Graphite One's Warrants to Trade, Fueling US EV Battery Ambitions

VANCOUVER, BC – February 27, 2026 – Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) has announced plans to list over 20 million warrants on the TSX Venture Exchange, a move that provides new liquidity for investors and paves the way for future funding of its ambitious plan to build a U.S.-based electric vehicle battery anode supply chain. The warrants, expected to trade under the symbol GPH.WT.A around March 3, 2026, stem from a recently closed public offering that injected C$35 million into the company's coffers.

This financial maneuver is the latest step in the company's high-stakes journey to develop its Graphite One Project, a vertically integrated enterprise designed to mine and process graphite in the United States. With the U.S. currently 100% dependent on imports for this critical mineral, the project's success could be a significant step toward bolstering American energy and economic security.

Decoding the Financial Instruments

The warrant listing follows the successful closure of a "best efforts" public offering on February 18, 2026. In that offering, Graphite One sold 20,002,000 units at a price of C$1.75 each, raising gross proceeds of C$35 million, which included the full exercise of the agents' over-allotment option. Each unit consisted of one common share and one purchase warrant.

These newly listed warrants will offer holders the right, but not the obligation, to purchase an additional common share at an exercise price of C$2.25. This right can be exercised for a period of 36 months from the offering's closing date. Should all 20,002,000 warrants be exercised by their holders, Graphite One stands to receive an additional capital infusion of over C$45 million.

For current and prospective investors, the move presents a complex picture. The potential C$45 million in future funding could be crucial for the capital-intensive development ahead. However, the full exercise of these warrants would also introduce over 20 million new shares into the market, representing a potential dilution of approximately 8.98% for existing shareholders based on the current share structure. The trading of the warrants themselves provides a new, more speculative instrument for investors to bet on the company's future stock performance.

According to the company, the net proceeds from the initial C$35 million offering are already earmarked for critical next steps, including design, engineering, permitting, and equipment purchases for its planned Anode Active Material (AAM) manufacturing plant.

A Strategy for Domestic Supply

Beyond the financial mechanics, the warrant listing serves a much larger strategic purpose: funding a project aimed directly at a glaring vulnerability in the U.S. supply chain. Graphite is an indispensable component in the anodes of lithium-ion batteries, which power everything from smartphones to the rapidly growing fleet of electric vehicles. Despite its critical status, no natural graphite is currently produced in the United States.

The Graphite One Project proposes a comprehensive, domestic solution. The plan is two-fold: first, to develop a mine at its Graphite Creek deposit in Alaska, which the U.S. Geological Survey has identified as the largest known graphite deposit in the nation. Second, to build an advanced graphite materials manufacturing facility in Warren, Ohio, to process the mined material into the high-grade anode products required by battery manufacturers.

This "mine-to-anode" strategy aims to create a secure, American-run supply chain from start to finish. The funding secured through the recent offering and potentially expanded by the warrant exercises is vital to advancing both the Alaskan mine and the Ohio processing facility, moving them from blueprints to reality.

Hurdles and Hopes on the Alaskan Frontier

The path from a junior mining company to a fully integrated producer is fraught with challenges, and Graphite One is no exception. The company is currently pre-revenue and, like many development-stage resource companies, operates at a loss. The sheer scale of the project—spanning the remote Alaskan wilderness to the industrial heartland of Ohio—presents immense logistical, regulatory, and financial hurdles that will take years and significant capital to overcome.

However, the company has a growing list of reasons for optimism. A feasibility study completed in February 2025 significantly increased the estimated resource size of the Graphite Creek deposit, projecting a 20-year mine life based on developing just 12% of the known mineralized zone. Furthermore, recent testing confirmed the presence of valuable rare earth elements within the deposit, opening the door for a potential secondary revenue stream.

Perhaps most importantly, the project has garnered powerful institutional and government backing. In December 2025, the Export-Import Bank of the United States (EXIM) issued amended, non-binding Letters of Interest for up to US$2.07 billion in potential financing for the project. This, along with support from the U.S. Department of Defense and a US$5.0 million strategic investment from Alaska Native Regional Corporations Doyon, Limited and Aleut, signals strong alignment with U.S. strategic priorities.

The Race for Critical Minerals

Graphite One's efforts are unfolding within a broader geopolitical and economic context. The global transition to clean energy has ignited a fierce race for the critical minerals required to build the new economy. Governments worldwide are implementing policies and offering incentives to onshore production and reduce dependence on a handful of countries, primarily China, that currently dominate the graphite supply chain.

While Graphite One is a prominent contender, it is not alone. Other companies are also moving to re-establish a U.S. graphite industry. For instance, Titan Mining began producing graphite concentrate at its Kilbourne facility in January 2026, marking the first U.S. natural flake graphite processing plant to operate in decades. This competitive activity underscores the immense demand and opportunity in the sector.

For Graphite One, the listing of its warrants is a tactical and necessary step in a much longer campaign. While the infusion of capital is essential, the company's ultimate success will be measured not on the stock exchange, but in its ability to execute on its complex vision. The true test will be transforming these financial instruments and government endorsements into a tangible, operating supply chain capable of meeting the nation's critical mineral needs.