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

June 24, 2024 – Vancouver, British Columbia – Graphite One Inc. (GPH: TSX‐V; GPHOF: OTCQX) (“Graphite One”, “G1” or the “Company”) is pleased to announce a revision to the cost-share ratio governing G1’s Defense Production Act grant in July 2023 to facilitate the accelerated completion of the Company’s Feasibility Study (“FS”).

On May 17, 2024, Graphite One entered into a revised cost-share agreement with the Department of Defense (“DoD”) to adjust the DoD’s share of expenditures related to the accelerated FS from 50% to 75% based on a revised contract value of $49.8 million.  The DoD’s maximum share of the accelerated FS program is now $37.3 million.  For further information on the original agreement, please refer to the July 17, 2023 press release link.