First Canadian Graphite Completes Phase I Exploration on Zone 13 Discovery and Significantly Expands Land Package
First Canadian Graphite Completes Phase I Exploration on Zone 13
Discovery and Significantly Expands Land Package
MONTREAL, QC – July 16, 2026 – First Canadian Graphite Inc. (TSXV: FCI) (OTCQB: GRAPF) (“FC graphite”
or the “Company”) has successfully completed its Phase I exploration program on the new Zone 13 discovery at the
Lac Guéret South Project in Québec’s Côte- Nord region. It has also strategically expanded its mineral claims at the
project.
Field crews have confirmed graphite mineralization over a strike length of 3.3 kilometres within the previously
untested kilometre -scale electromagnetic conductor. Systematic mapping, prospecting, and grab sampling have
successfully delineated promising graphite showings along the target.
The Company collected a total of 46 grab samples from Zone 13. These samples have been submitted to ALS Global
for expedited assaying, with results expected in the coming weeks. Please see Figure 1 for a map of Zone 13 indicating
the locations where the grab samples were collected.
“We are very encouraged by the results from our first pass on Zone 13,” said John LaGourgue, CEO of the
Company. “We’re looking forward to getting the assay results back from the lab, and in the meantime we’ll be
on the site again in the first week of August for Phase II of our summer exploration program, which will
methodically follow up on Phase I and build strong momentum toward our planned late-fall drilling campaign.”
Property Expansion
To secure the full extent of the conductor, the Company has staked additional claims to the east and has entered into
an option agreement to acquire additional claims to the north. Please see Figure 2 for a map illustrating the new claim
locations.
Option Agreement Terms
The Company has entered into an option agreement dated July 15, 2026 with 2 local prospectors for the right to earn
a 100% interest in 51 contiguous mining claims located in Northern Quebec. To earn a 100% interest, the Company
has agreed to pay $30,000 cash, issue an aggregate of 1,200,000 common shares at a deemed price of $0.40 CAD per
share, and incur or fund $500,000 in exploration expenditures, as follows:
• payment of $30,000 cash and issue 200,000 common shares on TSX approval;
• 250,000 common shares on or before the first anniversary ;
• 300,000 common shares on or before the second anniversary;
• 450,000 common shares on or before the third anniversary; and
• Incur a total of not less than $500,000 in exploration expenses by the third anniversary of the
agreement
In addition, the Company has agreed to pay the following milestone bonus payments (payable in cash and/or share
equivalent at the Company’s discretion):
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Milestone Achievement Bonus Amount & Terms
Preliminary Economic Assessment (PEA) $100,000
Feasibility Study $250,000
Commercial Production $500,000
The terms of the option agreement are subject to the approval of the TSX Venture Exchange. All securities to be
issued will be issued with the required four month plus one day hold period.
Due Diligence
Prior to formalizing the option agreement, the Company conducted a due diligence (DD) site visit at the Esbec
Occurrence, which is the centre of interest on the optioned ground. During the visit, the FC graphite exploration team
successfully located the discovery outcrop, observed and recorded sample markers on the main outcrop area from
previous exploration, and collected an additional sample from a high-grade graphite occurrence.
This option agreement, if fully exercised, will increase the Company’s land package to 2,707.21 ha representing 51
contiguous mining claims in Northern Quebec.
Figure 1: Geophysical anomaly map of Zone 13, showing the 3.3 km strike length and locations of the 46 grab
samples.
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Figure 2: Map of the current claim block, with newly staked claims to the east and the optioned claims to the north.
Figure 3: Photographs of graphite-bearing outcrops on the newly optioned northern property.
Photographs of the graphite outcrops on both Zone 13 and the new optioned northern ground accompany this release
and are available on the Company’s website (www.FCgraphite.com) and social media channels.
Results from the current sampling program, together with ongoing mapping and structural analysis, will be used to
refine and prioritize drill targets for the Phase III program (including mechanical stripping and channel sampling) and
the planned diamond drilling campaign in late fall 2026.
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Antoine Fournier, M.Sc., géo, Vice President Exploration for FC graphite and a Qualified Person (the “Qualified
Person”) under National Instrument 43- 101 - Standards of Disclosure for Mineral Projects has not verified the
historical estimates noted herein.
The historical estimate is not considered a current mineral resource or mineral reserve, and sufficient work has not
been completed by the Qualified Person to classify the historical estimate as a current mineral resource or mineral
reserve, if such is the case under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Previous management filed a NI 43-101 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
(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.
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.
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 known as the Berkwood Project, borders Nouveau Monde Graphite's Uatnan
graphite project in the southwest Manicouagan reservoir area, 234 km north- northwest of Baie-Comeau, in the Côte-
Nord administrative region of Qué bec on the Nitassinan (ancestral territory) of the Pessamit Innu. Lac Guéret South
features surface-exposed graphite and a historical NI 43 -101 compliant resource at Zone 1 containing: 1.76 million
tonnes indicated at 17% Cg and 1.53 million tonnes inferred at 16.4% Cg (NI 43 -101 Technical Report Mineral
Resource Estimate). The property also features several other zones with surface graphite samples, offering strong
exploration potential. In early 2026, the Company increased its land holdings to 167 km², establishing one of the most
extensive claim portfolios within the Lac Guéret Graphite District. With substantial exploration opportunities
remaining and total investments exceeding $10 million, FC graphite is actively engaged in expanding its resources
and advancing toward the completion of its Preliminary Economic Assessment (PEA). The Company possesses
sufficient funding to further advance this project throughout 2026.
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 relationships 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/
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Cautionary Note Regarding Forward-Looking Information
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, including 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
relation to currency controls and interest rate fluctuations.
The FLI contained in this news release are expressly qualified in their entirety by this cautionary statement, the “Forward-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’s 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this News Release.