Graphite One has entered into a non-binding initial Memorandum of Understanding with battery materials recycler Lab 4 Inc. of Nova Scotia, Canada, whereby Graphite One and Lab 4 propose to collaboratively work together to design, develop and build a recycling facility for end-of-life EV and lithium ion batteries.
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Lab 4 Inc. provides laboratory and engineering support to mining companies with a focus to recycle graphite, manganese and other minerals.
The recycling facility would be located adjacent to Graphite One's planned advanced materials manufacturing plant in Washington State.
Graphite One Inc.'s Graphite Creek resource in Alaska has been cited as the largest known graphite deposit in the United States by the U.S. Geological Survey (USGS) in its updated U.S. Mineral Deposit Database (USMIN).
The USGS report confirms Alaska Governor Mike Dunleavy's statement in support of Graphite One's designation as a U.S. government high-priority infrastructure project, stating, "Graphite Creek is the largest deposit of graphite in the nation and would be a superior domestic supply of this critical mineral."
With the United States currently 100 per cent import dependent for natural graphite, Graphite One is developing a complete U.S.-based, advanced graphite supply chain solution anchored by the Graphite Creek resource near Nome, Alaska.
The Graphite One Project plan includes an advanced graphite material and battery anode manufacturing plant expected to be located in Washington State along with the development of the Graphite Creek resource.
The Transaction is subject to a number of conditions including, but not limited to: completion of due diligence by both parties, the parties negotiating and executing a definitive agreement on terms mutually agreed to by both parties, and receipt of all regulatory approvals and third-party consents, including the approval of the TSX Venture Exchange.
Graphite One cautions that there is no assurance that the MOU will result in the completion of the Transaction, or, if the Transaction is undertaken, as to its terms or timing. ■