Company Profile
American Resources Corporation is a supplier of raw materials to the infrastructure and electrification markets, with a primary focus on producing and processing metallurgical carbon used in steelmaking. The company also recycles rare earth and critical elements from end-of-life products and waste streams, positioning itself within the broader supply chain for electric vehicles and renewable energy technologies. We have published two articles about the company, both concerning recent changes in its independent auditing arrangements.
History
American Resources dismissed its independent auditor, GreenGrowth CPA's, on June 30, 2026, a decision approved by the Audit Committee of its Board of Directors. In a regulatory filing on July 24, 2026, the company stated that GreenGrowth's report on the 2025 consolidated financial statements did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified. The filing also noted there were no disagreements between the company and the auditor on accounting principles or practices during the relevant periods. However, the company acknowledged the existence of previously disclosed material weaknesses in its internal control over financial reporting, which are considered reportable events under SEC regulations.
A significant complication emerged just days after the dismissal. On July 3, 2026, the Audit Committee was notified that GreenGrowth intended to withdraw its opinion on the December 31, 2025 financial statements. The auditor indicated it would take this step by July 13, 2026, unless it received additional responses related to its quarterly review procedures. The company subsequently filed an amended disclosure on July 29, 2026, to clarify this timeline. The withdrawal of the audit opinion means the company's 2025 results will need to be re-audited by a new accounting firm, which the company has identified as UHY. The sequence leaves American Resources working to re-establish audited financial statements, a process that introduces a period of uncertainty regarding the formal standing of its most recent annual financials.