Property Option Closes

Rhea-AI Summary

First Canadian Graphite (TSXV:FCI, OTCQB:GRAPF) received regulatory approval for a July 15, 2026 property option agreement, amended July 29, 2026, granting the right to earn a 100% interest in 51 contiguous mining claims in Northern Quebec. To earn this interest, the company will pay $30,000 in cash, issue 1,200,000 common shares at a deemed C$0.40 per share, and fund $500,000 in exploration by the third anniversary, alongside staged share issuances tied to each anniversary.

The company also agreed to milestone bonuses of $100,000 on completion of a PEA, $250,000 on a feasibility study, and $500,000 on commercial production. According to First Canadian Graphite, Lac Guéret South hosts a historical NI 43-101 resource at Zone 1 and recent high-grade graphite discoveries, with over $10 million invested, a land position exceeding 200 km², and funding to advance the project toward a PEA through 2026.

Positive

• Option to earn 100% interest in 51 Northern Quebec claims
• C$30,000 cash + 1,200,000 shares secure full option rights
• $500,000 exploration commitment by year three to advance Lac Guéret South
• Milestone bonuses up to $850,000 aligned with PEA, feasibility, production
• Historical NI 43-101 resource of 1.76 Mt indicated at 17% Cg, 1.53 Mt inferred at 16.4% Cg
• Over $10 million invested and funding in place to continue through 2026

Negative

• Share dilution from issuance of 1,200,000 common shares at C$0.40
• Minimum $500,000 exploration spend required within three years
• Additional cash/share obligations of up to $850,000 on project milestones

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MONTREAL, QC / ACCESS Newswire / July 31, 2026 / First Canadian Graphite Inc. (TSXV:FCI)(OTCQB:GRAPF) ("FC graphite" or the "Company") has received regulatory approval to the property option agreement dated July 15, 2026 and amended July 29, 2026 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 Cdn. $0.40 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 at a deemed value of $0.40):

Milestone Achievement		Bonus Amount & Terms
Preliminary Economic Assessment (PEA)		$100,000
Feasibility Study		$250,000
Commercial Production		$500,000

The securities to be issued pursuant to the agreement have been issued with the required four months plus one day hold period.

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 Nitassinan (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).

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 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 Canadian 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.

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:
info@FCGraphite.com
(604) 838-3376
https://fcgraphite.com/

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.

SOURCE: First Canadian Graphite Inc

View the original press release on ACCESS Newswire

FAQ

What did First Canadian Graphite (OTCQB:GRAPF) announce about its property option on July 31, 2026?

First Canadian Graphite announced regulatory approval for an option to earn a 100% interest in 51 Northern Quebec mining claims. According to First Canadian Graphite, this requires cash payments, share issuances, and exploration spending, plus milestone bonuses linked to PEA, feasibility, and commercial production.

What are the financial terms of the GRAPF property option to earn 100% interest?

The option terms include $30,000 cash, 1,200,000 common shares at a deemed C$0.40, and $500,000 in exploration expenditures. According to First Canadian Graphite, additional milestone bonuses of $100,000, $250,000, and $500,000 apply for PEA, feasibility, and commercial production milestones.

How will the First Canadian Graphite (GRAPF) share issuances be scheduled under the option agreement?

The company will issue 200,000 shares on TSX approval, then 250,000, 300,000, and 450,000 shares on the first, second, and third anniversaries. According to First Canadian Graphite, all securities issued carry a four months plus one day hold period under securities regulations.

What exploration commitments are required for the Lac Guéret South option held by GRAPF?

The company must incur at least $500,000 in exploration expenses by the third anniversary of the agreement. According to First Canadian Graphite, this spending supports advancing the Lac Guéret South graphite project toward a Preliminary Economic Assessment and further resource growth.

What graphite resources and grades are reported at First Canadian Graphite’s Lac Guéret South project?

The project hosts a historical NI 43-101 resource of 1.76 million tonnes indicated at 17% Cg and 1.53 million tonnes inferred at 16.4% Cg. According to First Canadian Graphite, recent samples also returned up to 43.4% graphitic carbon from Zone 13.

How large is the Lac Guéret South land position controlled by First Canadian Graphite (GRAPF)?

According to First Canadian Graphite, its land claims and optioned ground now exceed 200 km² in the Lac Guéret Graphite District. The company states that more than $10 million has been invested to date, with funding in place to advance the project through 2026.