Graphite One Secures Final Ohio Air Permit, Supporting Further Progress towards Planned Construction for US$80 Million Phase 1 Anode Plant

The air approval clears an environmental permitting milestone, while financing and additional permits remain outstanding.

Rhea-AI Summary

Graphite One (GPHOF) received the final Ohio air permit for its planned Phase 1 anode material plant in Conneaut. Effective October 27, 2026, the renewable permit runs through October 27, 2036. The plant has planned capacity of 10,000 tonnes per year and an estimated initial capital cost of US$80 million, subject to an update after final engineering.

The company targets an investment decision and construction start by April 2027, with completion and first sales in Q4 2028, subject to financing, construction and the investment decision. Building, construction and operating permits remain pending. EXIM issued an amended non-binding US$1.4 billion letter of interest for phased Ohio expansion to 100,000 tonnes annually; total EXIM letters of interest reach US$2.07 billion. Samples have been provided to prospective U.S. battery and energy storage customers for testing and qualification.

8 points · 0 major

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1 major · 6 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Phase 1 plans add 10,000 tonnes per year of anode material capacity.
• Moderate pointEXIM letters of interest total US$2.07 billion, including amended US$1.4 billion support for phased Ohio expansion. 18× market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Ohio expansion plans provide for 25,000-tonne increments to 100,000 tonnes per year.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Company targets April 2027 investment decision, engineering, procurement and construction contract award, and construction start.
• Minor pointFinal Ohio air permit received, effective October 27, 2026, through October 27, 2036, and renewable.

3 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Phase 1 completion and first sales are targeted for Q4 2028.
• Minor pointCustomer qualification work advanced with samples provided to prospective U.S. battery and energy storage customers.
• Minor point. Forward-looking: it has not happened yet and may not happen.Graphite Creek mine construction is targeted for 2028, with production targeted for 2030.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Phase 1 estimated initial capital cost is US$80 million, to be updated after final engineering. 69% of market cap
• Minor pointEXIM's amended US$1.4 billion letter of interest is non-binding, not committed financing.
• Minor point. Forward-looking: it has not happened yet and may not happen.First sales remain subject to final investment decision, financing and construction.
• Minor pointState and local building, construction and operating permits remain required following final engineering.
• Minor pointAir permit requires construction within 18 months of October 27, 2026, with one possible 12-month extension.
• Minor point. Forward-looking: it has not happened yet and may not happen.Graphite Creek awaits a U.S. Army Corps of Engineers permit decision, targeted by September 30, 2027.

News Explained

This adds a permit-specific deadline to the project schedule: the company targets construction by April 2027, while the air permit requires construction to begin within 18 months of October 27, 2026, with one possible 12-month extension.

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Ten-year permit covers the planned 10,000-tonne-per-year Phase 1 in Conneaut, Ohio

First sales of synthetic graphite anode material targeted for Q4 2028

The Export-Import Bank of the United States ("EXIM") has issued an amended non-binding Letter of Interest ("LoI") of US$1.4 billion for the G1 AAM facility.  The EXIM AAM LoI is one of two received by G1, bringing total EXIM LoI support to US$2.07 billion

G1 has provided samples to prospective U.S. battery and Energy Storage System customers for testing and qualification purposes

VANCOUVER, BC, Nov. 2, 2026 /PRNewswire/ -- Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) ("Graphite One" or the "Company") has received the final air permit from the Ohio Environmental Protection Agency ("Ohio EPA") for Phase 1 of its planned active anode material ("AAM") facility in Conneaut, Ohio (the "Ohio Facility"), a 10,000 tpy blending and coating plant (the "Phase 1 Plant"). The Air Pollution Permit-to-Install and Operate, Permit No. P0140891 (the "Air Permit" or "PTIO"), was issued to Graphite One (Ohio) Inc.

"Receiving the final Ohio Air Permit is an important step toward establishing a domestic synthetic anode material supply chain," said Anthony Huston, President and Chief Executive Officer. "This approval advances Phase 1 Plant toward first revenue and supports our goal of becoming the first U.S. company commercially producing synthetic graphite anode material."

The Ohio Air Permit is the key environmental permit required to build and run the Phase 1 Plant, and the one permit the Company has considers the most demanding to receive. AAM is the primary material in the anode of lithium-ion batteries that power electric vehicles and all types of grid energy storage. The Company believes the Phase 1 Plant will be the first of its kind in the U.S.

Key Highlights

• Air Permit in hand. Issued and effective October 27, 2026. Valid to October 27, 2036, renewable.
• Full scope, built-in controls. Covers four emissions units: agglomeration (P001), carbonization (P002), feeding and blending (P901), and finishing and packaging (P902). Thermal oxidizers are designed for 98% control of volatile organic compounds and 99% control with baghouses of particulate matter control.
• Ohio EPA review complete. The Air Permit concludes the technical review announced on July 16, 2026. The Phase 1 Plant now moves toward a final investment decision: 10,000 tonnes per year of planned capacity at an estimated initial capital cost of US$80 million, to be updated after final engineering.
• Early Path to Revenue: First synthetic graphite AAM sales from the Phase 1 Plant are targeted for Q4 2028, subject to a final investment decision, financing, and construction. Graphite Creek mine production is targeted for 2030.
• Federal backing. EXIM has issued an amended, non-binding LoI of US$1.4 billion for the AAM facility to support a phased increase in production capacity, in 25,000 tonne increments to 100,000 tonnes per year of AAM.  The EXIM LoI is one of two received by G1, bringing total EXIM LoI support to US$2.07 billion.

"Securing the final permit reflects the quality of our engineering and permitting work after a rigorous review by Ohio EPA," said Mike Schaffner, Chief Operating Officer. "Our focus now turns to engineering, procurement and financing to bring Conneaut to construction."

Graphite One has provided samples to prospective U.S. battery and Energy Storage System customers for testing and qualification purposes.

The Market: Commercial and Strategic

U.S. graphite demand is projected to grow more than 600%, to nearly 700,000 tonnes per year by 2034¹. China dominates global anode material processing and has imposed export controls on graphite and anode technologies², making domestic supply strategically important.

Next Steps

Graphite One will now complete final engineering on the Phase 1 Plant. The remaining approvals are standard building, construction, and operating permits from state and local agencies, which follow final engineering and precede construction. The Company intends to pursue these permits on an expedited basis, working closely with those agencies. Under the Air Permit, construction must begin within 18 months of October 27, 2026, with one possible 12-month extension. In parallel, the Company will pursue project financing, including through EXIM, and order long-lead equipment to accelerate the schedule.

Targeted milestones: By April 2027, the Company anticipates making a Phase 1 Plant final investment decision, seeking the award of the engineering, procurement, and construction contract, and starting construction.  In addition, the Company anticipates Phase 1 completion and first sales in Q4 2028.

The Bigger Picture: Mine to Battery Material

Graphite One is building a vertically integrated U.S. graphite supply chain: from the Graphite Creek deposit near Nome, Alaska, to AAM manufacturing at the Ohio Facility. The U.S. Geological Survey ranks Graphite Creek as the largest graphite deposit in the U.S. and one of the largest in the world³. Mine construction is targeted for 2028 and production for 2030. Under the federal FAST-41 timetable, a U.S. Army Corps of Engineers permit decision on Graphite Creek is targeted by September 30, 2027.

The Air Permit is available through the Ohio EPA website click here.

Graphite One's U.S. Supply Chain Strategy

The goal: reducing U.S. dependence on foreign graphite. The strategy includes:

• Mining and processing natural graphite at Graphite Creek, Alaska
• Transporting graphite materials through the Port of Nome
• Manufacturing advanced graphite and anode materials in Ohio
• Potential co-located recycling of graphite and other battery materials

These steps are designed to support a circular U.S. graphite economy, subject to project financing.

About Graphite One Inc.

GRAPHITE ONE INC. continues to develop its Graphite One Project (the "Project"), with the goal of becoming 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 and process natural graphite and to manufacture synthetic and natural graphite anode active materials primarily for the lithium-ion electric vehicle battery and energy storage markets.

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 X @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.

Forward-Looking Statements

All statements in this release, other than statements of historical facts, including receipt of other key Ohio permits, timing and completion of permitting, future production, timing and outcome of actual final investment decision, establishment of a processing plant and a graphite manufacturing plant, establishment of a battery materials recycling facility, goals and timing of anticipated sales of synthetic graphite anode material, actual receipt of any EXIM financing, actual receipt of any project financing 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", "is expected", "scheduled", "estimates", "projects", "plans", "is planning", "intends", "assumes", "believes", "indicates", "to be", "targets" 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 the mine, processing plant, graphite manufacturing plant, or the battery materials recycling facility will ever be built, the 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. Further, the Company is in an industry where political, economic, regulatory, and social conditions may change over time.  Changes in government policies, taxation regimes, security conditions, or stakeholder expectations, particularly the dynamic nature of the U.S. – China trade relations, may affect the Company's ability to meet its stated goals and objectives. 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 http://www.sedarplus.ca.

_________________________
1	https://www.fastmarkets.com/insights/us-graphite-demand-projected-to-surge/
2	China Rolls Out Export Control Measures Targeting Diamonds, Rare Earth Materials, and Lithium Batteries! - Regulatory News - Chemicals - CIRS Group
3	https://www.usgs.gov/news/technical-announcement/usgs-updates-mineral-database-graphite-deposits-united-states

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SOURCE Graphite One Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Graphite One's final Ohio air permit cover?

The permit covers the planned 10,000-tonne-per-year Phase 1 blending and coating plant in Conneaut, Ohio. It is effective October 27, 2026, through October 27, 2036, and is renewable. Its four emissions units cover agglomeration, carbonization, feeding and blending, and finishing and packaging.

When does Graphite One expect first sales from its Ohio plant?

Graphite One targets Q4 2028 for Phase 1 completion and first synthetic graphite anode material sales. That schedule remains subject to a final investment decision, financing and construction. The company anticipates an investment decision, contract award and construction start by April 2027.

What construction deadline does Graphite One's Ohio air permit impose?

Construction must begin within 18 months of October 27, 2026, with one possible 12-month extension. Final engineering precedes the remaining state and local building, construction and operating permits, which must come before construction.

What is Graphite One's timeline for the Graphite Creek mine?

Graphite One targets mine construction in 2028 and production in 2030. Under the federal FAST-41 timetable, a U.S. Army Corps of Engineers permit decision on Graphite Creek is targeted by September 30, 2027.