NMG Secures Key Contracts, De-risking Quebec Graphite Mine Project

MONTRÉAL, QC – February 18, 2026 – Nouveau Monde Graphite Inc. (NMG) has taken a decisive step toward constructing its large-scale Matawinie graphite mine, awarding a slate of major contracts that lock in over 50% of the project's capital expenditures. The move, made ahead of a final investment decision (FID), is a critical de-risking strategy designed to ensure a rapid start to construction and secure pricing for a project deemed of national interest by the Canadian government.

These agreements secure top-tier partners for construction management, civil works, steel structures, and key processing equipment, signaling strong confidence in the project's viability and advancing its position as a cornerstone of North America's emerging battery supply chain. The contracts are structured for full execution immediately following a positive FID, positioning the Matawinie mine to move swiftly from shovel-ready to operational.

Eric Desaulniers, Founder, President, and CEO of NMG, highlighted the strategic importance of this step. “By locking in top‑tier partners ahead of FID, we are further de‑risking the final financing steps and upcoming project execution,” he stated in a press release. “Efforts invested in rigorous construction planning and early contractor involvement is yielding tangible benefits—securing the capacity to mobilize immediately upon a positive FID and to deliver within the pricing envelope set by our latest technical report.”

A Strategic Play in the Global Graphite Race

The timing of NMG's announcement is significant. The global demand for high-purity graphite, a critical material in lithium-ion batteries for electric vehicles (EVs) and energy storage, is projected to soar. Market forecasts predict the graphite market could exceed $28 billion by 2032. Currently, North America is heavily reliant on China, which produced approximately 77% of the world's graphite in 2023, creating a significant supply chain vulnerability for the continent's decarbonization goals.

NMG’s Matawinie project is poised to directly address this dependency. Recognized by the Canadian government as a 'major project of national interest,' it represents a key pillar in building a resilient, local supply chain. The proactive awarding of contracts is a calculated move to bolster confidence among lenders as NMG finalizes its project financing. The company has already received letters of interest for over C$1.38 billion in debt financing and secured a $50 million equity investment from the Canada Growth Fund and Investissement Québec in late 2024 to advance detailed engineering and procure long-lead items. Locking in over half the project's costs within the feasibility study's budget provides potential financiers with a much clearer and more stable financial picture.

A Powerhouse Team for Project Execution

NMG has assembled a roster of industry leaders to execute the project, leveraging an early contractor involvement model to enhance efficiency. Pomerleau, a major Canadian construction firm, has been appointed Construction Manager. Having been involved in planning and optimization for the past two years, Pomerleau brings a deep, pre-existing understanding of the project's complexities and will oversee everything from scheduling and contractor supervision to safety and cost control.

The crucial first package of civil works was awarded to Manawan-Fournier, an Atikamekw joint venture. This contract includes the construction of roads, basins, building platforms, and various utility networks. The partnership taps the expertise of L. Fournier & Fils, an established contractor that previously built the mine's access road and prepared the industrial platform in 2021-2022.

For the project's industrial skeleton, Quebec-based Beauce Atlas will supply and install the complex structural steel. The company has a strong track record with heavy industrial facilities, including its recent work on the 11,000-ton steel structure for the GM/Posco battery plant in Bécancour. NMG is also finalizing an agreement with Metso, a global leader in mineral processing technology, to supply essential equipment like crushers, mills, and flotation cells, with engineering for these components already 90% complete.

A New Model for Indigenous Partnership

The contract award to Manawan-Fournier is more than a business transaction; it is a cornerstone of NMG's relationship with the Atikamekw First Nation of Manawan, on whose ancestral territory (Nitaskinan) the mine is located. The collaboration is formalized through a comprehensive Impact and Benefit Agreement (IBA) signed in December 2024, which ensures the First Nation's consent and active participation in the project.

This agreement sets a framework for shared prosperity, environmental stewardship, and cultural recognition. It goes far beyond simple job quotas, mandating the co-development of an employment strategy, promoting business opportunities for Atikamekw-owned enterprises, and guaranteeing the First Nation's participation in environmental management and monitoring committees. Just this month, NMG and the Atikamekw First Nation co-hosted information sessions and offered specialized construction training to facilitate the participation of local workers and contractors, demonstrating a tangible commitment to the IBA's principles.

“We are proud to deepen our relationship with the Atikamekw First Nation of Manawan through the civil works contract awarded to Manawan‑Fournier,” Desaulniers commented, emphasizing the company's commitment to creating direct and indirect opportunities for Indigenous and local businesses.

Navigating the Final Path to Production

While these contract awards represent a major milestone, the project must still clear its Final Investment Decision. With detailed engineering nearly 80% complete and a significant portion of its costs now secured, NMG is in a strong position as it finalizes its financing package.

The project's environmental footing is also a key area of focus. The Matawinie mine received its governmental authorization in 2021 after a rigorous review, including public hearings. NMG has committed to high environmental standards, including an all-electric mining fleet and a water management plan that avoids traditional tailings dams. However, the project is not without scrutiny. In mid-2025, a report from several community and environmental groups raised concerns about potential heavy metal concentrations from exploration activities and alleged methodological errors in environmental assessments. NMG has stated it is preparing to request an amendment to its ministerial decree to clarify operating conditions, a process that will be subject to a full environmental review by Quebec authorities.

By proactively managing construction risk, solidifying its social license through deep Indigenous partnership, and aligning with the strategic goals of North American governments, NMG is methodically clearing the path for its Matawinie project. The coming months will be critical as the company works to secure its final financing and move toward an FID that could officially launch a new, vital source of graphite for the world.