Good afternoon, and thank you for joining us today for the Virtual Investor Closing Bell Series. My name is Justin Romanowski, Managing Director of JTC IR, and I will be the moderator for today's event. The Closing Bell Series starts at market close and allows for companies to share their overview of their story and connect with investors. Today, I'm very pleased to be joined by Mark Jensen, CEO of American Resources Corporation. Mark, welcome back to the platform.
Justin, thanks for having me on. It's an exciting time.
Before we get started, just a reminder to our audience that American Resources is publicly listed on NASDAQ and trades under the ticker AREC. Mark, for those who are new to the story, do you mind starting with a brief overview of American Resources and ReElement?
Yeah, absolutely. One, thanks everyone for joining. I think there's a lot to talk about. We'll try to keep it compressed here. American Resources is a company we started in 2015, management led, management still combined the largest shareholder of the company, and have continued to invest back into the business. We started off as a mining operation and have made quite a few moves over the last few years. We executed upon our strategic mission of separating our companies. Now American Resources is predominantly focused on collecting royalties from those assets that we've distributed and through our partnership with the entities that we distributed, as well as producing concentrate and/or sourcing raw materials for the ReElement process, which is an absolute game changer.
ReElement hit square into the heart of what's talked about worldwide today on the rare earth refining step and building out the national security supply chain to produce magnet material, battery material, as well as, most importantly, defense materials.
Thank you, Mark. Congratulations on the progress. We continue to see so much out of the company and national coverage on the importance of rare earth elements. Can you please describe in more detail your recent announcement regarding the expansion of your rare earth elements production and how this is unique from the production of heavy rare earth elements?
Yeah, absolutely. I mean, rare earths are talked about pretty extensively nowadays throughout the world. Rare earths aren't rare. They're everywhere. I mean, the feedstock is not an issue. When we first started building out this business nine years ago, it wasn't for this purpose. Over the last seven years, we started building these feedstock opportunities, including working with our own government and the Defense Department to source materials that they need. Where ReElement sits is in we go back to the, I mean, our technology goes back to the 1960s in rare earth space. It's not a new technology. What we've been able to do is optimize it and use computers and simulations to be able to develop flow sheets and process parameters very, very quickly. No different than what we just did with antimony.
What's unique about our technology is the flexibility of feedstocks coming in. We can handle ore-based material. We can handle tailings. We can handle recycled content. Most importantly, we can purify all of the materials to ultra-high purity, where most people are just producing light rares. Even that, we'll see if they're at spec. For us, we can produce ultra-high purity materials. We can remove certain impurities, but we can produce heavy rares. We're the only heavy rare earth producer in the country today that can meet the needs of our defense systems as well as our commercial markets, and then go into other materials like antimony and other products that our government needs because it's being banned for our country.
Thank you, Mark. President Trump just signed an executive order prioritizing the refining of rare earth elements, critical minerals, and defense metals. How does ReElement's innovative refining process align with the president's recent order declaring immediate measures to increase America's mineral production?
Game changers. It's nice to finally have an administration that is looking at the heart of the problem. The problem's not on mining. The problem's on refining. That's why China is winning this game. They started it 30 years ago. The trade war is not a new thing. Thirty years ago, they started building out the refining capacity to be the monopoly within the world. We're changing that narrative. We're competing against them based on cost and quality and scalability. We can deploy anywhere in the world. We can bring our technology to local sites. We can partner with the African nations, and we can build and operate here locally. The Trump administration, the critical mineral executive order that they just passed, and we were thankful to have communications prior to that with his administration on making sure that they hit the parts that really were needed.
Refining was looked over the last four years. Today, it's the heart. They recognize the importance of it. They recognize the importance of what we do. We're a defense industrial-based company and excited to work with defense primes, as well as the government and our commercial partners, to make sure that we can produce these materials that we need in our country at a cost structure that is at or lower than China's cost structure, even with their current buildout of capacity that they have already. They started this 30 years ago. We started nine years ago. We started before this was relevant for other reasons. Thankfully, we were ahead of the curve. We're probably a little bit early. We've been focusing on managing those expectations to be able to build out this capacity as our customers come online.
In 2026, and even the later half of this year, we're starting to see a pretty significant number of customers needing products. So we're ramping up production to meet that needs.
That's great. The work and emphasis on refining, overall, that seems pretty positive. Can you explain how that fits into your overall platform, especially ReElement?
Oh, yeah. I mean, the heart of what we do is separation purification. We're not trying to make magnets. At ReElement level, we don't produce concentrates. We actually rely upon American Resources, the public company, to produce those concentrates and/or source those concentrates from third party and help supply that material that we desperately need. Where we focused at ReElement is to build out and optimize and stay ahead of the curve in terms of technology optimization and efficiency and development of our competitors. There's other people looking at ion exchange, other versions of chromatography. There's a lot of people that tried to look at solvent extraction and realized it just doesn't work. It's not flexible. It can't handle a wide variety of the feedstocks that are coming to market. Where we can.
Building out in our Marion facility, we have equipment being installed in there today, operating in our Noblesville facility today, closing on a financing for our Kentucky facility, which we're super excited about the efforts of the team there. Also being able to build internationally. We have a $100 million commitment from Novare to build our refining facility in Africa. We'll be the first on the continent that can actually refine these materials, bring the value step, which is something China won't do. We're able to take feedstock from them because of the uniqueness of our refining capacity and our refining technology that we can deploy in local environments.
Where all they're doing is trying to go in there with bags of cash and buy these materials, we're able to go in there and bring value to these countries that desperately need it to create jobs and then bring the oxides and elements back to the United States to meet our own national security supply chain.
How competitive is rare earth refining in the United States for critical minerals? How do you fit into the landscape?
Yeah. If you go back to the last four years, a lot of people talked about recycling. What they did was they produced products that go into the refining component. There's not a lot of refining that takes place here. A lot of people, and when we started looking, I mean, nine years ago, 10 years ago now, I was looking at how to refine these materials here. Everybody was looking at modified versions of solvent extraction or hydromet. Those processes don't work. You've seen a number of companies that tried to do it here domestically. It's very expensive, hard to maintain the equipment, hard to maintain the permits, hard to get permitted. One company that got a couple hundred million dollars from the U.S. government still can't get permitted, where we got approval to operate in a month.
I would say there's a lot of people talking about it. We're excited to work with the supply chain. Over the last three months, the number of partners that have come to us saying, "Hey, let's work together," and starting to open up those collaborations is super exciting for us because people are starting to understand that costs matter. Cost effectiveness, there's nobody that can compete against us in terms of the cost structure of which we operate and the purity that we can go to, which kind of leads at is we're focused on this box that people have not been able to solve yet. Our team has done a phenomenal job at doing that.
American Resources is also discussing producing source concentrates. Will this result in additional revenues for American Resources? If so, how will this impact the business ongoing going forward with ReElement spun out?
Yeah, absolutely. This is a fun one. American Resources, we started on the coal waste or mine tailing side of things. Back then, it was not economic. Really, it's because you can't look at it as a rare earth mine. You got to look at it as an alumina or a silica mine with rares being byproducts. That's what we've been able to figure out. Traditional solvent can't do that, though. There's too much calcium. There's too much zinc in those products, which overload a solvent extraction line. You'd have to build a dedicated line just for that, which nobody's going to do. For us, we can produce high purity alumina and high purity silica dioxide, which is used in the semiconductor space, which obviously you see tremendous growth taking place there.
The byproducts, which are the rare earth elements, are actually almost essentially free by the end of it. They are at higher qualities than most rare earth mines once you get into concentrated form, once we remove the impurities, which become the products, the alumina, the silica, and the zinc. Yeah, it will be a very meaningful revenue stream for American Resources. We are in development of our first facility that will deploy at our Wyoming County property. Wyoming County has 590 parts per million of rare earth oxides, which is actually quite attractive when you look at the fact that we pull the alumina and silica out. It almost doubles that, which puts it at better than most rare earth mines in the country today.
You have to look at it as a whole, and you have to look at how do you monetize it as a whole to make money, to really develop those processes and parameters to figure out how the technology can work, and then how do you produce products that actually make economic sense. That is where it is exciting for American Resources to be able to focus on that and focus on this concentration step now that we have moved the mining business outside of our platform and ReElement is focusing on its standalone business of separation purification. Now American Resources can really focus on getting mostly on the commodity trading side as well as concentration side.
That's great, Mark. Definitely an exciting time for the company. I have one more question before we turn it over to the audience. American Resources also owns approximately 19% of ReElement. Does the company have plans to maintain its ownership? Is there additional value in the relationship beyond the ownership?
Yeah. I mean, we're a substantial holder of ReElement. We're a substantial holder of the mining business, which has merged with SeaGrowth Capital, Novusterra, RMCO, Royalty Management Corporation. We own all the minority stakes in these companies still, which add tremendous value to American Resources. Now, I'll say over the last few months, we've had a great deal of interest in companies wanting to buy a bigger stake in ReElement. Strategic investors are super important for the company. Would American Resources exit that position and then take that capital to invest in more concentration steps to produce more revenue? If the public market doesn't value us appropriately, which we're valued at essentially as a market cap less than the 20% that ReElement is raising money at. Publicly, we've announced we've had a number of closings at the $150 million valuation.
We believe the company is worth a lot more than that today, especially with this Executive Order coming out and the interest level we have around ReElement. If we have a strong strategic investor that has an interest in buying the 19%, which we've been approached by a few, we'll consider that and utilize that capital to generate more revenue for American Resources. American Resources has a very low overhead right now with the individual entities spun out of it. It is focusing down the road, generating cash flow, paying dividends back to our investors, and continuing to reinvest in the cash flow streams to produce those concentrates for ReElement to turn into revenues at the ReElement and American Resources side. Everything's always on the table, but it's got to make sure it maximizes the value for all of our shareholders.
Thank you, Mark. That's all the questions I had. I'm now going to turn it over to the audience for their questions. As a reminder to our audience, if you'd like to ask a question, there is a Q&A button at the bottom of your screen. If you press that and type in your question, I'll read it to Mark. Mark, just a question while we pull for questions. Okay. Solid video piece in the last couple of weeks where Mark noted national security requested antimony production. Can he clarify that conversation? Do you know if the government has reached out for any more requests? Will the government provide any grants to aid in this process?
Yeah. I mean, we've worked with Defense Logistics Agency. We've worked with Commerce. We've had great dialogue with the current administration. I mean, they are focusing on the heart of what needs in a streamlined fashion, really focusing on what's important right now. Yeah, we got contacted by a number of different parties about antimony. Honestly, it wasn't a product we had seen before. We did what we did. We reached out to our network and put together a supply chain, sourced the resource, had it sent to our facility. Within five days, produced a 99.7% pure antimony trisulfide, which gets blended with lead for our munitions, and then antimony trioxide, which gets used in fire retardants. Products that are desperately needed, one, in our national security supply chain, as well as our commercial industries.
That's the beauty of our technology, being able to develop these flow sheets and, one, tapping into our network as well. Our team that we built in Africa, our team we built that has access throughout the world of all these different feedstocks, that is, if the government needs it, if the national security supply chain needs it, we can go find it, and then we'll develop the flow sheet to be able to produce it. Will they give us capital? We've had great conversations with the Department of Defense. We've had great conversations with the current administration. We'll apply for grants now. In the last administration, we weren't going to fit given we were associated with a coal company, which is why we also wanted to spin these assets out to create that more streamlined platform. We'll see.
I mean, at the end of the day, we are working with the private capital markets today, but also working with the government and other products. Yeah, we're working with different defense primes on germanium, on gallium, on different elements that are needed today that have been banned by China. China's banning the export of these materials to our country. We're going to solve that problem. And our technology has the capabilities of being able to do that cost-effectively. If we can't produce it at China cost, it doesn't matter. Nobody's going to pay a premium for U.S.-based products. I've been saying that at conferences for four years now, and it's raining true. We can compete at their cost and produce product at their cost. We do think we'll get some government support because of that.
Thank you. Our next question is, can you elaborate on what you mean by alignment with recent executive orders?
Yeah. I mean, the executive order, which we've had good dialogue with the administration pre and post, it focuses on the need for usable products in our country. If you can't refine them here, they're not usable. If you mine them here and sell them to China, they're not solving our problems. You need to be able to produce usable products. The bottleneck is in refining. We are fully aligned with that. I mean, there's been conversations about building refining capacity on military bases. We're the only technology that can do that. We're the only technology that's modular and scalable. Solvent extraction is not. It's not flexible. If your feedstock changes, you've got to make significant changes to that production line. It takes you five years to permit it, where for us, we're not discharging chemicals. We're not creating emulsion, which create a lot of problems with some solvents.
We can build effectively anywhere and operate anywhere. Obviously, our 400,000 sq ft facility in Marion, our phase 1A of 1,000 metric tons of rare earth oxides, which we may have to expand to 1,500 metric tons based on demand today, which is a phenomenal problem to have, that'll use 30,000 sq ft of our 400,000 sq ft facility. The ability to continue to scale. That is around $95 million in revenue today. The ability to generate significant growth out of that facility alone, let alone some other conversations we're having in other parts of the country as well as other parts of the world, will enable us to meet that need. The executive order was about producing and refining materials. They need our technology to do that. We're willing to work with them to achieve that at a cost structure that makes sense.
Great. Our next question is about a specific compound. Can you quantify the amounts of dysprosium oxide currently being produced by ReElement as well as plan to ramp up going forward?
Yeah. Yeah, it's a good question. We produce dysprosium every day. We're the only place in the country that does that. The only limitation we have today is on our pre-processing steps, which is why we're building out pre-processing in Marion first. On average, around 20 kilograms a week, which is relatively small just because we don't have the pre-processing capacity in Noblesville, which is, just to put in perspective, our Noblesville facility is around 7,000 sq ft. We're producing neodymium- praseodymium, and dysprosium as well as lithium carbonate every day in that small facility. Column-wise, we have plenty of space. When it comes to pre-processing, we don't have enough space. Pre-processing is turning materials into a solution.
We need more square footage for that, which is why we're focusing on pre-processing first in Noblesville or in Marion so we can continue to expand our production in Noblesville until we get the full line running in Marion. It's using the assets we have and the cards that we're dealt with to be able to scale and grow as quickly as we possibly can.
Great. Mark, for this next one, I'm going to be combining a few questions together. They're around the ReElement spinoff and the ReElement stock being tradable. Any updates there?
Yeah. At the end of the day, we want to make sure we do what's right by our investors. We've had offers from SPACs to merge with SPACs. I don't think that's going to be the route we want to go right now. It would depend on the SPAC sponsor. We've been offered people that want to buy the business. I don't think that's the right thing either. Right now, it is focusing on building out the business. What we want to do is we want ReElement to get into the public domain about the same time we're ramping up revenue, which could be this year, and show that strong revenue growth, which is where we think we'll get the best premium for our investor base.
are other companies in our sector that are also public right now that we think on a peer basis will trade very well compared to them as we showcase that revenue growth. Most importantly, the margin that we are able to generate selling at China or lower than Chinese costs, we are able to still generate really attractive margins, both the rares, antimony, lithium. Even today, lithium today prices, we are still at around 28% margin, if not maybe slightly better than that, where most people are saying you should not be investing into lithium right now because of the price of it. For us, it is still very economic. Our goal is to get ReElement public. That was when we separated it. That was the focus.
We also want to make sure it's done at the right time where we drive the best premium and the best multiple for our investor base.
Great. Mark, that is all the questions that have been typed in. Before we conclude, do you have any closing remarks?
Yeah. I want to say thank you all for joining. Follow what we put out. I think Daniel has another question. I do not know if he knows how to ask it, though. He was raising his hand on there.
Okay. If you're okay, I'm happy to unmute him.
Sure.
All right, Daniel, you should be able to unmute yourself.
Can you hear me?
Yes.
Okay. Great. Mark, I think we can agree that your stock was undervalued last year, and it's still undervalued this year. My question is, when you look at that $1 valuation on December 31st versus today at $0. 60 , of course, the difference is that you have spun off those ReElement shares to your investors. Can you give me any kind of simple math as to which stock was more undervalued, either that $1 stock with ReElement or today's $0.60 ?
Yeah. I mean, I'd say they were both well undervalued. I think for American Resources, I'm going to talk frankly, though. The focus of our business was on building out ReElement over the course of the last few years. ReElement is a game changer. We think it's a huge value to our shareholders. We think it's a huge value to our shareholders of American Resources as well as the shareholders of now ReElement. We needed to get the businesses separated to unlock that value. We think with American Resources today, we think it's extremely undervalued based on the minority ownership it gets as well as the cash flow streams that'll be kicking in this year and the concentration steps. We've been working for over nine years on developing an economic method of producing waste materials. We have access to over 30,000 acres of land in Eastern Kentucky.
Our cost of producing these concentrates are nominal. It's land that we control. It's the ability to produce these various products out of there, including the alumina and the silica. We think that'll drive substantial revenues for the American Resources shareholders, let alone the minority ownership we have. ReElement, I think, is a whole nother beast. We've said publicly we're raising money at a $150 million valuation today. We think that's way undervaluing the business. We started that raise a long time ago, and we've stuck to it. We're closing it out here shortly. It's working on a significantly higher valuation, especially with the executive order and the progress we're making at the subsidiary level. Some of the banks we're working with are amazing and have really, really strong support from Bulge Bracket banks on all aspects.
We want to continue to grow that. Today, I would say even the valuation we set for ReElement is way low. That gave some good investors to come in. At the American Resources level, we're focused on revenue that matters, revenue that's profitable. That's really where we're focusing in driving the American Resources front to feed ReElement and that partnership and the shared services agreement we have between the two entities.
It sounds like it's really difficult for you to give a clear answer as to which one was more undervalued because obviously, American Resources is moving in real time to expand their portfolio of possibility. It's impossible to stop the clock, you might say, to say which is.
I mean.
Because what happens is when you talk about a $150 million valuation, is that because American Resources, AREC wasn't even valued at $150 million on December 31st, then it's almost like you're dealing with an inverse number. You know what I'm saying? You're trying to subtract out a bigger valuation than the whole thing was even valued at the end of December.
I would agree. I think ReElement's worth multiples above what the market cap was at then and is today as we continue to execute upon our mission. I think American Resources is way undervalued. I mean, I think people game our stock, and they play game. I mean, the hedge funds play game with it. The day we announced antimony, our short interest went up by 900,000 shares. That's a phenomenal announcement. Hopefully, here in the very short order, we're going to have another announcement on antimony on our feedstock partners that are executing upon what they promised us to do. Will they do it again? Will they try to hurt our stock again? Probably. That's what they do. At the end of the day, we have to focus on performing. We can't play blame games. We have to execute.
As a business, our management team's dead set on doing that. We're focused on reducing cost structure. We're focused on being one of the lowest-cost companies, I mean, in the Nasdaq. I would say RMCO, one of our holdings, is the lowest-cost public company in the Nasdaq. None of the management takes salaries. AREC is going into that exact same position. We're in it for the equity value. That's the only thing we give a shit about. Pardon my language. We've been in it from day one. We've put all of our own money into it. We believe in it. We believe in where we're going. We just have to continue to execute.
Once again, that percentage of ReElement that went into the spinoff or that was spinoff to your shareholders was how much?
Yeah. American Resources maintains a 19% stake.
Does that mean that 81% went into the spinoff?
Mm-hmm.
Okay. Okay. Very good. Thank you.
Yep. Absolutely.
Mike's got a question there. Can we add him as well?
Absolutely.
All right, Mike, you should be able to unmute your line.
There you go. Can you hear me okay?
Yep. I do, Mike.
Good. Good. Thanks for taking my call. I don't want to embarrass myself, but I'm trying to figure out kind of what the direction of AREC is with the spinouts. I know you could monetize them, but it seems like within the web and the interrelationship that you have between ReElement, the infrastructure, the pre-processing, and other things you have going on, that AREC is kind of becoming like a Glencore of sorts in the critical metal space. I'm kind of wondering if that's where the value are, is that you're going to be able to take a wide range of important metals that are difficult to process and be able to know the range of sources for those feedstocks, then also be developing downstream customers kind of at all points of the compass. Is that too much of a stretch?
That's exactly it. We are focused on.
Okay. Talk to you later then.
Yeah. No. Mike, you said I probably embarrass myself all the time when I speak, but nonetheless, we are focused on if there's a feedstock and we need to find it, and we get requested either by a customer or the government and says, "Hey, we need this." There have been multiple occasions the government's done it and customers have done it. We go and find it. That's what American Resources has built is a network throughout the globe and throughout the country to be able to source materials. Honestly, we put so much effort into developing these concentration steps, which is just such a beautiful platform, so cost-effective to deploy that we're excited about moving really, really quickly on that. The shared services agreements between ReElement and American Resources are very good for both companies. At the end of the day, they operate autonomously.
They're separate businesses, but they have the shared services agreement to source that material. ReElement doesn't want to compete against its peers. It sources product from black mass producers, from magnet producers, from ores. American Resources competes for that business no different than any other feedstock provider. What we know how to do is find the cost-effective ones and source those materials quickly as they're needed and as cost structure and negotiate those contracts. On certain applications, it has the right to sell those products. Like the antimony, for example, the potential revenue stream for that is hundreds of millions of dollars based on the end product value of antimony today. Now, we don't think it's going to stay at $50 a kilogram. We think it's probably going to drift back down to $15.
Still a phenomenal piece of business for us even at that price. At today's price, it's awesome. American Resources has the ability to sell that into the defense market as ReElement refines it to generate even additional revenue beyond the initial sourcing fee that it gets for that antimony because it was one of our board members that helped us source that material. That's the network that we built. It's all about cost. You have to find it in cost-effective ways. I mean, ReElement's processed ores, rare earth ores from probably 20 different companies, black mass from 25 different providers, all these different products. What we have to focus on within all those partners is making sure that they can feed us material cost-effectively so that ReElement can make money and we can supply it at a cost structure that our customers can do well.
That's the challenge with the domestic supply chain is with our technology, it's not about purity. That's a challenge. It's about making sure our feedstock providers can get us a product in a cost-effective way so that we can get it to our customers in a way that they can make money and be sustainable. Not environmentally sustainable. That matters. You have to be, but economically sustainable.
AREC is basically getting that material to ReElement in a form that they can use. I guess the services agreement allows each one of these spun-out entities to be able to operate independently and grow their own pie with other clients. In a sense, AREC is at the hub there and can benefit several ways as it can start to move to control or not control, but participate in the sourcing, the processing, and then the eventual sale to and from a variety of customers and providers.
Yep. With.
Everybody's pies get bigger then.
Everybody's pies get bigger and the costs go lower. I mean, if you talk to Jeff Peterson, who's just a phenomenal guy on my team, Chief Operating Officer for ReElement, a brilliant person, just a great person to work with, you give him the choice. He's like, "Oh, I want to focus on the separation purification. That's what we do well. That's what we're known for. That's where we differentiate ourselves into the market. That's how we unlock the supply chain domestically." As a Chief Operating Officer, he doesn't want to go out and source material. He wants to focus on optimizing and staying 10 steps ahead of our competitors, including the Chinese, in terms of our technology. Honestly, we learned that from Bob Galyen at CATL, who's on our board of ReElement, who's a phenomenal person.
He's like, "If you're not investing in R&D and optimization, then somebody else is, and they can catch up to you." We take that to heart, and we're constantly doing that. That's where we differentiate each other. Working within our network of our companies is really important for us.
Mining and ReElement might be publicly traded entities by the end of the year, possibly?
American Infrastructure will be for sure. ReElement, I think there's a very high likelihood that it will be as well. I mean, we want to get into the public domain as the revenue is substantially ramping. I mean, right now, we've turned to we supply very few samples to our customers. We sell product to our customers now. Small scale, but we're selling product. If you want product from us, you want a sample from us, you're going to pay for it. We are now getting paid to test new products, new elements, doing some really neat things that hopefully will come out here in the next few months with really cool customers that need product from us and need solutions from us that typically rely upon our adversaries. We get paid for that. Now, we don't try to gouge them.
We try to make it as a long-term relationship with them, so covering our costs so that at the end of the day, it turns it into an economically viable business. I think ReElement Labs will be a real business line in the future beyond the production side of what we're doing. Getting paid to develop these product lines with partners.
Yeah, for sure. Yeah. I'm mostly looking at this from the angle of what is, as a minority owner of those entities, what you're going to be able to report on a production and units and sales basis for people to start thinking about margins. Because I think by the end of the year, if those are publicly traded, all this information is going to be known. I'm just wondering if it could be sooner than that.
Yeah. I mean, we're always going to continue to provide transparency of ReElement in the meantime, even before it's public, so that way our investor base knows. Obviously, American Resources, we don't consolidate the financials of all the individual entities today. It helps reduce our cost structure from an audit perspective too. We will provide that transparency nonetheless through the American Resources platform until ReElement starts announcing its own news. We want to make sure we have a large shareholder base in ReElement. We want to make sure we're transparent with everybody to understand what we have going on and what we're doing.
American Resources will start reporting its own revenue as we start ramping up our concentration steps and some of the feedstock relationships, which, knock on wood, we have some feedstock hopefully being shipped to us very quickly for a product we talked about.
Really excellent answer to that. It just seems like this year is going to be a real exciting year with these executive orders, metal prices, reshoring, manufacturing. Seems like you're in the pole position. That's all I got. Thank you.
Thank you. We appreciate it.
Thank you, Mike. No questions. Mark, while you were talking before your closing remarks, we got one comment that came in that I'm just going to read. Mark, when do y'all sleep? Thanks for the amazing ride and exciting future.
My wife gives me a hard time about that. I've never been a big sleeper. I'm a five-hour-night guy, but we get to read a lot of stuff then too. We have a phenomenal team. I mean, the Team's amazing. Stephen Frankowski on our team, Jeff Peterson, Ben Kincaid, Shane Tragethon, Tarlis Thompson, Tom and Kirk, who've been my partners forever. It's not one person. It's definitely the team that makes this all happen. Israel Gomez and the rest of the crew that have been training. Our crew in Marion has actually been working in our Noblesville facility for almost a year now. Phenomenal people. They're ready to go. They really would love to stop commuting to Noblesville and get operating in Marion. We want that to happen as well. Yeah, we don't like to sleep a whole lot, but we have our own money in this.
This is not about salaries. It's not about any of that. It's about trying to build something that matters for everybody, create the equity value in the long term. Has everything always gone right? No. We adjust, and we figure it out. We fight that tough fight because at the end of the day, we care. We care for our own families. We care for all of our friends that are invested in the company. I mean, I talk to a lot of shareholders on a daily basis at all hours of the night. At the end of the day, painful stock prices suck. I mean, it hurts everybody, and it's not fun. We want to make sure that we perform. We got to focus on the execution. If we misstep at times, we got to adjust and adjust fire and fix it.
Not everything has always gone right, but we've always fought the hard fight. We're very excited about where we're at right now, where the businesses are set up, and how we can continue to grow these businesses and these platforms for all of our investors from the CGRA side, American Infrastructure, to ReElement, to Novusterra, to American Resources, Royalty Management, the rest of the entities that we have an ownership stake in, including ReElement. We're excited about it. There's a lot of potential here. We have to execute. People ask me that question. What do you worry about the most? It's about execution, making sure that we do it the right way, making sure we don't get too aggressive. Right? If we were producing 1,000 metric tons of earth oxides today, nobody would be able to buy them. That capacity is coming online now, though.
Now we can start supplying it. Thankfully, I would say our customer base is needing more product than we can produce. We have to hustle to get producing more. Our technology is built to do that. We are thankful for where we are at to be able to ramp up production and meet those needs that our customers want.
Thank you, Mark. Definitely an exciting time for the company. To our audience, as a reminder, American Resources is on NASDAQ with the ticker AREC. If you like what you saw today, I encourage you to visit americanresourcescorp.com for more information on the company and to sign up for alerts. I also encourage you to follow the company's social channels to stay current on the latest information. You can also visit virtualinvestorco.com for a replay of today's event and schedule the latest segments and events. Thank you, everyone. Mark, thank you again for joining us today and for taking questions.
Justin, thank you. Thank you for your whole team. You guys are awesome.
Thank you.
For all of you that joined the call, thank you. I know you have a lot of things to do throughout the day, so taking a few minutes out of your day to listen to us, we appreciate that. We do not take it lightly. I will tell you, we are passionate. We are hungry. We want to win this battle. We are fighting hard to achieve that.
Great. Thank you. Thank you, everyone.