08:45 AM EDT, 07/23/2025 (MT Newswires) -- Graphite One ( GPHOF ) on Wednesday signed a memorandum of understanding with Lucid Group as part of the formation of Minerals for National Automotive Competitiveness (MINAC), a collaborative aimed at fostering economic growth while reducing U.S. over-reliance on foreign supplies of critical minerals within the automotive supply chain.

"Graphite One ( GPHOF ) is pleased to be partnered with Lucid via supply chain offtake agreements for both synthetic and natural graphite," said Graphite One ( GPHOF ) Chief Executive Anthony Huston. "With MINAC representing domestic developers of the essential rechargeable battery materials and Lucid as an end-user, this agreement marks a significant step towards creating the fully U.S.-based supply chain that is an indispensable element of U.S. energy dominance."

The company said the initiative aligns with G1's 100% U.S.-based advanced graphite materials supply chain strategy and White House executive orders on critical minerals.

Shares of the company closed up 2% to $1.02 on Tuesday on the TSX Venture Exchange.