Graphite One’s Development Phase Accelerates with Key Milestones Achieved

Following a year of significant progress in 2025, Graphite One Inc. is transitioning from the planning stage toward tangible construction efforts for its integrated graphite supply chain. The company’s advancement hinges on the timely alignment of regulatory approvals and definitive financing commitments for its two core projects: the Graphite Creek resource in Alaska and a proposed processing facility in Ohio.

The broader market context presents a mixed picture for resource developers. The TSX Venture Exchange declined 3.3% in the trading week ending Friday, reflecting persistent investor caution toward higher-risk equities. However, structural support for North American critical mineral supply chains, bolstered by government incentives, continues to provide a favorable long-term tailwind.

The company's risk and valuation profile at the end of 2025 differs markedly from its position at the start of the year, based on three confirmed milestones:

• Submission of Bankable Feasibility Study (April 2025): On April 23, 2025, Graphite One filed a Bankable Feasibility Study. The study outlines a post-tax net present value of $5.03 billion (using an 8% discount rate) and an internal rate of return of 27%. The plan forecasts annual production of approximately 175,000 tonnes of graphite concentrate—nearly triple the capacity assumption in the 2022 Pre-Feasibility Study.
• Expedited Permitting Pathway (June 2025): In June 2025, the project was included in the federal FAST-41 Permitting Dashboard. This classification aims to provide greater transparency and a more predictable timeline for complex infrastructure project reviews.
• Enhanced EXIM Bank Support (December 2025): The Export-Import Bank of the United States (EXIM) updated its potential debt financing support on December 18, 2025. Its non-binding letters of interest now indicate $670 million for the Alaska mine (up from $570 million) and $1.4 billion for the Ohio facility. This aggregates to a total of $2.07 billion in indicative support.

The Critical Path for 2026

With the feasibility study submitted and preliminary financing indications in place, the focus for the coming year shifts squarely to regulatory processes and converting conditional support into firm agreements.

Should investors sell immediately? Or is it worth buying Graphite One?

1. Solidifying EXIM Financing: The $2.07 billion in potential backing remains in the form of non-binding letters of interest. Transforming these into committed credit facilities will require formal applications and a comprehensive due diligence process by the bank. Visible progress here is a paramount benchmark for 2026.

2. Navigating the Permitting Timeline: Following the July 2025 submission of the Clean Water Act Section 404 permit application, market observers await updates on the review schedule. This timeline will be publicly tracked via the FAST-41 Dashboard, providing a gauge for regulatory momentum.

3. Completing the Funding Package: The EXIM debt portion is intended to cover roughly 70% of the projected capital costs. This leaves a requirement to secure the remaining 30%, which could come from equity financing, additional commercial debt, or a combination thereof. A final construction decision cannot be reached without a clear plan to close this funding gap.

As 2026 begins, the trajectory for Graphite One will be determined by a trio of interdependent factors: the pace of permit approvals, concrete advancement in locking down binding EXIM loans, and a credible strategy for financing the residual portion of the required capital.