NMG Provides Q3 2026 Update and Highlights First Full Quarter of Construction Execution at the Matawinie Mine

Nouveau Monde Graphite Inc. (NOU) released its third-quarter 2026 operational and strategic update covering the period ended September 30, 2026. The company reported that construction of the Matawinie Mine Phase 2 advanced as planned and remained within the overall budget. As of September 30, 2026, the project had incurred C$67 million in expenditures, with nearly 71,000 on-site construction and engineering hours worked during the quarter.

Work scope during the third quarter included concrete pours for building and processing-equipment foundations, excavation and backfill at the industrial platform, and excavation of water control structures. The company also completed backfill to overburden and organic stockpiles, continued detailed engineering and procurement, and pursued ongoing permit applications. Financial close of the senior debt facilities is still expected in the upcoming weeks, with no drawdown, definitive closing date, or changes to terms disclosed.

Regarding the 13ktpy Bécancour Battery Material Plant, the company has entered the detailed engineering phase while partner due diligence and optimization activities continue. A final investment decision (FID) is targeted for the upcoming months. Panasonic Energy reiterated its intent to support the project, which may entail an equity investment by Panasonic at the FID, consistent with its initial 2024 investment. Fourth-quarter activities will include continued optimization of the capital structure and negotiation of major production-equipment and construction contracts.

Commercially, binding offtake agreements with Panasonic Energy, Traxys, and the Government of Canada cover approximately 70% of Matawinie production. Engagement continues with tier-1 customers for the remaining volume. The company is also studying additional Battery Material Plants for active anode material and advanced graphite, potentially on the 200,000 m² adjacent greenfield site or at locations in North America or Europe.

In governance news, Mr. Lapo Pistelli, Director of Energy Transition Minerals Solutions at Eni, was appointed to the Board in October. The company also recapped the McGill University low-carbon anode coating process, previously released on October 7, 2026. Additionally, the October mining lease (No. 1057) and the first instalment of the closure-plan financial guarantee via a surety bond were recapped, with the lease previously announced on November 2, 2026.

Safety metrics for the 12-month rolling period showed a Total Recordable Injury Frequency Rate (TRIFR) of 0 for employees and 5.78 for active contractors, resulting in a combined rate of 1.47. No major environmental incidents were reported. The release did not disclose the period-end cash balance, capital spend versus total budget in dollar terms beyond the cumulative C$67M figure, or any updated Bécancour capital cost.

Nouveau Monde Graphite Inc. (NOU) released a quarterly update on November 12, 2026, confirming that construction remains on schedule and within budget. The company reported project expenditure of approximately C$34 million for the quarter, bringing total spending from C$33 million as of June 30 to C$67 million as of September 30. Management characterized this spending level as consistent with an early-stage site works program rather than an acceleration of activity.

The release reiterated the company’s intent to secure financial close on US$335 million in senior facilities and to achieve a final investment decision (FID) for the Bécancour project with a Panasonic equity commitment. However, the language surrounding these milestones has shifted from specific timelines to more general forward markers. While previous releases in March, May, and August 2026 targeted a second-half 2026 FID, the current update refers to the Bécancour decision in "upcoming months." Similarly, financial close is described as occurring in "upcoming weeks," a phrase used since the commitment letter was announced in March 2026.

Other updates included the mining lease, a surety bond instalment, a coating announcement with McGill, and the appointment of an Eni representative to the board. Panasonic reiterated its intent that a potential equity investment "may entail an equity investment," a formulation unchanged from the September 14, 2026 release. No commitments have been converted from intent to binding agreement.

The company highlighted several operational and commercial milestones, including zero employee total recordable injury frequency rate (TRIFR), regulatory achievements, R&D optionality, and 70% offtake coverage. However, the report omitted the period-end cash balance, a metric featured in prior quarterly releases dated May 13 and August 13, 2026. Additionally, safety data revealed a contractor TRIFR of 5.78, a deterioration from the zero contractor TRIFR reported in the Q2 2026 update and investor presentations.

Nouveau Monde Graphite Inc. (NYSE: NMG, TSX: NOU) is a Montréal-based developer constructing a fully integrated natural graphite platform in Québec. The company’s strategy involves mining and concentration at the Matawinie site, followed by purification and active anode material (AAM) manufacturing at Bécancour. Currently pre-production with no revenue, the company is advancing its flagship Matawinie Mine and Concentrator (Phase 2) alongside a second project to produce battery materials.

The Matawinie asset, based on a 2025 Feasibility Study, outlines a 25-year mine life processing 2.56 million tonnes per annum (Mtpa) of ore. The operation targets an average grade of 4.23% C(g) with a 93% mill recovery, producing 105,882 tonnes per annum (tpa) of graphite concentrate with 97.5% C(t) finished purity. The stripping ratio is estimated at 1.16:1. Financial projections indicate initial capital expenditure of US$421 million, annual revenue of US$139 million from direct sales, and annual operating expenses of US$44 million. This structure yields an EBITDA before royalty of US$95 million, representing approximately a 70% margin, with an after-tax payback period of 5.3 years.

Reserves, effective March 25, 2025, with a 2.20% C(g) cut-off, include 17.3 million tonnes (Mt) of Proven reserves at 4.16% Cg and 44.3 Mt of Probable reserves at 4.26% Cg. These total 61.7 Mt at 4.23% Cg, containing 2.6 Mt of graphite. Measured and Indicated resources stand at 130.3 Mt at 4.26% Cg (5.55 Mt contained), plus 23.0 Mt Inferred at 4.28% Cg.

Construction at Matawinie officially began on May 19, 2026, following the confirmation of the Final Investment Decision (FID). The company anticipates construction and commissioning will take approximately 31 months, targeting full commercial production by the end of 2028. Regulatory milestones include the granting of Mining Lease No. 1057 in October 2026 and the approval of the closure plan in the second quarter of 2026. The Government of Canada designated the project a Major Project of National Interest in November 2025. The site benefits from Québec’s tier-1 jurisdiction, low-cost hydroelectricity, and access to highway, rail, and port infrastructure, with road transport to the Bécancour facility spanning approximately 150 km.

The company’s second project is a 13,000 tpa Bécancour Battery Material Plant designed to convert Matawinie concentrate into AAM for Panasonic Energy. The Class 3 AACE estimate for the facility is C$374 million (US$267 million), with completion targeted for the first half of 2026. Nouveau Monde acquired the brownfield site in February 2026, comprising 143,000 square meters, including a 22,000 square meter industrial building. An FID is targeted for the upcoming months, though the project is not funded as of this release.

Additionally, the company holds the 100% owned Uatnan Mining Project. A January 2023 Preliminary Economic Assessment (PEA) outlined a 24-year life producing 500 ktpa of concentrate. The project features an initial capex of C$1,417 million, an after-tax NPV(8%) of C$2,173 million, and an after-tax IRR of 25.9%. The Uatnan project is not financed, not permitted, and is not considered part of the near-term development story.