Highlights

• American Resources Corporation subsidiary ReElement Technologies obtains $20 million non-dilutive financing to expand rare earth and critical mineral production facilities in Indiana.
• The company aims to create a competitive U.S. rare earth supply chain by using eco-friendly chromatographic processing that delivers ultra-high-purity materials from diverse feedstocks.
• ReElement targets meeting U.S. defense heavy rare earth demands.
• ReElement plans to supply critical minerals at costs competitive with or lower than Chinese producers.

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American Resources Corporation ( (opens in a new tab)NASDAQ: AREC), via subsidiary ReElement Technologies (opens in a new tab), announced (opens in a new tab) a $20 million equipment leasing facility from Maxus Capital Group (opens in a new tab) to fund large-scale equipment purchases for its Marion and Noblesville, Indiana facilities.

According to reporting by the company, authored September 10, 2025, the non-dilutive financing builds on ReElement’s Department of Defense contract and prior equity raises. The capital will be directed toward scaling production of rare earth oxides from recycled magnets and lithium carbonate from LFP black mass.

Kirk Taylor (opens in a new tab), CFO of ReElement, framed the move as a “pivotal step” toward meeting near-term customer demand while accelerating scaled production. ReElement’s chromatographic separation platform, positioned as an eco-friendlier and lower-cost alternative to solvent-based processing, underpins this expansion. The company emphasizes that its process can deliver ultra-high-purity materials from diverse feedstocks—magnets, batteries, mine waste, and virgin ores—supporting U.S. energy, defense, and advanced technology supply chains.

Rare Earth Exchanges/ReElement Interview

In an interview steamed on to YouTube (opens in a new tab), CEO Mark Jensen (opens in a new tab) connected with co-founders of Rare Earth Exchanges (REEx) Dustin Olsen and Daniel O’Connor.

The CEO of both publicly traded American Resources and ReElement Technologies shared with the REEx founders his 22-year path from mining clean-ups to rare earth refining—rejecting “ship it to China” answers and instead licensing and commercializing Dr. Linda Wang’s chromatography work (Purdue).

According to Jensen ReElement’s aqueous, resin-column hydromet process, targets ultra-high purity outputs (up to 99.999%) with far lower chemicals, labor, and energy than solvent extraction, aiming to produce at—or below—China’s costs. The company operates in Noblesville, IN, is scaling a 2,000 t/y Marion, IN facility (heavy-leaning output), and is developing international sites (e.g., South Africa) while partnering with mines and recyclers to process diverse feedstocks (magnets, batteries, ores, coal byproducts).

Jensen says ReElement currently supplies multiple large U.S. defense contractors with yttrium, samarium, gadolinium, terbium, gallium, and others; claims it can meet all U.S. defense heavy-REE demand (~200 t/y) “with proper funding”; and highlights modular scalability (“add columns”) and rapid permitting/low environmental footprint as advantages.

On market strategy, Jensen positions ReElement as a midstream “market-maker,” committing to sell at Chinese prices—or lower—to force structural cost competitiveness, while exploring US-based price indices (even tokenization) tied to real output. He notes management has invested >$17M personally; ReElement was spun out as a private company (American Resources retains ~19%) with aspirations to go public after ~$500M revenue. He cites signed/anticipated multi-year contracts he says total several hundred million dollars in revenue, plus growing defense opportunities.

Beyond technology and contracts, Jensen stresses workforce revival—training local talent in Indiana, partnering with Ivy Tech, and building a resilient U.S. supply chain through collaboration (e.g., with magnet makers Vulcan Elements, AML; partners like POSCO; mine partners including Pensana). The mission, in his words: make “rare” no longer rare and “critical” no longer critical by out-competing on cost, speed, and purity—so U.S. industry isn’t forced back to China.

What This Means for the Supply Chain

For retail investors, this news reinforces ReElement’s role as one of the few U.S.-based companies attempting to fill the midstream refining gap—a segment still dominated by China. If successful, this expansion could position ReElement as a strategic supplier for both defense and clean energy markets ahead of the Pentagon’s 2027 mine-to-magnet objective.

Yet key questions remain unanswered:

• How quickly can ReElement scale its chromatographic process beyond pilot and demonstration levels?
• What is the projected cost per kilogram compared to solvent-extraction benchmarks in China?
• Will Maxus’ lease facility fully cover the capital intensity of scaling, or will additional equity/dilution still be required?
• Most critically, can ReElement secure long-term offtake agreements with magnet makers and battery producers to anchor its revenue model?

Investor Lens

The $20 million financing is meaningful as non-dilutive capital, but retail investors should watch for performance milestones: ramp-up timelines in Marion, successful delivery against DoD contract obligations, and verifiable output of magnet-grade rare earth oxides. Execution at scale, not just financing, will determine if ReElement can transform promise into sustainable cash flow. 

Citation: ReElement Technologies and ACCESS Newswire, “ReElement Technologies Secures $20 Million in Equipment Leasing Facility from Maxus Capital to Scale Rare Earth and Critical Mineral Production,” September 10, 2025.

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