Mr. Thomas Yingling of First Canadian Graphite reports

FIRST CANADIAN GRAPHITE INCREASES AIRBORNE GEOPHYSICAL SURVEY AND COMPLETES GRAPHITE METALLURGICAL TESTING ON BERKWOOD'S ZONE 3 GRAB SAMPLES

Further to its news release dated Jan. 12, 2026, First Canadian Graphite Inc. 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.

The company also wishes to announce that Volt Carbon Technologies Inc. of Calgary, Alta., has informed First Canadian Graphite that it has successfully completed dry separation and metallurgical testing on grab samples from its Berkwood Zone 3 graphite property.

"The dry separation and metallurgical testing were conducted at Volt Carbon Technologies Inc.'s laboratory in Guelph, Ont., 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 per cent to 39.66 per cent;
• Strong average carbon values: Across eight grab samples, the average total carbon (Ct) was 32.47 per cent and average Cg was 22.90 per cent.
• Large-flake graphite: More than 85 per cent 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 Volt Carbon's dry processing methods.

Sampling

Samples for the metallurgical were collected from Zone 3 of the Berkwood graphite project. They consist of representative surface composite samples, each weighing two kilograms respectively and collected over a 200-metre-by-50-metre area centred 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 under way, 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 (less than one-metre 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 chief executive officer 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

Volt Carbon Technologies 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 per cent to 98.5 per cent. 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 Volt 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 farther by the air stream before collection.

Volt Carbon Technologies continues to develop and optimize proprietary air classification systems to preferentially recover large-flake graphite by leveraging differences in aerodynamic behaviour 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 chief executive officer of Volt Carbon Technologies, stated: "We are encouraged by the high graphitic content and favourable 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, PGeo (OGQ No. 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, a three-hour drive from the city of Baie-Comeau. Easy access is provided through a major secondary road and numerous tertiary and forest roads that traverse the property.

The company has a National Instrument 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 per cent Cgr and 1,526,400 tonnes in inferred resources at 16.39 per cent Cgr.

The mineral resource estimates above are described in the technical report entitled "NI 43-101 Technical Report Mineral Resource Estimate on the Lac Gueret South Graphite Property, Quebec, Canada," with an effective date of June 30, 2019, by Edward Lyons, PGeo, Florent Baril, Ing, and Claude Duplessis, Ing.

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