07:58 AM EDT, 10/18/2024 (MT Newswires) -- Graphite One ( GPHOF ) said on Friday that it received a non-binding letter of interest from the Export-Import Bank of the United States (EXIM) for potential debt financing of up to $325 million.

According to Graphite One ( GPHOF ), the loan would have a repayment tenor of 15 years under EXIM's Make More in America initiative.

"Today's announcement confirms Graphite One's ( GPHOF ) focus on developing a 100% U.S.-based advanced graphite materials supply chain," said Anthony Huston, Graphite One's ( GPHOF ) president and CEO. "EXIM's potential financing, following on [the company's] two Department of Defense grants under the Defense Production Act and from the Defense Logistics Agency, underscores the urgent need to bring U.S. graphite supply into production, and end the nation's 100% foreign dependency."

Graphite One ( GPHOF ) said it plans to make a production decision on the Graphite One ( GPHOF ) project in Ohio after completion of its feasibility study, which is expected in the first quarter of 2025.

The company said it delayed the release of the study from December 2024 to allow time for the review and analysis of additional geotechnical data resulting from the extension of the summer drilling program.

Graphite One's ( GPHOF ) share price rose 1.2% yesterday to $0.83.