Continental Lithium Ltd. Enters into Agreement with American Resources Corp.'s ReElement Technologies

Continental Lithium to commence trial shipments of lithium spodumene ore from Nigeria to Noblesville, Indiana for lithium refinement

Further steps between the parties include jointly building and operating a lithium refining facility locally in Nigeria

LAGOS, Feb. 9, 2023 - Continental Lithium, the first emerging lithium mining and trading company out of Nigeria focused on the exploration, mining, trading and exporting of solid minerals ores, including lithium spodumene, tin, columbite, zircon sand (brown), monazite and tantalite to Europe and Asia, entered into a memorandum of understanding ("MOU") with ReElement Technologies LLC ("ReElement"), a wholly owned subsidiary of American Resources Corporation (AREC), to begin trial shipments of lithium spodumene ore to ReElement Technologies' Noblesville, Indiana facility to refine into high-purity (99.9%+) lithium carbonate or lithium hydroxide using ReElement'spatented and revolutionary multi-mode chromatography technology. Post initial material testing, the parties intend to work towards jointly developing a ReElement lithium refinement facility in Nigeria to locally process and purify lithium spodumene.

Lanre Afebuameh, Founder and Chief Executive Officer of Continental Lithium, commented, "This is a monumental event for our company as well as Nigeria. Over the last five years, the underlying assets acquired by Continental Lithium produced approximately 15,000 metric tons of lithium concentrate from surface artisanal mining. We are currently one of the largest exporters of lithium in Nigeria. Now, as we partner with American Resources and ReElement Technologies, we will have the opportunity to begin exporting to the U.S. and Europe and potentially partner in building the first lithium refining facility in Nigeria. Fifteen of our 26 exploration licenses cover lithium, which potentially makes us one of the largest holders of lithium assets in Sub-Saharan Africa. We believe that utilizing ReElement's lithium refinement technology will enable us to produce ultra-pure lithium products. This technology will also potentially ensure we can create good jobs for our community and create value for the local region in which we operate."

Mark Jensen, CEO of American Resources Corporation commented, "We are pleased to announce our partnership with the Continental Lithium team to unlock the value of our technology for the benefit of our shareholders and the local communities in Nigeria where Continental Lithium operates, while also supplying high-purity lithium products to the U.S. market. Due to the lack of flexibility of existing processing technologies, the world today is forced to transport lithium spodumene in its raw form, which is very expensive and inefficient. The value of our technology, given in part to its low capex, modular scalability, and low environmental footprint, is the ability to locally build and process material in a manner that is safe for the environment and population. Africa is a very resource-rich community, but very few of these resources, especially critical minerals and metals processed to the high-grade purity needed in battery and magnet production, are actually processed locally, resulting in the loss of high value jobs that could otherwise be kept within Africa. Our process is unique in that we can produce greater than 99.9% pure lithium carbonate or hydroxide near the mine site and ship to customers either locally or in the United States."

The initial trials will consist of 28 metric ton increments of 5% to 8% grade lithium spodumene concentrate that is produced at Continental Lithium's Nigerian mines and shipped to Noblesville, Indiana to be processed through ReElement's facility to a 99.9% or greater, ultra-high pure lithium carbonate. ReElement will sell the purified lithium carbonate or lithium hydroxide into the domestic battery manufacturing marketplace. The MOU outlines this supply of spodumene as well as the steps of jointly building and operating a ReElement Technologies lithium refining facility in Africa that is centrally located around Continental Lithium's spodumene mines, which will result in reduced transportation costs, creation of high-quality jobs, and reduction in the environmental footprint of the lithium production life cycle. The lithium refined at the facility will be solid either locally or into the United States domestic battery industry.


About Continental Lithium

Founded in 2017, the Company commenced small-scale mining in collaboration with artisanal miners in 2018. Over the last five years, the underlying assets acquired by Continental Lithium have produced approximately 15,000 metric tons of lithium concentrate. The Company has plans to develop its lithium and rare earth mineral assets and substantially increase its production for export to the U.S., Europe and Asia. Continental Lithium currently owns 100% interest in 26 minerals exploration licenses covering 61,500 hectares which wereacquired from the Nigerian Mining Cadastre Office ("MCO"). 15 of the 26 exploration licenses cover 45,900 hectares for lithium and other pegmatite-hosted mineralization of tin, tantalum, niobium and gemstones. In addition, the Company's exploration licenses are prospective for columbite, zircon sand, monazite, tantalite and other rare earth metals. Learn more at https://continental-lithium.com/.


About ReElement Technologies LLC

ReElement Technologies LLC is redefining how critical and rare earth elements are both sourced and processed while focusing on the recycling of end-of-life products such as rare earth permanent magnets and lithium-ion batteries, as well as coal-based waste streams and byproducts to create a low-cost and environmentally safe, circular supply chain. ReElement Technologies has developed its innovative and scalable "Capture-Process-Purify" process chain in conjunction with its licensed intellectual property including 16 patents and technologies and sponsored research partnerships with three leading universities to support the domestic supply chain's growing demand for magnet and battery metals. For more information visit reelementtech.com or connect with the Company on Facebook, Twitter, and LinkedIn.


About American Resources Corporation

American Resources Corporation (AREC) is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. Through its wholly owned subsidiary, ReElement Technologies, American Resources is redefining how critical and rare earth elements are both sourced and processed while focusing on the recycling of end-of-life products such as rare earth permanent magnets and lithium-ion batteries, as well as coal-based waste streams and byproducts. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.

American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.


Special Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.



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SOURCE: Continental Lithium Limited