AREC American Resources Corporation

Item 1.01 Entry into a Material Definitive Agreement.

On June 2, 2023, American Resources Corporation (“American Resources” or the “Company”), entered into Lithium Spodumene Ore Purchase Agreement (“Purchase Agreement”) with Clay Resources LLC Inc. (“Clay Resources”). Pursuant to the Purchase Agreement, American Resources has the right of first refusal to purchase 5,000 (five thousand) metric tons per month of high-grade spodumene ore for a 12-month period. American Resources will have the right of first refusal on all material produced from the mining concessions, with a planned production schedule to scale up to 20,000 (twenty thousand) metric tons per month. This Purchase Agreement provides American Resources secure access to lithium spodumene ores that will initially be transported to the United States to be refined into high-purity lithium carbonate or lithium hydroxide at one of American Resources’ refining facilities utilizing its patented multi-modal chromatography process.

Additionally, Mr. Courtenay. Taplin, a Director of American Resources Corporation who brings over 40 years of experience of sourcing and supplying iron ore, coke, metallurgical coal, and other natural resource raw materials to assist American Resources with their supply chain, logistics, customers and overall corporate strategy is also Managing Director with Clay Resources. Mr. Taplin did not have any involvement or bearing on American Resources’ decision to enter in the Purchase Agreement.

The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text, which is filed as an Exhibit hereto.