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    Kyle Gallagher • Merrill Lynch

    Kyle Gallagher is a client associate and analyst who recently transitioned from Merrill Lynch to Russak, bringing expertise in financial analysis and wealth management. At Merrill Lynch, Gallagher worked closely with both individual and institutional clients, contributing to client supervision and portfolio support, though public performance metrics and specific company coverage are not disclosed. He began his career as a wealth management intern and has advanced rapidly into associate roles, supporting financial advisors across multiple client accounts. Gallagher holds relevant securities licenses and is registered with FINRA, ensuring professional compliance and regulatory oversight throughout his career.

    Kyle Gallagher's questions to American Resources Corp (AREC) leadership

    Kyle Gallagher's questions to American Resources Corp (AREC) leadership • Q3 2024

    Question

    Kyle Gallagher asked for an update on ReElement's rare earth sales, the revenue ramp-up strategy, and production capacity at the Noblesville and Marion facilities, including current bottlenecks like preprocessing. He also inquired why some partners are reluctant to be publicly named.

    Answer

    Mark Jensen, Chairman and CEO, explained that ReElement is diversifying its customer base for both lithium and rare earth oxides, with partner announcements expected soon. He noted that the Noblesville facility is currently used for customer qualification, generating about $150,000 in revenue in the quarter. Jensen identified preprocessing as a current bottleneck, which is being moved to the larger Marion facility to scale production. He stated that significant revenue growth is expected in 2025 as Marion comes online. Regarding partner anonymity, Jensen cited the volatility in the auto OEM space and a general desire by partners to avoid public exposure while navigating market uncertainties.

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    Kyle Gallagher's questions to American Resources Corp (AREC) leadership • Q2 2024

    Question

    Kyle Gallagher of Merrill Lynch inquired about the revenue generation timeline for the rare earth business, the purpose of the Noblesville expansion, the structure of purchase orders, and the operational start date for the Marion facility.

    Answer

    Chairman and CEO Mark Jensen stated the Noblesville expansion is for fulfilling initial purchase orders and generating revenue in 2024, alongside the 'Powered by ReElement' service. He clarified that the larger Marion facility is the primary future revenue driver but will not be operational in 2024, though equipment procurement has begun. Jensen noted that purchase orders are typically structured on an index-based pricing model to maximize margins.

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    Kyle Gallagher's questions to American Resources Corp (AREC) leadership • Q2 2024

    Question

    Asked about the revenue generation timeline for rare earths, the purpose of the Noblesville expansion, the structure of purchase orders, and whether the Marion facility would be operational in 2024.

    Answer

    The Noblesville expansion is for both qualification and fulfilling initial purchase orders, but the main revenue driver will be the Marion facility. Purchase orders are typically index-based. The Marion facility will not be producing in 2024; however, revenue is expected in 2024 from Noblesville and the "Powered by ReElement" service offering.

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    Kyle Gallagher's questions to American Resources Corp (AREC) leadership • Q4 2023

    Question

    Inquired about the business model for partnerships with other recycling companies (e.g., licensing vs. service) and asked for an update on the balance between securing feedstocks and establishing offtake agreements for ReElement.

    Answer

    The company will not license its technology but will offer its refining capabilities as a partnership-based service to other recyclers. This allows partners to benefit from continuous innovation. Feedstock acquisition has significantly improved and is no longer a major bottleneck. On the offtake side, the company is in qualification with over seven companies, some of whom want all available production, and expects its IRA-compliant products to command a premium in the future.

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