American Resources (AREC) said Monday its portfolio company ReElement Technologies has signed a memorandum of understanding with deep-sea mining firm Impossible Metals.

Under the agreement, the companies will jointly investigate developing and deploying a vertically integrated critical mineral supply chain service in the US to combine Impossible Metals' nodule collection technology with ReElement's critical mineral refining platform, American Resources said.

The collaboration will focus on materials like copper, cobalt, nickel, manganese, and rare earth elements, the company said.

The MOU follows President Donald Trump's April executive order that underlined the "urgency of domestic collaboration in the exploration, harvesting, processing, and environmental stewardship of seabed mineral resources," American Resources said.

American Resources shares were rising past 11% in recent Monday trading.

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