically and trying to be cost competitive with China is going to be a tough, tough challenge in our opinion.

我們還認為我們可以實現高產量和高性能，能夠生產超純礦物和礦物化合物。然後我說過，在我們看來，在國內部署相同的精煉技術（例如用於濕法冶金的溶劑萃取）並試圖與中國保持成本競爭力將是一個非常非常嚴峻的挑戰。

As investors in American Resources, which I assume a lot on this call are -- including us, the management team -- the value proposition for ReElement Technologies is whether you think innovation in refining technologies is necessary to lower the cost structure within the highly competitive critical mineral supply chain, which China has been dominating as we all know, largely due to their ability to refine. And whether that innovation will foster different, more efficient refining methods, we believe we're leading in this mission.

作為 American Resources 的投資者，我在這次電話會議上的很多投資者——包括我們管理團隊——對 ReElement Technologies 的價值主張是，您是否認為精煉技術的創新對於在競爭激烈的市場中降低成本結構是必要的。眾所周知，中國一直在關鍵礦產供應鏈中佔據主導地位，這主要是由於其精煉能力。無論這種創新是否會催生不同的、更高效的精煉方法，我們相信我們在這一使命中處於領先地位。

We're confident as we continue to showcase our competitive distinction, including a lower cost structure and collaborative value, ReElement Technologies will garner significant value for our shareholders.

我們相信，隨著我們繼續展示我們的競爭優勢，包括較低的成本結構和協作價值，ReElement Technologies 將為我們的股東帶來巨大的價值。

I'd like to now turn it over to Mark Jensen for some additional comments. Mark?

我現在想將其轉交給馬克·詹森（Mark Jensen）徵求一些補充意見。標記？

Thanks, Mark. First, I'd like to applaud our team for the efforts this quarter and the positioning of our divisions to take advantage of the key markets of which we're focusing on, while also leveraging our processing and refining technologies into new exciting markets. At no point in history has our business has been better positioned to serve the markets in which we operate in and capitalize on a broad asset base, our talent and our ability to produce process and refine raw materials that are in very high demand.

謝謝，馬克。首先，我要讚揚我們的團隊本季度所做的努力以及我們各部門的定位，以充分利用我們所關注的關鍵市場，同時將我們的加工和精煉技術運用到新的令人興奮的市場。歷史上，我們的業務從未處於如此有利的地位，能夠更好地服務於我們所在的市場，並利用廣泛的資產基礎、我們的人才以及我們生產加工和提煉需求量很大的原材料的能力。

Given our execution, we are extremely excited about the opportunities for all of our entities, but also believe that the enterprise value as a whole is currently at a substantial discount relative to the sum of the parts or comparable to peer valuations. I'd like to dive into briefly on each division here.

鑑於我們的執行力，我們對所有實體的機會感到非常興奮，但也相信，企業整體價值目前相對於各個部分的總和或與同行估值相比存在大幅折扣。我想簡要介紹一下這裡的每個部門。

American Carbon to start. Currently, the carbon markets are still in a very strong position. There's been recently changes within the market and shifts within geographic demands of China and Australia opening back up relations and which shifts our markets back to India, Turkey, Croatia, and the markets which we've historically serviced as well as the domestic marketplace.

美國碳開始。目前，碳市場仍然處於非常強勢的地位。最近市場發生了變化，中國和澳大利亞開放了備份關係，地理需求也發生了變化，這使得我們的市場又回到了印度、土耳其、克羅地亞以及我們歷史上服務過的市場以及國內市場。

We believe that market will remain strong. There's very little capital being invested into the metallurgical space. Supply growth has been decreasing, while at the same point, we've seen a strong demand, including additional steel mills domestically being opened up.

我們相信市場將保持強勁。投資到冶金領域的資本很少。供應增長一直在下降，而與此同時，我們看到了強勁的需求，包括國內更多鋼廠的開業。

We do remain steadfast and focused on monetizing our carbon assets, whether through operating them ourselves, joint ventures or leases or asset sales. With a primary focus on the operational side being our McCoy Elkhorn complex and our Wyoming County complex. Both McCoy and Wyoming County represent very high quality metallurgical carbon products that can be operated in a very low-cost structure.

我們確實堅定不移，專注於將我們的碳資產貨幣化，無論是通過我們自己、合資企業、租賃還是資產出售的方式運營。主要關注運營方面的是我們的 McCoy Elkhorn 綜合體和懷俄明縣綜合體。麥考伊和懷俄明縣都代表著高質量的冶金碳產品，可以以非常低成本的結構運營。

The Carnegie mines represent a high-vol carbon product, which we have recently shifted around our production to even drive our cost structure lower while taking advantage of the current strong markets. And we have also recently announced the restart of one of our two on-site processing plants at the McCoy Elkhorn facility. This complex can process over 1,300 tonnes an hour with one of the longest standing water impoundments within the state of Kentucky and two of the highest quality processing plants in the region, providing us an opportunity to further cut our cost per ton while enabling us to supplement our revenue with third party processing and loading services.

卡內基礦代表了一種高容量碳產品，我們最近對其生產進行了調整，以降低我們的成本結構，同時利用當前強勁的市場。我們最近還宣布重啟位於 McCoy Elkhorn 工廠的兩個現場加工廠之一。該綜合設施每小時可處理超過 1,300 噸水，擁有肯塔基州最長的蓄水池之一和該地區兩個最高質量的加工廠，為我們提供了進一步降低每噸成本的機會，同時使我們能夠補充我們通過第三方加工和裝載服務獲得的收入。

We continue to have ample inventory, which will be sold into the market in the near term. That inventory represents effectively cash. And ultimately, at the end of the last quarter, we had a substantial amount of inventory which we are selling into the market, which will generate substantial cash to enable us to continue to grow our business and execute upon our game.

我們仍然有充足的庫存，短期內將銷往市場。該庫存實際上代表現金。最終，在上個季度末，我們擁有大量庫存，正在向市場出售，這將產生大量現金，使我們能夠繼續發展我們的業務並執行我們的遊戲。

We've also mentioned within our Perry County complex, our desire to monetize that complex, either through the asset sales and or selling the complex. We believe that represents over $40 million in value based on the asset inventories we have on site of equipment, and we are currently in the process of monetizing that equipment generating cash to grow the business through our either ReElement division and or our American Carbon division.

我們還在佩里縣綜合體中提到，我們希望通過資產出售和/或出售該綜合體來將該綜合體貨幣化。我們認為，根據我們在設備現場擁有的資產庫存，這代表了超過 4000 萬美元的價值，我們目前正在通過我們的 ReElement 部門和/或我們的 American Carbon 部門將這些設備貨幣化，產生現金以發展業務。

Also recently, our Deane complex has entered production. We have been receiving cash flows from the Deane complex. And we believe that the current market for that coal remains strong and the opportunity that that lessor has to continue to drive value for themselves as well as our shareholders remain strong. Our current focus of the balance of the year for American Carbon is to run four sections out of our Carnegie 1 and 2 mines which should get us to roughly 40,000 to 44,000 tonnes a month of production as we continue to scale that complex up, which we will do over time.

最近，我們的迪恩綜合設施也已投入生產。我們一直從迪恩綜合體獲得現金流。我們相信，當前煤炭市場仍然強勁，出租人必須繼續為自己和我們的股東創造價值的機會仍然很大。目前，美國碳公司今年剩餘的重點是運行卡內基 1 號和 2 號礦山的四個部分，隨著我們繼續擴大該綜合體的規模，這將使我們每月的產量達到大約 40,000 至 44,000 噸。隨著時間的推移會做的。

Our platform is unique given the significant mining infrastructure we own. The quality of carbon that we produce and have access to, the restructuring efforts and investments that we've made to streamline the operations along with the organic growth we have to provide incremental quality of carbon products.

鑑於我們擁有重要的採礦基礎設施，我們的平台是獨一無二的。我們生產和獲得的碳的質量，我們為簡化運營而進行的重組努力和投資，以及我們必須提供更高質量的碳產品的有機增長。

For American Carbon, we remain focused on ramping production at the McCoy complex and positioning Wyoming County as our next pillar of growth, given the premium mid-vol carbon that complex produces. Lately, our team is putting a substantial amount of effort into the Wyoming County complex. We're progressing on it from an operational perspective, and getting the processing plant and good order electricity in place to be able to ramp up that production quickly and efficiently.

對於美國碳公司來說，考慮到該綜合體生產的優質中量碳，我們仍然專注於提高麥考伊綜合體的產量，並將懷俄明縣定位為我們的下一個增長支柱。最近，我們的團隊正在懷俄明縣綜合體投入大量精力。我們正在從運營角度取得進展，並讓加工廠和良好的電力秩序到位，以便能夠快速有效地提高產量。

As Kirk mentioned earlier, we also believe we are in a good position to close on our $45 million tax-exempt bonds with the state of West Virginia in short order. The credit markets have seen stabilization focusing on -- following a very aggressive interest rate policy from the Federal Reserve.

正如柯克之前提到的，我們還相信我們處於有利位置，可以在短時間內完成與西弗吉尼亞州的 4500 萬美元免稅債券。在美聯儲采取非常激進的利率政策之後，信貸市場已經出現穩定。

That complex is in a unique spot. It will be the first fully integrated met carbon complex, which also acts as a concentrator of rare earth elements and critical elements, meaning lithium and cobalt that are present within coal [seats]. More importantly, it's set up in a method, and we believe the only method within the coal industry where you can extract these elements profitably produce a concentrate that can later be purified using our ReElement Technologies. We're excited to get that complex in place and showcase it to the world with ultimately the goal of being able to either license that out to other coal mines in terms of the technology of adding it on to the processing plants, and or monetizing it and other avenues.

該建築群處於一個獨特的位置。它將是第一個完全集成的金屬碳複合體，它還充當稀土元素和關鍵元素的濃縮器，即煤[座位]中存在的鋰和鈷。更重要的是，它是在一種方法中建立的，我們相信這是煤炭行業中唯一可以有利地提取這些元素並生產濃縮物的方法，該濃縮物隨後可以使用我們的 ReElement 技術進行純化。我們很高興能將這個綜合體安裝到位並向世界展示，最終目標是能夠將其添加到加工廠的技術方面許可給其他煤礦，或者將其貨幣化和其他途徑。

With the closing of this non-dilutive capital source, we're excited to showcase this complex within the industry and be able to scale it up aggressively from a revenue position as well as from a value perspective. Within the ReElement Technologies, to expand upon what Mark has already made -- the statements Mark has already made, we have never been involved in [ending] that has a higher ceiling. The opportunities that are present within the refining space for lithium, for cobalt, for rare earth elements within not only the domestic market, but also the international market has never been needed more.

隨著這種非稀釋性資本來源的關閉，我們很高興能夠在行業內展示這一綜合體，並能夠從收入狀況和價值角度積極擴大規模。在 ReElement Technologies 內部，為了擴展 Mark 已經發表的內容——Mark 已經發表的聲明，我們從未參與過具有更高上限的[結局]。鋰、鈷、稀土元素的精煉領域不僅在國內市場，而且在國際市場上都存在著前所未有的機遇。

We rely on a solvent extraction hydrometallurgical process, which is an old legacy process which we believe can only truly be utilized within China. We look to disrupt the space by providing not only a lower cost method and a more environmentally sensitive method to refining critical and rare earth elements, but also being able to do it in a highly scalable manner and showcasing that to the world here very shortly.

我們採用溶劑萃取濕法冶金工藝，這是一種古老的傳統工藝，我們相信只有在中國才能真正使用。我們希望通過提供一種成本更低、環境更敏感的方法來精煉關鍵稀土元素，而且能夠以高度可擴展的方式實現這一點，並很快向世界展示，從而顛覆這一領域。

The number of opportunities we are seeing to provide our next-generation advanced refining capacity as a value-added service continue to accelerate. We are seeing more and more opportunities across different portions of the supply chain, which showcases the performance, the cost structure and the flexibility of our refining platform, and also our ability to move quickly in terms of adding additional production capacity.

我們看到提供下一代先進煉油能力作為增值服務的機會不斷增加。我們在供應鏈的不同部分看到了越來越多的機會，這展示了我們煉油平台的性能、成本結構和靈活性，以及​​我們在增加額外產能方面快速採取行動的能力。

As we evaluate these opportunities, we are continually entering into pilot programs for different feedstocks. Currently, our partnership and pilot programs are focused on end-of-life recycle magnets, end-of-life recycling of various battery types and chemistries and battery manufacturing waste and scrap, as well as naturally occurring lithium spodumene ores for the lithium refining market.

在評估這些機會時，我們不斷針對不同原料開展試點計劃。目前，我們的合作夥伴關係和試點計劃主要集中在報廢磁鐵、各種電池類型和化學物質的報廢回收、電池製造廢料和廢料，以及用於鋰精煉市場的天然鋰鋰輝石礦石。

As we continue to showcase our refining performance, including our ability to supply high throughput capacity to produce an ultra-pure critical mineral products, we are confident in incremental collaborative partnerships we will enter into.

隨著我們繼續展示我們的煉油性能，包括我們提供高產能生產超純關鍵礦物產品的能力，我們對我們將建立的增量合作夥伴關係充滿信心。

We're also excited about the performance of our technology, most recently announcing a 99.986% pure lithium carbonate, which can be used directly in the battery manufacturing process. The purity of which we produce for that and the consistency of size and quality is the key to how our product will be clearly adopted within the battery manufacturing marketplace.

我們也對我們技術的性能感到興奮，最近宣布推出純度為 99.986% 的碳酸鋰，可直接用於電池製造過程。我們為此生產的純度以及尺寸和質量的一致性是我們的產品如何在電池製造市場中得到明確採用的關鍵。

We talk about recycling and you hear about battery recycling within the industry today, recycling means many things to different parties. The recycling market continues to be an exciting market where ReElement refining can add a significant driver of value to that industry. Recycling ultimately means breaking products down and using them into new forms of products. What's key about our ReElement Technology is we can reuse those forms back into batteries, back into magnets, where most of the battery recyclers today within the domestic market are selling that recycled material to China to be either smelted or recycled over in China.

我們談論回收，您也聽說過當今行業內的電池回收，回收對於不同各方來說意味著很多事情。回收市場仍然是一個令人興奮的市場，ReElement 精煉可以為該行業增加重要的價值驅動力。回收最終意味著分解產品並將其用於新形式的產品。我們的 ReElement 技術的關鍵在於，我們可以將這些形式重新利用回電池、磁鐵中，目前國內市場上的大多數電池回收商都將回收材料出售給中國，以便在中國熔煉或回收。

We're one of the few players within the domestic market that can recycle that back to battery-grade or magnet-grade today, which ultimately is key in addressing the sustainability needs of the industry in itself, which is a big opportunity as the infrastructure manufacturing of electric goods has stood up in our country and it continues to grow.

我們是國內市場上為數不多的能夠將其回收回電池級或磁鐵級的參與者之一，這最終是解決行業本身可持續發展需求的關鍵，這對於基礎設施來說是一個巨大的機會我國的電子產品製造業已經崛起並持續增長。

We are seeing numerous opportunities in the recycling space beyond what we have announced with our magnet partners. We are seeing those opportunities for both magnets and battery materials. We have also most recently commenced several pilot programs to recycle these critical minerals from feedstock sources such as power tools, EV motors from OEMs, wind turbines from large wind manufacturing companies or operators, black mass producers, battery manufacturers, and a variety of industrial battery sources -- large and small -- from tool manufacturers to others.

除了我們與磁鐵合作夥伴宣布的內容之外，我們還在回收領域看到了許多機會。我們看到了磁鐵和電池材料的這些機會。我們最近還啟動了多項試點計劃，從原料來源回收這些關鍵礦物，例如電動工具、原始設備製造商的電動汽車電機、大型風力製造公司或運營商的風力渦輪機、大型生產商、電池製造商和各種工業電池來源——大大小小的——從工具製造商到其他人。

We are also in discussions with several auto OEMs as they continue to plan, develop, and stand up the infrastructure needed to support their well outlined plans to transition to more of a broader electric fleet, including their battery manufacturing space. In terms of recycling, I think it's worth reiterating how we are strategically positioning to be a value-added partner in addressing our sustainability needs. We have what we believe to be the only CapEx-flexible refining technology in the world that we can scale as feedstock is available, eliminating CapEx risk, which ultimately eliminates risk for our shareholders.

我們還在與幾家汽車原始設備製造商進行討論，因為他們繼續規劃、開發和建立所需的基礎設施，以支持他們向更廣泛的電動車隊過渡的明確計劃，包括他們的電池製造空間。在回收方面，我認為值得重申我們如何進行戰略定位，成為滿足可持續發展需求的增值合作夥伴。我們擁有我們認為是世界上唯一資本支出靈活的煉油技術，我們可以在原料可用時進行擴展，消除資本支出風險，最終消除我們股東的風險。

We don't have to go out and spend $0.5 billion to build a refining complex using solvent extraction that will take 10 years to ramp up to that production capacity. We can expand our production capacity as the feedstock availability grows, instead of waiting for manufacturing scrap or end-of-life batteries scrap to grow, which ultimately means we can make money in the process today.

我們不必花費 5 億美元建造一個採用溶劑萃取的煉油廠，而這需要 10 年才能達到生產能力。隨著原料供應量的增加，我們可以擴大生產能力，而不是等待製造廢料或報廢電池廢料的增加，這最終意味著我們今天可以在這個過程中賺錢。

Several recycling programs do not have the innovative and economically competitive refining capacity other than ours. And as we mentioned earlier, it's the biggest bottleneck in the global supply chain, meaning the refining capacity. And we believe conventional refining methods such as solvent extraction or hydrometallurgical as used in China will be a challenge to deploy or will not be cost-effective being operated in the United States. Our ability to refine a variety of feedstocks, natural and recycling and handle rapidly evolving battery chemistries with the ability to quickly adapt is a differentiator and competitive.

除了我們之外，一些回收項目不具備創新且具有經濟競爭力的煉油能力。正如我們之前提到的，這是全球供應鏈中最大的瓶頸，即煉油能力。我們認為，中國使用的溶劑萃取或濕法冶金等傳統精煉方法在美國部署將面臨挑戰，或者不具有成本效益。我們能夠提煉各種天然和回收原料，並能夠處理快速發展的電池化學物質並具有快速適應能力，這是我們的優勢和競爭力。

I'd like to touch briefly on international opportunities, including Africa. With regards to naturally occurring lithium refining, we continue to see some very attractive opportunities to produce meaningful quantities of lithium products, such as high-purity lithium carbonate or hydroxide to the battery market. As we have recently mentioned, we have evaluated several opportunities for our technology to be used in refining lithium from ore-based materials produced from different regions, including Africa. And that we have been very selective in our valuation process to partner with operations that meet the standards of the United States.

我想簡單談談國際機會，包括非洲。關於天然存在的鋰精煉，我們繼續看到一些非常有吸引力的機會來生產大量的鋰產品，例如電池市場的高純度碳酸鋰或氫氧化鋰。正如我們最近提到的，我們評估了將我們的技術用於從包括非洲在內的不同地區生產的礦石材料中精煉鋰的幾個機會。我們在評估過程中非常有選擇性地與符合美國標準的業務合作。

Upon review of our strategic committee, we believe American Resources' best interest is to leverage our advanced processing, meaning heavy media separation of which we've operated in the carbon industry for over 20 -- meaning currently American Resources as well as our team's experience, and our refining technology and other natural resources such as lithium and other critical minerals, thereby broadening our natural resource base at American Resources.

經過對我們戰略委員會的審查，我們認為美國資源公司的最大利益是利用我們的先進處理技術，這意味著我們在碳行業中運營了 20 多年的重介質分離——這意味著目前美國資源公司以及我們團隊的經驗，以及我們的精煉技術和其他自然資源，例如鋰和其他關鍵礦物，從而擴大了我們在美國資源公司的自然資源基礎。

It is worth reiterating and emphasizing the partnership's procurement and initial processing of a broader, more diversified natural resource base will take place at the American Resources level, which will feed into the ReElement division as feedstock. Again, to reiterate, ReElement is an advanced refining platform. And our intention is to keep focused and keep clean and streamline as a value added refiner of critical minerals and advanced materials, especially as we continue to position ReElement for its planned spin-off.

值得重申和強調的是，合作夥伴關係對更廣泛、更多樣化的自然資源基礎的採購和初步加工將在 American Resources 層面進行，並將作為原料輸送到 ReElement 部門。再次重申，ReElement 是一個先進的精煉平台。我們的目的是作為關鍵礦物和先進材料的增值精煉商，保持專注、清潔和精簡，特別是我們繼續將 ReElement 定位為計劃中的分拆。

As we are currently pursuing a long-term refining partnership to refine lithium produced in the Western Africa region as well as in South Africa, we are also working with a long-term independent director to leverage his network and his experience within this region, and to bring our refining capabilities to that region, either through sourcing the material or being located and co-located.

由於我們目前正在尋求建立長期煉油合作夥伴關係，以精煉西非地區以及南非生產的鋰，因此我們還與一位長期獨立董事合作，利用他在該地區的網絡和經驗，以及通過採購材料或位於同一地點，將我們的煉油能力帶到該地區。

Our ability to deploy this technology with its unique attributes enables us to increase the value of these region's natural resources in the high purity forms instead of exploiting and exporting that value. Opportunities like this further exemplify the unique attributes of our ReElement refining platform in terms of flexibility of the feedstock and chemistries. Ability to be efficiently deployed due to its modular design and environmental sensitivity and to produce pure products needed for our technology, energy and defense sectors with high and scalable capacity.

我們有能力部署這項具有獨特屬性的技術，使我們能夠以高純度形式增加這些地區自然資源的價值，而不是開采和出口該價值。此類機會進一步體現了我們的 ReElement 精煉平台在原料和化學品靈活性方面的獨特屬性。由於其模塊化設計和環境敏感性，能夠有效部署，並以高且可擴展的產能生產我們的技術、能源和國防部門所需的純產品。

Now this will be done either through a partnership and or internally using our technologies and our capabilities as a company. I'd like to give a shout out and recognize the ReElement team for the groundbreaking success, and we've achieved with a quick timeframe that they've achieved it. We do not believe time is of the essence. We believe we've put together the best team and continue to drive this revolutionary refining technology and that we will continue to add top talent to deploy it around the world.

現在，這將通過合作夥伴關係或內部使用我們作為公司的技術和能力來完成。我想大聲疾呼並認可 ReElement 團隊取得的突破性成功，我們在很短的時間內就取得了他們所取得的成就。我們不相信時間是最重要的。我們相信，我們已經組建了最好的團隊，並繼續推動這一革命性的煉油技術，並且我們將繼續增加頂尖人才，在世界各地部署它。

Additionally, and from a technical perspective, we believe that we have the world's best chromatography experts and team behind our ReElement division, whether if it's our university partners at Purdue, our engineering team that has a long-standing success developing and commercializing the foundation of this technology [ReElement], as well as the team members that we continually add and most recently adding a number of team members at the ReElement division.

此外，從技術角度來看，我們相信我們的 ReElement 部門背後擁有世界上最好的色譜專家和團隊，無論是我們在普渡大學的大學合作夥伴，還是我們的工程團隊，他們在開發和商業化基礎技術方面取得了長期成功這項技術 [ReElement]，以及我們不斷添加的團隊成員，以及最近在 ReElement 部門添加的一些團隊成員。

We have and continue to add top talent to further execute upon this vision as well as position ReElement as a stand-alone company. Some of these recent additions that I've just mentioned, Bob Galyen as our Board of Directors upon spin-off. Bob is one of the top battery industry experts and our Technical Adviser and recent addition to our Board of Directors at ReElement post spin-off and a battery industry expert.

我們已經並將繼續招募頂尖人才來進一步執行這一願景，並將 ReElement 定位為一家獨立的公司。我剛才提到了最近新增的一些成員，鮑勃·蓋林 (Bob Galyen) 在分拆後擔任我們的董事會。 Bob 是頂級電池行業專家之一，也是我們的技術顧問，最近在 ReElement 分拆後加入了我們的董事會，也是一位電池行業專家。

Steve Frankowski, our Controller of ReElement. Steven comes to us with several years of large accounting firm experienced two years of financial reporting at the AES Corporation, working in the clean energy segment. Daniel Archer, a process engineering lead and in-charge of rare earth element materials. Israel Gomez, process engineer lead in terms of critical element materials.

Steve Frankowski，我們的 ReElement 總監。 Steven 來到我們之前在大型會計師事務所工作了幾年，在 AES 公司從事清潔能源領域的財務報告工作了兩年。 Daniel Archer，工藝工程主管，負責稀土元素材料。 Israel Gomez，工藝工程師，在關鍵元素材料方面處於領先地位。

We continue to position ReElement as a global refining leader and the entity that will deliver significant value to our shareholders. Our goal is to build ReElement into a multibillion-dollar business, and we believe we have the team and the line of sight to do that.

我們繼續將 ReElement 定位為全球煉油領導者和將為股東帶來巨大價值的實體。我們的目標是將 ReElement 打造成價值數十億美元的業務，我們相信我們有團隊和視野來實現這一目標。

Before we get into question-and-answer, I'd like to briefly comment on American Metals. American Metals is a division that we've been utilizing for generating cash flows by scrapping out ferrous metals. As we mentioned earlier, ReElement is not just a recycling platform, but rather an advanced refining platform.

在我們進行問答之前，我想簡要評論一下美國金屬公司。美國金屬公司是我們一直利用的一個部門，通過廢棄黑色金屬來產生現金流。正如我們之前提到的，ReElement不僅僅是一個回收平台，更是一個先進的精煉平台。

We are positioned in the American Metals division, which is an aggregator and processor of metals to ultimately be recycled within the electrified economy. Given ReElement's refining capacity, we are asked if we can take entire batteries, battery packs, modulars, motors, and tools. However, we also want ReElement to remain as a pure refiner of materials.

我們位於美國金屬部門，該部門是最終在電氣化經濟中回收的金屬聚合商和加工商。鑑於 ReElement 的精煉能力，我們被問到是否可以帶走整個電池、電池組、模塊、電機和工具。然而，我們也希望 ReElement 繼續作為材料的純粹精煉者。

As such, we believe American Metals is a great platform to leverage the ReElement refining capacity by processing and shredding the constituent high-value mid-battery materials and the black mass product to feed ReElement's battery materials refining capacity as well as the end-of-life motors and tools that we have developed a process in an automated way to recycle these, extract out the rare earth elements, and be able to feed those rare earth elements back into the supply chain for domestic growth.

因此，我們相信 American Metals 是一個利用 ReElement 精煉能力的絕佳平台，通過加工和粉碎高價值中間電池材料和黑色大塊產品來滿足 ReElement 的電池材料精煉能力以及終端產品的需求。我們開發了一種自動化流程來回收這些電機和工具，提取稀土元素，並能夠將這些稀土元素送回供應鏈以促進國內增長。

In closing, we remain very confident in our position of all of our assets and the long-term value that we provide our shareholders. We remain hyper-focused on unlocking value, and we have already communicated our initial strategic steps to do so. We have ample liquidity and do not foresee the need of issuing equity to raise cash, especially with some of the sources of non-dilutive capital we have available.

最後，我們對我們所有資產的狀況以及我們為股東提供的長期價值仍然充滿信心。我們仍然高度關註釋放價值，並且我們已經傳達了實現這一目標的初步戰略步驟。我們擁有充足的流動性，預計不需要發行股票來籌集現金，特別是在我們擁有一些非稀釋資本來源的情況下。

Just to reiterate, as the largest shareholder of American Resource, our management team is committed on maximizing the value for all of our shareholders. We believe our continued execution in the splitting of the ReElement division are the key steps in doing so.

重申一下，作為美國資源的最大股東，我們的管理團隊致力於為所有股東實現價值最大化。我們相信，繼續執行 ReElement 部門的拆分是實現這一目標的關鍵步驟。

One thing I'm proud about of our company is the individuals that we're bringing in, the team that we've built, are focused on equity value. We're not hired guns. Nobody in this business is joining our company for high salaries. They're focused on driving equity value, being a part of something that's innovative, and ultimately being proud of the business that we build.

我為我們公司感到自豪的一件事是，我們引進的個人、我們建立的團隊都專注於股權價值。我們不是僱傭槍的。這個行業沒有人是為了高薪才加入我們公司的。他們專注於推動股權價值，成為創新事物的一部分，並最終為我們建立的業務感到自豪。

I'm excited about the team we've been able to build and the team that we're currently recruiting to add on to our company. And ultimately excited that everybody is focused on aligning their interests with our shareholders, making sure driving the equity value of the company versus being hired guns. We believe that's a key differentiator of our business and why our business has been able to succeed through both good markets and bad markets.

我對我們已經建立的團隊以及我們目前正在招募的團隊感到興奮。最終令人興奮的是，每個人都專注於將自己的利益與我們的股東保持一致，確保推動公司的股權價值，而不是被雇傭。我們相信，這是我們業務的一個關鍵差異化因素，也是我們的業務能夠在好市場和壞市場中取得成功的原因。

I thank all of you for joining the call today and now I'd like to turn it over to the moderator for some Q&A.

我感謝大家今天加入電話會議，現在我想將其轉交給主持人進行一些問答。

Thank you. (Operator Instructions) Heiko Ihle, H.C. Wainwright.

謝謝。 （操作員說明）Heiko Ihle, H.C.溫賴特。

Hey there. Thanks for taking my questions.

嘿。感謝您回答我的問題。

Yes, absolutely. Thanks for joining.

是的，一點沒錯。感謝您的加入。

Gladly. Multiples in green energy space are, for obvious reasons, pretty high right now. Obviously higher than your legacy business. You got the SpinCo coming up. But I mean, how can one move the firm to get more of a clean tech multiple across the board? Or phrased differently, are you concerned with the multiple you'll get in the market for legacy co, once the spin-off is completed? Because I mean, overall, it feels like you're doing a good job positioning the company for this, but the overall company thus far hasn't really had all the impact they would have expected to see.

樂意。由於顯而易見的原因，綠色能源領域的倍數目前相當高。顯然高於您的傳統業務。分拆公司即將到來。但我的意思是，如何才能推動公司全面獲得更多清潔技術倍數呢？或者換句話說，一旦分拆完成，您是否擔心遺留公司在市場上獲得的倍數？因為我的意思是，總的來說，感覺你在這方面對公司的定位做得很好，但到目前為止，整個公司並沒有真正產生他們期望看到的所有影響。

Yeah, that's a great question. And I think I touched on that briefly, but maybe didn't make it as clear -- just trying to get through the call in a timely manner for all of our listeners. But one, ReElement is paying off and we believe that will drive a significant amount of value based on feedback we've had from large mutual funds that have an interest in divesting post spin-off in the open market of ReElement.

是的，這是一個很好的問題。我想我簡單地談到了這一點，但可能沒有說得那麼清楚——只是試圖及時為我們所有的聽眾接通電話。但其中之一是，ReElement 正在獲得回報，我們相信，根據我們從大型共同基金那裡得到的反饋，這將帶來巨大的價值，這些基金有興趣在 ReElement 公開市場上剝離分拆後的資產。

I will say, from driving value, including the Wyoming County complex, we will not only be just a metallurgical carbon producer there, but will be a rare earth concentrator and producer of rare earth elements in a very, very low cost, fully integrated process.

我想說的是，從驅動價值來看，包括懷俄明縣綜合體，我們不僅會成為那裡的冶金碳生產商，而且將成為稀土選礦廠和稀土元素生產商，採用非常非常低的成本、完全集成的工藝。

But also including some of the regions of Africa that we've been working on, and I personally visited and had the opportunity to evaluate and analyze the minds over there, we are in conversations to not only in Africa, but also domestically, expand our mining base as well. Take advantage of the skill set that our team has in terms of heavy media processing, froth flotation, dense media processing -- to leverage that skill set, not only just in the core industry, the carbon industry, but also across critical mineral opportunities as well.

但也包括我們一直在努力的非洲一些地區，我親自訪問過並有機會評估和分析那裡的想法，我們正在對話，不僅在非洲，而且在國內，擴大我們的還有採礦基地。利用我們團隊在重介質處理、泡沫浮選、濃介質處理方面擁有的技能組合，不僅在核心行業、碳行業，而且在關鍵的礦物機會中利用該技能組合，例如出色地。

Some of the individuals like Carlos Thompson has decades of experience in the mining sector. And there's no reason we shouldn't be exploring that opportunity within the American Resources umbrella, the mining division to capitalize and utilize that skill set that we're being asked to be a part of today. So I do think that -- I think people are mistaken in terms of what happened post-ReElement spin-off. I believe American Resources, proper the mining division has a significant amount of opportunity in front of it and being approached with a significant amount of opportunity to utilize our processing skill set and our technology skill set to drive value at the core business post ReElement spin-off.

卡洛斯·湯普森（Carlos Thompson）等一些人在採礦業擁有數十年的經驗。我們沒有理由不在美國資源集團（即採礦部門）內探索這一機會，以利用和利用我們今天被要求加入的技能。所以我確實認為——我認為人們對於 ReElement 衍生後發生的事情是錯誤的。我相信美國資源公司的採礦部門面臨著大量的機會，並且有大量的機會利用我們的加工技能和技術技能來推動 ReElement 剝離後核心業務的價值。離開。

Yeah, that makes sense. And then just one more, please. Can you walk us through the quarter by quarter of expectations for free cash flow from McCoy Elkhorn, please?

是的，這是有道理的。請再來一張。請您向我們介紹一下 McCoy Elkhorn 每個季度對自由現金流的預期嗎？

Yeah, absolutely. So, we have been looking at where the most value-added component of our business could be. And as you've seen over the last year, we've adjusted and pivoted based on natural disasters and other events to monetize certain assets and focus on cash flow.

是的，絕對是。因此，我們一直在尋找我們業務中最具附加值的部分可能在哪裡。正如您在去年所看到的，我們根據自然災害和其他事件進行了調整和調整，以將某些資產貨幣化並專注於現金流。

McCoy and Wyoming, why we're focusing on those two complexes from an operational perspective is -- one, they're very low-cost operates, and two, they're very high quality. And we're starting to see that shift transition of the geographic distribution of carbon across the world. And as that plays out, we think we're in a very good position to generate substantial cash flow from those divisions, while also monetizing the Deane complex, either continue leasing it or we've been approached by a few different parties on selling it.

麥考伊和懷俄明州，我們從運營角度關注這兩個綜合體的原因是——第一，它們的運營成本非常低，第二，它們的質量非常高。我們開始看到全球碳地理分佈的轉變。隨著情況的發展，我們認為我們處於非常有利的位置，可以從這些部門產生大量現金流，同時也可以將迪恩綜合體貨幣化，要么繼續租賃它，要么已經有幾個不同的方面與我們接洽出售它。

We believe there's a substantial amount of cash value there, that could then be redeployed into other divisions and or the current division and or just put on the balance sheet. But that's why we're focusing on those two complexes -- because of the cost structure and because of the ability to generate cash flow from -- make them a steady, stable business, while we evaluate some of these other opportunities that are being presented to us.

我們相信那裡有大量現金價值，可以重新部署到其他部門和/或當前部門，或者只是放在資產負債表上。但這就是為什麼我們關注這兩個綜合體——因為成本結構和產生現金流的能力——使它們成為穩定、穩定的業務，同時我們評估正在出現的其他一些機會對我們來說。

They don't need a lot of (multiple speakers) at this point. They don't need CapEx. McCoy is set up. We spent the money there. Carlos, the Head of that division has done an absolutely phenomenal job of lowering cost and reducing environmental liability. I think we just got another $1.3 million release. Debt-wise, we paid off $2 million of a loan that one of our customers gave us to restart that mine. And we also had our $9 million of debt, that's long-standing debt on our balance sheet converted, which the investor wanted to.

此時他們不需要很多（多個發言者）。他們不需要資本支出。麥考伊已經成立。我們把錢花在那裡。該部門的負責人卡洛斯在降低成本和減少環境責任方面做得非常出色。我想我們剛剛又獲得了 130 萬美元的發行。在債務方面，我們還清了一位客戶為重啟礦山而提供的 200 萬美元貸款。我們還轉換了 900 萬美元的債務，這是我們資產負債表上的長期債務，這是投資者想要的。

Ultimately, probably wanted to benefit from the ReElement spin-off and the AMAOU process that we've done. So, it's a very streamlined, low-cost operation now, and we'll be able to take advantage of the current market environment.

最終，可能希望從 ReElement 分拆和我們已經完成的 AMAOU 流程中受益。因此，現在這是一個非常精簡、低成本的運營，我們將能夠利用當前的市場環境。

Very good. That's it for me? Thank you very much. I'll get back in queue.

非常好。這就是給我的嗎？非常感謝。我會回到隊列中。

All right. Thanks. Appreciate it.

好的。謝謝。欣賞它。

Mark Stone.

馬克·斯通.

I'm commenting on the current cash. I see from end of Q4 last year to the end of Q1, it went from over $8.8 million, down to under $300,000. So in light of that, we comment on the cash projections for Q2, Q3, et cetera, and also how that's impacted by the timing of the ReElement's spin-off?

我正在評論當前的現金。我看到從去年第四季度末到第一季度末，它從超過 880 萬美元降至不到 30 萬美元。因此，有鑑於此，我們對第二季度、第三季度等的現金預測進行評論，以及 ReElement 分拆時間對其有何影響？

Yeah. I mean, the cash balance has nothing do with ReElement spin-off, but the cash balance -- the timing of how you file quarterly reports, I think the week after we brought in around $3.5 million of cash, still had about $5 million of inventory at current market, not production cost, but at current market value so -- from a cash position, it's just the timing of how quarterly reports are filed.

是的。我的意思是，現金餘額與 ReElement 分拆無關，但現金餘額——提交季度報告的時間，我認為在我們帶來大約 350 萬美元現金後的一周，仍然有大約 500 萬美元的現金餘額。當前市場的庫存，不是生產成本，而是當前的市場價值——從現金狀況來看，這只是季度報告提交的時間。

But ultimately it's -- we also have about$ 2.5 million of equipment that has been contracted to sell and we'll continue to monetize equipment from the Perry County complex to -- I mean, which either to put on the cash balance sheet or continue to grow the business with it. But we don't need to raise equity capital. That's not the focus of the business.

但最終，我們還有約 250 萬美元的設備已簽訂銷售合同，我們將繼續將佩里縣綜合設施的設備貨幣化，我的意思是，要么將其納入現金資產負債表，要么繼續以此來發展業務。但我們不需要籌集股本。這不是業務的重點。

The goal of the ReElement spin-off is to unlock value. We believe that today, the investor base that may want to invest in the mining division, which is currently carbon, but in advanced discussions to expand beyond carbon, are different than the investors that want to invest in reality. And our focus is to unlock that value. We established a strategic committee to do so. We're pushing that as quickly as we possibly can.

ReElement 衍生產品的目標是釋放價值。我們認為，今天，可能想要投資採礦部門（目前屬於碳部門，但在進一步討論以超越碳部門）的投資者基礎與想要投資於現實的投資者不同。我們的重點是釋放這一價值。為此，我們成立了一個戰略委員會。我們正在盡快推動這一進程。

We are being advised by a bulge bracket investment bank in the process -- in part of that process. And ultimately, our goal is to get that done for the investors, because the Board and the strategic committee believe that we'll unlock the most amount of value for the investors and the Board. We also believe getting a SPAC that will create substantial value. Currently, AMAOU trades at around $10 a share.

在此過程中——作為該過程的一部分——我們正在接受一家大型投資銀行的建議。最終，我們的目標是為投資者實現這一目標，因為董事會和戰略委員會相信我們將為投資者和董事會釋放最大的價值。我們還相信獲得 SPAC 將創造巨大的價值。目前，AMAOU 的交易價格約為每股 10 美元。

I believe we have approximately, American Resource, about 1.5 million shares, and that's back to about $50 million in value at current markets. And we hope to get that approved through the SEC as quickly as we possibly can which create another additional value for the investors.

我相信我們大約擁有 American Resource 約 150 萬股股票，這在當前市場上的價值約為 5000 萬美元。我們希望盡快獲得美國證券交易委員會的批准，為投資者創造另一個額外價值。

One area that we didn't talk about is also Nova Sierra, which is progressing. They have been awarded the Air Force contract and through its partnership with [Kni] Defense, also in another process of being awarded another contract, hopefully very shortly. And then finalizing its audits for the hiring of a new CFO with the goal of refiling that S-1 and advancing that process forward as well to unlock additional value for the shareholders.

我們沒有談論的一個領域是 Nova Sierra，它正在取得進展。他們已經獲得了空軍合同，並通過與 [Kni] Defense 的合作，也在另一個過程中獲得另一份合同，希望很快。然後完成對新 CFO 聘用的審計，目標是重新提交 S-1 並推進該流程，並為股東釋放額外價值。

Basically --

基本上 -

(multiple speakers) Can you tell me which side American Metals are going to with the ReElement's spin-off?

（多名發言者）您能告訴我美國金屬公司對於 ReElement 的衍生產品將站在哪一邊嗎？

Yeah, that's a good question. The Strategic Committee and the Board is currently evaluating that. American Metals is in the final stages of procuring its first two shredding lines, one for batteries and one for magnets. Currently, it will be held under the American Resources umbrella. But post spin-off of ReElement, we will evaluate that as well. And we may end up spinning that division off into its own company as well with a separate team to run that.

是的，這是一個好問題。戰略委員會和董事會目前正在對此進行評估。美國金屬公司正處於採購前兩條破碎生產線的最後階段，一條用於電池，一條用於磁鐵。目前，它將在美國資源公司旗下舉行。但在 ReElement 分拆後，我們也會對此進行評估。我們最終可能會將該部門拆分為自己的公司，並由一個單獨的團隊來運營。

Does that need to be addressed in the S-1 filing?

是否需要在 S-1 備案中解決這個問題？

In the -- it would have to do a separate Form 10 filing if we spin it off. But it -- yeah, right now, as of today, it is being held at the American Resources level post the ReElement spin-off.

如果我們將其分拆，它必須單獨提交 10 號表格。但它——是的，現在，從今天開始，它是在 ReElement 分拆後在 American Resources 層面舉行的。

All right. Thank you.

好的。謝謝。

And there are no further questions at this time.

目前沒有其他問題。

Excellent. Well, one, I'd like to thank all of you for joining. We appreciate your time. We know you took time out of your day for you to join us and listen to us, and we don't take that lightly. We're excited about what we have in front of us. We're excited about the opportunity for all of our divisions. We -- our focus is on continually driving value as management and the largest shareholders of the company. We're dead set on creating that value across all of our platforms and we're excited about how the market environment is currently playing out (technical difficulty) again, in front of us.

出色的。嗯，第一，我要感謝大家的加入。我們感謝您的寶貴時間。我們知道您抽出時間來加入我們並傾聽我們的意見，我們不會掉以輕心。我們對眼前的一切感到興奮。我們對所有部門的機會感到興奮。我們——我們的重點是作為公司管理層和最大股東不斷推動價值。我們下定決心要在所有平台上創造這種價值，我們對當前市場環境（技術難度）再次展現在我們面前感到興奮。

Thank you. This does conclude today's conference. We thank you for your participation and you may disconnect your lines at this time, and have a great day.

謝謝。今天的會議到此結束。我們感謝您的參與，此時您可以斷開線路，祝您有美好的一天。