Graphite One Stock Drops 60% Year-to-Date as Ohio Permit Process Moves Forward

Graphite One shares fall 60% YTD despite Ohio EPA accepting air permit; RSI at 28.1 signals oversold but downtrend persists. Conneaut plant targets 2027.

While Graphite One notched a regulatory win in Ohio this week, its stock continues to bleed value. The US developer of a fully integrated domestic graphite supply chain saw its shares close at €0.50 on Friday, up just 2.35% from the previous session, as investors shrugged off news that the Ohio Environmental Protection Agency had accepted the company’s air permit application for technical review. The modest bounce did little to alter a brutal trajectory: the stock has lost nearly 16% over the past week and 26.36% over the past 30 days, while the year-to-date decline stands at roughly 60%.

The Ohio EPA’s acceptance on 16 July 2026 is an essential procedural step. By deeming the application complete, the agency clears the way for a detailed technical assessment of the proposed anode-material plant in Conneaut. Chief Operating Officer Mike Schaffner described the milestone as an affirmation of the work by the company’s engineering and permitting teams. The facility, designed to produce synthetic anode material for lithium-ion batteries used in electric vehicles and stationary storage, is planned with an initial annual capacity of 10,000 tonnes, later expandable to 25,000 tonnes. Graphite One targets a production start in the fourth quarter of 2027, contingent on securing all necessary permits and financing.

Behind the Ohio plant lies a broader two-front strategy. Graphite One aims to build the first fully domestic graphite supply chain in the United States, coupling the Conneaut facility with its Graphite Creek project in Alaska, which the company says is the largest known natural graphite deposit in North America. Crucially, the two projects are being developed on independent, non-linear timelines. This allows the Ohio plant to potentially move into production well before Graphite Creek, providing an early revenue stream. Alaskan operations are scheduled to begin in 2029, with the company recently confirming it is supporting an environmental impact statement process led by the US Army Corps of Engineers.

On the technical side, the stock is flashing oversold signals. The 14-day relative strength index stands at 28.1, a level typically interpreted as indicating a security is undervalued or due for a bounce. However, the share price remains nearly 69% below its 52-week high of €1.59, set on 28 January 2026. While the RSI reading suggests a potential short-term reversal, the fundamental downtrend of recent months remains intact.

For Graphite One, the challenge persists: regulatory progress alone has not been enough to restore investor confidence. The next visible catalyst will be the outcome of the Ohio EPA’s technical review, which will determine whether the Conneaut project can remain on track for a 2027 debut.