Tearsheet

Nouveau Monde Graphite (NMG)

Market Price (3/18/2026): $2.25 | Market Cap: $346.3 Mil
Sector: Materials | Industry: Diversified Metals & Mining

Nouveau Monde Graphite (NMG)

Market Price (3/18/2026): $2.25
Market Cap: $346.3 Mil
Sector: Materials
Industry: Diversified Metals & Mining

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%	Weak multi-year price returns 2Y Excs Rtn is -31%, 3Y Excs Rtn is -130%	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
1	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, Battery Technology & Metals, and Renewable Energy Transition. Themes include EV Battery Materials, Show more.		Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -63 Mil
2			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -41%
3			Key risks NMG key risks include [1] a substantial capital shortfall to finance its development plans, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%
1	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, Battery Technology & Metals, and Renewable Energy Transition. Themes include EV Battery Materials, Show more.
2	Weak multi-year price returns 2Y Excs Rtn is -31%, 3Y Excs Rtn is -130%
3	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -63 Mil
5	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -41%
6	Key risks NMG key risks include [1] a substantial capital shortfall to finance its development plans, Show more.

Valuation, Metrics & Events

	3/18/26	2025	2024	2023	2022	2021
Share Price CYE	$2.25	$2.48	$1.59	$2.61	$3.82	$6.99
Market Cap CYE ($ Mil)	346.3	381.7	180.2	158.5	213.1	325.6
Total Debt ($ Mil)	19.8	19.8	17.7	57.5	5.0	19.0
Total Cash ($ Mil)	61.8	61.8	56.5	48.6	14.0	81.3
Enterprise Value ($ Mil)	304.3	401.5	197.9	216.0	218.1	344.6
Valuation Ratios
P/S TTM	-	-	-	-	-	-
P/EBIT TTM	-2.7	-2.9	-3.0	-4.7	-4.1	-9.4
P/E TTM	-2.6	-2.9	-2.7	-3.6	-4.0	-8.7
P/FCF TTM	-5.4	-5.9	-3.2	-2.8	-2.9	-5.7
Sector Ratios
P/S TTM (Sector)	1.8	1.7	1.4	1.4	1.2	1.5
P/EBIT TTM (Sector)	6.3	5.9	6.9	7.0	5.7	6.6
P/E TTM (Sector)	-0.3	-0.4	6.6	8.6	5.2	7.8
P/FCF TTM (Sector)	9.0	7.4	8.0	5.7	2.8	6.4

	3/18/26	2025	2024
Share Price CYE	$2.25	$2.48	$1.59
Market Cap CYE ($ Mil)	346.3	381.7	180.2
Total Debt ($ Mil)	19.8	19.8	17.7
Total Cash ($ Mil)	61.8	61.8	56.5
Enterprise Value ($ Mil)	304.3	401.5	197.9
Valuation Ratios
P/S TTM	-	-	-
P/EBIT TTM	-2.7	-2.9	-3.0
P/E TTM	-2.6	-2.9	-2.7
P/FCF TTM	-5.4	-5.9	-3.2
Sector Ratios
P/S TTM (Sector)	1.8	1.7	1.4
P/EBIT TTM (Sector)	6.3	5.9	6.9
P/E TTM (Sector)	-0.3	-0.4	6.6
P/FCF TTM (Sector)	9.0	7.4	8.0

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Metric	Value	Date	Source
Planned Annual Production of Active Anode Material (Phase 2)	44,000 tonnes	10082025	Link
Planned Annual Nominal Graphite Concentrate Production (Phase 2)	106,000 tonnes	10082025	Link
Planned Annual Graphite Concentrate Production (Phase 3 - Uatnan Project)	500,000 tonnes	10082025	Link
Offtake Agreement Volume (Government of Canada)	30,000 tonnes per annum	10312025	Link
Offtake and Marketing Agreement Volume (Traxys)	20,000 tonnes per annum	10312025	Link
Probable Mineral Reserves	44.3 million tonnes	3312025	Link
Proven Mineral Reserves	17.3 million tonnes	3312025	Link
Life of Mine (LOM)	25 years	10082025	Link
Number of Employees	113	12312024	Link
Patent Application for Thermochemical Purification Technology	Submitted	8132021	Link
Total Recordable Injury Frequency Rate (TRIFR)	1.77	3312025	Link
Major Environmental Incidents	0	5152024	Link

Upcoming
3/30/2026	Earnings Release	Rev: - EPS: -
4/07/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Nouveau Monde Graphite (NMG) stock has lost about 20% since 11/30/2025 because of the following key factors:

1. Q3 2025 Earnings Miss Exacerbated Investor Concerns.

Nouveau Monde Graphite reported its Q3 2025 earnings on November 11, 2025, posting an earnings per share (EPS) of -$0.36, significantly missing analysts' consensus estimates of -$0.06 by 500%. This substantial earnings miss, occurring just before the start of the specified period, likely contributed to a negative sentiment and downward pressure on the stock.

2. Share Dilution from a US$20 Million Public Offering.

In December 2025, Nouveau Monde Graphite completed a public offering, raising approximately US$20 million in gross proceeds. This equity raise typically leads to the dilution of existing shares, which can negatively impact the stock price by increasing the number of outstanding shares without an immediate proportional increase in company value.

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Stock Movement Drivers

Fundamental Drivers

The -20.3% change in NMG stock from 11/30/2025 to 3/17/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).

(LTM values as of)	11302025	3172026	Change
Stock Price ($)	2.95	2.35	-20.3%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	154	154	0.0%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/17/2026

	Return	Correlation
NMG	-20.3%
Market (SPY)	-1.8%	21.8%
Sector (XLB)	10.8%	19.4%

Fundamental Drivers

The 20.5% change in NMG stock from 8/31/2025 to 3/17/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

(LTM values as of)	8312025	3172026	Change
Stock Price ($)	1.95	2.35	20.5%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	154	154	-0.2%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/17/2026

	Return	Correlation
NMG	20.5%
Market (SPY)	4.3%	26.0%
Sector (XLB)	7.8%	21.3%

Fundamental Drivers

The 46.9% change in NMG stock from 2/28/2025 to 3/17/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

(LTM values as of)	2282025	3172026	Change
Stock Price ($)	1.60	2.35	46.9%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	113	154	-26.4%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/17/2026

	Return	Correlation
NMG	46.9%
Market (SPY)	13.9%	16.5%
Sector (XLB)	13.2%	21.0%

Fundamental Drivers

The -57.0% change in NMG stock from 2/28/2023 to 3/17/2026 was primarily driven by a -63.7% change in the company's Shares Outstanding (Mil).

(LTM values as of)	2282023	3172026	Change
Stock Price ($)	5.47	2.35	-57.0%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	56	154	-63.7%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/17/2026

	Return	Correlation
NMG	-57.0%
Market (SPY)	75.6%	15.0%
Sector (XLB)	27.7%	20.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
NMG Return	6037%	-45%	-32%	-39%	56%	-11%	1832%
Peers Return	-23%	-61%	-41%	2%	-2%	-31%	-88%
S&P 500 Return	27%	-19%	24%	23%	16%	-2%	78%
Monthly Win Rates [3]
NMG Win Rate	17%	17%	42%	33%	58%	0%
Peers Win Rate	42%	25%	38%	46%	50%	17%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
NMG Max Drawdown	0%	-50%	-48%	-52%	-16%	-20%
Peers Max Drawdown	-34%	-64%	-47%	-52%	-65%	-33%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-3%

[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 3/17/2026 (YTD)

How Low Can It Go

Unique Key	Event	NMG	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-87.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	667.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-47.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	89.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	427 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-47.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	91.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	584 days	120 days

Compare to EAF, WWR

In The Past

Nouveau Monde Graphite's stock fell -87.0% during the 2022 Inflation Shock from a high on 5/24/2021. A -87.0% loss requires a 667.7% gain to breakeven.

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About Nouveau Monde Graphite (NMG)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Nouveau Monde Graphite Inc. engages in the acquisition, exploration, development, and evaluation of mineral properties in Canada. It primarily explores for graphite. The company's flagship project is the Matawinie property that includes 392 mining claims covering an area of 21,750 hectares situated to the north of Montreal, Quebec. It also engages in the real estate and trading businesses. The company was formerly known as Nouveau Monde Mining Enterprises Inc. and changed its name to Nouveau Monde Graphite Inc. in February 2017. Nouveau Monde Graphite Inc. was founded in 2011 and is headquartered in Saint-Michel-des-Saints, Canada.

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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)
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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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The key risks to Nouveau Monde Graphite's business are primarily centered around its financial health and ongoing need for substantial capital, the inherent volatility of graphite commodity prices, and the significant operational, regulatory, and environmental challenges associated with developing and operating a large-scale mining project.

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.


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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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					Top Gainers
Ticker Company Mkt Cap (B) 1M Rtn YTD Rtn
CRCL Circle Internet 30.4 120.4% 66.8%
LWLG Lightwave Logic 1.0 110.9% 127.2%
AMPX Amprius Technologies 2.5 94.4% 145.6%
AAOI Applied Optoelectronics 5.5 94.2% 147.6%
SOC Sable Offshore 1.7 93.8% 91.0%
DAWN Day One Biopharmaceuticals 2.2 87.6% 128.4%
AXTI AXT 1.9 83.0% 171.3%
OCGN Ocugen 0.7 73.8% 81.5%
ACLX Arcellx 6.5 67.2% 75.6%
DNTH Dianthus Therapeutics 3.0 66.5% 91.5%
Top Losers
Ticker Company Mkt Cap (B) 1M Rtn YTD Rtn
MNKD MannKind 0.8 -51.8% -51.9%
GRAL GRAIL 1.7 -51.4% -44.7%
EOSE Eos Energy Enterprises 1.5 -49.2% -50.8%
CWH Camping World 0.4 -45.5% -35.7%
VITL Vital Farms 0.7 -44.7% -50.8%
PSIX Power Solutions International 1.3 -43.8% -2.8%
GO Grocery Outlet 0.6 -43.1% -42.1%
MATV Mativ 0.5 -40.8% -27.9%
SHLS Shoals Technologies 1.0 -39.7% -27.4%
FWRD Forward Air 0.5 -38.6% -34.2%
				
			
		
	

	
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				 Peer Comparisons
Peers to compare with: 
				
				Financials
 NMG EAF WWR Median
Name Nouveau . GrafTech. Westwate.  
Mkt Price 2.35 5.99 0.76 2.35
Mkt Cap 0.4 0.2 0.1 0.2
Rev LTM 0 504 0 0
Op Inc LTM -63 -77 -13 -63
FCF LTM -65 -121 -17 -65
FCF 3Y Avg -59 -57 -40 -57
CFO LTM -48 -82 -10 -48
CFO 3Y Avg -44 -15 -10 -15
				Growth & Margins
 NMG EAF WWR Median
Name Nouveau . GrafTech. Westwate.  
Rev Chg LTM - -6.4% - -6.4%
Rev Chg 3Y Avg - -23.7% - -23.7%
Rev Chg Q - -13.2% - -13.2%
QoQ Delta Rev Chg LTM - -3.4% - -3.4%
Op Mgn LTM - -15.3% - -15.3%
Op Mgn 3Y Avg - -11.9% - -11.9%
QoQ Delta Op Mgn LTM - -3.3% - -3.3%
CFO/Rev LTM - -16.2% - -16.2%
CFO/Rev 3Y Avg - -3.8% - -3.8%
FCF/Rev LTM - -23.9% - -23.9%
FCF/Rev 3Y Avg - -11.4% - -11.4%
				Valuation
 NMG EAF WWR Median
Name Nouveau . GrafTech. Westwate.  
Mkt Cap 0.4 0.2 0.1 0.2
P/S - 0.3 - 0.3
P/EBIT -2.8 -2.1 -4.9 -2.8
P/E -2.7 -0.7 -3.4 -2.7
P/CFO -7.5 -1.9 -6.5 -6.5
Total Yield -36.5% -139.4% -29.6% -36.5%
Dividend Yield 0.0% 0.0% 0.0% 0.0%
FCF Yield 3Y Avg -27.7% -52.1% -121.4% -52.1%
D/E 0.1 6.9 0.2 0.2
Net D/E -0.1 6.1 -0.0 -0.0
				Returns
 NMG EAF WWR Median
Name Nouveau . GrafTech. Westwate.  
1M Rtn 9.3% -10.2% -14.1% -10.2%
3M Rtn -22.7% -61.8% -16.6% -22.7%
6M Rtn 11.4% -44.3% 9.9% 9.9%
12M Rtn 47.8% -45.0% 16.1% 16.1%
3Y Rtn -51.8% -86.7% -30.6% -51.8%
1M Excs Rtn 11.1% -8.4% -12.3% -8.4%
3M Excs Rtn -17.9% -63.2% -21.8% -21.8%
6M Excs Rtn 7.8% -44.4% 10.5% 7.8%
12M Excs Rtn 37.6% -64.6% 1.4% 1.4%
3Y Excs Rtn -129.7% -162.6% -111.4% -129.7%
				Comparison Analyses
null
			
		
	

	
		
			
				
				 FDIC Bank Data
				Capital & Deposits
Assets
Loans
				
					Bank Capital
nullBank Deposits
null
					Bank Assets
null
					Bank Loans
null
				
			
		
	

	
		
			
				
				 FDA Approved Drugs Data
				Expand for Morenull
				Collapse to Previewnull
			
		
	

	
		
			
				
				 Financials
				Annual
Quarterly
				$ Mil | FY: 12/31 LTM 2024 2023 2022 2021 2020 2019
Period End 9/30/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019
Filing Date 11/12/2025 3/31/2025 3/28/2024 3/24/2023 3/30/2022 4/6/2021 4/29/2020

Key Financials              
Total Revenue 0 0 0 0 0 0 0
EBITDA -122 -60 -36 -41 -36 -16 -16
Operating Income -63 -85 -55 -55 -38 -17 -17
Net Income -132 -73 -56 -48 -40 -18 -17
EPS -0.91 -0.71 -0.93 -0.86 -0.93 -0.68 -0.75

Growth Rates              
Total Revenue Growth - - - - - - -
EBITDA Growth -139.1% -65.0% 11.9% -13.7% -132.2% 3.2% -240.0%
Operating Income Growth 25.2% -54.6% 0.2% -43.5% -130.7% 3.3% -230.6%
Net Income Growth -94.3% -30.9% -17.3% -19.6% -121.9% -5.5% -111.5%

Margins              
EBITDA Margin - - - - - - -
Operating Income Margin - - - - - - -
Net Income Margin - - - - - - -

Cash & Debt              
Total Cash 62 106 36 60 62 5 4
Total Debt 20 19 57 61 4 17 5
Net Debt / (Cash) -42 -87 21 1 -58 13 1

Cash Flows              
Net Cash from Operations -48 -52 -40 -45 -34 -18 -19
Free Cash from Operations -65 -66 -50 -72 -71 -19 -34

Returns to Shareholders              
Dividends 0 -0 -0 -0 -0 -0 -0
Share Repurchases -0 -0 -0 -0 -0 -0 -0
$ Mil | FY: 12/31 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4 2023Q3 2023Q2 2023Q1 2022Q4
Period End 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Filing Date 11/12/2025 8/14/2025 5/14/2025 3/31/2025 11/14/2024 8/14/2024 5/14/2024 3/28/2024 11/8/2023 8/10/2023 5/10/2023 3/24/2023

Key Financials Quarterly                        
Total Revenue 0 0 0 0 0 0 0 0 0 0 0 0
Ebitda -75 -18 -10 -19 -6 -8 -27 -11 -10 6 -21 -2
Operating Income -13 -17 -19 -15 -18 -18 -34 -15 -13 -14 -13 -13
Net Income -77 -21 -12 -22 -8 -11 -32 -17 -16 1 -25 -5
EPS -0.50 -0.14 -0.08 -0.19 -0.07 -0.10 -0.43 -0.27 -0.26 0.02 -0.45 -0.09

Key Financials TTM                        
Total Revenue TTM 0 0 0 0 0 0 0 0 0 0 0 0
Ebitda TTM -122 -53 -43 -60 -51 -55 -42 -36 -27 -28 -47 -41
Operating Income TTM -63 -68 -70 -85 -85 -80 -76 -55 -53 -52 -53 -55
Net Income TTM -132 -63 -53 -73 -68 -75 -63 -56 -44 -41 -57 -48

Growth Rates Quarterly                        
Total Revenue Growth - - - - - - - - - - - -
EBITDA Growth -1200.4% -135.9% 63.4% -77.0% 42.2% -231.8% -26.9% -462.5% 11.2% 145.7% -40.1% 80.0%
Operating Income Growth 27.5% 6.3% 45.6% -1.5% -37.6% -29.3% -157.6% -17.0% -10.0% 5.6% 16.7% -27.8%
Net Income Growth -851.5% -89.6% 61.4% -32.1% 48.1% -976.7% -28.2% -242.8% -21.6% 109.0% -56.5% 54.5%

Margins Quarterly                        
EBITDA Margin - - - - - - - - - - - -
Operating Income Margin - - - - - - - - - - - -
Net Income Margin - - - - - - - - - - - -

Cash & Debt                        
Total Cash 62 73 89 106 57 74 88 36 49 60 49 60
Total Debt 20 19 19 19 18 18 60 57 58 56 73 61
Net Debt / (Cash) -42 -55 -70 -87 -39 -56 -28 21 9 -4 24 1

Cash Flows Quarterly                        
FCF from Operations -6 -12 -13 -17 -12 -11 -12 -11 -9 -11 -9 -9

Cash Flows TTM                        
FCF from Operations TTM -48 -54 -53 -52 -46 -43 -43 -40 -38 -42 -41 -45

Returns to Shareholders Quarterly                        
Dividends 0 0 0 0 0 0 0 0 0 0 0 0
Share Repurchases -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0

Return on Invested Capital (ROIC) Quarterly                        
ROIC -12.7% -16.6% -19.5% -17.0% -20.9% -21.9% -44.4% -20.4% -18.6% -19.0% -20.2% -21.7%

Return on Invested Capital (ROIC) TTM                        
ROIC TTM -15.4% -17.2% -18.2% -23.6% -24.8% -24.8% -24.7% -18.6% -18.8% -19.5% -20.0% -23.1%
			
		
	

	
		
			
				
				 Segment Financials
Assets by Segment
$ Mil 2024 2023 2022 2021 2020
Single Segment 124 150 126 21 17
Total 124 150 126 21 17



			
		
	

	
		
			
				
				 Price Behavior
				Behavior Stats
Betas Matrix
Behavior vs Other Asset Classes
				
					Price Behavior
Market Price $2.35  
Market Cap ($ Bil) 0.4  
First Trading Date 03/20/2018  
Distance from 52W High -53.6%  
    50 Days 200 Days
DMA Price $2.50 $2.39
DMA Trend up down
Distance from DMA -5.8% -1.8%
  3M 1YR
Volatility 83.2% 98.3%
Downside Capture 333.77 87.94
Upside Capture 206.82 112.61
Correlation (SPY) 25.9% 14.2%
					
NMG Betas & Captures as of 2/28/2026


  1M 2M 3M 6M 1Y 3Y
Beta 3.51 2.49 1.36 2.61 0.81 0.77
Up Beta 3.12 1.41 0.38 5.41 0.85 0.91
Down Beta 0.62 0.93 0.47 1.40 0.38 0.10
Up Capture 325% 367% 118% 295% 124% 43%
Bmk +ve Days 9 20 31 70 142 431
Stock +ve Days 9 19 29 56 104 289
Down Capture 527% 343% 257% 189% 97% 107%
Bmk -ve Days 12 21 30 54 109 320
Stock -ve Days 11 21 30 63 125 413


[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
					
						
							1Y
							5Y
							10Y
						
						
							Based On 1-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with NMG
NMG 56.0% 98.4% 0.87 -
Sector ETF (XLB) 17.0% 20.6% 0.66 18.7%
Equity (SPY) 20.3% 18.8% 0.85 14.1%
Gold (GLD) 68.2% 26.2% 1.97 26.6%
Commodities (DBC) 19.1% 17.3% 0.89 20.3%
Real Estate (VNQ) 7.6% 16.1% 0.27 1.5%
Bitcoin (BTCUSD) -10.5% 44.3% -0.12 21.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
							Based On 5-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with NMG
NMG -31.3% 76.2% -0.20 -
Sector ETF (XLB) 6.9% 18.8% 0.26 25.0%
Equity (SPY) 13.0% 17.0% 0.60 22.2%
Gold (GLD) 23.4% 17.2% 1.11 17.0%
Commodities (DBC) 11.0% 19.0% 0.47 16.2%
Real Estate (VNQ) 4.8% 18.8% 0.16 13.6%
Bitcoin (BTCUSD) 6.1% 56.7% 0.33 15.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
							Based On 10-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with NMG
NMG -20.8% 77.2% -0.25 -
Sector ETF (XLB) 10.8% 20.6% 0.47 26.4%
Equity (SPY) 14.8% 17.9% 0.71 23.9%
Gold (GLD) 14.4% 15.6% 0.76 16.7%
Commodities (DBC) 8.5% 17.6% 0.40 17.6%
Real Estate (VNQ) 5.8% 20.7% 0.24 17.7%
Bitcoin (BTCUSD) 68.3% 66.8% 1.07 14.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
						
					
				
			
		
		
			
				
				 Short Interest
Short Interest: As Of Date 2272026
Short Interest: Shares Quantity 0.8 Mil
Short Interest: % Change Since 2152026 -10.9%
Average Daily Volume 0.9 Mil
Days-to-Cover Short Interest 1
Basic Shares Quantity 153.9 Mil
Short % of Basic Shares 0.6%
			
		
	

	
		
			
				 Returns Analysesnull
			
		
	

	
		
			
				
				 Earnings Returns History
				Expand for More  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      
				Collapse to Preview  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 MoreReport Date Filing Date Filing
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
				Collapse to PreviewReport Date Filing Date Filing
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
			
		
	

	
		
			
				
				 Insider Activity
				Expand for Morenull
				Collapse to Previewnull
			
		
	
	
	
		
			
				
				 NMG Trade Sentinel
				
				
					
						
					
					
						
					
					
						
					
					
						
					
				
				
				
				
				
					
						
							
								
									
										Stock Conviction									
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									 	CONVICTION RATIONALE
										null
									 
								
								
									
										
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										INVESTMENT THESIS
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											Mechanism:
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											Supporting Evidence:
											
												
											
										
									
								
								
								
									
										PRIMARY RISK
										null
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											Mechanism:
											null
										
										
										
											Supporting Evidence:
											
												 
											
										
									
								
							

							
								 Key KPI Watchlist
								 
									
										
											
												
													KPI
													Threshold
													Rationale
												
											
											
												
											
										
									
								 
							

						
					

					
						
							
								Core Investment Debate
								
							

							
								
									
										BULL VIEW
										
									
								
								
									
										CORE TENSION
										
										
										PREVAILING SENTIMENT
										
										
									
								
								
									
										BEAR VIEW
										
									
								
							

							
								Next 6 months: Risks and Catalysts
								
									
										
											
												
													Timeline
													Event & Metric To Watch
												
											
											
												
											
										
									
								
							

							
								Key Events in Last 6 Months
								
									
										
											
												
													Date
													Event
													Stock Impact
												
											
											
												
											
										
									
								
							

							
								Risk Management
								
									
										
											 Position Sizing
											null
											null
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											 Diversification Alternatives
											
												
											
										
									
								
							
						
					

					
						
							How Is The Market Pricing NMG?

							
								
									
								
							

							
								
									
								
							

							
								
									
										 What will confirm the thesis
										
									
								

								
									
										 What will damage the thesis
										
									
								

								
									
										 Noise: Real but irrelevant to thesis
										
									
								
							

							
								Repricing Catalyst
								
							

							
								What NMG Makes & Who Pays

								
									
										TTM figures based on 
									
								
								
								
									
								
							

							
								NMG Evolution: Price Return by Era
								
								
								

								
									
										
									
								
							

						
					

					
						
						
							
							
								
								

								
									
										① Structure
										
											0
											
										
										
									
									
										② Volume / Momentum
										
											0
											
										
										
									
									
										③ Catalyst
										
											0
											
										
										
									
								

								
									Combined Score
									
										
									
									0 / 12
								
							

							
								
									1
									Price Structure & Trend
									 · 
									▾
								
								
									
										▲
										
									

									
										
											Current
											$
											
											
										
										
											20D SMA
											$
											
											Below
										
										
											50D SMA
											$
											Slope: %
											Below
										
										
											200D SMA
											$
											Slope: %
											Below
										
									

									
										✕
										 —  trading days ago
									

									
										
											52W High
											$
										
										
											From 52W High
											%
										
										
											All-Time High
											$
										
										
											From ATH
											%
										
									
									
										
											52W Low
											$
										
										
											From 52W Low
											%
										
									
								
							

							
								
									2
									Momentum
									
									▾
								
								
									
										↑
										
									

									
										
											5D
											%
											
										
										
											20D
											%
											
										
										
											63D
											%
											
										
										
											126D
											%
											
										
										
											252D
											%
											
										
									
								
							

							
								
									3
									Relative Strength vs. SPY
									
									▾
								
								
									
										↑
										
									

									
										
											20D
											
											%
										
										
											63D
											
											%
										
										
											126D
											
											%
										
										
											252D
											
											%
										
									

									
										
											RS Trend
											%
										
										
											RS Character
											
										
									
								
							

							
								
									4
									Institutional Footprint & Volume
									
									▾
								
								
									
										↓
										
									
									
										◈
										
									

									
										
											Score
											
										
										
											Up/Down Vol 20D
											
										
										
											Up/Down Vol 60D
											
										
									
									
										
											OBV Slope 20D
											
										
										
											OBV Slope 60D
											
										
										
											Hi-Conv Up Days
											
											Past 60D
										
										
											Hi-Conv Down Days
											
											Past 60D
										
									
									
										
											Volume Trend
											
											20D avg vs 60D avg
										
										
									
								
							

							
								
									5
									Volatility
									
									▾
								
								
									
										≈
										
									
									
										
											HV 20D
											%
										
										
											HV 60D
											%
										
										
											HV 252D
											%
										
									
									
										
											Compression Ratio
											
										
										
											ATR 14D
											%
										
									
								
							

							
								
									6
									Key Price Levels
									Range · Vol 
									▾
								
								
									
										◈
										
									
									
										
											Nearest Resistance
											$
											% away ·  touches
										
										
											Nearest Support
											$
											% away ·  touches
										
										
											2nd Support
											$
											 touches
										
										
											Risk / Reward
											×
										
									
									
										
											Approach Volume
											
										
										
											Current Price
											$
										
									
								
							

							
								
									7
									Earnings Reaction History
									
									▾
								
								
									
										★
										
									
									
										
											
												
												
											
											
												%
												Earnings Day Return · Vol Spike ×
												
													
														5D
														%
													
													
														10D
														%
													
													
														20D
														%
													
													
														Post Vol
														×
													
												
												
												
											
										
										
											
												
												
											
											
												%
												Earnings Day Return · Vol Spike ×
												
													
														5D
														%
													
													
														10D
														%
													
													
														20D
														%
													
													
														Post Vol
														×
													
												
												
												
											
										
									
								
							

							
								
									8
									How the Verdict Is Derived
									Three Pillars
									▾
								
								
									
										
											
												Pillar
												Score
											
										
										
											
												① Structure
												0
											
											
												② Vol / Mom
												0
											
											
												③ Catalyst
												0
											
										
									
									
										ℹ
										
											Bull Pillars: 0 ·
											Bear Pillars: 0 ·
											Combined Score: 0 →
											
										
									
								
							

							
								Price Intelligence is derived from price-volume pattern analysis only. All moving averages are simple (SMA). Relative strength benchmarked against SPY.
							
						
					
					
				
			
		
	
	
	
		
			
				
				 Industry Resourcesnull
			
		
		
			
				
				 External Quote Links
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Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
IP_1312026_Insider_Buying_45D_2Buy_200K	01312026	IP	International Paper	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	9.1%	9.1%	0.0%
B_1302026_Quality_Momentum_RoomToRun_10%	01302026	B	Barrick Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	11.7%	11.7%	-4.0%
AMR_12312025_Insider_Buying_45D_2Buy_200K	12312025	AMR	Alpha Metallurgical Resources	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	-18.6%	-18.6%	-18.6%
EMN_12262025_Dip_Buyer_ValueBuy	12262025	EMN	Eastman Chemical	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	18.9%	18.9%	0.0%
AMCR_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	AMCR	Amcor	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	19.2%	19.2%	-0.5%

	NMG	EAF	WWR	Median
Name	Nouveau .	GrafTech.	Westwate.
Mkt Price	2.35	5.99	0.76	2.35
Mkt Cap	0.4	0.2	0.1	0.2
Rev LTM	0	504	0	0
Op Inc LTM	-63	-77	-13	-63
FCF LTM	-65	-121	-17	-65
FCF 3Y Avg	-59	-57	-40	-57
CFO LTM	-48	-82	-10	-48
CFO 3Y Avg	-44	-15	-10	-15

Market Price	$2.35
Market Cap ($ Bil)	0.4
First Trading Date	03/20/2018
Distance from 52W High	-53.6%
	50 Days	200 Days
DMA Price	$2.50	$2.39
DMA Trend	up	down
Distance from DMA	-5.8%	-1.8%
	3M	1YR
Volatility	83.2%	98.3%
Downside Capture	333.77	87.94
Upside Capture	206.82	112.61
Correlation (SPY)	25.9%	14.2%

	1M	2M	3M	6M	1Y	3Y
Beta	3.51	2.49	1.36	2.61	0.81	0.77
Up Beta	3.12	1.41	0.38	5.41	0.85	0.91
Down Beta	0.62	0.93	0.47	1.40	0.38	0.10
Up Capture	325%	367%	118%	295%	124%	43%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	9	19	29	56	104	289
Down Capture	527%	343%	257%	189%	97%	107%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	11	21	30	63	125	413

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with NMG
NMG	56.0%	98.4%	0.87	-
Sector ETF (XLB)	17.0%	20.6%	0.66	18.7%
Equity (SPY)	20.3%	18.8%	0.85	14.1%
Gold (GLD)	68.2%	26.2%	1.97	26.6%
Commodities (DBC)	19.1%	17.3%	0.89	20.3%
Real Estate (VNQ)	7.6%	16.1%	0.27	1.5%
Bitcoin (BTCUSD)	-10.5%	44.3%	-0.12	21.6%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with NMG
NMG	-31.3%	76.2%	-0.20	-
Sector ETF (XLB)	6.9%	18.8%	0.26	25.0%
Equity (SPY)	13.0%	17.0%	0.60	22.2%
Gold (GLD)	23.4%	17.2%	1.11	17.0%
Commodities (DBC)	11.0%	19.0%	0.47	16.2%
Real Estate (VNQ)	4.8%	18.8%	0.16	13.6%
Bitcoin (BTCUSD)	6.1%	56.7%	0.33	15.8%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with NMG
NMG	-20.8%	77.2%	-0.25	-
Sector ETF (XLB)	10.8%	20.6%	0.47	26.4%
Equity (SPY)	14.8%	17.9%	0.71	23.9%
Gold (GLD)	14.4%	15.6%	0.76	16.7%
Commodities (DBC)	8.5%	17.6%	0.40	17.6%
Real Estate (VNQ)	5.8%	20.7%	0.24	17.7%
Bitcoin (BTCUSD)	68.3%	66.8%	1.07	14.7%

Short Interest: As Of Date	2272026
Short Interest: Shares Quantity	0.8 Mil
Short Interest: % Change Since 2152026	-10.9%
Average Daily Volume	0.9 Mil
Days-to-Cover Short Interest	1
Basic Shares Quantity	153.9 Mil
Short % of Basic Shares	0.6%

	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

Report Date	Filing Date	Filing
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

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Nouveau Monde Graphite (NMG)

Market Price (3/18/2026): $2.25 | Market Cap: $346.3 MilSector: Materials | Industry: Diversified Metals & Mining

Nouveau Monde Graphite (NMG)

Market Price (3/18/2026): $2.25Market Cap: $346.3 MilSector: MaterialsIndustry: Diversified Metals & Mining

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Market Price (3/18/2026): $2.25 | Market Cap: $346.3 Mil
Sector: Materials | Industry: Diversified Metals & Mining

Market Price (3/18/2026): $2.25
Market Cap: $346.3 Mil
Sector: Materials
Industry: Diversified Metals & Mining