Keith Goodman

Keith Goodman of Maxim Group questioned the use of proceeds from the 'Patriotic Capital' funds, the strategic balance between company-owned facilities and the 'Powered by ReElement' service model, and the company's exposure to political risks.

Answer

Chairman and CEO Mark Jensen clarified that the capital is a subsidiary-level financing for ReElement's equipment and working capital. He described the strategy as a hybrid model, using owned facilities to generate revenue and demonstrate technology while expanding the asset-light 'Powered by ReElement' service. Jensen asserted the business is not reliant on political outcomes or subsidies, as its commercial viability is based on a low-cost structure and the bipartisan need for a secure domestic supply chain.

Asked about the use of "Patriotic Capital" funds, the ReElement business model (hybrid vs. service-only), customer adoption of the "Powered by ReElement" concept, and the impact of politics and end-markets beyond EVs.

Answer

The capital is for ReElement's equipment and working capital. The business model is a hybrid: operating its own facilities (Marion, Kentucky) while also growing the asset-light "Powered by ReElement" service. Customer interest is high. The business is not dependent on political outcomes or subsidies and serves critical markets like defense and energy storage in addition to EVs.

Keith Goodman of Maxim Group inquired about ReElement's key differentiators compared to competitors, the potential valuation path for a public ReElement, and the production outlook for American Carbon post-spin-off.

Answer

Chairman and CEO Mark Jensen differentiated ReElement by stating they perform true refining to battery/magnet grade, which customers can witness live at their facility. Regarding valuation, Jensen noted that a private financing round is underway to help establish a valuation for a public listing. He confirmed that American Carbon production (outside of Wyoming) is planned to ramp up post-separation.