Nouveau Monde Graphite (NMG)
Market Price (6/19/2026): $1.565 | Market Cap: $254.5 MilSector: Materials | Industry: Diversified Metals & Mining
Nouveau Monde Graphite (NMG)
Market Price (6/19/2026): $1.565Market Cap: $254.5 MilSector: MaterialsIndustry: Diversified Metals & Mining
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Battery Technology & Metals, and Renewable Energy Transition. Themes include EV Battery Materials, Show more. | Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -124% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -55 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -42% High stock price volatilityVol 12M is 100% Key risksNMG key risks include [1] a substantial capital shortfall to finance its development plans, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Battery Technology & Metals, and Renewable Energy Transition. Themes include EV Battery Materials, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -124% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -55 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -42% |
| High stock price volatilityVol 12M is 100% |
| Key risksNMG key risks include [1] a substantial capital shortfall to finance its development plans, Show more. |
Qualitative Assessment
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Nouveau Monde Graphite (NMG) stock has lost about 30% since 2/28/2026 because of the following key factors:
1. Significant Shareholder Dilution from Equity Financing.
Nouveau Monde Graphite undertook a substantial equity financing package of US$297 million in fiscal Q2 2026, comprising a US$213 million private placement and an US$84 million public offering, aimed at funding the Phase-2 Matawinie Mine. While critical for project advancement, this financing contributed to a significant dilution for existing shareholders, with the total shares outstanding increasing by 116% over the past year.
2. Persistent Negative Operational Cash Flow.
Despite reporting an earnings per share (EPS) of -$0.02 for fiscal Q1 2026 (ended March 31, 2026), which surpassed analyst estimates, Nouveau Monde Graphite continued to face operational challenges, reporting negative cash flow from operations of -$10.58 million and an EBITDA of -$8.9 million in the same quarter. This indicates ongoing cash constraints and operational inefficiencies.
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Nouveau Monde Graphite (NMG) stock has lost about 30% since 2/28/2026 because of the following key factors:
1. Significant Shareholder Dilution from Equity Financing.
Nouveau Monde Graphite undertook a substantial equity financing package of US$297 million in fiscal Q2 2026, comprising a US$213 million private placement and an US$84 million public offering, aimed at funding the Phase-2 Matawinie Mine. While critical for project advancement, this financing contributed to a significant dilution for existing shareholders, with the total shares outstanding increasing by 116% over the past year.
2. Persistent Negative Operational Cash Flow.
Despite reporting an earnings per share (EPS) of -$0.02 for fiscal Q1 2026 (ended March 31, 2026), which surpassed analyst estimates, Nouveau Monde Graphite continued to face operational challenges, reporting negative cash flow from operations of -$10.58 million and an EBITDA of -$8.9 million in the same quarter. This indicates ongoing cash constraints and operational inefficiencies.
3. Weak Short-Term Global Graphite Market Conditions.
The period saw a challenging short-term environment for global graphite prices, primarily driven by persistent oversupply and a slower-than-anticipated recovery in demand during fiscal Q1 2026. Specifically, North American graphite prices experienced a notable decline of 10.13% quarter-over-quarter, reflecting a general market weakness that impacted graphite producers.
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Stock Movement Drivers
Fundamental Drivers
The -30.1% change in NMG stock from 2/28/2026 to 6/18/2026 was primarily driven by a -5.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.26 | 1.58 | -30.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 154 | 163 | -5.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 6/18/2026| Return | Correlation | |
|---|---|---|
| NMG | -30.1% | |
| Market (SPY) | 9.2% | 54.9% |
| Sector (XLB) | -2.6% | 41.6% |
Fundamental Drivers
The -46.4% change in NMG stock from 11/30/2025 to 6/18/2026 was primarily driven by a -5.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.95 | 1.58 | -46.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 154 | 163 | -5.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 6/18/2026| Return | Correlation | |
|---|---|---|
| NMG | -46.4% | |
| Market (SPY) | 9.9% | 39.5% |
| Sector (XLB) | 17.0% | 30.5% |
Fundamental Drivers
The -11.2% change in NMG stock from 5/31/2025 to 6/18/2026 was primarily driven by a -5.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312025 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.78 | 1.58 | -11.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 153 | 163 | -5.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2025 to 6/18/2026| Return | Correlation | |
|---|---|---|
| NMG | -11.2% | |
| Market (SPY) | 28.1% | 30.0% |
| Sector (XLB) | 22.4% | 25.2% |
Fundamental Drivers
The -49.0% change in NMG stock from 5/31/2023 to 6/18/2026 was primarily driven by a -65.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312023 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.10 | 1.58 | -49.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 56 | 163 | -65.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2023 to 6/18/2026| Return | Correlation | |
|---|---|---|
| NMG | -49.0% | |
| Market (SPY) | 85.7% | 17.6% |
| Sector (XLB) | 46.5% | 21.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NMG Return | 6037% | -45% | -32% | -39% | 56% | -37% | 1278% |
| Peers Return | -23% | -61% | -41% | 2% | -2% | -40% | -89% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| NMG Win Rate | 17% | 17% | 42% | 33% | 58% | 0% | |
| Peers Win Rate | 42% | 25% | 38% | 46% | 50% | 25% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NMG Max Drawdown | -65% | -60% | -66% | -57% | -52% | -56% | |
| Peers Max Drawdown | -54% | -66% | -66% | -53% | -87% | -66% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EAF, WWR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | NMG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.3% | -18.8% |
| % Gain to Breakeven | 39.6% | 23.1% |
| Time to Breakeven | 9 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -24.9% | -7.8% |
| % Gain to Breakeven | 33.1% | 8.5% |
| Time to Breakeven | 154 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -34.2% | -9.5% |
| % Gain to Breakeven | 52.0% | 10.5% |
| Time to Breakeven | 51 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.1% | -33.7% |
| % Gain to Breakeven | 89.1% | 50.9% |
| Time to Breakeven | 427 days | 140 days |
In The Past
Nouveau Monde Graphite's stock fell -28.3% during the 2025 US Tariff Shock. Such a loss loss requires a 39.6% gain to breakeven.
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| Event | NMG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.3% | -18.8% |
| % Gain to Breakeven | 39.6% | 23.1% |
| Time to Breakeven | 9 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -24.9% | -7.8% |
| % Gain to Breakeven | 33.1% | 8.5% |
| Time to Breakeven | 154 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -34.2% | -9.5% |
| % Gain to Breakeven | 52.0% | 10.5% |
| Time to Breakeven | 51 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.1% | -33.7% |
| % Gain to Breakeven | 89.1% | 50.9% |
| Time to Breakeven | 427 days | 140 days |
In The Past
Nouveau Monde Graphite's stock fell -28.3% during the 2025 US Tariff Shock. Such a loss loss requires a 39.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Nouveau Monde Graphite (NMG)
Nouveau Monde Graphite Inc. (NMG) is a Canadian mineral company primarily focused on the acquisition, exploration, and development of graphite properties. Its flagship asset is the Matawinie project, an extensive graphite deposit situated north of Montreal, Quebec, spanning 21,750 hectares across 392 mining claims.
The company's core business involves advancing its Canadian graphite projects from exploration through to potential development and evaluation for future production. Nouveau Monde Graphite aims to produce graphite, a critical mineral increasingly in demand for various industrial applications, particularly in the growing electric vehicle battery and energy storage sectors. While its primary focus is on graphite, the company also has minor engagements in real estate and trading businesses.
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Here is a brief analogy for Nouveau Monde Graphite (NMG):
- Albemarle for graphite: Nouveau Monde Graphite is developing a major source of battery-grade graphite, similar to how Albemarle Corporation is a leading global producer of lithium, both being critical minerals for electric vehicle (EV) batteries and energy storage.
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Major Products and Services of Nouveau Monde Graphite (NMG)
- Graphite: The company acquires, explores, develops, and evaluates mineral properties, primarily focusing on graphite deposits.
- Real Estate: NMG is also involved in real estate businesses.
- Trading: The company engages in various trading businesses.
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Nouveau Monde Graphite (NMG) primarily sells to other companies, particularly those in the electric vehicle (EV) battery and automotive industries. Its major customers include:
- General Motors (NYSE: GM)
- Ford Motor Company (NYSE: F)
- Panasonic Energy Co. Ltd. (a subsidiary of Panasonic Holdings Corporation, TYO: 6752)
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- Metso Outotec (MOCORP)
- AtkinsRéalis (ATR)
- DRA Global (DRA)
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Eric Desaulniers, Founder, President & Chief Executive Officer
Mr. Eric Desaulniers is the Founder, President, and CEO of Nouveau Monde Graphite, a position he has held since January 2013. A professional geologist with a specialization in geophysics and integrated 3D earth modeling, he holds a bachelor's degree in geology and a master's in geophysics from Laval University. Prior to founding Nouveau Monde, he directed ED Exploration, a consulting firm offering geological and geophysical services to the mineral industry. He discovered the world-class Matawinie deposit in 2015, which led to the launch of Nouveau Monde Graphite.
Charles-Olivier Tarte, Chief Financial Officer
Mr. Charles-Olivier Tarte was appointed Chief Financial Officer of Nouveau Monde Graphite effective November 1, 2016. He is a Chartered Professional Accountant and Certified Management Accountant. Before joining Nouveau Monde, Mr. Tarte served as the Natural Graphite Financial Controller for Imerys Graphite & Carbon, where he was responsible for the financial management of a natural graphite mine, a second-transformation plant, and the company's Americas sales office. He earned his Bachelor of Commerce in Accounting and Finance from Université de Sherbrooke.
Bernard Perron, Chief Operating Officer
Mr. Bernard Perron serves as the Chief Operating Officer of Nouveau Monde Graphite. He is an experienced executive with a focus on the execution of major infrastructure projects, and expertise in environment, health and safety, and operations services.
Josée Gagnon, Vice President, Legal Affairs & Corporate Secretary
Ms. Josée Gagnon is the Vice President, Legal Affairs & Corporate Secretary. She brings over 25 years of experience in commercial, transactional, and risk management law. Throughout her career, Ms. Gagnon has primarily worked as a corporate lawyer, overseeing legal affairs, governance, corporate secretarial duties, and board matters. She has also contributed to the development of the first PPP projects in Quebec and significant infrastructure initiatives within the hospital and public transportation sectors.
Martine Paradis, Vice President, Environment & Sustainable Infrastructure
Ms. Martine Paradis holds the position of Vice President, Environment & Sustainable Infrastructure. A geological engineer with a Master's degree in Earth Sciences, she possesses over 20 years of experience in the mining and environmental sectors. Her background includes roles in consulting engineering, the Quebec Ministry of Natural Resources and Forests, and work on various mining sites. She has been instrumental in environmental studies, field operations related to critical environmental infrastructure, the restoration of active and abandoned mining sites, and the integration of environmental considerations into engineering and project development.
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1. Financial Health and Capital Requirements
Nouveau Monde Graphite currently faces significant financial challenges, reporting no revenue growth over the past three years and ongoing losses, with a negative EPS, ROE, and ROA, indicating difficulties in generating returns and potential financial weaknesses. The company's business model is capital-intensive, relying on continuous funding for the development and expansion of its projects, such as the Matawinie Mine and the Bécancour Battery Material Plant. While Nouveau Monde Graphite has recently secured a significant debt package for its Phase-2 Matawinie Mine, the availability of future financing on favorable terms and managing liquidity remain critical for the company's long-term success.
2. Commodity Price Volatility and Market Risks
The profitability of Nouveau Monde Graphite is highly susceptible to the volatility of graphite prices, which fluctuate based on global supply-demand dynamics, including China's dominant market position and demand from the electric vehicle (EV) battery sector. There is also a risk of potential substitution by synthetic graphite or alternative battery technologies, as well as an existing oversupply in the graphite market, which could impact long-term demand and pricing for the company's product. Competition and pricing pressures are significant factors that could affect Nouveau Monde Graphite's ability to achieve anticipated revenues once its mines are in production.
3. Operational, Regulatory, and Environmental Challenges
As a mining company, Nouveau Monde Graphite is exposed to a range of operational, regulatory, and environmental hurdles. Regulatory challenges include securing stringent environmental permits, navigating varying provincial mining regulations in Canada, and adapting to evolving ESG (Environmental, Social, and Governance) requirements, all of which can lead to project delays and increased compliance costs. Technical challenges in processing and producing battery-grade graphite that meets strict specifications also pose a risk. Furthermore, the Matawinie project has faced concerns regarding its potential environmental impact, including the generation of acid drainage from mine waste, and community opposition due to its location in an ecologically sensitive and touristic area. Delays in finalizing definitive agreements and reaching the Final Investment Decision (FID) for its projects are also significant operational risks.
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The widespread adoption of alternative battery chemistries (e.g., sodium-ion batteries that often utilize hard carbon anodes) or anode materials (e.g., silicon-dominant anodes or lithium metal anodes in solid-state batteries) that significantly reduce or eliminate the need for graphite in battery manufacturing.
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Addressable Markets for Nouveau Monde Graphite's Main Products
Nouveau Monde Graphite (NMG) primarily focuses on the production of battery-grade natural spherical graphite, also referred to as active anode material, for use in lithium-ion batteries, particularly for electric vehicles (EVs) and energy storage systems.
The addressable market sizes for their main products are as follows:
* **Global Spherical Graphite Market:** The global spherical graphite market, which is synonymous with battery-grade graphite and is essential for lithium-ion battery anodes, was valued at approximately **USD 3.22 billion in 2025**. It is projected to grow significantly to reach an estimated **USD 13.08 billion by 2033**, demonstrating a robust Compound Annual Growth Rate (CAGR) of 19.12% during this forecast period.
* **North American Spherical Graphite Market:** North America represents a substantial and rapidly growing segment of the global spherical graphite market, holding approximately 40% of the global market share. Based on the 2025 global valuation, the North American spherical graphite market is estimated to be around **USD 1.29 billion in 2025** (40% of USD 3.22 billion). The region is expected to be the fastest-growing in the spherical graphite market. This growth is driven by increasing demand for electric vehicles and energy storage solutions, alongside regulatory support for clean energy initiatives and investments in battery technology in North America.AI Analysis | Feedback
Nouveau Monde Graphite Inc. (NMG) is poised for significant revenue growth over the next 2-3 years, driven by several key factors related to the advancement of its integrated graphite projects and strategic market positioning.
- Ramp-up of Phase 2 Production from Matawinie Mine and Bécancour Battery Material Plant: The primary driver of future revenue growth for NMG is the successful commissioning and ramp-up of its Phase 2 Matawinie Mine and Bécancour Battery Material Plant. The Matawinie Mine is anticipated to begin construction in Q1 2026, with production expected by mid-2028. Following a positive Final Investment Decision (FID), NMG's integrated facilities could achieve commercial production within less than three years, enabling the company to deliver battery-grade graphite and active anode material to market.
- Secured Offtake Agreements and Commercial Partnerships: NMG has strategically secured numerous multi-year offtake agreements and binding term sheets, which collectively cover potentially close to 100% of the future Phase 2 Matawinie Mine flake graphite production. These agreements include a binding term sheet with the Government of Canada for 30,000 tonnes per annum (tpa) of graphite concentrate for strategic applications, a revised offtake agreement with Panasonic Energy for 13,000 tpa of active anode material, and an updated agreement with Traxys for 20,000 tpa of graphite concentrate for the refractory market. Additionally, NMG is in active negotiations for up to 30,000 tpa of graphite concentrate with an established anode manufacturer, potentially supporting General Motors' (GM) needs. These commitments provide a strong foundation for future revenue streams upon commencement of commercial operations.
- Increasing Demand from Electric Vehicle (EV) and Energy Storage Markets: The burgeoning global demand for lithium-ion batteries, particularly from the electric vehicle (EV) and energy storage sectors, is a significant growth catalyst. NMG is strategically positioned to become a key supplier of high-performing, carbon-neutral active anode material to these markets, which are experiencing robust growth. The company's focus on providing a local, integrated source of graphite in North America addresses critical supply chain needs within these rapidly expanding industries.
- Favorable Geopolitical Landscape and Supply Chain Resiliency: Geopolitical factors are enhancing the competitiveness of North American graphite producers. The recognition of the Matawinie Mine as a "Major Project of National Interest" by the Government of Canada underlines its strategic importance for economic growth and domestic supply chain integration. Furthermore, preliminary results of the U.S. Department of Commerce's investigation into Chinese active anode material, suggesting duties up to 160%, are expected to improve the market position and competitiveness of North American suppliers like NMG. This environment supports NMG's objective to provide a resilient and secure supply of critical minerals, reducing reliance on foreign sources.
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Share Issuance
- Nouveau Monde Graphite completed a public offering of common shares totaling US$20 million in December 2025.
- The number of shares outstanding for NMG increased significantly by 62.62% in one year, reaching 152.43 million shares.
Inbound Investments
- In December 2024, the Canada Growth Fund (CGF) invested US$25 million in Nouveau Monde Graphite as part of a US$50 million private placement, with Investissement Québec participating in the remainder.
- Nouveau Monde Graphite secured a US$25 million investment from Panasonic Energy in February 2026, alongside a binding offtake agreement, to support its Phase-2 Matawinie Mine and Battery Material Plant.
- General Motors Holdings LLC is a significant institutional shareholder, suggesting a prior investment in the company.
Capital Expenditures
- Nouveau Monde Graphite faces substantial initial capital expenditures exceeding US$1.3 billion for its projects, including the Matawinie Mine and the Bécancour Battery Material Plant.
- Forecasted capital expenditures for the Matawinie mine are approximately US$415 million, while the Bécancour Battery Material Plant is projected to incur capex of US$911 million.
- The company's capital expenditures for the last 12 months (prior to March 2026) amounted to -$11.65 million.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 1.58 |
| Mkt Cap | 0.2 |
| Rev LTM | 0 |
| Op Inc LTM | -55 |
| FCF LTM | -56 |
| FCF 3Y Avg | -59 |
| CFO LTM | -41 |
| CFO 3Y Avg | -28 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.7% |
| Rev Chg 3Y Avg | -19.2% |
| Rev Chg Q | 11.9% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | -24.2% |
| Op Inc Chg 3Y Avg | -13.3% |
| Op Mgn LTM | -17.3% |
| Op Mgn 3Y Avg | -13.9% |
| QoQ Delta Op Mgn LTM | -2.0% |
| CFO/Rev LTM | -12.4% |
| CFO/Rev 3Y Avg | -6.0% |
| FCF/Rev LTM | -20.3% |
| FCF/Rev 3Y Avg | -13.0% |
Price Behavior
| Market Price | $1.58 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 03/20/2018 | |
| Distance from 52W High | -68.8% | |
| 50 Days | 200 Days | |
| DMA Price | $1.91 | $2.44 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -17.3% | -35.1% |
| 3M | 1YR | |
| Volatility | 79.8% | 100.4% |
| Downside Capture | 510.93 | 310.05 |
| Upside Capture | 192.80 | 215.70 |
| Correlation (SPY) | 54.4% | 30.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.31 | 2.68 | 2.42 | 2.03 | 2.22 | 0.87 |
| Up Beta | 4.63 | 2.37 | 2.25 | 1.89 | 3.06 | 1.00 |
| Down Beta | -3.73 | -6.63 | -0.25 | 0.24 | 1.02 | 0.08 |
| Up Capture | -23% | 170% | 274% | 228% | 323% | 82% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 6 | 16 | 25 | 54 | 102 | 291 |
| Down Capture | 366% | 811% | 341% | 255% | 179% | 108% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 12 | 23 | 35 | 65 | 128 | 410 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NMG | |
|---|---|---|---|---|
| NMG | -8.2% | 100.5% | 0.34 | - |
| Sector ETF (XLB) | 21.2% | 17.5% | 0.94 | 26.1% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 30.8% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 30.0% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | 6.9% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 3.9% |
| Bitcoin (BTCUSD) | -38.3% | 42.4% | -1.02 | 25.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NMG | |
|---|---|---|---|---|
| NMG | -32.8% | 76.5% | -0.20 | - |
| Sector ETF (XLB) | 5.9% | 19.0% | 0.20 | 25.8% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 23.8% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 19.4% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 13.3% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 14.1% |
| Bitcoin (BTCUSD) | 11.6% | 54.2% | 0.41 | 16.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NMG | |
|---|---|---|---|---|
| NMG | -23.9% | 77.3% | -0.32 | - |
| Sector ETF (XLB) | 10.2% | 20.7% | 0.44 | 27.0% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 25.0% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 18.9% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 14.9% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 17.8% |
| Bitcoin (BTCUSD) | 60.4% | 66.8% | 1.00 | 14.8% |
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Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/12/2026 | 6-K |
| 12/31/2025 | 03/26/2026 | 40-F |
| 09/30/2025 | 11/12/2025 | 6-K |
| 06/30/2025 | 08/14/2025 | 6-K |
| 03/31/2025 | 05/14/2025 | 6-K |
| 12/31/2024 | 03/31/2025 | 40-F |
| 09/30/2024 | 11/14/2024 | 6-K |
| 06/30/2024 | 08/14/2024 | 6-K |
| 03/31/2024 | 05/14/2024 | 6-K |
| 12/31/2023 | 03/28/2024 | 40-F |
| 09/30/2023 | 11/08/2023 | 6-K |
| 06/30/2023 | 08/10/2023 | 6-K |
| 03/31/2023 | 05/10/2023 | 6-K |
| 12/31/2022 | 03/24/2023 | 40-F |
| 09/30/2022 | 11/14/2022 | 6-K |
| 06/30/2022 | 08/11/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/12/2026 | 6-K |
| 12/31/2025 | 03/26/2026 | 40-F |
| 09/30/2025 | 11/12/2025 | 6-K |
| 06/30/2025 | 08/14/2025 | 6-K |
| 03/31/2025 | 05/14/2025 | 6-K |
| 12/31/2024 | 03/31/2025 | 40-F |
| 09/30/2024 | 11/14/2024 | 6-K |
| 06/30/2024 | 08/14/2024 | 6-K |
| 03/31/2024 | 05/14/2024 | 6-K |
| 12/31/2023 | 03/28/2024 | 40-F |
| 09/30/2023 | 11/08/2023 | 6-K |
| 06/30/2023 | 08/10/2023 | 6-K |
| 03/31/2023 | 05/10/2023 | 6-K |
| 12/31/2022 | 03/24/2023 | 40-F |
| 09/30/2022 | 11/14/2022 | 6-K |
| 06/30/2022 | 08/11/2022 | 6-K |
| 03/31/2022 | 05/12/2022 | 6-K |
| 12/31/2021 | 03/30/2022 | 40-F |
| 09/30/2021 | 11/12/2021 | 6-K |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Diversified Metals & Mining Resources |
| Mining Technology |
| International Mining |
| Northern Miner |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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