This paper is devoted to studying the thermochemical properties of carbon sources (laboratory-scale conventional coke, biocoke with 5 wt.%, and 10 wt.% wood pellet additions) and the influence of these properties on foamy slag formations at 1600 °C. Thermogravimetric analysis (TGA) conducted under air unveiled differences in mass loss among carbon sources, showing an increasing order of coke < biocoke with 5 wt.% wood pellets < biocoke with 10 wt.% wood pellets. The Coats–Redfern method was used to calculate and reveal distinct activation energies among these carbon sources. Slag foaming tests performed using biocoke samples resulted in stable foam formation, indicating the potential for biocoke as a carbon source to replace those conventionally used for this process. Slag foaming characters for biocoke with 5 wt.% wood pellets were improved more than coke. Using biocoke with 10 wt.% wood pellets was marginally worse than coke. On the one hand, for biocoke with 5 wt.% wood pellets, due to increased reactivity, the foaming time was reduced, but it was sufficient and optimal for slag foaming. Conversely, biocoke with 10 wt.% wood pellets reduced foaming time, proving insufficient and limiting the continuity of the foaming. This study highlights that thermochemical properties play a significant role, but comprehensive assessment should consider multiple parameters when evaluating the suitability of unconventional carbon sources for slag foaming applications.