First Canadian Graphite closes $300,000 FT financing

The most recent news release, dated December 16, 2025, announces that First Canadian Graphite Inc. has closed a flow-through (FT) private placement for gross proceeds of $300,000. This financing involved the issuance of 1,500,000 flow-through units at a price of $0.20 per unit. Each unit consists of one flow-through common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at $0.25 for a period of 24 months from the issue date. The proceeds from this financing are specifically earmarked for exploration expenses on the company's Berkwood graphite project in Northern Quebec. Finder's fees of $24,000 cash and 120,000 finder's warrants (exercisable at $0.20 for 24 months) were paid to Roche Securities Ltd. The securities issued are subject to a four-month-and-one-day hold period.

This news is a positive but routine development. It represents the successful closing of a financing tranche that was initially announced on November 18, 2025, and subsequently updated on December 4, 2025. The $300,000 raised is crucial for funding exploration activities at the Berkwood project, particularly given the company's precarious financial position with negative working capital of -$552,004 as of August 31, 2025, and cash on hand of only $151,051 at that time.

However, this financing alone does not significantly alter the company's overall financial health or project trajectory in a "material - game changer" sense. The company is still pursuing additional capital, having increased another non-flow-through financing to $740,000 on December 10, 2025, for general working capital. The combined total of these recent financings ($300,000 FT + $740,000 non-FT = $1,040,000) is necessary for sustaining operations and advancing exploration, but it primarily serves to address short-term liquidity and project funding needs rather than representing a significant new strategic shift or unexpected boost. The consistent reliance on dilutive financings at relatively low share prices (0.08, 0.15, 0.20 per unit) remains a concern for existing shareholders. The allocation of these funds, especially the FT portion for exploration, is in line with the company's stated focus on its Berkwood project.

First Canadian Graphite Inc. (formerly Green Battery Minerals Inc.) is a Canadian junior mining company focused on the development of its Berkwood Graphite Project in Northern Quebec. The company positions itself as a strategic supplier of graphite, a critical mineral for the clean energy transition, particularly for lithium-ion battery anodes.

Flagship Project: Berkwood Graphite Project * Location: Northern Quebec, Manicouagan Regional County Municipality, with easy access via major roads. * Resource Estimate: Based on an NI 43-101 technical report dated June 30, 2019, the project hosts: * Indicated Resources: 1.76 million tonnes at 17.0% Cgr (299,200 tonnes of contained graphite). * Inferred Resources: 1.53 million tonnes at 16.4% Cgr (250,200 tonnes of contained graphite). * The company emphasizes that the resource is high-grade and contains large-flake/jumbo-flake graphite, known for superior conductivity and crystallinity, making it suitable for high-value applications like EV battery anodes. * The company also notes its adjacency to Nouveau Monde Graphite's Uatnam project, which has an NPV of $3.6 billion, implying significant potential for its own project. * Note on Resource Age: The company itself acknowledges that the 2019 NI 43-101 report is six years old and only covers a small portion of the company's properties, suggesting a need for an update. * Advanced Materials: First Canadian Graphite has a preliminary mineral processing agreement with Volt Carbon Technologies Inc. This collaboration has successfully demonstrated the production and independent verification of reduced graphene oxide (rGO) sheets from Berkwood flake graphite, showing 40-60% improved mechanical properties when mixed into epoxy resin for aerospace composites. This validates the quality of Berkwood graphite for advanced, high-value applications beyond traditional uses.