Graphite One-Lucid agreement marks the
first step in a 100% U.S.-based supply chain linking Alaska, Ohio
and Arizona
VANCOUVER, BC, July 29,
2024 /CNW/ - Graphite One Inc. (TSXV: GPH)
(OTCQX: GPHOF) ("Graphite One", "G1" or the "Company"),
planning a complete domestic U.S. supply chain for advanced
graphite materials, took part on July 25,
2024 in a briefing held at the U.S. Capitol
announcing a non-binding supply agreement ("Supply Agreement")
with Lucid (NASDAQ: LCID), maker of the world's most advanced
electric vehicles, for anode active materials (AAM).
Creation of an Alaska –
Ohio – Arizona Supply
Chain
Senators and Members of the House of Representatives underscored
the significance of the Graphite One-Lucid agreement:
"I'm pleased that Graphite One and Lucid Motors are partnering
to create a domestic supply chain for electric vehicles made in
America from materials mined in Alaska," Senator Lisa Murkowski (R-AK)
said. "These companies represent the start and the end
of the supply chain, and they have the right vision to help
strengthen our economy, our competitiveness, our security, and our
commitment to true sustainability. Graphite One is an excellent
example of responsible resource development in Alaska, and this new partnership with Lucid
only further solidifies their leadership."
Graphite One's partnership with Lucid Motors is a positive step
towards opening up opportunities in Alaska to develop our abundant reserves of
critical minerals and metals like graphite," said Senator
Dan Sullivan (R-AK). "It's also significant for our
country's national security: We must end
America's dangerous dependence on China for critical minerals, which are
increasingly necessary for alternative energy sources,
advanced batteries, and defense technologies. Alaska can
and will lead the way in unleashing America's resource
potential."
"I have always said that it is best to develop minerals and
resources at home instead of relying on international and often
adversarial supply lines. I am thrilled that Lucid has partnered
with Graphite One to supply graphite for their cars," said
Mary Peltola (D-AK),
Congresswoman for Alaska. "I
hope they will continue to look to Alaska for minerals as we develop a robust and
secure domestic supply chain to power our future."
"With manufacturing being one of Ohio's largest economic drivers, I was proud
to see Niles, Ohio chosen for
Graphite One's new advanced graphite
production site. This new project will bring over 160 jobs to
my district and spur even more economic growth in the area,"
said Congressman Dave Joyce
(R-OH). "By combining the resources from the new Ohio facility with the natural graphite mined
in Alaska for Lucid's cars
manufactured in Arizona, we are
showcasing the importance of developing critical mineral
supply on American soil. I look forward to seeing the success
of this project in Ohio and across
the country."
"My district is home to Lucid Motor's state-of-the-art
manufacturing facility," said Congressman Juan Ciscomani (R-AZ). "The partnership
between Lucid Motors and Graphite One will strengthen our economy,
bolster our domestic supply chain of critical minerals, and reduce
our reliance on foreign entities for the materials needed to build
electric vehicles. Securing a reliable supply of American-mined
graphite will lower costs, drive innovation, and ensure
Arizona remains a leader in the
electric vehicle industry."
Alaska support for the Graphite
One-Lucid agreement extended from the Governor to the Bering
Straits Native Corporation, owned by more than 8,200 Native Alaskan
shareholders, which owns and manages a subsurface estate of
approximately 2.1 million acres.
Alaska Governor
Mike Dunleavy said: "I am
delighted to see Alaska's role in
the announcement on Capitol Hill today that Graphite One, developer
of the Graphite Creek Project, and Lucid Motors of Arizona have reached agreement on an offtake
contract providing U.S.-made graphite anode material for U.S.-built
electric vehicles – one major use of the rechargeable batteries
that are transforming American technology and the U.S.
economy."
"This is the outcome of on-going hard work with great partners
that will help transform America's energy future,"
said Dan Graham, CEO of Bering Straits Native
Corporation, an investor in Graphite One. "This project will
strengthen national security and create not only a new domestic
supply of graphite but the opportunity for new jobs and economic
growth across the US. BSNC is proud to be a part of it."
Graphite One's Domestic Supply Chain Strategy
With the United States
currently 100 percent import dependent for synthetic and 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." Subject to project financing, 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
(the "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 the Feasibility Study.
On Behalf of the Board of Directors
"Anthony Huston" (signed)
On X (formerly, Twitter) @GraphiteOne
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
All statements in this release, other than statements of
historical facts, including those related to the timing and
completion of the anticipated Feasibility Study, future production,
establishment of a processing plant and a graphite manufacturing
plant, establishment of a battery materials recycling facility,
finalization of a definitive binding agreement with Lucid and
events or developments that the Company intends, expects, plans, or
proposes are forward-looking statements. Generally,
forward‐looking information can be identified by the
use of forward‐looking terminology such as
"proposes", "expects", "is expected", "scheduled", "estimates",
"projects", "plans", "is planning", "intends", "assumes",
"believes", "indicates", "to be" or variations of such words and
phrases that state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". The Company cautions that there is no certainty that
tests of the Company's material will be successful or that such
tests will result in the development of successful products.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes,
continuity of mineralization, uncertainties related to the ability
to obtain necessary permits, licenses and title and delays due to
third party opposition, changes in government policies regarding
mining and natural resource exploration and exploitation, and
continued availability of capital and financing, and general
economic, market or business conditions. Readers are cautioned not
to place undue reliance on this forward-looking information, which
is given as of the date it is expressed in this press release, and
the Company undertakes no obligation to update publicly or revise
any forward-looking information, except as required by applicable
securities laws. For more information on the Company, investors
should review the Company's continuous disclosure filings that are
available at www.sedarplus.ca.
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SOURCE Graphite One Inc.