Graphite One Announces MOU with Lab 4 Inc. to Design and Build Lithium-Ion Battery Recycling Plant in Washington State
Graphite One Inc. has entered a non-binding Memorandum of Understanding with Lab 4 Inc. to collaboratively design and build a recycling facility for end-of-life EV and lithium-ion batteries. This facility will be located next to Graphite One's advanced materials manufacturing plant in Washington State. The partnership aims to create a fully integrated domestic supply chain for graphite production in the U.S., which is currently entirely dependent on imports. The Graphite Creek deposit in Alaska has been recognized as the largest known graphite deposit in the U.S.
- Partnership with Lab 4 aims to develop a battery recycling facility, enhancing the supply chain for EV batteries.
- Graphite One's Graphite Creek project is recognized as the largest graphite deposit in the U.S.
- The project positions Graphite One as a potential leader in the domestic graphite supply chain.
- The MOU is non-binding and may not lead to firm agreements or completion of the proposed project.
- Subject to various conditions including regulatory approvals, implying potential delays or obstacles.
Agreement Positions Graphite One to Become America's First Fully Integrated Domestic Supply Chain for Graphite Production, Closing the Loop on a "Full Circular Economy"
VANCOUVER, BC, April 4, 2022 /PRNewswire/ - Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) ("Graphite One" or the "Company") is pleased to announce it has entered into a non-binding initial Memorandum of Understanding ("MOU") with battery materials recycler Lab 4 Inc. of Nova Scotia, Canada ("Lab 4"), whereby Graphite One and Lab 4 propose to collaboratively work together to design, develop and build a recycling facility for end-of-life EV and lithium ion batteries.
Lab 4 Inc. provides laboratory and engineering support to mining companies with a focus to recycle graphite, manganese and other minerals.
The recycling facility would be located adjacent to Graphite One's planned advanced materials manufacturing plant in Washington State1.
"With this new proposed recycling division joining our Graphite Creek mine and Advanced Graphite Materials Manufacturing Plant as the third link, Graphite One plans to bring the full circular economy to the U.S. graphite supply chain," said Anthony Huston, President and CEO of Graphite One. "When you're in the renewable energy space, you've got to think through the whole lifecycle – where will EV and lithium-ion batteries go when they are no longer useful? It can't be to the landfill. That's not responsible. Battery materials are simply too critical and too scarce to let them go to waste. That all points to recycling battery materials – and for Graphite One, this pointed us to Lab 4 and their ground-breaking work to recycle these materials right back into our planned manufacturing plant. With this new partnership, Graphite One would be the only fully integrated domestic supply chain for graphite to accommodate the different requirements of battery companies."
"Lab 4 Inc. is excited to have this opportunity to work with Graphite One to develop state-of-the-art battery recycling capability. The return of battery materials within the industry, or to new uses and applications, is critical to the materials supply chain as the electrification of everything accelerates," said Dr. Ian Flint, CEO of Lab 4 Inc. "Adding recycling to renewable materials development is the missing piece in a true circular economy. We look forward to a partnership that sets a new standard for the renewable energy sector."
As announced on March 7th2, Graphite One Inc.'s Graphite Creek resource in Alaska has been cited as the largest known graphite deposit in the United States by the U.S. Geological Survey (USGS) in its updated U.S. Mineral Deposit Database (USMIN).
The USGS report confirms Alaska Governor Mike Dunleavy's statement in support of Graphite One's designation as a U.S. government high-priority infrastructure project, stating, "Graphite Creek is the largest deposit of graphite in the nation and would be a superior domestic supply of this critical mineral."
With the United States currently 100 per cent import dependent for natural graphite, Graphite One is developing a complete U.S.-based, advanced graphite supply chain solution anchored by the Graphite Creek resource near Nome, Alaska. The Graphite One Project plan includes an advanced graphite material and battery anode manufacturing plant expected to be located in Washington State along with the development of the Graphite Creek resource.
Appointment of Chief Financial Officer and Corporate Secretary
The Company is also pleased to announce that Gordon Jang, CPA, CMA, has been appointed as Chief Financial Officer and Corporate Secretary, effective immediately. Mr. Jang has over 25 years of experience in senior management roles with mid-to-large mining companies including Fortuna Silver Mines, Augusta Resources, Lundin Mining and Pan American Silver. He brings a wealth of expertise in capital markets, M&A, SOX compliance, external financial reporting, corporate restructuring, cost analysis and process improvements.
Further Disclosure on MOU
Graphite One and Lab 4 anticipate entering into a definitive agreement and ancillary documents within 180 days from signing the MOU to set out the proposed terms of the collaboration to design, develop and build a recycling facility for end-of-life EV and lithium ion batteries (the "Transaction").
The Transaction is subject to a number of conditions including, but not limited to: (i) completion of due diligence by both parties, (ii) the parties negotiating and executing a definitive agreement on terms mutually agreed to by both parties, and (iii) receipt of all regulatory approvals and third-party consents, including the approval of the TSX Venture Exchange.
Graphite One cautions that there is no assurance that the MOU will result in the completion of the Transaction, or, if the Transaction is undertaken, as to its terms or timing.
About Graphite One Inc.
GRAPHITE ONE INC. (GPH: TSX‐V; GPHOF: OTCQB) continues to develop its Graphite One Project (the "Project"), whereby the Company could potentially become an American producer of high-grade anode materials that is integrated with a domestic graphite resource. The Project is proposed as a vertically integrated enterprise to mine, process and manufacture high grade anode materials primarily for the lithium‐ion electric vehicle battery market. As set forth in the Company's Preliminary Economic Assessment, potential graphite mineralization mined from the Company's Graphite Creek Property, is expected to be processed into concentrate at a graphite processing plant. The proposed processing plant would be located on the Graphite Creek Property situated on the Seward Peninsula about 60 kilometers north of Nome, Alaska. Graphite anodes and other value‐added graphite products would be manufactured from the concentrate and other materials at the Company's proposed advanced graphite materials manufacturing facility expected to be located in Washington State. The Company intends to make a production decision on the Project once a feasibility study is completed.
On Behalf of the Board of Directors
"Anthony Huston" (signed)
For more information on Graphite One Inc., please visit the Company's website, www.GraphiteOneInc.com.
On Twitter @GraphiteOne
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements in this release, other than statements of historical facts, including those related to the expectation that the Company will enter into a definitive agreement in relation to the Transaction, the terms of the Transaction, the timing and ability of the Company to complete the Transaction, the timing and ability of the Company to receive necessary regulatory approvals, the timing and completion of the anticipated Preliminary Feasibility Study, future production, establishment of a processing plant and a graphite manufacturing plant, and events or developments that the Company intends, expects, plans, or proposes are forward-looking statements Generally, forward‐looking information can be identified by the use of forward‐looking terminology such as "proposes", "expects", or "is expected", "scheduled", "estimates", "projects", "intends", "assumes", "believes", "indicates" or variations of such words and phrases that state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The Company cautions that there is no certainty that tests of the Company's material will be successful or that such tests will result in the development of successful products. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities laws. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
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