Manicouagan Reservoir, Côte-Nord Region, Québec, Canada

The Lac Tétépisca Project is Focus Graphite’s flagship resource growth project and one of the largest identified graphite deposits globally. Located approximately 242 km north-northwest of Baie-Comeau on the southwest shore of the Manicouagan Reservoir in Québec’s Côte-Nord region, the Project is situated within the Nitassinan territory of the Pessamit Innu.

The Project consists of the contiguous Lac Tétépisca and Lac Tétépisca Nord properties, comprising 123 mineral exploration claims covering approximately 6,623 hectares (66.2 km²).

In 2026, Focus completed an updated NI 43-101 Mineral Resource Estimate (“MRE”) for the Manicouagan-Ouest Graphitic Corridor (“MOGC”), significantly increasing the scale of the deposit and establishing Lac Tétépisca as the largest identified graphite resource in the Americas.

The updated Mineral Resource Estimate outlines:

  • 120.2 million tonnes Indicated grading 10.27% graphitic carbon (Cg)
  • 24.1 million tonnes Inferred grading 9.88% graphitic carbon (Cg)

This equates to approximately 12.3 million tonnes of contained graphite in the Indicated category and 2.4 million tonnes in the Inferred category.

The updated resource more than doubles the size of the Company’s 2022 maiden resource estimate and demonstrates exceptional scale, grade continuity, and expansion potential. The deposit remains open along strike and at depth, with multiple exploration targets identified throughout the broader property package.

Together with the Company’s Lac Knife Project, Lac Tétépisca positions Focus Graphite as one of the few companies globally with multiple advanced-stage natural graphite assets in Québec. As demand accelerates for graphite used in batteries, advanced materials, defence technologies, semiconductors, nuclear applications, and industrial manufacturing, Lac Tétépisca represents a strategically important future source of North American graphite supply.

Click here for the full NI 43-101 Technical Report – Mineral Resource Estimate Update for the Lac Tétépisca Project (Effective April 30, 2026).

TECHNICAL INFORMATION

Property Description and Location

Focus Graphite’s 100%-owned Lac Tétépisca Graphite Project comprises two contiguous properties, Lac Tétépisca and Lac Tétépisca Nord, located in the Southwest Manicouagan reservoir area of the Côte-Nord region of Québec, 234 km north-northwest of the city of Baie-Comeau, an industrial city located where the Manicouagan River intersects the north shore of St. Lawrence River. Together, the two properties form a block of 115 CDC claims (total area: 6,198.27 ha).

The Lac Tétépisca project is accessible year-round by way of a network secondary gravel roads that extend north from Highway 389, 10 km to the south of the Manic 5 hydroelectric power station.

History

The Lac Tétépisca Project was originally part of the former Lac Guéret Nord property held by SOQUEM Inc. and Quinto Technology Inc. Focus acquired 100% ownership of the Lac Tétépisca property in 2011 and subsequently expanded its land position through staking activities, including the Lac Tétépisca Nord property in 2012.

In 2012, Focus discovered the Manicouagan-Ouest Graphitic Corridor (“MOGC”), a major graphitic horizon extending through the property. Follow-up airborne geophysical surveys, geological mapping, prospecting, trenching, and drilling programs confirmed the presence of extensive graphite mineralization over multiple kilometres.

Between 2014 and 2022, Focus completed six drilling campaigns totaling more than 32,000 metres across 180 drill holes at Lac Tétépisca. These programs significantly expanded the known extent of mineralization and provided the geological foundation for the Company’s updated 2026 Mineral Resource Estimate.

In February 2022, Focus reported its maiden NI 43-101 Mineral Resource Estimate for the MOGC deposit. Subsequent drilling completed during the 2022 exploration and definition programs successfully expanded mineralization along strike, confirmed continuity at depth, and extended the West Limb mineralized trend to approximately 8 kilometres.

The Project is currently advancing through resource expansion, metallurgical optimization, environmental baseline studies, and engineering evaluation to support future development.

Geology and Mineralization

The Lac Tétépisca Project is located within the Grenville Province and is primarily underlain by graphitic paragneiss belonging to the Nault Formation of the Gagnon Terrane. These rocks host extensive graphite mineralization associated with the Manicouagan-Ouest Graphitic Corridor (MOGC), a regionally significant graphitic horizon characterized by strong geological continuity and broad mineralized widths.

Graphite occurs as fine- to coarse-flake mineralization within graphitic paragneiss and schist units. Drilling has demonstrated continuous mineralization over multiple kilometres of strike length and to substantial depths below surface.
Metallurgical testing has demonstrated the production of high-grade graphite concentrates through conventional flotation processing, supporting the Project’s potential to produce premium natural flake graphite products for a variety of advanced material applications.

Drill Programs

2012–2013 Discovery Programs
Focus discovered the Manicouagan-Ouest Graphitic Corridor (“MOGC”) in 2012 during reconnaissance mapping, prospecting, and outcrop sampling programs. Follow-up trenching and channel sampling returned significant graphite mineralization, including intercepts of up to 88.5 metres grading 12.82% Cg and 84.0 metres grading 11.0% Cg.2014 Drilling Program
The Company’s first drill campaign confirmed broad zones of graphitic mineralization ranging from approximately 95 to 110 metres in thickness over a strike length of more than 600 metres. These results established the continuity of the MOGC and highlighted its potential scale.2016–2020 Definition and Infill Drilling
Subsequent drilling programs continued to expand and define the MOGC deposit while improving geological confidence. These programs formed the basis for the Company’s maiden NI 43-101 Mineral Resource Estimate announced in February 2022.2022 Exploration and Definition Drilling
The 2022 drilling campaign successfully expanded the known mineralized footprint of the deposit and identified additional mineralized trends outside the original resource area.
In August 2023, Focus reported results from 12 drill holes that included:

  • 91.26 metres grading 13.25% Cg (LT-22-129)
  • 94.06 metres grading 10.45% Cg (LT-22-126)
  • 67.50 metres grading 13.50% Cg (LT-22-128)

These results confirmed strong grade continuity and demonstrated mineralization extending to depths exceeding 200 metres below surface over a strike length approaching one kilometre.

Final Results from the 2022 Drill Program
Final assay results from the West Limb exploration area demonstrated graphitic mineralization extending over approximately 8 kilometres of strike length. The results confirmed the presence of extensive graphitic horizons outside the current resource area and highlight the significant exploration upside across the broader Lac Tétépisca property.

For more information on the Company’s exploration activities and drill results, please visit the News Releases section.

Mineral Resource Estimate (MRE)

Lac Tétépisca Project – Open Pit Mineral Resource Estimate
Effective Date: April 30, 2026

Table 1: Mineral Resources (at 3.5% Cg Cut-Off) – MOGC, Lac Tetepisca Project
Mineral Resource Category Tonnes (kt) Graphitic Carbon (%) In-Situ Graphite (kt)
Measured* – – –
Indicated* 120,163 10.27 12,345
Total Measured and Indicated* 120,163 10.27 12,345
Inferred* 24,143 9.88 2,386

* See notes 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15

Notes

  1. These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The MRE follows current CIM Definition Standards (2014) and CIM MRMR Best Practice Guidelines (2019). A technical report supporting the MRE will be filed within 45 days in accordance with NI 43-101. The results are presented undiluted and are considered to have reasonable prospects for eventual economic extraction (“RPEEE”).
  2. The independent and qualified persons (“QPs”) for the mineral resource estimate, as defined in NI 43-101, are Jean-Michel Dubé, P.Geo. from IOS Geosciences and Alexandre Burelle, P.Eng., from Evomine Consulting. The effective date is April 30th, 2026.
  3. The estimate includes four (5) variably mineralized domains and one (1) dilution envelope modeled using LeapFrog Geo and interpolated using LeapFrog Edge.
  4. 2.0 m composites were calculated within the mineralized zones using the grade of the adjacent material when assayed or a value of zero when not assayed.
  5. High-grade capping on composites (supported by statistical analysis) was set at 27% Cg in the MOGC zone and 8.5% Cg in the SW-MOGC zone. Outlier capping restriction was set at 16% Cg for composites in the MOGC zone that are situated further than 50% the maximum interpolation distances.
  6. The estimate was completed using a rotated block model (N030°) in Leapfrog Edge, with a parent block size of 5m x 10m x 5m (X, Y, Z) and a sub-block size of 2.5m x 5m x 2.5m (X, Y, Z).
  7. Grade interpolation was obtained by Inverse Distance Squared (ID2) methodology using hard boundaries.
  8. Density values are interpolated and blocks that are not interpolated were assigned their lithology average value.
  9. Mineral resources were classified as Indicated and Inferred. Indicated resources are defined with a minimum of three (3) drill holes in areas where the closest composite is situated less than 90 m away from the block centroid and Inferred resources with two (2) drill holes in areas where the closest composite is situated less than 135 m away from block centroids and there is reasonable geological and grade continuity.
  10. It is the QP’s opinion that the current classification used is adequate and reliable for this ‎type of mineralization and mineral resource estimate.‎
  11. The MRE is pit constrained. There are no out-pit resources meeting the RPEEE requirement.
  12. The RPEEE requirement is satisfied by applying a cut-off grade based on reasonable economic parameters and constraining volumes. The potential open pit (OP) of the 2026 MRE is locally constrained by a surface optimized with the pseudo-flow algorithm in Deswik using a cut-off grade of 3.5%Cg. The following parameters were considered: mining cost = CA$6.00/t mined; processing cost = CA$35.00/t processed; G&A cost = CA$10.00/t processed; concentrate transportation cost = CA$200/t conc.; Cg Price = US$1,200/t conc.; CAD/USD exchange rate = 1.38; overburden slope angle = 25°; rock slope angle = 50°; concentrator recovery = 86.6%, concentrate grade = 96.4%.
  13. The number of metric tonnes was rounded to the nearest thousand, following the recommendations in NI 43-101. The metal contents are presented in tonnes (tonnes x grade) rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects.
  14. The QPs are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues or any other relevant issue not reported in the Technical Report that could materially affect the Mineral Resources Estimate.
  15. No mineral reserves have been established for the Lac Tetepisca Project.

The 2026 Mineral Resource Estimate more than doubles the size of the Company’s maiden 2022 resource estimate and reinforces Lac Tétépisca’s position as one of the largest identified graphite deposits globally and the largest identified graphite resource in the Americas.