American Resources: Accelerated Production Buildout Has Me Convinced (Rating Upgrade)

American Resources is upgraded from Hold to Buy as capacity expansion and secured feedstock materially improve the risk/reward profile. AREC's ReElement production is scaling to 16,000 MT by Q3 2026, quadrupling prior revenue projections and potentially driving forward P/S well below 1x. The Mitsubishi Materials partnership secures critical feedstock, reducing operational risk and supporting long-term scalability at the Marion facility.