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Highlights

• Graphite One confirmed the presence of five permanent-magnet rare earth elements at its Graphite Creek deposit in Alaska, but released no resource estimates, grades, or recovery data to prove economic viability.
• The discovery positions the project as potentially hosting two critical Defense Production Act materials—graphite and REEs—amid tightening Chinese export controls, though commercial extraction remains unproven.
• Investors should treat REE upside as optionality until metallurgical studies demonstrate recoverable grades and cost-competitive extraction versus existing global producers.

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Graphite One (opens in a new tab) (TSX-V: GPH; OTCQX: GPHOF) announced (opens in a new tab) that geochemical test work identified all five principal permanent-magnet rare earth elements (Nd, Pr, Dy, Tb, Sm) within its Graphite Creek deposit in Alaska. The ore occurs in garnet-bearing rocks within the same pit envelope used in the company’s February 2025 Feasibility Study.

Management immediately framed this as transformative—a “generational” deposit hosting two Defense Production Act Title III materials—graphite and REEs—in a single system.

What’s Real—and What’s Still Just Potential

The confirmed presence of REEs is significant, but the release does not quantify grades, recoveries, or tonnage. Investors should note:

• No REE resource estimate was published.
• No metallurgical recovery data were disclosed.
• Economic viability as a by-product remains unproven.

Garnet-hosted REEs are geologically plausible—garnets are known HREE and Yttrium absorbers—but metallurgical liberation can be complex. The company acknowledges this indirectly by announcing process-development work with a DOE National Lab, which is a positive but early-stage sign.

Strategic Context: China’s Grip Tightens

Graphite One rightly underscores U.S. vulnerability: China tightened graphite and magnet-REE export rules in 2024, and UBS Evidence Labs confirms both commodities at the top of U.S. dependency risk. Any domestic REE by-product—if economically extractable—would be strategically relevant.

But investors must differentiate strategic relevance from commercial reality. REEx analysis:

This announcement is not yet a rare earth discovery—it is a confirmation of presence, not proof of value.

Stock Perspective: Fundamentals and Technicals

Fundamental take:

• Graphite Creek remains primarily a graphite project.
• REE upside could improve project economics but should be treated as optionality until studies prove recoverability and cost efficiency.
• Continued federal engagement (EXIM LOIs of $570M and $325M; $37.5M DPA Title III grant) is a major strength.

take (as of current trading patterns):

• GPH/GPHOF has traded in a long consolidation channel driven by permitting and financing cycles.
• News catalysts often create short-term spikes, followed by retracement once investors realize technical uncertainty.
• Watch for breakout only after metallurgical clarity or definitive financing.

Unanswered Investor Questions

REEx flags several critical gaps:

1. What are the REE grades?
2. Are they recoverable at a commercial scale?
3. Will REEs materially change the Feasibility Study economics?
4. What is the extraction cost curve vs. China’s clay-hosted HREE operations?
5. Is by-product REE processing even compatible with G1’s planned U.S. graphite supply chain?

Until these are answered, the REE story remains promising but speculative.

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