The junior miner Graphite One is making tangible progress on its twin-track strategy to establish a domestic US supply chain for battery-grade graphite. On June 16, the company signed an engineering contract for its planned active anode material facility in Conneaut, Ohio — a plant designed to hit 10,000 tonnes per year of synthetic graphite by the fourth quarter of 2027 and ultimately expand to 25,000 tonnes by the end of 2028. Meanwhile, the permitting clock is ticking on its flagship Graphite Creek project in Alaska, where the US Army Corps of Engineers is steering the environmental review. A key Record of Decision is scheduled for September 29, 2026, under the federal FAST-41 process — a milestone that would mark the transition from development to construction.
Shareholders gathered at the annual meeting in late June and backed all the resolutions put forward by management. The six candidates standing for election to the board of directors — Anthony Huston, Douglas Smith, Scott Packman, Bedi A. Singh, Brian Budd and Patrick Smith — were all returned. PricewaterhouseCoopers was reappointed as auditor for the current fiscal year.
A central item on the agenda was the amended omnibus incentive plan, which shareholders ratified. The board promptly issued some 2.81 million restricted share units (RSUs) and an identical number of performance share units (PSUs) to senior management, with an external consultant receiving an additional 1 million RSUs. The RSUs are set to vest in three equal tranches — in June 2027, May 2028 and May 2029. The PSUs, tied to stock price targets, convert into common equity in May 2029. Following these grants, the company’s capital structure comprises roughly 209 million common shares outstanding, plus around 8.2 million RSUs and 7.6 million PSUs.
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As a special resolution, shareholders also authorised a potential reverse stock split of up to 10-for-1. But the management team emphasised it would only pull that lever if Graphite One pursues a listing on the New York Stock Exchange or the Nasdaq, both of which impose minimum share price requirements. For now, the consolidation remains on the shelf.
The stock itself has seen better days. On the Wednesday after the meeting, shares edged up about 4% to EUR 0.62 — a move that looks modest against a broader backdrop of weakness. The equity has shed nearly 48% since the start of the year and remains roughly 61% below its 52-week peak of EUR 1.59. Technical readings point to oversold conditions, with the RSI at 38.5, while annualised volatility of 45% underscores the risk profile of this pre-revenue junior miner.
Graphite One is betting that a combination of regulatory clarity and construction milestones will eventually win over investors. Its mission — to build a vertically integrated US graphite supply chain for the battery sector — is a long-haul play, and the market is clearly waiting for proof of execution before pricing in the potential.
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