Nouveau Monde Graphite (NMG) provided an update on its Phase-2 Matawinie Mine and Bécancour Battery Material Plant, indicating that an updated integrated feasibility study is expected early in Q1-2025. The company is actively working with Anchor Customers Panasonic Energy and General Motors to advance product qualification and align contractual components for their multi-year offtake obligations and equity subscription commitments.
NMG has received cumulative expressions of interest totaling approximately US$1.4 billion for its Phase-2 project financing from potential lenders, Anchor Customers, and institutional equity investors. Additionally, the company identified a potential for securing approximately $350 million through the new Canadian Investment Tax Credit for Clean Technology Manufacturing.
Operationally, NMG awarded the 120kV electrical substation contract for the Matawinie Mine to ABB, which will lead its construction to enable full electrification using renewable energy. The company also reported a cash position of US$56.5 million as of September 30, 2024, and announced the appointment of Stéphane Leblanc to its Board of Directors, replacing Stephanie Anderson, and Karine Doucet as Vice President, Human Resources.
Discussions with the Atikamekw First Nation of Manawan are progressing towards an Impact and Benefit Agreement for the Matawinie Mine, building on two previously signed agreements. This engagement aims to ensure local benefits and environmental respect for the project. NMG's technical team is also collaborating with Caterpillar Inc. on the development and deployment of zero-exhaust emission mining equipment for the Matawinie Mine.
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