Top 4 Canadian Graphite Stocks in 2026

1. First Canadian Graphite (TSXV:FCI)

First Canadian Graphite is an explorer advancing its Lac Guéret South graphite project in Central Québec, Canada. The property sits adjacent to Nouveau Monde Graphite’s (TSX:NOU,NYSE:NMG) Uatnam graphite project.

A June 2019 resource estimate for Lac Guéret South demonstrates an indicated resource of 299,200 metric tons of graphitic carbon from 1.76 million metric tons of ore with a grade of 17 percent graphitic carbon, and an inferred resource of 250,200 metric tons of graphitic carbon from 1.53 million metric tons of ore with an average grade of 16.4 percent.

Shares saw momentum early in the year after First Canadian Graphite announced on January 12 that it began an airborne electromagnetic survey to identify potential graphite occurrences and lay the groundwork for anticipated drilling at the project.

Additionally, the company reported that it had staked 125 new claims, bringing the total to 315 claims covering 16,542 hectares.

It released results from the survey on May 20, with the company indicating it had outlined several high-priority anomalies in each of the seven blocks it targeted.

Data collected from the program was used to plan its 2026 exploration program targeting a kilometer-scale anomaly and other high-grade zones at the site, which it launched on June 29.

First Canadian released an update on its activities on July 7, reporting a significant new discovery at Zone 13, with visible high-grade graphite at the surface. The mineralization is part of a 3.8 kilometer by 625 meter conductor that lies outside the existing mineral resource area.

Then, on July 16, the company reported that it had concluded the Phase 1 program at Zone 13, confirming a strike length of 3.3 kilometers and collecting 46 grab samples across the zone.

Additionally, the company announced it had staked further claims to the east and entered into option agreements to acquire claims to the north.

Shares in First Canadian Graphite reached a year-to-date high of C$0.60 on March 10.

2. Falcon Energy Materials (TSXV:FLCN)

Year-to-date gain: 20.25 percent
Market cap: C$156.47 million
Share price: C$0.95

Falcon Energy Materials, a provider of purified graphite products, is advancing its graphite anode facility in Morocco.

The plant, currently under development near Casablanca, is designed to process flake graphite into coated spherical purified graphite (CSPG) anodes for use in lithium-ion batteries.

The facility is being built as part of a partnership between Falcon and Hensen, which currently has operations in China. Falcon is targeting first production at the plant in the second half of 2027 and expects annual CSPG production of about 26,000 metric tons with an additional 19,000 metric tons of fines.

According to the results of a technical study released in November 2025, Falcon has estimated all-in sustaining costs at US$3,168 per ton of CSPG, and an average sale price of US$8,300 per metric ton. The plant carries a total capital expenditure of US$86 million.

The company has spent much of 2026 raising funds for the project’s development, with the most recent news coming on April 9, when it announced it had signed a non-binding term sheet with a tier one strategic and financial partner for US$70 million, comprising US$65 million in non-dilutive financing and US$5 million for a future equity issuance.

A significant update came on July 9, when Falcon announced that it opened a pilot plant from which it can produce qualification-scale CSPG samples for potential customers. The plant will also be used to collect data, train its workforce and aid in the design of the commercial anode facility. Falcon said the first production will occur in summer 2026.

Beyond Morocco, Falcon was previously advancing its Lola graphite project in Southeastern Guinea; however, in May 2025, the government revoked the project’s exploitation license and offered Falcon no compensation.

On March 16, the company announced it was formally commencing arbitration proceedings over the expropriation of the project and filed a claim for an estimated US$100 million in damages against the government of Guinea through the World Bank’s International Centre for Settlement of Investment Disputes.

Shares in Falcon Energy Materials reached a year-to-date high of C$1.14 on May 4.

3. Leading Edge Materials (TSXV:LEM)

Year-to-date gain: 8.16 percent
Market cap: C$66.96 million
Share price: C$0.265

Leading Edge Materials is a mineral exploration, development and production company that owns the Woxna graphite mine and Norra Kärr heavy rare earth elements project in Sweden. The company also has a 90 percent stake in the Bihor Sud nickel-cobalt exploration alliance in Romania, which it increased from 51 percent in May.

Its Woxna property hosts a fully permitted graphite production facility capable of producing up to 10,000 metric tons of graphite concentrate annually. The mine was originally built in the 1990s, then refurbished after Leading Edge acquired the site in 2011, with flake graphite production beginning in 2014.

However, operations were short-lived, as the mine was placed on care and maintenance in 2015 due to weak market conditions for flake graphite.

Based on its June 2021 mineral resource estimate, Kringel, the project’s primary deposit, hosts a combined measured and indicated resource 2.61 million metric tons of ore at an average grade of 9.13 percent graphitic carbon. As for the site’s other deposits, Mattsmyra contains 5.83 million metric tons grading 7.14 percent graphitic carbon and Gropabo has 2.33 million metric tons at 7.72 percent, both in the indicated category.

According to Leading Edge’s quarterly report released on June 19, the Woxna mine is being held on production-ready footing. In the meantime, Leading Edge is working to update a 2022 restart study and to make improvements to the existing facilities.

Additionally, on June 9, the company released results from testwork evaluating new techniques to increase the purity of concentrates destined for industrial and battery applications. The testing achieved 99.96 percent purity using a two-stage alkaline process that did not include the pre-heating step, lowering energy use. Additionally, more than half of the particles stayed as large flakes.

Shares in Leading Edge reached a year-to-date high of C$0.40 on March 10.

4. South Star Battery Metals (TSXV:STS)

Year-to-date gain: 7.14 percent
Market cap: C$17.96 million
Share price: C$0.15

South Star Battery Metals is a graphite development and production company focused on its Santa Cruz mine in Brazil, which entered production earlier this year.

The property is being developed as part of a three-phase ramp-up using a modular build design, with total capacity reaching 50,000 metric tons per year when it’s fully completed in 2029.

A prefeasibility study published in March 2020 reported proven and probable ore reserves of 12.31 million metric tons grading 2.4 percent graphitic carbon combined across three ore bodies.

The included project economics estimated a post-tax net present value of US$81.2 million, an internal rate of return of 35 percent and a payback period of four years.

South Star initially achieved first production from the Santa Cruz plant in the first half of 2025, but an array of challenges, including equipment selection issues and rainfall events, led to deficit in working capital.

The company successfully restarted the plant in April, three months ahead of schedule, after implementing equipment upgrades and cost reduction measures to help address the previous challenges. In a corporate update on April 28, the company reported that the first week of production was successful, with no leaks or bottlenecks.

The most recent update about the mine came on June 9, when South Star reported that the first graphite concentrate shipment had been prepared, and that commissioning of the plant was completed in the first week of May. It also noted that run of mine ore throughput reached 3,798.5 metric tons in May.

Additionally, 25 metric tons of graphite concentrate had been produced over the two months, compared to 20 metric tons during eight months of ramp-up last year. Operations are planned to scale to up to 5,000 metric tons per year of concentrate production.

Shares in South Star reached a year-to-date high of C$0.185 on May 7.