Graphite One Announces Termination of Memorandum of Understanding with Lithium-Ion Battery Anode Producer
Graphite One Announces Termination of Memorandum of Understanding
with Lithium-Ion Battery Anode Producer
VANCOUVER, BC
,
Jan. 17, 2024
/CNW/ - Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) ("
Graphite One
" or the "
Company
") announces that the
Company 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. ("
Sunrise
") on
January 7, 2022
. Pursuant to the terms of the MOU, the MOU will terminate effective
January 27
, 2024. Under the MOU, Sunrise was to provide their expertise and technology for the design, construction, and operation of Graphite One's proposed
U.S. – 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 INC. continues to develop its Graphite One Project (the "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 Pre-Feasibility Study, graphite
mineralization mined from the Company's Graphite Creek Property, situated on the
Seward Peninsula
about 60 kilometers 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.
On Behalf of the Board of Directors
"Anthony Huston" (signed)
On Twitter @GraphiteOne
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Any statements that
are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are
often identified by terms such as "may", "should", "anticipate", "will", "intends" "expects" and similar expressions which are intended to identify forward-looking
information or statements. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by
a number of material factors, assumptions and expectations, many of which are beyond the control of the Company. The reader is cautioned that assumptions
used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially
from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the
Company
. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press
release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities
laws. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at
www.sedarplus.ca
.
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For further information:
on Graphite One Inc., please visit the Company's website, www.GraphiteOneInc.com or contact: Anthony Huston, CEO, President &
Director, Tel: (604) 889-4251, Email: [email protected]: Investor Relations Contact, Tel: (604) 684-6730, [email protected]
CO: Graphite One Inc.
CNW 07:00e 17-JAN-24