NMG Secures Senior Project Debt for Phase-2 Matawinie Mine
NMG Secures Senior Project Debt for Phase-2 Matawinie Mine
Fully committed senior project debt commitment letter of US$335 million secured
with EDC and CIB
Long-tenor, flexible project-finance structure with competitive rates and repayment
terms, underpinned by ESG credentials in line with international standards
Clear path to FID with debt commitment representing the first step in financing
schedule
Long-term offtake arrangements underpin project bankability and revenue
visibility, with 75% of the Phase-2 Matawinie Mine future production earmarked
for the Government of Canada, Panasonic Energy and Traxys
Shovel-ready mine project substantially de-risked with detailed engineering (~80%),
site preparatory work, key permits, and instrumental agreements with First Nation
and local community
NMG's Phase-2 Matawinie Mine referred to the Major Projects Office as a project
of national interest to bolster economic growth, accelerate the development of an
integrated value chain in Canada, and support G7 countries and allies in sourcing
critical minerals
MONTRÉAL--(BUSINESS WIRE)--March 17, 2026--Nouveau Monde Graphite Inc. (“NMG”
or the “Company”) (NYSE: NMG, TSX: NOU) has executed a commitment letter in respect of
senior secured project debt to support the construction, development and commissioning of the
Phase-2 Matawinie Mine, a major project of national interest as identified by the Government of
Canada. Leading Canadian public finance institutions, Export Development Canada (“EDC”)
and the Canada Infrastructure Bank (“CIB”), have committed to providing facilities totaling
US$335 million (the “Facilities”) toward the establishment of what is projected to be the largest
graphite mine of the G7 to serve tomorrow’s industries in energy, advanced technology, and
manufacturing.
Eric Desaulniers, Founder, President, and CEO of NMG, stated: “A defining milestone for the
Matawinie Mine, this commitment from EDC and CIB reflects the depth of Canadian public-
finance expertise behind large, strategic infrastructure and critical minerals developments —
and it validates the bankability of our project. With detailed engineering well advanced,
preparatory work executed, key permits secured, and agreements in place with the Atikamekw
First Nation of Manawan and local community, Matawinie is shovel-ready and substantially de-
risked. Backed by long-term offtake arrangements and a disciplined financing structure, we are
advancing with confidence toward final investment decision ('FID') and construction.”
The Honorable Dominic LeBlanc, President of the King’s Privy Council for Canada, Minister of
Internal Trade, and Minister responsible for Canada-U.S. Trade, Intergovernmental Affairs and
One Canadian Economy, declared: “Nouveau Monde Graphite’s project is essential to
accelerating the development of an integrated critical minerals value chain in Canada. By
securing this long-term financing for Phase 2 of the Matawinie Mine, Nouveau Monde Graphite
is helping strengthen a supply chain that is vital to our economic security, while supporting
Canada and other G7 countries in sourcing critical minerals in a reliable and responsible way.
With projects like this one, we are building a stronger and more prosperous Canada — creating
good jobs, advancing the energy transition and unlocking Canada’s full economic potential.”
The Honorable Tim Hodgson, Minister of Energy and Natural Resources, said: “Graphite
underpins battery supply chains, advanced manufacturing, and the technologies that shape the
modern economy. We are the only G7 nation currently producing it, and by bringing the
Matawinie Mine online, we can create new jobs and strengthen Canada’s role as a reliable
supplier to our allies. The Government of Canada is helping move this project toward final
investment decision and construction – just like we promised when we referred the project to the
Major Projects Office. This is what execution looks like.”
The Honorable Joël Lightbound, Minister of Government Transformation, Public Works and
Procurement and Quebec Lieutenant, stated: “Québec has everything it needs to be a leading
player in the global battery supply chain: world-class resources, recognized industrial expertise,
and regions ready to seize growth opportunities. By supporting projects like this one, our
government is strengthening Canada’s position in the critical minerals sector, creating quality
jobs for our workers, and ensuring that our industries have a reliable supply to build the
economy of tomorrow.”
The Honorable Maninder Sidhu, Minister of International Trade, declared: “Canada’s critical
minerals sector is key to building resilient supply chains and supporting the global transition to
a low-carbon economy. By supporting projects like Nouveau Monde Graphite’s Matawinie Mine,
which is set to become the largest graphite mine in the G7, we are strengthening Canada’s role
as a reliable and stable partner in global critical mineral supply chains. This project will help
grow Canadian exports, reinforce secure supply chains with our allies, and further position
Canada as a global leader in responsibly produced critical minerals.”
The Honorable Gregor Robertson, the Minister of Housing, Infrastructure and Communities, and
Minister responsible for Pacific Economic Development Canada said: “Projects like this are key
to building the infrastructure and supply chains Canada needs for the future. The Matawinie
Mine will strengthen our critical minerals value chain, create good jobs, and support sustainable
economic growth while helping Canada and its allies secure the materials needed for clean
energy and advanced manufacturing. Through this agreement in principle, we are helping move
this important project forward and ensuring Canada remains a reliable partner in the global
transition to a low-carbon economy.”
Claude Guay, Parliamentary Secretary to the Minister of Energy and Natural Resources, stated:
“Québec offers the resource base, industrial capability, and project expertise needed to anchor
globally competitive mining and critical minerals development. Today's announcement reflects
the kind of strategic action our government is taking to create jobs and strengthen our economy
and sovereignty, thanks to Quebec’s role in critical supply chains.”
Alison Nankivell, President and CEO, of EDC, added: “EDC is pleased to lead this financing
round in support of the Nouveau Monde Graphite project, reflecting our commitment to building
a strong, end-to-end critical minerals ecosystem in Canada. Projects like the Matawinie Mine
play a strategic role, by strengthening domestic supply chains, creating high-quality jobs, and
positioning Canada as a trusted global supplier of critical minerals. This is a great example of
how EDC is deploying strategic risk capital to support nation-building projects that strengthen
Canada’s economic resilience and advance the Government of Canada’s vision for a secure,
sustainable, and globally competitive critical minerals sector.”
Ehren Cory, CEO of CIB, shared: “The CIB’s commitment of a debt facility to Nouveau Monde
Graphite will advance the next phase of the Matawinie Mine toward final investment decision
and construction. The CIB works to bridge financing gaps and accelerate timelines in large-
scale critical minerals projects which are essential to Canada’s economic competitiveness.”
Key Financing Highlights
The Facilities account for a majority of the project’s capital structure and offer competitive terms
supportive of long-term project economics. Facilities will be available upon completion of the
definitive documentation, final legal, insurance and regulatory due diligence, and satisfaction of
customary conditions precedents (collectively the “Conditions Precedents”). Société Générale is
acting as debt advisor for this transaction.
Total senior project-level debt facilities of US$335 million, including:
o US$290 million senior secured term loan facility
o US$45 million senior secured cost overrun debt facility
Competitive interest rate and repayment structure to support commercial launch
First-ranking security over the Matawinie Mine project and all material assets
Aligned with international best practices for environmental, social and governance
standards, including Equator Principles and IFC Performance Standards
The Facilities will be used to fund eligible project construction costs, working capital
requirements prior to completion, and transaction costs associated with the financing. The cost
overrun facility provides additional protection against construction cost overruns, subject to
defined conditions.
The Phase-2 Matawinie Mine is supported by a portfolio of long-term offtake agreements,
including agreements with the Government of Canada, Panasonic Energy Co., Ltd., a wholly
owned subsidiary of Panasonic Holdings Corporation (TYO: 6752), and Traxys North America
LLC, providing strong revenue visibility and underpinning the project financing structure.
Independent engineering, environmental and social, market, and other specialized advisors have
been appointed to support the financing and oversee construction and ramp-up in accordance
with the agreed development plan.
Path to FID
Following completion of Conditions Precedents, the Company expects to proceed to financial
close and begin drawdowns under the term loan facility in accordance with the project schedule.
Construction preparation, engineering, and procurement are advancing in parallel, with project
execution aligned to the approved development plan. Major contracts awarded over the past few
months, with provisions for full execution upon the Company having reached a positive FID,
represent over 50% of the project’s CAPEX and are within estimates of NMG’s updated
feasibility study for the Phase-2 Matawinie Mine in accordance with National Instrument 43-
101.
The execution of the commitment letter represents a major milestone in the advancement of
NMG’s fully integrated, responsible graphite value chain in Québec, Canada, and supports the
development of a cornerstone asset for Western supply chains. The participation of EDC and the
CIB reflects strong institutional confidence in the project’s fundamentals, its strategic importance
to Canada’s critical minerals ecosystem, and NMG’s execution capabilities.
NMG is actively progressing its negotiations with targeted strategic investors for the equity
component of the project financing with a view to completing the financing structure in a timely
manner.
About Nouveau Monde Graphite
Nouveau Monde Graphite is an integrated company developing responsible mining and
advanced processing operations to supply the global economy with carbon-neutral advanced
graphite materials. The Company is developing in Québec, Canada, a fully integrated ore-to-
processed-graphite value chain to serve tomorrow’s industries in energy, advanced technology,
and manufacturing. With recognized ESG standards and structuring partnerships with major
customers, NMG is set to become a strategic supplier of advanced materials to leading
specialized manufacturers while promoting sustainability, innovation, and supply chain
traceability. www.NMG.com
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Cautionary Note Regarding Forward-Looking Information
This press release contains “forward-looking information” and “forward-looking statements”
within the meaning of applicable securities legislation (collectively, “forward-looking
statements”), including, but not limited to, statements relating to future events or future financial
or operating performance of the Company and reflect management’s expectations and
assumptions regarding the Company’s growth, results, performance and business prospects and
opportunities. Such forward-looking statements reflect management’s current beliefs and are
based on information currently available to it. These forward-looking statements include, but are
not limited to, the Facilities, the Company’s ability to successfully execute definitive agreements
in respect of the Facilities, on the terms and conditions described herein and/or set forth in the
commitment letter or at all, completion of due diligence by EDC and FID, the satisfaction of
customary closing conditions, the expected use of proceeds, the Company’s ability to secure a
positive FID for the Phase-2 Matawinie, the Company’s ability to negotiate and complete
strategic equity investments and the terms and conditions thereof, the completion of the Phase-2
Matawinie Mine, the ability to execute the construction and the commissioning as planned and in
accordance with the execution plan and strategy, the ability of all contractors and suppliers of
the Company to deliver in accordance with their commitment, the expected results and
anticipated benefits for the communities involved, including the Atikamekw First Nation of
Manawan and the local community of Saint-Michel-des-Saints, and the expected results of the
initiatives described in this press release, and those statements which are discussed under the
“About Nouveau Monde Graphite” paragraph and elsewhere in the press release which
essentially describe the Company’s outlook and objectives.
Forward-looking statements are based upon a number of estimates and assumptions that, while
considered reasonable by the Company as of the time of such statements, are inherently subject
to significant business, economic and competitive uncertainties and contingencies. These
estimates and assumptions are not guarantees of future performance and may prove to be
incorrect. Moreover, these forward-looking statements are based upon various underlying
factors and assumptions, including the ability of the Company to enter into definitive agreements
with respect to the Facilities, the results of the due diligence of EDC and CIB, the ability of the
Company to be able to satisfy all conditions to closing in respect of the Facilities, the ability of
the Company to negotiate and complete strategic equity investments, the business relationship
between the Company and its stakeholders, the ability to obtain sufficient financing for the
development of the Matawinie Mine and the Bécancour Battery Material Plant and the
Company’s ability to satisfy the due diligence processes of the stakeholders, and are not
guarantees of future performance.
Forward-looking statements are subject to known or unknown risks and uncertainties that may
cause actual results to differ materially from those anticipated or implied in the forward-looking
statements. Risk factors that could cause actual results or events to differ materially from current
expectations include, among others, availability of financing or financing on favorable terms for
the Company, delays in finalizing the definitive agreements, delays in reaching FID, and general
economic conditions, as well as earnings, capital expenditure, cash flow and capital structure
risks and general business risks. A further description of risks and uncertainties can be found in
NMG’s Annual Information Form dated March 31, 2025, including in the section thereof
captioned “Risk Factors”, which is available on SEDAR+ at www.sedarplus.ca and on EDGAR
at www.sec.gov. Unpredictable or unknown factors not discussed in this Cautionary Note could
also have material adverse effects on forward-looking statements.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause,
actual results to differ materially from those expressed or implied in any forward-looking
statements. There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in
such statements. Forward-looking statements are provided for the purpose of providing
information about management’s expectations and plans relating to the future. The Company
disclaims any intention or obligation to update or revise any forward-looking statements or to
explain any material difference between subsequent actual events and such forward-looking
statements, except to the extent required by applicable law.
Further information regarding the Company is available in the SEDAR+ database
(www.sedarplus.ca), and for United States readers on EDGAR (www.sec.gov), and on the
Company’s website at: www.NMG.com.
Contacts
MEDIA
Julie Paquet
VP Communications & ESG Strategy
+1-450-757-8905 #140
INVESTORS
Marc Jasmin
Director, Investor Relations
+1-450-757-8905 #993