Focus Graphite (TSXV: FMS) has confirmed an updated mineral resource for its Lac Tetepisca project in central Quebec that places it fifth globally for total contained graphite, with 14.7 million tonnes — an 86% increase on the 2022 estimate. The Focus Graphite Lac Tetepisca resource now ranks first in North America by measured and indicated resources alone.
Focus Graphite Lac Tetepisca Resource — Key Numbers
The updated resource covers 120.1 million tonnes grading 10.27% graphitic carbon (Cg) in the measured and indicated category, containing 12.3 million tonnes of graphite. Inferred resources add a further 24.1 million tonnes at 9.88% Cg, for 2.3 million contained tonnes. Total contained graphite across all categories reaches 14.7 million tonnes.
The overall grade of 10.2% Cg is marginally below the 10.7% Cg reported in the 2022 initial estimate — a negligible dilution given the near-doubling of contained graphite. The resource is based on 26,095 metres drilled across 150 holes. Lac Tetepisca sits on the Manicouagan-Ouest Graphitic Corridor in northeastern Quebec, approximately 800 km northeast of Montreal.
“To be a credible and serious alternative source of supply to China, particularly in building a secure domestic North American supply chain, projects must demonstrate scale, size, and grade. Lac Tetepisca delivers on all three,” said CEO Dean Hanisch.
Global and Regional Ranking Context
The global top five for contained graphite resources, as updated by this announcement, now stands as follows:
| Rank | Project | Company | Country | Contained Graphite (Mt) |
|---|---|---|---|---|
| 1 | Balama North / Nicanda Hill | Triton Minerals (ASX: TON) | Mozambique | 41.7 |
| 2 | Sarytogan | Sarytogan Graphite (ASX: SGA) | Kazakhstan | 36.3 |
| 3 | Mahenge | Black Rock Mining (ASX: BKT) | Tanzania | 16.6 |
| 4 | Graphite Creek | Graphite One (TSXV: GPH) | USA (Alaska) | 16.3 |
| 5 | Lac Tetepisca | Focus Graphite (TSXV: FMS) | Canada (Quebec) | 14.7 |
In North America specifically, Lac Tetepisca now ranks second overall for contained graphite behind Graphite Creek in Alaska, and first by measured and indicated resources. It surpasses Nouveau Monde Graphite’s (TSXV: NOU; NYSE: NMG) Matawinie project in Quebec, which holds 6.5 million tonnes of contained graphite and is targeting production for the continent’s lithium-ion battery supply chain.
Grade Advantage and Cost Dynamics
The 10.2% Cg grade at Lac Tetepisca significantly exceeds the 3–5% typical of most graphite mines, the majority of which are in China. Analysts at Fundamental Research note that both Lac Tetepisca and Focus’s other Quebec asset, Lac Knife (15.4% Cg), benefit from open-pit geometry and favourable strip ratios, reducing waste-to-ore costs relative to underground or lower-grade operations.
Quebec’s low-cost hydropower is an additional structural advantage — electricity typically accounts for 10–20% of a graphite mine’s operating costs. In December 2025, Focus received C$14 million in government funding to develop an ultra-high-purity graphite plant (>99.9% purity) targeting military, defence, aerospace, and advanced technology applications.
Despite the resource scale and grade profile, Focus shares trade at an implied C$4 per tonne of contained graphite against an estimated sector average of C$21 per tonne — an 81% discount, according to Fundamental Research. The stock gained 5% to C$0.39 on the announcement, valuing the company at approximately C$42.2 million (US$30.8 million).
Quebec’s Emerging Graphite Hub
Lac Tetepisca reinforces Quebec’s position as a leading graphite development jurisdiction outside China. Northern Graphite (TSXV: NGC) operates Lac des Iles, currently North America’s sole producing graphite mine, approximately 260 km northwest of Montreal. Nouveau Monde’s Matawinie project, 120 km north of Montreal, has been referred to Canada’s federal Major Projects Office for review — a prerequisite for the integrated mine-to-anode supply chain the company is targeting at its Bécancour processing facility.
For procurement professionals and battery supply chain analysts tracking graphite prices and Western supply alternatives to China, the concentration of high-grade, open-pit resources in a single Canadian province represents a structurally significant development. Quebec offers political stability, grid power, and an established mining regulatory framework — factors increasingly valued by downstream manufacturers seeking non-Chinese feedstock.
Watch for a preliminary economic assessment from Focus that would translate the resource into projected production rates, capital costs, and operating economics. Until that step is completed, the resource ranking is indicative rather than commercially actionable.
What is the updated resource estimate for Focus Graphite’s Lac Tetepisca project?
The updated resource totals 14.7 million tonnes of contained graphite across all categories, an 86% increase on the 2022 initial estimate. Measured and indicated resources alone contain 12.3 million tonnes within 120.1 million tonnes grading 10.27% Cg.
Where does Lac Tetepisca rank globally among graphite resources?
Fifth globally by total contained graphite, behind Triton Minerals’ Balama North/Nicanda Hill project (Mozambique, 41.7Mt), Sarytogan Graphite (Kazakhstan, 36.3Mt), Black Rock Mining’s Mahenge (Tanzania, 16.6Mt), and Graphite One’s Graphite Creek (Alaska, 16.3Mt).
How does Focus Graphite’s grade compare with Chinese graphite mines?
Lac Tetepisca grades 10.2% graphitic carbon, versus the 3–5% typical of most Chinese graphite mines. The company’s Lac Knife asset grades even higher at 15.4% Cg.
What government funding has Focus Graphite received?
Focus received C$14 million in government funding in December 2025 to build an ultra-high-purity graphite plant producing material grading above 99.9% purity for defence, aerospace, and advanced technology applications.
What is Focus Graphite’s current market capitalisation?
Following the resource announcement, Focus shares traded at C$0.39, giving a market capitalisation of approximately C$42.2 million (US$30.8 million) — representing an implied C$4 per tonne of contained graphite against an estimated sector average of C$21 per tonne.
