Name of the Project
Matawinie mine and Bécancour battery material plant – Phase 2.

Location
The Matawinie graphite property is located north of Montréal, Québec, Canada, in Saint-Michel-des-Saints.

Project Owner/s
Aspiring strategic graphite supplier Nouveau Monde Graphite Inc (NMG).

Project Description
The Phase 2 Matawinie mine has been designated a project of national interest by the Canadian government as part of efforts to strengthen domestic critical minerals supply chains and support allied economies.

Once in production, the project is expected to become the largest graphite mine in the G7, supplying material for battery, advanced manufacturing and energy applications.

An updated feasibility study has indicated that Phase 2 is technically feasible and economically viable.

With a 25-year life-of-mine, the Matawinie mine will leverage the West Zone deposit for a nominal production of 105 882 t/y of graphite concentrate. 

The deposit will be mined using conventional openpit mining methods consisting of drilling, blasting, loading and hauling.

The site is considered concrete-ready for the start of construction upon a positive final investment decision, with several key contracts having been awarded, including process equipment, the dedicated powerline and the electrical substation. The Phase 2 Bécancour battery material plant is planned as a comprehensive advanced processing platform set to receive Matawinie graphite concentrate production for refining and commercial distribution. The plant is expected to produce 43 334 t/y of micronised graphite by-product.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The Matawinie mine and Bécancour battery material plant have a pretax net present value, at an 8% discount rate, of $1.33-billion and an internal rate of return of 17.3%, with a payback of 5.8 years.

Capital Expenditure
The Matawinie mine and Bécancour battery material plant require initial capital expenditure (capex) of $1.33-billion.

Capex for the Matawinie mine is estimated at $415-million and for the Bécancour battery material plant at $911-million.

Planned Start/End Date
Upon a positive final investment decision, the Matawinie mine and Bécancour battery material plant could be built and could enter commercial production in less than three years.

Latest Developments
NMG announced on April 9, 2026, that it had concluded the equity component of the Phase 2 Matawinie financing package through a $297-million package comprising a $213-million private placement and a concurrent $84-million bought-deal public offering of subscription receipts. The private placement includes investments of $82-million by Canada Growth Fund, $61-million by the government of Quebec through Investissement Québec, and US$70-million by Eni.

The private placement, together with the bought-deal offering, has completed the equity component of the financing package.

The debt component was concluded through previously announced senior project debt facilities of $335-million, positioning the company to advance early works at Matawinie and progress towards a final investment decision. 

NMG has said the proceeds from the private placement, public offering and available debt facilities are intended to fund the design, engineering and construction of the Phase 2 Matawinie mine, as well as general corporate and working-capital requirements. The private placement is expected to close on or about May 15, 2026, subject to shareholder, stock exchange and other customary approvals.

As part of the private placement, NMG and Eni have also agreed to negotiate in good faith the terms of a potential offtake agreement for 15 000 t/y of graphite concentrate from the Phase 2 Matawinie mine or the equivalent in active anode material.

Key Contracts, Suppliers and Consultants
Not disclosed.

Contact Details for Project Information
Nouveau Monde Graphite Inc, tel +1 450 757 8905.