Graphite One Secures Final Ohio Air Permit, Supporting Further Progress towards Planned Construction for US$80 Million Phase 1 Anode Plant

Graphite One Inc. (GPH) has obtained the final Air Pollution Permit-to-Install and Operate from the Ohio EPA for its Phase 1 Active Anode Material (AAM) facility in Conneaut, Ohio. The permit, valid for ten years, covers four specific emissions units equipped with built-in volatile organic compound (VOC) and particulate controls. Construction at the site must commence within 18 months of the permit issuance date, October 27, 2026.

In parallel developments, the company updated its export financing support, securing an amended non-binding Letter of Interest (LoI) from the U.S. Export-Import Bank (EXIM Bank) for US$1.4 billion for the Ohio facility. This brings the total EXIM support for the project to US$2.07 billion. Management targets a Final Investment Decision (FID) by April 2027, with construction starting shortly thereafter and first sales targeted for the fourth quarter of 2028.

Regarding its upstream operations, the Graphite Creek mine in Alaska is targeting a U.S. Army Corps of Engineers permit decision by September 30, 2027. Additionally, samples from the project have been provided to prospective U.S. battery and energy storage system (ESS) customers for testing and qualification.

Graphite One Inc. (GPH) has secured the final air permit for its Ohio facility, a regulatory milestone that advances the project from the planning phase into pre-construction readiness. The approval aligns with the company’s previously communicated permitting roadmap, which began with the application submission in July 2026 and entered technical review shortly thereafter.

While the permit de-risks the development timeline, it does not constitute a Final Investment Decision or a closed financing round. The company still faces the substantial task of securing the approximately 30% equity and debt gap required for the US$80 million Phase 1 CAPEX. Additionally, Graphite One must navigate the USACE Environmental Impact Statement (EIS) for its Alaska mine. The news confirms execution capability on the regulatory front but does not alter the capital requirements, revenue timeline, or execution risks inherent to building a first-of-its-kind synthetic graphite plant in the US.

Graphite One Inc. (GPH) is developing a fully integrated, US-based graphite supply chain to reduce reliance on foreign imports. The company’s flagship asset is the Graphite Creek deposit in Alaska, which the USGS recognizes as the largest known natural graphite deposit in the US. A NI 43-101 Feasibility Study for the project was completed in March 2025.

In addition to its mining operations, Graphite One is planning a synthetic Active Anode Material (AAM) manufacturing facility in Ohio. Phase 1 of the plant targets 10,000 tonnes per year (tpy) of blending and coating for US$80 million, with a target completion in Q4 2028. Phase 2 aims to expand capacity to 25,000 tpy by end-2030.

The company’s strategy prioritizes revenue generation before mine investment. Graphite One plans to produce synthetic graphite AAM first, followed by natural graphite AAM, and finally the Graphite Creek mine production, which is targeted for 2030.