Graphite One Inc.
Advancing with Strong U.S. Government Support
Published: June 17, 2026
Author: FRC Analysts
Disclosure: Graphite One Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Basic Materials · Industrial Materials · GPH.V: TSXV
Report Highlights
- Recent developments: GPH has strengthened financing support, selected a site for its proposed Ohio Anode Active Materials (AAM) facility, and identified potential rare earth element mineralization at its Graphite Creek project in Alaska, adding a possible new source of value.
- Financing support strengthened: The U.S. Export-Import Bank (EXIM) increased financing commitment to $2.07B (from $895M), making GPH the recipient of the second-largest U.S. government funding package to a critical minerals project. We believe the commitment signals GPH’s strategic importance within the U.S. critical minerals strategy, which has allocated ~$36B to 33 public companies since 2023.
- Permitting advances: Federal permitting for Graphite Creek remains on track, with a Record of Decision targeted for September 2026. We believe the U.S. has a pressing need for domestic graphite production, as it currently imports 100% of its natural graphite requirements, and has designated graphite as a critical mineral. While the global graphite market is currently in surplus, we anticipate a supply deficit by the end of the decade, supporting a positive long-term price outlook.
- Largest graphite deposit in the Americas: Graphite Creek hosts the largest known graphite deposit in the Americas. GPH plans to develop a fully integrated U.S. graphite supply chain, mining graphite at Graphite Creek and processing it into concentrates, before shipping them to a proposed Ohio facility to produce AAM used in lithium-ion batteries for electric vehicles and energy storage systems. A 2025 Bankable Feasibility Study (20-year mine life) estimated an after-tax NPV8% of $5B, compared to GPH’s current enterprise value of $152M, implying its shares trade at just 3% of NPV.
- Phased development strategy lowers risk: Rather than building its fully integrated supply chain upfront, GPH plans to initially develop the Ohio AAM facility while advancing Graphite Creek toward production. The first phase of the facility, with an estimated CAPEX of $73M, is expected to be completed by late 2027, creating a lower-cost pathway to production.
- Strong financial position: $29M in cash, with an additional $11M potentially available from in-the-money options and warrants. Construction of the Ohio facility is expected to begin in Q1-2027, with EXIM potentially financing up to 70% of CAPEX, and the balance funded through an equity or lease financing in Q4-2026.
- Upcoming catalysts: Permitting, project financing, and potential offtake agreements. We continue to view GPH as a compelling acquisition target for mining, battery, and technology companies seeking secure domestic graphite supply.
Price and Volume (1-year)
*Sprott Critical Materials ETF
* Qualified Person: Robert M. Retherford, P.Geo., an Independent Consultant of Graphite One Inc. (GPH). Graphite One Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures in US$ except share price, MCAP, and fair value.
Graphite Creek is located 60 km north of Nome, Alaska; seasonal port access
Project Location
A remote site with no current road or grid power access
Access planned via a new road connecting to the Nome–Teller highway
to support future mining operations
2024 Resource Estimate
Power to be supplied by diesel generation; water sourced from nearby rivers and streams
Proposed Pit Overlaying Electromagnetic (EM) Anomaly
Source: Company
Graphite Creek is the largest known graphite deposit in the Americas; only 12% of a 15.3 km mineralized zone has been fully tested, leaving significant room for resource growth
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