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Graphite One Announces Revised Contract with the U.S. Department of Defense to Increase Share of Expenditures from 50% to 75% for the Feasibility Study

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Graphite One Announces Revised Contract with the U.S. Department of Defense to Increase Share of Expenditures from 50% to 75% for the Feasibility Study

 

 

 

 

 

Graphite One Inc. (TSX‐V:GPH) (OTCQX:GPHOF) is pleased to announce a revision to the cost-share ratio governing G1’s Defense Production Act grant in July 2023 to facilitate the accelerated completion of the Company’s Feasibility Study.

 

On May 17, 2024, Graphite One entered into a revised cost-share agreement with the Department of Defense to adjust the DoD’s share of expenditures related to the accelerated FS from 50% to 75% based on a revised contract value of $49.8 million.  The DoD’s maximum share of the accelerated FS program is now $37.3 million.  For further information on the original agreement, please refer to the July 17, 2023 press release link.

 

With the 2024 field season about to begin at G1’s Graphite Creek deposit north of Nome, Alaska, Graphite One has advised the DoD’s project oversight team that the project remains on schedule to complete the FS as planned by December 2024, subject to financing.

 

“This development in our planned 100% U.S.-based graphite supply chain, demonstrates the momentum Graphite One is building,” said Graphite One’s CEO Anthony Huston. “For our shareholders, this means that for every dollar we spend advancing the Graphite Creek accelerated Feasibility Study, G1 receives 75% of those expenditures in DoD grant funding rather than 50% upon submission. We welcome the support of the Department of Defense as we continue our efforts to build a U.S. industrial capacity that serves the renewable energy transition, technology development, and national security.”

 

Graphite One’s Supply Chain Strategy

 

With the United States currently 100 percent import dependent for natural graphite, Graphite One is developing a complete U.S.-based, advanced graphite supply chain solution anchored by the Graphite Creek deposit, recognized by the US Geological Survey as the largest graphite deposit in the U.S. “and among the largest in the world.” The Graphite One Project plan includes an advanced graphite material and battery anode material manufacturing plant located in Warren, Ohio. The plan also includes a recycling facility to reclaim graphite and the other battery materials, to be co-located at the Ohio site, the third link in Graphite One’s circular economy strategy.

 

About Graphite One Inc.

 

GRAPHITE ONE INC. continues to develop its Graphite One Project to become an American producer of high-grade anode materials that is integrated with a domestic graphite resource.  The Project is proposed as a vertically integrated enterprise to mine, process and manufacture anode active materials primarily for the lithium‐ion electric vehicle battery market.  As set forth in the Company’s 2022 Pre-Feasibility Study, graphite mineralization mined from the Company’s Graphite Creek Property, situated on the Seward Peninsula about 60 kilometers north of Nome, Alaska, would be processed into concentrate at an adjacent processing plant.  Natural and artificial graphite anode active materials and other value‐added graphite products would be manufactured from the concentrate and other materials at the Company’s proposed advanced graphite materials manufacturing facility located in northeastern Ohio.  The Company intends to make a production decision on the Project upon the completion of a Feasibility Study.

 

Posted June 24, 2024

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