American Resources (AREC) 28 Mar 242023 Q4 Earnings call transcript

Greetings, and welcome to the American Resources Corporation Fourth Quarter and Year-End 2023 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mark LaVerghetta, Vice President, Corporate Finance and Communications. Thank you.

You may begin.

afternoon, good and you, everyone. Thank American On welcome conference I'd update. to Corporation, to behalf call our business XXXX of everyone year fourth like full Resources quarter and and our to over for made past our we Metals within several we American an opportunity the accomplishments how the this and and American divisions. uniquely welcome discuss our Carbon, always update We ReElement serve on are businesses months end and we that provide Technologies positioned markets

our CEO; We'll On Taylor, today remarks the Mark Jensen, Tom into President. call Financial Chief our today, go and answers. provide Kirk Officer; questions we'll is our prepared and some and Sauve, then some

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

forward-looking statements, you other the and filings. uncertainties are and considering statements, releases in keep which press factors, out cautionary risk laid mind SEC in should our When

any our whether Chief update, [Operator Financial Officer, new from obligation not any Taylor. forward-looking going revise to statement, We're Instructions] do also future events We a with as comments few undertake of result otherwise. a to information, or begin Kirk? today Kirk

call. a everyone, taking our you, and few out earnings you, Thank listen thank day for to of minutes Mark, fourth quarter your to

and and platform a assets shareholders we Committee Board all Strategic each unique better for initiatives several the embarked addressable have continued entity conjunction ourselves to believe our markets, so, of creation. strategic stand-alone to unlock our of several company. unbundle solidifying position within Over and attractive our directive our with In value for as positions we've in months, doing our Directors, value on we on execution of long-term and past the our company of our our which positioning

both announced our capital as companies. over as months industrial growth nation's Complex to Technologies American several County prepared $XX carrying ReElement such American Carbon first million industrial that kind, the Carbon capitalized Wyoming ReElement our is development growth what positioned of announced and include both lithium as our examples show believe $XXX and -- successfully public recently a and the for or as as Both net of plans this Much tax both for well mineral million mining securing stand-alone fees, focus in bond we today, of critical in have past Coal These and well efforts intermediate-term we as Kentucky. these has near-term refinery of bonds been as Technologies.

continue in closing is company moment another for we and division pieces exempt another to country. ReElement Today's bond milestone as Technologies tremendous put second execute necessary monumental our for our for on place the of is our our tax to mission. This our

County officially in resources facility nation's ultra-peer to is project controlled on goals. The low-cost infrastructure process. skilled with an the refining along utilizing the our tremendously market, quickly in of rapidly to energy process growing and safe to and environmentally meet a needs storage produce groundbreaking grade workforce battery Knott products transformation of energy great such placed of planned transition Lithium enables execute can land, Kentucky we how Our our already our example a us utilize

know-how in country region this Securities well again, developing is execution working the region the geographically the We with pride exceptional industry. a leadership processing of and vision. throughout commodity history process. working long and Kentucky Knott -- material sharing within comes appreciate belt in our the and County, with country and Hilltop of raw us The steaming And of the positioned of this battery with

development Technologies. and well ReElement through and Metals as equity project of process the both That market, the incentives We grants and financially. in bond tax are strong also growth across partners, American sources in government is as and Carbon, to capital bringing of American working strategically additional and secure both

over Resources' consolidated go American year-end briefly summary. I'll

year, of have flexibility operational our initiatives. the assets prioritizing unique showcased while our our securing on the position Over and nondilutive accretive most capital set to execute also and we past capital of additional use value-creating

is our American to Our XXXX, and allocate full attributed the of American Metals throughout million, Carbon. our a most to of revenues $XX.X XXXX accretive decision capital businesses, year from ReElement, are to which uses decline all

As project, validation, for advance international the agreements. and facility as the expanding Board such, our domestic into Lithium development expansion world-class campus we Marion feedstock operating team qualification Technologies, Kentucky our development, include procuring to includes chose aggressively and project the super and as in offtake feel which and large-scale what customer management Noblesville our the of which ReElement and well

the our Now streamlining sheet our environmental at on while additionally, also focused we've level. corporate bonding subsidiary operating at and to long-term level balance been the liability and costs, our continuing reduce

we carbon development of such, As extraction through the to to ongoing previous producers. legacy prior liabilities processing while aggressively activities environmental and keep idle the to metallurgical and mitigate attached that permit bankruptcies chose working acquired our stage we

West took the we not issuance of County, of development exempt only on tax Virginia bond was project the meaningful Throughout new the new Mining year, debt that did operational any the associated on take Complex. Wyoming and our for we with

cash end shares our as shares. outstanding today, including a funds development common in current for on million. U.S.-based limits Wyoming is of of Coal is the County at of held Cash just top-tier As $XX.X a held over all as XX.X million of A bank. And XXXX, again, Complex FDIC of hand our excess Class reminder,

assets Mark tremendous like and comments. shareholders. returns to back in to of turn a over deliver Our value attractive position our Mark? I'd call is LaVerghetta unique additional to some platform the for now to

for with as that, much very few than our We've want Technologies. a our entity exciting Kirk. us. opportunity represents opinion, ReElement as been and comments frequently ReElement. has And strategic state, involved division upside Thanks, ReElement I incredibly in on we to make never Technologies an and an

Our of mission focused mineral efficiently been to deploy has most refining critical China. and on how always effectively outside

types belief Chinese been U.S. that pose to any attempting or build to expensive in and refining are always operate of extremely waste our And it or China. Those part real Europe would really and harsh to scale world legacy challenges. and not deploy are industrialized due facilities other technologies large and the chemicals, the outside technologies the at of output maintenance sustainable of has

achieved geopolitical problems that the projected uniquely the growth today. of facilitated and demand, the has and positioned we've monopolistic to the date, ReElement exist past pressing decades Given in over is execution complicated China position to solve rapid the couple landscape,

at intersection the resiliency mineral critical chain sit we where I interests. such, and supply security is say As national of and health

critical chain and solution supply more As we efficient mineral outside strategically position continue more and China in world. as minerals, ourselves critical the the becoming is that platform of it preeminent path ourselves to the we are the evident refining global for from refining the separating most in

high-purity else certainly elements, Our from ability defense as battery critical differentiates recycled lithium produce and elements flexibility feedstocks our natural both earth anyone oxides us to out well platform's there. and for rare feedstocks from products, showcases as

of used are focused or multiple our are on of certain hydroxide, platform's tools vehicles, lithium rare which battery as to such market another we electric supply are applications. production of chains, lithium-ion execute as for stay motors military positions uniquely high-efficiency scale. defense carbonate as the While which critical to used defense we turbines, permanent and lithium have for then across end variety ultrapure end power earth components of serve either critical us highly also and oxides markets predominantly continue markets defense or cathode elements. are as are magnets, battery and our as that is Those manufacturing technologies; we flexibility precursors in critical applications particular windmill well that the These end within are: a technologies; production in unique well, for also

that electric most throughout which we're These as on our positioning global focused of unique are aspect or currently both themselves as recycled feedstocks turbines, end-of-life decommissioned and come tools rotors again earth can to unique as cut teeth the partners well include rare began at the wind us This earth primary back which our magnets, earth feedstocks e-waste. elements as permanent Purdue ores part or our the to refining vehicle with goods the University and other contributes from Technologies motors feedstocks, magnets marketplace. magnets consumer power we ReElement and them really we any where such rare how rare in grade is other and magnet oxides. and extracting The into

that worldwide note that the over our is very and and in from qualities mass battery to battery lithium-ion key or battery producers have taken black material. mass mass wide lithium-ion variety from black and the technology. batteries scrap. all shredding aggregation of black We've and and efficacy validated is for of shredded batteries same. a well minerals. us collection dozen a feedstock to is important It mass, elements of different them material chemistries There different cathode is inherent the Not competency of Another black is a waste a produce and range is really industry's in recycling the which

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to is Additionally, our black chemistries of types handle different ours. another distinct ability mass of differentiator

into and having to refine or chemistries lot restricted Typically, all we value-added black cobalt-type battery be today of the while nickel banned, recycling to nickel value, platforms we either wasted. order elements require believe China inherent of certain for or for and the partner sold not, a monetize A separate all eventually success battery which are was over lost in cobalt is shredders NMC-based world. as manganese most, will lithium NMC, if refinement, or the NMC mass

today LFP value recycling the showcases from world iron it economically to we lithium-ion other However, platform back any us and to critical industry. chemistry LFP, is sets unique, to can the believe apart the which battery refine our platform world growing, black the of the economically or extremely largest are battery-grade is our mass lithium and only lithium that chemistry mineral phosphate, refine products. the and subsegment also we refining in in ones extract the and ability of

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ores Our ores cobalt our lithium also hard process current mineral platform. rare cost bearing critical also we early earth is nickel incorporating to development and technology defense minerals. stages and working given the of effectively, are of our mainly rock efficiency ores, And the different ores, currently in very types, unique specific focus including and into are bearing However, lithium on we refine

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has to value sometimes the we ReElement believe time create truly meaningful the to around shareholders process, are while We control certain can. for our opportunity decisions things entire and we maximizing that Jensen being over additional value Mark? very now to the that it turn out for and make of comments. the and associated substantial some Mark our on based best I'd the like

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close $XXX them. see grants, on tax if as We've the with another exempt bond million speak. place in today for get we financing we bond the working we'll tax applied government and putting we we're we're Now exempt

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to evaluate going those to still Now we're assets, we opportunities are focused assets. the and on monetizing monetize still

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American Resources into aggressively of expand on these mining minerals distribution space will the the front. post assets critical

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Instructions] our first Heiko Ihle And [Operator question from H.C. comes with Wainwright.

hear can right? Mark, all you me

I can.

Perfect. Excellent.

going how market some a the can figures platforms Duesenfeld deal of opportunity the executed these there. collaboration market Damage big and German you maybe your might opportunity recycling be Service MOU. a give there got in Obviously, MOUs be very Battery you arguably that internally But think You big battery of with what in to forward?

absolutely. Yes,

Service. a lithium some I XX-foot I of and the about So black containers, as the can what it. The we think putting mean, how a mass one on players Damage with flow partner, XX-foot we to technology, it's the boat speak. recycle container -- phenomenal of process the that's -- or one of Duesenfeld, partnerships I container Battery extract if of attractiveness putting do, only think, a and on with not just batteries few same our the LFP actually out Duesenfeld profitably, the we that due we're

The that their shredders. means, mean what to great buying their model and And license out. phenomenal refer is scale to -- size them got are is with is us it but of also that fund really partners about they recycling I phenomenal relationship And that where their company, so business also their to operate technology. Duesenfeld footprint what's a collaborative existing we

substantial. pretty So this could be

we're mean, footprint, small I -- feet. square Noblesville, now right in X,XXX goal Our

Marion Our XXX,XXX facility feet. is square

But think, quite us there's of getting to stop, and production. U.S., goes that to for domestically, from solution here for expand mass the nature I that. soon, is, it That's going we'll obviously of there lot China So meaningful unfortunately. today obviously, our rapidly one, be to black the a the is important

We are here refining domestically. the solution for

In from also going helping Europe, for but them XX, relationships basis I believe for very beyond meaningful could getting there, it's as thing. XX source And the in those same well. a us product relationships months. the next be revenue We're

G&A And was XXXX in over income see should income we longer-term that? in should royalty we your think some on strong, of just Also, guidance income helpful. please? the modeling, you and Can quite after where forward going very XXXX, speaking model looking in provide statement. longer-term you That's 'XX royalty should where

that's So a good question.

So right I -- to understand platform the we're got G&A so in mean, now. you where at

going separate. So to first. I'll the to divisions It's dramatically are your last question answer going because pretty change

own of G&A, what company their obviously have fraction each today. the division but is will a there holding will So be

G&A amount. overall, we're rise where to not at our though, will. to that that. will, with it's going substantial Obviously, today. stay a I think, do It's And ready revenue pretty consistently getting So increase,

base revenue very expand and We're on the our obviously revenue week the quickly So ready to getting ramp-up mining with here then side ReElement we're to next getting expand the spin-off also announcement ready production. base side. on our the

The pretty today. a be It consistent be I will the where at based on forward think right where now. -- would The a consistent. going will It's G&A I it so pretty be lot it's if we'll look say, I would entire be -- expand going will whole, is -- pretty you if at to it's income, across also royalty on consistent say, not platform, any.

And our next question with comes Mike ROTH Niehuser Capital from Partners.

you hear okay? Yes, can me

through, Yes, ahead. go coming

Yes.

environmental about you your at having to China, yourself that -- as mentioned the both other some of tortured does that areas the spectrum China with look And far to is more. where bold monopoly that the You and savings? bit and make very impact get in as and an the hinges the China ends they've like I to costs, breaking you that costs, you you comparing when footprint. statement impute when that basis? on feeling nothing Because explore I get a China little that lower think burger are on you're in currency as have the -- a Or a environmental that statements environmental and you costs. I And

are figuring looking breaking into dollars? that So you cold at the are monopoly? Or just you hard

meaning environmental more noncash but in have going it. nobody great costs, That's Mike. buy world, the the nobody Nobody best question, you if expenses, is could that footprint Yes. you're XX% reality, cares, in to about a

on cost. to You compete have head-to-head

do that Now great a process. we have environmental we thankfully, because

harsh chemicals. systems. Our technology We We columns versus waterways. closed sound. elements emulsion don't environmentally the use and use We and in is It's don't chemicals. discharge resins leap

says. on comes we I thing anybody on So care cost of to environmental our That's but over commodities. And what survive. cost. but don't And win we that and in Critical when don't cost, the footprint, you it if compete years. compete for you head-to-head We've commodity. XX commodity only because a been minerals matters nothing are compete the on industry can't you don't

I When be not us we absolutely. kind of China, head-to-head against China, is. So could it's but it say for

head-to-head other minerals. are they dominant producer today, counting compete the and the rely on dominant numbers, great of all on counting based based they're we -- on We any dollars. not zirconium, win those our also United Not we not the country. of upon producer products. the compete, They noncash that States, OBMs elements critical earth the refine compete in products we rare only costs dollars. In logistics, The for

give the low we carbonate $XX down When lithium facility produce Lithium lithium of hydroxide, I out lithium Lithium you you one at of down at Kentucky about If our get to we a can example. metric tons our saw as a or is site, we got as of on -- X,XXX produce -- focus and Marion lithium -- carbonate $XX today. scale just just carbonate, a an kilogram, you which look of place sure way other team the a back the to the sub That's way production the expensive. and we because -- we and focus that. China we team is cost we are that natural that that's the when and significantly phenomenal be because hedge profitable, structure. we that sub method -- And legacy we're our on have push place survive players cutting markets. within making commodity the is in industry started

So yes, it's dollars, Mike. purely

Excellent answer.

what's On are -- have side, that me not the the I'm been not isn't. that it's Carnegie incorrect? now. clear It operating Is that Carbon not sounds like what operating and mines American to

that No, correct. is

let where me share at. we -- you we're So

stability. international would getting we're we doing off ready. energy working We're some doing customer long-term of time of today, to of some platform more like outside a traditional We've is be challenging Wyoming, customers development our again. Carnegie. who Problem a gives So we lot us development been base existing our mining and of on run with that. it's in customers to that at with spent Really product business sell and been again, also

What lot very produce right that product is the of a to we products ability a quality of now a phenomenal situation low for from the cost. the is us have,

complex. Our Wyoming Complex a is

concentrate of or over to which million over results critical which got, we'll $XX deploying minerals The we that, the week have phenomenal. deployment next that on concentration are the We technology, allocate the ability X. share also to the

As a coal-based deposits. byproduct, minerals not earth rare and elements or mining critical

You never doing money make that.

make to it money as going a byproduct. only doing You

very the are But up in be two, where in similar ramp to again, structure. off cost we are is, today Carnegie Wyoming time on them relatively the mining where on ramp operating market position side? So frames and up we not very, a and can one, we most a again. importantly, low wanted And is why

there. it developing over section quarter, the X, We for a mine Carnegie the was a last single time. So long finished second section

operate mine. as a X-section can we today it So

pretty mines as based Carnegie X the to or That to our virgin to we mines of efforts developed mine. branch already ability XX,XXX position and because a that last our The of last Complex them up the to allocate and low-cost over should those operational get up X didn't on that a low capital job the ramp month than the said, ton X-section year less is really to McCoy months, being team effectively in -- team tons success. way X number, Tarlis a miles a cost, facility. and there a did say. for are Bevins phenomenal These I set from the

blender to which the American fully tying in of XXX,XXX at up. tying upon the make and XXX,XXX ramping up that mid-vol B high-vol to production that ramped when phenomenal they're both that is wanted month with product, our there, that's absolutely at tons And in, So A we spin-off where Wyoming, product be high-vol a Carbon. an

a here And I So be will ramp imminent be up Wyoming, next thereafter. days and up which shortly Wyoming will It up. it X probably is next, will say, and with will the will XX -- open open and timing would before -- few over in Carnegie spin-off. that's the Wyoming up months then ramp first the the Carnegie

way look bit a So to we to in lot to expecting of rare that assume of product little a going we're be to a be start quarter the we come start seize reported sales, trickle of could at the when first soon, I any? earth in? carbon shouldn't sales, And if sales

second a all start not you'll of the quarter, In see revenue. both quarter, from see lot that you the sides. will In first to

imagine very, to have fun. very busy I you're a going second very, quarter [Indiscernible]

make will think I very worked of them done be next announce shareholders we'll and sure which have their they don't delivered and the out spinout the that our should their the have that getting X teams done the our those in right? will a timely held the all getting all and Thankfully, call corporate that brokers accounts. excluding to shares been -- mean week that but that Getting deliver next we over give days really I couple they've complicated, the spun out, will Novusterra -- you American Novusterra and focused, because they say the that accounts completed got years, -- week, last Carbon one. I of and is for team

The teams to success. on be want their based motivated

in corporate to putting they place and them so the those And focus the on that. structure sure to making into have do that ability gives their isolated their growth platforms

production I our we a at lot facility. in team ReElement. laid The say done it's mean, a but we has phenomenal ramping will now I on yes, groundwork, focused So up of -- job Noblesville

day. production So every production, they're focused up on running ramping

to I we're is which going the think to I going our need there. -- really I essentially Noblesville think facility, to planning shifts awesome. see X we're at almost

we've I at finalizing they're some been where with mean, then position complexes today. where a we're in the at hopefully, I good we Tarlis to customers the the ever the based mean at get this shortly, the position. wanting that first international very fully is on mining time ramp be and side, us And throttle pretty up full is in mines of with really put will relationships that expanded a could some working have and aggressively

materials with my state auto I the the from really if last ways economy an me, circular unnamed done. lengths question. should circular a again? with couple here of historic history will can the the history of our that rare it the be And a time And with form a like it's question. or get upon in one ores, don't be at end-of-life of We're recent only announcement I economy's or take excuse ask reconnecting but think this you I with relationship And also comment ever have because of quite manufacturer, starting along more multiple manufacturers, really work the earth can And the not magnet that you've with reestablishing supply country's -- or battery an in to chain. the

it they say, then supply as And to will scared chains that slow today, the the a a -- be one, course about today. showing communicating what X look as the of of, are Yes, we people act. that's I -- talk while bring over do, we can mean, can you that and should what aren't back have partners do of years I we can into we last for

upon I relies ourselves, in China they be situation. would That's X defend tools the product. military scary military. they the to Our that brothers have scared. If for needed a have didn't

to sending United lot a our stop. Moorman of to we That's magnet in phenomenal the China. those States today, -- that U.S. has And China. mean, It's by starting dollars billions mass, in black the That landfill that We're And meaning it's opening funded of there's go of Officer, government up so our of I were products team alone. today on starting year to get done said, the companies substantial are can of my feedstock. recycling And Chris Chief job being bringing getting produce. a of the to to a most those product stop. unfortunate. every batteries amount -- doors And got Commercial some and batteries,

We're that tried platform phenomenal. a coming facility we technology can That's for recycle to Now have on that Not That's aggressively a is we're phenomenal market we thankfully replacing Li-Cycle do huge China much product traditional utilize. refine to the them, acres. ramp but XX square that. hydromet it, thing focusing We're us going replacing because couldn't they failed. to we they plan. build at The great facility, so digs because bottleneck. in. and X that the to what's Marion shifts foot up XXX,XXX for today. a in done It's

and hard to hard really to really operate. two, one, It's permit,

Solving States, almost extraction United to think impossible operate it's to I in the impossible the economically maintain over long and term.

rare Great. earth rare that today. earth a the U.S. side there's in and the producer On to do trying

the think to that. they're the in provide company. solution job with We I struggle going think they're doing great a I to can that. just

with be help platform ReElement those how here collaboratively too. separation shortly have better to we're be them that going on showcases that purification to to a we bring to work that step them announcing We partners side the can that

in tremendous of to Strategy; the the but back domestically fastest-growing protect on joined resource we give there in know with locally the ultimately, well works not ReElement group work also in order more to that because supply need at most the amount Africa side, economic the us really and of drive is supply of of ReElement Africa? Then who to to Africa; of just countries Africa of feedstock CEO how chains Baba importantly, we and why us as secure have world. chains phenomenal Africa well on a growth. Shane a there home. Board in our well, And us really work President and them a in model the We that the our one exploit can business value a them And that in as people our National for here drive relationships as that's one process between Kincaid, Technologies phenomenal we're revenue of Vice world, just but Tragethon, with Kamara, populations help but Ben to partnership-based growth Africa, for is country. Africa also know

say, about "Hey, mean, you you're today." doing your feedstocks, life time. it's an give I those takes go So me end That's can you not magnets them which to because have. securing of somebody anything and easy conversation with think to

takes it's and at of -- we're that in to point not -- us if that's do, surprised position their get time good us be to focus that. to a getting And every thankfully, really You'd putting core in, ramp now flow get to do comfortable aggressively. some up where really really, day, to what it's they paid but it starting

see think you you'll And Marion out product do of how facility? soon coming

day Lithium carbonate, we we produce produce lithium every -- lithium now. carbonate

next ship process sell now to I be think to mentioned, of obviously, and process trial to then starting samples actually that getting and of the period a have to our Mark them different course groups, tons. it the of goes like as through time, will in starting the And we through few one we we're over X call, it to off So others. -- lithium product the goes qualification go more, today, we'll short maybe the of kilograms, then to qualification we're it and carbonate you grams, companies with the selling that during and --

contract rare Earth. side, to It's earth expand, with collaborative start Rare we've USA great partnership. we as the been on obviously, And announced a a

partnerships phenomenal have a We with company. AML,

absolutely for producing the of magnet. their phenomenal is Great been, well. and time in company. of Board now, have long an on for as We're I've industry the -- a technology out. working the ever company them the One check in companies I'm coolest magnet this investor

So extremely them. excited about

But we'll start every carbonate -- we produce day. lithium

recycling of when those well. magnets and Marion get and end-of-life is in then the into start there preprocessing magnet we goal on for Certificate those magnets to working Our oxide turning start lines as is Occupancy

question next Asset Segal our And comes KBB from with Management. Steve

you One all question. two be okay, Great stuff But on that's I you getting guess the questions. had this job -- I team. the just I your spin-off is will and on that? part Carbon, got was done. then And wondering of of -- Wyoming

Yes.

Wyoming be will so part Wyoming So will it. be -- of County part

spin-off So ability the off it's -- we comes produce that let Carbon, Carbon concentrate. the also With spinning when American to me Complex.

obviously, Carbon So rare Wyoming, working is Complex and one, worth of speak announced money American with dollars as division, Virginia. they earths that I infrastructure reports coal platform would met acquisition we the another where iron of they state, And earth in have research the spend can the rare stuff. on guess, all in and what that amount that comes we and have the West on we Ramaco billions the the we're same Kentucky ore we bought, around of But marketplace.

about couple on side. the a of at acquisition have in can on earth we look concentration post-spin-off Virginia, working comes front, assets that can And rare well mining West we're with the as also but we

So iron earth ore produce element the come that, out as it. in material, carbon, met we the the waste rare of

of as the County look is that to well, is of extract we'll which Wyoming part So that Virginia. phase also initial and West

that that facility, you then on ReElement Okay. the today the correct? bond for announced could side, be And that

Yes.

So that's lithium from refining sources. ReElement. international That's ores

from in the into that industry. comes Australia of well goes predominantly working a that partnership actually Canada. in on So out The Africa, byproduct as ceramic as

whole lot built Complex. County of Knott So there's our there. that a around being really that's waste part of ReElement. But not will That's come on

So assigned have we've has there Carbon will reclamation be ReElement about up the sitting platform a $X.X million to that on of cleaned here. complex American that liability we

to phenomenal Carbon, in those employment better commodities. the them we've better 'XX, than region ReElement mean process to and team for less anybody long-term since to I employing been for workforce in Those and world, give a know in they how our stable commodities how in and we're community. bonds removed, platform opportunity for process will since going XXXX, their be liability to the people stay

-- not that is that's breaking coal, And right? Right. as

there's harsh a we it's -- warehouse, a than process comes cleaner environmentally I contained water mean system. more into discharge, of in it's coal. water less less It's no inside our what produce

their mean, it community. have them is I and Knott just disaster people communities and good So environment in -- mean, help... levels in businesses a They a lets working right highest now. rough mean going to County is community there. that gives shape. Production really it no and I going their is we're I at stay

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Just the has going community from lack of they bring recruit Lack development. the the in rest nothing it. phenomenal has of us done to -- general. in. a executive No, there us, for But job a of

workforce work to the And exciting area there, day. phenomenal but every leave but -- there's so a we're and they

there that business a jobs of can we're place excited helping corruption reducing provide about So takes some there. that bring and there the start

Good.

many agreement but it's other entails talk an to? you going I can like detail without too manufacturer, the then And about and domestic question -- now see details it your unnamed what Okay. you where is know kind of

a the -- from of And other Renewables then as EDP whole. was in we us. given because we on names I confidential, we ton in disclose where rotors we for take from in, we market. very repowers they're is from than old the partnership we that -- industry, names world But as in, take so power automotive coming disclose we been the all turbine front, -- have through, speak. can't it power They just have partnerships tool great take a I have at great the can't numerous magnet their motors business a tools business market, wind -- from Yes, take who's the today. the

partnership. excited able that disclose to we're that

We with other given nothing lot Some their a them. cautious ones, do own interest, of with business about the disclosing, they're stuff us. just of

of about the it, those we relationship out then out rotors percentage we profit and take the portion So are, the in that. a our I of or should taking we we're share generate revenue non-spec of that generate lot the of that we magnet a excited say. groups that But of with

And us, nearest rely China, -- building their a we're get thing a supply be in -- can They rely hopefully, big release the cannot companies bit going is for here we chain can the won't to up who I more industry forward. not their great forthright talk so upon way that's able the should But little tell names. term, in us about partners to a industry let supplies for I that me. low-cost so the our that can't are.

Kyle question Merrill. with our And Gallagher next comes from

me? got you Mark,

you, Yes, Kyle. I got

prepared And excited a things good So say I seems to most this in feel heard lot like an in exciting time listening to guys' me conference, here. to been your I've got be the all you to of the about times your voice I for happening guys. remarks I've the this is

about like either are the Li-Cycle, be thinking a up, be could and company a you or partnerships, Cycle some Lease you like And mentioned expanding the you like you on ReElement of thinking partnerships? butchering as think, side some with like third Are this help or of the those how technology for to party Or is use? co-locations kind name. but question guys that where to a like growing through do, situations you build would licensing My about different that like to those something would not them, specifically out there had things me the you I excuse were build company, industry.

question. a That's great

the another partner to be to component recycling They do Li-Cycle build companies do great the to want right? company. we hydromet They U.S. stepped process, we in the is So are a financial great It of Glencore, going out. the do them. plant. component. a and all one refining. in We they're helping didn't successful, work them,

that is can within we industry whole hydromet. purification the step entire to offer refining what the separation Now

than producing end-of-life concentrated solution. refine half. is that a the in it's leachate, roughly than The a and We is less from the they're into So then turning step they're less operating if it less can they're and and cost batteries taking them. CapEx -- half

wouldn't to -- though. saying a represent lot a that be they of working we're So separation not by any want really to reason there's that starting the interest partners with lot to no license purification means. want not I'm Li-Cycle's. But multiple get why a do that, getting and of from don't step. we're It I lot great of need will interest from a that we're

solutions. it We're license already We the The the better, innovative. is they're is cost-effective team lowest cost don't for always developing our U.S. every technology. our in reason more day And

did He it company to our he When Now billion Galyen CATL cost the very CATL research. need U.S. when our we is told Board, built do joined to was he $X in billion, a similar was company. constantly the at joined our we that. something technology, Bob when want what to adamant was from me platform technology about. to he the in $XXX it lowest to sees and stay he invest he

to said the invest was thing And in he research. one always me

guy our team, is phenomenal. offer And so team. companies. offer we've well partner to what don't University he But think within I that as Purdue we we he with is as sleeps. is done And our internal who on the the with ability

separate materials the or the cobalt from to something or That's earth We the will provide the that offer and the or we lithium partnership-based as refine separation purification their rare element in or their neodymium model. or materials help nickel a today. side the facilities their step

Now on a offer also we other front, the suite. full

to earth niobium a it that lithium sulfate, partnership, do We we about lithium then to something bring the But drop that be sulfate, I the on cobalt carbonate costs to the down it way way -- year, we -- modify of -- to to all innovations technology clear rare the our make it will make want with to if want partnership -- $X, partnership-based today key metric from partnership model. through bring to to that take the better. we month -- a about it's able constantly. a we tons process elements. to want nickel and our because -- to all within we sub-$X to at oxides our X,XXX if we the get be a want that If carbonate

So doesn't the in in our as do out way. we. with to slice technology, harder And necessarily -- license, to to work and it's want nor a do We that. a a partnership want them Purdue collaborative

could good it if a get material It to way of comments a back, lot feedstock asked to experiencing color, then give a while what And bottlenecks ramped the you time, a of me it. I'm I was equation just of in is of hearing how of the it. more is today and some to bit getting of you is that I somewhat what quarters had you Got feedstocks. was kind at little many up what seems but your starting how that the don't were just a would from I know access it side think

with on you you are balance can you ton. up on do of side equation are the mentioned gram are lot balanced a the how of hey, to side? on ReElement? for sides think as kilo commentary you I seeing kind those seeing the an Are of samples offtake feedstock you a to that, the offtake a give How any side? ramp X that Or you from equal a

go like mean, pretty want our passionate, and Yes. about aggressive anything I'm to I listen, slow, pretty a don't I a guy, care lot company. I'm

do possibly as fast as we can. So things I want to

If you to I me back would language. get, a pardon the a kind look was b**** say of feedstock year ago,

of securing Wrightsman passionate job has good that a just Our came at team feedstocks. Board, on those a Ben guy. really done

phenomenal has African on front Chris as job. Ben and Moorman phenomenal done the about think [indiscernible] a it. he done a the has I side his passion on Shane job. ore Tragethon Kincaid

you when building the a Just come in and but done job great that works, these that. stocks done the team prove technology we've also feedstock, has -- of our

there's now -- long And day lead down which wouldn't sales up say you've not I are stuff I our kilns aren't feedstock got that, barriers I a every is and like so knocking team items those to problem. like long. ramp a get to either. say Sales production wouldn't one, mean, is problem

barrier you the you it around through it or open a walk or You see run you door.

to to forward we to It's in, process that finding qualification X go now carbonate willing continue material most produce growth process. we the through fastest to of in we're back the side, take can and with way companies. will A great said, over get and in a that's way. to selling that taking a team the the economic them to do those getting a we've we have in We're through once form. that you the everything push Sales been qualification lithium partnership efforts ready few legitimately and

don't a we do of diversified want to We Now want that. portfolio customers.

especially in What ramping the facility But as will will to line IRA. we're up say, as closer Marion gets production, be our customers fruition, I then.

-- what what Inflation it Inflation the So you -- get look [indiscernible] is. it, it's Act, the at name But the qualify under Reduction will -- Reduction we the think the we be I and Act. is

we're when be are customer base. the lithium for carbonate, able and of So we achieve our in to that the few one U.S. actually produce players

we a that. actually we think don't. you in position. market, to Today, the so a really in believe good And And get premium we're you'll

produce premium You get you IRA-compliant material. X if

can And production sell will. on as to, you -- that's that's why going bit. I'm through all -- your want commodity supplier, and going a qualification qualification is market, think we're that think process the we and not that were through we're but shortly, point, really we these really, what your want well. Here we only saying, why but am at customers when products the processes ramping we all we're direct quite I that worth? then start they're And you IRA-compliant I it's only up

Yes.

appreciate getting and of responses, Thanks really candid and on lot. man. Mark, through always, your a As patience our these calls all questions the

with it it. we shares. Challenging up my what going passion passionate ground the divisions the super not I speak to it coal the we speak it's for it. that away from from industry worth. going our for team go, not I'm assets. team, see we but fight want these from to about at, heart, we're business I'm Kyle, speak I is, give from it. mean, And built where appreciate where great I to We have the we honestly,

passionate having an broad seen thought position doesn't in division, needs state I'd be I've in I've ReElement as never It as ReElement I The like country as seen as Refining to have, a team in our -- today. a we never but when minerals have. it. opportunity we opportunity an be a clinical

Our country our it it needs defense. needs for country commercial enterprise, for

read passionate, kind and went excited yes, So we're of off we're super I remarks where didn't today. we're cusp a at. because about I

position do. and and people positioning. that, market capitalize the that advantage we about exist It's can recognize be take a being want, not as it's we May numbers survive about and of they what thrive, opportunities but in we where revenue and and that's

are there further no And questions this at time.

So back closing to for I'll hand management remarks. the floor

want I say all one, Yes, for thank joining. you to

care for voices in care the our our about these future. we we're position thankful I about you our see I'm care bit but for a stakeholders. and we super that more in the you've we're at about a companies. little I'm a company. for today, have given excited business, where shareholders, us -- as genuinely always, of taking about thank team, you time calls earnings long-winded, thank where about As our an interest all couple hear But from as separate excited you'll here go we'll some the different about

parties And a disconnect. All you. day. may Have Thank that concludes today's call. great