A series of independent tests have confirmed that Graphite One’s Graphite Creek deposit in Alaska holds significant concentrations of heavy rare earth elements, transforming what was already the largest known graphite resource in the United States into a potential dual-mineral powerhouse. The discovery, embedded in garnet minerals, includes the five most critical magnetic rare earths—neodymium, praseodymium, and dysprosium among them—metals essential for wind turbines, electric vehicles, and defense applications. Crucially, the geological makeup of the deposit avoids the toxic byproducts like uranium and thorium that typically plague rare earth extraction, offering a cleaner path to production. A U.S. national laboratory is scheduled to begin evaluating extraction methods in 2026, and if results prove favorable, the company could mine these metals alongside graphite.
The rare earth find arrives as Graphite One pushes forward with a vertically integrated strategy to build an all-American supply chain for battery anode materials. The company’s latest feasibility study underscores the scale of the ambition: a pre-tax net present value of $6.4 billion, an internal rate of return of 30 percent, and a payback period of just over seven years on initial capital outlays. The modular approach calls for mining in Alaska and processing at a new facility in Ohio, with the U.S. Geological Survey already designating the deposit as the nation’s largest natural graphite occurrence. The strategy rests on three pillars—mining, processing, and recycling—designed to reduce reliance on China, which dominates global graphite processing and has begun curbing exports.
On the commercial front, Graphite One has secured a second non-binding supply agreement with Lucid Group, this time covering natural graphite for battery anodes over an initial five-year term. The material will be sourced from Alaska and refined at the planned Ohio plant, where synthetic graphite production is slated to begin in 2028. By 2032, management expects the facility to reach full capacity, producing enough anode material to equip roughly two million electric vehicles annually.
The financial picture is equally ambitious. The U.S. Export-Import Bank has issued preliminary letters of interest totaling up to $2.07 billion in potential financing, with $670 million earmarked for the Alaska mine and $1.4 billion for the Ohio processing plant. Graphite One is also in talks with leading investment banks to cover the remaining 30 percent of project costs. The company is pursuing a phased development approach, tying expenditures to operational milestones. A final investment decision has yet to be made, and the ability to convert the non-binding loan indications into firm commitments will determine whether construction can begin.
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The clock is ticking on regulatory approvals as well. Graphite One must secure all federal permits by the end of September 2026 to qualify for the U.S. government’s FAST-41 expedited review process. If that deadline is met, construction could start in 2027, with first production following three years later.
At the stock exchange, investor sentiment has been mixed. Shares closed Thursday at $0.84, up nearly three percent on the day, but the stock has shed about nine percent over the past ten trading sessions. On a monthly basis, the stock has gained roughly 22 percent to $0.85, though it remains down more than 27 percent year-to-date. Chart watchers see resistance at $0.86, with support around $0.80. Trading volume has been relatively thin, with approximately 28,000 shares changing hands recently.
The rare earth discovery could fundamentally alter the project’s economics, adding a second revenue stream without the environmental baggage that typically accompanies such mining. But the path to production remains contingent on securing the final financing and clearing the permitting hurdles. Without those pieces in place, the $6.4 billion valuation in the feasibility study remains just a number on paper.
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