First Canadian Graphite Advances Potential For Large-Scale, High-Grade North American Graphite System at Lac Guéret South Expanded airborne EM, preliminary metallurgy and fall drilling program designed to evaluate the scale and continuity of the 3.3-km Zone 13 discovery
First Canadian Graphite Advances Potential For Large-Scale, High-Grade
North American Graphite System at Lac Guéret South
Expanded airborne EM, preliminary metallurgy and fall drilling program designed to
evaluate the scale and continuity of the 3.3-km Zone 13 discovery
Montreal, Quebec / ACCESS Newswire – August 20, 2026 — First Canadian Graphite (TSX.V: FCI)
(OTCQB: GRAPF) (“FC graphite” or the “Company”) announces an exploration update from its Lac
Guéret South Project, located in the Manicouagan region of Québec, Canada, where recent work
at Zone 13 is highlighting the potential for a large-scale, high -grade North American graphite
system.
Zone 13 has rapidly emerged as the Company's highest -priority exploration target following the
discovery of high -grade graphite mineralization associated with an extensive electromagnetic
(“EM”) anomaly. Surface and near-surface graphite mineralization has now been confirmed along
approximately 3.3 kilometres of strike and across widths exceeding 150 metres, with 46 samples
returning assays of up to 43.4% graphitic carbon (“Cg”). Refer to the Company’s press releases
dated July 7, 2026 and July 30, 2026.
Importantly, portions of the conductive system extend beyond the limits of the Company's original
airborne survey. FC graphite is therefore expanding its exploration program to determine the
potential extent of the conductive system while simultaneously advancing metallurgical testing,
access development, trenching and preparations for first -pass diamond drilling planned f or fall
2026.
Zone 13 – Testing the Scale of the System
The dimensions identified at Zone 13 distinguish it from the more localized graphite occurrences
historically explored on the property. Graphite-bearing outcrops and near -surface occurrences
have now been confirmed over approximately 3.3 kilometres, associated with a large and intense
conductive trend.
The Company's original 2026 airborne survey was relatively limited because available historical
exploration information did not indicate conductive anomalies of the magnitude and intensity
subsequently discovered. Several conductors identified by the survey extend to, or are cut off by,
the survey boundaries.
As a result, FC Graphite has engaged Gatineau -based Prospectair to undertake supplementary
magnetic-electromagnetic (“Mag-EM”) coverage across the Boudrias -Esbec option to the north
and surrounding the currently defined Zone 13 discovery. The expanded survey is designed to
establish whether the Zone 13 conductive system continues beyond the area currently mapped
and to identify additional conductors for ground follow-up.
If additional graphite-bearing conductors are confirmed, the work could significantly expand the
prospective footprint of Zone 13 and further support the Company's emerging district -scale
exploration model for Lac Guéret South. Prospectair has confirmed the survey will begin in late
August or early September.
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High-Grade Graphite Across a Kilometre-Scale Target
The potential scale of Zone 13 is particularly significant when considered alongside the grades
encountered to date. Recent prospecting returned 46 graphite-bearing samples grading up to
43.4% Cg, confirming very high-grade graphite at multiple surface and near-surface locations.
The Company's exploration strategy is now shifting from identifying graphite occurrences to
determining their continuity, geometry, thickness and extent at depth. Additional Beep Mat
prospecting will be conducted across areas where access is currently being restored and over
anomalies identified by the forthcoming heliborne Mag-EM survey. The results will be integrated
with geological mapping, sampling and trenching to prioritize targets for the Company's first
diamond drilling at Zone 13.
The historical estimates noted herein are not considered a current mineral resource or mineral
reserve, and sufficient work has not b e e n c o m p l e t e d b y t h e Q u a l i fi e d P e r s o n t o c l a s s i f y t h e
h i s t o r i c a l e s ti m a t e a s a c u r r e n t m i n e r a l r e s o u r c e o r m i n e r a l r e s e r v e , i f s u c h i s t h e c a s e u n d e r
National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The Company has never
updated this estimate and has no plan to do so in the future, potential for additional resources is
believed to be limited along strike and depth.
Previous management filed a NI 43 -101 Technical Report dated June 19 2019, with a detailed
Mineral R esourc e Estima te for the Lac Guéret South Project ( formerly known as the Berkwood
Project) completed by independent experts Edward Lyons (Tekhne Resources), Florent Baril
(Bumigeme), and Claude Duplessis (Goldminds Geoservices). For the full report and updates visit
https:/ /FCGraphite.com or under the Company’s profile at the SEDAR website at
https:/ /SedarPlus.ca.
Metallurgical Testing Underway at Corem
While exploration is evaluating the potential physical scale of Zone 13, FC Graphite is
simultaneously beginning to evaluate its metallurgical characteristics. Four approximately 20-
kilogram samples have been delivered to C orem in Québec City for preliminary metallurgical
testing. Two samples were collected from recently exposed occurrences within Zone 13.
Additional samples were collected from the historical Esbec Graphite Showing and Zone 6.
Zone 6 has been included as a control because material from the zone was the subject of previous
metallurgical testing, allowing the Company to compare the characteristics of the newly
discovered Zone 13 graphite with previously evaluated material from elsewhere on Lac Guéret
South.
Corem's program will include crushing and grinding followed by small-scale flotation concentration
and flake classification. Testing will evaluate:
• graphite liberation;
• flake-size distribution;
• concentrate purity; and
• flotation and concentration characteristics.
Corem will also undertake detailed mineralogical studies to support future metallurgical
characterization and process development. The program is intended to provide an early indication
of whether the very high-grade graphite encountered at Zone 13 can be efficiently upgraded into
a high- quality graphite concentrate using conventional processing techniques. Demonstrating
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favourable metallurgy alongside substantial scale would represent an important step in
establishing the potential commercial significance of the Zone 13 discovery.
Preparing Zone 13 for First-Pass Drilling
The Company has contracted Groupe Nipi of Pessamit to re-establish access to portions of Lac
Guéret South where tag alders have overgrown previously established roads. The restored access
will support additional prospecting and sampling while providing access for the Company's
planned trenching and diamond drilling programs in fall 2026. Fall and winter exploration programs
are currently being prepared and will commence following receipt of an Authorization for Impact-
Causing Exploration Work (“ATI”), to be submitted shortly.
Trenching will expose selected sections of the conductive system and assist the Company in
establishing geological controls, mineralized widths and optimal drill locations. The subsequent
first-pass diamond drilling program will represent the Company's first opportunity to
systematically test the Zone 13 system below surface and begin establishing its true width,
continuity, grade and depth potential.
Building a Large-Scale Graphite Project
Zone 13 is being evaluated within a substantially larger graphite property. Lac Guéret South
already hosts a historical NI 43-101 mineral resource at Zone 1 of 1.76 million tonnes indicated
grading 17% Cg and 1.53 million tonnes inferred grading 16.4% Cg. Multiple additional graphite-
bearing zones and conductive anomalies occur elsewhere across the property. FC graphite's claims
and optioned ground now exceed 200 km², establishing one of the most extensive land positions
in the Lac Guéret Graphite District. The emerging opportunity therefore extends beyond the
expansion of the historical Zone 1 resource.
The Company's broader objective is to determine whether Zone 13 and the additional conductive
systems across Lac Guéret South have the potential to establish the project as a large-scale, high-
grade graphite system within North America. More than $10 million has been invested in Lac
Guéret South to date, while significant portions of the property remain underexplored.
A Clear Exploration Path
FC Graphite is advancing Zone 13 through a systematic exploration sequence:
Expanded airborne Mag -EM → ground prospecting → metallurgical testing → trenching →
diamond drilling → potential resource definition and expansion.
Each stage is designed to reduce geological and metallurgical uncertainty while progressively
testing the potential scale of the system. The expanded airborne survey will investigate the extent
of the conductive footprint. Ground prospecting and trenching will determine whether additional
conductors correspond with graphite mineralization. COREM's work will provide the first
metallurgical characterization of the newly discovered Zone 13 material. Diamond drilling will then
begin testing whether the high- grade graphite observed over the extensive surface footprint
continues at depth.
Together, these programs are intended to determine whether Zone 13 represents an isolated high-
grade discovery or part of a much larger graphite system.
“The significance of Zone 13 is increasingly about the combination of grade and potential scale,”
said John LaGourgue, President and CEO of FC graphite. “ We have confirmed high-grade graphite
at surface along approximately 3.3 kilometres of strike, while portions of the conductive system
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extend beyond the limits of our original airborne survey. That gives us a compelling reason to
expand the geophysical coverage and systematically determine how large this system may
ultimately be.”
“At the same time, we are advancing metallurgy with COREM, restoring access with Groupe Nipi
and preparing for trenching and first -pass diamond drilling. These programs are designed to
answer the key questions of continuity, thickness, depth and metallurgic al performance. Our
objective is to determine whether Zone 13, together with the historical resource and additional
graphite-bearing targets across our more than 200 -square-kilometre land position, has the
potential to establish Lac Guéret South as a large-scale, high -grade North American graphite
project.”
Strategically Located in the Lac Guéret Graphite District
Lac Guéret South, formerly known as the Berkwood Project, is located in Québec's Côte-Nord
region in the southwest Manicouagan Reservoir area, approximately 234 kilometres north-
northwest of Baie-Comeau, on the Nitassinan (ancestral territory) of the Pessamit Innu.
The property borders Nouveau Monde Graphite's Uatnan graphite project, placing FC Graphite
within an established graphite district that hosts significant known graphite mineralization.
With high-grade graphite already demonstrated at Zone 1, the extensive new Zone 13 discovery,
multiple additional graphite-bearing targets and a land position exceeding 200 km², the Company
believes Lac Guéret South warrants systematic evaluation as a pote ntially significant North
American graphite asset.
About Corem:
Corem is a globally recognized centre of expertise and innovation in mineral processing. With the
largest concentration of mineral processing R&D resources in Canada, Corem develops innovative
solutions in collaboration with its members, clients, and partn ers to enhance the performance of
the mining industry while reducing its environmental footprint. Its infrastructure, including a pilot
plant and state -of-the-art laboratories in mineral processing, mineralogy, and hydrometallurgy,
enables Corem to support the industry in advancing more efficient and sustainable practices.
About FC graphite
FC graphite is engaged in the exploration of critical minerals and is committed to advancing its Lac
Guéret South high -grade graphite property to support applications in energy transition and
advanced technologies.
The Lac Guéret South Project (formerly the Berkwood Project) borders Nouveau Monde
Graphite’s Uatnan graphite project in the southwest Manicouagan reservoir area, approximately
234 km north- northwest of Baie -Comeau in Québec’s Côte -Nord region, on the Nita ssinan
(ancestral territory) of the Pessamit Innu.
Recent work at Zone 13 has outlined a significant new high-grade graphite-bearing anomaly with
a confirmed strike length of 3.3 km and widths exceeding 150 m. Prospecting on this discovery
has returned surface and near-surface high-grade graphite, with 46 samples assaying up to 43.4%
graphitic carbon (Cg). Refer to the Company’s press release dated July 30, 2026.
The Project also hosts a historical NI 43 -101 mineral resource at Zone 1 of 1.76 million tonnes
indicated at 17% Cg and 1.53 million tonnes inferred at 16.4% Cg (NI 43-101 Technical Report
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Mineral Resource Estimate). Multiple additional zones with surface graphite mineralization provide
further strong exploration potential.
The Company’s land claims and optioned ground now exceed 200 km², establishing one of the
most extensive claim portfolios in the Lac Guéret Graphite District. With more than $10 million
invested to date and significant exploration upside remaining, First C anadian Graphite is focused
on expanding resources and advancing the project toward a Preliminary Economic Assessment
(PEA). The Company has sufficient funding to continue advancing Lac Guéret South through 2026.
The historical estimates noted herein are not considered a current mineral resource or mineral
reserve, and sufficient work has not b e e n c o m p l e t e d b y t h e Q u a l i fi e d P e r s o n t o c l a s s i f y t h e
h i s t o r i c a l e s ti m a t e a s a c u r r e n t m i n e r a l r e s o u r c e o r m i n e r a l r e s e r v e , i f s u c h i s t h e c a s e u n d e r
National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
P r e v i o u s m a n a g e m e n t fi l e d a N I 4 3-101 Technical Report with a detailed Mineral Resource
Estimate for the Lac Guéret South Project (formerly known as the Berkwood Project) completed
by independent experts Edward Lyons (T ekhne Resources), Florent Baril (Bumigeme), and Claude
Duplessis (Goldminds Geoservices). For the full report and updates visit https:/ /FCGraphite.com
or under the Company’s profile at the SEDAR website at https:/ /SedarPlus.ca.
Data Sources and Current Resource Estimation Methods
Data Sources
• Drilling & Trenching: 45 diamond drillholes (6,232.49 m; 1,194 core samples) and 2
trenches (77 m; 28 samples).
Block Model & Estimation
• Software & Supervision: Prepared by Claude Duplessis, P.Eng. (GoldMinds
Geoservices) using Genesis© software.
• Block Dimensions & Density: Block size of 3 m × 3 m × 3 m (27 m³) with a bulk
density of 2.9 g/cm³.
• G r ad e I n t er po la tio n : C ar bo n g r a de ( % C g r ) w as e s tima t e d u s i n g i n v er s e d i s t an c e
weighting constrained strictly to 3,015 composites inside the mineralized
envelopes. A variable- direction search ellipsoid was applied to accommodate
folding.
Estimation Runs & Classification
• Main Envelope (Indicated & Inferred):
o Run 1: 3 to 9 composites (maximum 2 per drillhole).
o Run 2: 3 to 9 composites (no drillhole limit).
• Layers 01, A, and B (Inferred): 1 run using 3 to 9 composites (maximum 2 per
drillhole).
Pit Optimization & Metallurgy
• Pit Shells: Constrained in MineSight using regional economic parameters and Met-
Solve Laboratories metallurgical test work (conservative 90% recovery applied).
Quality Assurance / Quality Control (QA/QC)
• Blanks inserted every 20th sample returned consistently low grades.
• Quarter-core duplicates and 50 coarse -reject check assays analyzed at ALS
Laboratory showed close correlation with primary MS Analytical results.
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Qualified Person
The technical information in this news release has been reviewed and approved by Antoine
Fournier, M.Sc., géo, Vice President Exploration for FC graphite and a Qualified Person under
National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Pessamit Innu First Nation Engagement
FC graphite formally acknowledges that the Lac Guéret South Project is situated within the
Nitassinan (ancestral territory) of the Pessamit Innu First Nation. The Company remains dedicated
to cultivating respectful, transparent, and cooperative relationshi ps with local Indigenous
communities at every stage of the project's development.
On Behalf of the Board of Directors
First Canadian Graphite Inc.
Signed:
John LaGourgue, CEO & Director
For more information, contact:
(604) 838-3376
https:/ /fcgraphite.com/
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations,
estimates, projections and interpretations as at the date of this news release. The information in this news release about the Company; and any othe r
information herein that is not a historical fact may be "forward-looking information" ("FLI"). All statements, other than statements of historical fact, are FLI
and can be identified by the use of statements that include words such as "anticipates", "plans", "continues", "estimates", "expects", "may", "will", "projects",
"predicts", "proposes", "potential", "target", "implement", "scheduled", "intends", "could", "might", "should", "believe" and similar words or expressions. FLI in
this new release includes, but is not limited to the Company's ability to successfully fund, or remain fully funded for the implementation of its business
strategy and for exploration of any of its projects (including from the capital markets), and the expected timing of announcements in this regard. FLI involves
known and unknown risks, assumptions and other factors that may cause actual results or performance to differ materially.
The FLI in this news release reflects the Company's current views about future events, and while considered reasonable by the Company at this time are
inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately reflect actual results.
Assumptions upon which such FLI is based include, without limitation: the Company's, ability to implement its overall business strategy and to fund, explore,
advance and develop each of its projects, inclu ding results therefrom and timing thereof, the impact of increasing competition in the mineral exploration
business, including the Company's competitive position in the industry, and general economic conditions, including in relatio n to currency controls a nd
interest rate fluctuations.
The FLI contained in this news release are expressly qualified in their entirety by this cautionary statement, the "F orward -Looking Statements" section
contained in the Company's most recent management's discussion and analysis (MD&A), which is available o n SEDAR plus at www.sedarplus.ca. All FLI in
this news release are made as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such forward-
looking information.
The Company does not undertake to update or revise any forward-looking information contained herein to reflect new events or circumstances, except as
may be required by applicable securities laws.
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adequacy or accuracy of this News Release.