VANCOUVER, BC, June 24, 2024 /PRNewswire/ - Graphite One Inc. (GPH: TSX?V; GPHOF: OTCQX) ("Graphite One", "G1" or the "Company") is pleased to announce a revision to the cost-share ratio governing G1's Defense Production Act grant in July 2023 to facilitate the accelerated completion of the Company's Feasibility Study ("FS").
On May 17, 2024, Graphite One entered into a revised cost-share agreement with the Department of Defense ("DoD") to adjust the DoD's share of expenditures related to the accelerated FS from 50% to 75% based on a revised contract value of $49.8 million. The DoD's maximum share of the accelerated FS program is now $37.3 million. For further information on the original agreement, please refer to the July 17, 2023 press release link.
With the 2024 field season about to begin at G1's Graphite Creek deposit north of Nome, Alaska, Graphite One has advised the DoD's project oversight team that the project remains on schedule to complete the FS as planned by December 2024, subject to financing.
"This development in our planned 100% U.S.-based graphite supply chain, demonstrates the momentum Graphite One is building," said Graphite One's CEO Anthony Huston. "For our shareholders, this means that for every dollar we spend advancing the Graphite ...