The TSX Venture Exchange has accepted for filing documentation pertaining to an unsecured loan agreement dated July 17, 2023, among the company, its subsidiary, Graphite One (Alaska) Inc., and arm's-length party, whereby the company will obtain up to $5-million (U.S.) principal amount loan, which bears interest at 12 per cent per annum and matures on July 17, 2024.

Under the terms of the agreement, the lender was also granted an option to purchase a net smelter return (NSR) royalty interest in 0.25-per-cent increments, up to a maximum of 1 per cent, burdening on certain claims for each $1.25-million (U.S.) increment advanced to the company. The lender may exercise this option at any time on or before the maturity date. In the event that the lender exercises the option, the outstanding balance shall be reduced by one increment of $1.25-million (U.S.) and associated interest for each 0.25-per-cent NSR interest purchased by lender, beginning with the most recent advance under the loan.

For further details, please refer to the company's news release dated July 19, 2023.