Graphite One Stock: Pentagon Backing Meets Market Skepticism

US imports all natural graphite. Graphite One builds Alaska-to-Ohio supply chain, backed by Pentagon and $2B in financing, yet stock languishes near lows.

The United States imports every single pound of natural graphite it consumes — a vulnerability that extends from electric vehicles to military hardware and AI data centers. Graphite One aims to plug that gap with a fully domestic supply chain stretching from an Alaskan mine to an Ohio processing plant. But while Washington has thrown its weight behind the project, the stock continues to languish near multi-month lows.

Pentagon Blueprint Targets $48 Billion Market

On June 4, 2026, the US Department of Defense released a report calling for targeted production and investment tax credits, a co-investment fund, and a framework to license manufacturing technology from allied nations. The goal: build a self-sufficient domestic battery equipment industry. The Pentagon estimates these measures could generate roughly 5,000 new jobs and tap into a global market projected to reach $48 billion by 2032.

Graphite One CEO Anthony Huston welcomed the recommendations, noting they align squarely with the company's ambition to create an integrated graphite supply chain — mining in Alaska, processing in Ohio.

The report singles out America's reliance on foreign battery equipment as a critical weak point. Graphite One's strategy is designed to address exactly that: a mine-to-battery pipeline for natural graphite, a material essential for lithium-ion anodes, military sensors, and grid-scale storage.

Ohio Site Secured After Utility Setback

The company made a key operational move on May 19, when it announced a new location for its processing facility in Conneaut, Ohio. The original site in Warren fell through due to inadequate power infrastructure.

Conneaut offers direct access to the Lake Erie shipping corridor and rail connections via the Bessemer and Lake Erie Railroad, a Canadian National Railway subsidiary. Phase one of the plant targets an annual capacity of 10,000 tonnes of battery-grade materials, with construction completion scheduled for the fourth quarter of 2027.

Alaska Deposit Holds Rare Earth Bonus

Graphite Creek in Alaska is the largest known natural graphite deposit in the United States. In November 2025, the company confirmed the presence of rare earth elements there, including neodymium and dysprosium — both critical for electric motors and military sensor systems.

The discovery further bolsters the project's strategic value. Graphite One expects a final mine permit decision by September 29, 2026, under the FAST-41 program, which fast-tracks federal reviews for infrastructure projects of national importance.

Billions in Government Support — But Not for Shareholders

The level of state backing is substantial. The US Export-Import Bank has expressed non-binding financing interest totaling $2.07 billion. The Department of Defense has already contributed $42 million in grants.

The stock market, however, has yet to catch up. Shares currently trade at €0.69 — roughly 57% below the 52-week high of €1.59 set back in January. Since the start of the year, the stock has shed more than 40% of its value. The relative strength index stands at 43.6, suggesting neither oversold conditions nor an imminent rebound.

What's Next

The annual general meeting is set for June 26, 2026. That will be followed by the mine permit decision in late September — what the company views as the next genuine catalyst.

Until commercial off-take agreements are signed or construction in Ohio begins, Graphite One remains a well-supported project searching for a near-term trigger to close the gap between political enthusiasm and investor confidence.