Focus Graphite Inc. announced the filing of a National Instrument 43-101 technical report in support of the Feasibility Study Update for the Company's Lac Knife high-grade crystalline flake graphite project located near Fermont, Qubec, on the Nitassinan (ancestral lands) of the community of Innu Takuaikan Uashat mak Mani-utenam. 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 and on Focus website. The FSU was prepared by DRA Global Limited with assistance from various independent technical consultants.

This work includes: consultation with ITUM, the local First Nations community on whose Nitassinan Lac Knife is situated, as well as other communities and stakeholders that could be impacted by the Project; completion of the environmental and social impact assessment (ESIA) study; and guiding the Project through the formal Qubec government environmental review and permitting process. Mr. Roy continued, In particular, the Feasibility Study opens the door to secure another level of Project financing that will enable to complete the ESIA and government environmental review process, and then advance the Lac Knife project to the detailed engineering phase. The company are currently evaluating various financing options.

The highlights of the Feasibility Study update, as reported March 6, 2023, have been slightly adjusted but have no material affects on the profitability of the Project. 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 in Table 2 itemize cost requirements for mine construction, processing plant, power line and all associated infrastructure estimated at $236.5 million. The operating costs, as reported March 6, 2023, have been slightly adjusted but have no material affects on the profitability of the Project.