FCI.V · 2026-01-19 12:00:00

First Canadian Graphite Increases Airborne Geophysical Survey and Completes Graphite Metallurgical Testing on Berkwood’s Zone 3 Grab Samples.

Exploration Programs Sampling & Geoscience Results Metallurgy & Processing

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Website: https://www.ﬁrstcanadiangraphite.com/

First Canadian Graphite Increases Airborne Geophysical Survey and

Completes Graphite Metallurgical Testing on Berkwood’s Zone 3 Grab

Samples.

Figure 1: Bag sample 3 graphite 20m to 30m. Jumbo flake graphite. (picture and data provided

by V olt Carbon)

January 19, 2026 – Montreal, QC – First Canadian Graphite. (TSXV: FCI, FSE: BK20,

OTC Pink: GBMIF ) is pleased to announce that further to its news release dated January 12th,

2026, the Company has reviewed its newly acquired claims around the Company’s Berkwood

Graphite Project, located in Northern Quebec, and has increased the size of the airborne

electromagnetic (EM) and magnetic surveys currently being conducted.

Figure 2: Prospectair Helicopter and ProspecTEM TDEM system in foreground.

The Company also wishes to announce that Volt Carbon Technologies Inc., of Calgary, Alberta

(TSXV: VCT) has informed First Canadian Graphite that it has successfully completed dry

separation and metallurgical testing on grab samples from their Berkwood Graphite Zone 3

property.

https://voltcarbontech.com/wp-content/uploads/2026/01/BERKWOOD-ZONE-3-Report-V4-

Signatures-on-File.pdf

“The dry separation and metallurgical testing were conducted at Volt Carbon Technologies

Inc.’s laboratory in Guelph, Ontario, Canada. The graphite-bearing material was processed

using Volt Carbon Technologies Inc.’s proprietary dry air classiﬁcation process. The resulting

materials were analyzed by thermogravimetric analysis (TGA) to determine graphitic carbon

content and by X-ray ﬂuorescence (XRF) analysis to determine elemental composition. Flake

size distribution was determined using standard dry sieve mesh analysis. The laboratory is not

ISO-certiﬁed, and Volt Carbon Technologies Inc. is a related party to the issuer pursuant to a

mineral processing agreement. The results described herein represent preliminary indications

only and are intended for initial metallurgical characterization.”

Preliminary Highlights from the Testing Program (Zone 3 Grab Samples):

Indications of High-Grade Graphite Content: Graphitic carbon (Cg) ranged from 6.43% to

39.66%.

• Strong Average Carbon Values: Across eight grab samples, the average total carbon (Ct)

was 32.47%, and average graphitic carbon (Cg) was 22.90%.

• Large-Flake Graphite: More than 85% of graphite flakes separated were greater than 80

mesh.

These results further support the development potential of the Berkwood Graphite Project and

support the continued evaluation of V olt Carbon’s dry processing methods.

Table 1: Graphite Mesh Size.

Table 2: Dry Separated Sample - Thermogravimetric Analysis (TGA)

Sampling:

Samples for the metallurgical were collected from Zone 3 of the Berkwood Graphite Project.

They consist of representative surface composite samples each weighing 2 kg respectively and

collected over a 200m X 50m area centered around Zone 19 490000E 5666400N (NAD83). The

purpose of this testing was to evaluate the possibility of using the method on a larger scale for

proper metallurgical testing.. These results are therefore deemed not representative of the true

graphite recovery to be expected from the Berkwood Graphite Project and only serve as an

indication of the potential.

Next Steps:

First Canadian Graphite will use the results of the airborne geophysical survey currently

underway, combined with these metallurgy findings, to guide further exploration and

metallurgical studies. The Company plans to conduct additional testing to optimize processing

methods and advance discussions with potential partners interested in high-purity, large-flake

graphite. These samples are part of historical sampling that was conducted through rock chip

and channel samples as well as hand-dug pits over shallow overburden (< 1 m depth) that has

occurred on Zones 1, 2, 3, 4, 6, 9, and 12. Sampling on these zones has confirmed graphite-

bearing lithologies on each zone. While EM serves to identify potential graphite occurrences the

magnetic component will help in tracing the geological structures and different rock types adding

another layer of useful information for groundwork and anticipated drilling which will follow-up

during Spring/Summer of 2026.

Thomas Yingling, President and CEO of First Canadian Graphite, stated:

"We are very pleased to increase the size of the airborne geophysical surveys over the newly

acquired claims. We look forward to sharing the results of these surveys once they are complete.

The strong metallurgical results from Zone 3 confirm its potential as an important part of our

growing graphite asset base. These results support our strategy of advancing a sustainable and

environmentally responsible graphite project."

Air Classification Technology

V olt Carbon Technologies Inc. (TSX.V: VCT) has informed First Canadian Graphite that, in prior

metallurgical test work on graphite ore samples including material from the Berkwood Project

Zone 1 and Zone 6, as well as other graphite samples sourced from Ontario and Quebec, its

proprietary dry air classification process achieved graphite purity levels ranging from

approximately 95% to 98.5%. These results were independently verified by ProGraphite GmbH.

The dry air classification process does not utilize water or chemical reagents and is designed to

physically separate natural flake graphite from associated gangue minerals using controlled

airflow, offering a dry alternative to conventional water-based flotation methods.

Air classification is a physical separation method that differentiates particles based on density,

shape, and aerodynamic properties. In V olt Carbon’s process, sample material is crushed to

approximately 12 mesh prior to classification and introduced into an air classifier where airflow

conditions are adjusted to promote separation. Denser particles settle more rapidly, while lighter

graphite flakes are carried further by the air stream before collection.

V olt Carbon Technologies continues to develop and optimize proprietary air classification

systems to preferentially recover large-flake graphite by leveraging differences in aerodynamic

behavior between flake graphite and denser host material. This dry processing approach is

intended to provide an energy-efficient and potentially mobile alternative to conventional

flotation methods following primary crushing.

"V-Bond Lee, President and CEO of V olt Carbon Technologies, stated: We are encouraged by the

high graphitic content and favorable flake size distribution observed in the grab samples. These

findings reinforce the potential of Zone 3 as a promising target for further exploration."

Qualified Person: Dr Christian Derosier, P.Geo. (OGQ #0129). is the Qualified Person as

defined by National Instrument 43-101 guidelines, has reviewed and approved the technical

content of this news release.

Pessamit Innu First Nation

First Canadian Graphite respectfully acknowledges that the Berkwood Project is located within

the traditional territory of the Pessamit Innu First Nation. The Company is committed to

fostering respectful, transparent, and collaborative relationships with local Indigenous

communities throughout the development process.

About the Berkwood Graphite Project

The Berkwood Graphite Project is located within the jurisdiction of Quebec, in the Manicouagan

Regional County Municipality, three hours driving time from the city of Baie -Comeau. Easy

access is provided via a major secondary road and numerous tertiary and forest roads that traverse

the property.

The Company has a 43-101 Mineral Resource Estimate that is based on just zone 1. The current

mineral resource at the Berkwood Graphite Project includes in -pit constrained resource totalling

1,755,300 tonnes of indicated resources at 17.00 % Cgr and 1,526,400 tonnes in inferred resources

at 16.39 % Cgr.

Table 2: In-pit Resource at Lac Gueret South Project (rounded numbers)

Current Resources (as of June 17th, 2019)

Minerals Resources