Mr. John LaGourgue reports

FIRST CANADIAN GRAPHITE COMPLETES PHASE I EXPLORATION ON ZONE 13 DISCOVERY AND EXPANDS LANDS PACKAGE

First Canadian Graphite Inc. has completed its phase 1 exploration program on the new Zone 13 discovery at the Lac Gueret South project in Quebec's Cote-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 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.

"We are very encouraged by the results from our first pass on Zone 13," said John LaGourgue, chief executive officer 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 2 of our summer exploration program, which will methodically follow up on phase 1 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.

Option agreement terms

The company has entered into an option agreement dated July 15, 2026, with two local prospectors for the right to earn a 100-per-cent interest in 51 contiguous mining claims located in Northern Quebec. To earn a 100-per-cent interest, the company has agreed to pay $30,000 in cash, issue an aggregate of 1.2 million common shares at a deemed price of 40 cents per share, and incur or finance $500,000 in exploration expenditures, as follows:

• Payment of $30,000 in cash and issue 200,000 common shares on Toronto Stock Exchange 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).

Milestone achievement                  Bonus amount and 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 site visit at the Esbec occurrence, which is the centre of interest on the optioned ground. During the visit, the First Canadian Graphite exploration team 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 hectares representing 51 contiguous mining claims in Northern Quebec.

Results from the current sampling program, together with continuing mapping and structural analysis, will be used to refine and prioritize drill targets for the phase 3 program (including mechanical stripping and channel sampling) and the planned diamond drilling campaign in late fall 2026.

Antoine Fournier, MSc, geo, vice-president of exploration for First Canadian Graphite, a 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 National Instrument 43-101 technical report with a detailed mineral resource estimate for the Lac Gueret South project (formerly known as the Berkwood project) completed by independent experts Edward Lyons (Tekhne Resources), Florent Baril (Bumigeme) and Claude Duplessis (Goldminds Geoservices).

Qualified person

The technical information in this news release has been reviewed and approved by Mr. Fournier, MSc, geo, vice-president of exploration for First Canadian Graphite, a qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About First Canadian Graphite Inc.

First Canadian Graphite is engaged in the exploration of critical minerals and is committed to advancing its Lac Gueret South high-grade graphite property to support applications in energy transition and advanced technologies.

The Lac Gueret South project, formerly known as the Berkwood project, borders Nouveau Monde Graphite's Uatnan graphite project in the southwestern Manicouagan reservoir area, 234 kilometres north-northwest of Baie-Comeau, in the Cote-Nord administrative region of Quebec on the Nitassinan (ancestral territory) of the Pessamit Innu. Lac Gueret South features surface-exposed graphite and a historical NI 43-101-compliant resource at Zone 1 containing: 1.76 million tonnes indicated at 17 per cent graphitic carbon and 1.53 million tonnes inferred at 16.4 per cent 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 landholdings to 167 square kilometres, establishing one of the most extensive claim portfolios within the Lac Gueret graphite district. With substantial exploration opportunities remaining and total investments exceeding $10-million, First Canadian Graphite is actively engaged in expanding its resources and advancing toward the completion of its preliminary economic assessment. The company possesses sufficient financing to further advance this project throughout 2026.

Pessamit Innu First Nation engagement

First Canadian Graphite formally acknowledges that the Lac Gueret South project is situated within the Nitassinan (ancestral territory) of the Pessamit Innu First Nation. The company remains dedicated to cultivating respectful, transparent and co-operative relationships with local indigenous communities at every stage of the project's development.

We seek Safe Harbor.