NMG Secures $297M Equity Package to Launch Québec Graphite Mine

MONTRÉAL, QC – April 09, 2026 – Nouveau Monde Graphite Inc. (NMG) has announced a landmark US$297 million equity financing package, a critical step toward establishing a fully integrated graphite production hub in Québec. The deal, combining a major private placement and a public offering, is expected to fully fund the company's large-scale Phase-2 Matawinie Mine, positioning Canada as a key player in the global electric vehicle (EV) battery supply chain.

The financing is comprised of a US$213 million private placement with a trio of strategic investors: the federally backed Canada Growth Fund (CGF), the provincial body Investissement Québec (IQ), and Italian global energy company Eni S.p.A. This is complemented by a concurrent US$84 million bought deal public offering. When combined with a previously announced US$335 million project debt facility, the capital raised is anticipated to cover all costs to bring the Matawinie Mine to its Final Investment Decision (FID) and through construction.

A Strategic Play for Supply Chain Security

This massive injection of capital is more than a corporate success for NMG; it represents a significant geopolitical and economic maneuver. The investment from both the Canada Growth Fund (US$82 million) and Investissement Québec (US$61 million) underscores a concerted government effort to build a resilient domestic supply chain for critical minerals. Currently, the global graphite market is overwhelmingly dominated by China, which refines over 90% of the world's graphite used in battery anodes.

This dependency has created significant supply chain vulnerabilities for Western nations. In response, Canada's Critical Minerals Strategy has identified graphite as a priority mineral essential for the energy transition and national security. The CGF, a C$15 billion arm's-length federal investment vehicle, is designed to de-risk and catalyze private investment in projects that build Canada's clean economy. Its substantial investment in NMG signals strong federal confidence in the project's ability to anchor a North American battery ecosystem.

Projected to produce approximately 106,000 tonnes of graphite concentrate annually, the Matawinie Mine is poised to become one of the largest natural graphite operations in the Western world, offering a stable and ethically sourced alternative for EV and battery manufacturers in North America and Europe.

From Fossil Fuels to Graphite: An Energy Giant's Pivot

The participation of Eni S.p.A., a global energy company headquartered in Italy, with a US$70 million investment, highlights a broader trend of diversification among traditional energy players. As the world shifts toward electrification, major energy firms are seeking to secure their place in the new energy landscape by investing in the foundational materials that power it.

Eni's investment is not merely financial. It is a strategic move to secure a supply of critical raw materials for its own clean energy ambitions, including a planned lithium-ion battery Gigafactory in Italy. The deal includes a letter of intent for NMG to negotiate a potential offtake agreement to supply Eni with 15,000 tonnes per annum of graphite. This partnership provides NMG with a key European customer and validates its product, while giving Eni a foothold in a secure, carbon-neutral supply chain outside of Asia.

Building an Integrated Mine-to-Anode Powerhouse

What makes NMG particularly attractive to strategic partners is its vertically integrated business model. The company is not just developing a mine; it is building a complete ore-to-anode-material value chain entirely within Québec. Graphite concentrate from the Matawinie Mine will be transported to NMG's advanced processing facility in Bécancour for purification and shaping into coated spherical graphite, the final active anode material ready for battery cell manufacturing.

This integrated approach offers unparalleled traceability, quality control, and a reduced carbon footprint compared to the long and complex supply chains that currently dominate the industry. The company is advancing its 13-ktpa Bécancour Battery Material Plant, targeting a final investment decision in the second half of 2026. NMG recently acquired an adjacent brownfield industrial site to accelerate development and lower infrastructure costs for the plant's first phase.

The strength of this model is further evidenced by the continued support of NMG’s existing strategic partners, Panasonic and Mitsui, who have indicated their intention to vote in favor of the financing transaction. Panasonic has an offtake agreement for a portion of the Bécancour plant's future production, reinforcing the project's commercial viability.

Navigating the Path to Production

While the financing package is a monumental step, several milestones remain. The private placement is subject to shareholder approvals, which will be sought at a special meeting scheduled for May 13, 2026. Due to the involvement of existing major shareholders CGF and IQ, the vote will require a “majority of the minority” approval, excluding the votes of these related parties.

Operationally, NMG has been working to de-risk the project's execution. Construction contracts representing over 50% of the Matawinie Mine's capital expenditures have already been awarded, contingent on the FID. This allows for a rapid start to construction once the financing is formally closed.

Crucially, NMG has also focused heavily on its environmental, social, and governance (ESG) commitments. The company aims to develop the world's first all-electric open-pit mine and has been rated "industry leading" among graphite producers by Benchmark Mineral Intelligence. After facing some initial local concerns, NMG has signed comprehensive Impact and Benefit Agreements with the Atikamekw First Nation of Manawan and the local municipality of Saint-Michel-des-Saints, ensuring that the project delivers tangible economic and social benefits to the communities where it operates. This proactive engagement is critical for maintaining a social license to operate and ensuring the long-term sustainability of the project.