10:40 AM EDT, 06/24/2024 (MT Newswires) -- Graphite One ( GPHOF ) was at last look up more than 3% from near 52 week lows after saying earlier Monday that the U.S. Defense Department agreed to increase its share of expenditures for the feasibility study on the Graphite Creek project in Alaska.

The company said the agency will now fund 75% of the study for a maximum share of $37.3 million based on a revised contract value of $49.8 million.

The Defense Department previously agreed to fund 50% of the study.

The study remains on schedule to be completed by December, Graphite One ( GPHOF ) said.

"We welcome the support of the Department of Defense as we continue our efforts to build a U.S. industrial capacity that serves the renewable energy transition, technology development, and national security," Graphite One ( GPHOF ) CEO Anthony Huston said.

Graphite One's ( GPHOF ) share price was at last look up $0.02 at $0.67.

Price: 0.67, Change: +0.02, Percent Change: +3.08