Graphite One Rallies as Battery-Metal Supply Chain Takes Shape

Graphite One shares jump as six battery and EV makers test anode samples, Alaska mine permitting advances, and a $2.07B loan application targets domestic supply chain.

Graphite One’s stock surged almost 10% on the Canadian exchange Monday, closing at C$1.27 before settling at 0.79 euro on German boards — a move that pushed the weekly gain past 9%. The advance came without a fresh corporate announcement, but the market appeared to be pricing in recent operational milestones that are quietly reshaping the company’s trajectory.

Three electric-vehicle makers and three leading battery producers are now testing anode samples from Graphite One, with each receiving up to 20 kilograms of material. Those quality checks are a critical step before any long-term offtake agreements can be signed. Simultaneously, the company is navigating a fast-tracked US federal permitting process for its Graphite Creek deposit in Alaska, where a final decision is expected by September 2026. If approved, it would become the first major graphite mine on American soil.

Ohio site locks in, Alaska timeline tightens

Production plans are coalescing around the former Warren, Ohio, site, which is being abandoned in favour of a lakefront property in Conneaut. The company signed a use agreement with Bessemer and Lake Erie Railroad Company, a Canadian National Railway subsidiary, allowing due diligence before a formal lease. The Conneaut location offers direct rail and port access — a logistical advantage for the planned anode plant.

The facility’s initial capacity is set at 10,000 tonnes per year of energy-storage, fast-charge and high-energy materials for lithium-ion batteries, with a second phase targeting 25,000 tonnes of graphitisation capacity. Those plans hinge on financing, permits, power agreements and equipment procurement, all of which remain subject to regulatory approval.

Cash position improves but burn accelerates

Graphite One ended March with US$18.56 million in cash and US$28.52 million in working capital, a sharp improvement from US$8.37 million and US$5.27 million at the end of 2025. The boost came from a C$35 million equity raise and warrant exercises totalling C$8.55 million.

Yet operating expenses are climbing fast. First-quarter cash used in operations hit US$6.67 million, versus US$950,310 a year earlier. Project-related spending after grants rose to US$535,264 from US$32,410, while marketing and investor-relations costs jumped to US$1.11 million from US$136,539, driven largely by digital campaigns in Europe and a new US investor push. The company acknowledged in its quarterly report that additional financing will be needed over the next twelve months and offered no guarantee that new capital will be available.

The billion-dollar bet on domestic supply

The company is pursuing a US$2.07 billion loan application with the Export-Import Bank of the United States, which would cover roughly 70% of the construction cost for the entire supply chain from Alaska to Ohio. Commercial banks would fund the remaining 30%. If successful, the financing would remove the biggest hurdle facing the project.

With no operating revenue yet and quarterly losses exceeding US$3 million, the outcome of the EXIM application and the September permitting decision will determine whether Graphite One can turn its battery-material story into a producing reality. Monday’s rally hints at growing conviction among investors, but the cash burn and financing gap remain the ultimate test.