Stria Lithium: Q2 2025 MD&A – Mar 31 – May 26, 2025

The following Management Discussion and Analysis ("MD&A") of the operations, results, financial condition and future prospects of Focus Graphite Inc. ("Focus" or the "Company") are current as of May 26, 2025. It should be read in conjunction with the Company's interim unaudited financial statements and notes thereto for the three and six month periods ended March 31, 2025, and the audited annual financial statements and the notes thereto for the year ended September 30, 2024 which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The reporting currency is in Canadian dollars. All financial results presented in this MD&A are expressed in Canadian dollars unless otherwise stated.

This MD&A contains or may refer to certain statements that may be deemed "forward-looking statements". Forward-looking statements include estimates and statements that describe the Company's future development plans, objectives or goals, including words to the effect that the Company expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "anticipates", "believes", "could", "estimates", "predict", "seek", "potential", "continue", "intend", "plan", "expects", "may", "shall", "will", or "would" and similar expressions. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for mineral commodities; exploration successes; new opportunities; continued availability of capital and financing; general economic, market or business conditions; and litigation, legislative, environmental or other judicial, regulatory, political and competitive developments. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. Focus does not undertake to update any forward-looking statement that may be made from time to time by Management or on its behalf, except in accordance with applicable public disclosure rules and regulations.

Focus is a Canadian mineral exploration and development company incorporated under the Canada Business Corporations Act. The Company is engaged in the acquisition, exploration and development of mineral properties principally in Québec, with the aim of discovering commercially exploitable deposits of minerals (primarily graphite, rare earth elements ("REE")). The Company's main focus is to bring the Lac Knife graphite project to production.

Common shares of the Company are listed for trading on the Toronto Stock Exchange Venture Market (''TSX-V'') under the symbol "FMS" and on the OTCQX under the symbol "FCSMF". Focus' corporate office is located at 1505 Laperriere Avenue, Suite 505, Ottawa, Ontario, K1Z 7T1.

The financial statements accompanied by the management's discussion and analysis have been prepared on a going concern basis in accordance with International Financial Reporting Standards ("IFRS"). The going concern basis of presentation assumes the Company will continue to operate for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. The Company is in the exploration stage and has not earned revenue from operations. During the six months ended March 31, 2025, the Company incurred a net loss of $882,612 (2024 Restated - $1,032,698) and negative cash flows from operations of $561,105 (2024 Restated negative cash flows from operations $415,916). In addition, the Company has a working capital deficiency of $4,131,660 and a deficit of $102,538,753.

During the quarter ended March 31, 2025, on February 5, 2025, the Company announced a non-brokered private placement to raise up to $500,000. Refer to 'Corporate Development Highlights' for details.

On May 6, 2024, the Company closed a flow-through private placement for gross proceeds of $400,001. The flow-through private placement was comprised of 2,352,950 flow-through shares at a price of $0.17 per flow-through share. In connection with the financing, the Company paid cash finders' fees of

$24,000 and issued, as additional consideration, 141,177 broker warrants, each broker warrant entitling the holder to acquire one common share of the Company at a price of $0.20 until May 6, 2027.

On May 6, 2024, the Company completed a private placement for gross proceeds of $50,000. The private placement was comprised of 312,500 units at a price of $0.16 per unit. Each unit is comprised of one common share and a common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company at a price of $0.20 until May 6, 2027. In connection with the financing, the Company paid cash finders' fees of $3,000 and issued, as additional consideration, 18,750 broker warrants, each broker warrant entitling the holder to acquire one common share of the Company at a price of $0.20 until May 6, 2027.

In the quarter ended December 31, 2023, the Company received the final instalment payment from Mont Royal Resources Ltd. ("Mont Royal") in connection with the sale of the Company's Eastmain-Leran property (Note 7). The payment was received in the form of cash ($400,000) and 2,734,858 common shares of Mont Royal ($400,000). On January 30, 2024, the Company sold the remaining 2,714,858 common shares of Mont Royal at AUD0.08 per share for gross proceeds of AUD217,189.

The above factors indicates a material uncertainty exists that raises significant doubt about the Company's ability to continue as a going concern. In assessing whether the going concern assumption is appropriate, Management takes into account all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period. This assessment is based upon planned actions that may or may not occur for a number of reasons including the Company's own resources and external market conditions.

The Company's ability to continue as a going concern, realize its assets and discharge its liabilities in the normal course of business, meet its corporate administrative expenses and continue its exploration activities over the next twelve months, is dependent upon Management's ability to obtain additional financing, through various means including but not limited to equity financing. No assurance can be given that any such additional financing will be available, or that it can be obtained on terms favorable to the Company.

These financial statements do not reflect adjustments that would be necessary if the going concern assumption was not appropriate. If the going concern basis was not appropriate for these financial statements, then adjustments would be necessary to the carrying amounts of assets and liabilities, the reported expenses and the classifications used in the statements of financial position.

To address its financing requirements and streamline operational costs, the Company sold its free trading shares in Braille Energy Systems Inc. (formerly Mincom Capital Inc.) for proceeds of $409,302 in 2021. The Company sold its 50% interest in the Kwyjibo rare earth elements Project to Investissement Québec for the sum of $7,237,696 cash pursuant to the letter of intent (LOI) announced on April 23, 2020. The Company also sold its interest in the Eastmain-Léran Polymetallic properties in the James Bay territory of northern Québec during the year ended September 30, 2020 for proceeds of $2,300,000 to be paid over three years (refer to the Corporate Development section). In addition, the Company is considering the potential sale of part of its equity position in Grafoid Inc. (Grafoid). The Company holds 7,800,000 shares in Grafoid.

The outcome of the potential sale of the Grafoid shares cannot be predicted at this time and Management's ability to complete the sale will depend on market conditions and its ability to find buyers for these assets. The Company's Board of Directors approved pursuing the sale.

During the year ended September 30, 2024, the Company changed its accounting policy with respect to exploration and evaluation expenditures on mineral exploration properties, such that exploration and evaluation expenditures, including acquisition costs, are now expensed as incurred. The accounting policy change is intended to improve the relevance and reliability of the financial statements. Previously, these costs were capitalized and carried at cost less any recognized impairment loss. In accordance with IFRS, the change in accounting policy has been applied retrospectively.

Refer to Note 3(j) of the 2024 audited financial statements for the tables showing the adjustments.

Focus Unveils New Biligual Website to Provide Updated News on its Active Graphite Exploration Projects

On October 26, 2021 the Company announced that its newly revamped website, https://www.focusgraphite.com, is now live and offers up-to-date information in both English and French about the company, its mission, and the key flake graphite projects it has in development, which include two premier deposits located in Quebec.

The website updates investors, media, local communities, and the public at large about the latest news from Focus Graphite as it continues to develop its flagship graphite property, Lac Knife, located on the Southwestern edge of the Labrador Trough next to the towns of Fermont and Wabush on the Nitassinan of Innu Takuaikan Uashat mak Mani-utenam (ITUM). Focus is also progressing with exploration at its Lac Tétépisca property, located southwest of the Manicouagan reservoir in the Côte-Nord administrative district of Québec.

In addition to project details and updates, the website includes an investor portal, a beginner's guide to graphite, an in-depth section about the company and its management team, and links to technical documents. The website will also integrate a new look on social media for Focus Graphite. The company will post regular updates across Facebook and LinkedIn.

For more information and updates, visit the new Focus Graphite website at: https://www.focusgraphite.com and follow Focus Graphite on Facebook at @focusgraphite and on LinkedIn at https://www.linkedin.com/company/focus-graphite

Focus Provides an Update on Amended Stock Option Plan

On October 29, 2021, the Company provided an update on its Fixed Stock Option Plan. At the shareholders meeting held May 21, 2021, disinterested shareholders of the Company approved an amended fixed 20% incentive stock option to replace the previous fixed stock option plan.

Pursuant to the Amended Plan, the number of options available under the plan was increased to 9,274,050 common shares in the capital of the Company which may be granted to directors, officers, employees, and consultants of the Company from time to time. The Amended Plan also permits options granted under the Amended Plan to be exercised at a price not less than the Discounted Market Price (as such term is defined in the polices of the TSX Venture Exchange ("TSXV")), subject to a minimum exercise price of $0.50.

Focus Announces The Grant of Stock Options

On November 2, 2021, the Company announced the grant of incentive stock options as compensation to its directors, officers, employees, and consultants. Options to purchase up to 3,855,000 Common Shares of the Company have been granted at an exercise price of $0.50 per share. The options expire on 2 November, 2026. On November 4, 2021, additional options were granted to consultants to purchase 250,000 Common Shares of the Company at an exercise price of $0.50 per share until November 4, 2026.

Focus Raises $5.2M Flow-Through in Non-Brokered Private Placement

On December 14, 2021 the Company announced it has arranged a non-brokered private placement of up to 4,444,444 Common Shares of the Company issued on a flow-through basis at a price of $0.90 per FT Share. The net proceeds of the Offering will be used to fund the Company's exploration and drilling program.

On December 20, 2021, the Company announced it increased the financing from $4,000,000 to

$5,200,000 and will issue up to 5,777,778 Common shares. On December 22, 2021, the financing closed. In connection with the closing of the Offering, the Company paid cash finder's fees totaling

$357,000 and issued 396,666 non-transferable finder's warrants. Each Finders Warrant entitles the holder to acquire one non-flow-though common share of the Company at a price of $1.50 per common share until December 22, 2022.

The securities issued in connection with the closing of the Offering are subject to a four-month hold period expiring on April 23, 2022. The Offering is subject to the final approval of the TSX Venture Exchange.

Focus Retains Refined Substance Inc. to Provide Investor Relations

On December 14, 2021, the Company announced it retained Refined Substance Inc. ("Refined Substance") to provide investor relations consulting services to the Company. Refined Substance is a Montreal-based communications and marketing firm providing investor relations services for the mining industry. Under the terms of the agreement, Refined Substance will provide investor relations services, including press release drafting and dissemination, responding to investor inquiries, and communications. Compensation payable in cash to Refined Substance will be based on an hourly rate invoiced monthly. There are no performance factors contained in the agreement. The agreement is effective as of September 30, 2021 and may be terminated upon 30 days' notice. The anticipated cost to the Company related to the agreement is $3,500 CAD per month. Refined Substance and the Company are arm's length parties. Refined Substance is principally owned by Kimberly Darlington.

Focus Closes Second and Third Tranches of Financing with Alumina Partners

On December 24, 2021, the Company announced it closed a second tranche under the previously announced equity financing facility (the "Equity Financing Facility") with Alumina Partners (Ontario) Ltd. ("Alumina"), an affiliate of New York-based private equity firm Alumina Partners, LLC.

In the second tranche under the Equity Financing Facility, the Company completed a private placement for gross proceeds of $200,000 from Alumina, with Alumina receiving 313,725 units of the Company consisting of a common share priced at $0.6375 per share and warrants to purchase 156,863 common shares, exercisable at $1.0625 per share for 36 months.

On February 10, 2022, the Company announced it closed a third tranche under the same equity financing facility.

In the third tranche under the Equity Financing Facility, the Company completed a private placement for gross proceeds of $200,000 from Alumina, with Alumina receiving 355,555 units of the Company consisting of a common share priced at $0.5625 per share and warrants to purchase 177,777 common shares, exercisable at $0.9375 per share for 36 months.

The Equity Financing Facility will provide the Company with up to $12.0 million over a 24-month period for working capital and general corporate purposes. Under the Equity Financing Facility, the Company may, subject to certain conditions, restrictions and acceptance by Alumina,may raise funds through private placements in tranches of up to $500,000. Each tranche shall be a private placement of units, to be comprised on one common share and one-half of a common share purchase warrant, which will be exercisable for 36 months. The units will be issued at a discount of 25% of the closing market price at the time of each tranche, and the warrants will be issued at a 25% premium over the closing market price at the time of each tranche.

There are no standby charges or other upfront fees associated with the Equity Financing Facility. Each tranche of units issued under the Equity Financing Facility will be subject to the acceptance of the TSX Venture Exchange, and the securities issued will be subject to the customary 4-month hold period.

Focus Receives First Post Closing Instalment Payment for the Eastmain Leran Project

On December 2, 2021, the Company received a first post-closing instalment payment in the amount of

$500,000, paid in cash and shares of Mont Royal Resources Ltd., an Australian mining company (ASX: MRZ) per the terms of (a) the Mineral Property Acquisition agreement ("MPA Agreement") entered into on July 6, 2020, with Konkera Holdings Pty Ltd ("Konkera"), an Australian proprietary limited company regarding Focus' Eastmain-Léran/Alta Option and Eastmain-Léran/Staked gold and base metals properties Québec; and (b) the assignment agreement ("Letter Deed Agreement") between the Company and Konkera dated May 7, 2021, whereby the Company agreed to assign Konkera's obligations under the MPA Agreement to a subsidiary of Northern Lights Minerals Pty Ltd., an Australian proprietary limited company.

The payment of the Post-Closing Instalment follows Mont Royal Resources' announcement on December 1, 2021, that it had acquired a 75% interest in Northern Lights Minerals Pty Ltd, an Australian proprietary limited company with mining claims (held by a Canadian subsidiary) and the rights to acquire

a significant land package of further mining claims (Acquisition Assets) in the Upper Eastmain Greenstone of eastern Eeyou Istchee Baie-James Territory, northern Québec. Focus' Eastmain-Léran/Alta Option and Eastmain-Léran/Staked properties are included in Northern Lights Minerals' Acquisition Assets.

The Company agreed to receive thirty percent (30%) of said the $500,000 payment by accepting shares of Mont Royal Resources Ltd. as consideration representing $150,000 of the partial payment and 70% to be paid in cash representing $350,000 which as wired to the Corporation's bank account.

Focus Receives Final Payment for the Eastmain Leran Option Agreement

During the fiscal year ended September 30, 2024, on December 4, 2023 the Company received the final payment of $800,000 pursuant to the Mineral Property Acquisition signed July 6, 2020, whereby the Company agreed to sell its interest in the Eastmain-Leran property to a third party for the following consideration:

-$500,000 in cash at closing (received in July 2020)

-$500,000 in cash by December 1, 2021 (received $350,000 in cash and $150,000 in shares in December 2021)

-$500,000 in cash by December 1, 2022 (received $250,000 in cash and $250,000 in shares in December 2022)

-$800,000 in cash by December 1, 2023 (received $400,000 in cash and $400,000 in shares represented by 2,734,858 shares of Mont Royal)

Focus Reports Major Maiden Mineral Resource Estimate at Lac Tétépisca

On February 17, 2022, the Company reported its maiden mineral resource estimate for its 100%-owned Lac Tétépisca graphite project (the "Project") located southwest of the Manicouagan Reservoir in the Côte-Nord administrative region of Québec on the Nitassinan of the Pessamit Innu.

The mineral resource estimate ("MRE"), prepared by DRA Global Limited's ("DRA") Montréal, Québec office, includes a pit-constrained Indicated resource for the Manicouagan-Ouest Graphitic Corridor ("MOGC") Lac Tétépisca project of 59.3 Mt tonnes ("Mt") grading 10.61% Graphitic Carbon1 ("Cg") for an estimated content of 6.3 Mt of natural flake graphite (in-situ), and an Inferred resource of 14.9 Mt grading 11.06% Cg1 for an estimated content of 1.6 Mt of natural flake graphite (in-situ) (Tables 1, 2).

1A cut-off grade of 3.9% Cg was applied to all estimates.

Focus will file a technical report pursuant to National Instrument (N) 43-101 to support disclosure of the MRE on SEDAR (https://www.sedar.com) within 45 days of the issuance of this press release.

Mineral Resources

Table 1: Mineral Resources (at 3.9% Cg Cut-Off) - MOGC, Lac Tétépisca Project

Table 2: Sensitivity Analysis

Plan and longitudinal views of the conceptual 2D pit shell with mineral resource blocks for the MOGC graphite deposit are available on the Company's website at https://www.focusgraphite.com.

Refer to the 'Exploration Activities' Section for the Resource Estimation Summary and Parameters

On April 5, 2022, the Company announced the filing on SEDAR of the technical report supporting the initial Mineral Resource Estimate ("MRE"), for its MOGC graphite deposit on the Lac Tétépisca Project. The Technical Report entitled "NI 43-101 Technical Report, Mineral Resource Estimate, Lac Tétépisca Graphite Project, Québec", was prepared by DRA Global Limited's ("DRA") Montréal, Québec office. The Technical Report effective February 17, 2022, and signed April 4, 2022, was authored by independent Qualified Persons ("QP") and was prepared in accordance with National Instrument ("NI") 43-101 - Standards of Disclosure for Mineral Projects.

The Technical Report is available on SEDAR, under the Company's profile and will also be posted on the Company's website at https://www.focusgraphite.com .

Qualified Persons

DRA consultant Schadrac Ibrango, P.Geo. (QC), PhD, MBA, is responsible for estimating the mineral resources and has reviewed and approved the contents of this press release. Mr. Ibrango is a Qualified Person ("QP"), independent of Focus Graphite, within the meaning of NI 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

Mr. Marc-André Bernier, géo. (QC), P.Geo. (ON), M.Sc., Senior Geoscientist for Table Jamésienne de Concertation Minière, a consultant to the Company and a Qualified Person as defined under National Instrument (NI) 43 - 101 Standards of Disclosure for Mineral Projects has reviewed and approved the non-technical content this news release.

Focus Starts Phase 1 Drilling at Southwest MOGC and West Limb Targets at Lac Tétépisca, Québec

On March 15, 2022, the Company announced a new drilling program designed to explore for satellite deposits within a radius of five km of the Company's recently announced MOGC natural flake graphite deposit in a first phase of its 3,000 m of exploration drilling at the Lac Tétépisca graphite project.

The new drilling program will test two high priority graphitic targets at the Lac Tétépisca project, Southwest MOGC and West Limb. The Southwest MOGC target encompasses the southwestern extension of the linear kilometre-scale ground geophysical Magnetic (MAG) - Electromagnetic ("EM") anomaly which hosts the Company's recently announced Manicouagan-Ouest Graphitic Corridor ("MOGC") flake graphite deposit (Figure 1). On February 17, 2022, the Company announced a pit-constrained Indicated resource of 59.3 Mt tonnes ("Mt") grading 10.61% Graphitic Carbon1 ("Cg") for the MOGC deposit for an estimated content of 6.3 Mt of natural flake graphite (in-situ), and an Inferred resource of 14.9 Mt grading 11.06% Cg1 for an estimated content of 1.6 Mt of natural flake graphite (in-situ) (refer to Focus news release dated February 17, 2022, available on the Company's Web site at https://www.focusgraphite.com, for additional details).

Phase 1 drilling will also test the Company's West Limb target, a second linear kilometre-scale ground MAG-EM anomaly that is parallel to the MOCG MAG-EM anomaly but is located 2 km to the West (Figure 1). Prospecting and outcrop sampling conducted by Focus along a 900 m segment of the West Limb graphitic target in 2014 returned 15 paragneiss grab samples with Cg grades ranging from 1.06% to 54.20%, nine of which graded over 16.00% Cg (Source: Focus technical reported dated May 2015, available at https://sigeom.mines.gouv.qc.ca/, under assessment work report GM 69493).

Focus has commissioned IOS Services Géoscientifiques Inc. ("IOS") of Saguenay, Québec, to design and operate the 2022 exploration drilling programs at the Lac Tétépisca project. The Company has also retained the services of Table Jamésienne de Concertation Minière ("TJCM") of Chibougamau, Québec, to provide independent advisory and drilling project supervision services. Drilling is being performed by Forage G4 of Val D'Or, Québec.

The mineral resource estimate ("MRE") was prepared by DRA Global Limited's ("DRA") Montréal, Québec, office. Mineral resources have been classified according to the CIM definition for classification of Indicated and Inferred Mineral Resources. A cut-off of 3.9 % Cg has been applied to disclose the estimated Mineral Resources. The effective date of the MRE is September 17, 2021 which is the date of reception of the final version of the drill hole database.

Qualified Person

Mr. Marc-André Bernier, géo. (QC), P.Geo. (ON), M.Sc., Senior Geoscientist for Table Jamésienne de Concertation Minière, a consultant to the Company and a Qualified Person as defined under National Instrument (NI) 43 - 101 Standards of Disclosure for Mineral Projects has reviewed and approved the technical content this news release.

Focus Announces Share Consolidation

On April 14, 2022, the Company announced that the shareholders will be asked to consider, and if deemed appropriate, pass a special resolution approving an amendment to the Company's articles to consolidate the issued and outstanding common shares of the Company on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares outstanding (the "Consolidation"). The shareholders approved the special resolution at the annual and special meeting held on May 19, 2022.

Prior to the share consolidation there are 551,663,902 common shares issued and outstanding, post-consolidation there are 55,166,390 common shares issued and outstanding.

No fractional common shares of the Company will be issued if, as a result of the Consolidation, a registered shareholder would otherwise be entitled to a fractional share. Instead, the Company will round any fractional shares resulting from the Consolidation in the following manner: a registered shareholders holding 0.50 or more fractional shares will be rounded up to the nearest whole share, and a registered shareholder holding less than 0.50 of a fractional share will be rounded down to the nearest whole share.

The Consolidation will affect all Shareholders uniformly and will not affect any Shareholders' percentage interest in the Company, except to the extent that the Consolidation would otherwise result in a

Shareholder owning a fractional share. In addition, the Consolidation will not affect any Shareholder's proportionate voting rights, subject to the treatment of fractional shares described above. The Consolidation is subject to TSX-V approval and the effective date of the Consolidation will be announced once all approvals have been received.

On June 15, 2022, the Company announced that the TSX-V approved the share consolidation, effective at the open of the market on June 17, 2022 (the "Effective Date"). The Company did not change its name as part of the Consolidation but issued a new share certificates under a new CUSIP number, 34416E874 (ISIN: CA34416E8743). The Company's common shares continue to trade under its current symbol, "FMS".

Holders of Common Shares who hold uncertificated shares (that is shares held in book-entry form and not represented by a physical share certificate), either as registered holders or beneficial owners, had their existing book-entry account(s) electronically adjusted by the Company's transfer agent or, in the case of beneficial shareholders, by their brokerage firms, banks, trusts or other nominees. Such holders generally did not need to take any additional actions to exchange their pre-Consolidation common shares for post-Consolidation common shares.

Registered shareholders holding share certificates were mailed a letter of transmittal advising of the consolidation and instructing them to surrender the share certificates representing pre-Consolidation common shares for replacement certificates or a direct registration advice representing their post-Consolidation common shares. Until surrendered for exchange, each share certificate formerly representing pre-consolidation Common Shares were deemed to represent the number of whole post-Consolidation common shares to which the holder is entitled as a result of the Consolidation.

Focus Awarded $350,000 Grant from the Québec Government to Develop a Geometallurgical Model of its MOGC Graphite Deposit, At Lac Tétépisca, Québec

Refer to "Exploration Activities"

Focus Begins Phase 2 (12,000 Metres) of Its 2022 Core Drilling Program on Its Lac Tétépisca Project

On July 28, 2022 the Company announced the launch of the second phase (12,000 m) of its 2022 core drilling program on its Lac Tétépisca project. Phase 2 of the program was initiated following the receipt on July 6 of two land use permits from the ministry of Forests, Wildlife and Parks of Québec ("MFFP") relating to the Manicouagan-Ouest Graphitic Corridor ("MOGC") deposit sector and the areas of the "West Limb" and "Southwest MOCG" exploration targets.

The exploration drilling program for the West Limb and Southwest MOGC targets aims to validate the occurrence of graphite mineralization within the extension, of the magnetic and electromagnetic anomaly associated with the MOGC deposit, over an approximate distance of five kilometres. A deep infill drilling program is also underway at the MOGC deposit. The purpose of this program is to convert a portion of the 59.3 million tonnes (Mt) of Mineral Indicated Mineral Resources grading 10.61% Cg* into Measured Resources, as well as a portion of the 14.9 Mt of Inferred Mineral Resources grading 11.06% Cg* in Indicated Resources. The conversion of Inferred and Indicated mineral resources to higher category resources is necessary to allow the MOGC deposit to reach the next step of the development process, the Preliminary Economic Study ("PEA"). *Source: Report entitled "NI 43-101 Technical Report, Mineral Resource Estimate, Lac Tétépisca Graphite Project, Québec"" prepared by DRA Global Ltd., Montreal office, filed on https://www.sedar.com April 5, 2022, and available under Focus Graphite Inc.

To date, 31 holes have been drilled on the Lac Tétépisca project, based on the land use permits obtained previously (total: 6,483.65 metres). The preparation of core samples from these boreholes is underway at IOS Services Géoscientifiques Inc. ("IOS") laboratories located in Saguenay, Québec, and the first batches of samples will be shipped shortly to COREM laboratories located in Quebec City for graphite carbon (Cg) and total sulfur (S(tot)) assays.

The drilling program was designed and operated by IOS acting as Focus' main contractor, while Table Jamésienne de Concertation Minière ("TJCM") of Chibougamau, Québec, the Company's technical advisor, is supervising the project. The drilling work was entrusted to Forage G4 of Val-d'Or, Québec. Qualified person Mr. Marc-André Bernier, Géo. (QC), P.Geo. (ON), M.Sc., Senior Geoscientist for Table Jamésienne de Concertation Minière, a consultant to the Company and a Qualified Person as defined under National Instrument (NI) 43 - 101 Standards of Disclosure for Mineral Projects has reviewed and approved the technical content of this news release.

Focus Closes Fourth Tranche of Financing with Alumina Partners

On September 9, 2022 the Company announced it closed a fourth tranche under the previously announced equity financing facility with Alumina Partners (Ontario) Ltd. ("Alumina"), an affiliate of New York-based private equity firm Alumina Partners, LLC.

In the fourth tranche under the Equity Financing Facility, the Company completed a private placement for gross proceeds of $100,000 from Alumina, with Alumina receiving 579,711 units of the Company consisting of a common share priced at $0.1725 per share and warrants to purchase 289,855 common shares, exercisable at $0.2875 per share for 36 months.

The Equity Financing Facility will provide the Company with up to $12.0 million over a 24-month period for working capital and general corporate purposes. Under the Equity Financing Facility, the Company may, subject to certain conditions, restrictions and acceptance by Alumina, raise funds through private placements in tranches of up to $500,000. Each tranche shall be a private placement of units, to be comprised on one common share and one-half of a common share purchase warrant, which will be exercisable for 36 months. The units will be issued at a discount of 25% of the closing market price at the time of each tranche, and the warrants will be issued at a 25% premium over the closing market price at the time of each tranche.

There are no standby charges or other upfront fees associated with the Equity Financing Facility. Each tranche of units issued under the Equity Financing Facility will be subject to the acceptance of the TSX Venture Exchange, and the securities issued will be subject to the customary 4-month hold period.

Focus Completes 2022 Exploration and Resource Definition Drilling Program at its Lac Tétépisca Project, Québec Ahead of Schedule and Under Budget

On November 30, 2022, the Company announced the completion of its 2022 core drilling program at its 100%-owned Lac Tétépisca graphite project. The 2022 program, which commenced on March 3 and ended on November 17, consisted of systematic resource definition drilling at depth on the Company's Manicouagan Ouest Graphitic Corridor ("MOGG") deposit together with exploration drilling at the nearby West Limb and Southwest MOGC geophysical (MAG-TDEM) targets. The drilling program was completed ahead of schedule and under budget and in accordance with the Company's flow-through expenditure obligations for 2021 and 2022.

Highlights from the 2022 drilling program:

• 74 holes completed (total: 14,900.5 metres), from LT-22-107 to LT-22-179, including: 27 holes drilled over a 1.5 km strike length on the MOGC deposit (total: 6,640.2 metres); 29 exploration holes drilled on the West Limb target (total: 5,421.6 metres), and 18 exploration holes drilled on the Southwest MOGC target (total: 2,838.8 metres).

• Drilling completed on the MOGC deposit includes seven (7) 300 m-length vertical HQ-diameter holes (LT-22-173 to LT-22-179; Figure 1), 19 high angled holes drilled to a vertical depth of 200 metres, plus a short hole (LT-22-173A) drilled at moderate angle. These vertical and high angle holes are expected to yield up to 25 tonnes of mineralized drill core from which composite samples will be generated for independent metallurgical processing and flake graphite concentrate recovery, and for subsequent concentrate purification and battery applications and performance tests.

• Excluding seventeen (17) holes remaining to be logged in detail, a total of 3,760 core samples, ranging between 1 to 3 metres in length, have been selected so far for geochemical analysis, of which approximately 75% are for graphitic carbon analysis and 25% are for dolomite analysis (major oxides and trace elements). Core splitting and sample preparation are underway at IOS Services Géoscientifiques Inc. ("IOS") laboratories in Saguenay, Québec.

• Pulverized samples are being expedited to COREM in Québec-City for graphitic carbon (Cg) and total sulfur (S(tot)) determinations, or for whole rock analysis for the dolomite, with 10% duplicates sent to Activation Laboratories in Ancaster, Ontario. The bulk of the analytical work is expected to require up to four months to be completed.

Analytical results from the 2022 core drilling program will be released by the Company as they are received from COREM and following QAQC verification and data compilation and analysis by IOS. Please monitor the Company's website at (https://www.focusgraphite.com) and regulatory filings on SEDAR (https://www.sedar.com) for the latest news on the Lac Tétépisca project.

Service Providers, Field and Laboratory Methods, and QA/QC Protocols

The 2022 core drilling program at the Lac Tétépisca project was designed and operated by IOS Services Géoscientifiques Inc. ("IOS") of Saguenay, Québec, under the supervision of Table Jamésienne de Concertation Minière ("TJCM") of Chibougamau, Québec, acting as an independent technical adviser to the Company. Drilling was performed by Forage G4 of Val-d'Or, Québec using a single drill rig.

Starting in March 2022, drill core boxes for each hole were packaged by sequential numbers onto pallets in the field by IOS personnel and then shipped by truck every 2 weeks to IOS's facilities in Saguenay where they were archived. Sampling has been conducted with a diamond saw, with NQ-diameter core from the Southwest MOGC and West Limb targets being halved, while all HQ-diameter core from the MOGC deposit was quartered. Sample preparation work consisting of crushing and grinding began last September and is expected to be completed by next January. Pulverized splits are sent to COREM, an ISO/IEC 17025:2005 certified facility located in Québec City, for graphitic carbon (code LSA-M-B10) and total sulphur (code LSA-M-B41) analysis using LECO induction furnace with infrared spectrometry. Pulverized split samples of dolomitic marble are sent to COREM for main oxide analysis by X-ray fluorescence analysis on borate glasses (Code: LSA-M-A32) with 10% of samples analyzed for 25 trace element analysis using ICP-OES and ICP-MS after an aqua-regia digestion (Code LSA-OEP and LSA-MSP).

The analytical quality control program for the Lac Tétépisca project is designed and implemented by an IOS chemist and is identical to the one used for previous drill programs at Lac Tétépisca or at the Company's Lac Knife project. Under the QA/QC program, about 10% of the core samples will also be analyzed by COREM for total carbon (code LSA-M-B45), organic carbon (code LSA-M-B58) and inorganic carbon (code LSA-M-B11). The same 10% of the samples are duplicated and sent to ACTLABS Laboratories of Ancaster, Ontario (ISO/IEC 17025:2005 with CAN-P-1579) for graphitic carbon (code 5D - C Graphitic) and total sulphur (code 4F - S Combustion infrared detection) determinations and for 35 trace element analysis using ICP-MS after an aqua-regia digestion (code 1E2 - Aqua Regia). About 15% of reference materials are inserted in the sample sequences, either certified or internal reference material samples (CDN-GR1, CMRI12, Oreas-724, GLC-004, NSC-DC-60119, NSC-DC-60120, NSC-DC-60121), duplicates (quarter-split core, crushing or grinding duplicates), and preparation blanks.

Qualified Persons

Mr. Marc-André Bernier, géo. (QC), P.Geo. (ON), M.Sc., Senior Geoscientist for Table Jamésienne de Concertation Minière, a consultant to the Company and a Qualified Person as defined under National Instrument (NI) 43 - 101 Standards of Disclosure for Mineral Projects has reviewed and approved the technical content this news release.

Focus Announces Non-Brokered Private Placements of Flow-Through Shares and Non-Flow-Through Units

On December 23, 2022 the Company announced a non-brokered private placement of up to 500,000 units of the Company at a price of $0.40 per Unit for aggregate gross proceeds to the Company of up to $200,000, and up to 987,692 common shares issued on a flow-through basis of the Company at a price of $0.65 per Flow-Through Share for aggregate gross proceeds to the Company of up to $642,000 and when referenced together with the Offering.

Each Unit consisted of one common share in the capital of the Company and one-half of one non-transferable common share purchase warrant of the Company. Each Warrant issued as part of the Unit entitles the holder thereof to acquire one Common Share at an exercise price per Common Share of

$0.65 for a period of 12 months from the closing of the Offering, until December 29, 2023.

The net proceeds of the Offering will be used for existing operations and general working capital requirements. The net proceeds of the Flow-Through Offering will be used to support the Company's Tetepisca drilling program.

On December 29, 2022 the Company announced it closed the non-brokered private placement for total gross proceeds of $842,616, of which $642,616 were flow-through funds. The securities issued in connection with the closing of the Offering are subject to a four-month hold period expiring on April 30, 2023.

On December 29, 2022 the Company announced it has closed its previously announced non-brokered private placement for total gross proceeds of $842,616.

As part of the Offering, the Company issued 988,640 common shares on a flow-through basis at a price of $0.65 per Flow-Through Share and 500,000 units at a price of $0.40 per Unit. Each Unit is comprised of one common share and one-half common share purchase warrant. Each Warrant entitles its holder to purchase one common share at a price of $0.65 per common share until December 29, 2023.

The securities issued in connection with the closing of the Offering are subject to a four-month hold period expiring on April 30, 2023 and the Offering is subject to the final approval of the TSX Venture Exchange.

Focus Graphite also announces that at its annual and special meeting held on May 19, 2022, the shareholders approved an amendment to increase the number of options available under the stock option plan to 11,033,278.

Focus Reports 92.42 m grading 14.28% Graphitic Carbon (Cg) in hole LT-22-131; 86.66 m grading 15.00% Cg in hole LT-22-130; and 91.83 m grading 13.84% Cg in hole LT-22-132 from the 2022 Definition Drilling Program at Lac Tétépisca

Refer to the "Exploration Activities". Focus Amends Stock Option Plan

On February 23, 2023 the Company announced that the Board of Directors adopted an amended stock option plan (the "Amended Option Plan") which will replace the Company's current option plan.

The Amended Option Plan increases the number of shares reserved for issuance pursuant to the exercise of stock options from 11,033,278 to 11,504,920, representing 20% of the issued and outstanding shares of the Corporation as of the date the Amended Option Plan was adopted. The Amended Option Plan is subject to approval by the shareholders of the Company at the meeting to be held on April 19, 2023 and final TSX-V approval.

Focus Announces Benchmark Feasibility Study Update for its Lac Knife Graphite Project, Québec

Refer to the "Exploration Activities"

Focus Reports 77.14 m Grading 17.63% Graphitic Carbon (Cg) in Hole LT-22-135 from its 2022 Definition Drilling Program at Lac Tétépisca Project

Refer to the "Exploration Activities"

Focus Reports Additional Significant Graphitic Carbon (CG) Intercepts From 2022 Deep Definition Drilling Program at Lac Tétépisca, Québec, Including 91.26 m Grading 13.25% CG in Hole LT-22-129

Refer to the "Exploration Activities"

Focus Receives International Preliminary Report on Patentability for its Patent Application for Advanced Anode Material Comprising Spheroidal Silicon Enhanced Graphite Particles

On September 26, 2023 the Company announced it has received a final copy of the International Preliminary Report on Patentability (IPRP) for its patent application for Advanced Anode Material Comprising Spheroidal Silicon Enhanced Graphite Particles, which includes a determination that all claims (1-26) are novel and inventive. The patent application was submitted in March 2021 (see press release of March 1, 2021 for more details).

The IPRP Examiner's findings are of direct significance and benefit to Focus Graphite as the Company will now move forward with classifying and protecting the inventive claims into specific National Phase (NP) jurisdictional patent applications. In doing so, the company will accomplish two key strategic goals by the time the NP patent applications are fully granted through each NP review process:

1. Documenting a novel, inventive, and industrially applicable advanced material manufacturing process for the creation of high-performance lithium-ion battery anodes, wherein the flake graphite raw materials required for this process could be sourced internally from the company's Lac Knife or Lac Tétépisca projects as well as from external sources and/or partnerships.

2. By filing the application into key, strategic jurisdictions where lithium-ion battery manufacturers currently operate or will do so in future, Focus Graphite will have a strong position from which

to commercialize and expand its business toward anode technology licensing, battery co-development, and material offtake opportunities.

Each NP review process now has the potential to be fast-tracked, given this favourable review from the IPRP Examiner.

Battery Anode Backgrounder

For anode material to be considered battery-worthy, the anode must be of high enough quality so that practical active material loadings on the anode are on the order of 10 to 12 mg/cm2 (or higher). In an embodiment of Focus Graphite's invention, the anodes comprised of silicon-enhanced spheroidal graphite have active material loadings far surpassing these levels, reaching up to 16.2 mg/cm2.

The formation of spheroidal particles is beneficial as it provides maximum packing density in the assembly of the lithium-ion battery anode materials, which will maximize both the Specific Energy (Wh/kg) and Energy Density (Wh/L) of a full battery cell level, thus increasing battery life and power.

Qualified Person

Dr. Joseph Doninger, Focus Graphite's Director of Technology and Manufacturing is the Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects - has reviewed and approved the technical content of this news release. Dr. Doninger is an internationally recognized graphite processing expert and himself, the inventor of a number of patents and an author of over 27 technical papers and presentations related to graphite processing and the use of graphite in energy storage systems. Dr. Doninger is a co-editor on the NATO Science Series book titled "New Carbon Based Materials for Electrochemical Energy Storage Systems". Dr. Doninger is also an Honorary Professor at the Department of Chemistry from the Kiev National University of Technologies and Design.

Closing of Flow-Through Private Placement

On December 21, 2023, the Company closed a flow-through private placement for gross proceeds of

$300,200. The flow-through private placement was comprised of 1,580,000 flow-through shares at a price of $0.19 per flow-through share. In connection with the financing, the Company paid cash finders' fees of $18,012 and issued, as additional consideration, 94,800 broker warrants, each broker warrant entitling the holder to acquire one common share of the Company at a price of $0.22 until December 21, 2026.

Closing of Private Placement

On December 21, 2023, the Company completed a private placement for gross proceeds of $50,000. The private placement was comprised of 294,118 units at a price of $0.17 per unit. Each unit is comprised of one common share and a common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company at a price of $0.22 until December 21, 2026. In connection with the financing, the Company paid cash finders' fees of $3,000 and issued, as additional consideration, 17,647 broker warrants, each broker warrant entitling the holder to acquire one common share of the Company at a price of $0.22 until December 21, 2026.

Focus Graphite Close Private Placement

On May 7, 2024 the Company announced it closed a non-brokered private placement for total gross proceeds of $450,001.50.

As part of the Offering, the Company issued 2,352,950 common shares on a flow-through basis (the "Flow-Through Share") at a price of $0.17 per Flow-Through Share and 312,500 units (the "Units") at a price of $0.16 per Unit to accredited investors. Each Unit is comprised of one (1) common share and one (1) common share purchase warrant. Each Warrant entitles its holder to purchase one (1) common share at a price of $0.20 per common share until May 6, 2027.

The securities issued in connection with the closing of the Offering are subject to a four-month hold period expiring on September 7, 2024.

In connection with the closing of the Offering, the Company paid a cash finder's fee totaling $27,000.09 and issued 159,927 warrants (the "Finder Warrants"). Each Finder Warrant entitles the finder to purchase one (1) common share at a price of $0.20 per common share until May 6, 2027.

Focus Graphite Intersects 82.91M at 13.81% Cg at the Lac Tetepisca Project in Quebec

Refer to Exploration Activities

Dean Hanisch to Join Focus Graphite as Special Advisor, Corporate Development

On August 30, 2024 the Company announced that Mr. Dean Hanisch will join the Company as a Special Advisor and Business Development Consultant, effective September 3, 2024. Mr. Hanisch works on advancing the Company's assets through strategic business development initiatives and fostering collaborations with industry and government partners.

Dean Hanisch is an entrepreneur with a successful 30-year record of assisting private and public companies in a broad range of industries, and at all stages of growth from seed and commercialization to operation and monetization. Mr. Hanisch has assisted a number of junior mining companies to enhance their market presence, and was instrumental in the growth and eventual sale of U.S.-based Paramount Gold and Silver Corp. Previously, Mr. Hanisch held a variety of senior executive positions in the IT industry, again assisting companies to grow, prosper and maximize shareholder return through acquisitions by public companies - for example, Titan Consulting Group acquired by Calian CTY.

Focus Graphite Announces Non-Brokered Private Placement

On September 30, 2024 the Company announced it arranged a non-brokered private placement of up to 4,000,000 units of the Company at a price of $0.075 per Unit for aggregate gross proceeds of up to

$300,000. Each Unit will consist of one common share in the capital of the Company and one non-transferable common share purchase warrant of the Company. Each whole Warrant will entitle the holder thereof to acquire one Common Share at an exercise price per Common Share of $0.10 for a period of 24 months from the closing of the Offering.

The net proceeds of this financing will be used to maintain the Company's operations and general working capital requirements.

On October 2, 2024, the Company announced it increased the maximum offering of its private placement from gross proceeds of $300,000 to $500,000 and the issuance of an additional 2,666,666 Units at a price of $0.075 per Unit for a total of 6,666,666 Units. A finder's fee of up to 7% cash and 7% finder's warrants, exercisable on the same terms of the Warrants offered as part of the Offering may be paid by the Company on a portion of the Offering.

On October 11, 2024, the Company announced the closing of its first tranche of the non-brokered private placement for gross proceeds of $400,000 by issuing 5,333,336 units at a price of $0.075 per unit. The Company paid a finder's fee of $14,000 and issued 186,667 finders warrant. Each Finders Warrants entitles the finder to purchase one Warrant Share for a period of 36 months from the date of issue at a price of $0.10 per Warrant Share.

The Common Shares, Warrants, Finders Warrants and Warrant Shares will have a hold period of four months and one day until February 9, 2025.

On November 15, 2024, the Company completed its previously disclosed non-brokered private placement following the closing of a second tranche. The second tranche raised gross proceeds of

$52,500 through the issuance of 700,000 units. The Company paid a finder's fee of $1,575 and issued 21,000 finders warrant. With closing of the first and second tranches, the Company raised an aggregate of $452,500 and issued 6,033,336 Units in the Offering.

Focus Graphite Announces The Approval of Amended Equity Incentive Plan

On October 2, 2024 the Company announced that the shareholders approved its amended 20% fixed equity incentive plan at the annual and special meeting of the shareholders held on August 29, 2024. The amended plan was approved by the board of directors on July 16, 2024. The amended plan increases the number of options available to be issued to eligible optionees to 12,492,834 and permits the Board to issue Restricted Share Units to eligible recipients. A copy of the plan was appended to the

Company's Information Circular dated July 16, 2024 and is available under the Company's profile on SEDAR+. The amended plan is subject to TSX-V approval.

Focus Graphite Announces Proposed Debt Settlement

On October 23, 2024 the Company announced it reached an Debt Settlement agreement with JJJY Holdings Inc. to settle an aggregate of $865,000 in debt owed by the Company to JJJY Holdings Inc in respect of an unsecured loan made to the Company on $2,300,000 (the " Debt "). The Debt has no maturity date and bears no interest.

Focus Graphite Grants Options

On October 16, 2024, 3,150,000 stock options were granted to consultants at an exercise price of $0.09 per share, which all vested immediately and expire on October 16, 2029.

Shares Issued in Settlement of Debt

During the quarter ended March 31, 2025, on January 8, 2025, the Company issued 11,533,333 common shares to JJJY Holdings Inc. ("JJJY"), a company owned by a director of the Company, in settlement of $865,000 of debt owed to JJJY (Note 17).

Focus Graphite Appoints Dean Hanisch as CEO and New Strategic Direction

During the quarter ended March 31, 2025, the Company announced the appointment of Dean Hanisch as CEO and a new strategic direction involving the focus on advanced material and technology. This new strategy progressed with Focus shipping ore material from its Tetepisca Project for processing to American Energy Technologies Co., a graphite processing facility. The Company also announced it launched a geometallurgical flake characterization study at Lac Knife to advance mining efficiency and sustainability goals. This study is being conducted by IOS Géosciences out of Saguenay, Quebec, is the first step in Focus's strategy towards maximizing its resource value in the event of exploitation at its Lac Knife and Lac Tétépisca projects.

To further its advanced material and technology strategy, the Company is pursuing the patent filing of its intellectual property related to the silicon-enhanced spheroidized graphite technology for battery anodes. In addition the Company announced it shipped two tonnes of Lac Knife material to US State-of-the-Art Carbon Processing Plant to update its certificates of analysis on various advanced carbon materials.

Focus Graphite Announces Non-Brokered Private Placement

During the quarter ended March 31, 2025, on February 5, 2025, the Company announced it has arranged a non-brokered private placement of up to 5,000,000 units (the "Units") of Focus Graphite at a price of $0.10 per Unit for aggregate gross proceeds of up to $500,000. Each Unit will consist of one common share in the capital of the Company and one non-transferable common share purchase warrant. Each whole Warrant will entitle the holder thereof to acquire one Common Share at an exercise price per Common Share of $0.20 for a period of 36 months from the closing of the Offering.

On November 29, 2024, the Québec government introduced Bill 63, An Act to amend the Mining Act and Other Provisions (2024, c. 36), the first major reform of the Québec Mining Act (the "Act") since 2013. According to the Ministry of Natural Resources and Forestry (MRNF), the amendments are intended to modernize the Act to better reflect contemporary environmental and social concerns, strengthen land protection measures, uphold the rights of Indigenous communities, and curb speculative activity related to mining claims.

A key amendment introduced by Bill 63 is the replacement of the term "claim" with "exclusive exploration right" (EER), thereby establishing a new legal designation for mineral exploration rights in Québec. This change reflects a move away from the traditional "free mining" regime, aiming to enhance transparency, environmental protection, and the rights of Indigenous communities. The replacement of the term "claim"

with "exclusive exploration right" became effective on November 29, 2024, the date the Act received royal assent.

• Definition and Scope of Exclusive Exploration Rights (EER): An EER grants the holder exclusive rights to explore for mineral substances on public lands, excluding materials like sand, gravel, and clay. These rights are obtained through a map designation process via GESTIM-Plus, the Québec government's online mining title management system at: https://gestim.mines.gouv.qc.ca/,

• Term and Renewal: The initial term of an EER is three years, renewable for two-year periods. Renewals require that at least 90% of the planned exploration work has been completed. If this threshold isn't met, the holder must pay twice the difference between the required and actual work costs.

• Transfer Restrictions: Starting on November 29, 2025, transferring an EER during its first term will only be permissible if the holder has performed the minimum exploration expenditure commitment required for each EER.

  Other provisions of the amended Mining Act that will impact the Quebec mining industry include:

• Restrictions on access to private and urban Lands: New EERs cannot be registered on private lands or within urban perimeters unless exceptions are granted by municipalities and with landowner's consent. These measures aim to curb speculative holding of exploration rights,

• Impact-Causing Exploration Work: As of May 6, 2024, any exploration activities that could significantly impact the environment or communities require prior authorization. This process ensures that the concerns of local municipalities and Indigenous communities are considered.

• Annual Work Planning: Starting May 30, 2025, EER holders must submit annual work plans to local municipalities and Indigenous communities at least 30 days before commencing exploration activities. These plans must also be published on the holder's website.

• Mandatory environmental assessments: All new mining projects Québec will now be subject to environmental impact assessments under the Environment Quality Act (EQA) involving Québec Office of Public Hearings on the environment (BAPE).

• Mine site rehabilitation: Mining leaseholders will now be required to implement post-restoration monitoring and maintenance to ensure environmental sustainability.

• Indigenous community engagement: The Québec government may enter into agreements with Indigenous communities to reserve lands or exempt them from mining activities, respecting traditional practices and land uses. Furthermore, the MNRF minister will now be empowered to consider impacts on Indigenous communities when granting mining leases and can impose conditions to mitigate adverse effects.

• Designation and exploitation of critical and strategic minerals: The MRNF Minister can designate certain minerals as critical or strategic, requiring lease holders to exploit economically viable tailings containing these minerals.

• No-fault civil liability: A new, no-fault civil liability regime will hold parties accountable for harm caused during mining activities or site rehabilitation, with specific liability caps to be defined in future regulations.

The full text and legislative history of Bill 63, An Act to amend the Mining Act and other provisions (2024, c. 36), is accessible through the National Assembly of Québec's official website at: https://www.assnat.qc.ca/en/travaux-parlementaires/projets-loi/projet-loi-63-43-1.html.

Although Bill 63 has been welcomed by the mining industry for its efforts to modernize and clarify Québec's mining legislation, it also imposes new land access restrictions and more stringent regulatory requirements that could impede mining companies' ability to advance their projects through the stages of resource evaluation and environmental permitting.

The Lac Knife property comprises 62 map-designated "exclusive exploration rights" (EER) covering 3,248.18 hectares (ha) located in northwest Esmanville Township and northeast Gueslis Township (NTS topographic map sheet 23B-11), 27 km south-southwest of the iron-mining town of Fermont, in the Côte-Nord administrative district of Québec.

Focus acquired a 100% unencumbered interest in the original 57 mineral titles forming the Lac Knife property on October 4, 2010, when it acquired all the issued and outstanding shares of 3765351 Canada Inc., a wholly owned subsidiary of IAMGOLD-Québec Management Inc. and the registered owner of the Lac Knife mineral claims. Effective April 1, 2012, 3765351 Canada Inc. was liquidated, and its assets were transferred to Focus. 3765351 Canada Inc. was formally dissolved effective September 30, 2012. In April 2021, the Company added five contiguous EER claims to the northeast corner of the Lac Knife property.

The Lac Knife property is host to the historical Lac Knife flake graphite prospect discovered during regional government geological surveying in 1959*. The prospect is located in the Grenville geological province of Northeastern Québec. Graphite mineralization is set in migmatized biotite-bearing quartz-feldspar gneiss belonging to the Nault Formation of the lower Proterozoic Gagnon Group. According to the Québec Ministry of Natural Resources and forests (MRNF), where this gneissic unit is sheared, brecciated, and silicified, coarse graphite flakes and associated sulphide minerals make up 5-10% of the rock, with up to 20% or more in the more brecciated zones. Fuchsite and other iron-rich micas accompany the graphite and sulphide mineralization in the more silicified horizons.

* Source: Murphy, D.L., 1960. Rapport préliminaire sur la région des lacs Carheil et Gentilhomme, district électoral de Saguenay. Québec Ministry of mines, geological report RP-412, 15 p. (available at https://sigeom.mines.gouv.qc.ca/signet/classes/I1102_index?entt=LG&l=F).

Since acquiring the Lac Knife property in 2010, Focus has completed a series of comprehensive exploration and mineral resource appraisal work programs targeting the Lac Knife prospect, the broader Lac Knife property, together with the nearby Montagne-aux-Bouleaux dolomitic marble prospect also held by the Company. This work culminated in the release in 2014 of a positive feasibility and NI 43-101 technical report for the Lac Knife project; in the filing with the Québec government of an environment and social impact assessment (ESIA) study for the project; along with the signing of a Pre-Development Agreement (PDA) on the Lac Knife project with the Uashat Mak Mani-Utenam Innu ("ITUM") First Nation Band Council.

In 2020, the Company launched or resumed the field, laboratory and desktop investigations required to answer the second series of questions from the Québec Ministry of the Environment, the Fight Against Climatic change, Widlife and Parks (MELCCFP) on the 2014 ESIA study. Focus has commissioned IOS Géosciences Inc. of Saguenay, Québec, to undertake or supervise the final investigations required by the MELCCFP to move the project to the public information and consultation phase of the government environmental permitting process. Focus also retained the service of Baie-Comeau, Québec based Mu-Conseils to assist the Company develop participative, integrated, and sustainable strategies to address community and other stakeholder concerns relating the Lac Knife project and to achieve social acceptability.

Finally in 2023, the Company released a positive Feasibility Study Update (FSU) and NI 43-101 technical report for the Lac Knife project prepared by DRA Americas Inc.'s Montréal, Québec office with contributions by Newfields Canada Mining & Environment ULC (Newfields) of Saskatoon, Saskatchewan, and IOS Géosciences Inc. of Saguenay, Québec. The highlights of the FSU are presented in the 2023 Operations Highlights further below.

The Lac Knife project is comprised of the Lac Knife property plus a separate block of 12 contiguous EER (total area: 626.88 ha) located 11 kilometres to the north of the Lac Knife property on NTS sheet 23B-11, which is referred to as the "Montagne-aux-Bouleaux" property (or claims block).

On May 19, 2025, all 62 EER forming the Lac Knife property were listed as "active" on GESTIM Plus, the Québec government's online mining title management system (https://gestim.mines.gouv.qc.ca/), with the next scheduled biennial claim renewal for five (5) EER to be performed by May 3, 2026, at the latest, and the following biennial EER renewal for eight (8) EER to be performed by September 9, 2026.

On February 20, 2025, the 12 EER forming the Montagne-aux-Bouleaux property were listed as "active" on GESTIM Plus, with the next biennial renewal for all 12 EER to be performed by February 25, 2026, at the latest.

Historic Work (pre-2010)

A summary of historic exploration and mineral development work conducted on the Lac Knife project by Focus predecessors is provided in previous Company MD&A reports. Please refer to the Company's MD&A report for the quarter ended June 30, 2024, available on SEDAR Plus (https://www.sedarplus.ca/) under Focus Graphite Inc.'s profile, for the latest version of the summary.

Focus Exploration and Development Programs (2010 to 2023)

A comprehensive report of the exploration and mineral resources appraisal work programs completed on the Lac knife project by Focus from 2010 to 2023, including program details and technical report highlights is provided in previous Company MD&A reports available on SEDAR Plus (https://www.sedarplus.ca/) under Focus Graphite Inc.'s profile,

Please refer to the Company's MD&A report for the quarter ended June 30, 2024, available on SEDAR Plus (https://www.sedarplus.ca/) under Focus Graphite Inc.'s profile, for the latest version of the report.

2023 Operations Highlights

Work on the Lac Knife project environmental and social impact assessment (ESIA) study by IOS Géosciences Inc. remained mostly on holdduring the quarter ended December 31, 2022, pending the completion of the Feasibility Study Update (FSU) by DRA Americas Inc. (DRA) and the availability of additional funding required to undertake the following ESIA related investigations starting in 2023:

• Air dispersion modelling update and dust management plan;

• Water quality estimates and water treatment concepts study;

• Climate change and greenhouse gas emissions study;

• Mine closure and mine site reclamation plan;

• Sustainable development plan;

• Tailings dam break study; and

• noise reduction and vibrations study.

On January 11, 2023, UQAT University's Unité de Recherche et de Services en Technologie Minérale (URSTM) R&D centre notified the Company that the Fonds de recherche du Québec - Nature et technologies (FRQNT) had approved URSTM's application for funding to undertake an applied R&D study entitled "Valorization of dolomite in the management of graphite mine tailings from a graphite mine in Québec". Focus will be contributing $30,000 to the project over the next three years.

On January 17, 2023, the Company received IOS Géosciences Inc.'s technical report for the surface exploration program conducted at the Lac Knife property from September 14 to October 28, 2021. The ground mapping, geophysical prospecting and outcrop sampling program was designed to test a series geophysical conductors (MAG-EM) located within the perimeter of the property but outside of the limits of the Lac Knife deposit, in search for new graphite mineralization.

A total of 217 sites were inspected in the field during the survey and 128 rock samples were collected and then sent to Activation Laboratories (ActLabs) in Ancaster, Ontario, for graphitic carbon (Cg), total carbon (C(tot)), organic and inorganic carbon and total sulfur (S(tot)) determinations and for 38-element geochemical analysis. The survey identified four areas on the Lac Knife property as priority targets for follow-up investigation in search of new high grade graphitic mineralization.

On January 27, 2023, DRA reported having received a first mining contractor bid for the Lac Knife project FSU for the option of a contractor-based mining operation. DRA is reviewing the bid. Bids from the other mining contractors contacted by DRA are pending. Additional bids were received in February.

Focus Announces Benchmark Feasibility Study Update for its Lac Knife Graphite Project, Québec

On March 6, 2023, the Company released the highlights from the Feasibility Study Update ("FSU") for the Lac Knife project. The FSU was prepared by DRA Global Limited's Montréal, Québec office with assistance from other DRA offices and various independent technical consultants.

The FSU is based on a 27-year mine life and produced a Pre-tax Net Present Value ("NPV") of $500.9 million calculated at a discounted cash flow ("DCF") rate of 8%. Pre-tax, the financial model has an Internal Rate of Return ("IRR") of 28.7% and a capital payback period of 2.8 years (Table 1).

The after-tax financial model has an NPV of $285.7 million calculated at a DCF rate of 8%, and with an IRR of 22.4% and a capital payback of 3.3 years (Table1).

Results from the FSU indicate that the Project is viable economically with a Base Case scenario that includes an open pit mining operation with a concentrator production line rate of 47,781 tonnes of flake graphite concentrate annually at an average mill feed rate of 365,320 tonnes per year of Mineral Reserves over a 27-year mine life. (Table 2). A concentrator availability of 93% was used for the FSU. The Project's additional Measured, Indicated, and Inferred Resources will continue to be evaluated to develop the mid- and long-term growth profile for the Company.

* Unless otherwise noted, all monetary figures presented herein are expressed in Canadian Dollars with a USD/CAD conversion rate of 1.35.

1 Cautionary Note : There is no certainty that the economic forecasts will be realized.

1 Cautionary Note : There is no certainty that these operational forecasts will be realized.

Annual average ROM to the concentrator (tonnes): 365,32 Annual average production of graphite concentrate (tonnes): 47,781 Mineral processing plant graphite recovery: 86% to 91%

FSU Technical Report

A technical report detailing the FSU for the Lac Knife project and prepared in accordance with National Instrument (NI) 43-101 guidelines, is now available on SEDAR Plus (https://www.sedarplus.ca/). It was filed on SEDAR PLUS on April 16, 2023, ahead of the deadline which is 45 days of the above referenced release.

Updated Mineral Resource Estimate

The updated Mineral Resource Estimate (MRE) prepared by DRA shows that the Lac Knife Project hosts 12.0 million tonnes (Mt) of Indicated mineral resources grading 15.34 % graphitic carbon (Cg) for an estimated content of 1.7 million tonnes (Mt) of in-situ natural flake graphite, and 0.6 Mt of Inferred mineral resources grading 16.90% Cg for an estimated content of 0.1 Mt of in-situ natural flake graphite. A cut-off grade (COG) of 4% was used to determine the MRE as shown in Table 3.

This updated MRE follows infill and exploration drilling completed on the Lac Knife graphite deposit since the Feasibility Study (FS) was published in 2014. A total of seventy-five (75) holes, with a cumulative length of 11,204 metres, were drilled between 2014 and 2018, since the effective date of the previous MRE.

Of these 75 holes, 65 holes, for a cumulative length of 8,072 metres, were drilled in 2014, of which 26 of which were exploration holes and 39 were definition drill holes designed to tighten up the FS resource definition area. A total of ten (10) holes, for a cumulative length of 3,132 metres, were later drilled in 2018 to test the graphite potential in the deep western side of the open pit shell footprint as defined in the 2014 Feasibility Study.

Notes:

1. Mineral Resources are inclusive of Mineral Reserves.

2. The Mineral Resources were estimated following the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council

3. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

4. The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

5. Resources are constrained by a Pseudoflow optimized pit shell using HxGn MinePlan software. Pit shell is defined using 45-degree slope, $CAD 1,475/t concentrate sales price, $CAD 5.91/t ore mining costs, $CAD 34.42/t processing costs, $CAD 10.53/t G&A and $CAD 265.00/t for concentrate transportation costs, 90.7% process recovery, 97.8%concentrate grade and an assumed 50,000 tpy concentrate production.

6. The Effective Date is March 6, 2023.

7. Numbers may not add due to rounding.

The updated MRE for the Lac Knife project is based on the integration of geological, structural and grade information included in the resource drill hole database received and recorded solely from diamond core.

Mining

The mining activities will be performed by open pit methods using a conventional shovel and haul truck operation. The mining production schedule is based on one shift of 10 hours, 7 days a week. The life of mine (LoM) of the project is scheduled to be 27 years with total ore mined of 9,310,000 tonnes grading 14.97% Cg (Table 4).

Updated Mineral Reserve Estimate

The open pit design includes 9,310 kilotonnes (kt) of Probable Mineral Reserves at a grade of 14.97% Cg. To access these reserves, 4,719 kt of overburden and 19,073 kt of waste rock must be mined (Table 4). This total waste quantity of 23,775 kt results in a stripping ratio of 2.6 to 1.

Notes:

1. Estimate of Mineral Reserves has been estimated by the Reserves QP.

2. The Mineral Reserves are reported in accordance with the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

3. The effective date of the estimate is March 6, 2023.

4. Mineral Reserves are included in Mineral Resources.

5. Pit shell was developed using a 45-degree pit slope, concentrate sales price of $1,375$/tonne of concentrate, mining costs of $5.91/tonne of ore, $5.40 $/tonne of waste, and 3.71$/tonne of overburden, processing costs of 34.42 $/tonne of ore processed, G&A cost of $10.53 $/tonne ore processed and transportation costs of 265 $/tonne of concentrate, 90.7% process recovery and 97.8% concentrate grade and an assumed 50,000-tonne per annum (tpa) concentrate production.

6. The Mineral Reserves are inclusive of mining dilution and ore loss.

7. The open pit Mineral Reserves are estimated using a cut-off grade of 5.1 % Cg.

8. The strip ratio for the open pits is 2.6 to 1.

9. The Mineral Reserves are stated as dry tonnes processed at the crusher.

10. All figures are in metric tonnes.

11. Totals may not add due to rounding.

The pit optimization analysis was completed using the MSOPit module of HxGN MinePlan®. The optimizer uses the Pseudoflow algorithm to determine the economic pit limits based on input of mining and processing costs, and revenue per block. In compliance with NI 43-101 guidelines regarding the Standards of Disclosure for Mineral Projects, only blocks classified in the Measured and Indicated categories drive the pit optimization. Inferred resource blocks are treated as waste, bearing no economic value.

The pit that has been designed for the Lac Knife deposit is approximately 1,130 metres long by 400 metres wide at surface and it extends down to a maximum depth of 150 metres. The total surface area of the pit is roughly 319,000 metres square (m2). The open pit design incorporates 10-metre high benches and follows the pit slope recommendations from the 2014 geotechnical investigation.

Graphite Sales Price Assumption and Price by Size Fraction:

The graphite concentrate sales price used for the FSU was established at US$ 1,679 /tonne which is a five-year average as the projections over the life of the mine. The selling price was determined using pricing information and calculations from the Benchmark Mineral Intelligence (Benchmark) Flake Graphite Price Index. Benchmark is an independent credible source who compiles international graphite prices for various commercial size fractions and concentrate purities. The Lac Knife graphite concentrate value was calculated based on the weighted average of each size fraction and purity obtained during metallurgical testing. Table 5 presents graphite concentrate values in US$ for various size fractions value obtained through Benchmark Mineral Intelligence.

Economic Evaluation

The capital cost estimate, summarized below, covers the development of the mine, ore processing facilities, and infrastructure required for the Lac Knife Project. It is based on the application of standard costing methods of achieving an FSU which provides an accuracy of ± 15 % and follows AACE Class 3 Guidelines. The operating cost covers mining, transportation, processing, tailings and water management, general and administration fees, as well as infrastructure and services.

The Capital Expenditures in Table 6 outline what is required to construct the mine, processing plant, power line and all associated infrastructure that is estimated at a total of $236.5 million.

The operating cost per tonne of concentrate produced is $540.48 as indicated in Table 7. One key variable that allows for low production costs is Lac Knife's project location, which benefits from relatively easy access to low-cost hydroelectric power from Hydro Québec at the intersection of the access road and Provincial Highway 389.

Next Steps

Mining Costs: 129.76

Processing Costs: 310.56

Tailings Costs: 4.38

General Administration Mine Site: 95.78

Total Operating Costs: 540.48

1 Cautionary Note : There is no certainty that the economic forecasts will be realized.

Work on the Environmental and Social Assessment (ESIA) study is scheduled to resume in March and be completed by the end of 2023, while the Mine Closure Plan is planned for submission in the fall of 2023. Focus continues to communicate, meet, and listen to local communities and will be stepping up these efforts now that the feasibility study is completed, and the scale and impacts of the Project are better understood.

DRA's financial model does not include potential value-added, purified, spheronized, and coated battery-grade graphite in its financial and operational calculations.

The exchange rate used is $0.736 US Dollars per Canadian Dollar. Table 1 (see above) provides the Net Present Values calculated at various discounted cash flow rates for the Base Case production scenario of 47,781 tonnes of graphite concentrate produced annually. The financial analysis in the FS study used a five-year average price of US$1,679 per tonne, which is a weighted average for the various graphite concentrates that are classified by flake size and valued by their carbon content.

Qualified Persons:

The FSU technical information disclosed by the Company on March 6, 2023, was approved by Daniel Gagnon, P. Eng., Vice President Mining, Ghislain Prevost, P. Eng., Lead Mining Engineer, Jordan Zampini, P. Eng., Senior Process Engineer, and Claude Bisaillon, P.Eng., Senior Geotechnical Engineer, from DRA Global Limited, and all individuals that are Qualified Persons ("QP") under NI 43-101 guidelines and all independent of the issuer.

DRA consultant Schadrac Ibrango, P.Geo. (QC), PhD, MBA, is responsible for estimating the mineral resources and has reviewed and approved the contents of this press release. Mr. Ibrango is a Qualified Person ("QP"), independent of Focus Graphite, within the meaning of NI 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

Mr. Leon C. Botham, MSCE, P.E., P.Eng. (SK/BC/ON/NT/YT) from NewFields Canada Mining & Environment ULC was responsible for the filtered tailings storage system as well as the water management system and has reviewed and approved the contents of the FSU press release dated March 6, 2023. Mr. Botham is a Qualified Person ("QP"), independent of Focus Graphite, within the meaning of NI 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

Mr. Denys Vermette, géo. (QC)., M.Sc., M.Sc.A. from IOS Services Geoscientifiques Inc. was responsible for the section on environmental studies presented in the Technical Report and has reviewed and approved the contents of FSU press release dated March 6, 2023. Mr. Vermette is a Qualified Person ("QP"), independent of Focus Graphite, within the meaning of NI 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

Mr. Marc-André Bernier, géo. (QC), P.Geo. (ON), M.Sc., Senior Geoscientist for Table Jamésienne de Concertation Minière (TJCM), a consultant to the Company and a Qualified Person ("QP") as defined under NI 43 - 101 Standards of Disclosure for Mineral Projects has reviewed and approved the non-technical content the FSU press release dated March 6, 2023.

Update for the Three Months Period Ended June 30, 2023

On April 5, 2023, the Company presented the highlights of the Lac Knife project Feasibility Study Update (FSU) to designated representatives of the band council of the Innu Takuaikan Uashat mak Mani-utenam's First Nation (ITUM) of Sept-Îles and Maliotenam, Québec. Copies of the presentation were submitted to the band council representatives following the meeting. A second meeting with ITUM band council representatives to further discuss the Company's improved mine waste and mine tailings storage facility and surface, waste and mill process water management and treatment system is at the planning stage for this fall.

On April 19, 2023, the Company announced the filing of the National Instrument 43-101 ("NI 43-101") technical report (the "Technical Report") in support of the FSU for the Lac Knife project. The Technical Report was prepared in accordance with Canadian Securities Administrators' NI 43-101 Standards of Disclosure for Mineral Projects and Form 43-101F1, and is available for review on SEDAR (https://www.sedarplus.ca/), under Focus Graphite Inc. and on Focus' website (https://www.focusgraphite.com/).

The highlights of the Feasibility Study Update that were reported in the Company's March 6, 2023, news release have been slightly adjusted by DRA, but these adjustments have no material effects on the profitability of the Project (Table 1).

* Unless otherwise noted, all monetary figures presented herein are expressed in Canadian Dollars with a USD/CAD conversion rate of 1.35.

1 Cautionary Note : There is no certainty that the economic forecasts will be realized.

The FSU was conducted with engineering and estimation methods appropriate to target an accuracy of 15% that is standard and realistic for capital and operating cost estimates for this level of study, that is required prior to detailed engineering. Based on an extensive risk review exercise the contingency is 12%. Capital Expenditures reported below itemize cost requirements for mine construction, processing plant, power line and all associated infrastructure estimated at $236.5 million (Table 2).

The operating costs, as reported March 6, 2023, have been slightly adjusted but have no material affects on the profitability of the Project. As shown in Table 3, the operating cost for the process area is higher than those shown in the March 6, 2023, press release as the total process operating costs were calculated on the total concentrate produced rather than the concentrate sold. However, as shown in the table below, the total overall yearly operating cost remained the same at $25.9 million.

1 Cautionary Note : There is no certainty that the economic forecasts will be realized.

On June 5, 2023, the Company presented the highlights of the Lac Knife project Feasibility Study Update (FSU) technical report to City of Fermont officials, including the mayor of Fermont. A copy of the presentation along with a French version of the FSU technical report executive summary were submitted to city officials following the meeting.

The Company's dedicated website for the Lac Knife project which is designed to be accessible to local communities and encourage them to ask questions on any aspect of the project (https://www.lacknife.com/) was also updated during the quarter ended June 30, 2023, to incorporate new elements from the FSU technical report. The website is managed by Mu-Conseils of Baie-Comeau, Québec.

Work performed on the Lac Knife project during the quarters ended June 30, September 30, and December 31, 2023, was limited to data compilation and analysis, and the preparation of technical reports by IOS Géosciences Inc. (IOS) related to geological mapping, outcrop stripping and channel or grab sampling; overburden trench and pit sampling activities; and condemnation and geotechnical drilling programs carried out by IOS at Lac Knife during the fall of 2021. Work on the Lac Knife project environmental and social impact assessment (ESIA) study by IOS and other Focus technical services providers remained mostly on hold throughout the quarters ended September 2023 and December 31, 2023 pending additional financing by the Company. Throughout the year, Focus maintained its efforts to raise capital and identify a strategic partner to support the completion of the Environmental and Social Impact Assessment (ESIA) study and advance the ongoing development of the Lac Knife project.

Second Technical Presentation to ITUM officials

On December 18, 2023, The Company made a second technical presentation to senior representatives of Innu Takuaikan Uashat mak Mani-utenam (ITUM) First Nation of Sept-Îles and Maliotenam, Québec, on whose Nitassinan (ancestral lands) the Lac Knife project is located. The presentation aimed to introduce and explain the designs of the waste rock and mine tailings storage facility (TSF) and surface runoff and process water collection and treatment systems planned for the Lac Knife project. Focus emphasized the series of measures the Company will implement to prevent the generation of acid mine

drainage (AMD) in the waste rock and tailings piles and to neutralize any AMD that may be generated within the TSF throughout the 27-year life of the Lac Knife mine and for decades beyond.

2024 Operations Highlights

No exploration, mineral resource appraisal or environmental and social impact assessment (ESIA) investigations or activities were carried out on the Lac Knife project during the quarters ended March 31, 2024 and June 30, 2024.

On July 23, 2024, IOS Geosciences Inc. (IOS) reported that the preparation of the following technical reports was in progress:

• IOS's technical report for the fall 2021 property scale condemnation drilling and open pit wall core drilling programs (technical report to be completed and submitted to the Québec MRNF for assessment work credits application by December 11, 2024, at the latest);

• IOS's technical report for the fall 2021 geotechnical drilling program (technical report to be completed and submitted to the Québec MRNF for assessment work credits application); and

• IOS's technical reports for the 2020 surface water geochemical survey and for the fall 2023 historic drill core sampling program (IOS technical reports to be submitted to the Québec MRNF in 2026).

  IOS also reported that the technical report for the 2023 Lac Knife project feasibility study update (FSU) prepared by DRA Americas inc. and collaborators was submitted to the Québec MRNF for assessment work credits application on May 1, 2024. The technical report was accepted by the MRNF and is now available on the MRNF's SIGEOM-Examine website at https://sigeom.mines.gouv.qc.ca/signet/classes/I1102_index?entt=LG&l=F, under assessment work report no. GM 73570.

  Update for the Three-Months Periods Ended September 30, 2024, and December 31, 2024

  No exploration or mineral resource appraisal work was conducted on the Lac Knife project during the quarters ended September 30, 2024, and December 31, 2024.

  Work on the Environmental and Social Impact Assessment (ESIA) study during the quarter ended September 30, 2024, was limited to drill core characterization and drill core sample preparation activities at IOS laboratory facilities in Saguenay, Québec. The drill core intercepts that were processed are from the fall 2021 condemnation drilling and pit wall core drilling programs carried out by IOS (drill holes LK-21-306 to 319). Drill core processing activities carried out during the quarter ended September 30, 20224, consisted of core sample splitting (1,195.335 metres), crushing (319 samples) and grinding and sub-sampling (188 samples), in preparation for graphitic carbon (Cg) and total sulfur (S(tot)) determinations and for multielement geochemical analysis at Activation Laboratories (ActLabs) of Ancaster, Ontario or at COREM Laboratories in Québec City; drill core sample density measurement (207 samples); and drill core sample grain size analyses (20 samples).

  A total of 107 drill core samples from drill holes LK-21-106 to 314, plus 11 reference samples for QA/QC determinations, were expedited to ActLabs for geochemical analysis as of September 30, 2024. Analytical results are expected the end of the year.

  Drill core drill logging and core sample preparation activities which resumed during the quarter ended September 30, 2024, as part of the ongoing ESIA study update for the Lac Knife project continued at IOS Géosciences Inc.'s laboratory facilities in Saguenay, Québec, throughout the quarter ended December 31, 2024. New batches of prepared samples (QA/QC samples included) were shipped to Activation Laboratories (ActLabs) in Ancaster, Ontario, and to COREM Laboratories in Québec City for graphitic carbon (Cg), total sulfur (S(tot)), carbonate, major element and multielement geochemical determinations.

  As of December 31, 2024, IOS had received partial or preliminary analytical results from Actlabs and COREM and were reviewing the results and QAQC data. Once approved by an IOS chemist and a senior IOS geologist, the final analytical results will be incorporated in the technical reports for the 2021 property-scale condemnation drilling and Lac Knife open pit wall core drilling programs and then sent to Focus. The technical reports were pending as of December 31, 2024.

  2025 Operations Highlights

  No fieldwork, laboratory analytical work or analytical results and no environment and social impact assessment (ESIA) related investigations or activities were reported for the Lac Knife project by IOS Geosciences Inc. (IOS), ESIA study manager, for the quarter ended March 31, 2025. All work remain on hold pending the Company raising new capital to complete the updated Lac Knife project ESIA study, the final definitive element the Company must submit to the Québec MELCCFP to move the project to the official government environmental review and permitting process.

  Focus Provides Update on Patent Pending Silicon-Enhanced Spheroidized Graphite Technology for Battery Anodes

  On February 10, 2025, the Company provided an update on the status of its patent applications for its proprietary silicon-enhanced spheroidized graphite technology for lithium-ion battery anodes.

  Patent Status by Region:

• United States: U.S. patent application (Patent No. 18/278,659) is pending. Focus awaits confirmation of approval from the United States Patent and Trademark Office (USPTO).

• Canada: Canadian patent application (Patent No. 3,209,696) is pending. A formal request for examination has been submitted and Focus has opted for an expedited review process to accelerate the commercialization of its technology.

• Europe: European patent application (Patent No. 22758669.0) is pending. The application is currently under examination by the European Patent Office (EPO).

• South Korea: The Korean patent application (Patent No. 10-2023-7032609 is pending.

  Focus's patent-pending silicon-enhanced spheroidized graphite particles technology, developed using natural high-purity Lac Knife flake graphite, represents a breakthrough in lithium-ion battery performance (Doninger, 2023*). Unlike conventional approaches where silicon is coated onto a graphite sphere after spheroidization resulting in a single silicon layer, Focus's proprietary process incorporates multiple layers of silicon as the sphere is being created. This allows for significantly increased silicon content, which is crucial because silicon has seven to eight times the energy storage capacity of graphite. This novel approach directly addresses two major challenges in silicon-enhanced anode materials:

• Charge-induced volume expansion: Conventional single-layer silicon coatings tend to swell during charging, leading to structural instability. By embedding silicon within the graphite layers, Focus's technology mitigates this issue and provides superior mechanical integrity.

• Unreliable solid electrolyte interphase (SEI) propagation: Silicon interacts with the electrolyte, causing performance degradation over time. The protective graphite layers in Focus Graphite advanced material's technology reduce these reactions, enhancing battery longevity and efficiency.

* Doninger, J.E., 2023. Electrochemical performance of silicon enhanced Lac Knife natural flake graphite in Lithium-Ion batteries. Focus Graphite Inc. presentation at the Military Power Sources Consortium Silicon Anode Seminar - Aberdeen Proving Ground, Maryland - March 7-8, 2023 (https://focusgraphite.com/wp-content/uploads/2023/09/MPSC-Siliconode-Seminar-March-7-8-2023.pdf).

The new technology has been successfully tested in coin cells, demonstrating increased battery performance. Galvanostatic charge/discharge curves for coin cells made with 4.5% silicon addition show that coating the SPG with carbon improves cycling stability and increases the reversible capacity from 392 to 462 mAh/g which is 24% higher than the theoretical capacity of graphite alone at 372 mAh/g. Tests conducted on the 9% Si-enriched spherical graphite (SPG) showed that adding the silicon to the anode mix before spheroidization increases the capacity from 530 to 605 mAh/g, which is an additional 13% boost in capacity, or an overall 62 % increase when compared with the theoretical capacity of graphite alone.

Focus intends to validate its silicon-enhanced SPG technology through testing in a full-scale large commercial battery. If the results remain consistent and positive in this phase, the Company will move to license the technology to a 3rd party Original Equipment Manufacturers (OEM) or major battery manufacturers.

Focus Ships two Tonnes of Graphite Mineralized rock from Lac Knife Deposit to US State-of-the-Art Carbon Processing Plant to Update Its Certificates of Analysis on Various Advanced Carbon Materials

On February 19, 2025, Focus announced that it had shipped two tonnes of graphite-mineralized rock from its Lac Knife graphite deposit to American Energy Technologies Co. (AETC), a private Chicago, USA-based industrial graphite and carbon materials testing and purification facility for metallurgical processing and for extraction of graphite concentrates purification. This initiative aims to generate updated Certificates of Analysis (COA) for various commercially viable flake graphite mesh sizes and advanced carbon material types, reflecting new developments in material applications while reaffirming the excellent thermal, electrical, lubricant, and electrochemical properties of natural, high purity Lac Knife flake graphite. The decision to update COA, analysis aligns with the Focus's strategic objectives of:

• Leveraging advanced battery technologies by supporting further development of the Company's proprietary patent pending silicon-enhanced spheroidized graphite technology, which has shown promising results in battery cell testing. This technology is designed to work with any graphite material, making it a versatile solution for enhancing battery performance. Some of the shipped material will be used to produce this innovative anode material for further rigorous testing with third parties in larger batteries.

• Enabling collaboration by providing potential partners, end-users and academic institutions with flake graphite material samples to validate and integrate Lac Knife graphite into advanced manufacturing, semiconductors, and EV battery applications; and

• Enhancing commercialization opportunities: Ensuring product market readiness to meet the demand for high-purity, North American-sourced flake graphite as industries shift toward onshoring and reducing dependency on foreign-controlled supply chains.

The two-tonne sample of graphite mineralization sent to AETC was prepared by IOS Géosciences Inc. at its Laboratory facility located in Saguenay, Québec.

Focus Graphite Establishes U.S. Storage and Shipping Hub to Better Service American Partners and Clients

On March 27, 2025, the Company announced the establishment of a dedicated U.S. storage and shipping facility for graphite samples located at 6953 15 Steet East, Sarasota, Florida. This strategic move is designed to enhance the accessibility of Focus Graphite's high-grade and purity graphite material for U.S.-based clients, including key industry, academia, and government partners.

The Sarasota facility will enable Focus to better support its ongoing target engagements with the U.S. Department of Energy (DOE), Department of Defense (DOD), battery anode producers, and military contractors as they work toward securing reliable domestic sources of critical minerals.

In January 2025, the American Active Anode Material Producers ("AAAMP"), a coalition of graphite producers, welcomed the preliminary determination by the International Trade Commission (ITC) that China's low-cost graphite exports have materially hindered the development of a domestic graphite industry*. This decision aligns with the latest U.S. government policy direction, including President Donald Trump's recently announced Executive Order, Immediate Measures to Increase American Mineral Production. The order seeks to enhance national and economic security by reducing reliance on foreign mineral imports, particularly from China.

* Reference : https://www.investing.com/news/company-news/itc-backs-us-graphite-industry-against-china-imports-93CH-3853778?utm_source=chatgpt.com/.

Focus Joins the Military Power Sources Consortium and The American Carbon Society

Subsequent to the quarter ended March 31, 2025, on April 01, 2025, the Company announced its membership in the Military Power Sources Consortium and the American Carbon Society, reinforcing its commitment to strengthening North America's critical mineral supply chain.

The Military Power Sources Consortium (MPSC) is a non-profit organization dedicated to representing the needs of the entire life cycle of the domestic military power production base. The mission of the MPSC is to provide a forum for members to share information and develop a collective voice on issues related to preserving and enhancing the domestic design, development, and manufacture of energy generation and storage systems, both renewable and none-renewable, and their components for the Department of Defence (DoD). The MSPC provides a unified voice for the issues and challenges of the

domestic military production base to DoD, Department of Energy (DoE), and other industry groups, recommends solution to the issues and challenges, ensure industry representation from traditional and non-traditional defence contractors, and bring together academia, industry, and the DoD.

Over the past two years, the US DoD has awarded a combined total of US$45.85 million to advance North American natural flake graphite projects.1,2 The Company has engaged with the DoD in connection with advancing its two 100% owned high-purity graphite Projects in Québec and is exploring potential non-dilutive financing awards.

References:

1 https://www.defense.gov/News/Releases/Release/Article/3777044/department-of-defense-awards-147-million-to-enhance-north-american-cobalt-and-g/.

2 https://www.graphiteoneinc.com/graphite-one-awarded-37-5-million-department-of-defense-grant-under-the-defense-production-act/.

Focus Advanced Materials Initiates Validation Testing of Lac Knife Anode Materials with Leading Battery Innovator C4V

Subsequent to the quarter ended March 31, 2025, on April 03, 2025, the Company reported the commencement of third-party validation testing for its proprietary, patent-pending spheroidized graphite anode materials with Charge CCCV (C4V), a leading lithium-ion battery technology company based in Binghamton, New York. Focus will be testing both silicon-enhanced and standard variants from materials sourced from the Focus' Lac Knife deposit - a high grade crystalline natural flake graphite project located near Fermont, Québec - under C4V's "Digital DNATM Rapid Access Program".

This validation testing marks a significant step in the commercialization of Focus Graphite's advanced anode materials. While internal testing has demonstrated strong performance metrics, C4V's independent assessment will provide critical real-world validation across small to large-format battery systems. This process is essential for industry adoption, ensuring compatibility with commercial battery technologies and enhancing performance in next-generation energy storage solutions. With C4V's supply chain recognized globally for its advanced and critical materials, this qualification process aims to position Focus as a potential supplier for Gigafactory projects worldwide through C4V's Digital DNATM initiative.

Anode Materials Undergoing Evaluation:

• Silicon-Enhanced Spheroidized Graphite: Focus Graphite's proprietary process embeds multiple layers of silicon within the graphite structure during spheroidization. Unlike conventional methods that apply a single silicon coating post-spheroidization, this multilayer integration mitigates challenges associated with silicon anodes-such as charge-induced volume expansion and solid electrolyte interphase (SEI) instability-enhancing mechanical integrity and extending battery lifespan.

• Standard Spheroidized Graphite: This material has undergone extensive internal testing, demonstrating superior stability and efficiency. To fully validate its performance and ensure seamless integration into commercial battery systems, third-party testing within real-world applications is essential. This collaborative evaluation with C4V will provide Focus with critical insights into its applicability and effectiveness in large-format battery applications. Additionally, performance data obtained during the program will contribute to the Company's global ranking within C4V's Digital DNATM platform, a comprehensive supply chain and data solution utilized by Gigafactories and OEMs worldwide.

  Focus Advanced Materials Commences Work Program with AETC for C4V Digital DNATM Testing and Strategic Specialty Applications

  Subsequent to the quarter ended March 31, 2025, on April 09, 2025, Focus announced the commencement of its advanced material preparation and testing program in collaboration with U.S.-based American Energy Technologies Co. (AETC), a leading processor of industrial graphite and carbon materials for the upstream and advanced downstream applications. This work is being undertaken to provide qualification materials to Charge CCCV (C4V) of Binghamton, New York for qualification as part of C4V's proprietary Digital DNATM Rapid Access qualification platform, as well as to support various strategic and specialty industrial collaborations currently under prototype development and contracting with C4V's customer base.

  The objective of this initiative is to fast-track the generation of premium-quality samples, including Focus's proprietary silicon-enhanced spheroidized graphite for anode active materials, from its Lac Knife project. Pilot lots of qualification products will be delivered to C4V for detailed performance testing, evaluation and integration into form-factored batteries, following their approval for use.

  On March 5th, 2024, Focus announced the strategic testing collaboration with C4V in a press release which highlighted the importance of the Digital DNATM platform, as well as the potential for Lac Knife material to be validated as a critical component for green utilities battery energy storage systems (BESS), gigafactory supply chains, and specialty and defense-related energy storage systems. The work program with AETC represents the next building block in that collaboration.

  Focus Expands C4V Testing Program to Include Cathode Applications Using Spheronization Residue

  Subsequent to the quarter ended March 31, 2025, on April 23, 2025, Focus announced the expansion of its validation testing program in collaboration with U.S.-based battery technology leader Charge CCCV ("C4V"). The expanded program now includes evaluation of graphite residue from the spheronization process for use in cathode applications.

  This strategic development builds on Focus's commitment to maximizing resource efficiency, enhancing ESG performance, and capturing additional value from its production stream. In parallel with ongoing qualification of its spheroidized graphite for lithium-ion battery anodes, the Company is now advancing a secondary workstream to determine whether fines and shavings - a byproduct of anode material production - can be repurposed as conductive additives in cathode formulations.

  Focus aims to differentiate itself from many global competitors - particularly in China - by purifying its graphite prior to spheronization. This upstream purification step ensures that residual materials retain high purity, opening the door to higher-value downstream applications. In contrast, producers who purify post-spheronization typically generate waste that is too contaminated for advanced uses, relegating it to lower-margin industrial markets. Focus's approach intends not only boosts process efficiency but also enables the development of value-added products from materials that would otherwise be discarded.

  The same high-grade Lac Knife flake graphite used to produce anode-grade material will now undergo additional particle size refinement, purification, and electrochemical testing as part of the cathode validation program with C4V. This supports Focus's broader zero-waste objective and enhances its potential to serve multiple segments of the battery value chain.

  This expanded initiative aims to demonstrate the versatility and commercial potential of Lac Knife graphite and further aligns Focus's operations with best-in-class ESG practices and circular economy principles. By capturing value across the full production spectrum, the Company will be strategically positioned to capitalize on growth in the global battery materials market.

  Focus Graphite's Recently Purified Material Selected for Compression Molded Rocket Nozzle

  Subsequent to the quarter ended March 31, 2025, on May 15, 2025, Focus announced that that its high-purity graphite material, processed and further purified through our strategic partner American Energy Technologies Co. (AETC), is now being advanced for specialty applications within the advanced downstream application sectors-including use in a compression molded rocket nozzle scheduled for flight testing on the Dash Block 1 sounding rocket, developed by Pluto Aerospace Inc.

  The processed graphite originates from the Company's flagship Lac Knife deposit in Québec. At AETC's modern fully equipped industrial graphite and carbon processing facility in Wheeling, IL, graphite-bearing ore from the Lac Knife deposit underwent initial concentration and advanced purification. From this material, coarse flake graphite of various mesh sizes (+16 through +325) was recovered and thermally purified, positioning it for transformation into a variety of products for specialized downstream applications.

  One of the most compelling demonstrations of this graphite's capabilities is its selection for the manufacture of ablative rocket nozzle inserts, crucial components capable of withstanding temperatures exceeding 3,000°C, Mach 6 speeds, and forces up to 150G. The use of both natural flake and synthetic graphite in the nozzle ensures durability, heat resistance, and ablation control-making it ideal for aerospace-grade propulsion systems. Graphite is the preferred material in these contexts due to its thermal stability, low density, and excellent erosion resistance under extreme conditions.

  The Dash Block 1 rocket test flight is tentatively scheduled for August 2025 in New Mexico. As part of this mission, the Company's purified Lac Knife P100 mesh graphite will contribute directly to vehicle performance and durability.

  Lac Knife Project Development Outlook

  Focus continues its efforts to raise new capital and to try to find a strategic partner to hep fund the field, laboratory and desktop investigations needed to answer the remaining Series II questions by the Québec MELCCFP on the Environmental and Social Impact Assessment (ESIA) study for the Lac Knife project, a critical component of the Québec government environmental review process, the next stage in the development of the project.

  Focus also continues to communicate, meet, and listen to local communities and the Company plans to increase these efforts over the coming months as part of the ongoing ESIA study for the Lac Knife project, conditional to new financings. Focus' partnership with Mu-Conseils will assist the Company develop effective strategies to engage communities, build constructive relationships and achieve social acceptability for the Lac Knife project.

  In parallel to activities underway at the project and community levels, Focus is developing an elaborate material testing and certification program in collaboration with leading U.S.-based laboratories, targeting the qualification of its high-grade Lac Knife flake graphite for premium technology-driven markets. The Company has also commenced a strategic marketing campaign aimed at U.S. high-tech end users to build product quality awareness and generate offtake interest. These initiatives are central to Focus Graphite's strategy to secure binding offtake agreements, attract project financing, and accelerate the Lac Knife Project toward commercial production. With graphite designated as a U.S. critical mineral since 2022-and China imposing export restrictions in October 2023-the urgency for secure, North American supply has intensified, positioning the Company's Lac Knife project as a timely and strategic asset in the global energy transition and the next-generation high-tech applications.

  In addition to the testing of Lac Knife specialty graphite products in a compression molded rocket nozzle scheduled for flight testing on the Dash Block 1 sounding rocket, developed by Pluto Aerospace Inc. announced by the Company on May 15, 2025 (see details above), purified Lac Knife graphite is also being qualified for:

• Silicon-enhanced lithium-ion battery anodes (in partnership with C4V)

• Cathode conductivity enhancement (in partnership with C4V)

• Lead-acid battery expanders

• Near net-shaped molded parts

• Functional and specialty coatings using graphene pigments

Each of these projects highlights the diversity of applications of Lac Knife high purity specialty graphite products and they reaffirm Focus' commitment to becoming an innovative supplier for multiple high-tech markets.

Southwest Manicouagan Reservoir Area Graphite Projects, Côte-Nord Administrative District of Québec

Focus' Southwest Manicouagan Reservoir area graphite projects comprises of two contiguous properties, Lac Tétépisca (acquired in August 2011) and Lac Tétépisca Nord (staked in fiscal year 2012). Together, they form one single block of 124 map-designated exclusive exploration rights (EER) (total area: 6,676.99 ha) now collectively referred to as the Lac Tétépisca project. The Lac Tétépisca project also includes a block of two contiguous EER located 10 km to the South of the Lac Tétépisca property's southern limit (Lac Guéret EER block: total area: 108.15 ha). The two EER are embedded in Nouveau Monde Graphite Inc.'s Uatnan property which hosts the Lac Guéret graphite deposit, one of the world's largest undeveloped natural high grade flake graphite deposits.

The Lac Tétépisca and Uatnan graphite projects are located in the Southwest Manicouagan Reservoir area of Québec, an emerging flake graphite district in North America. The new district lies in the northeastern part of the Grenville geological province of Québec, in the Gagnon Group which is characterized by various gneiss and meta-sediments that were metamorphosed to the upper amphibolite and granulite facies. The graphite and iron-rich meta-sedimentary formations of the Gagnon Group were derived from the Paleoproterozoic Labrador Trough sedimentary basin.