American Resources Corp (AREC) 2024 Q3 法說會逐字稿

Greetings, and welcome to the American Resources Corporation third-quarter 2024 conference call. (Operator Instructions)

您好，歡迎參加美國資源公司 2024 年第三季電話會議。（操作員指示）

As a reminder, this conference is being recorded. At this time, I would like to turn the call over to Mark LaVerghetta, Executive Vice President. Please go ahead, Mark.

提醒一下，本次會議正在錄製中。現在，我想將電話轉給執行副總裁 Mark LaVerghetta。請繼續，馬克。

Thank you. Good afternoon, everyone. On behalf of American Resources Corporation, I'd like to welcome everyone to our Third Quarter of 2024 Conference Call and business update. We always welcome these opportunities to provide an update on our business and discuss our accomplishments we've made over the past several months and how we're uniquely positioned within the markets that we serve for our American Infrastructure, 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 2024 年第三季電話會議和業務更新。我們始終歡迎這些機會來更新我們的業務並討論我們在過去幾個月中取得的成就以及我們在美國基礎設施、美國金屬和 ReElement Technologies 部門所服務的市場中的獨特地位。

On the call today, along with myself, is Mark Jensen, our Chairman and CEO; and Tom Sauve, our President.

今天參加電話會議的還有我本人，我們的董事長兼執行長馬克‧詹森 (Mark Jensen)；以及我們的總裁湯姆‧索夫 (Tom Sauve)。

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 statement.

在我們開始之前，我想提醒大家注意我們通常的警告聲明。今天電話會議上討論的某些聲明構成《私人證券訴訟改革法案》所定義的前瞻性聲明。這些前瞻性陳述受風險、不確定性和其他因素的影響，可能導致實際結果與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.

在考慮前瞻性陳述時，您應該牢記風險因素、不確定性和其他警告聲明，這些都列在我們的新聞稿和美國證券交易委員會文件中。我們也不承擔因新資訊、未來事件或其他原因而更新或修改任何前瞻性聲明的義務。

Lastly, for anyone wanting to ask a question on today's call, I believe you'll need to dial in by phone to get into the queue. With that, we're going to slightly modify the cadence of today's call.

最後，對於任何想在今天的電話會議上提問的人，我相信您需要透過電話撥號才能加入隊列。因此，我們將稍微修改一下今天電話會議的節奏。

Mark Jensen will deliver a prepared letter to our shareholders that will also be released shortly this afternoon. Then we'll get into question and answers.

馬克詹森 (Mark Jensen) 將向我們的股東遞交一封準備好的信，該信也將於今天下午不久發布。然後我們進入問答環節。

So with that, I'd like to now turn the call over to Mark Jensen, our Chairman and CEO.

因此，我現在想將電話轉給我們的董事長兼執行長馬克詹森 (Mark Jensen)。

Thanks, Mark, and I want to thank you all for joining. The plan for the call, as Mark mentioned, is going to be a slightly different approach to and with a focus of providing an update on the current progress of the transformation of our business as well as the history of where we started. When it comes to the energy transition, we are confident we are ahead of the curve.

謝謝，馬克，我想感謝大家的加入。正如馬克所提到的，這次電話會議的計劃將採用略有不同的方式，重點是提供有關我們業務轉型的當前進展以及我們起步的歷史的最新資訊。在能源轉型方面，我們有信心走在前面。

We recently wrote a shareholder letter title, building the only rare and critical mineral refining platform from the depths of a metallurgical carbon business, which we define as a true energy transition. First, I want to extend my heartfelt thanks to all the shareholders and our team members.

我們最近寫了一封股東信，標題是從冶金碳業務的深處構建唯一的稀有關鍵礦物精煉平台，我們將其定義為真正的能源轉型。首先，我向全體股東和全體團隊成員表達最誠摯的感謝。

Recently, I reconnected with a mentor, friend and someone I consider family, a person of great wisdom who's overcome immense challenges and always emerged stronger. He shared many insights, but one stood out. The importance of expressing empathy and acknowledging the struggles of our shareholders in challenging markets.

最近，我與一位導師、朋友和一位我視為家人的人重新取得了聯繫，他是一位非常有智慧的人，他克服了巨大的挑戰，並且總是變得更加強大。他分享了許多見解，但其中一條最為突出。表達同情並承認股東在充滿挑戰的市場中所面臨的困難非常重要。

This resonates deeply with me and our team. We understand the frustrations and the pain that come with declining stock prices. We recognize that people in our company -- we recognize that people invest in our company for its potential, and it is our responsibility to deliver.

這引起了我和我們團隊的強烈共鳴。我們了解股價下跌帶來的挫敗感和痛苦。我們認識到，我們公司的員工——我們認識到，人們投資我們公司是為了它的潛力，而實現這一目標也是我們的責任。

Our focus as a team has been to stay committed, work harder, push ourselves and dig deeper to drive business success, which we believe will ultimately be reflected in market value. While some of these efforts may be visible externally, and with some of these efforts may not be visible externally and cannot be shared on a daily basis.

作為一個團隊，我們的重點是保持承諾、更加努力工作、推動自己並深入挖掘以推動業務成功，我們相信最終將反映在市場價值中。其中一些努力可能在外部可見，而另一些努力可能在外部不可見，並且無法每天分享。

I want to assure you that we are fully committed and confident in our trajectory. We feel the same urgency for our execution, and we're dedicated to achieving the fundamental value for our -- that our shareholders deserve. Our team is ready to go the distance to make this reality, and we have the steps in motion to unlock this value.

我想向你們保證，我們完全致力於我們的發展軌跡並充滿信心。我們對執行有著同樣的迫切感，我們致力於實現股東應得的根本價值。我們的團隊已準備好竭盡全力實現這一目標，並且我們已經採取措施來釋放這一價值。

Historically, our shareholder base has been predominantly consistent of management and over 25,000 retail shareholders. Since management was a primary funding source for the business when we started and initially funded the company, we have not had -- we have not traditionally had a large institutional shareholder base.

從歷史上看，我們的股東基礎主要由管理層和超過 25,000 名散戶股東組成。由於在我們創辦公司並最初為其提供資金時，管理層是公司的主要資金來源，因此我們傳統上並沒有龐大的機構股東基礎。

Fortunately, as the businesses have expanded, we have started to attract the attention from larger investors, and we believe that the support from these institutional investors is continuing to grow and will continue to grow as we execute as a business.

幸運的是，隨著業務的擴大，我們開始吸引更大投資者的關注，我們相信這些機構投資者的支持正在持續增長，並將隨著我們業務的開展而繼續增長。

As both shareholders and management, we share the frustration over the current market value. We are fully committed to fighting for our shareholders, to bring fundamental value and to ensuring that our stock reflects the value for everyone, from those with 10 million shares to those with 10.

作為股東和管理層，我們對當前的市場價值感到沮喪。我們全力致力於為股東而戰，創造根本價值，並確保我們的股票能反映每個人的價值，從擁有 1,000 萬股到擁有 1,000 萬股的股東。

While we acknowledge that we haven't always met our goals due to factors both within and beyond our control, we believe strongly in our exceptional portfolio of assets, which are strategically positioned to create substantial value. We are proud of the steps and the progress we've made to reach this point and are committed to working tirelessly towards the success, so that all shareholders benefit equally.

雖然我們承認由於我們控制範圍內和範圍外的因素，我們並不總是能夠實現我們的目標，但我們堅信我們卓越的資產組合具有戰略優勢，可以創造巨大的價值。我們為實現這一目標所採取的步驟和取得的進展感到自豪，並致力於不懈努力，爭取成功，讓所有股東平等受益。

The operating teams have demonstrated remarkable innovation and adaptability. I'm proud to report's significant progress across ReElement Technologies, American Metals, American Infrastructure as well as our holdings in Royalty Management Holding Corporation and Novusterra Inc. These achievements showcase our dedication not only for business goals, but also to the core values of the community and our responsibilities. ReElement Technologies Corporation is an amazing opportunity and amazing business.

營運團隊展現了卓越的創新能力和適應能力。我很自豪地報告我們在 ReElement Technologies、American Metals、American Infrastructure 以及我們在 Royalty Management Holding Corporation 和 Novusterra Inc. 的持股方面取得了重大進展。這些成就不僅展現了我們對業務目標的奉獻精神，也展現了我們對社區核心價值和我們責任的奉獻精神。ReElement Technologies Corporation 是一個令人驚嘆的機會和令人驚嘆的企業。

As we look to the highest value denominator of our business, I'd like to provide some background on ReElement Technologies. ReElement was born out of the efforts to address environmental cleanup from legacy mining operations associated with our carbon assets.

當我們著眼於業務的最高價值時，我想提供一些有關 ReElement Technologies 的背景資訊。ReElement 誕生的初衷是為了解決與我們的碳資產相關的遺留採礦作業的環境清理問題。

When we acquired eight companies, five of them through bankruptcies, we inherited significant environmental liabilities from previous operators. Unlike many companies that defer these issues, we took a proactive approach to address and clean up the environmental impact, challenging industry norms, frustrating landowners that wanted to leave these legacy liabilities outstanding and facing resistance for doing the things differently.

當我們收購了八家公司（其中五家是透過破產收購的）時，我們從先前的營運商那裡繼承了重大的環境責任。與許多推遲這些問題的公司不同，我們採取了積極主動的方式來解決和清理環境影響，挑戰行業規範，讓那些想留下這些遺留債務的土地所有者感到沮喪，並面臨以不同方式做事的阻力。

Through this process, we remediated over 7,000 acres of land and secured more than $20 million in environmental bond releases. Most importantly, we laid the foundation for ReElement Technologies, prioritizing innovation and technology over dumping chemicals into waterways and transforming our approach to environmental stewardship.

透過這個過程，我們修復了超過 7,000 英畝的土地，並獲得了超過 2,000 萬美元的環境債券發行。最重要的是，我們為 ReElement Technologies 奠定了基礎，優先考慮創新和技術，而不是將化學物質傾倒到水道中，並改變了我們的環境管理方法。

ReElement was initially founded to focus on the separation and purification of the metals extracted from acid mine drainage sites and mine waste. At the time, China dominated 95% of the refining market for rare earth elements and critical minerals, creating a challenging single-source economy. We faced a choice, either send our concentrates to China at a loss, or innovate to create a viable domestic solution.

ReElement 最初成立的目的是致力於從酸性礦山排水場所和礦山廢料中提取金屬的分離和淨化。當時，中國佔了稀土元素和關鍵礦物精煉市場的95%，形成了充滿挑戰的單一來源經濟。我們面臨一個選擇，要麼虧本將精礦運往中國，要麼創新以創造可行的國內解決方案。

Our team spent years evaluating technologies for potential applications in the US market and quickly realized that traditional solvent-based or hydrometallurgical extraction methods were neither economically nor environmentally sustainable for domestic use. These methods are capital intensive, have high operating costs and are environmentally harmful and lack versatility of varying feedstocks, whether recycled or naturally sourced.

我們的團隊花了數年時間評估在美國市場具有潛在應用的技術，並很快意識到傳統的基於溶劑或濕式冶金的萃取方法對於家庭使用來說既不經濟也不環保。這些方法資本密集，營運成本高，對環境有害，並且缺乏對各種原料（無論是回收原料還是天然原料）的多功能性。

Furthermore, we recognize that competing against China, its low labor costs and relaxed environmental standards, using similar processes would not be viable for the rest of the world. ReElement prioritized innovation and partnered with Purdue University, who is well ahead of the development of the electrified economy.

此外，我們認識到，採用類似的工藝與中國競爭，其低廉的勞動力成本和寬鬆的環境標準對於世界其他地區來說是不可行的。ReElement 重視創新，並與在電氣化經濟發展方面遙遙領先的普渡大學合作。

Today, we have developed a versatile, multi-mineral, multi-feedstock platform technology capable of separating and purifying high-value critical minerals, including lithium, cobalt, nickel, dysprosium, terbium, neodymium, praseodymium as well as work on niobium, high-purity alumina or HPA, silica and copper.

如今，我們已經開發出一種多功能、多礦物、多原料平台技術，能夠分離和純化高價值的關鍵礦物，包括鋰、鈷、鎳、鏑、铽、釹、镨，以及鈮、高純度氧化鋁或HPA、二氧化矽和銅。

Not only can we separate and purify these elements, but we can do so at a cost that is competitive or even lower than China's. ReElement is disrupting the monopoly by delivering higher quality products and lower cost, establishing a natural hedge in the market.

我們不僅可以分離和純化這些元素，而且我們的成本與中國相比具有競爭力，甚至更低。ReElement 透過提供更高品質的產品和更低的成本來打破壟斷，在市場上建立自然對沖。

We achieve this using our own capital with a focus on creating a platform that can catalyze and synthesize a robust critical mineral supply chain outside of China. Although we have been approached with funding offers from Chinese nationals, we have consistently declined, choosing instead to protect long-term value for our shareholders.

我們利用自有資本來實現這一目標，重點是創建一個能夠催化和合成中國境外強大的關鍵礦產供應鏈的平台。儘管中國公民曾向我們提出融資建議，但我們始終拒絕，而是選擇保護股東的長期價值。

Today, we are producing rare earth elements and battery materials for our customers out of our customer qualification plant in Noblesville, Indiana. We are also in the process of ordering equipment for our Marion Advanced Technology Center in Marion, Indiana, which spans 400,000 square feet on 42 acres. We are confident that this facility will become the largest producer of separated and purified rare earth oxides, including dysprosium, terbium, neodymium and praseodymium outside of China.

今天，我們在位於印第安納州諾布爾斯維爾的客戶認證工廠為客戶生產稀土元素和電池材料。我們還正在為位於印第安納州馬里昂的馬里昂先進技術中心訂購設備，該中心佔地 42 英畝，建築面積 400,000 平方英尺。我們有信心，工廠將成為中國以外最大的鏑、铽、釹、镨等稀土氧化物分離純化生產商。

Additionally, it is poised to be a major, if not the largest producer of lithium carbonate equivalent in the United States. We have also begun dismantling our Knox County coal processing plant, which we acquired from Arch Coal. This facility was previously owned and operated by Wilbur Ross' International Coal Group.

此外，該公司有望成為美國主要的碳酸鋰生產商，甚至最大的生產商。我們也開始拆除從 Arch Coal 收購的諾克斯縣煤炭加工廠。該設施之前由威爾伯羅斯的國際煤炭集團擁有和營運。

Our plan is to repurpose this site for a lithium refinery sourcing ores both domestically and internationally. We take pride in the genuine energy transition project, which leverages American ingenuity and builds on the region's rich history in commodity processing in Eastern Kentucky. We continue to make daily progress on our goals, all while being mindful of minimizing shareholder dilution by grinding forward every day and when the right opportunity arises, we act decisively to capture them.

我們的計劃是將該地點重新利用為鋰精煉廠，從國內外採購礦石。我們為真正的能源轉型計畫感到自豪，該計畫充分利用了美國人的聰明才智，並以肯塔基州東部地區豐富的商品加工歷史為基礎。我們每天都在朝著我們的目標前進，同時時刻注意透過每天的努力將股東權益稀釋降至最低，當合適的機會出現時，我們會果斷採取行動來抓住它們。

In this regard, we utilize alternative and flexible capital strategies such as bond offerings and incentives to drive our growth. We are proud of the work we're accomplishing behind the scenes and look forward to sharing more positive developments as our domestic supply chain evolves and our partners permit us to announce them.

在這方面，我們利用債券發行和激勵措施等替代和靈活的資本策略來推動我們的成長。我們為幕後所完成的工作感到自豪，並期待隨著我們的國內供應鏈的發展和合作夥伴允許我們宣布這些進展，分享更多積極的發展。

As a team of individuals with direct military service or family members who have served, I can confidently say that we are 100% committed to fulfilling our mission to establish a critical rare element supply chain. Our goal is to catalyze the reshoring of our defense industrial base to strengthen national security for the United States and our allied nations.

作為一支由直接服役人員或其家人服役的個人組成的團隊，我可以自信地說，我們 100% 致力於完成建立關鍵稀有元素供應鏈的使命。我們的目標是促進國防工業基礎的回流，以加強美國及其盟國的國家安全。

We are the solution that can provide ultrapure rare earth elements for F35 fighter jets, nuclear submarines, drones and lithium for battery for military communication units. This challenge cannot and will not be solved by traditional hydromet or solvent-based refining methods, a fact that is being proven today and will be evident over the next five years. Our path forward is driven by innovation and entrepreneurship, not legacy practices.

我們是能夠為 F35 戰鬥機、核潛艇、無人機提供超純稀土元素以及為軍用通訊設備提供電池用鋰的解決方案。這項挑戰無法也不會透過傳統的濕式或溶劑型精煉方法得到解決，這一事實目前已得到證實，並將在未來五年內得到證實。我們前進的道路是由創新和創業精神驅動的，而不是由傳統做法驅動的。

We firmly believe that ReElement's refining solution is leading the market, any alternative spending will ultimately prove to be wasted capital.

我們堅信，ReElement 的精煉解決方案引領市場，任何替代性支出最終都將被證明是浪費資本。

We are also excited that we have recently completed our initial closing of our financing at the ReElement level and announced our record date and distribution date for ReElement's separation as a stand-alone company. We're confident this will help us drive shareholder value and help ReElement to grow at a faster clip.

我們也很高興，我們最近完成了 ReElement 層級的首次融資結束，並宣布了 ReElement 作為獨立公司分離的記錄日期和分配日期。我們相信這將幫助我們提高股東價值並幫助 ReElement 以更快的速度發展。

I'd like to touch briefly on American Infrastructure Corporation, or formerly known as American Carbon Corporation. This business line is the focus of our metallurgical carbon and iron ore production. Through its growth, the company has consolidated valuable assets and can be -- and has been restructured to solely focus on high-value, high-margin products.

我想簡單談談美國基礎建設公司（原名美國碳公司）。該業務線是我們冶金碳和鐵礦石生產的重點。透過發展，該公司鞏固了寶貴的資產，並已進行重組，完全專注於高價值、高利潤的產品。

As we expanded, we built an independent team capable of driving the value and our shareholders as a separate entity. Our focus for this division is for our contractors to start production imminently, with the focus of turning this effectively into a royalty-based company, capturing top line revenue royalty streams from the high-quality assets that we have with a focus on our McCoy Elkhorn complex and Wyoming County complex.

隨著我們的擴張，我們建立了一個獨立的團隊，能夠以獨立的實體推動價值和股東。我們對該部門的關注點是讓我們的承包商立即開始生產，重點是將其有效地轉變為一家以特許權使用費為基礎的公司，從我們擁有的高品質資產中獲取最高收入特許權使用費流，重點是我們的麥考伊埃爾克霍恩綜合體和懷俄明縣綜合體。

We are making significant developments and growth towards that plan and are confident in the plan that our CEO, Tarlis Thompson, has developed for our metallurgical carbon division. American Metals has advanced as a business and now developing innovative strategies to preprocess rare earth elements and critical minerals as well as continue with the steel recycling component of its business.

我們正在朝著該計劃取得重大進展和增長，並對我們的執行長塔利斯湯普森為我們的冶金碳部門制定的計劃充滿信心。美國金屬公司業務不斷進步，目前正在製定創新策略，對稀土元素和關鍵礦物進行預處理，並繼續進行鋼鐵回收業務。

The legacy business leveraged reclamation from previously acquired coal mine operations, primarily scrapping and recovering ferrous metals through the affiliation with ReElement; has garnered knowledge and know-how of optimal and efficient processing methods to produce products that can be efficiently refined back to ultrapure critical minerals.

該傳統業務利用先前收購的煤礦業務的回收利用，主要透過與 ReElement 合作來廢棄和回收黑色金屬；已經獲得了最佳和高效加工方法的知識和技術訣竅，可以生產出可以高效精煉回超純關鍵礦物的產品。

Recently, we have partnered with Lohum Cleantech, India's leading battery recycling and reuse company, to preprocess batteries, creating materials that can service feedstock for ReElement Technologies in a cost-effective, environmentally conscious way. We are pushing to progress on our merger with AI Transportation Acquisition Corp.

最近，我們與印度領先的電池回收和再利用公司 Lohum Cleantech 合作，對電池進行預處理，以經濟高效、環保的方式創造出可以為 ReElement Technologies 提供原料的材料。我們正在推動與 AI Transportation Acquisition Corp 的合併。

The company has received comments from the SEC on S-4 registration, which we believe can be addressed with minimal effort, and we are pushing the team to be responsive to such questions to get this project -- to get American Metals spun out and as a standalone public company.

公司已收到美國證券交易委員會關於 S-4 註冊的評論，我們相信這個問題可以用最少的努力來解決，我們正在敦促團隊對這些問題做出回應，以完成這個項目——讓美國金屬公司分拆出來成為一家獨立的上市公司。

One of our holdings, Royalty Management Holding Corporation, we believe has substantial opportunity and substantial value based on the growth and development of its platform. Royalty Management is an innovative royalty company and streaming company with a highly attractive portfolio of holdings.

我們相信，我們控股的公司之一 Royalty Management Holding Corporation 基於其平台的成長和發展，擁有巨大的機會和價值。Royalty Management 是一家創新特許權使用費公司和串流媒體公司，擁有極具吸引力的資產組合。

At the time of leaseback merger, as with most SPACs, the majority of the capital was not retained by the company. SPACs have largely become a mechanism for hedge funds to temporarily park money and retain warrants, with little intent from investors to remain in the transaction. Due to these redemptions, the company now has a significantly smaller float and less capital to deploy than initially anticipated.

在回租合併時，與大多數 SPAC 一樣，大部分資本並未被公司保留。SPAC 在很大程度上已成為對沖基金暫時存放資金和保留認股權證的一種機制，投資者幾乎沒有意願繼續參與交易。由於這些贖回，該公司現在的流通股數量和可供部署的資本都比最初預期的要少得多。

Nonetheless, the company has an exciting business model focusing on creating value, increasing cash flow and growing equity stakes in its holdings.

儘管如此，該公司擁有令人興奮的商業模式，專注於創造價值、增加現金流和增加其持有的股權。

Since the merger, it has made several notable investments and has repurchased its stock, retiring those shares. We believe the company is currently undervalued, but as it expands its communication, we expect that value to be reflected in the market. American Resource is a major holder of Royalty Management Corporation, including warrants and stock of over 3 million shares.

自合併以來，該公司已進行了幾項值得注意的投資，並回購了股票，退出了這些股票。我們認為該公司目前被低估，但隨著其傳播範圍的擴大，我們預計該價值將在市場上得到體現。American Resource 是 Royalty Management Corporation 的主要股東，持有超過 300 萬股認股權證和股票。

Another holding we have in Novusterra Inc., we are extremely excited about the progress of Novusterra. The company collaborating with Kenai Defense in partnership with the United States Air Force and the Army to develop high-value applications for graphene in carbon nano structures.

我們持有 Novusterra Inc. 的另一家控股公司，我們對 Novusterra 的進展感到非常興奮。該公司與 Kenai Defense 以及美國空軍和陸軍合作開發碳奈米結構中石墨烯的高價值應用。

The company recently -- the company has recently and had its selling shareholder S-1 approved by the SEC, and will soon file a new issuance S-1, aiming to use an underwriter to raise capital and list on a national exchange. Novusterra plans to submit the S-1 in the near future, and we are enthusiastic about the continued progress.

該公司最近——該公司最近已獲得美國證券交易委員會 (SEC) 批准其出售股東 S-1，並將很快提交新的發行 S-1，旨在利用承銷商籌集資金並在國家交易所上市。Novusterra 計劃在不久的將來提交 S-1，我們對持續的進展感到興奮。

In closing, we remain committed to keeping you informed and engaged as we navigate this journey together. Your feedback is invaluable, and I encourage you to share your thoughts and questions. Our relationship with you is fundamental to our success and we are dedicated to ensuring your voice is heard and valued.

最後，在我們共同踏上這趟旅程的過程中，我們將繼續致力於讓您了解情況並參與其中。您的回饋非常寶貴，我鼓勵您分享您的想法和問題。我們與您的關係是我們成功的基礎，我們致力於確保您的聲音被聽到和重視。

Thank you for your continued trust and partnership. Together, I am confident we can capitalize on these opportunities and build a brighter future for American Resources, ReElement Technologies, American Metals, American Infrastructure, Royalty Management Holding Corporation and Novusterra Inc.

感謝您一直以來的信任與合作。我相信，我們可以共同利用這些機會，為美國資源公司、ReElement Technologies、美國金屬公司、美國基礎設施公司、Royalty Management Holding Corporation 和 Novusterra Inc. 創造更美好的未來。

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

說完這些，我想將電話轉回給主持人一些問答。

(Operator Instructions) Kyle Gallagher, Merrill Lynch.

（操作員指示） 凱爾·加拉格爾 (Kyle Gallagher)，美林證券。

Yes. Mark, I just wanted to kind of circle back in a previous conference call on the ReElement side. I had asked you about some rare earth sales, and you said you had one customer that was willing to take everything that you could produce, but you didn't want to go down that path.

是的。馬克，我只是想回顧一下 ReElement 方面之前的電話會議。我曾向您詢問過一些稀土銷售的情況，您說您有一個客戶願意購買您生產的所有稀土產品，但您不想走這條路。

I'm just kind of curious if you could give a color as to why and give some thoughts or some commentary on what you see like the ramp in revenue for ReElement looking like? I know you got the facility in Noblesville, where you're next to the kid's gymnasium that's producing some stuff.

我只是有點好奇，您能否解釋一下原因，並就您所看到的 ReElement 收入成長發表一些想法或評論？我知道你們在諾布爾斯維爾有工廠，就在生產一些東西的兒童體育館旁邊。

Can you kind of give some color on how that's going and how that process is ramping and from a sales perspective there? Because I mean, to my mind, for the stock, that's kind of the real sizzle in the story.

您能否從銷售角度介紹一下事情的進展以及過程如何進展？因為在我看來，對於股票而言，這才是故事中真正的亮點。

Yes. One, we have been building a diversified customer base at ReElement, both for our lithium products and battery materials as well as our rare earth oxides. I think there's some exciting news coming out over the next few weeks about partners and some pretty substantial companies that we're working with, within the space on magnet manufacturing as well as some battery materials customers.

是的。首先，我們一直在 ReElement 建立多元化的客戶群，包括我們的鋰產品和電池材料以及稀土氧化物。我認為在接下來的幾週內將會有一些令人興奮的消息傳出，關於我們在磁鐵製造領域以及一些電池材料客戶方面的合作夥伴和一些相當大的公司。

Noblesville was built to get our products qualified with customers. And so we produce today lithium carbonate on a daily basis, and we produce rare with oxides on a daily basis. And then we ship those products to customers to be qualified. The battery market -- getting qualified for lithium carbonate takes about a year. And so we've been through that process.

建立 Noblesville 是為了讓我們的產品符合客戶的期望。因此，我們今天每天都會生產碳酸鋰，每天都會生產稀土氧化物。然後我們將這些產品運送給客戶進行檢驗。電池市場－碳酸鋰獲得認證大約需要一年時間。我們已經經歷了這個過程。

We're currently producing product for one of our customers out of there right now. In the quarter, I think we booked about $150,000 in revenue from ReElement. It's relatively small, it's a relatively small facility with pretty low cost. But we've been proven with that -- we've had visitors in that facility on a weekly basis over the last six months, including next week, we have a number of substantial partners coming through, including members of the US government on the defense side.

我們目前正在為那裡的一位客戶生產產品。在本季度，我認為我們從 ReElement 獲得了約 15 萬美元的收入。它相對較小，是一個成本相當低的相對較小的設施。但我們已經證明了這一點——過去六個月裡，我們每週都會有訪客參觀設施，包括下週，我們還有許多重要的合作夥伴來訪，其中包括美國政府國防方面的成員。

But the scale of our revenue growth will continue out of the Noblesville facility, but most importantly, it comes out of our Marion facility. Marion was a complete rehab building that we acquired about over a year ago and we finished that renovation.

但我們的收入成長規模將繼續來自諾布爾斯維爾工廠，但最重要的是，它來自我們的馬里恩工廠。馬里恩是一座經過全面整修的建築，我們大約在一年前收購了它，並完成了翻新。

We're installing all the electrical in there now, 113,000 square feet has received temporary occupancy. And we are starting to move equipment up to Marion with the goal of scaling up our Marion preprocessing to feed the Noblesville facility until we get processing up in Marion. But we had a -- we are making substantial progress on that.

我們正在安裝那裡的所有電氣設備，113,000 平方英尺的空間已被臨時佔用。我們開始將設備搬到馬里恩，目的是擴大馬里恩的預處理規模，為諾布爾斯維爾的工廠提供原料，直到我們在馬里恩進行加工。但我們在這方面取得了實質進展。

There's a couple of customers coming in that we're negotiating with right now that could enable us to scale substantially faster, just given their timelines of needing product. But if you look at the market, we're focused on making sure we spend our money in the appropriate way versus just getting ahead of our skis.

我們現在正在與幾位客戶進行談判，考慮到他們對產品的需求時間表，這可以使我們更快地擴大規模。但如果你觀察市場，你會發現我們專注於確保以適當的方式花錢，而不是只追求滑雪。

And thankfully, the demand we're seeing from very large customers -- because we're one of the few players that can actually produce magnet and battery-grade materials today, is substantial and will start to showcase that large revenue growth in 2025 as we continue to scale up over the next few months.

值得慶幸的是，由於我們是目前少數能夠真正生產磁鐵和電池級材料的公司之一，我們看到來自大客戶的需求是巨大的，並且隨著我們在未來幾個月繼續擴大規模，我們將在 2025 年開始展示巨大的收入成長。

Do you feel like you're at capacity as far as what you can produce in Noblesville right now? And that really to get any sort of meaningful scale you're going to -- it's going to have to move to Marion?

您是否覺得目前在諾布爾斯維爾的生產能力已經達到極限了？而為了真正獲得任何有意義的規模，你必須搬到馬里恩嗎？

We're going to have to move preprocessing to Marion. From a chromatographic separation, which is really the heart of what we do from separation/purification, we have the ability to expand. I mean really honestly, even a 7,000 square foot facility, we could produce a lot of product on the separation/purification step. It's really the preprocessing that we're moving to Marion to start, and that will enable us to grow. And that can happen pretty quickly.

我們必須將預處理轉移到馬里恩。從色譜分離（這實際上是我們分離/純化工作的核心）開始，我們有能力進行擴展。我的意思是，說實話，即使是 7,000 平方英尺的設施，我們也可以在分離/淨化步驟中生產大量產品。我們真正要開始做的是將預處理工作轉移到馬里恩，這將使我們得以成長。而這很快就會發生。

We had to get over the -- get the electrical and water installed, which we've done. So getting that preprocessing step move to Marion will enable us to continue to grow production as we get full scale production up in Marion.

我們必須完成——安裝電氣和水管，我們已經完成了。因此，將預處理步驟轉移到馬里恩將使我們能夠在馬里恩實現全面生產的同時繼續提高產量。

Got it. And do you have like all of the columns and the production trains in Marion ready to go? So when that preprocessing or excuse me, in -- I'm getting them confused, but in Noblesville, so when you get the preprocessing done in Marion, it's -- I mean it's ready to kind of rock and roll, so to say?

知道了。馬里恩的所有柱子和生產列車都準備好了嗎？因此，當進行預處理或對不起，在 - 我把它們搞混了，但是在諾布爾斯維爾，所以當你在馬里恩完成預處理時，它 - 我的意思是它已經準備好搖滾了，可以這麼說嗎？

Yes. We have columns for both rare earth oxides and lithium permanent in Noblesville that we can continue to push volumes through. The good thing about our technology is that the separation and purification component is really not the most expensive component of our process.

是的。我們在諾布爾斯維爾擁有稀土氧化物和鋰永久金屬礦柱，可以繼續推動產量成長。我們的技術的優點在於分離和淨化部分實際上並不是我們工藝中最昂貴的部分。

And scaling that is -- building that out is pretty easy in the relative nature of -- we're -- installment extraction, that's the hardest part and the most expensive part for us, and it's actually one of the lowest cost components of our process.

擴大規模 - 從相對性質上講，構建規模相當容易 - 分期付款提取，這對我們來說是最困難和最昂貴的部分，但它實際上是我們流程中成本最低的組成部分之一。

But yes, if we -- as we continue to build out preprocessing in Marion, we can put a lot more volume through our columns in Noblesville as we build out columns for Noblesville as well. But we -- I mean, if you look at it, we haven't spent -- I mean, we're very conscious of how we spend money because we're not going to delete shareholders.

但是的，如果我們 - 隨著我們繼續在馬里恩建立預處理，我們可以透過諾布爾斯維爾的專欄投入更多的資金，因為我們也為諾布爾斯維爾建立了專欄。但是我們——我的意思是，如果你看一下，我們並沒有花錢——我的意思是，我們非常清楚我們如何花錢，因為我們不會刪除股東。

We've said it for over a year now or probably two, three years now. And so we are working with two large investment banks and -- HilltopSecurities, we've worked with in the past and we publicly shared. And then a bulge bracket bank that we are doing a bond offering for our Marion facility and that's launching very quickly. They're doing a phenomenal job with the goal of closing that expeditiously. And our team has already been scoping equipment that we can order very, very quickly.

我們已經說了一年多了，或者可能兩三年了。因此，我們正在與兩家大型投資銀行和 HilltopSecurities 合作，我們過去曾與之合作過，並且我們公開分享。然後，我們正在為馬里恩工廠的大型投資銀行發行債券，而且發行速度非常快。他們正在做著出色的工作，目標是盡快解決這個問題。我們的團隊已經開始確定可以非常快速訂購的設備。

None of the items in our process are long lead, where if you look at [Sullivan] or trying to buy stuff from Chinese manufacturers, that takes forever. Our products are made here in America and our equipment is made here in America. So we can scale very, very quickly as we close the bond offering. Let alone the convertible debt round that we've just closed, part of it.

我們流程中的所有項目都不需要長時間生產，如果你看看[Sullivan]或試圖從中國製造商那裡購買東西，那需要很長時間。我們的產品在美國製造，我們的設備也在美國製造。因此，當我們完成債券發行時，我們可以非常非常迅速地擴大規模。更不用說我們剛結束的可轉換債務融資輪，這是其中的一部分。

So if I'm understanding you correctly, I just -- forgive me, I may need another cup of coffee here, but I just want to make sure I understanding correctly. What you're saying effectively is that right now, one of the main bottlenecks is preprocessing.

所以如果我理解正確的話，我只是——原諒我，我可能需要再喝一杯咖啡，但我只是想確保我理解正確。您實際上說的是，目前主要瓶頸之一是預處理。

So the existing columns and production trains that you have in Noblesville could handle more throughput. It's just you don't have the preprocessing capacity right now to max out the throughput that you currently have online? Is that -- am I kind of reading that correctly?

因此，諾布爾斯維爾現有的生產塔和生產線可以處理更多的吞吐量。只是您現在沒有足夠的預處理能力來最大化您目前在線的吞吐量？是這樣嗎──我的理解正確嗎？

Yes. And we can expand. I mean adding additional columns we can continue to add to as well, but that's a weekly thing, not a year thing?

是的。我們還可以擴大。我的意思是，我們也可以繼續添加額外的列，但這是每週的事情，而不是每年的事情？

Got it. And then my last question is just, can you help us understand, and I think as a shareholder base, and especially if you get into -- delve into any of the online forums, right, that can be an interesting space to go to.

知道了。我的最後一個問題是，您能否幫助我們理解，我認為作為股東群體，特別是如果您深入研究任何線上論壇，那可能是一個有趣的空間。

But can you maybe do some myth-busting here on like what would be some of your partners' main objections to having their name disclosed, for being in like a pilot program or some sort of joint venture with you? Maybe if you just shine a little light on that, I think that would help quite a bit.

但是，您能否在這裡澄清一些迷思，例如，您的合作夥伴對於披露他們的名字，例如與您一起參與試點計畫或某種合資企業，主要反對意見是什麼？也許如果你對此稍加闡明，我想那將會有很大幫助。

Yes. I mean I would say -- so the auto OEM work with is -- I mean, you can imagine it's quite volatile in the auto space through the union negotiations as well as adjustments in volume production of the auto industry in general. I mean, they have not let anybody use their name in the last couple of years that I know of. And so it's more of just them wanting to focus on their business and not be out there having third parties mention their name as they're trying to also navigate the volatility in the marketplace.

是的。我的意思是，我想說——汽車 OEM 的合作是——我的意思是，你可以想像，透過工會談判以及整個汽車產業產量的調整，汽車領域的情況會非常不穩定。我的意思是，據我所知，過去幾年他們不允許任何人使用他們的名字。因此，他們更多的是想專注於自己的業務，而不是讓第三方提及他們的名字，因為他們也在試圖應對市場波動。

We have some nice partners that we should be rolling out here in the next couple of weeks that we are -- that we've signed partnerships with, that we will be able to disclose here shortly. But it's -- I mean this -- if you look at this industry, it's quite volatile right now.

我們有一些很好的合作夥伴，我們應該在接下來的幾週內推出這些合作夥伴——我們已經與他們簽署了合作協議，我們很快就會在這裡披露。但 — — 我的意思是 — — 如果你看看這個行業，你會發現它現在相當不穩定。

And a lot of people -- I'm not saying our partners, but a lot of people in the industry got way ahead of their skis and trying to build something that wasn't proven yet, where we are doing quite the opposite. We're actually proving and scaling our technology on a daily basis. And so it's -- I mean a lot of people are always trying to attract government money.

很多人——我不是說我們的合作夥伴，而是這個行業中的很多人，都在嘗試打造一些尚未被證實的東西，而我們所做的恰恰相反。實際上，我們每天都在驗證和擴展我們的技術。所以——我的意思是很多人總是試圖吸引政府資金。

We're not overly inclined to do that. We think it would slow us down. And so there's one to pretend they can do the whole thing in their own way when they can't. I mean there's -- I think you'll see that come out, and you're starting to see it already in the public domain. But then on the private domain, you're going to see that as well.

我們不太願意這麼做。我們認為這會減慢我們的速度。因此，有人假裝他們可以按照自己的方式完成整件事，但實際上他們做不到。我的意思是——我想你會看到它出現，而且你已經開始在公共領域看到它了。但是在私人領域，你也會看到這種情況。

So it's -- we work with a lot of groups behind the scenes right now and Powered by ReElement will continue to work with a lot of groups to help other players in the industry, but also enable us to generate revenues where they CapEx our equipment. So it's just a -- it's -- there's a lot of movement within the space right now and a lot of volatility in the space right now, which -- and from the OEM's perspective, they just -- they don't want to be out there in front of it.

因此，我們現在與幕後的許多團體合作，Powered by ReElement 將繼續與許多團體合作，以幫助行業中的其他參與者，同時也使我們能夠在他們對我們的設備進行資本支出時產生收入。所以這只是一個——現在這個領域有很多動靜，也有很多波動，從 OEM 的角度來看，他們只是——他們不想處於領先地位。

Understood. As always, appreciate your candor, and I'll jump back in queue. Thanks, Mark.

明白了。像往常一樣，感謝您的坦誠，我會重新加入隊列。謝謝，馬克。

Michael Alicastro, Paradigm Investors (sic - Paragon Investors).

Michael Alicastro，Paradigm Investors（原文如此 - Paragon Investors）。

A couple of them actually. Did you -- if you mentioned this already, I apologize, but do you have a target date for spinning off American Re? And will it be public from the beginning?

事實上，有幾個。如果您已經提到了這一點，我很抱歉，但是您是否有剝離美國再保險公司的目標日期？從一開始就會公開嗎？

Or spinning off ReElement or spinning off American Infrastructure?

或剝離 ReElement 或剝離 American Infrastructure？

Well, American Re, I thought is what you'd be submitting off, but the American Infrastructure is obviously changing the name.

好吧，我以為你會提交的是 American Re，但 American Infrastructure 顯然要改名。

So American Resources is the holding company, we're spinning off ReElement Technologies (inaudible) yes. So ReElement is -- the record date is, I believe it's December 30 or December 31 and then the record date is February 15. That was in the press release this morning. And so that has been determined. I mean, obviously, the goal is to be in a liquid security.

因此，American Resources 是控股公司，我們正在剝離 ReElement Technologies（聽不清楚）是的。所以 ReElement 的記錄日期是，我相信是 12 月 30 日或 12 月 31 日，然後記錄日期是 2 月 15 日。這是今天早上的新聞稿。事情已經確定了。我的意思是，顯然，目標是實現流動性安全。

So you plan on being public from day one?

所以你計劃從第一天起就公開自己的身分？

We intend to, we're working through the audits and all that good stuff as we speak. When we switched auditors, we had to reaudit all of our subs.

我們打算這樣做，我們正在進行審計以及所有我們正在談論的好事情。當我們更換審計師時，我們必須重新審計所有的子公司。

Understood. So then going forward, you'll -- American Re will be the holding company. Revenue will be generated by the other companies that it's -- under its umbrella as far as coal goes, they're still in the coal business?

明白了。那麼從現在開始，American Re 將成為控股公司。收入將由其旗下的其他公司產生——就煤炭而言，他們仍從事煤炭業務嗎？

So it still owns roughly 80% of American Infrastructure, which is our coal business. The goal is to spin that off as a separate platform. American Resources owns a division of each of these entities post distribution. But the goal is for American Infrastructure to continue to expand within the commodity marketplace and with the critical minerals space from more on the mining side and investment side into feedstock partners that compete into ReElement.

因此，它仍然擁有美國基礎設施公司約 80% 的股份，也就是我們的煤炭業務。目標是將其分拆為一個獨立的平台。美國資源公司在分銷後擁有上述每個實體的一個部門。但美國基礎設施的目標是繼續在大宗商品市場和關鍵礦產領域擴張，從採礦方面和投資方面擴展到與 ReElement 競爭的原料合作夥伴。

And we have a team member that will drop down as CEO of American Resources when I go to the CEO of ReElement Technologies. And I'll stay as Chairman of American Resources.

當我擔任 ReElement Technologies 的執行長時，我們團隊中的一位成員將擔任美國資源公司的執行長。我將繼續擔任美國資源公司董事長。

And last question then. For 2025, do you see ReElement starting to accelerate, maybe even have a hockey stick look to it when it comes to revenue?

這是最後一個問題。到 2025 年，您是否認為 ReElement 會開始加速發展，甚至在收入方面會呈現曲棍球棒式成長？

We do. I mean that's the beauty of it. I mean, if you look at our technology at ReElement, if we're going to build a greenfield facility, over half of our CapEx would be in the building. Thankfully, we have a fully renovated building with all the infrastructure in place now. So now it's just about ordering equipment, which our team is working on, on a daily basis.

是的。我的意思是這就是它的美妙之處。我的意思是，如果你看看 ReElement 的技術，如果我們要建造一個綠地設施，那麼我們一半以上的資本支出都會用於建設。值得慶幸的是，我們的建築已經完全翻新，所有基礎設施都已到位。所以現在我們只是每天訂購設備，我們的團隊正在處理這項工作。

The ability to drive value, one, we're -- I think we're the only player in the space that can produce heavy rare oxides today in the United States, let alone be able to do that in concert with producing battery materials in the same facility. There's nobody else that can do that. I don't think there's anybody in China that does that.

推動價值的能力，首先，我認為我們是目前美國該領域唯一能夠生產重型稀有氧化物的公司，更不用說能夠在同一工廠生產電池材料了。沒有人能做到那件事。我認為中國沒有人能做到這一點。

So we're super excited about getting this equipment into Marion now that it's renovated and ready to go. And our team -- the Marion team has actually been training in our Noblesville facility. So we do believe this could be a substantial growth. Obviously, it's about getting the equipment, getting the equipment installed and ramping up production as aggressively as we possibly can.

因此，我們非常高興能夠將這些設備運送到馬里恩，因為它已經翻新並準備好投入使用。我們的團隊—馬里恩團隊實際上一直在我們位於諾布爾斯維爾的設施中進行訓練。因此我們確實相信這可能是一個大幅的成長。顯然，這是為了獲得設備、安裝設備並盡可能積極地提高產量。

And we -- yes, we're confident that in 2025, we're going to see -- I mean it will be probably the middle of the to later 2025 as we get Marion fully producing, let alone the initial preprocessing that we're doing there, as early as this year that we can continue to expand production, but getting Marion fully producing will generate substantial revenue.

是的，我們有信心在 2025 年看到這項結果。我的意思是，可能要到 2025 年中後期，馬里恩才能全面投產，更不用說我們在那裡進行的初步預處理了。最早在今年，我們就可以繼續擴大生產，但讓馬里恩全面投產將產生可觀的收入。

Steven Segal, KBB Asset Management.

史蒂文‧西格爾 (Steven Segal)，KBB 資產管理公司。

So I was just wondering, you kind of answered this already, but is there anything that would be stopping getting Marion going more as far as the financing or the feedstock? Is there any -- and also if everything goes according to plan, do you think you'll be generating substantial revenue or good revenue like sometime in the third quarter next year?

所以我只是想知道，你已經回答了這個問題，但是有什麼會阻止 Marion 在融資或原料方面取得進一步發展嗎？有沒有——如果一切按計劃進行，您認為您會在明年第三季的某個時候獲得可觀的收入或良好的收入嗎？

Yes, absolutely. The we feel extremely good about. I mean, one, the feedstock has built -- been building dramatically. Our sales teams are doing a great job of sourcing feedstock, sourcing feedstock partners. And so now it's just about getting the equipment and getting it installed especially now that we've got some of the initial closing of the convertible debt round as well as the bump offering that we're doing that really like the fire under the production.

是的，絕對是。我們對此感到非常高興。我的意思是，首先，原料已經大幅增加。我們的銷售團隊在尋找原料和原料合作夥伴方面做得非常出色。因此，現在我們只需要獲取設備並進行安裝，特別是現在我們已經完成了部分可轉換債務的初始融資，以及我們正在進行的增發，這確實為生產帶來了動力。

I mean you need equipment to be able to produce product. And our equipment is about A third of the cost of a traditional hydrometer, saw an extraction facility, but it still costs money. And so we want to use nondilutive financing to do that, which is what we're doing.

我的意思是你需要設備才能生產產品。我們的設備成本約為傳統比重計的三分之一，雖然有提取設施，但仍需要花錢。因此，我們希望利用非稀釋性融資來實現這一目標，這也是我們正在做的事情。

And now it's about getting all that equipment installed and continually ramping up production between the two facilities and then moving all that production to Marion, which will show substantial growth and third quarter of next year is feel highly confident in that.

現在要做的就是安裝所有設備，不斷提高兩個工廠之間的產量，然後將所有生產轉移到馬里恩，這將顯示出大幅增長，我們對此非常有信心。

Great. And also just curious how you feel about -- I know you see a lot of power deals for the hyperscalers to use clean energy, Amazon, using nuclear, all this stuff. Do you think eventually you can play that card to get more business into ReElement because your process does not involve (inaudible) environment as much as like the chemicals does? Yes. I mean the (inaudible) is not good for the economy, right? You still have some companies trying to raise money and become hydromet recyclers in the US.

偉大的。而且也很好奇您的感受——我知道您看到很多超大規模企業使用清潔能源的電力交易，亞馬遜使用核能，所有這些東西。您是否認為最終您可以打出這張牌來為 ReElement 帶來更多業務，因為您的流程不像化學品那樣涉及（聽不清楚）環境？是的。我的意思是（聽不清楚）對經濟不利，對吧？仍有一些公司試圖籌集資金並成為美國水文氣象回收商。

Yes. I mean, hydromet uses a lot of chemical. It's not very cost effective. It's not versatile and the recovery rates of their materials are quite low. We're recovering greater than 95% of the material that goes into our facilities.

是的。我的意思是，水文氣象學使用了很多化學物質。這不太划算。它的用途不廣泛，而且材料的回收率很低。我們正在回收進入我們設施的 95% 以上的材料。

The nice thing about our technology is chemical light, which makes it via environmentally sensitive. So one, which also makes it cost-effective, the people care about those things. I mean -- but really, people care about cost. And when it comes down to it, we got to produce an affordable product that people can actually buy and there is no hydromet facility in the United States. And honestly, I would say, throughout the world can compete against our cost structure.

我們的技術的優點在於化學光，這使得它對環境敏感。因此，這也使其具有成本效益，人們關心這些事情。我的意思是——但實際上，人們關心的是成本。說到底，我們必須生產出一種人們能夠真正負擔得起的價格合理的產品，而且美國沒有水文氣象設施。老實說，我想說，全世界都可以跟我們的成本結構競爭。

Now we've got to get our facilities built as a focus, and that will drive production now the demand side of what we're seeing is, one, it's either gets processed in ReElement facilities or it gets processed in China or Korea. And as you start to see this domestic supply chain, and we think the new administration coming in is going to be laser-focused on national security supply chain.

現在我們必須把建設設施作為重點，這將推動生產，現在我們看到的需求方是，要么在 ReElement 設施中進行加工，要么在中國或韓國中進行加工。當你開始看到這個國內供應鏈時，我們認為新政府將把重點放在國家安全供應鏈上。

That's a great thing for us and it's a great thing for our country. So we're extremely excited about the evolution of this marketplace and what we can bring to the table in terms of producing rares as well as critical minerals for the military, but also for our commercial customers that need a product that they can afford.

這對我們來說是一件大事，對我們的國家來說也是一件大事。因此，我們對這個市場的發展感到非常興奮，我們不僅可以為軍方生產稀有礦物和關鍵礦物，還可以為需要負擔得起產品的商業客戶提供服務。

Hi Steve, it's Mark LaVerghetta. Just to add to that, too. And Mark mentioned it in some of the prepared comments on the letter when we talk about the challenges around traditional hydro-based refining. That will continue to manifest and those challenges will manifest over the next five years.

你好，史蒂夫，我是馬克拉維蓋塔。只是想補充一下這一點。當我們談論傳統水力煉油所面臨的挑戰時，馬克在信中的一些準備好的評論中提到了這一點。這種情況將會持續顯現，這些挑戰也將在未來五年內顯現。

And really where -- what you and the rest of our shareholder base, it's important to continue to reiterate and understand it's the powered by ReElement solution that we have is other participants, meaning other processors, other refiners, other recyclers, other miners in the market that can extract can aggregate material but don't have that final stage separation purification refining.

而實際上，對於您和我們其他股東來說，重要的是繼續重申和理解我們擁有的由 ReElement 解決方案提供支援的其他參與者，即其他加工商、其他精煉商、其他回收商、市場上可以提取可聚合材料但沒有最終階段的分離淨化精煉的其他礦工。

We can efficiently be deployed into their flow sheets to basically achieve their objectives, achieve their goals to produce high-quality, high-purity products for the downstream manufacturing here as it continues to develop in North America.

我們可以有效地部署到他們的流程圖中，從根本上實現他們的目標，實現他們的目標，為北美不斷發展的下游製造業生產高品質、高純度的產品。

Great. Great. Thank you. Thank you for the words you guys. Do appreciate it.

偉大的。偉大的。謝謝。謝謝你們的留言。非常感謝。

[Michael Samuels, Bretel Fisher].

[邁克爾·塞繆爾斯、布雷特爾·費舍爾]。

Great presentation. Just two quick questions. When do you foresee the Novusterra and the American Carbon going public? First part of next year? I know originally, we were looking at the end of this year, but I'm just curious on that.

精彩的演講。只要問兩個簡單的問題。您預計 Novusterra 和 American Carbon 何時上市？明年上半年？我知道最初我們考慮的是今年年底，但我只是對此感到好奇。

Yes, we were. I mean, one-- I mean, [Sonova] got the first S-1 approved. Met with the team yesterday on that. They are imminently within the next few weeks is what I've told us getting ready to try to get the next S-1 approved. The focus was initially to get it listed.

是的，我們是。我的意思是，[Sonova] 獲得了第一份 S-1 批准。昨天就此事與團隊會面。正如我所說，他們將在接下來的幾週內做好準備，爭取下一個 S-1 的批准。最初的重點是讓它上市。

Now the focus is to get listed on to a national exchange. One, they've had great success with their military-based partners and think there's a lot of growth potential in that business line. And I would agree. So they've been working on the selling shareholder S-1 with an underwriter to list it onto a national exchange. And that's taken a little bit of extra time due to that process versus just doing a self-directed under listing.

現在的重點是實現在國家交易所上市。一方面，他們與軍事合作夥伴的合作取得了巨大成功，並認為該業務領域具有很大的成長潛力。我同意。因此，他們一直在與承銷商合作，推動出售股東 S-1 股票在國家交易所上市。與僅僅進行自我指導的清單相比，這個過程需要花費一些額外的時間。

But yes, we do think -- I think the S-1 should -- I mean, one, the SEC just approved their selling shareholder S-1, which enables it to qualify for the Nasdaq or the New York and now working on the new issuance one will enable it to -- with the underwriter will enable it to set the valuation for the for the senior exchange listing. And that just takes -- took a little bit extra time, but we're confident in what they're doing and where they're going in their process. And obviously, as I wish, I wish everything would go faster.

但是的，我們確實認為 - 我認為 S-1 應該 - 我的意思是，首先，美國證券交易委員會剛剛批准了他們的出售股東 S-1，這使其有資格在納斯達克或紐約上市，現在正在進行的新發行將使其能夠 - 與承銷商合作將使其能夠為高級交易所設定估值。這只是需要花費一點額外的時間，但我們對他們所做的事情以及他們的進程充滿信心。顯然，正如我所希望的那樣，我希望一切都進展得更快。

But (multiple speakers)

但（多位發言者）

And then American Carbon?

那麼美國碳公司呢？

So American Carbon, we distributed a part of it. We're actually working -- we're actually talking to a few underwriters. We've been approached by a couple of different SPACs. I think we're leaning away from the SPAC route. Just honestly, it's kind of a broken market right now.

因此，我們分發了其中的一部分。我們實際上正在努力——我們實際上正在與一些承銷商進行談判。已經有幾家不同的 SPAC 與我們接洽。我認為我們傾向於放棄 SPAC 路線。說實話，現在的市場有點崩壞了。

And so working with an underwriter, we actually had a couple of investors that proposed offerings to us. And so we're evaluating those as we speak. We also had to reaudit all of our subs. So we are pursuing litigation against our previous auditor because it's cost us money to reaudit all the subsidiaries as well as obviously our holding company, which we've done. But it's slowed us down substantially.

因此，透過與承銷商合作，我們實際上得到了幾位向我們提出發行建議的投資者。因此，我們正在對此進行評估。我們還必須重新審核所有的潛水艇。因此，我們正在對我們之前的審計師提起訴訟，因為重新審計所有子公司以及控股公司花費了我們很多錢，而我們已經這樣做了。但它卻大大減慢了我們的速度。

We had an approved Form 10 or one comment away from the approved Form 10 for a listing American Carbon, which is now American infrastructure before our auditor got disbarred because they took on like 300 clients without telling us, which is frustrating.

我們有一份已批准的 Form 10，或者說，距離上市的 American Carbon（現在是 American infrastructure）的 Form 10 批准只有一條評論，但我們的審計師卻被吊銷了執照，因為他們在未告知我們的情況下接納了大約 300 名客戶，這令人沮喪。

And so we are -- one, we're pursuing damages for that, but then two, it slowed the process down because we had to reaudit all of the subs that we were spinning out again, which is frustrating. And thanks to the hard work of our financial team, we're getting that done.

所以，首先，我們正在尋求賠償；其次，這也減慢了進程，因為我們必須重新審查所有分拆出來的子公司，這令人沮喪。感謝我們財務團隊的辛勤工作，我們完成了這個目標。

But yes, the goal is in the early part of next year to get that done. And I'm still being approached by people with -- obviously, the Trump administration doesn't hurt the fact that we are a metallurgical carbon producer in the United States and now we've had interest from investors and potential acquirers. Again, we'll see where those go.

但是是的，目標是在明年年初完成。仍有人與我接洽——顯然，川普政府並沒有損害我們作為美國冶金碳生產商的事實，現在我們已經引起了投資者和潛在收購者的興趣。再次，我們將看看它們會走向何方。

All right. And then the second question is, I didn't hear anything to say about Africa? Are we still pursuing Africa?

好的。第二個問題是，我沒有聽到任何關於非洲的消息？我們還在追求非洲嗎？

Yes, absolutely. We had a sovereign wealth fund from one of the African nations was in our facilities last week, was presenting at Purdue University last week, [Ben Kinkade] leading up the charge. We also have an individual in Africa that is looking to join the team that will be in our facilities next week. We bring a very, very valuable technology to Africa. We're the only players that can deploy technology locally and China won't do it.

是的，絕對是。上週，一個非洲國家的主權財富基金來到我們的機構，並在普渡大學進行了演講，[Ben Kinkade] 擔任負責人。我們在非洲還有一位個人希望加入下週將在我們的設施中工作的團隊。我們為非洲帶來了非常非常寶貴的技術。我們是唯一能夠在當地部署技術的參與者，而中國不會這樣做。

That gives the United States an ability to compete head-to-head is that we're bringing something to the able versus just throwing money at problems, which is what China does. We are able to bring a technology to enable local refining and creating jobs in a middle class within Africa. So we are absolutely 100% focused on that. We have some investors that are looking at the ReElement Africa division in our facilities here in the next couple of weeks as well.

這使得美國有能力進行正面競爭，因為我們為有能力的國家提供了一些東西，而不是只用錢來解決問題，而中國就是這麼做的。我們能夠帶來一項技術，實現當地的煉油，並為非洲的中產階級創造就業機會。所以我們絕對百分之百地專注於此。還有一些投資者正在關注未來幾週內我們這裡的設施中的 ReElement Africa 分部。

[Mark Stone], Private Investor.

[馬克‧史東]，私人投資者。

What portion of the ReElement distribution is going to be retained by American Resources, if I mean, after the special dividend?

我的意思是，在特別股息之後，美國資源公司將保留 ReElement 分配的哪一部分？

Yes, it's approximately -- the target amount is 19%. So it will be -- every investor will get their proportional share of what the percentage ownership and what they own in American Resources and ReElement. But American Resources is targeted to retain 19% of ReElement.

是的，大約是——目標金額是 19%。因此，每位投資者都將獲得其在 American Resources 和 ReElement 中所佔的所有權比例和所擁有的資產比例。但美國資源公司的目標是保留 ReElement 19% 的股份。

All right. That answers that. Regarding the American Infrastructure in Novusterra, major exchange listings. Do you expect to meet the minimum share price requirements for such a listing?

好的。這回答了這個問題。關於 Novusterra 的美國基礎設施，主要交易所上市。您是否預計滿足此類上市的最低股價要求？

Yes, you'd have to, to get listed. So we do.

是的，你必須這麼做才能被列出。我們也這麼做。

And what would that share price be? Because it looks a little bit nice relative to the number of shares are distributed in the value of American Resources, it seems kind of difficult to see how that's going to work.

那麼股價是多少？因為相對於美國資源公司價值中分配的股票數量來說，這看起來有點不錯，所以似乎很難看出它將如何發揮作用。

Which company you're referring to?

您指的是哪家公司？

Well, both Novusterra and perhaps also American Infrastructure, given the number of shares of Novusterra that were distributed as well.

嗯，考慮到 Novusterra 分配的股份數量，或許還有 American Infrastructure 也是。

There's roughly 16 million shares approximately I'm estimating, they're not in front of me of Novusterra outstanding. It would have to be a minimum to list on any senior exchange, it would have to be a minimum of $4 a share.

我估計大約有 1600 萬股，它們不在我面前的 Novusterra 流通股數。在任何高級交易所上市都必須達到最低價格，即每股至少 4 美元。

American infrastructure -- similarly, we may do a reverse stock split of American Infrastructure. Not American Resources, but American Infrastructure with the goal of having to have a higher stock price, which will open it up to more institutional investors as well, and that's -- we're targeting that with the investor base as we speak.

美國基礎設施—同樣，我們可能會對美國基礎設施進行反向股票分割。不是美國資源公司，而是美國基礎設施公司，目標是提高股價，這也將向更多的機構投資者開放，這就是——我們目前的目標投資者群體。

But we also do believe that American Resources does not reflect the fundamental value of our subsidiaries. It just doesn't. We -- I mean we just closed on initial tranche of capital with ReElement at $150 million valuation, which is almost 2x the current market price of American Resources. We think our stock is being held down by algorithms and hedge funds. We've reported one of them to the SEC.

但我們也確實認為美國資源公司並沒有反映出我們子公司的基本價值。事實並非如此。我們——我的意思是我們剛剛與 ReElement 完成了首筆資本融資，估值為 1.5 億美元，幾乎是 American Resources 目前市場價格的兩倍。我們認為我們的股票受到演算法和對沖基金的壓制。我們已將其中一起案件報告給美國證券交易委員會 (SEC)。

We believe they're looking into it as we speak. We think there's a lot of gamesmanship taking place with these algorithms as we speak across the entire market environment. Now we'll leave that to the hands of the regulators to do what they're doing, and I think they'll do a great job at that.

我們相信他們正在調查此事。我們認為，在整個市場環境中，這些演算法中存在著許多玩弄手段的情況。現在我們將把這個問題交給監管機構去做他們該做的事情，我認為他們會做得很好。

But we don't believe American Resources is being at -- is being fundamentally valued, and that's why we're unlocking it by distributing to the underlying subsidiaries.

但我們並不認為美國資源公司的價值處於根本性低估，因此我們要透過向其下屬子公司分配股份來解鎖它。

So just to make sure I got the strategy. You're looking at a potential reverse split prior or sort of at listing on the American Infrastructure by not needing reverse split on the Novusterra?

所以只是為了確保我掌握了策略。您是否正在考慮在 American Infrastructure 上市之前或上市時進行潛在的反向拆分，而不需要對 Novusterra 進行反向拆分？

That's correct. That's what we're looking at, yes, that's correct. We wanted to have -- we want them to have a higher stock price, which I'll open it up to more institutional investors.

沒錯。這就是我們所看到的，是的，是正確的。我們希望——我們希望他們的股價更高，我會向更多的機構投資者開放。

Right now, algorithms are gaming stocks below $3 because institutions don't invest in companies below $3. Now we think we are confident in our transition and growth of American Resources that we'll get to a fundamental value and ultimately, anybody that shorts the stock will eventually have to cover.

目前，演算法正在對低於 3 美元的股票進行遊戲，因為機構不會投資低於 3 美元的公司。現在我們認為，我們對美國資源的轉型和成長充滿信心，我們將獲得一個基本價值，最終，任何做空股票的人最終都必須補倉。

[Steve Martin], Private Investor.

[史蒂夫馬丁]，私人投資者。

I'm wondering if you intend or does the American Resources intend to keep 19% of every one of your spin-offs?

我想知道您是否打算或美國資源公司打算保留您每項衍生產品的 19%？

It won't be exactly 19% of every one of the spin-offs, but it does -- it still holds Novusterra shares. It will hold roughly 19% of ReElement. We haven't determined the appropriate amount yet of American Infrastructure. We will be distributing to (inaudible) haven't determined how much.

它不會在每個分拆中佔有 19% 的股份，但它確實仍然持有 Novusterra 的股份。它將持有 ReElement 約 19% 的股份。我們尚未確定美國基礎設施的適當數量。我們將分發給（聽不清楚）還沒有確定多少。

So there will be an announcement whenever you spin off any one of them, how many shares you will retain?

因此，每當你們分拆其中任何一家時都會發佈公告，你們將保留多少股份？

That's correct.

沒錯。

How do you -- so -- and then each one of your spin-offs, they will be part of your royalty stream, each one of them?

那麼，您的每一個衍生產品都將成為您版稅流的一部分嗎？

No, not necessarily. American Infrastructure, American Resources has always had a royalty owed back to it. It owns the assets of the mining divisions of the underlying subsidiaries of American Infrastructure. And so that's different in terms of how it collects royalties down the road as mining commences, but that's been in play since day one. It doesn't -- American -- ReElement technologies will not owe royalties back to American Resources nor does Novusterra or any of the other divisions?

不，不一定。美國基礎設施公司和美國資源公司一直都欠特許權使用費。它擁有美國基礎設施旗下子公司採礦部門的資產。因此，就採礦開始時如何收取特許權使用費而言，這是不同的，但這從第一天起就一直在實施。事實並非如此——美國——​​ReElement 科技公司不會欠美國資源公司特許權使用費，Novusterra 或任何其他部門也不會欠？

So how will American Resources make any money then?

那麼美國資源公司將如何賺錢呢？

Yes. They make money from the royalty streams from American Infrastructure as well as it will own equity interest in these different divisions, plus it's also -- our Board has been working with the individual that we'll be dropping down as a CEO.

是的。他們從美國基礎設施的特許權使用費中賺錢，並且還將擁有這些不同部門的股權，此外，我們的董事會一直在與我們將擔任執行長的個人合作。

We have -- he has a strategic business plan in place on the commodity markets on the future growth of the business, focusing on critical minerals and rare earth elements, but more on the mining side of it and partnering with on the commodity trading component of the business.

我們有—他針對大宗商品市場制定了未來業務成長的策略性業務計劃，重點關注關鍵礦物和稀土元素，但更專注於採礦方面，並與大宗商品交易業務部分合作。

So do you see American Resources looking for any other companies, any other opportunities? Or is this going to be what you spin off?

那麼，您是否認為美國資源公司正在尋找其他公司、其他機會？或者這就是您要衍生的東西？

Yep. Always looking for other opportunities. Always looking for attractive ways to create value for our shareholders.

是的。一直在尋找其他機會。始終尋找有吸引力的方式為我們的股東創造價值。

So at this point, I wonder which is -- once you get them all spun off, the ReElement would seem to be the spin-off that's going to see most of the stock appreciation. Would that not be what you think?

因此，現在我想知道的是——一旦你將它們全部剝離，ReElement 似乎將成為股票升值最多的剝離公司。這不就是你所想的嗎？

I think ReElement is a unicorn. I mean I think the potential of it is -- I've never been involved in a business that I've seen has greater potential than what ReElement has. We do something that nobody else in the world can do and -- or at a cost point that we can do it at. From refining both critical minerals and rare earth oxides, especially doing -- being able to process heavy rare earths as well as looking at the HPA market, copper market.

我認為 ReElement 是一隻獨角獸。我的意思是，我認為它的潛力是——我從未參與過任何一項業務，其潛力比 ReElement 更大。我們所做的事情是世界上其他任何人都無法做到的，或者說，我們能夠以可接受的成本做到。從提煉關鍵礦物和稀土氧化物，特別是能夠加工重稀土以及專注於 HPA 市場、銅市場。

The network that we're building and the partnerships that we're building at ReElement will unlock substantial value. And yes, I do believe that ReElement is probably the most valuable component of our business, but that doesn't degrade the value of the other divisions, either. I think they have tremendous value and opportunity as they get positioned and as they continue to execute upon their business plans.

我們在 ReElement 建立的網路和合作夥伴關係將釋放巨大的價值。是的，我確實相信 ReElement 可能是我們業務中最有價值的組成部分，但這也不會降低其他部門的價值。我認為，當他們定位正確並繼續執行其商業計劃時，他們將擁有巨大的價值和機會。

So is there any estimate of a time when American Resources itself is going to be cash flow positive or even make some money?

那麼，有沒有預測美國資源公司本身什麼時候才能實現現金流為正甚至獲利呢？

Yes. I mean, we think when the mining businesses start up, the royalties that are owed to it and that have always been in place there, we think it'll make it a cash flow-positive operation. One, the cost of the overhead of American Resources, once ReElement is spun off as well as American Infrastructure is spun off, that basically it has no overhead. So it will use the cash flow that it gets to buy back stock and to make new investments.

是的。我的意思是，我們認為，當採礦業務啟動時，其應得的、一直存在的特許權使用費將使其成為一個現金流為正的業務。第一，美國資源公司的管理費用成本，一旦 ReElement 和美國基礎設施公司分拆出來，基本上就沒有管理費用了。因此，它將利用獲得的現金流回購股票並進行新的投資。

And all of that depends on getting the mining business up and running?

而這一切都取決於採礦業務的啟動和運作嗎？

As well as the business model that we're putting -- that the new CEO is putting in place. And the direction that he's taking it. We've got some really nice relationships on the commodities side.

以及我們正在實施的商業模式—新任執行長正在實施的商業模式。以及他採取的方向。我們在大宗商品方面建立了一些非常好的關係。

And then one last question. When do you think the mining business is going to get going?

最後一個問題。您認為採礦業什麼時候會開始發展？

We think pretty soon, we're negotiating with customers as we speak and working through a few last issues, but they are progressing on that, and we think it's imminently. I talked to our CEO of the division and our contractor at McCoy's ready to get going as we speak, and they're trying to button up the last few items.

我們認為很快就會有結果，我們正在與客戶協商並解決最後幾個問題，但他們正在取得進展，我們認為很快就能完成。我和我們部門的執行長以及 McCoy 的承包商進行了交談，他們準備立即開始工作，他們正在努力完成最後幾項工作。

So do you think the mining business is going to -- going forward is going to be a profitable business?

那麼您認為採礦業未來會成為一項有利可圖的業務嗎？

I do.

我願意。

Because it seems like it's -- at this point in time, is it profitable to be in it?

因為看起來——就目前而言，參與其中是否有利可圖？

Based on the current commodity -- I mean, so the structures we have in place, especially like [McCoy] is we get paid top line revenue. So our cost -- he takes over most of the labor cost as he starts commencing mining and then we get paid top line revenue royalty streams from him.

根據目前的商品－我的意思是，我們現有的結構，特別是像[McCoy]這樣的結構是我們獲得頂線收入。因此，我們的成本是——當他開始採礦時，他承擔了大部分勞動力成本，然後我們從他那裡獲得最高收入特許權使用費。

So we have a very, very low cost structure. And I will say that I think the met market for metallurgical carbon is pretty decent right now, especially on the Wyoming County side, which is a [mid-ball] product.

因此我們的成本結構非常非常低。我想說的是，我認為目前冶金碳的市場相當不錯，特別是在懷俄明縣，這是一種[中等]產品。

We -- so and I think you'll see strength in that. I think you're going to start to see quite a bit of investment in domestic infrastructure as well as in the international market with China stimulating in a heavy way, that I think there's -- I think you're going to see some strength going into the mining market and to the met coal prices. I think we're in a good spot.

我們——所以我認為你會看到其中的力量。我認為，在中國大力刺激經濟的背景下，你將開始看到國內基礎設施和國際市場出現大量投資，我認為，你將看到採礦市場和煤炭價格出現一些強勁增長。我認為我們處境很好。

Well, thank you very much. I hope everything works as you're playing it.

嗯，非常感謝。我希望您在玩的時候一切順利。

Thank you. We're working hard to make it happen.

謝謝。我們正在努力實現這一目標。

Thank you and our next question is from Mark -- excuse me. There are no further questions at this time. I'd like to hand the floor back over to Mark Jensen for any closing comments.

謝謝，我們的下一個問題來自馬克——不好意思。目前沒有其他問題。我想將發言權交還給馬克詹森 (Mark Jensen)，請他發表最後評論。

I want to thank everyone for joining today. Management is laser-focused as we have been on making sure that we get this value unlocked, that we protect shareholder value, that we drive the business forward.

我要感謝大家今天的參加。管理層高度集中精力，因為我們一直致力於確保釋放這一價值，保護股東價值，推動業務向前發展。

I want to thank our team for the hard work and the dedication they're putting forth in terms of all of our divisions, of making sure that we're positioned to capitalize on the markets as they continue to develop and continue to find their way. We are well suited to be able to accomplish that. We have a strong team in place.

我要感謝我們的團隊在所有部門中付出的辛勤工作和奉獻精神，確保我們能夠在市場不斷發展和不斷尋找出路的過程中充分利用市場。我們完全有能力實現這個目標。我們擁有一支強大的團隊。

We have a lot of opportunity in front of us and we're thankful for the opportunity we have to take this business to the next level, and we thank all of you for your support and look forward to talking to you in the future.

我們面前有很多機會，我們感謝有機會將這項業務提升到一個新的水平，我們感謝大家的支持，並期待將來與你們交談。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。