High-Grade Graphite in Canada, But is There Enough Scale? | First Canadian Graphite CEO Interview

**Antonio** (0:00)
This video is sponsored by Terrahutton, who makes the invisible, investible. Today on our CEO BBQ, a graphite acid is sitting in Northern Quebec, together with First Canadian Graphite. But if you're short on time, subscribe to our free newsletter, and once a week, we'll send you a five-minute summary of all interviews we put out, theresourcetalks.com for a free weekly newsletter. Now, although this company has not paid us for the production of this video, you should still understand that we are not financial advisors, and this is not intended as financial advice. It is a broad, general, and in-personal piece of information intended only for those who know and understand the risks of junior mining, of which there are many. Before moving on, read the company's official filings on SedarPlus.ca and do your own due diligence. Pause the screen and read all the disclaimers I've shown you because your capital is at risk. If this isn't clear, go to the last section of this video for a longer explanation of the risks and biases, and do not consume this content if you don't agree with everything said therein. Moving on, First Canadian Graphite's main asset is called Lac-Gurée-South and it's located in the Terrapisca region of North Quebec, which is roughly 230 kilometers north to northwest of Bayeux-Cormaux. The mineralization is flake graphite, it's hosted in metamorphic rocks, and there's a resource on it from 2019 estimating.
This is on just one of the zones, and that's creatively called Zone 1
It's showing 1.76 million tons of indicated graphite grading, 17 percent graphitic carbon. There was, I'll call it a million and a half tons in the inferred category as well at 16.4 percent graphitic carbon. The company is currently mobilizing field crews for summer surface work focused on a new large EM target called Zone 13, where visible high-grade graphite has been confirmed at surface with diamond drilling scheduled for later, so in the fall of 2026 Environmental baseline studies are now getting underway as well, all of which, of course, will touch upon later on in the conversation. The next catalyst are the results from the 2026 drill program on that Zone 13 that I told you about, and other targets followed by a planned resource update later in 2026 that could support moving toward a PEA if the new zones would add any meaningful tonnage.
But if, and of course, it's a big if, it's also going to be a big part of the conversation later on.
Beyond the flagship, they also have a couple of secondary exploration stage assets that have seen little to no active work in recent years, and they're not part of the current exploration focus or funding allocation as far as I could tell. But maybe a brief update on that later on as well. For some of the numbers and a bit of the details, First Canadian Graphite is listed as FCI on the TSX-V in Canada, where the average daily volume over the last three months has been about 75,000 units. The 52-week high is 60 cents and a 52-week low is 7 cents. With a little over 45.5 million shares outstanding and an $18.2 million market cap, today, this is a 40-cent stock with a 50 and a 208 moving average at 33.3 and 30 cents respectively. So the stock is now trading above those two.
There are some options. So there's 1.8 million options that are outstanding, but there are a lot of warrants outstanding. 27.2 million of them that are still outstanding. Collectively, if you count the options and warrants together, they represent about 40% of the fully diluted 74.5 million shares.
The last time First Canadian Graphite raised money was in February of this year. They raised 2.8 million dollars at 30 cents with a half a warrant at 50 for 2 years. How much of that money is still left? What kind of work is that going to buy them? And will they have to be back to the market before we can see some economics on it? Those are all questions that I'll be asking later on in the conversation. But for this to actually become a conversation, though, I will unfortunately have to shut up already. And John, I'll give you the word here. First of all, thank you for sitting down with me today.

**John LaGourgue** (4:08)
And Tony, thanks so much for having me. I've been really looking forward to this interview. I do want to mention, we also did another million dollar financing, a flow through at 50 cents with no warrants attached.

**Antonio** (4:19)
We're going to talk about money for sure here in a couple of minutes. John, let's maybe set the stage before we go through the smell test here for a second. What do you how do you see First Canadian Graphite right now? Do you see it as a potential takeover target that you're building, or is this something that you think you and a team have the capability of putting into production?