ReElement News Brief

November 2026 | May - October Review

From Mark C. Jensen, CEO

The progress our team has made over the past five months is extraordinary. We have demonstrated our refining technology at commercial scale in Marion, secured major federal investment and strengthened the partnerships and team that will drive our next phase of growth. These milestones reinforce what we have believed from the beginning: American innovation can build a globally competitive critical mineral refining industry. I am proud of the people turning that vision into reality and even more excited about what comes next. We are building with purpose, expanding alongside our customers and establishing the refining capacity that puts American innovation to work for domestic and allied industries.

COMMERCIAL PROGRESS

Scaling Refining to Meet Market Demand

ReElement’s Marion, Indiana campus took important steps toward broader commercial operation from May through September. Our demand-aligned refining platform continues to demonstrate world-leading innovation through the successful commissioning and operation of its first commercial-scale germanium column, validating the platform’s scalability. Air permitting for all four Phase I production lines cleared another key step in the facility’s development.

By September, equipment installation was advancing the magnet recycling line for rare earth separation. Installation, integration and commissioning remained underway, building on the qualification and production work at Noblesville.

Equipment installation at Marion supports the progression toward commercial magnet recycling and rare earth separation.

PROGRESS AT A GLANCE

VALIDATED	4 LINES	OVER 25 HIRES
Commercial-scale germanium column	Air permits secured for all four production lines at Marion	Expanding the team to support growth and customer demand

Explore the commercial milestone | Read the permitting update

BUSINESS + TECHNOLOGY

A Platform Built Around Customer Needs

How ReElement scales

Germanium shows Demand-Aligned Refining in practice. A commercial partner brought ReElement a challenge along with germanium-bearing waste streams. The team qualified the chemistry, validated performance on larger equipment and began small-scale commercial production and deliveries in Noblesville. Additional capacity followed as demand grew.

The August demonstration at Marion extended that proven process to commercial-scale column capacity. This progression gives ReElement a repeatable, de-risked approach to expansion: develop a qualified product with a customer, then add dedicated modular capacity to serve that opportunity.

Original LinkedIn graphic outlining the scale-up plan. The text above reflects the August Marion demonstration.

See how Marion builds on Noblesville

From recovered magnets to separated elements

The magnet recycling line being installed at Marion is designed to produce separated, high-purity neodymium, praseodymium, dysprosium and terbium. Its value lies in turning recovered magnet material into individual, high-purity products that can return to manufacturing supply chains. September installation updates showed progress across preparation, solid-liquid separation, chromatographic separation and final refinement into finished packaged products.

The Refining Opportunity Starts Upstream

American Resources Corporation (AREC) announced that its majority-owned subsidiary, Electrified Materials Corporation (EMCO), signed a binding letter of intent to acquire Blackion LLC, a battery lifecycle and critical materials solutions provider. For AREC portfolio company ReElement Technologies, the proposed acquisition is designed to expand the flow of magnet and battery-derived feedstocks to its separation and purification platform.

The companies bring complementary capabilities to that opportunity. Blackion contributes an experienced management team, commercial relationships, feedstock sourcing and battery lifecycle expertise. EMCO aggregates, processes and prepares materials for downstream refining. ReElement separates and purifies suitable feedstocks into high-purity critical mineral products.

Through ReElement’s strategic collaboration with EMCO, this alignment supports lithium recovery from lithium iron phosphate (LFP) batteries, magnet REEs and other suitable feedstocks, with high-purity technical-, battery- and magnet-grade products returned to domestic and allied supply chains where commercially appropriate.

Read the Blackion announcement

Extending the platform to tungsten

In May, ReElement reported refining approximately 28% tungsten concentrate into 99.9% purity material. The achievement demonstrates another demand-aligned application of its separation technology and a pathway to future capacity and global partnerships. Tungsten is rapidly advancing as a global priority and ReElement-focused growth material.

Explore the tungsten milestone

PARTNERSHIPS + INVESTMENT

Building the Connections That Support Growth

ReElement’s latest international initiatives connect American refining technology with mineral resources and industrial opportunities in partner countries, expanding the pathways for more secure and diversified critical mineral supply chains.

Uzbekistan

Strategic Collaboration

In Uzbekistan, ReElement and American Resources advanced their partnership with Uzbekistan Technological Metals Complex and the Uzbekistan Fund for Reconstruction and Development through a new agreement announced in October. Following successful technical validation of Uzbek-sourced tungsten, the collaboration moves into commercial demonstration at ReElement’s U.S. facilities, alongside engineering and economic evaluations for potential refining operations in Uzbekistan. This next phase supports opportunities to produce higher-value materials locally and diversify supplies for U.S. and allied industries.

Uzbekista n Announcement

Key Elements:

Evaluates domestic mineral resources

Assessing facility development

Supports long-term economic cooperation

Malaysia

Advancing Rare Earth Refining in Malaysia

In Malaysia, the formation of American Resources Indo Pacific, led by CEO Datuk Wira Mark Ling, supports plans to establish rare earth separation and refining capabilities using ReElement’s technology. The initiative connects upstream resource development, advanced refining, digital traceability and downstream industrial demand. By developing refining capacity closer to the resources, the approach aims to retain more economic value in Malaysia while strengthening supply relationships with international partners.

Malaysia announcement

Key Elements:

Builds on regional demand and resources

Supports local industrial development

Advances resilient supply chains

South Korea

Joint Venture with POSCO International

ReElement and POSCO International signed a non-binding memorandum of understanding to establich a joint venture for the seperation and purification of critical minerals. POSCO International plans to invst up to $200 million in the project.

Photo: ReElement and POSCO International formalized the joint venture in Washington, D.C., in May.

POSCO Joint Venture

Key Elements:

Up to $200 million planned investment

Joint development and operations

Serves U.S. and allied markets

Research and trusted technology networks

ReElement joined the Global Trusted Tech Network led by the Krach Institute for Tech Diplomacy at Purdue, reinforcing its guiding principle: “Technology Must Advance Freedom.” Few sectors illustrate that principle more clearly than critical minerals, where secure access to refined materials underpins advanced manufacturing, energy and national defense. Through its refining technology and partnerships across domestic and allied supply chains, ReElement is putting tech diplomacy into practice, helping build the capacity and commercial relationships needed for greater economic independence and supply chain security.

ReElement also became an industry partner in the University of Missouri–Kansas City-led Critical Materials Crossroads consortium, selected for potential National Science Foundation funding of up to $160 million over ten years. This collaboration further connects technology development, commercialization and workforce training to the rebuilding of America’s critical materials capabilities.

Separately, ReElement is a consortium member in AREC’s coal-based critical mineral recovery project, selected for Department of Energy award negotiations. ReElement is expected to contribute downstream separation and refining expertise. The DOE selection is subject to negotiations and is not a funding commitment.

Trusted technology network l Research collaboration l DOE project

AROUND REELEMENT

People and Perspectives Behind the Progress

Building the team to support growth

ReElement has added 25+ team members to support its rapid growth, expand its Indiana operations and meet the needs of domestic and allied critical mineral supply chains. These additions strengthen the expertise needed to commission equipment, scale production and serve a growing customer base.

Experience across manufacturing, U.S. Navy operations, process engineering, laboratory science, human resources and finance brings depth to both plant operations and the broader business.

Building this team is central to translating proven technology into sustained commercial execution. From equipment maintenance and process improvement to new feedstock qualification and workforce development, these hires help ReElement align its people and production capabilities with customer demand.

Meet the July additions | Meet the August additions

Recognition for technical leadership

Chief Technology Officer Dr. Yi Ding received Purdue Engineering’s 2026 38 by 38 Award. The recognition highlights his role in translating chromatography research into commercial refining capabilities. ReElement also announced its recognition as a 2025 Trusted Tech Leadership Award recipient from the Krach Institute.

Read about Yi’s recognition

Connecting with industry and allied partners

ReElement’s engagement spanned recycling, defense, institutional investment and international collaboration. Representatives contributed to discussions at the U.S. Chamber of Commerce’s Critical Minerals Summit, NAATBatt’s recycling workshop and U.S.–Japan events at Purdue and in Indianapolis. September’s schedule also included investor meetings at UBS and the recyclers panel at Adamas Intelligence’s rare earth conference.

Ben Kincaid also joined U.S. Department of Commerce Assistant Secretary David L. Fogel and industry leaders for a business roundtable on U.S.–Uzbekistan commercial engagement. The discussion explored trade and investment opportunities in critical minerals, mining and advanced processing, supporting American Resources Corporation’s partnership with UZTMK.

Across these settings, the focus was practical: connect feedstock owners, manufacturers, investors and policymakers with the refining capabilities needed to bring materials back into productive use.

In the conversation

A Wall Street Journal opinion piece by Peter Navarro highlighted ReElement’s feedstock flexibility and chromatography-based refining approach in the broader discussion of rebuilding America’s critical mineral supply chain.

Read the opinion piece

LOOKING AHEAD

ReElement’s focus remains completing additional Marion installations and commissioning, further optimizing operating performance and expanding production in step with qualified customer demand. ReElement welcomes discussions with feedstock suppliers, manufacturers and partners seeking domestic and allied refining solutions.

Connect with ReElement

ReElement Technologies is a portfolio holding of American Resources Corporation in which American Resources Corporation maintains a strategic minority interest. Electrified Materials Corporation is American Resources’s majority-owned recycling and processing subsidiary.