Graphite One Inc.

GPH received the final air permit from the Ohio EPA for its phase one active anode material (AAM) facility, which will produce graphite-based anode materials used in lithium-ion batteries for electric vehicles and energy storage systems. We view this as a key regulatory milestone. The proposed 10,000-tonne-per-year facility carries an estimated initial CAPEX of $80M (in line with previous management guidance), with construction targeted for April 2027, and first sales in Q4 2028.

The facility is part of GPH's strategy to develop an integrated U.S. graphite supply chain, linking its Graphite Creek deposit in Alaska, with downstream processing in Ohio. A phased approach is intended to accelerate revenue, and reduce upfront CAPEX and financing risk, initially using externally sourced graphite, before transitioning to Graphite Creek feedstock once the mine enters production, targeted for 2030. A 2025 bankable feasibility study outlined a $5B after-tax NPV8%, while GPH's $90M enterprise value represents just 2% of project NPV, highlighting a significant valuation gap.

GPH has secured $42M in U.S. government grants and contracts, alongside $2.07B in non-binding EXIM Letters of Interest for potential project financing, highlighting U.S. government support for developing a domestic graphite supply chain.

GPH received an award from the U.S. Defense Logistics Agency (DLA) to test advanced carbon materials from its 100% owned Graphite Creek deposit in Alaska for high-temperature defense applications. Graphite is used in thermal management systems to dissipate heat, and protect sensitive equipment. The program will evaluate whether materials from GPH’s deposit are suitable for these applications. The award amount was not disclosed.

GPH has previously secured $42M in U.S. government funding and contracts. We believe the latest award further validates Graphite Creek’s potential beyond battery materials, opening opportunities in advanced defense applications, and strengthening GPH’s position in developing a domestic U.S. graphite supply chain.

GPH is developing a fully integrated U.S. mine-to-battery anode material supply chain for EVs and energy storage systems. The company’s Graphite Creek project in Alaska is the largest known graphite deposit in the Americas. GPH plans to mine and process graphite concentrate from the project before shipping it to a proposed treatment facility in Ohio to produce battery-grade anode materials.

In its latest press release, GPH announced it has secured a site in Ohio for its planned facility, with construction targeted for Q4-2027. The U.S. has a pressing need for domestic graphite production, as it currently imports 100% of its consumption, and has designated graphite as a critical mineral.

A recent independent study (bankable feasibility study) estimated an after-tax NPV8% of $7B, while GPH currently trades at just 3% of that value, highlighting a significant valuation disconnect.