Metals Australia Limited has issued a detailed technical update on its Lac Carheil Graphite Project in Quebec, Canada, outlining a significant upgrade to its Mineral Resource Estimate. The new estimate defines a total resource of 50 million tonnes at an average grade of 10.2% graphitic carbon, which contains 5.1 million tonnes of graphite. This represents a notable increase in both tonnage and confidence over the earlier resource figures and is supported by a robust drilling campaign that included contributions from both 2019 and 2025 programs. The deposit extends continuously for approximately 2,300 meters along strike with well-defined mineralisation zones that will be the focus of upcoming mine planning and optimization studies. The announcement details comprehensive technical work, including the use of advanced geological modeling—employing software such as Leapfrog and Datamine for block modeling and grade interpolation using ordinary kriging techniques. Density readings, based on measurements from diamond core samples, along with extensive drill data, have been used to ensure accuracy in tonnage estimates. A series of metallurgical tests conducted by SGS in Ontario have significantly improved the processing outcomes. New flotation tests produced a flake graphite concentrate grading 95.4% carbon with a total recovery rate of 96.7%, enhancing the potential production efficiency and lowering the waste-to-ore ratio considerably relative to previous assumptions. The updated resource model also forms the technical basis for an ongoing Pre-Feasibility Study (PFS) being carried out with DRA Americas. This study will examine detailed open-pit mine design and economic viability under revised assumptions, including an improved strip ratio and process recovery factors compared to earlier studies. The project’s location in a Tier 1 mining jurisdiction with stable regulatory and infrastructure environments further reinforces its strategic importance, especially as demand for high-grade graphite continues to rise for battery anode materials in the clean energy and electric vehicle sectors. From a market sentiment perspective, the news is bullish for Metals Australia Limited. The enlarged resource estimate, the strong technical indicators in metallurgical recovery, and the forward momentum in the PFS signal potential for long-term project value and expanded production capacity. However, cautious investors may note that several of the underlying assumptions—particularly those regarding mining and processing costs, environmental clearance, and actual economic extraction rates—remain under review, and there is still inherent risk until further feasibility assessments and capital expenditure decisions are finalized.