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First Canadian closes Quebec graphite option agreement

First Canadian Graphite exercises options to expand its Quebec graphite land package ahead of planned fall drilling programs.

By The Northwire Desk — AI Analysis Jul 31, 2026 · 12:09 FCI · 0.43 First Canadian Graphite Inc.

Executive Summary

First Canadian Graphite Inc. has closed a property option agreement for 51 contiguous mining claims in Northern Quebec. The earn-in requires the company to issue 1.2 million common shares, deemed at a price of $0.40 per share, and to incur $500,000 in exploration expenditures over three years. Milestone bonus payments are structured at $100,000 for a Preliminary Economic Assessment, $250,000 for a Feasibility Study, and $500,000 for Commercial Production. The issued shares carry a four-month-plus-one-day hold period. The optioned ground borders Nouveau Monde Graphite's Uatnan project and expands the company's total land package to over 200 square kilometres.

Material Impact

The closing of the option represents an incremental, expected step in First Canadian Graphite Inc.’s land consolidation strategy, aligning with previously announced plans to grow the portfolio ahead of the fall drilling campaign. The transaction does not constitute a sudden discovery, a change in financial trajectory, or a strategic partnership that would alter the company's risk profile. The $500,000 exploration requirement and share issuance are standard operational milestones for a junior explorer advancing greenfield targets. The deal does not trigger immediate dilution beyond the scheduled share issuances and poses no new capital raising pressure, as the company remains fully funded.

FCI · Price

Company Overview

First Canadian Graphite Inc. (FCI) is a pre-revenue junior explorer focused on the Lac Guéret South (formerly Berkwood) graphite project in Quebec. The company has expanded its land package to over 167 km² (16,704 hectares), making it one of the largest claim holders in the district.

The project hosts a historical NI 43-101 resource at Zone 1 of 1.76 million tonnes indicated at 17% Cg and 1.53 million tonnes inferred at 16.4% Cg.

Exploration has focused on airborne geophysical surveys, ground-truthing with Beep Mat instruments, and preliminary metallurgical testing showing high-grade, large-flake graphite suitable for battery anodes and advanced materials. The project benefits from proximity to infrastructure, grid power, and a deep-sea port, positioning it favorably within Quebec's mining-friendly jurisdiction.

Read the original news release →

First Canadian closes Quebec graphite option agreement

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