Graphite One eyes September permit call for project

Graphite One (TSXV: GPH) says its main project in Alaska remains on track for a September permitting decision as it continues to undergo federal review under the FAST-41 program. Shares rose. 

In June, the Graphite Creek project – considered the largest graphite resource in the U.S. – was selected for inclusion in the FAST-41 framework, a federal government initiative designed to streamline the permitting process for what it deems to be major infrastructure projects. At the time, Graphite Creek was the first project in Alaska to be added to the FAST-41 permitting dashboard.

Following a 60-day coordinated project plan process, the FAST-41 website published a detailed permitting timetable, giving the project an environmental review period of about 13.5 months. That places the projected completion date at Sept. 29, 2026. 

“FAST-41 has delivered exactly what it was designed to do – improved timeliness, predictability, and accountability across multiple federal agencies without changing any environmental or regulatory standards,” Graphite One CEO Anthony Huston said in a release on Monday. “By establishing a coordinated, publicly posted timetable and bringing all agencies together early, FAST-41 is accelerating our ability to develop America’s largest graphite deposit.”

Domestic graphite efforts

Graphite is a critical component in the anodes of rechargeable batteries used in electric vehicles and energy storage systems. China produced 78% of mined graphite last year, according to the US Geological Survey, and controls an even larger share of battery-grade processing. Northern Graphite’s (TSXV: NGC) Lac des Iles mine in Quebec is the only commercially producing graphite operation in North America.

Although Titan Mining (NYSE-A, TSX: TII) has started output from its Empire graphite mine in New York state, production has been on a pilot basis and it has yet to reach the commercial milestone. A feasibility study is under way for a planned 40,000-tonne-a-year integrated mining and processing operation centered around its Kilbourne demonstration plant.

Shares of Graphite One jumped nearly 9% to a two-week high of C$1.27 on the update, with a market capitalization of $258.1 million. The stock has traded in a 12-month range of 65¢ to $2.57.

Largest US graphite mine

Graphite Creek is envisioned as an open-pit graphite mine located about 60 km north of Nome, and about 1,800 km west of state capital Juneau. Subject to permitting and financing, mining is slated to begin in 2030, producing as much as 175,000 tonnes in concentrate over a 20-year mine life.

The project remains “in progress” under the leadership of the U.S. Army Corps of Engineers, and it continues to advance all required federal reviews on schedule, with full transparency provided to the public via the federal permitting dashboard, the company said in an update on Monday.

Also included in the permitting process is a proposed battery anode manufacturing facility in Ohio, which will process Graphite Creek concentrates into high-value anode active material. First output from the facility is expected in mid-2027.

In support of this Alaska-to-Ohio graphite supply chain, the US Export-Import Bank has expressed funding interest of up to $2 billion.