Mr. Anthony Huston reports
GRAPHITE ONE ANNOUNCES TERMINATION OF MEMORANDUM OF UNDERSTANDING WITH LITHIUM-ION BATTERY ANODE PRODUCER
Graphite One Inc. has delivered a termination notice pursuant to the memorandum of understanding (MOU) that was originally entered into between the company and Great Sunshine (Guizhou) New Energy Material Co. Ltd. on Jan. 7, 2022. Pursuant to the terms of the MOU, the MOU will terminate effective Jan. 27, 2024. Under the MOU, Sunrise was to provide their expertise and technology for the design, construction and operation of Graphite One's proposed United States-based graphite anode active material facility to produce artificial and natural graphite anode materials.
Following the termination of the MOU, the company remains committed to pursue and evaluate other opportunities for partnering with third parties with the expertise and technology to build an advanced graphite materials manufacturing facility in the United States, and will provide further updates with respect to these efforts as soon as practical.
Graphite One's supply chain strategy
With the United States currently 100-per-cent import dependent for natural graphite, Graphite One is planning to develop a complete U.S.-based, advanced graphite supply chain solution anchored by the Graphite Creek resource. The Graphite One project plan includes an advanced graphite material and battery anode manufacturing plant to be sited in the contiguous United States. The plan includes a recycling facility to reclaim graphite and the other battery materials, to be co-located at the site, the third link in Graphite One's circular economy strategy.
About Graphite One Inc.
Graphite One continues to develop its Graphite One project to become an American producer of high-grade anode materials on a commercial scale, integrated with a U.S. domestic graphite resource. The project is proposed as a vertically integrated enterprise to mine, process and manufacture anode materials, primarily for the lithium-ion electric vehicle battery market. As set forth in the company's 2022 prefeasibility study, graphite mineralization mined from the company's Graphite Creek property, situated on the Seward Peninsula about 60 kilometres north of Nome, Alaska, would be processed into concentrate at an adjacent processing plant. Natural and artificial graphite anode 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, expected to be located in the contiguous United States. The company intends to make a production decision on the project upon the completion of a feasibility study.
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