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FCLI: Extinguishment Demonstration Key Takeaways

What you need to know:
• We attended FCLI’s EV battery fire demonstration in Houston, Texas, this week, showcasing real-world lithium-ion battery fire suppression.
• The demonstration highlighted FCL-X’s ability to address LIB fires more efficiently and faster than any other solution available.
• FCLI plans to launch a consumer, home-use version of FCL-X in late Q1/26, expanding lithium fire protection into the residential market.
• We recently initiated coverage on FCLI; read the report here.

This week, we attended Full Circle Lithium Corp’s (FCLI:TSXV, FCLIF:OTCQB, K0Q:FSE) electric vehicle extinguishment demonstration in Houston. We left the site visit highly impressed with both the technical foundation and real-world performance of FCL-X, a view shared by the fire departments and industry stakeholders we spoke with, particularly around the product’s ability to address lithium-ion battery (LIB) fires more efficiently, using fewer resources and with improved safety outcomes. We remind readers that we recently initiated coverage on FCLI, citing our expectations for a rapid sales ramp over the coming years. Read the full initiation report here. We are maintaining our BUY rating and our $0.60/share target price on FCLI.

Extinguishment Demo
On December 16th, we visited FCLI’s EV live burn extinguishment demonstration in Houston, Texas. Attendance was the largest yet, reflecting the growing urgency and cross-sector collaboration surrounding lithium fire safety.

The audience included:
• First Responders & Fire Departments
• Battery Energy Storage System (BESS) Operators
• Landfill, Waste & Recycling Management Teams
• Local Universities & Research Institutions
• Port Authorities
• Original Equipment Manufacturers (OEMs)
• Government Safety Organizations
• Insurance Industry Professionals

One Year of Commercial Success for FCL-X
The Company recently highlighted the momentum behind its flagship product, FCL-X, which, after one year of commercial availability, is seeing rapid adoption across U.S. fire departments and commercial and industrial operators. Extensive training and field testing have translated into active real-world deployment, underscoring the product’s effectiveness. CEO, Carlos Vicens, noted that growing interest in live demonstrations reflects how much battery technology has permeated everyday life, underscoring the need to stay prepared and equipped for such situations.

Coming Soon: A Home-Use Lithium Fire Safety Solution
In response to the rising demand for residential lithium fire protection, FCLI is preparing to introduce a consumer-focused version of FCL-XTM, extending its advanced fire-retardant technology from industrial and commercial settings into the home. Scheduled for release in late Q1/26, the launch represents a strategic expansion into the rapidly growing household safety market, positioning the Company to address lithium battery risks in both industrial and residential environments.