Investor Insight

Homeland Nickel combines a consolidated portfolio of nine at-surface nickel laterite projects in Southern Oregon with a strategic portfolio of mining equities, offering investors leveraged exposure to domestic US nickel development alongside balance-sheet flexibility and reduced dilution risk.

Overview

Homeland Nickel (TSXV:SHL,OTC:SRCGF) is a Canadian mineral exploration company focused on critical metals, with a primary emphasis on nickel laterite projects in Southern Oregon, USA. Nickel has been designated a critical mineral by the US government, and Homeland Nickel is advancing assets in what it considers the only region in the United States with the geological scale and characteristics required to support a meaningful domestic nickel supply.

The company has assembled a portfolio of nine nickel laterite projects that were originally identified during exploration campaigns conducted from the 1950s through the 1970s. These deposits occur as at-surface laterite lenses formed by the weathering of ultramafic rocks, enabling the use of surface sampling and auger drilling to rapidly define mineral resources. This geological setting allows Homeland Nickel to advance multiple projects efficiently while managing exploration costs.

In parallel with asset consolidation and exploration, Homeland Nickel maintains a portfolio of mining equities in publicly traded companies. Management views this portfolio as a strategic asset that provides additional financial flexibility and potential non-dilutive funding options, supporting a disciplined capital allocation strategy as the company advances its nickel projects through resource definition and technical studies.

Company Highlights

• Controls nine nickel laterite projects in Southern Oregon — Cleopatra, Red Flat, Eight Dollar Mountain, Woodcock Mountain, Josephine Creek, Iron Mountain, Peavine Mountain, Rough & Ready and Free & Easy — representing the most comprehensive consolidation of historically identified US nickel laterite occurrences
• Historic resources at Cleopatra (39.5 Mt @ 0.93 percent nickel) and Red Flat (18.8 Mt @ 0.84 percent nickel) provide an advanced starting point with significant expansion potential
• At-surface nickel laterite mineralization supports rapid, low-cost exploration and resource definition compared to underground nickel sulfide projects
• Strategic partnerships with Patriot Nickel (property option) and Brazilian Nickel (ore processing) support advancement toward development while limiting shareholder dilution
• Maintains a portfolio of publicly traded mining equities, providing financial flexibility and optionality to support exploration and development programs

Key Projects

Cleopatra Project

The Cleopatra project is Homeland Nickel’s flagship asset and hosts a historical mineral resource of 39.5 Mt grading 0.93 percent nickel. Mineralization occurs at surface and has historically only been explored to shallow depths (about 12 feet), leaving the deposit open at depth and along strike.

Location map of the Cleopatra Nickel property

Cleopatra is one of two projects optioned to Patriot Nickel under a staged earn-in agreement that includes cash payments, exploration expenditures and advancement to pre-feasibility. Homeland Nickel remains the operator during the exploration phase, retains a 20 percent interest in the Cleopatra project and receives a 20 percent equity interest in Patriot.

Red Flat Project

The Red Flat project is located approximately 12 kilometres inland from Gold Beach, Oregon, and hosts a historical resource of 18.8 Mt grading 0.84 percent nickel. Historical trenching and drilling indicate thick laterite horizons with consistent nickel grades.

Red Flat is accessible via gravel road.

The project has received a Surface Use Determination from the US Forest Service approving a proposed sonic drilling program, subject to a National Environmental Policy Act review. Homeland Nickel plans to update the historical resource and evaluate potential expansion through additional drilling and sampling.

Eight Dollar Mountain Project

The Eight Dollar Mountain project lies within the same ultramafic geological belt as Cleopatra and Red Flat. Surface sampling has returned nickel values of up to 2.2 percent nickel, highlighting the project’s high-grade potential. The property consists of 115 mining claims covering an area of 2,376 acres.

Eight Dollar Mountain is included in the option agreement with Patriot Nickel, with work planned to support an initial mineral resource estimate.

Woodcock Mountain Project

The Woodcock Mountain project covers more than 900 acres and has been identified by the United States Geological Survey as hosting significant nickel laterite mineralization. Historical work has reported grades up to 1.5 percent nickel over 15 feet and values as high as 2.13 percent nickel along a three-kilometre trend.

The project is located outside withdrawn land areas, and Homeland Nickel plans to advance surface sampling and auger drilling to define an initial mineral resource.

Josephine Creek Project

The Josephine Creek project, adjacent to Woodcock Mountain, was staked based on historic nickel laterite exposures. Sampling completed in 2025 returned an average grade of 0.73 percent nickel, with 10 of 82 samples grading 1 percent nickel or higher. The property consists of 174 lode mining claims covering an area of 1,455 acres.

Josephine Creek was sampled by the company in 2025 with 74 samples over 22 individual mining claims returning an average of 0.75 percent nickel with 10 samples grading over 1 percent nickel. The property benefits from proximity to infrastructure and further work is planned in 2026 to support an initial resource estimate.

Rough and Ready

The most recently acquired property, Rough and Ready, has seen extensive surface sampling, auger hole drilling and pit excavations to expose good grade nickel laterite over a wide area. Homeland Nickel will review the extensive data acquired with this project and will sample all claims for nickel during a summer 2026 exploration program.

Iron Mountain, Peavine Mountain and Free & Easy Projects

Homeland Nickel has also staked nickel laterite claims at Iron Mountain, Peavine Mountain and Free & Easy, expanding its portfolio to a total of eight projects. These earlier-stage assets provide additional pipeline depth and optionality as the company advances its more mature projects.

Mining Equities Portfolio

In addition to its wholly owned exploration assets, Homeland Nickel holds a portfolio of publicly traded mining equities, including positions in Canada Nickel Company, Noble Mineral Exploration, Benton Resources, Vinland Lithium and Magna Terra Minerals. This portfolio provides financial flexibility and potential non-dilutive funding options, supporting the company’s exploration strategy while offering exposure to value creation beyond its own project pipeline.

Management Team

Stephen Balch — President, CEO and Director

Stephen Balch is an Ontario-registered geoscientist with over 40 years of experience in mineral exploration, including nearly three decades focused on nickel. His background spans nickel, copper and platinum-group element exploration across major mining jurisdictions, including experience with Inco Limited, FNX Mining, Noront and Voiseys Bay Nickel. He has more than 20 years of public company leadership experience as a CEO, president, technical consultant and director. In 2001, he joined Aeroquest Limited and helped develop the AeroTEM airborne geophysical system, and in 2019 co-founded Canada Nickel Company, where he currently serves as VP Exploration.

Ashley Nadon — Chief Financial Officer

Ashley Nadon is a chartered professional accountant with a BA in Economics and an MBA. She provides consulting and accounting services to private and public companies as the managing director of a chartered professional accounting firm. Nadon brings experience as a CFO of several reporting issuers and currently serves as CFO for Kermode Resources.

Errol Farr — Corporate Secretary

Errol Farr is a seasoned financial professional with more than 35 years of experience in financial management, reporting, business optimization and strategy development. He previously served as CFO of Anaconda Mining, and currently holds senior executive roles including CFO, COO and corporate secretary of Zonetail, CFO of Big Tree Carbon and CFO/corporate secretary of AFR NuVenture Resources, a mining exploration company with US projects.

Vance White — Director

Vance White has over five decades of experience in guiding mineral exploration companies. He has served as president, CEO and director of Noble Mineral Exploration since 2003 and has held director and officer positions with multiple public companies in the mining sector.

Michael Dehn — Director

Michael Dehn is a partner at Avanti Management and Consulting with more than 21 years in the mining industry. He has served as a director of publicly listed and private junior mining companies and is currently president and CEO of Temas Resources and United Lithium. He has been a director of the company’s predecessor since December 2020.

Birks Bovaird — Director

Birks Bovaird is chair of the board of Energy Fuels, a uranium and vanadium mining and development company, and serves as a director of Noble Mineral Exploration. His career has focused on corporate financial consulting and strategic planning, including serving as vice-president of corporate finance at a major Canadian accounting firm. He holds an ICD.D designation and is a graduate of the Canadian Director Education Program.

Homeland Nickel (TSXV:SHL,OTC: SRCGF) is a Canada-based mineral exploration company targeting critical metals, with a strategic focus on nickel laterite projects in southern Oregon, USA. Recognized as a critical mineral by the US government, nickel underpins Homeland Nickel’s strategy as the company advances assets in what it views as the only US region with the scale and geology capable of supporting a significant domestic nickel supply.

The company has built a portfolio of nine nickel laterite projects originally identified during exploration programs carried out between the 1950s and 1970s. The deposits occur as near-surface laterite lenses formed through the weathering of ultramafic rocks, allowing for efficient surface sampling and auger drilling to quickly delineate mineral resources. This geological setting enables Homeland Nickel to advance multiple projects in parallel while maintaining a cost-effective exploration approach.

Alongside project consolidation and exploration, Homeland Nickel also holds a portfolio of mining equities in publicly listed companies. Management considers this portfolio a strategic asset that enhances financial flexibility and offers potential non-dilutive funding opportunities, supporting a disciplined capital allocation strategy as the company progresses its nickel assets through resource definition and technical evaluation.

Company Highlights

• Controls nine nickel laterite projects in Southern Oregon — Cleopatra, Red Flat, Eight Dollar Mountain, Woodcock Mountain, Josephine Creek, Iron Mountain, Peavine Mountain, Rough & Ready and Free & Easy — representing the most comprehensive consolidation of historically identified US nickel laterite occurrences
• Historic resources at Cleopatra (39.5 Mt @ 0.93 percent nickel) and Red Flat (18.8 Mt @ 0.84 percent nickel) provide an advanced starting point with significant expansion potential
• At-surface nickel laterite mineralization supports rapid, low-cost exploration and resource definition compared to underground nickel sulfide projects
• Strategic partnerships with Patriot Nickel (property option) and Brazilian Nickel (ore processing) support advancement toward development while limiting shareholder dilution
• Maintains a portfolio of publicly traded mining equities, providing financial flexibility and optionality to support exploration and development programs

This Homeland Nickel profile is part of a paid investor education campaign.*

Click here to connect with Homeland Nickel (TSXV:SHL) to receive an Investor Presentation

Investor Insight

Mayfair Gold is progressing its 100 percent-owned Fenn-Gib gold project toward production, with a development plan anchored by a robust 2026 pre-feasibility study (PFS). The company’s strategy emphasizes a smaller scale mine designed to accelerate permitting through Ontario’s One Project One Process platform and exploit near surface high-margin ounces in a capital efficient manner. The PFS only corresponds to 24 percent of the indicated gold resource leaving meaningful optionality for long term growth coupled with exploration upside across a broader land package.

Overview

Mayfair Gold (TSXV:MFG,NYSE American:MINE) is a development-stage company with the primary objective of advancing the Fenn-Gib gold project — a large, bulk-tonnage open-pit deposit located in one of Canada’s most prolific gold districts. The company’s technical team is executing on provincial permitting, Indigenous consultation, engineering and ongoing exploration to expand mineralization beyond the current pit constraints.

Mayfair Gold’s flagship Fenn-Gib gold project is located within the established Timmins Gold District in Ontario, which has produced more than 100 million ounces of gold historically.

The PFS, prepared in accordance with NI 43-101 standards and filed in January 2026, outlines a base-case economic model with an after-tax NPV (5 percent) of C$652 million and an IRR of 24 percent, using conservative gold prices, and demonstrates rapid payback potential. Under a spot price scenario, project economics improve markedly, underscoring the asset’s leverage to higher gold prices. With over $200 million in annual free cash flow once in operation the company will have a robust source of capital to fund growth initiatives.

Company Highlights

• Robust Pre-feasibility Study: The 2026 PFS highlights compelling returns on a modest initial throughput design while leveraging a large resource base.
• High-grade Early Focus: The staged plan targets higher-grade, near-surface material to optimize permitting timelines, construction risk, financing, and ultimately accelerate value capture.
• Strategic Location: Fenn-Gib sits on the highly prospective Timmins Gold District, Ontario — a tier-one mining jurisdiction with established infrastructure and a long history of mining-related activity and supportive communities.
• Strong Financial Backing: The company has a committed shareholder base, including Muddy Waters, Heeney Capital, Oaktree and Vestcor. With a tight share structure and strong Insider ownership of 35% there is clear alignment for long-term shareholder value creation.
• Exploration Optionality: Mineralization at Fenn-Gib remains open at depth and along strike, with multiple underexplored targets identified across the property. This includes a Southern Block that has not been explored but sits directly on the prolific Porcupine-Destor fault.
• Long-term optionality: With a truncated timeline to production the company will be in an advantageous spot for growth initiatives that can be funded with free cash flow.
• CEO Nick Campbell, heads a technically strong and capital-markets-savvy team with a demonstrated ability to unlock value from high-quality gold assets (previously at Artemis Gold and Silvercrest Metals) and position projects for long-term growth.
• COO Drew Anwyll is an experienced mine builder; he successfully permitted the Marathon PGM project in Ontario and was a senior executive during the construction, commissioning and start-up of Detour Lake, Canada’s largest gold mine.

Key Project

Fenn-Gib Gold Project

Fenn-Gib is Mayfair’s flagship asset, encompassing a significant indicated mineral resource of 181.3 million tonnes grading 0.74 g/t gold for 4.3 million contained ounces, and additional inferred ounces. The project benefits from excellent access via Highway 101 and proximity to regional mining services.

The 2026 PFS centers on a 4,800 tonnes-per-day open-pit operation designed to process approximately 1.04 million ounces of gold, representing 24 percent of the total resource and reflecting a conservative, execution-oriented approach. Highlights from the study include:

• After-tax NPV of C$1.37 billion and IRR of 38 percent at current spot gold prices.
  2.7-year payback period on initial capital costs under the base case (1.7 year payback at January 2026 prices)

In addition to economic studies and active dialogue with Indigenous stakeholders, the company has executed engineering contracts with industry providers to support mine planning, processing design, environmental baseline work, and tailings/water management — positioning the project for upcoming permitting and potential construction decision milestones.

Exploration Potential

Beyond the defined pit shell, Fenn-Gib hosts multiple zones including the Main Zone, Deformation Zone, and Footwall Zone, with geological continuity extending along strike and at depth. Newly identified targets such as the Southern Block along the Porcupine Destor-Fault present opportunities for future discovery drilling and resource expansion.

Management Team

Nicholas Campbell — Chief Executive Officer

Nicholas Campbell is a mining executive with more than 20 years of experience across capital markets, corporate development, and mine development. Prior to joining Mayfair, he served as vice-president of Capital Markets at Artemis Gold, executive vice-president of business development at SilverCrest Metals, and chief financial officer of Goldsource Mines. Campbell leads Mayfair’s strategic vision and execution as the company transitions Fenn‑Gib into a defined development stage.

Drew Anwyll — Chief Operating Officer

Drew Anwyll is a professional engineer with over 30 years of global mining experience in both project and operations leadership. His background includes senior technical and operating roles at Generation Mining, Detour Gold, Barrick Gold and Placer Dome. Anwyll’s track record includes leadership through permitting, construction, commissioning, and operational phases, anchoring Mayfair’s operational planning and execution.

Zayem Lakhani — Vice-president, Capital Markets

Zayem Lakhani brings more than 17 years of expertise in investment management, equity research, and corporate development. Before joining Mayfair, he served as portfolio manager and head of Canadian equities at HSBC Global Asset Management, where he oversaw the investment process for approximately $4 billion in capital across diverse strategies. Lakhani brings a unique network and an investor’s perspective to help position the company’s story.

Darren Prins — Interim Chief Financial Officer

Darren Prins is a senior financial executive with extensive experience in corporate development, capital markets, mergers and acquisitions, financial reporting, risk management, budgeting, forecasting, and international tax planning. Prins has served as CFO for TSX, TSXV and NYSE‑listed companies across multiple industries, bringing strong financial stewardship to Mayfair’s funding and reporting functions.

Mayfair Gold (TSXV: MFG,NYSE American: MINE) is a development-stage company focused on advancing the Fenn-Gib gold project, a large, bulk-tonnage open-pit deposit situated in one of Canada’s most prolific gold districts. The company’s technical team is actively progressing provincial permitting, engaging in Indigenous consultation, advancing engineering, and conducting ongoing exploration to expand the deposit beyond its current pit boundaries.

The Preliminary Feasibility Study (PFS), prepared in accordance with NI 43-101 standards and filed in January 2026, outlines a base-case economic model with an after-tax NPV (5 percent) of C$652 million and an IRR of 24 percent, based on conservative gold prices, demonstrating rapid payback potential. Under a spot price scenario, project economics improve markedly, highlighting the asset’s strong leverage to higher gold prices. Once in operation, the project is expected to generate over $200 million in annual free cash flow, providing a robust source of capital to fund growth initiatives.

Fenn-Gib is Mayfair’s flagship asset, encompassing a significant indicated mineral resource of 181.3 million tonnes grading 0.74 g/t gold for 4.3 million contained ounces, and additional inferred ounces. The project benefits from excellent access via Highway 101 and proximity to regional mining services.

Company Highlights

• Robust Pre-feasibility Study: The 2026 PFS highlights compelling returns on a modest initial throughput design while leveraging a large resource base.
• High-grade Early Focus: The staged plan targets higher-grade, near-surface material to optimize permitting timelines, construction risk, financing, and ultimately accelerate value capture.
• Strategic Location: Fenn-Gib sits on the highly prospective Timmins Gold District, Ontario — a tier-one mining jurisdiction with established infrastructure and a long history of mining-related activity and supportive communities.
• Strong Financial Backing: The company has a committed shareholder base, including Muddy Waters, Heeney Capital, Oaktree and Vestcor. With a tight share structure and strong Insider ownership of 35% there is clear alignment for long-term shareholder value creation.
• Exploration Optionality: Mineralization at Fenn-Gib remains open at depth and along strike, with multiple underexplored targets identified across the property. This includes a Southern Block that has not been explored but sits directly on the prolific Porcupine-Destor fault.
• Long-term optionality: With a truncated timeline to production the company will be in an advantageous spot for growth initiatives that can be funded with free cash flow.
• CEO Nick Campbell, heads a technically strong and capital-markets-savvy team with a demonstrated ability to unlock value from high-quality gold assets (previously at Artemis Gold and Silvercrest Metals) and position projects for long-term growth.
• COO Drew Anwyll is an experienced mine builder; he successfully permitted the Marathon PGM project in Ontario and was a senior executive during the construction, commissioning and start-up of Detour Lake, Canada’s largest gold mine.

This Mayfair Gold profile is part of a paid investor education campaign.*

Click here to connect with Mayfair Gold (TSXV:MFG) to receive an Investor Presentation

1. Titan Mining (TSX:TI)

Year-to-date gain: 1,512.12 percent
Market cap: C$549.85 million
Share price: C$6.64

Titan Mining is a critical mineral mining and development company with zinc and graphite assets in New York, US. The company currently produces zinc concentrate and aims to become an end-to-end producer of natural flake graphite.

Its Empire State Mines (ESM) zinc operations include the ESM 4 mine, which restarted production in January 2018, along with six past-producing mines capable of supplying additional feedstock for its onsite mill.

In addition to zinc, the property also hosts the Kilbourne graphite deposit located 4,000 feet from the existing mill at its Empire Mines operation. A December 2024 maiden resource estimate demonstrates an open-pit inferred resource of 653,000 short tons of contained graphite from 22.42 million short tons of ore with an average grade of 2.91 percent graphitic carbon.

Throughout 2025, Titan focused on advancing its flake graphite demonstration processing facility at Kilbourne, with an initial capacity of 1,000 to 1,200 metric tons of graphite concentrate annually. This early production would be used for product qualification sales to defense companies and industrial companies in early 2026.

Construction of the demonstration plant began in May, and development continued throughout Q3 and Q4.

Titan announced in its Q3 results on November 5 that commissioning had begun and the facility was expected to produce its first graphite concentrate during Q4. Additionally, mining of the Kilbourne demonstration pit began in Q3, and the company had stockpiled 8,000 short tons of ore, with 500 short tons crushed for initial plant feed.

On December 11, the company announced that graphite processing had begun at the facility.

Titan released the preliminary economic assessment for the full Kilbourne project at the start of December. The operation is planned with a 13 year mine life and average graphite production of 37,438 metric tons per year. The study reports an after-tax net present value of US$513 million, an internal rate of return of 37 percent and a payback period of 2.69 years.

Then, on December 23, Titan said it had closed on a US$5.5 million financing package with the Export-Import Bank of the United States, which would be used to support accelerated resource drilling, metallurgical test work and engineering programs necessary for the completion of a 2026 feasibility study.

Shares in Titan Mining reached a high of C$7.09 on January 21.

2. HydroGraph Clean Power (CSE:HG)

Year-to-date gain: 1,336.73 percent
Market cap: C$1.11 billion
Share price: C$3.52

HydroGraph Clean Power produces cost-effective, high-purity graphene, hydrogen and other strategic nanomaterials.

Graphene, a pure carbon material extracted from graphite, has myriad potential applications in industries such as transport, solar cells, medicine, electronics, energy, defense and desalination.

HydroGraph has an exclusive license from Kansas State University to produce graphene and hydrogen via the organization’s patented detonation process. While lower-purity graphene is typically produced using natural graphite, HydroGraph’s patented process produces 99.8 percent pure carbon content graphene using acetylene and oxygen.

Much of HydroGraph’s news flow in 2025 centered on strategic partnerships.

Results from a research study conducted with Arizona State University demonstrated that the company’s HydroGraph’s Fractal Graphene is well suited for ultra-high-performance concretes and 3D-printed structures.

In February, HydroGraph announced a technical collaboration with an unnamed global leader in synthetic fiber manufacturing to assess the potential of its graphene technology in high-performance fiber applications.

The following month, HydroGraph shared the launch of a line of advanced graphene dispersions developed in collaboration with battery materials and testing services company NEI. The products have the potential to be used to produce high-performance electrodes for use in energy storage solutions.

The company signed a letter of intent in April that could lead to a North American industrial gas supplier providing it with access to large volumes of high-purity acetylene, an essential feedstock will help the firm advance its plans to build a new graphene production facility in Texas with the capacity to produce over 350 metric tons of graphene annually.

HydroGraph launched its Compounding Partner Program in July with the goal of attaining commercial-scale production of its high-performance Fractal Graphene in thermoplastics. In August, the company announced a partnership with Hawkey Bio to supply graphene for use in its Lung Enzyme Activity Profile early lung cancer detection test.

Then, in September, HydroGraph signed a letter of intent with SEADAR Technologies to provide it with graphene material to coat current and future undersea products.

As for 2026, the company announced on January 6 that it had moved from a tier 2 to tier 1 member with the Graphene Engineering Innovation Centre at the University of Manchester. The move will establish a HydroGraph lab in the center and increase access to its facilities.

HydroGraph reached a high of C$4.07 on October 31.

3. Focus Graphite Advanced Materials (TSXV:FMS)

Year-to-date gain: 394.12 percent
Market cap: C$45.47 million
Share price: C$0.42

Focus Graphite Advanced Materials is both a graphite miner and a battery technology company. Its wholly owned flagship Lac Knife high-grade crystalline flake graphite project is located in Northeastern Québec, Canada.

With a completed feasibility study, Lac Knife is one of North America’s most advanced graphite deposits. The company also holds Lac Tétépisca, the highest-purity graphite project in Québec.

In terms of battery technologies, Focus Graphite has a patent-pending proprietary silicone-enhanced spheroidized graphite technology that is designed to enhance battery performance and efficiency.

Throughout 2025, the company has reached several use-case milestones for graphite sourced from Lac Knife.

In mid-June, thermal purification testing on Lac Knife flake graphite resulted in refined concentrate to a purity level of 99.999 percent carbon, which Focus Graphite said “underscores (the company’s) potential to supply ultra-high-purity graphite material for nuclear energy applications, a market historically dominated by synthetic graphite.”

Graphite from the site was further validated in August, when it was used as part of nozzle components aboard Pluto Aerospace’s successful Dash 1 rocket Flight 003. The test was done to evaluate hypersonic performance and thermal resistance. The nozzle temperature exceeded 3,000 degrees Celsius.

The company said the collected data would be used to validate the performance characteristics of the graphite in high-stress environments for use in defense systems.

Then, on October 22, Focus reported that the anode material passed phase 1 battery validation conducted by Charge CCCV and American Energy Technologies Company. The independent lab tests confirmed near-theoretical electrochemical capacity around 371 milliampere-hours per gram, as well as strong suitability for lithium-ion batteries.

Shares of Focus Graphite reached a high of C$0.66 on November 3.

4. First Canadian Graphite (TSXV:FCI)

Year-to-date gain: 340 percent
Market cap: C$10.39 million
Share price: C$0.33

Formerly known as Green Battery Minerals, First Canadian Graphite is an exploration company advancing its Berkwood graphite project in Central Québec. The property sits adjacent to Nouveau Monde Graphite’s NPV Uatnam graphite project.

A June 2019 mineral resource estimate (MRE) demonstrated an indicated resource of 299,200 metric tons of graphitic carbon from 1.76 million metric tons of ore with a grade of 17 percent graphitic carbon, and an inferred resource of 250,200 metric tons graphitic carbon from 1.53 million metric tons of ore with an average grade of 16.4 percent.

In April 2025, the company announced its name change to First Canadian Graphite from Green Battery Minerals.

Much of First Canadian’s focus in 2025 was on its corporate governance and financing. On August 26, the company appointed Florent Baril to its board of directors. Baril has more than 40 years of experience in project engineering and resource development and was also the co-author for the Berkwood project’s MRE.

Then, on November 18, the company announced its intention to open a hard dollar financing round for up to 1.5 million units to raise gross proceeds of up to C$225,000 for general working capital. It also stated that it would offer an additional 1.5 million flow-through shares to raise C$300,000, to be directed to exploration expenses at Berkwood.

In a follow-up on December 12, First Canadian said it was applying to the TSX for approval to increase the hard dollar financing to a total of C$740,000, consisting of 4.93 million shares.

The most recent news came on January 12, when First Canadian reported that it had initiated airborne electromagnetic (EM) and magnetic surveys over Berkwood, covering five high-priority targets, to assess the probability and scope of hosted graphite occurrences.

The release also said that the company staked an additional 125 claims, bringing the total to 315 claims covering 16,542 hectares. First Canadian noted it was reviewing the claims and may add additional EM flyovers of the new property area.

First Canadian reached a high of C$0.43 on January 12.

5. Northern Graphite (TSXV:NGC)

Weekly gain: 58.82 percent
Market cap: C$17.04 million
Share price: C$0.135

Northern Graphite is a flake graphite developer and producer. In Ontario, Canada, it owns the producing Lac des Iles mine and the construction-ready Bissett Creek project, and in Namibia, it owns the past-producing Okanjande graphite mine.

According to a February 2024 technical report, the company’s flagship Lac des Iles mine hosts an indicated resource of 213,000 metric tons of graphitic carbon, with an additional inferred resource of 106,000 metric tons.

According to the company’s 2024 results released on May 1, the mine produced 11,697 metric tons of graphite concentrate in 2024. Northern Graphite noted that the mine was closed for maintenance and repair between November and mid-January.

However, in its Q1 report released on May 30, the company said it expected the existing pit at Lac-De-Iles to be exhausted by the fall of 2025 and was seeking support from various levels of government for the funding needed to extend the mine life by an additional 8 years.

On August 26, that support came in the form of up to C$6.23 million from Natural Resources Canada. At the time, Northern Graphite said it would begin work to extend the pit as soon as it could to avoid putting the mine on care and maintenance.

However, due to a bearing failure at the mill, the company chose to place the mine and mill on temporary care and maintenance on November 20 to begin repairs and to prepare for pit extension in 2026.

“Rather than stopping the plant now and again in January, we decided to start the maintenance program immediately in order to avoid having two separate shutdowns,” Northern CEO Hugues Jacquemin said.

The company is also advancing several battery anode material facilities projects’ the Baie-Comeau facility in Québec, the Yanbu facility in Saudi Arabia and a processing facility in Northern France.

In mid-April, the company announced a partnership with infrastructure and business development company BMI Group to evaluate the feasibility of developing its Canadian battery anode material facility in a former paper mill in Baie-Comeau that BMI is developing as a hub. This was quickly followed by a letter of support from the Port of Rotterdam on April 23.

On November 3, Northern announced that its consortium with Rain Carbon Canada had received a research and development grant of up to C$860,00 under the Canada-Germany Collaborative Industrial Research Program. The project will focus on transforming low-value natural graphite fine fractions into high-performance, battery-grade anode material.

Most recently, on January 14 of this year, the company signed a term sheet with Obeikan Investment Group to create a joint venture to develop and operate the US$200 million Yanbu battery anode facility in Saudi Arabia. Once complete, the facility will have a production capacity of 25,000 metric tons of battery anode material per year. Obeikan Investment Group will have a 51 percent ownership stake, with Northern Graphite holding the remaining 49 percent.

Shares in Northern Graphite reached a high of C$0.355 on January 14.