This study investigates graphite separation from Lithium-Ion Battery (LIB) black mass (which is a mixture of anode and cathode materials) via froth flotation coupled with an open-loop recycling approach for the graphite (froth) product. Black mass samples originating from different LIB types were used to produce a carbon-poor and a carbon-enriched fractions. The optimization of the flotation parameters was carried out depending on the black mass chemistry, i.e., the number of flotation stages and the dosing of flotation agents. The carbon-enriched product (with a carbon content of 92 wt.%, corresponding to a recovery of 89%) was subsequently used as a secondary carbon source for refractory material (magnesia carbon brick). Analyses of brick chemistry, as well as thermo-mechanic properties in terms of density, porosity, cold crushing strength (CCS), hot modulus of rupture (HMOR—the maximum bending stress that can be applied to a material before it breaks), and thermal conductivity showed no negative influence on brick quality. It could be demonstrated that flotation graphite can principally be used as a secondary source for non-battery applications. This is a highly valuable example that contributes to a more complete closure of a battery’s life cycle in terms of circular economy.