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Graphite One announces termination of MoU with lithium-ion battery anode manufacturer

VANCOUVER — Graphite One Inc. announces that the Company has delivered a termination notice pursuant to the memorandum of understanding (MOU) that was originally entered into between the Company and Great Sunshine (Guizhou) New Energy Material Co., Ltd. on January 7, 2022. Pursuant to the terms of the MOU, the MOU will terminate effective January 27, 2024. Under the MOU, Sunrise was to provide their expertise and technology for the design, construction, and operation of Graphite One’s proposed U.S. – based graphite anode active material facility to produce artificial and natural graphite anode materials.

Following the termination of the MOU, the Company says they remain committed to pursue and evaluate other opportunities for partnering with third parties with the expertise and technology to build an advanced graphite materials manufacturing facility in the United States and will provide further updates with respect to these efforts as soon as practical.

With the United States currently 100 per cent import dependent for natural graphite, Graphite One is planning to develop a complete U.S.-based, advanced graphite supply chain solution anchored by the Graphite Creek resource. The Graphite One Project plan includes an advanced graphite material and battery anode manufacturing plant to be sited in the contiguous United States. The plan includes a recycling facility to reclaim graphite and the other battery materials, to be co-located at the site, the third link in Graphite One’s circular economy strategy.