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Graphite One Announces Revised Contract with the U.S. Department of Defense to Increase Share of Expenditures from 50% to 75% for the Feasibility Study
Graphite One Announces Revised Contract with the U.S. Department of Defense to Increase Share of ...
About this update from Graphite One Inc.
[{"type":"text","content":"\n \n \n \n Graphite One Announces Revised Contract with the U.S. Department of Defense to Increase Share of Expenditures from 50% to 75% for the Feasibility Study\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n June 24, 2024\n \n \n /CNW/ -\n \n Graphite One Inc.\n \n (GPH: TSX‐V; GPHOF: OTCQX)\n \n (\"Graphite One\", \"G1\" or the \"Company\")\n \n is pleased to announce a revision to the cost-share ratio governing G1's Defense Production Act grant in\n \n July 2023\n \n to facilitate the accelerated completion of the Company's Feasibility Study (\"\n \n FS\n \n \").\n \n \n \n \n \n \n \n \n \n On\n \n May 17, 2024\n \n , Graphite One entered into a revised cost-share agreement with the Department of Defense (\"\n \n DoD\n \n \") to adjust the DoD's share of expenditures related to the accelerated FS from 50% to 75% based on a revised contract value of\n \n $49.8 million\n \n .  The DoD's maximum share of the accelerated FS program is now\n \n $37.3 million\n \n .  For further information on the original agreement, please refer to the\n \n July 17, 2023\n \n press release\n \n link\n \n .\n \n \n With the 2024 field season about to begin at G1's Graphite Creek deposit north of\n \n Nome, Alaska\n \n , Graphite One has advised the DoD's project oversight team that the project remains on schedule to complete the FS as planned by\n \n December 2024\n \n , subject to financing.\n \n \n \"This development in our planned 100% U.S.-based graphite supply chain, demonstrates the momentum Graphite One is building,\" said Graphite One's CEO\n \n Anthony Huston\n \n . \"For our shareholders, this means that for every dollar we spend advancing the Graphite Creek accelerated Feasibility Study, G1 receives 75% of those expenditures in DoD grant funding rather than 50% upon submission. We welcome the support of the Department of Defense as we continue our efforts to build a U.S. industrial capacity that serves the renewable energy transition, technology development, and national security....