June 25, 2024
Graphite One Announces Revised Contract with the US Department of Defense to Increase Share of Expenditures from 50% to 75% for the Feasibility Study. Graphite One Inc. (GPH: TSX‐V; GPHOF: OTCQX) (“Graphite One”, “G1” or the “Company”) 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 (“FS“). On May 17, 2024, Graphite One entered into a revised cost-share agreement with the Department of Defense (“DoD“) 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. Anthony Huston, Graphite One’s CEO, said: This development in our planned 100% U.S.-based graphite supply chain, demonstrates the momentum Graphite One is building. “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. READ the latest Batteries News shaping the battery market Graphite One Announces Revised Contract with the US Department of Defense to Increase Share of Expenditures from 50% to 75% for the Feasibility Study. source Business Development