Graphite One Secures Ohio Site and Alaska Permitting Progress as Washington Tightens Critical Mineral Rules

Graphite One secures Ohio site for 25,000-tonne anode plant and clears Alaska EIS hurdles, while new White House rules target Chinese graphite dependence.

Graphite One is advancing on two fronts critical to its vertically integrated supply chain strategy, securing an Ohio location for a 25,000-tonne synthetic graphite anode plant while simultaneously clearing environmental hurdles at its Graphite Creek project in Alaska. Yet the market response has been muted at best, with the stock continuing to slide despite what the company describes as meaningful regulatory and operational progress.

The company has locked down a site in Conneaut, Ohio, via a licensing agreement with the Bessemer and Lake Erie Railroad, where it plans to build an active anode material (AAM) facility. Phase 1 targets 10,000 tonnes of annual capacity by the fourth quarter of 2027, split across energy storage, fast-charging, and high-energy-density applications. Phase 2 will expand graphitization capacity to 25,000 tonnes by the third quarter of 2028, using licensed, proven process technology. Separately, the Ohio Environmental Protection Agency has cleared a permitting hurdle for the facility, and Graphite One has secured an engineering contract to move the project forward.

On the mining side, the company reports progress on the environmental impact statement (EIS) for Graphite Creek in Alaska. A feasibility study for the deposit envisions 175,000 tonnes of concentrate per year, with a post-tax net present value of $5.0 billion, an internal rate of return of 27%, and a payback period of 7.5 years. The capital cost is also pegged at $5.0 billion. The project benefits from FAST-41, an accelerated permitting process designed to reduce regulatory delays.

The financial underpinnings are bolstered by public-sector backing. Graphite One has already secured a $37.5 million grant from the U.S. Department of Defense, plus a letter of intent from the U.S. Export-Import Bank (EXIM) for up to $2.07 billion in potential financing. Customer qualification is also underway: samples have been sent to three major electric vehicle manufacturers and three battery companies for testing.

Washington’s New Supply Chain Rules Add Urgency

The operational milestones arrive as the White House tightens its grip on critical mineral supply chains. President Trump signed an executive order on July 20, 2026, directing the Department of War to conduct a comprehensive audit of defense contractors' supply chains for critical materials. Waivers for suppliers from affected countries will be sharply restricted, and contractors must now submit tier-by-tier plans to shift toward domestic or allied sources.

Peter Navarro, Senior Counselor for Trade and Manufacturing, wrote in the Military Times that blanket exemptions under 10 U.S.C. 4872 will no longer be readily available after January 1, 2027. The move targets the U.S. reliance on Chinese graphite: the country was 100% dependent on imports of natural graphite in 2024, with 43% of those imports coming from China between 2020 and 2023. China controls more than 90% of global refined graphite production, according to the International Energy Agency. Additional export restrictions from Beijing could take effect as early as November 2026.

Fastmarkets analyst Andrea Hotter notes that processing capacity — not mining — remains the true bottleneck for graphite, tungsten, antimony, gallium, and germanium. That dynamic plays directly into Graphite One’s strategy of controlling the entire chain from Alaska mine to Ohio anode plant.

Stock Continues to Slide Despite Tailwinds

None of this has stopped the share price from falling. On the most recent trading day, the stock closed at €0.5180, down 9.12%, before recovering slightly to €0.5350 with a 6.14% daily loss. The 52-week high of €1.59, set in late January 2026, now looks distant — the stock has shed roughly 66% from that peak and trades well below its 50-day moving average of €0.6446. Year-to-date, the decline stands at 58.73%. The market capitalization is approximately €102.73 million.

The disconnect between policy momentum and market performance suggests investors are focused on execution risk. The path from permitting to production remains long and capital-intensive, with Phase 1 of the Ohio plant not expected online until late 2027 and the Alaska mine facing a full environmental review. For Graphite One, the challenge now is to convert regulatory and political wins into tangible construction timelines and, eventually, revenue — a process that will test whether Washington’s rhetoric on critical minerals translates into real capital flows for domestic processors.