Report

Graphite One (GPH): U.S. Graphite Supply Chain with Gov't Support - Coverage Resume

Graphite One Inc. (TSXV: GPH / OTCQX: GPHOF) is resuming coverage, focusing on building a U.S.-integrated graphite supply chain for lithium-ion batteries in EVs and energy storage. The U.S. imports 100% of its graphite, a critical mineral, with global markets shifting to deficit by decade's end for strong pricing. GPH's Graphite Creek in Alaska is the Americas' largest graphite deposit; plans include mining, concentrating, and processing at an Ohio STP for anode active materials (AAM). BFS (20-year life) shows after-tax NPV8% of US$5B, IRR 27%, but $4B CAPEX; trading at 4% of NPV. To mitigate, STP starts with third-party feeds, phased modular build: first module (25 ktpy AAM) at $607M CAPEX (15% of BFS), initial stage $60M for early cash flow. Key traction: offtake with Lucid Group (NASDAQ: LCID), $37.5M DoD grant accelerating FS by 15 months, FAST-41 expedited permitting, EXIM letters for up to $895M funding. Well-funded via C$20M raises; catalysts: site selection, studies, permitting. Attractive M&A target amid U.S. push for domestic supply, like 5% stake in Lithium Americas.
Underlying
Graphite One

Graphite One Resources is a mineral exploration company focused on graphite with a clear and distinct business strategy to identify, acquire, and explore high potential projects ready for rapid advancement. Co.'s Graphite Creek Property is located on the Seward Peninsula of Alaska. Co. has an option to earn a 100% interest in the Graphite Creek project.

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Fundamental Research
Fundamental Research

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Analysts
Sid Rajeev

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