In a significant step for the burgeoning battery materials sector in Alaska, Graphite One Inc. has received a substantial $5 million investment from two Alaska Native corporations, Aleut Ltd. and Doyon Ltd. This funding marks a pivotal moment for the Graphite Creek project, which aims to establish a mine-to-batteries graphite supply chain crucial to both Alaska and the United States as a whole.
Anthony Huston, President and CEO of Graphite One, expressed his pride in securing direct investments from three Alaska Native regional corporations, highlighting the importance of this milestone.
The initial investment supporting Graphite One came from Bering Straits Native Corp. (BSNC), which represents the western Alaska region where the Graphite Creek mine is situated. The latest backing, now from Doyon and Aleut, represents a collective commitment of $5 million (C$7 million) to acquire 8.51 million shares of Graphite One at C82 cents each. Furthermore, each share is accompanied by a warrant allowing conversion into an additional share at an exercise price of $1.03 per share for the next three years.
Doyon Ltd.’s President and CEO Aaron Schutt emphasized that this investment reflects a long-term commitment to responsible resource development in Alaska.
“With decades of experience in responsible resource development, Doyon looks forward to working with Graphite One to bring the Graphite Creek Critical Minerals Project into production,” Schutt stated.
Aleut President and CEO Skoey Vergen added that Aleut’s investment aligns with the corporation’s belief in the potential of renewable energy.
“Graphite is a critical resource in building that future, and we believe Graphite One shares in our commitment for responsible development,” Vergen said. He noted that this venture not only brings value to their shareholders but also paves the way for further opportunities that could benefit the region.
Utilizing the proceeds from this financing, Graphite One plans to conduct environmental studies and undertake necessary tasks to secure permits for the development and operation of the mine at Graphite Creek. Notably, this site hosts the largest known graphite deposit in North America.
Upon commencement of production, the Graphite Creek mine is projected to yield 175,000 metric tons of graphite each year for the next 20 years.
The high-grade graphite concentrate, once mined, will be transported to Ohio where it will be processed into sufficient anode material to power approximately 2 million electric vehicles annually, alongside other graphite products that serve industrial, commercial, and military applications.
Given its significance to American supply chains in automotive and technology sectors, Graphite Creek has been selected for expedited permitting through FAST-41. This federal program, established in 2015, aims to streamline the approval process for major infrastructure projects in the United States.
The Federal Permitting Improvements Steering Council (FPISC), which manages FAST-41, has outlined a timeline that anticipates a decision on federal permits for Graphite Creek by next September.
In addition, Graphite One has received a letter of interest from the Export‑Import Bank of the United States (EXIM) earlier this year, indicating the potential for a $570 million loan to support the construction of the mine.
The operation is expected to begin delivering graphite into U.S. supply chains by 2031, which underscores the growing support from these Alaska Native corporations for a project seen as vital both for the state and the nation.
Huston conveyed his gratitude to Aleut and Doyon for their significant support, expressing a commitment to making Graphite Creek a model of responsible development, benefiting local communities and the State of Alaska in the long term.
image source from：miningnewsnorth
