Graphite One Selects Ohio's "Voltage Valley" for Graphite Anode Material Manufacturing Plant Enters into a land lease agreement on 85-acres site in Niles, Ohio with an option to purchase CEO: Ohio site is the "perfect home for the second link in our strategy to build a 100% U.S.-based advanced graph
Graphite One Selects Ohio's "Voltage Valley" for Graphite Anode
Material Manufacturing Plant
Enters into a land lease agreement on 85-acres site in
Niles, Ohio
with an option to purchase
CEO:
Ohio
site is the "perfect home for the second link in our strategy to build a 100% U.S.-based advanced graphite materials supply
chain."
Graphite One to Present at 2024 Kinvestor Critical Minerals & Mining Virtual Conference
Graphite One announces grant of long-term incentive awards
VANCOUVER, BC
,
March 20, 2024
/CNW/ -
Graphite One Inc.
(TSXV: GPH) (OTCQX: GPHOF)
("Graphite One", "G1" or the "Company"),
planning a complete domestic U.S. supply chain for advanced graphite materials, announced today that its wholly owned subsidiary, Graphite One
(
Alaska
), Inc. ("
G1 AK"
) has selected
Ohio's
"Voltage Valley" as the site of the Company's graphite anode manufacturing plant by entering into a land
lease agreement for a 50 year term and an option to purchase (the "
Land Lease
"), as more fully described herein.
The site, located in
Niles, Ohio
, is a brownfield site previously used for storage of national defense stockpile critical minerals by the U.S. government,
and has been processed through
Ohio's
Environmental Protection Agency (EPA) Voluntary Action Program. The site is located in the heart of the
automobile industry, in an area with ample low-cost electricity produced from renewable energy sources. It is accessible by road and rail, with nearby
barging facilities. The site's existing power lines are sufficient for Graphite One's Phase 1 production target of 25,000 tons per year ("
tpy
") of battery-
ready anode material, and land is available for follow-on phases to ramp to 100,000 tpy of production. Water supply is also sufficient to support
expanded operations.
It is anticipated that G1 AK's
Ohio
facility will manufacture synthetic graphite anode active materials. Production of natural graphite anode active
materials will be added as soon as feedstock from G1 AK's Graphite Creek Project near
Nome, Alaska
is available.
"Graphite One is delighted to announce that, subject to financing, we will be building our advanced graphite material processing plant in northeast
Ohio
as the region emerges as a major electric vehicle hub. On a historical note, it's great to come full circle, this site also known as the old Warren Depot
included graphite in the National Defense Stockpile more than 30 years ago, the last time the U.S. actually mined graphite," said Anthony Huston,
President and CEO of G1. "
Ohio
is the perfect home for the second link in our strategy to build a 100% U.S.-based advanced graphite supply chain –
from mining to refining to recycling. The U.S, simply cannot maintain a 21
st
Century tech-driven economy without Critical Minerals like graphite."
While the Phase 1, 25,000 tpy facility's initial capital cost is estimated at approximately
$435 million
and is expected to employ more than 160 local
residents, it is anticipated that the Warren Depot site can accommodate expansion to a 100,000 tpy facility. The Company is currently considering
various project financing options.
"With manufacturing being one of
Ohio's
largest economic drivers, I am proud to see this new U.S.-based advanced graphite supply chain in
Niles
,"
said Congressman
Dave Joyce
. "This new project will bring over 160 jobs and spur even more economic growth in the area. I look forward to seeing
the success of this project right here in OH-14."
The significant terms of the Land Lease are as follows:
Lease term is 50 years with an option to purchase
Rent escalation begins in the fifth year
Construction is to commence within thirty-six (36) months, subject to financing
5-year right-of-first-refusal to lease or acquire up to thirty (30) contiguous acres
Customary termination provisions
2024 Kinvestor Critical Minerals & Mining Virtual Conference
Graphite One announces that
Anthony Huston
, President & CEO of G1 is scheduled to present at the 2024 Kinvestor Critical Minerals & Mining Virtual
Conference on
Tuesday, March 26
, 2024 at
9:00 am PT
(
12:00 pm ET
).
Kinvestor Critical Minerals & Mining 2024 is a virtual conference featuring a stellar lineup of presenting companies in the critical minerals and mining
industries. This event will showcase several junior mining companies exploring for minerals that are critical to the global energy transition including
copper, graphite, titanium, and uranium, as well as the precious metals gold and silver. Presenting companies and industry experts will have the
opportunity to share about latest developments and answer thoughtful questions from attendees.
Presentation Details:
Date:
March 26, 2024
Presentation Time:
9:00 am PT
/
12:00 pm ET
Presenter:
Anthony Huston
, President & CEO
Registration details below:
https://us06web.zoom.us/webinar/register/1817071628408/WN_cdDwHVs4R7qqsuqYbq4oAA
Grant of Long-Term Incentive Awards
The Company announces that the board of directors has approved a grant of long-term incentive awards for calendar year 2024 to employees,
officers, directors and advisors consisting of 2,905,158 stock options (the "
Options
"), 2,376,956 restricted share units ("
RSUs
") and 1,215,778
performance share units ("
PSUs
") pursuant to the terms of the Company's Stock Option Plan and Omnibus Plan.
The Options have an exercise price of
$0.93
per share, being the closing price of the Company's shares on the TSX Venture Exchange ("
TSX-V
") on
March 18, 2024
. The Options vest one-third (1/3) on each of the first, second and third anniversary dates from the date of grant and will expire on
March 19, 2029
.
Each RSU and PSU will convert into one common share of the Company on each vest date. RSUs granted to management totaling 1,215,778 will vest
one-third (1/3) on the first, second, and third anniversary dates from the date of grant and one-quarter (1/4) of the 1,161,178 RSUs granted to
directors will vest on
March 19, 2025
,
March 31, 2025
,
June 30, 2025
and
September 30, 2025
. The PSUs will vest on the third anniversary date from
the date of grant subject to the achievement of certain corporate performance criteria. Further details regarding the Stock Option and Omnibus Plan
are set out in the management information circular of the Company dated
May 20, 2023
, which is available on the Company's website at
www.graphiteoneinc.com
or on SEDAR+ at
www.sedarplus.ca
.
The balance of the PSU grant totaling 1,215,778 is expected to be issued in the second half of 2024 as it is subject to TSX-V and shareholders
approval, approval of which will be sought at the upcoming 2024 Annual General Meeting of Shareholders.
Following the above-noted grant of Options, RSUs and PSUs, the Company has 132,283,348 common shares issued and outstanding, 12,430,737
Options, 9,077,139 RSUs and 1,984,658 PSUs issued under the Company's Stock Option Plan and Omnibus Plan.
Graphite One's Supply Chain Strategy
With
the United States
currently 100 percent import dependent for natural graphite, Graphite One is developing a complete U.S.-based, advanced
graphite supply chain solution anchored by the Graphite Creek deposit, recognized by the US Geological Survey as the largest graphite deposit in the
U.S. "and among the largest in the world." The Graphite One project plan includes an advanced graphite material and battery anode manufacturing
plant located in
Warren, Ohio
. The plan also includes a recycling facility to reclaim graphite and the other battery materials, to be co-located at the
Ohio
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
that is integrated with a 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 located in northeastern
Ohio
. 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)
For more information on Graphite One Inc., please visit the Company's website,
www.GraphiteOneInc.com
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.
All statements in this release, other than statements of historical facts, including those related to the timing and costs anticipated for building the
Ohio
facility subject to the Land Lease, ability to secure financing, the anticipated employment opportunities for the
Ohio
facility, the anticipated
expansion of the facility, the anticipated results of the 2023 drill program, timing and completion of the anticipated Feasibility Study, future
production, establishment of a processing plant and a graphite manufacturing plant, establishment of a battery materials recycling facility, and
events or developments that the Company intends, expects, plans, or proposes are forward-looking statements Generally, forward
looking
information can be identified by the use of forward
looking terminology such as "proposes", "expects", "is expected", "scheduled", "estimates",
"projects", "plans", "is planning", "intends", "assumes", "believes", "indicates", "to be" or variations of such words and phrases that state that certain
actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The Company cautions that there is no
certainty that the facility will be built on the time and budget indicated or at all, that the Company will provide the employment opportunities as
referenced, tests of the Company's material will be successful or that such tests will result in the development of successful products. Although the
Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in forward-looking statements include risks related to the Company's ability to operate
as a going concern, risks related to the Company's requirement of significant additional capital, market prices, exploitation and exploration
successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party
opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital
and financing, and general economic, market or business conditions. 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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SOURCE
Graphite One Inc.
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%SEDAR: 00025247E
For further information:
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 20-MAR-24