American Resources Corp (AREC) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to today's American Resources Corporation third-quarter 2023 conference call. (Operator Instructions)

大家好，歡迎參加今天的美國資源公司 2023 年第三季電話會議。 （操作員說明）

Please note this call may be recorded. (Operator Instructions)

請注意，此通話可能會被錄音。 （操作員說明）

It is now my pleasure to turn the conference over to Mark Laverghetta. Please go ahead, sir.

現在我很高興將會議交給馬克·拉弗蓋塔 (Mark Laverghetta)。請繼續，先生。

Thank you. Good afternoon, everyone. On behalf of American Resources Corp, I'd like to welcome everyone to our third quarter of 2023 conference call and business update. We do always welcome this opportunity to provide an update on our business and discuss our accomplishments we've made over the past several months and how we are uniquely positioned within the markets that we serve for American Carbon, American Metals, and relevant technologies.

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 年第三季電話會議和業務更新。我們始終歡迎有機會介紹我們的業務最新情況，並討論我們在過去幾個月中取得的成就，以及我們如何在為 American Carbon、American Metals 和相關技術服務的市場中佔據獨特的地位。

Also on the call today is Mark Jensen, American Resources' Chairman and CEO; Kirk Taylor, our Chief Financial Officer; and Tom Sauve, our President. Mark and Kirk and I, the three of us, will provide some prepared remarks, then we'll get into some questions-and-answers part.

今天參加電話會議的還有美國資源公司董事長兼執行長馬克‧詹森 (Mark Jensen)；柯克‧泰勒，我們的財務長；還有我們的主席湯姆·索夫。馬克、柯克和我，我們三個人，將提供一些準備好的發言，然後我們將進入一些問答部分。

Before we kick it off, though, 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 that could cause actual results to differ materially from the results discussed in those forward-looking statements.

不過，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這些前瞻性陳述中討論的結果有重大差異。

When 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. (Event Instructions)

在考慮前瞻性陳述時，您應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，無論是由於新資訊、未來事件或其他原因。 （活動須知）

And we're going to begin today with a few comments from Kirk Taylor, our Chief Financial Officer. Kirk?

今天我們將從財務長柯克泰勒 (Kirk Taylor) 的一些評論開始。柯克？

Yeah. Thank you, Mark, and thank you, everyone, for taking a few moments out of your afternoon. Over the past several months, we have continued our execution on solidifying our strategic positioning within our addressable markets, which we believe positions our company for attractive long-term value creation.

是的。謝謝你，馬克，也謝謝大家抽出寶貴的時間。在過去的幾個月裡，我們繼續鞏固我們在目標市場中的策略定位，我們相信這將使我們的公司能夠創造有吸引力的長期價值。

In doing so and in conjunction with the direction of our strategic committee, we have embarked on several initiatives to unbundle our unique platform of assets to better unlock value for our shareholders and position each entity as a standalone company. So we will go into some detail on several of these initiatives throughout this call.

為此，並根據策略委員會的指導，我們採取了多項措施來分拆我們獨特的資產平台，以更好地為股東釋放價值，並將每個實體定位為獨立公司。因此，我們將在本次電話會議中詳細介紹其中的幾項措施。

First, I'll start with the ReElement Technologies. As we've previously discussed, our intention is to separate our wholly owned ReElement Technology division into a standalone public company given its strategic positioning and groundbreaking innovation as a world-leading refining technology platform using our patented chromatography technology to refine critical minerals as well as rare earth elements. We believe ReElement is a very unique entity and provides investors with a tremendous value proposition.

首先，我將從 ReElement Technologies 開始。正如我們之前所討論的，我們的目的是將我們全資擁有的ReElement Technology 部門拆分為一家獨立的上市公司，因為該公司作為世界領先的精煉技術平台的戰略定位和突破性創新，使用我們的專利色譜技術來精煉關鍵礦物以及稀土元素。我們相信 ReElement 是一個非常獨特的實體，為投資者提供了巨大的價值主張。

This past January, we filed our initial Form 10 registration statement with the SEC to begin that process. We have addressed all the comments or questions from the SEC regarding the spin-off at separation and feel that we are in a good position to continue to update our filings as it relates to quarterly updates and periodic news flow. All of our filings related to this can be found at sec.gov under ReElement Technologies.

今年 1 月，我們向 SEC 提交了最初的 Form 10 註冊聲明，以開始該流程。我們已經解決了 SEC 關於分拆分拆的所有評論或問題，並認為我們有能力繼續更新我們的文件，因為它涉及季度更新和定期新聞流。我們所有與此相關的文件都可以在 sec.gov 的 ReElement Technologies 下找到。

We also converted ReElement Technology LLC to Indiana Corporation to further advance the separation process. We recently announced a bond offering. Approval is an amount up to $150 million to finance our dedicated lithium refining facility in Knott County, Kentucky. We're tremendously excited to work with the local county and the workforce there to develop a unique platform as a domestic refiner of battery-grade lithium.

我們也將 ReElement Technology LLC 轉換為印第安納公司，以進一步推進分離過程。我們最近宣布發行債券。批准金額高達 1.5 億美元，為我們位於肯塔基州諾特縣的專用鋰精煉設施提供資金。我們非常高興能與當地縣及其員工合作，開發一個獨特的平台作為國內電池級鋰精煉商。

We also recently closed on our previously announced nearly $45 million tax increment financing bond for our mineral refining facilities. Again, we tremendously look forward to working with local community, workforce, and government to enhance both these products. We continue to discuss many strategic relationships both on commercial and financial arrangements with domestic and worldwide partners on ReElement. Every day is exciting, and every day, we are progressing.

我們最近也完成了先前宣布的近 4500 萬美元的增稅融資債券，用於我們的礦產精煉設施。我們再次非常期待與當地社區、勞動力和政府合作來增強這兩種產品。我們將繼續與 ReElement 上的國內和全球合作夥伴討論商業和財務安排的許多策略關係。每一天都是令人興奮的，每一天，我們都在進步。

Next, I'll touch on our SPAC. So I've previously discussed American Resources sponsored, AMAO, American Acquisition Opportunity Inc. We are extremely proud of our team with the execution of the recent closing of the merger between our sponsored SPAC, American Acquisition Opportunity Inc., and its target, Royalty Major Corporation.

接下來，我將談談我們的 SPAC。因此，我之前討論過 American Resources 贊助的 AMAO、American Acquisition Opportunity Inc.。我們為我們的團隊感到非常自豪，最近完成了我們贊助的 SPAC、American Acquisition Opportunity Inc. 與其目標 Royalty 之間的合併。大公司。

American Acquisition Opportunity Inc. has been renamed Royalty Management Holding Corporation and now trades on Nasdaq under our RMCO and its warrants, RMCOW. When we IPO'd AMAO as its main sponsor, we sought out to merge with a dynamic cash-flowing company that did not require a complicated or highly dilutive financing as part of de-SPAC process.

American Acquisition Opportunity Inc. 已更名為royalty Management Holding Corporation，現在根據我們的 RMCO 及其認股權證 RMCOW 在納斯達克進行交易。當我們以 AMAO 作為其主要保薦人進行 IPO 時，我們尋求與一家充滿活力的現金流公司合併，該公司不需要複雜或高度稀釋的融資作為 de-SPAC 流程的一部分。

We wanted to make sure it was a clean platform to thrive as a public company. After assessing a number of potential targets with several required complex structures, it paid a path forward to bring Royalty Management Corporation to the public markets through the de-SPAC merger with AMAO.

我們希望確保這是一個乾淨的平台，可以作為上市公司蓬勃發展。在評估了多個具有所需複雜結構的潛在目標後，它為透過與 AMAO 的 de-SPAC 合併將特許權管理公司 (Royalty Management Corporation) 推向公開市場鋪平了道路。

As a reminder, RMCO is a next-generation royalty company focused on expanding its current cash flow and revenue streams by identify undervalued assets within sectors, including natural resources, land, sustainable development, controlled environment, agriculture, IT and intellectual property while constructively supporting the communities in which those businesses operated.

謹此提醒，RMCO 是一家下一代特許權使用費公司，致力於透過識別自然資源、土地、永續發展、受控環境、農業、IT 和智慧財產權等領域內被低估的資產來擴大當前的現金流和收入流，同時建設性地支持這些企業經營所在的社區。

Following the closing of this transaction, American Resources remains a shareholder of approximately 3.25 million shares and warrants in a fully diluted basis. The underlying registration of these shares was filed yesterday. And I would direct anyone wanting to learn more information to go to sec.gov, search under RMCO, and you'll find all the relevant filings. And again, to reiterate, as of last week, the combined company trades under RMCO on Nasdaq as Royalty Management Corporation or Royalty Management Holding Corporation.

本交易完成後，美國資源公司仍持有約 325 萬股完全稀釋後的股票和認股權證。這些股票的基礎登記已於昨天提交。我會指示任何想要了解更多資訊的人訪問 sec.gov，在 RMCO 下進行搜索，您會找到所有相關文件。再次重申，截至上週，合併後的公司在納斯達克以 RMCO 名義以特許權管理公司 (Royalty Management Corporation) 或特許權管理控股公司 (Royalty Management Holding Corporation) 的名稱進行交易。

Now I'll dive into our quarterly summary. Over the third quarter of 2023, we again showcased our operational flexibility, operating cash flow positively, and generating approximately $3.5 million in net income while continuing to position our unique set of assets while executing on our value-creating initiatives.

現在我將深入探討我們的季度總結。 2023 年第三季度，我們再次展示了我們的營運靈活性、積極的營運現金流，並產生了約 350 萬美元的淨利潤，同時繼續定位我們獨特的資產組合，同時執行我們的價值創造計劃。

Billing new debt that we took on over the past two quarters was associated with the issuance of the tax-exempt industrial development bonds for the development of our Wyoming County, West Virginia mining complex, as well as mine development financing from one of our key customers, the development of Carnegie 1 and Carnegie 2 expansion.

我們在過去兩個季度承擔的新債務與為開發懷俄明縣、西弗吉尼亞州採礦綜合體而發行的免稅工業發展債券以及我們的主要客戶之一的礦山開發融資有關、卡內基1的發展和卡內基2的擴展。

As of today, November 14, 2023, our current shares outstanding is just over 78.2 million Class A common shares. Cash on hand as of the end of the third quarter was approximately $44.7 million. Lastly, it is probably worth reiterating all of our excess cash above FDIC limits are held at a top two US-based banks.

截至 2023 年 11 月 14 日，我們目前的流通股數剛超過 7,820 萬股 A​​ 類普通股。截至第三季末，手頭現金約為 4,470 萬美元。最後，值得重申的是，我們所有超出 FDIC 限額的多餘現金都存放在美國兩家最大的銀行中。

Our unique platform of assets is in great position to deliver what we believe is attractive returns and value to our shareholders, including our mining assets, our ReElement technology division, as well as American Metals division, which we are in the process of strategically positioning within the 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 技術部門以及美國金屬部門，我們正在對這些部門進行戰略定位。電氣化經濟。

I'd like to now turn the call over to Mark Laverghetta for some additional comments. Mark?

我現在想將電話轉給 Mark Laverghetta，徵求一些補充意見。標記？

Thanks, Kirk. As we frequently state, our ReElement Technologies division represents an incredibly exciting and very strategic opportunity for us. We've never been involved with an entity that, in our opinion, has as much upside than ReElement.

謝謝，柯克。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。在我們看來，我們從未參與過一個比 ReElement 擁有更多優勢的實體。

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 as highlighted by our recent announcement of producing battery-grade lithium carbonate from spodumene-bearing ores.

隨著我們繼續在關鍵礦物的全球供應鏈中進行策略定位，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，正如我們最近宣布從含鋰輝石礦石生產電池級碳酸鋰所強調的那樣。

Our ability to produce high-purity lithium products and rare earth oxide from natural feedstocks showcases our platform's flexibilities and differentiates us. However, we do believe our position in the recycling market and sustainable supplier of critical minerals is highly important as we move towards a highly mineral-dependent electrified economy. That being said, and again, in our opinion, recycling platforms alone are going to have a hard time bridging the gap to an end of life and manufacturing scrap volumes materialize to levels that can support our CapEx and OpEx fundamentals.

我們利用天然原料生產高純度鋰產品和稀土氧化物的能力展示了我們平台的靈活性，並使我們與眾不同。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商中的地位非常重要。話雖這麼說，但我們認為，僅回收平臺本身就很難彌合與報廢之間的差距，並且製造廢料量將達到可以支持我們的資本支出和營運支出基本面的水平。

Additionally, when we started ReElement, our mission was always focused on how to most efficiently and effectively deploy critical mineral refining capacity outside of China. It has always been our belief that attempting to deploy legacy Chinese refining technology in the United States or Europe or much of the industrialized world for that matter would pose a real challenge.

此外，當我們創辦 ReElement 時，我們的使命始終專注於如何最有效率、最有效地在中國境外部署關鍵的選礦產能。我們始終相信，試圖在美國、歐洲或許多工業化國家部署中國傳統煉油技術將構成真正的挑戰。

Those type of facilities are extremely expensive to build and operate due to the harsh chemicals, the waste output, and maintenance at large scale. Even though it is still early in energy transition, I believe we are starting to see those challenges manifest as projects utilizing solvent extraction or hydromet are getting delayed or canceled.

由於使用刺激性化學品、產生廢物和大規模維護，此類設施的建設和運營成本極其昂貴。儘管能源轉型仍處於早期階段，但我相信我們已經開始看到這些挑戰，因為利用溶劑萃取或水蒸汽的專案被推遲或取消。

Of note, we are now referring to our Noblesville, Indiana facility as our commercial qualification plant rather than a pilot facility to give a more accurate description of what we actually do there, especially given the variety of feedstocks that we frequently receive, test, validate, and design for in large scale. Our innovative and advanced refining methods using chromatography displaces the toxic conventional methods, which are used in China. And we believe is an important linchpin in making the United States competitive within the electrified economy.

值得注意的是，我們現在將印第安納州諾布爾斯維爾工廠稱為我們的商業資格工廠而不是試點工廠，以便更準確地描述我們在那裡實際所做的事情，特別是考慮到我們經常接收、測試、驗證的原料種類繁多，並進行大規模設計。我們使用色譜法的創新和先進的精煉方法取代了中國使用的有毒的傳統方法。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。

Just to recap some of our commercial qualification milestones, meaning the production of certain ultra-pure elements and compounds at commercial scale within Noblesville plants and validated by third-party labs. These are: we produce greater than 99.5% pure rare earth elements such as neodymium, praseodymium dysprosium from end of life waste magnets; greater than 99.9% pure lithium from end of life and NMC lithium-ion battery chemistries; 99.9978% pure lithium carbonate produced from LFP battery manufacturing waste; 99.96% pure lithium carbonate from spodumene-bearing pegmatite ores.

回顧我們的一些商業資質里程碑，這意味著在諾布爾斯維爾工廠內以商業規模生產某些超純元素和化合物，並由第三方實驗室進行驗證。它們是：我們從報廢磁鐵中生產出純度超過 99.5% 的稀土元素，例如釹、镨鏑；超過 99.9% 的純鋰來自報廢電池和 NMC 鋰離子電池化學物質；由磷酸鐵鋰電池製造廢料所生產的 99.9978% 純碳酸鋰；來自含鋰輝石偉晶岩礦石的 99.96% 純碳酸鋰。

And as we frequently -- we're frequently sending material to our third-party labs to verify our own results, we recently again verified neodymium oxide at 99.57% purity, with praseodymium being the most predominant contaminant where our NdPr mixed oxide was produced at a 99.96% purity. Our magnet manufacturers actually prefer a mixed NdPr oxide.

正如我們經常向第三方實驗室發送材料來驗證我們自己的結果一樣，我們最近再次驗證了氧化釹的純度為 99.57%，其中镨是我們的 NdPr 混合氧化物生產地的最主要污染物。純度為99.96%。我們的磁鐵製造商實際上更喜歡混合 NdPr 氧化物。

Another meaningful attribute and differentiator of our technology is its ability to modularly scale within a smaller footprint, allowing us to grow more concurrently with available feedstock and as market demand grows, meaning we do not have to make huge CapEx bets and wait for feedstocks to materialize. We designed for the specific feedstock. We spend less and build accordingly to the market while our intrinsic operating parameters do not change as we scale up.

我們技術的另一個有意義的屬性和差異化因素是它能夠在更小的佔地面積內進行模組化擴展，使我們能夠利用可用原料並隨著市場需求的增長而更加同步地增長，這意味著我們不必進行龐大的資本支出押注並等待原料實現。我們針對特定原料進行設計。我們減少支出並根據市場進行建設，而我們的內在營運參數不會隨著規模的擴大而改變。

The world has never really needed innovation in critical mineral refining until now. Or maybe we just became complacent with China's dominance of the overall market. But that is obviously changing. And that there is the value proposition of ReElement. The world needs advancements in refining these raw materials that power our modern day technology. And we believe we provide the most efficient solution while also being in the lead position to do so.

直到現在，世界從未真正需要關鍵礦物精煉的創新。或者也許我們只是對中國在整個市場的主導地位感到自滿。但這顯然正在改變。這就是 ReElement 的價值主張。世界需要在提煉這些為現代技術提供動力的原料方面取得進步。我們相信我們提供最有效的解決方案，同時也處於領先地位。

Lastly, and to add to Kurt's comment on the strategic spin-off of ReElement, I have frequently stated that this is not an exercise of speed, but rather an exercise of value creation. There is strategic value in communicating our plan to separate certain assets from the holding company, as well as our desire to be transparent with our investor base. While certain things are within our control, others are not.

最後，為了補充 Kurt 對 ReElement 策略分拆的評論，我經常指出，這不是速度的練習，而是價值創造的練習。傳達我們將某些資產與控股公司分離的計劃以及我們對投資者群體保持透明的願望具有戰略價值。雖然某些事情在我們的控制範圍內，但其他事情則不然。

However, I would refer to the closing of the Wyoming County called tax-exempt bond issuance, the closing of the merger between American Acquisition Opportunity and Royalty Management Corporation, and the recent procurement of our Marion facility and incentive package, which Mark will elaborate on here soon, as recent executional successes.

然而，我想提到的是懷俄明縣的免稅債券發行、美國收購機會和特許權管理公司之間合併的完成，以及最近對我們馬里恩設施和激勵方案的採購，馬克將對此進行詳細闡述很快就會出現，因為最近的執行成功。

We truly believe ReElement has the opportunity to create substantial value for our shareholders and the decisions we make and the time associated around the entire process, while sometimes outside of our control are based on maximizing that value the best that we can.

我們堅信 ReElement 有機會為我們的股東創造巨大的價值，我們所做的決定以及整個流程相關的時間，雖然有時超出了我們的控制範圍，但我們是基於盡最大努力最大化該價值。

I'd like to now turn the call over to Mark Jensen for some additional comments.

我現在想將電話轉給馬克詹森 (Mark Jensen)，徵求一些補充意見。

Thanks, Mark, and thanks, everyone, for joining. It's been an exciting quarter for us in terms of a number of avenues. But more importantly, our team has been extremely active this quarter on positioning and the execution at all of our divisions.

謝謝馬克，也謝謝大家的加入。從很多方面來看，這對我們來說都是一個令人興奮的季度。但更重要的是，我們的團隊本季在所有部門的定位和執行方面都非常活躍。

Our business model within these divisions were set out to displace and disrupt legacy industry through technology effort, streamlining of the businesses, and we're succeeding on all fronts. We truly sit at a very interesting position with our ability to bring cost competitive refining of critical minerals to the domestic and global market in the most environmentally safe and sustainable methods ever developed.

我們在這些部門的業務模式旨在透過技術努力、精簡業務來取代和顛覆傳統產業，並且我們在各個方面都取得了成功。我們確實處於一個非常有趣的位置，我們有能力以有史以來最環保、最永續的方法將關鍵礦物的精煉引入國內和全球市場，並具有成本競爭力。

At no point in our history is our business has been better positioned to serve the markets we operate in and capitalize on the broad asset base that we built, the talent that we possess within our team, and our ability to produce process and refine raw materials that are in very high demand across the entire platform. We are extremely excited about the opportunities for all of our entities as we continue to execute upon our strategic plan to unbundle these assets, extract value for our shareholders, and better position the asset bases within each of their divisions for growth, as well as capital allocation and with developing teams under each of the separate operating companies.

在我們的歷史上，我們的業務從來沒有處於更好的地位來服務我們所經營的市場，並利用我們建立的廣泛資產基礎、我們團隊中擁有的人才以及我們生產加工和精煉原材料的能力整個平台的需求量非常大。我們對所有實體的機會感到非常興奮，因為我們將繼續執行我們的策略計劃，以分拆這些資產，為我們的股東提取價值，並更好地定位每個部門的資產基礎以實現成長和資本分配以及每個獨立營運公司下的開發團隊。

Let me touch briefly on the monetization of our carbon platform. As we have reiterated, we remain highly focused on monetizing our substantial platform of carbon assets, either through operations, leases, or divestitures. As we've previously communicated, we've successfully closed on our $45 million tax-exempt industrial bond offering through the West Virginia Economic Development Authority, which will fund the expansion, technological improvements to the existing metallurgical carbon processing facility at our Wyoming County complex.

讓我簡單談談我們碳平台的貨幣化。正如我們所重申的，我們仍然高度關注透過營運、租賃或剝離來將我們的碳資產平台貨幣化。正如我們之前所傳達的，我們已透過西維吉尼亞州經濟發展局成功完成了 4500 萬美元的免稅工業債券發行，該債券將為我們懷俄明縣綜合設施現有冶金碳加工設施的擴建和技術改進提供資金。

We have commenced our development work there and recently put out our first development production of mid-vol carbon on the ground as we began facing up the first deep mine. Subsequent to the closing, we have seen an increased interest in our carbon assets from several parties. These include an unsolicited bid for all of the assets associated with American carbon for the implied enterprise value of approximately $260 million.

我們已經在那裡開始了我們的開發工作，最近在我們開始開採第一個深礦時，我們在地面上首次進行了中體積碳的開發生產。交易完成後，我們發現多方對我們的碳資產的興趣增加。其中包括對與 American Carbon 相關的所有資產進行主動投標，隱含企業價值約 2.6 億美元。

This offer was not accepted by our Board of Directors due to the duration and structure of the consideration payments. We've also received entered into a nonbinding LOI from a non-affiliated strategic party to purchase McCoy Elkhorn, Perry County and Wyoming County complexes for a total consideration of approximately $280 million or $3.58 per share.

由於對價支付的期限和結構，我們的董事會未接受該要約。我們還收到了非關聯策略方簽訂的非約束性意向書，以收購 McCoy Elkhorn、佩里縣和懷俄明縣綜合體，總價約為 2.8 億美元或每股 3.58 美元。

We have signed that LOI and are working with our parties on that process. We are seeing a round of consolidation taking place within the global steel industry, including the supply constrained carbon market. Our platform of carbon asset is unique given the significant mining infrastructure we own, the quality of the carbon we produce and have access to, the restructuring efforts and investments we have made over the past several years to rightsize and streamline the operations.

我們已經簽署了意向書，並正在與我們的各方就該流程進行合作。我們看到全球鋼鐵業正在發生一輪整合，包括供應受限的碳市場。我們的碳資產平台是獨一無二的，因為我們擁有重要的採礦基礎設施、我們生產和獲得的碳的品質、我們過去幾年為調整規模和簡化營運而進行的重組努力和投資。

Those streamlining efforts, let me touch base on that quickly, which I think is important. We acquired eight companies, five them through 363 bankruptcy sales over a period since 2015. During that process, we've reclaimed almost $28 million of environmental liability and received bond releases on it.

讓我快速談談這些精簡工作，我認為這很重要。我們收購了 8 家公司，其中 5 家是透過 2015 年以來的 363 次破產出售而獲得的。在此過程中，我們收回了近 2800 萬美元的環境責任，並獲得了相關債券的釋放。

Those bonds cost money each year. And by reducing that liability, we're also making our business more profitable from these legacy operations that we acquired, better positioning the asset, streamlining the assets, and streamlining the team to be focused on production at low cost. And that's what we build today. And that's what we possess and are ramping up.

這些債券每年都要花錢。透過減少這種負債，我們還可以從我們收購的這些遺留業務中獲得更多利潤，更好地定位資產，精簡資產，並精簡團隊，以便專注於低成本生產。這就是我們今天所建構的。這就是我們所擁有並正在加強的。

We believe our platform is very attractive for the current market as steel producers are looking to secure long-term supply chains of quality met carbon, not only domestically but also internationally. And within the supply constrained environment, there's going to be significant opportunity over the next few years and into the future to be a low cost producer of met carbon.

我們相信我們的平台對當前市場非常有吸引力，因為鋼鐵生產商不僅在國內而且在國際上都尋求確保優質金屬碳的長期供應鏈。在供應受限的環境下，未來幾年和未來將有很大的機會成為低成本的氣象碳生產商。

Furthermore, our operational team has made huge strides over the last few quarters to further reduce the cost structure and reap and position these operations as one of the last low-cost long-life operations within the industry. Given the progress, the company's target is to restart these select operations over the next 45 days, and we're progressing towards that in fast order as we work through the sale process as well.

此外，我們的營運團隊在過去幾季中取得了巨大進步，進一步降低了成本結構，並將這些營運定位為業界最後的低成本長壽命營運之一。鑑於所取得的進展，該公司的目標是在未來 45 天內重新啟動這些選定的業務，我們在銷售流程中也正在快速實現這一目標。

We continue to work through these processes along with the other possible consolidation plays that are taking place in the overall global steel industry. As stated earlier, we've received interest from multiple parties and continue to receive interest from multiple parties and additional parties across the landscape for our different operations, which provide us several options to explore. And we will pursue those that best benefit our shareholders and workers alike.

我們將繼續努力完成這些流程以及整個全球鋼鐵業正在發生的其他可能的整合活動。如前所述，我們已經收到了多方的興趣，並將繼續收到多方和其他各方對我們不同業務的興趣，這為我們提供了多種探索的選擇。我們將追求那些最有利於我們的股東和員工的目標。

Given our team's efforts and positioning to date, we choose -- and if we choose not to sell the carbon assets to the LOI which we signed or any of the other interested parties, we are well positioned to still separate the companies to create pure-play opportunities. With that, we previously filed our initial Form 10 registration statement with the SEC to spin off our wholly owned American Carbon division into a standalone public company.

鑑於我們團隊迄今為止的努力和定位，我們選擇 - 如果我們選擇不將碳資產出售給我們簽署的意向書或任何其他感興趣的各方，我們仍然可以將這些公司分開，以創建純粹的-玩耍的機會。為此，我們先前向 SEC 提交了最初的 10 號表格註冊聲明，將我們全資擁有的 American Carbon 部門分拆為獨立的上市公司。

Let me touch base on that briefly. The reason we did that was we can't control every aspect and/or timing of any other party. What we can control is the ability to put forth effort, to position the assets, and prepare for anything that comes at us.

讓我簡單談談這一點。我們這樣做的原因是我們無法控制任何其他方的每個方面和/或時間安排。我們可以控制的是付出努力、定位資產並為可能發生的任何事情做好準備的能力。

And as such, we filed the Form 10, and we are pursuing and working with the party to sell the assets. But should that not close, we are well positioned to still monetize the assets for our investors, create a royalty stream back to American resources, dividend out those shares to underlying investors, and position the Company for growth as a standalone operating entity.

因此，我們提交了表格 10，我們正在尋求並與該方合作出售資產。但如果這件事沒有結束，我們仍然有能力為投資者將資產貨幣化，為美國資源創造特許權使用費，將這些股票分紅給基礎投資者，並使公司作為獨立運營實體實現增長。

And we did this in conjunction with the recommendation of our strategic committee and approved by our Board of Directors on spinning off American Carbon into its own public platform, which better enables the business for growth, capital allocation, and motivation of the operating team in itself.

我們根據策略委員會的建議並經董事會批准將美國碳公司分拆為自己的公共平台，這可以更好地促進業務成長、資本配置和營運團隊本身的激勵。

Also additionally, the spin-off structure did that American Resources Corporation could receive up over $300 million in the form of royalty payments from American Carbon over time based on production and capital raises. Under a spin-off scenario, our shareholders would receive a pro rata distribution of the American Carbon shares should we go that route.

此外，分拆結構使得美國資源公司可以隨著時間的推移，根據產量和資本籌集，以特許權使用費的形式從美國碳公司獲得超過 3 億美元的資金。在分拆方案下，如果我們走這條路，我們的股東將獲得按比例分配的美國碳素股份。

Furthermore, we've also secured a $20 million factoring facility for American carbon to support its normal course of business and to grow the business. And upon any spin-off of American Carbon, we have $100 million equity financing facility in place under American Carbon pubco as an additional option for future growth, which would go alongside of our $45 million tax bond for Wyoming County, which similarly represents approximately $165 million net of fees and financing capacity for a standalone American Carbon asset.

此外，我們還為 American Carbon 獲得了價值 2000 萬美元的保理融資，以支援其正常業務流程並發展業務。在美國碳公司分拆後，我們將在美國碳公司pubco 下設立1 億美元的股權融資設施，作為未來增長的額外選擇，這將與我們為懷俄明縣提供的4500 萬美元稅收債券一起提供，該債券同樣相當於約165 美元百萬美元，扣除獨立美國碳資產的費用和融資能力。

Over the third quarter, we were able to monetize some carbon assets and inventories as the global met carbon market stabilize following a brief period of logistic and bottleneck supply challenges that took place in the global supply chain. As previously stated, we are currently in the process of planning a restart of our Carnegie mines and pick up where we left off earlier in the year where we have realized some of our best fundamental production levels.

在第三季度，隨著全球供應鏈中出現短暫的物流和瓶頸供應挑戰後全球碳市場趨於穩定，我們能夠將一些碳資產和庫存貨幣化。如前所述，我們目前正在計劃重啟卡內基礦山，並從今年早些時候中斷的地方繼續進行，當時我們已經實現了一些最佳的基本生產水平。

Furthermore, during this period of downtime, we have also continued to advance forward at the operations to further drive operational efficiency and have made huge strides by our team there at very low CapEx levels by expanding and positioning those mines to be low -- high producers at low cost.

此外，在這段停工期間，我們也繼續推進運營，進一步提高營運效率，並透過擴大和定位這些礦山，以非常低的資本支出水準取得了巨大進步。以低成本。

We continue to develop our Wyoming County complex to begin operations next year and are on track and progressing nicely at that operation and execute upon the vision of the American Carbon team, and also the revision of our strategic committee to unbundle the assets -- the certain assets, as we disclosed.

我們繼續開發懷俄明縣綜合設施，將於明年開始運營，目前該運營進展順利，並根據美國碳團隊的願景執行，並修訂了我們的戰略委員會以分拆資產——某些正如我們所披露的，資產。

Let me touch briefly further on ReElement Technology. To add to the comments that Mark made earlier regarding ReElement, the opportunities we have in front of us are extremely exciting. Our ability and the way that we efficiently deploy critical mineral refining is indeed unique. Our strategic plan to scale our platform is multifaceted.

讓我進一步簡單介紹一下 ReElement 技術。補充一下 Mark 之前對 ReElement 所做的評論，我們面前的機會非常令人興奮。我們有效部署關鍵礦物精煉的能力和方式確實是獨一無二的。我們擴展平台的策略計劃是多方面的。

One, we will operate our existing facilities and current facilities we've announced. We currently have two planned announcements of two additional plant facilities that we publicly announced, one in Marion, Indiana and two in Knott County, Kentucky.

第一，我們將營運現有設施和我們已宣布的現有設施。我們目前有兩項計畫公告，我們公開宣布了另外兩個工廠設施，一個位於印第安納州馬里恩，兩個位於肯塔基州諾特縣。

Our Marion, Indiana campus, which as of today, is coming along phenomenally well. This is a 42-acre campus with approximately 425,000 square feet of existing structure, which will be mainly focused on the recycling and refining of critical minerals. Our initial design will support an annual production capacity of 5,000 metric tons of battery-grade lithium carbonate and 1,000 metric tons of magnet-grade rare earth oxides.

我們位於印第安納州馬里昂的校園截至目前，進展順利。園區佔地 42 英畝，現有建築面積約 425,000 平方英尺，主要用於關鍵礦物的回收和精煉。我們的初步設計將支援年產5,000噸電池級碳酸鋰和1,000噸磁鐵級稀土氧化物的生產能力。

We have also closed on our tax incentive package with the support of Marion of approximately $45 million from the city of Marion to support the brownfield development of the facility, as well as the equipment expansion and operational expansion of the facility. And we are working on other government supported programs under the Bipartisan Infrastructure Law and IRA, as well as other capital sources to support that growth at the project level.

在馬里昂的支持下，我們還完成了稅收激勵計劃，馬里昂市提供約 4500 萬美元，以支持該設施的棕地開發以及該設施的設備擴建和運營擴張。我們正在根據兩黨基礎設施法和 IRA 以及其他資本來源開展其他政府支持的項目，以支持項目層面的成長。

Kentucky lithium. Kentucky lithium project highlights another unique attribute of ours and how we are well positioned to deploy our leading critical mineral refining technology. Our vast ownership of mining assets in Eastern Appalachia corridor provides us with the needed infrastructure to bring meaningful lithium refining to North America.

肯塔基鋰。肯塔基州鋰計畫凸顯了我們的另一個獨特屬性，以及我們如何處於有利地位部署我們領先的關鍵礦物精煉技術。我們在東阿巴拉契亞走廊擁有大量採礦資產，為我們提供了所需的基礎設施，為北美帶來有意義的鋰精煉。

Furthermore, I'd like to point out, we're tapping into a skill set and a workforce that has hundreds of years of commodity processing experience. They understand the importance of cost. They also understand the importance of quality. We're also tapping into existing infrastructure that we have at our Knott County complex, which we did not include in the sale of the assets under the previous LOI for this reason. This provides us the ability to move fast and at low cost to build our Lytton refinery there, utilizing existing infrastructure and the existing location to lower the CapEx and further to tap into the existing infrastructure that we have already present that we're not going to be waiting on from power, stacking tubes, conveyors, et cetera.

此外，我想指出的是，我們正在利用擁有數百年商品加工經驗的技能和勞動力。他們了解成本的重要性。他們也了解品質的重要性。我們也利用諾特縣綜合體現有的基礎設施，因此我們沒有將其包含在先前意向書下的資產出售中。這使我們能夠快速、低成本地在那裡建造利頓煉油廠，利用現有基礎設施和現有位置來降低資本支出，並進一步利用我們已經提供但不打算使用的現有基礎設施。等待電源、堆放管子、傳送帶等。

As a point of reference, the United States today produces approximately 17,000 metric tons of battery-grade lithium carbonate or hydroxide. This facility is being designed to produce approximately 15,000 metric tons of battery-grade lithium carbonate or hydroxide, giving the United States the ability to double its capacity, utilizing our state-of-the-art technology, and utilizing a workforce that is more than up to this challenge.

作為參考，美國目前生產約 17,000 噸電池級碳酸鋰或氫氧化鋰。該工廠的設計目標是生產約 15,000 噸電池級碳酸鋰或氫氧化鋰，使美國能夠利用我們最先進的技術和超過來迎接這項挑戰。

The facility is in controlled land. Logistics, infrastructures on place. Rail is on place, landfills in place, and the workforce is in place. This is an exciting opportunity, not only for us but also to showcase and provide opportunities to a workforce that has been displaced by the energy transition marketplace.

該設施位於受管制土地上。物流、基礎建設到位。鐵路已到位，垃圾掩埋場已到位，勞動力已到位。這是一個令人興奮的機會，不僅對我們來說，而且還向因能源轉型市場而流離失所的勞動力展示和提供機會。

As stated, we've recently announced a preliminary approval of the Knott County Fiscal Court from the issuances of up to $150 million of tax-exempt industrial revenue bonds to support the growth of that complex. Similar to the Wyoming County bond we closed.

如前所述，我們最近宣布諾特縣財政法院初步批准發行高達 1.5 億美元的免稅工業收入債券，以支持該綜合體的發展。與我們關閉的懷俄明縣債券類似。

I've also had the opportunity to speak at a tax-exempt bond conference. And I will say that the support for industrial revenue bonds such as these is very strong upon the investment community, especially the way that we're building this facility, the workforce that we're bringing, and the use of this facility in itself.

我還有機會在免稅債券會議上發言。我要說的是，投資界對此類工業收入債券的支持非常強烈，特別是我們建造該設施的方式、我們帶來的勞動力以及該設施本身的使用。

Both our Marion and Kentucky lithium facilities will be able to modularly and efficiently add refining capacity to respond to feedstock availability as well as market demand. And I will say from a feedstock availability based on our trips to Africa as well as the Canada is abundant. There's quite a bit of lithium ores and lithium-bearing ores within the marketplace that need a place to refine other than China -- that are looking for a place to refine other than China.

我們的馬里恩和肯塔基州鋰工廠都將能夠模組化、高效地增加煉油能力，以滿足原料供應和市場需求。我想說的是，根據我們對非洲和加拿大的訪問，原料供應是豐富的。市場上有相當多的鋰礦石和含鋰礦石需要中國以外的地方來提煉——它們正在尋找中國以外的地方進行提煉。

We've also recently been expanding our operations and looking at opportunities and discussions on several opportunities in Germany, as well as throughout the EU marketplace, and are having those discussions with partners as we speak our team over in Germany during this call at the moment.

我們最近也擴大了我們的業務，尋找機會並就德國以及整個歐盟市場的多個機會進行討論，並且在此次電話會議期間與我們在德國的團隊進行交流時，我們正在與合作夥伴進行這些討論。

Japan is another market which we've been working on. We've been working on the Japanese market for a long time. We have entered into a joint venture partnership within the Japanese market. We will showcase ReElement's technology in Japan, one of the most highest tech areas of the world, and showcase how it can not only refine critical minerals, but do it at a cost structure that is competitive, if not better than what's done in China today. This partnership has also already begun realizing service revenues to ReElement.

日本是我們一直在努力開發的另一個市場。我們長期以來一直致力於日本市場。我們已在日本市場建立了合資夥伴關係。我們將在世界上科技含量最高的地區之一的日本展示ReElement 的技術，並展示它如何不僅能夠提煉關鍵礦物，而且還能以具有競爭力的成本結構（即使不比今天中國的做法更好）來實現這一目標。 。這項合作關係也已經開始為 ReElement 帶來服務收入。

Sourcing of lithium ores. As I mentioned, our team has been to Canada. We've also been to Africa. I've been to Africa myself three times over the last six months and the opportunities there, not only for sourcing ores but also showcasing our technology is abundant. It's an amazing opportunity to create job opportunities within the local environment to displace China's dominance throughout the region and to do it in a way that is favorable to the local community.

鋰礦石採購。正如我所提到的，我們的團隊去過加拿大。我們也去過非洲。在過去的六個月裡，我自己去過非洲三次，那裡的機會非常豐富，不僅可以購買礦石，還可以展示我們的技術。這是一個絕佳的機會，可以在當地環境中創造就業機會，以取代中國在整個地區的主導地位，並以有利於當地社區的方式實現這一目標。

Our relationships in West Africa, South Africa, as well as East Africa are substantial and moving very, very quickly. And we're excited about the opportunity to import high-value technology to Africa, create jobs for the population, one of the fastest growing population basins in the world, while also helping them drive manufacturing and solving the supply chain for the United States.

我們在西非、南非和東非的關係非常密切，而且發展得非常非常快。我們很高興有機會向非洲進口高價值技術，為非洲人口創造就業機會，非洲是世界上人口成長最快的盆地之一，同時幫助他們推動製造業並解決美國的供應鏈問題。

We believe these opportunities to provide low-cost environmentally safe lithium refining around the world in a collaborative manner to meet the needs of the energy storage market are abundant and will continue to grow. Being able to build our modular facilities and these local environments to source the critical minerals in a low-cost format while also showcasing one of the lowest carbon footprints from a refining capacity or facilities in the world.

我們相信，以協作方式在全球範圍內提供低成本、環境安全的鋰精煉以滿足儲能市場需求的機會是豐富的，並將繼續增長。能夠建造我們的模組化設施和這些當地環境，以低成本方式採購關鍵礦物，同時也展示了世界上煉油能力或設施碳足跡最低的之一。

We've had early successes in developing partnerships such as the one we have established with our magnet and battery partners that we've already announced. And we continue to have good success with several other pilot programs where we are fostering core additive opportunities within the automotive, wind energy, consumer power tools, and broader energy storage and recycling markets. We are excited and confident about developing these pilot programs into long-term partnerships and communicating them in the near term with our investor base.

我們在發展合作夥伴關係方面取得了早期成功，例如我們已經宣布與磁鐵和電池合作夥伴建立的合作夥伴關係。我們在其他幾個試點項目中繼續取得良好成功，在汽車、風能、消費電動工具以及更廣泛的能源儲存和回收市場中培育核心添加劑機會。我們對將這些試點計劃發展為長期合作夥伴關係並在短期內與我們的投資者基礎進行溝通感到興奮和充滿信心。

I'd like to recognize our ReElement team on the groundbreaking success that we have received and a quick timeframe we have achieved it. And we do believe the time is of the essence. We also believe that we put together and the best team to continue to drive the revolutionary refining technology and continue to add great talent to our team with the recent additions have Ben Wrightsman as President and Shane Tragethon as Vice President of International Strategy.

我想對我們的 ReElement 團隊所取得的突破性成功以及我們在短時間內取得的成功表示認可。我們確實相信時間至關重要。我們也相信，我們將組建最優秀的團隊，繼續推動革命性的煉油技術，並繼續為我們的團隊增添優秀人才，最近增加了 Ben Wrightsman 擔任總裁，Shane Tragethon 擔任國際策略副總裁。

Our goal is to build ReElement into a multi-billion dollar business and do so based on performance. We believe we have the right team in place and line of sight to accomplish this mission. As we continue to execute upon our strategic plan, American Resources is focused on the highest value opportunities, and we'll look to expand its asset base within the natural resources industry, utilizing cash generated from asset sales and royalties to acquire interest in high-value, critical and rare earth mining assets that can feed into ReElement Technologies to be refined in a cost-effective environmentally sustainable methods.

我們的目標是將 ReElement 打造成價值數十億美元的業務，並以績效為基礎。我們相信我們擁有合適的團隊和視野來完成這項使命。隨著我們繼續執行我們的策略計劃，美國資源公司專注於最高價值的機會，我們將尋求擴大其在自然資源行業的資產基礎，利用資產銷售和特許權使用費產生的現金來收購高價值的權益。價值、關鍵和稀土採礦資產可以輸入 ReElement Technologies，以具有成本效益的環境永續方法進行精煉。

We are in active discussions on multiple opportunities in this front where we can leverage the ReElement Technology to take an ownership stake in these mines such as lithium-bearing mines in Africa as well as other parts of the world that we can also showcase and help provide guidance on how to operate these mines safely and effectively and efficiently. We're excited about that opportunity. And we believe in the future from American Resources and the holding company will be able to benefit greatly from these additional expansions we are evaluating.

我們正在積極討論這方面的多種機會，我們可以利用 ReElement 技術來獲得這些礦山的所有權，例如非洲以及世界其他地區的含鋰礦山，我們也可以展示並幫助提供這些機會關於如何安全、有效和高效地運作這些礦山的指導。我們對這個機會感到很興奮。我們相信，未來美國資源公司及其控股公司將能夠從我們正在評估的這些額外擴張中獲益匪淺。

In closing, we remain very confident in the position of all of our assets and the long-term value they provide our shareholders. We remain hyperfocused on unlocking that value. We have ample liquidity and do not foresee us needing to issue equity at the AREC level to raise cash, especially with some of the sources of non-dilutive capital we have available to us and recently announced project financing that we have available to us at the ReElement level.

最後，我們對我們所有資產的狀況及其為股東提供的長期價值仍然充滿信心。我們仍然高度專注於釋放這一價值。我們擁有充足的流動性，預計我們不需要在 AREC 層級發行股票來籌集現金，特別是考慮到我們擁有的一些非稀釋資本來源以及最近宣布的專案融資，我們可以在重新元素層級。

Just to reiterate, as the largest shareholder of American Resources or one of the largest shareholders American Resources, our management team is committed to maximizing the value of all of our businesses and believe our continued execution and the unbundling of certain assets will help us achieve this.

重申一下，作為美國資源的最大股東或美國資源的最大股東之一，我們的管理團隊致力於最大化我們所有業務的價值，並相信我們的持續執行和某些資產的分拆將幫助我們實現這一目標。

With that, I'd like to turn the call back over to the moderator for some Q&A.

這樣，我想將電話轉回給主持人進行一些問答。

(Operator Instructions)

（操作員說明）

Heiko Ihle, H.C. Wainwright.

海科‧伊勒 (Heiko Ihle)，H.C.溫賴特。

Hi there, thanks for taking the questions. You filed the Form 10 registration statements for the spinoff of American Carbon. And I guess that's obviously only if the sale options don't materialize. Do you steer an internal drop-dead date by when you expect to make this decision, whether it gets sold externally or what exactly happens? And I'm pretty sure the answer is it doesn't matter. But to be clear, just because you filed this form doesn't force you to do anything, correct?

您好，感謝您提出問題。您提交了關於 American Carbon 分拆的表格 10 註冊聲明。我想這顯然只有在出售選擇沒有實現的情況下才會發生。您是否會根據您期望做出此決定的時間來確定內部截止日期，無論它是否會被外部出售，或者到底會發生什麼？我很確定答案是沒關係。但要明確的是，僅僅因為您提交了此表格並不會強迫您做任何事情，對嗎？

That is correct. So we are not forced to do anything. We filed it. We obviously can't control what any buyer does or does not do, especially with the consolidation taking place within the steel industry today. Our goal is to monetize the assets.

那是對的。所以我們沒有被迫做任何事。我們提交了。顯然，我們無法控制任何買家做什麼或不做什麼，特別是在當今鋼鐵業內正在發生整合的情況下。我們的目標是將資產貨幣化。

Now we are running and thankful for our team. It is a dual process that takes time and effort, but we are running that dual process. Even if we spin off American Carbon in the Form 10, that does not mean we may not still monetize it.

現在我們正在跑步並感謝我們的團隊。這是一個需要時間和精力的雙重過程，但我們正在運行這個雙重過程。即使我們在 Form 10 中剝離 American Carbon，這並不意味著我們仍然無法將其貨幣化。

If the value is above the current market value, then we will monetize it. We are getting -- I mean, American Resources, we believe today is well below the fundamental value of the business. And we have seen interest for the company as a whole obviously, which we are not willing to do, above the current market value.

如果價值高於當前市場價值，那麼我們會將其貨幣化。我們認為，我的意思是，美國資源公司今天的股價遠低於該業務的基本價值。我們顯然看到了整個公司的興趣，但我們不願意這樣做，高於當前的市場價值。

But the American Carbon asset in itself, we are working and the buyer is in active dialogue. And it is going very well. And we are going to showcase the cost structure of these mines very quickly, which is getting very exciting. And not only the current buyer that we signed the LOI with, but we have had multiple other parties come in with very interesting structures as well beyond that.

但就美國碳資產本身而言，我們正在與買家進行積極對話。一切進展順利。我們很快就會展示這些礦山的成本結構，這非常令人興奮。不僅是與我們簽署意向書的當前買家，還有多個其他方也加入了非常有趣的結構。

But depending on how long they take, that doesn't mean we may not still pursue with the Form 10 and spin it off, and then still move forward with the sale the assets if the market value is below what the buyer is willing to pay.

但根據他們需要多長時間，這並不意味著我們可能不會繼續追求 Form 10 並將其分拆，然後如果市場價值低於買方願意支付的價格，我們仍然會繼續出售資產。

But it does not -- filing the Form 10 does not force us to spin it off. But we are going to move as quickly as we possibly can, pursuing all alternatives to position the assets to unlock that value and that may be spinning the company off in a Form 10 and then selling it thereafter.

但事實並非如此——提交 Form 10 並不迫使我們將其剝離。但我們將盡快採取行動，尋求所有替代方案來定位資產以釋放該價值，這可能會在 Form 10 中將公司分拆出來，然後將其出售。

Right. Fair enough. And then just a completely different one, can you break down the $45 million in local incentives that you got? How much of that is cash? How much is tax savings? How much is, I don't know, discounts on land? Can you just break down the $45 million, please?

正確的。很公平。然後是一個完全不同的問題，您能分解一下您獲得的 4500 萬美元的當地激勵措施嗎？其中有多少是現金？可以節省多少稅金？不知道土地折扣是多少？請您詳細分析這 4500 萬美元好嗎？

Yes. I will do my best at it. And it is a little bit of a complicated structure, but it is a tiff that can be monetized as we build the property out and/or borrow it again. So it is a bond that can be issued or borrowed again as we continue to build out the facility and allocate capital there.

是的。我會盡力而為。這是一個有點複雜的結構，但當我們建造房產和/或再次借用它時，它可以貨幣化。因此，隨著我們繼續建造該設施並在那裡分配資本，它是一種可以再次發行或借入的債券。

It is almost like a reimbursement of the cash, is the best way to describe it. So it provides -- it is a great structure for us to enable us to have non-dilutive capital available to us. And as we spend the capital, get it reimbursed.

這幾乎就像現金的報銷，這是最好的描述方式。因此，它為我們提供了一個很好的結構，使我們能夠擁有可用的非稀釋資本。當我們花費資金時，將其償還。

Fair enough. I will get back to the queue. Appreciate it.

很公平。我會回到隊列中。欣賞它。

Excellent. Thank you.

出色的。謝謝。

Mark Stone.

馬克·斯通.

Can you please clarify the relation between all the potential asset sales and spinoffs? For instance, if American carbon is sold and/or spun off and would you still go ahead with ReElement spin off, what would that leave American Resources with? Would that be American Metals plus the shares owned for Royalty Management Company? Can you please clarify that?

您能否澄清一下所有潛在的資產出售和分拆之間的關係？例如，如果美國碳公司被出售和/或剝離，而您仍會繼續剝離 ReElement，那麼美國資源公司會剩下什麼？那是美國金屬公司加上版稅管理公司所擁有的股份嗎？你能澄清一下嗎？

Yes, that's a good question. So our goal is to separate the divisions off into their own operations, own team that are able to drive in the direction as a pure-play opportunity.

是的，這是一個好問題。因此，我們的目標是將各部門分成自己的營運部門、自己的團隊，這些部門能夠作為純粹的競爭機會朝著這個方向發展。

So American Carbon, that's correct. If we spin off or sell it, obviously, that would be its own independent entity. Regardless of how the structure, it will pay a royalty back to American Resources for the American Resources' shareholders in either one of those instances as well as cash consideration.

所以美國碳，這是正確的。顯然，如果我們分拆或出售它，那將是它自己的獨立實體。無論結構如何，在任何一種情況下，它將向美國資源公司的股東支付特許權使用費以及現金對價。

ReElement, the absolute plan is to still spin it off into its own separate company, to provide a very clean structure. Spinning ReElement off -- I mean, ReElement, we believe, is an absolute game changer for the market. It's being recognized throughout the world for what it can do and our partnerships that we're developing and customers that we're developing on that front, we'll be able to showcase here very shortly.

ReElement，絕對的計劃仍然是將其分拆成自己的獨立公司，以提供一個非常乾淨的結構。剝離 ReElement——我的意思是，我們相信 ReElement 絕對是市場遊戲規則的改變者。它的功能得到了全世界的認可，我們正在發展的合作夥伴關係以及我們在這方面發展的客戶，我們很快就能在這裡展示。

Also, the fact that we do intend to apply for Infrastructure Bill grants and stuff of that nature, having it associated to a full business makes that challenging. So having any of the legacy coal-related aspect in this filing, we'd prefer not to. So we will spin that off into its own entity.

此外，我們確實打算申請基礎設施法案撥款和類似性質的東西，並將其與完整的業務聯繫起來，這使得這一點具有挑戰性。因此，我們不希望在這份文件中包含任何與煤炭相關的遺留問題。因此，我們將把它分拆成自己的實體。

Post the spin-off of both of those assets, American Resources is set up as an opportunity to further expand its footprint within the critical minerals space. We're in negotiations as we currently speak and making significant progress on acquiring an interest in lithium mines.

在這兩項資產分拆後，美國資源公司將成為進一步擴大其在關鍵礦產領域足跡的機會。正如我們目前所說，我們正在進行談判，並在收購鋰礦權益方面取得了重大進展。

I've been traveling throughout the world in multiple countries within Africa that we have very good relationships and the strategic parties that have concessions there that we may take an interest in, which will then be processed at ReElement.

我去過世界各地的非洲多個國家，我們在這些國家有很好的關係，我們可能對那些在這些國家有讓步的策略方感興趣，這些資訊將在 ReElement 處理。

So the goal for American Resources is expansion, is expansion within that sector, focusing on taking strategic interest and operations that could then proceed into the ReElement entity for further refining, controlling the supplies, de-risking it for both entities involved. And then obviously, we still own American Metals, as well as the interest in Royalty Management Corporation -- Royalty Management Holding Corporation.

因此，美國資源公司的目標是擴張，是在該行業內的擴張，重點是獲得戰略利益和業務，然後可以進入 ReElement 實體進行進一步精煉、控制供應、降低相關實體的風險。顯然，我們仍然擁有美國金屬公司，以及皇家管理公司——皇家管理控股公司的權益。

So if those mines were acquired, would that be -- and ReElement processed the material from the mines, would that mean that ReElement was doing more than just recycling, processing but actually processing initial mining extracts?

那麼，如果這些礦場被收購，那麼 ReElement 會處理這些礦場中的材料，這是否意味著 ReElement 所做的不僅僅是回收、加工，而且實際上是在處理初始採礦提取物？

Oh, yeah. ReElement is doing that today. We are processing lithium spodumene as we speak. That is what -- I mean, my three trips to Africa over the last six months were to work with not only the lithium opportunities, but also rare ores, which is a new opportunity for us, which we will further go into in the next few months.

哦耶。 ReElement 今天正在這樣做。正如我們所說，我們正在加工鋰輝石。這就是——我的意思是，過去六個月我三次前往非洲，不僅是為了尋找鋰機會，還為了尋找稀有礦石，這對我們來說是一個新機會，我們將在接下來的時間裡進一步探討這一機會。幾個月。

But the lithium-bearing ores and/or other critical mineral ores are substantial opportunity for the ReElement technology. We can build facilities at a much, much lower cost than the legacy methods of doing of refining materials that China uses.

但含鋰礦石和/或其他關鍵礦石對於 ReElement 技術來說是巨大的機會。我們可以以比中國使用的傳統煉油方法低得多的成本建造設施。

We can co-locate them at the operations within the sites such as in Africa and build the facilities there so we are not trucking rock or shipping rock halfway across the world. And we can scale our -- design our facility to match the CapEx with the feedstock available.

我們可以將它們集中在非洲等地點的作業地點，並在那裡建造設施，這樣我們就不會用卡車運輸岩石或將岩石運送到半個世界。我們可以擴展我們的設施，設計我們的設施，使資本支出與可用原料相符。

One of our competitors just announced that they are evaluating the sale of their business. They were trying to build a refinery that was about 5x the size of the current market availability. That is a recipe for failure.

我們的一位競爭對手剛剛宣布他們正在評估其業務的出售。他們試圖建造一座規模約為目前市場供應規模 5 倍的煉油廠。這就是失敗的秘訣。

We, instead, designed our facility based on the current feedstock available. And then we can modularly scale them up over time. We are matching CapEx with feedstock as well as OpEx with feedstock.

相反，我們根據目前可用的原料設計了我們的設施。然後我們可以隨著時間的推移以模組化方式擴展它們。我們將資本支出與原料相匹配，並將營運支出與原料相匹配。

So that there is no -- from a cost structure perspective, we are able to very, very efficiently expand our business. But that gives us the ability to go to the ores as well as the recycled market and expand our footprint globally to benefit from the technology in itself. Sorry for long answer.

因此，從成本結構的角度來看，我們能夠非常非常有效地擴展我們的業務。但這使我們能夠進入礦石和回收市場，並在全球範圍內擴大我們的足跡，從技術本身中受益。抱歉回答太長。

Okay. So a separate question. Can you please tell us the plans and timeline for getting to non-trivial revenue generation from rare earth oxide separation?

好的。這是一個單獨的問題。您能否告訴我們透過稀土氧化物分離獲得巨大收入的計劃和時間表？

If I gave you guys timeframes, you would all yell at me. We do our best to achieve them, but some things are outside of our control. I will do my best, though. So our Marion facility is where -- our customer qualification plan can significantly expand our production and we are doing that as we speak.

如果我給你們時間表，你們都會對我大喊大叫。我們盡最大努力實現這些目標，但有些事情是我們無法控制的。不過，我會盡力而為。因此，我們的馬里恩工廠是我們的客戶資格計劃可以顯著擴大我們的生產的地方，我們正在這樣做。

We have been qualified at a number of different customers currently, and are further progressing with those customers. We have offtakes on the rare earth side. We have offtakes on the battery side. Getting the meaningful revenue will be in 2024.

目前我們已經獲得了許多不同客戶的認可，並且正在與這些客戶取得進一步的進展。我們在稀土方面有採購。我們在電池方面有業務。到 2024 年才能獲得有意義的收入。

Now that being said, we are generating service revenue as we speak right now through our Japanese partnership. More to come on that in the next couple of days. But the ability to further scale the business and the unique thing is our cost structure is extremely low. We are strategic in the team members that we are hiring to keep our costs low until we get to that meaningful revenue generation, which is coming.

話雖這麼說，正如我們現在所說，我們正在透過我們的日本合作夥伴關係產生服務收入。在接下來的幾天裡還會有更多內容。但進一步擴大業務的能力和獨特之處在於我們的成本結構極低。我們在招募團隊成員時具有策略性，以保持較低的成本，直到我們實現即將到來的有意義的收入。

It is coming quickly. I don't want to give you an exact date because if I miss by a little bit, I will get slapped for it.

它來得很快。我不想給你一個確切的日期，因為如果我錯過一點點，我就會被打。

All right. Thank you.

好的。謝謝。

Thank you.

謝謝。

Steve Segal, KKB Asset Management.

史蒂夫·西格爾 (Steve Segal)，KKB 資產管理公司。

Hey, Mark. How are you? I was just wondering, I was reading today about the Lifecycle on news and I hadn't really know that much about the company, but I read more about it. And then I see the multiple shredding facilities and they mothballed, I guess, their hydromet facility.

嘿，馬克。你好嗎？我只是想知道，我今天在新聞上讀到有關生命週期的內容，我對這家公司了解不多，但我讀到了更多有關它的資訊。然後我看到了多個粉碎設施，我猜他們封存了他們的水文氣象設施。

And it seems like chromatography is a much better solution than what they were trying to do. So is there any interest on ReElement in like talking with them about some of their assets or collaborating at all?

色譜法似乎是比他們試圖做的更好的解決方案。那麼 ReElement 有興趣與他們討論他們的一些資產或合作嗎？

I mean, we will look at the assets. And we will reach out to their adviser that they hired with regards to the shredding operations. Not with regards to the refining capacity they were trying to build. That announcement --

我的意思是，我們將專注於資產。我們將聯繫他們聘請的有關粉碎操作的顧問。與他們試圖建立的煉油能力無關。那個公告——

Right. But do you have a better solution, right?

正確的。但你有更好的解決方案嗎？

Yes. It showcases that legacy ways of refining commodities does not work. It works in China because they already built it and they don't care. I mean, they are in inner Mongolia. Labor and environmental standards there are very low.

是的。它顯示傳統的大宗商品提煉方法行不通。它在中國行得通，因為他們已經建造了它，而且他們不在乎。我的意思是，他們在內蒙古。那裡的勞工和環境標準非常低。

That technology does not work in the United States. It does not work in Africa; it doesn't work in Europe. And you are going to see more of that, in my opinion, in the United States where people are going to mothball solvent extraction facilities. Because it is not cost effective and it is extremely expensive to build.

這項技術在美國行不通。它在非洲行不通；這在歐洲行不通。我認為，在美國，人們會封存溶劑萃取設施，這樣的情況會更多。因為它不符合成本效益，而且建造成本極為昂貴。

More importantly, it is extremely expensive to operate over time. You can maybe get it up and running, but you will not run it for over 10 years without having significant maintenance CapEx. You are dealing with really harsh emulsion of chemicals.

更重要的是，隨著時間的推移，營運成本極為高昂。您也許可以啟動並運行它，但如果沒有大量的維護資本支出，您不會運行它超過 10 年。您正在處理非常惡劣的化學品乳液。

Chromatography is a game changer in the space. One, because we can design it based on the scale of available material. And so that gives us the opportunity to build anywhere throughout the world and do it quickly. And we are going to showcase that here very shortly to our shareholders and through the relationships that we are building to date.

色譜法是該領域的遊戲規則改變者。第一，因為我們可以根據可用材料的規模來設計它。因此，這使我們有機會在世界各地進行建設並快速完成。我們很快就會透過我們迄今為止建立的關係向我們的股東展示這一點。

Would we have interest in their shredding operations? Yes, we would. I mean, through the American Metals business line, we would be interested in acquiring that. But more importantly, instead of hub and spoke, we will put a chromatography facility in each one of their shredding operations and show the world how to do it the right way. Do it in a way that that is cost effective.

我們對他們的粉碎作業有興趣嗎？是的，我們會的。我的意思是，透過美國金屬業務線，我們有興趣收購它。但更重要的是，我們將在每個粉碎操作中放置一個色譜設備，而不是中心輻射式操作，並向世界展示如何以正確的方式進行操作。以具成本效益的方式進行。

Costs matter. The automotive industry, and especially in the EV chain, are losing money right now. They need to focus on controlling their costs. They are building great business models for the long-term, but they got to refine the cost structure.

成本很重要。汽車產業，尤其是電動車產業鏈，目前正在虧損。他們需要集中精力控製成本。他們正在建立偉大的長期商業模式，但他們必須完善成本結構。

We can do that. We can provide cost-effective solutions that go head to head against China and displace them in markets that they are already trying to operate in, especially within Africa.

我們能做到這一點。我們可以提供具有成本效益的解決方案，與中國正面對抗，並在他們已經嘗試經營的市場中取代他們，特別是在非洲。

Right. Okay. Great. Thank you. I appreciate you.

正確的。好的。偉大的。謝謝。我感激你。

Keith Goodman, Maxim Group.

基斯‧古德曼，馬克西姆集團。

Hey, guys. Quick question going back to Africa and Japan and Germany and other places that you said you are working with. First of all, does any work that you may do there get you to qualify for the Inflation Reduction Act?

大家好。回到非洲、日本、德國以及你所說的正在合作的其他地方。首先，您在那裡所做的任何工作是否能讓您符合《通貨膨脹減少法案》的資格？

And two, it sounded like you are saying that you are going to take equity ownership or maybe some type of economic ownership of some of the mines there. Does that mean you would pay for something like that? Or would you bringing the technology over there get a low cost way of owning a partnership?

第二，聽起來你是在說你將獲得那裡一些礦山的股權或某種類型的經濟所有權。這是否意味著您願意為類似的事情付費？或者您會將技術帶到那裡以低成本方式擁有合作夥伴關係嗎？

I will touch on the first one first. So, obviously, on the importing of ores to our Kentucky Lithium site, yes. We have received preliminary approval to advance to the next stage under IRA compliance. Most people don't think it is an application-based process, but it is. And we are working with the DoE on that.

我先談談第一個。因此，顯然，關於向我們的肯塔基鋰廠進口礦石，是的。我們已獲得初步批准，可以根據 IRA 合規進入下一階段。大多數人不認為這是一個基於應用程式的過程，但事實確實如此。我們正在與能源部合作解決這個問題。

We have gotten through the first phase of that process which opens us up to go to the second phase, which we are super excited about. Steven Frankowski and our team did an absolutely amazing job with that. And so yes, we do believe that given the high-value aspect of refining in country, we will enable it to qualify.

我們已經完成了該過程的第一階段，這使我們可以進入第二階段，我們對此感到非常興奮。 Steven Frankowski 和我們的團隊在這方面做得非常出色。因此，是的，我們確實相信，鑑於國內煉油的高價值方面，我們將使其符合資格。

Now we also are working with the government on operations that we would build within Africa. Because our model is to go to Africa, to build within the local environment with partners, being project financed over within Africa with local sources as well, and local partners. So that ultimately we are sharing in the risk and we are aligning the interest of the parties there. So I mean, IRA compliance is a big deal, especially in the automotive.

現在，我們也正在與政府合作，開展我們將在非洲建立的業務。因為我們的模式是去非洲，與合作夥伴一起在當地環境中建設，並在非洲境內與當地資源和當地合作夥伴一起進行專案融資。因此，最終我們將分擔風險，並協調各方的利益。所以我的意思是，IRA 合規性是一件大事，尤其是在汽車行業。

But now we also focus a lot on the LFP market, which is a lot of energy storage, which represents over 70% of the battery market today. We are the only company that we know of in the US that can refine LFP batteries at scale cost effectively and make money doing it -- let alone obviously the ore business we are doing.

但現在我們也非常關注磷酸鐵鋰市場，這是一個大量的儲能領域，佔當今電池市場的 70% 以上。據我們所知，我們是美國唯一一家能夠以成本效益的方式大規模提煉磷酸鐵鋰電池並從中賺錢的公司——更不用說我們正在進行的礦石業務了。

But yes, we do believe based on that, we will qualify. We are working with them on the Africa operations. If we bring it back here to our cathodic active material partners, would that qualify for IRA? We are working with the government on that.

但是，是的，我們確實相信基於此，我們將獲得資格。我們正在與他們合作開展非洲業務。如果我們將其帶回給我們的陰極活性材料合作夥伴，這是否符合 IRA 資格？我們正在與政府就此合作。

We are uncertain on that aspect. But not necessarily needed for all applications, not needed for energy storage in some of those markets that are already building out substantial amount of batteries. And it gives us the ability to scale quickly.

我們在這方面還不確定。但不一定是所有應用都需要，在一些已經建造大量電池的市場中也不需要儲能。它使我們能夠快速擴展。

The one project in Africa I just came back from in West Africa could represent first year of operations, which will take time to build and everything to that extent could be well over $350 million in revenue to us as a business and the ability to significantly scale it beyond that, that is one project out of many that we are working on in that market.

我剛從西非回來的一個非洲項目可能代表運營的第一年，這需要時間來建設，到這個程度的一切都可能為我們作為一個企業帶來超過 3.5 億美元的收入，並且有能力大幅擴展除此之外，這只是我們在該市場開展的眾多項目之一。

And I apologize. What was your second question?

我道歉。你的第二個問題是什麼？

Would you have to pay for the ownership of those assets?

您需要為這些資產的所有權付費嗎？

So I'm not going to give you all my negotiating strategy away. But we will leverage our partnership with ReElement, which will enable American Resources to get a very attractive opportunity to take an equity ownership in these mines.

所以我不會把我所有的談判策略都透露給你們。但我們將利用與 ReElement 的合作關係，這將使美國資源公司獲得一個非常有吸引力的機會來獲得這些礦場的股權。

Now why is that important? One, you read a lot of negativity about mines in Africa and I have been to a bunch of them recently. They are not all being run in an unethical way. There is actually a substantial amount of mechanization. There is a substantial amount of ethical mining and/or small scale mining that is done ethically.

為什麼這很重要？第一，你讀到了很多關於非洲地雷的負面報道，我最近也去過其中的一些地雷。它們並非都是以不道德的方式運作的。實際上有大量的機械化。有大量的道德採礦和/或小規模採礦是按照道德進行的。

But as we expand ReElement, we want to also make sure that we are protecting the interest of ReElement and making sure that where our sources are also doing it right, not only from an ethical perspective, but also being done from a safety perspective and from a productivity perspective. So we can get as much feedstock as we can so we can grow our business as fast as we can.

但是，當我們擴展 ReElement 時，我們還希望確保保護 ReElement 的利益，並確保我們的消息來源也做得正確，不僅從道德角度，而且從安全角度和從生產力的角度。因此，我們可以獲得盡可能多的原料，以便盡快發展我們的業務。

I'm proud to say American Resources under our mining department division, we won the Sentinel Safety Award once. And we have been nominated twice, which is the highest safety award you can get within the Federal Government of the United States. We are going to bring those same aspects to the international locations that we are partnering with.

我很自豪地說，美國資源公司旗下的採礦部門，我們曾經獲得哨兵安全獎。我們已獲得兩次提名，這是美國聯邦政府所能獲得的最高安全獎。我們將把這些相同的方面帶到我們合作的國際地點。

Now, will we pay something for them? Possibly, yeah. We will invest into them. I feel like given the time of what we are doing and the work and we are doing in place and bringing equipment over there and stuff to that nature will be methods of gaining interest in these mines.

現在，我們要為他們付出一些代價嗎？可能，是的。我們將投資他們。我覺得考慮到我們正在做的事情和工作以及我們正在做的工作，將設備和東西帶到那裡將是獲得對這些礦山興趣的方法。

Now, we won't run the mines. Our goal is not to operate mines within Africa. But it is to take an influential position within the mines to protect our interests and protect our future supply chains.

現在，我們不會經營礦坑了。我們的目標不是在非洲境內經營礦場。但它是要在礦場中佔據有影響力的地位，以保護我們的利益，保護我們未來的供應鏈。

Okay. So in all of the above?

好的。那麼在以上所有內容呢？

Yeah, the quick answer is all of the above. There will be some cash consideration. There will be in kind. There will be refining capacity we're bringing to the table and stuff of that nature.

是的，快速回答就是以上所有內容。會有一些現金考量。會有實物的。我們將帶來提煉能力和類似性質的東西。

Okay. I have been reading recently some coal miners here or companies that own some coal assets here are claiming rare earth critical element on some of these properties. Which leads to the question, do your coal mine, coal asset properties have rare earth critical elements on it? And isn't there some value to your property with that as well?

好的。我最近讀到，這裡的一些煤礦開採商或擁有一些煤炭資產的公司聲稱對其中一些資產聲稱擁有稀土關鍵元素。這就引出了一個問題，您的煤礦、煤炭資產中是否含有稀土關鍵元素？這對你的財產也有一定的價值嗎？

Santa Claus just came to the coal market. Every coal business is worth billions of dollars now, basically is what they are saying. Nothing against. They are great guys. I know them. They have done a good job on the mining side, on the coal side.

聖誕老人剛來到煤炭市集。現在每個煤炭企業都價值數十億美元，基本上就是他們所說的。沒什麼反對的。他們都是很棒的人。我知道他們。他們在採礦方面、煤炭方面做得很好。

Every coal property has essentially -- not every. A lot of coal properties have that same characteristic. It is nothing new. Cool that rare earth elements lithium for that matter is in your backyard in a parts per million basis.

每個煤炭資產基本上都有——但不是全部都有。許多煤炭資產都具有相同的特徵。這不是什麼新鮮事。很酷的是，稀土元素鋰就以百萬分之一的比例存在於你的後院。

Now if that property is worth $37 billion, that is phenomenal that every coal business in the country is now worth a lot more money because most coal companies have the ionic clays present on the overburden and underburden including ours, which we own.

現在，如果該財產價值370 億美元，那麼該國的每家煤炭企業現在都值更多錢，這是驚人的，因為大多數煤炭公司的上覆岩層和下覆岩層上都存在離子粘土，包括我們擁有的公司。

We are one of the largest mining companies in Eastern Kentucky from an infrastructure perspective. And we have sampled -- we worked with Penn State three years ago to do an extensive study on all of our rare earth reserves and lithium reserves at our properties. And we had -- most of the properties we sampled were actually higher grades than what they reported. And so yes, we have those exact same things.

從基礎設施的角度來看，我們是肯塔基州東部最大的礦業公司之一。我們三年前與賓州州立大學合作，對我們的所有稀土儲量和鋰儲量進行了抽樣調查。我們抽樣的大多數房產的等級實際上比他們報告的要高。是的，我們有完全相同的東西。

Now, my opinion is, it is very, very challenging to focus exclusively on mining rare earth elements from unconventional sources now. So as a mining operation, you are not going to go somebody -- they are not going to go mine that operation just to extract the rare earth elements. They will never make money doing it.

現在，我的觀點是，現在專注於從非常規來源開採稀土元素是非常非常具有挑戰性的。因此，作為採礦作業，你不會去找某人——他們不會只是為了提取稀土元素而去採礦。他們這樣做永遠不會賺錢。

Our opinion is you can use byproduct economics and you can actually make money. We are going to showcase that in West Virginia, using byproduct economics extract a valuable resource, which is your met carbon. The output of that ionic clay is your waste, your overburden, underburden, using our technologies that we have within ReElement to extract out those metals, produce a concentrate, and then feed them into ReElement to refine.

我們的觀點是，您可以利用副產品經濟學，並且實際上可以賺錢。我們將展示在西維吉尼亞州，利用副產品經濟學提取一種寶貴的資源，即冶金碳。離子黏土的產出是您的廢棄物、覆蓋層、下層覆蓋層，使用我們在 ReElement 中擁有的技術來提取這些金屬，生產濃縮物，然後將它們送入 ReElement 進行精煉。

Now, if they go through all those steps and they can do it profitably, then we would happily accept it at ReElement to refine it because they don't have that technology nor does anybody else. We do. So we hope they do. We hope they progress with that. But I think it is challenging as a standalone. Maybe they have byproducts that they are focusing on there and that'd be great.

現在，如果他們完成所有這些步驟並且可以盈利，那麼我們會很樂意在 ReElement 接受它並對其進行改進，因為他們沒有這項技術，其他任何人也沒有。我們的確是。所以我們希望他們這樣做。我們希望他們能在這方面取得進展。但我認為，作為一個獨立的個體，這是具有挑戰性的。也許他們有他們正在關注的副產品，那就太好了。

But everybody, all the coal companies, if you test their ionic clays within the coal seeds, they probably have some components of rare earth in them and/or lithium in them, which we have done, which we do have. But you got to figure out a way to make money doing it. And that is the most important thing. And do it in a cost structure that your customers can pay for it.

但是每個人，所有煤炭公司，如果你測試煤種子中的離子粘土，他們可能含有一些稀土成分和/或鋰成分，我們已經做到了，我們確實有。但你必須找到一種賺錢的方法。這是最重要的事。並以客戶可以支付的成本結構進行。

Got you. Got you. And then lastly, I guess going back to Lifecycle for a second. If they are shutting down the construction of the second part, which I guess is the processing part, they must have had relationships with some companies who, I guess, were under the assumption that they were going to be getting some of these rare critical elements that are processed as a -- from Lifecycle. I imagine that would be a logical potential customer for you.

明白你了。明白你了。最後，我想回到生命週期。如果他們要停止第二部分（我猜是加工部分）的建設，他們一定與一些公司有關係，我猜這些公司假設他們將獲得一些稀有的關鍵元素被作為生命週期中的 -- 進行處理。我想這對您來說是一個合乎邏輯的潛在客戶。

Yes. I mean, we believe. So we talked about refining; ReElement is a refining company. When you talk about recycling, those are shredding companies. Most of the people that you hear about in the United States that they say are the biggest battery recyclers, they are shredders.

是的。我的意思是，我們相信。所以我們談到了精煉； ReElement 是一家煉油公司。當你談論回收時，那些都是粉碎公司。你在美國聽到的大多數人說他們是最大的電池回收商，但他們其實是粉碎者。

They shred material, they produce black mass, and they sell it to China. That is what is done today in the United States, by the way. That is going to change here shortly, in my opinion. And I think Congress is going to open up to that and start saying, why are we shipping all this black mass and shredded batteries back to China? That is got to stop.

他們粉碎材料，生產黑色物質，然後將其出售給中國。順便說一句，這就是今天美國所做的事情。我認為這種情況很快就會改變。我認為國會將對此持開放態度並開始說，為什麼我們要將所有這些黑色物質和碎片電池運回中國？那就必須停止了。

And it slowly is. And we are seeing quite a bit of black mass come through our facilities now from these recycling companies that are testing that we are able to test with and develop partnerships with.

慢慢地就是這樣。我們現在看到相當多的黑色物質來自這些正在測試的回收公司通過我們的設施，我們能夠與它們進行測試並建立合作關係。

And we are excited about that. And we are excited about what the recyclers are doing. They are doing a lot of aggregation and they are doing a lot of shredding of batteries. And now we can refine that for them.

我們對此感到興奮。我們對回收商所做的事情感到興奮。他們正在進行大量的聚合工作，並進行了大量的電池粉碎工作。現在我們可以為他們完善這一點。

What Lifecycle was trying to do is create a hub-and-spoke model. They were trying to create these battery shredding operations throughout the country. And then they were going to build one hub up in Rochester to process it. Well, it is proof is in the pudding. Solvent extraction doesn't work in the United States.

Lifecycle 試圖做的是創建一個中心輻射模型。他們試圖在全國範圍內建立這些電池粉碎業務。然後他們將在羅徹斯特建立一個中心來處理它。嗯，證據就在布丁裡。溶劑萃取在美國不起作用。

It is too costly to build and it doesn't make money. And you can't match your CapEx with your feedstock availability and/or scale it over time. Once you build, it is what it is.

建設成本太高，而且不賺錢。而且您無法將資本支出與原料可用性相匹配和/或隨著時間的推移進行擴展。一旦你建造了，它就是它的樣子。

Our technology at ReElement is highly modular and highly scalable. And yes, we are super excited about working with all of the recycling companies throughout the United States and throughout the world to help fulfill that supply chain gap that everybody's missing.

我們 ReElement 的技術具有高度模組化和高度可擴展性。是的，我們非常高興能夠與美國和世界各地的所有回收公司合作，幫助填補每個人都缺少的供應鏈缺口。

Everybody's missing the ability to refine lithium, to refine critical minerals, to refine rare earth elements outside of China. And we can do that today and we can scale that rapidly today. And because of that, we are getting a huge amount of interest from these parties to work with them.

每個人都缺乏在中國境外提煉鋰、提煉關鍵礦物、提煉稀土元素的能力。我們今天就可以做到這一點，並且今天就可以迅速擴大規模。正因為如此，我們從這些各方那裡得到了與他們合作的巨大興趣。

Now would we be interested in the Lifecycle assets, and will we be involved in that process? For sure. Under American Metals line, which is where we would shred the batteries at, and we have developed that model to do so.

現在我們會對生命週期資產感興趣嗎？我們會參與這個過程嗎？一定。在美國金屬線下，我們將在那裡粉碎電池，我們開發了該模型來做到這一點。

But ReElement is that missing gap. It is replacing that solvent which can't be done in the United States. And our facilities are operating, proven can operate under environmental standards, and proven we can scale it rapidly, not only domestically but also internationally.

但 ReElement 正是那個缺失的缺口。它正在取代在美國無法完成的溶劑。我們的設施正在運行，並證明可以在環境標準下運行，並證明我們可以快速擴展，不僅在國內，而且在國際上。

Okay. Appreciate it. I really appreciate it. I think a good job of explaining it. Thanks a lot. Excellent.

好的。欣賞它。對此，我真的非常感激。我認為解釋得很好。多謝。出色的。

Thank you.

謝謝。

Mike Niehuser, Roth MKM.

麥克·尼胡瑟，羅斯·MKM。

Hi, Mark.

嗨，馬克。

Hi, Mike. How you doing?

嗨，麥克。你好嗎？

Good, good. Just real quick, I know we are running late here. But I noticed that it said that you would commenced the development at your Wyoming County and that you are realizing the first development. I take that as you are almost in the early throes of production and you are going to be commissioning them for the next couple quarters now? Is that close?

好好。快點，我知道我們要遲到了。但我注意到，它說您將在懷俄明州開始開發，並且正在實現第一個開發。我認為這是因為你們幾乎正處於生產的早期陣痛階段，你們現在將在接下來的幾個季度對它們進行調試？很接近嗎？

So we started the initial development of the face-ups. And in that, the nice thing about deep mine face ups is you actually will produce coal in that process and be able to monetize it. And so we are working on the Eagle team as we speak right now to develop that, with the goal of over the next few quarters to commence production there.

所以我們開始了面朝上的初步發展。在這一點上，深礦開採的好處是你實際上會在這個過程中生產煤炭並能夠將其貨幣化。因此，正如我們現在所說，我們正在與 Eagle 團隊合作進行開發，目標是在接下來的幾個季度內開始生產。

In the meantime, we will be able to generate revenues from the facility as we are expanding it, as we are developing it. So it is an exciting development. The quality there is mid-vol met coal, highest quality you can produce in the country. And the beauty of it is they are virgin greenfield operations. So that the cost structure we are going to be significantly lower than our competition.

同時，我們將能夠在擴建和開發該設施的過程中從該設施中產生收入。所以這是一個令人興奮的發展。那裡的品質是中量冶金煤，是該國可以生產的最高品質。其美妙之處在於它們是處女地運作。因此，我們的成本結構將明顯低於我們的競爭對手。

Are you stockpiling there now? Or are you actually putting it through a facility?

現在還在那裡囤貨嗎？或者你真的把它通過一個設施嗎？

It varies. I mean, it is very small right now, what we got on the ground. But over the next 30 days, we will probably truck some of it out and monetize it. I got to check on our mine licenses for those specific to be able to do so.

它有所不同。我的意思是，現在我們在地面上得到的東西非常小。但在接下來的 30 天內，我們可能會將其中一些運出並貨幣化。我必須檢查我們的採礦許可證，以了解那些特定的人是否能夠這樣做。

But right now, it will be stockpiled for the next -- over the period of time but then hopefully monetizing it. We will hopefully generate some decent revenue by the end of the year.

但現在，它將為下一段時間儲備，但希望能將其貨幣化。我們希望在今年年底能產生一些可觀的收入。

Yeah. And with Carnegie 1 and 2, you did have some production on your income statement this year or this quarter. Where did that production come from? I thought it would come from one of the Carnegies. But what is producing, I guess, right now to bring that number out? And what are the status of Carnegie 1 and 2 again, please?

是的。透過卡內基 1 和 2，您今年或本季的損益表上確實有一些成果。這些產量是從哪裡來的？我以為它會出自卡內基家族的一位之手。但我想，現在是什麼產生了這個數字呢？請問卡內基1號和2號的狀態如何？

Yeah. So we have been doing some development at the Carnegie as well. And so in that process, cutting overcast and developing it for additional sections. So that when we start off, we are not just producing from one section, we are producing from multiple sections, which means we are optimizing that cost within that process, generating some revenue out of it, during the development phase of it as well.

是的。所以我們也在卡內基進行了一些開發。因此，在這個過程中，剪掉陰天並將其開發為其他部分。因此，當我們一開始時，我們不僅僅是從一個部分進行生產，而是從多個部分進行生產，這意味著我們正在優化該流程中的成本，並在其開發階段從中產生一些收入。

So yeah. And some of our other idle operations, we generated revenue from as well. But the Carnegie 1, we are tracking really well at Carnegie 1 for the development. When we restart it, we will restart with multiple sections running, which is really important.

嗯是的。我們也從其他一些閒置業務中獲得了收入。但對於 Carnegie 1，我們在 Carnegie 1 的開發方面跟踪得非常好。當我們重新啟動它時，我們將重新啟動並運行多個部分，這非常重要。

You are covering your fixed overhead with one section. When you add that second section, you are adding about 15% more workforce, but you are doubling your production, which means your cost structure goes way down. These mines are very new mines.

您用一節來覆蓋您的固定開銷。當您添加第二部分時，您將增加約 15% 的勞動力，但您的產量將增加一倍，這意味著您的成本結構將大幅下降。這些礦都是非常新的礦。

We have pretty much developed them from the onset. And so they are set up in a way and we have been working over the last 60 to 90 days with our team there to further optimize the mine. So when we light the fire here very shortly in the next couple of weeks, they will be set up to run at very, very low cost. And we think they will be very, very profitable mines for us.

我們從一開始就已經開發了它們。因此，他們以某種方式進行了設置，在過去的 60 到 90 天裡，我們一直在與我們的團隊一起工作，以進一步優化礦山。因此，當我們在接下來的幾週內很快在這裡點火時，它們將以非常非常低的成本運行。我們認為它們對我們來說將是非常非常有利可圖的礦場。

You could almost look at the revenues then in the quarter as you know, what you received similar to Wyoming County in terms of development, commissioning, optimizing, neither one or at full tilt. But should be a much stronger first half of next year for both of them, I imagine.

您幾乎可以查看該季度的收入，如您所知，您在開發、調試、優化方面收到的收入與懷俄明縣類似，既沒有一個也沒有全力以赴。但我想，明年上半年對他們來說應該會更強勁。

Yes, I mean, going into the 2024 year, we are going to be -- one, we will be hopefully progressing very significantly, if not already making substantial progress on the monetization of the mines, which generates significant cash for American Resources as well as, or spinning them off, but also we will be producing. The goal would be to have both Carnegie 1 and Carnegie 2 both running at multiple sections before the end of the year.

是的，我的意思是，進入 2024 年，我們將——一，我們希望在礦山貨幣化方面取得非常重大的進展，即使尚未取得實質性進展，這也為美國資源公司帶來了大量現金作為，或將它們剝離，但我們也會生產。目標是在年底前讓卡內基 1 號和卡內基 2 號在多個路段同時運行。

So going into 2024, hit the ground running in a way that will be very nicely profitable. And you will start to see that the coal market got kind of whipsawed about four months ago. And we take the approach that we react quickly.

因此，進入 2024 年，以一種利潤豐厚的方式開始營運。您將開始看到大約四個月前煤炭市場出現了劇烈波動。我們採取快速反應的方法。

You don't know what things are going to do. But what we do know is we have one of the lowest cost structures from a corporate overhead perspective compared to our peers. And we have operational flexibility to do that.

你不知道事情會發生什麼事。但我們所知道的是，從公司管理費用的角度來看，與同業相比，我們擁有最低的成本結構之一。我們擁有操作靈活性來做到這一點。

Now, with that, we, we made some decisions there to do what we did. And now we are in a position where we think the coal markets are stabilizing. The China, Australia rebalance has taken place. And now that the world markets are kind of stabilized in that regard, you are starting to see supply continue to go down, and demand has been increasing. So we think it is coal prices are good right now and we think they are going to get better over the next three to four months.

現在，我們做出了一些決定，去做我們所做的事情。現在我們認為煤炭市場正在穩定。中澳再平衡已經發生。現在世界市場在這方面已經趨於穩定，你開始看到供應持續下降，而需求卻一直在增加。因此，我們認為目前煤炭價格良好，並且在未來三到四個月內將會改善。

Yeah. Well, it looks like you are holding some good cards there in your hand to plan how you want. Just real quick, please. When you looking at Africa -- and I like the way you categorize that -- is it primarily lithium or are you looking at other ores? So is it limited to lithium?

是的。嗯，看起來你手上拿著一些好牌，可以按照你想要的方式計劃。請快點。當你觀察非洲時——我喜歡你的分類方式——它主要是鋰還是你在關注其他礦石？那麼它僅限於鋰嗎？

So right now, predominantly lithium. Based on some new developments, we are also working on some rare earth ores over there that are really, really attractive.

所以現在主要是鋰。基於一些新的進展，我們也在那裡開發一些非常非常有吸引力的稀土礦石。

Okay.

好的。

We have been testing, getting some of those sent in over the last couple weeks because of some recent developments of our technology licenses. We are sampling from some cobalt mines that we know of that are run by companies that we feel very secure with.

由於我們技術許可證的一些最新進展，我們一直在進行測試，並在過去幾週內發送了其中一些內容。我們從一些我們所知道的鈷礦中取樣，這些礦是由我們感到非常安全的公司所經營的。

And then further that, I mean, we have a partnership actually our SPAC RMC has an investment in a company called Ferrox that has a significant amount of vanadium. They're energy storage is predominantly either LFP or vanadium redux batteries. And so we think vanadium is actually going to have a bit of a movement going forward. So we are looking at doing some testing and development around the vanadium as well from ReElement's perspective.

更進一步，我的意思是，我們有一個合作夥伴關係，實際上我們的 SPAC RMC 投資了一家名為 Ferrox 的公司，該公司擁有大量釩。它們的能量儲存主要是磷酸鋰鐵或釩氧化電池。因此，我們認為釩的未來實際上將會有一些變化。因此，我們正在考慮從 ReElement 的角度圍繞釩進行一些測試和開發。

Haven't done it yet, but we are working on that. So it is predominantly lithium to date, but the ability to utilize our technology for other applications. We are doing some really exciting stuff within the facilities as we speak for other applications like alumina and some other products that need high-value refining that we may insert ourselves as a component of that refining process.

還沒有做到，但我們正在努力。因此，迄今為止主要是鋰，但能夠將我們的技術用於其他應用。當我們談論氧化鋁和其他一些需要高價值精煉的產品時，我們正在設施內做一些非常令人興奮的事情，我們可以將它們作為精煉過程的一個組成部分。

ReElement is run by Chief Operating Officer Jeff Peterson, who's phenomenal; Ben Wrightsman. They are doing some amazing things there in terms of positioning the assets to be deployed into multiple avenues, multiple revenue streams over the next few years.

ReElement 由營運長 Jeff Peterson 經營，他非常出色。本·萊特曼.他們正在做一些令人驚奇的事情，將資產部署到未來幾年的多種途徑、多種收入來源。

Well, that was a good question I asked. Just real quick about Marion. Should we be looking at ReElement with Marion as being primarily rare earths not lithium. And then looking at your Noblesville facility as kind of -- did you say a pilot plant or a customer qualification lab, so to speak? Is that the right way to look at those three facilities?

嗯，這是我問的一個好問題。關於馬里昂的事情很快。我們是否應該將 Marion 的 ReElement 視為主要是稀土而不是鋰。然後看看你的諾布爾斯維爾工廠——你說的是一個試驗工廠還是一個客戶資格實驗室，可以這麼說嗎？這是看待這三個設施的正確方式嗎？

Yes. So Marion -- yeah, look at Marion and both. So Marion will be processing black mass, end-of-life batteries for lithium. And then for LFP batteries specifically is a huge market for us, 60% to 70% of the battery market. And we can extract lithium out of LFP batteries very, very economically. We are super excited about that.

是的。所以馬里昂——是的，看看馬里昂和兩者。因此，馬里昂將加工黑色的、報廢的鋰電池。然後對於磷酸鐵鋰電池來說，對我們來說是一個巨大的市場，佔電池市場的60%到70%。我們可以非常非常經濟地從磷酸鋰鐵電池中提取鋰。我們對此感到非常興奮。

We will be doing that in Marion as well as NMC, extracting out the lithium, and then further processing the nickel cobalt within the NMC batteries very, very cost effectively.

我們將在 Marion 和 NMC 中這樣做，提取鋰，然後以非常非常經濟高效的方式進一步加工 NMC 電池中的鎳鈷。

And then the rare earth ores. We are working with one automotive company, one of the larger OEMs on recycling their non-spec rotors and materials there as well as power tool markets. We are seeing a bunch of rare elements come in from different feedstocks. That is wind energy, wind turbines. But that will be Marion.

然後是稀土礦石。我們正在與一家汽車公司（較大的原始設備製造商之一）合作，回收其非規格轉子和材料以及電動工具市場。我們看到大量稀有元素來自不同的原料。那就是風能，風力渦輪機。但這將是馬里昂。

What our Noblesville facility, once we commence production at Marion, which is our current customer qualification plan, we will still produce out of there, but we will also do optimization and development. It will turn into, I think, tank lab development beyond the revenue that it will be generating to further co-develop different applications to further drive and optimize our process.

我們的諾布爾斯維爾工廠，一旦我們在馬里恩開始生產，這是我們當前的客戶資格計劃，我們仍然會在那裡生產，但我們也會進行優化和開發。我認為，它將變成坦克實驗室的開發，超出它將產生的收入，以進一步共同開發不同的應用程序，以進一步推動和優化我們的流程。

We will never stop. I mean Bob Galyen, who is on our Board of ReElement, he was the number two at CATL. Build it from zero dollar in revenue to $185 billion with Robin Zhang. It's a largest battery company in the world today. And he told me from day one, you need to always spend on R&D. If you don't, you will be left behind. And that man knows what he is talking about.

我們永遠不會停止。我指的是 Bob Galyen，他是我們 ReElement 董事會的成員，他是寧德時代的二號人物。與 Robin Chang 一起將其收入從零增加到 1,850 億美元。它是當今世界上最大的電池公司。他從第一天起就告訴我，你需要始終在研發上投入資金。如果你不這樣做，你就會被拋在後面。那個人知道他在說什麼。

We will do that same thing. And Noblesville will be a great facility for us to do that beyond the revenue it will generate. And then obviously, Kentucky lithium will be processing lithium ores from Africa, Canada, and some other locations. But in Knott county, yes.

我們也會做同樣的事情。諾布爾斯維爾將成為我們實現這一目標的絕佳場所，而不僅僅是它所產生的收入。顯然，肯塔基鋰業將加工來自非洲、加拿大和其他一些地區的鋰礦石。但在諾特縣，是的。

Marion will be both. Knott Count predominantly lithium and then Noblesville will be all of the above but also resin development, technology development, as well to further optimize our cost structures.

馬里昂將兩者兼而有之。 Knott Count 主要是鋰礦，然後 Noblesville 將實現上述所有目標，同時也進行樹脂開發、技術開發，並進一步優化我們的成本結構。

And then you are also looking to co-locate opportunities where possible, as you mentioned. Why would you not co-locate with your lithium closer to your lithium mine, if there is -- as you look at things unfold?

然後，正如您所提到的，您也希望盡可能地尋找共同定位的機會。如果有的話，為什麼不把你的鋰礦放在更靠近你的鋰礦的地方——正如你所看到的那樣？

We will. I mean, I have been in Africa three times in the last six months and heading back probably in another month to further progress the deal we are working on there. We will build refining capacity over there.

我們將。我的意思是，過去六個月我已經去過非洲三次，可能再過一個月就會回來，以進一步推進我們正在那裡達成的協議。我們將在那裡建立煉油能力。

Now having the Kentucky lithium site up and running, we will always export certain amount of product back to the United States that provides us redundancy for our customer base. And customers, especially when you are dealing with the customers we are dealing with, they want to derisk it any way you possibly can.

現在肯塔基州鋰工廠已建成並運行，我們將始終將一定數量的產品出口回美國，這為我們的客戶群提供了冗餘。而客戶，尤其是當您與我們正在處理的客戶打交道時，他們希望盡一切可能降低風險。

And being able to feed their supply chain from multiple angles, multiple locations is paramount. And there is a lot of locations in Africa today that are producing lithium spodumene and/or other lithium-bearing ores that we can't build in each one of them today. Now down the road, we can. But there is a select site.

能夠從多個角度、多個地點為供應鏈提供支援至關重要。如今非洲有很多地方都在生產鋰輝石和/或其他含鋰礦石，但我們今天無法在每個地方都進行生產。現在，我們可以。但有一個精選站點。

We have got three sites in Africa that we are looking at building refining capacity at, working with our local partners on the financing aspect of it, the structure of it, site location, all that good stuff. So we can build local refining. Now also having that redundancy back in the United States is a de-risking mechanism for our customers.

我們在非洲有三個煉油廠，我們正在考慮建立煉油廠能力，與當地合作夥伴在融資方面、結構、廠址位置等方面合作。所以我們可以建立本地煉油廠。現在，將這種冗餘返回美國對我們的客戶來說是一種降低風險的機制。

Are you thinking about recycling catalytic inverters?

您是否正在考慮回收催化逆變器？

Not looking at catalytic converters as currently. But I will say in our Marion facility which is progressing really, really nicely, we will further build out the lab there, too. We will, down the road, work on other applications.

目前不考慮催化轉換器。但我要說的是，我們的馬里恩工廠進展得非常非常好，我們也將在那裡進一步建造實驗室。我們將在未來開發其他應用程式。

Like I said, alumina, some high nickel content applications, germanium, gallium, looking at the ability to utilize our technology for refining all other materials as well. Catalytic inverters, probably not as much.

就像我說的，氧化鋁、一些高鎳含量的應用、鍺、鎵，我們正在研究利用我們的技術精煉所有其他材料的能力。催化逆變器，可能沒有那麼多。

Not a market. I don't know. I mean, I don't want to say no to anything, but our lab and our team that we are building there could look at a number of different applications. Catalytic inverters, how they are sourced is on sometimes a little bit negative.

不是市場。我不知道。我的意思是，我不想拒絕任何事情，但我們在那裡建立的實驗室和團隊可以研究許多不同的應用程式。催化逆變器的來源有時有點負面。

Well, just a comment. I really like what you said about the ionic clays, for lithium and rare earth, since that is kind of where you got into this whole ReElement business to begin with. But if somebody just listened to this call for the first time, they would think that you are trying to or planning on supplanting the entire refinery industry. And then they would kind of walk away probably incredulous, having not seen your success firsthand.

嗯，只是一個評論。我真的很喜歡你所說的關於鋰和稀土離子黏土的說法，因為這就是你進入整個 ReElement 業務的起點。但如果有人第一次聽到這個呼籲，他們會認為你正在嘗試或計劃取代整個煉油行業。然後他們可能會難以置信地走開，因為沒有親眼目睹你的成功。

But that is kind of the direction you are going, isn't it? To be just real opportunistic, to exploit every opportunity you can anywhere along the supply chain from beginning to end.

但這就是你前進的方向，不是嗎？真正的機會主義，從頭到尾利用供應鏈上任何地方的每一個機會。

10 years from now, ReElement will display solvent extraction in the world. Now the legacy facilities will be running, but nobody will build a new one. Our technology is superior. It is lower cost, it is more environmentally sensitive, and it is highly scalable. I'm highly confident of that.

10年後，ReElement將在全球展示溶劑萃取技術。現在，遺留設施將繼續運行，但沒有人會建造新設施。我們的技術更優越。它成本更低，對環境更敏感，並且具有高度可擴展性。我對此非常有信心。

Now, we continue to prove it. And to your point, yes, we got into this space by -- we developed ReElement by just trying to treat environmental liability. That is why we developed the business plan over nine years ago.

現在，我們繼續證明這一點。就你的觀點而言，是的，我們進入這個領域是因為我們開發了 ReElement，只是試圖解決環境責任問題。這就是我們九年前製定業務計劃的原因。

When we bought the mines, we were treating water with it. That is why we developed the electrolysis technology with Dr. Bodi. That is how I met Dr. Wang because we were looking for -- once we could concentrate it, we were looking for a way to refine it. We have been building this for a long time.

當我們購買礦山時，我們正在用它來處理水。這就是我們與 Bodi 博士一起開發電解技術的原因。這就是我遇到王博士的原因，因為我們一直在尋找——一旦我們能夠集中它，我們就在尋找一種改進它的方法。我們已經建造這個項目很長時間了。

We have also been processing commodities for 20 years. Lithium, rare earth elements, all this stuff. They are commodities. People think it is really sexy and exciting and you can jump into it and it is just -- you can print money if you just build something.

我們也從事商品加工 20 年。鋰、稀土元素，所有這些東西。它們是商品。人們認為它真的很性感和令人興奮，你可以跳進去，如果你只是建造一些東西，你就可以印鈔票。

That is not the case. You still have to have a cost structure that makes sense. And you still have to be able to -- to do it in a way that is, one, commensurate with product quality your customers actually want. That is what ReElement does.

事實並非如此。您仍然必須有一個合理的成本結構。而且您仍然必須能夠以一種與客戶實際想要的產品品質相稱的方式來做到這一點。這就是 ReElement 所做的事。

But we are also building that on the backbone of a team that is been processing commodities for a really long time and understand how to survive those markets. And we have done it. We are -- hell, 95% of the coal business around us went bankrupt during the eight years when we were growing our business.

但我們也在建立一個長期從事商品加工並了解如何在這些市場生存的團隊的骨幹基礎上。我們已經做到了。我們——見鬼，在我們發展業務的八年裡，我們周圍 95% 的煤炭企業都破產了。

And we are now one of the largest, longest standing coal mining operations in eastern Kentucky today. Because we never went bankrupt cause, we have built our business model to survive and thrive.

如今，我們是肯塔基州東部規模最大、歷史最悠久的煤礦開採企業之一。因為我們從未破產，所以我們建立了自己的商業模式來生存和發展。

The Knott site came in handy, too. That's awesome, right?

諾特網站也派上了用場。太棒了，對吧？

Yeah. And the people there are phenomenal.

是的。那裡的人們都非常出色。

Well, thanks for taking all my questions and appreciate it very much. And congratulations on all the things you have done, especially with the non-dilutive financings is really quite hard to take all in. Thank you.

嗯，感謝您回答我所有的問題，非常感謝。恭喜你所做的一切，特別是非稀釋性融資，真的很難接受。謝謝。

Well, 100%, I appreciate it. And non-dilutive financings are key. We are all shareholders. I mean, that is what motivates us when we wake up in the morning, making sure we are protecting the dilution within the company, and also positioning it to grow.

嗯，100%，我很感激。非稀釋性融資是關鍵。我們都是股東。我的意思是，這就是我們早上醒來時的動力，確保我們保護公司內部的稀釋，並使其成長。

So it is not sitting on our hands, just hoping financing comes in. It is making moves to bring in innovative capital. Kirk Taylor, our CFO, has done an absolutely phenomenal job at that. I mean, the guys -- he is super smart on how to make sure we protect the shareholders through capital allocation.

因此，它並沒有坐視我們，只是希望融資進來。它正在採取措施引入創新資本。我們的財務長柯克泰勒（Kirk Taylor）在這方面做得非常出色。我的意思是，這些傢伙——他非常聰明，知道如何確保我們透過資本配置來保護股東。

Thanks for your questions.

感謝您的提問。

It appears we have no further questions at this time. I'd like to turn the program back to the speakers for any additional or closing remarks.

目前看來我們沒有其他問題了。我想將節目轉回給發言人，讓他們發表補充或結束語。

Excellent. Well, I have kept you guys on here for quite a while. One, I want to thank you all for joining. We know you have better other things to do and taking a few minutes out of your day to listen to us speak. We appreciate that. We couldn't be more excited and thankful for the position we are in, the team that we built, and the opportunities we have in front of us.

出色的。好吧，我已經把你們留在這裡很長一段時間了。第一，我要感謝大家的加入。我們知道您還有其他更重要的事情要做，因此請抽出幾分鐘來聽我們講話。我們對此表示讚賞。對於我們所處的位置、我們建立的團隊以及我們面前的機會，我們感到非常興奮和感激。

The next few months, next few weeks, next few days are going to be quite exciting for us. Please stay tuned to what we accomplished as a business. It is going to take a lot of groundwork and we are prepared to do that to take this business to the next level.

接下來的幾個月、幾週、幾天對我們來說將是非常令人興奮的。請繼續關注我們作為企業所取得的成就。這需要大量的基礎工作，我們準備好這樣做，以將這項業務提升到一個新的水平。

And eventually, our marketplace will respond to that. As one of the management and some of the largest shareholders in this company, obviously, we care about market value. We care about it over the long term. And we know that fundamental business development and expansion will eventually drive market value.

最終，我們的市場將對此做出回應。作為這家公司的管理階層之一和一些最大股東，顯然，我們關心市場價值。我們長期關心它。我們知道，基礎業務的發展和擴張最終將推動市場價值。

But I thank you all for your time. Excited about the future and look forward to speaking to you again here in the near term.

但我感謝大家抽出時間。對未來感到興奮，並期待在不久的將來再次與您交談。

This does conclude today's program. Thank you for your participation, and you may disconnect at any time.

今天的節目到此結束。感謝您的參與，您可以隨時斷開連線。