Graphite One revised DoD grant to cover 75% of accelerated FS costs
by CM Staff
The DoD's maximum share of the accelerated FS program is now $37.3M.
VANCOUVER — Graphite One has revised 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 per cent 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.
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 per cent 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 Creek accelerated Feasibility Study, G1 receives 75 per cent of those expenditures in DoD grant funding rather than 50 per cent upon submission. We welcome the support of the Department of Defense as we continue our efforts to build a U.S. industrial capacity that serves the renewable energy transition, technology development, and national security.”
