TSX-V-listed Graphite One said on Tuesday that its Graphite Creek project was the first in Alaska to be accepted as a 'covered project' onto the federal government's FAST-41 permitting dashboard.

The milestone follows the completion of a feasibility study funded through a $37.3-million award under the Defense Production Act. The study significantly expanded the project’s planned output to 175 000 t/y of graphite concentrate and increased measured and indicated resources by 322% over the 2022 prefeasibility study.

“With President Trump’s critical mineral and Alaska executive orders, Graphite One is positioned at the leading edge of a domestic critical mineral renaissance that will power transformational applications from energy and transportation to AI infrastructure and national defence," said Graphite One CEO Anthony Huston.

FAST-41, established by the Fixing America's Surface Transportation Act of 2015, is designed to streamline permitting by increasing transparency, accountability and timelines for major infrastructure projects. Projects accepted onto the federal dashboard benefit from enhanced coordination between permitting agencies and public tracking of progress.

Alaska Governor Mike Dunleavy welcomed the news. “America’s dependency on foreign minerals and metals is a drag on our economy and a danger to our national security. As the largest natural graphite deposit in the nation, adding Graphite Creek to the FAST-41 -permitting dashboard sends a strong signal that Alaska is key to US Critical Mineral development.”

Senator Lisa Murkowski called Graphite One’s inclusion “yet another indication that this project is a national priority of strategic importance”, adding that domestic development of graphite was “far better for our economy, security, and competitiveness than importing the entirety of our supply from unstable nations like Mozambique".

Graphite One plans to integrate upstream production from the Graphite Creek deposit near Nome, Alaska, with downstream processing of anode active material at a planned facility in Warren, Ohio. The company has received a $325-million letter of interest from the Export-Import Bank of the United States for the Ohio facility.

Senator Dan Sullivan said the project “has the potential to open up our state’s abundant reserves of critical minerals and metals", and stressed that “we must end America’s dependence on China for critical minerals, like graphite".

According to the US Geological Survey, Graphite Creek hosts the largest natural graphite deposit in the country and ranks among the largest globally. Graphite is a key material in the production of lithium-ion battery anodes and various advanced technologies.

The project’s feasibility study forecasts a post-tax internal rate of return of 27%, with a net present value of $5.03-billion and a 7.5-year payback period.