Analogy 1: Albemarle for battery graphite.

Analogy 2: Corning for advanced battery materials.

• Spherical Purified Graphite (SPG): A high-purity graphite product precisely shaped for use as anode material in lithium-ion batteries.
• Coated Spherical Purified Graphite (CSPG): Spherical purified graphite that has been surface-treated with a carbon coating to improve performance and cycle life in lithium-ion battery anodes.

Nouveau Monde Graphite (NMG) sells primarily to other companies (B2B), focusing on providing natural flake graphite and advanced graphite materials for the electric vehicle (EV) battery and energy storage markets. Its major customers, secured through long-term off-take agreements for future production, include:

• Panasonic Energy Co., Ltd.: This is a subsidiary of Panasonic Holdings Corporation (TYO: 6752). Nouveau Monde Graphite has a long-term supply agreement to provide active anode material for EV batteries.
• Ford Motor Company (NYSE: F) and SK On (private company): NMG has an off-take agreement with the joint venture formed by these two companies, primarily for anode material.
• General Motors (GM) (NYSE: GM): Nouveau Monde Graphite has a long-term supply agreement for a significant portion of its natural flake graphite and anode material production.

Major suppliers for Nouveau Monde Graphite (NMG) include:

• AtkinsRéalis (TSX: ATR)
• Metso Corporation (Nasdaq Helsinki: METSO)
• FLSmidth (Nasdaq Copenhagen: FLS)

Eric Desaulniers, Founder, President & Chief Executive Officer

Mr. Eric Desaulniers is a professional geologist with a specialization in geophysics and integrated 3D earth modeling. He founded Nouveau Monde Graphite after discovering the world-class Matawinie deposit in 2015. Prior to launching NMG, he directed ED Exploration, a consulting firm providing geological and geophysical services to the mineral industry. He is responsible for the corporate development of NMG, having overseen the exploration, feasibility, engineering, and permitting stages for the Matawinie Mine and Bécancour Battery Material Plant. Mr. Desaulniers also developed a vertically integrated business model for active anode materials, from all-electric mining to advanced battery materials manufacturing. He previously worked for Sanders Geophysics and the Canadian Armed Forces and holds a bachelor's degree in geology and a master's in geophysics from Laval University.

Charles-Olivier Tarte, Chief Financial Officer

Mr. Charles-Olivier Tarte, CPA, CMA, is a senior executive with over 10 years of operational experience in the graphite industry, focusing on financial management, strategic planning, administration, and technologies. He joined Nouveau Monde Graphite as CFO in November 2016. Before his tenure at NMG, Mr. Tarte served as the Natural Graphite Financial Controller for Imerys Graphite & Carbon, where he managed the finances for a natural graphite mine, a second-transformation plant, and the company's Americas sales office. He obtained his Bachelor of Commerce in Accounting and Finance from the University of Sherbrooke.

Bernard Perron, Chief Operating Officer

Mr. Bernard Perron, P. Eng, MBA, is a seasoned executive with over 25 years of experience in the energy infrastructure sector, specializing in the execution of major infrastructure projects, environment, health, safety, and operations. He has successfully completed projects totaling over $8 billion in the last decade. Before joining Nouveau Monde Graphite, Mr. Perron was Senior Vice President, Project Development & Operations Services, at Inter Pipeline Ltd., where he led the construction of a $4.1 billion industrial complex. He holds an MBA from Queen's University and an Engineering Degree in Materials and Metallurgy from École Polytechnique de Montréal.

Josée Gagnon, Vice President, Legal Affairs & Corporate Secretary

Ms. Josée Gagnon serves as the Vice President, Legal Affairs & Corporate Secretary for Nouveau Monde Graphite.

Patrice Boulanger, Vice President, Sales, Marketing & Business Development

Mr. Patrice Boulanger, P. Eng., MBA, is a specialist in sales, research and development, and market strategies with 20 years of experience in the graphite business. He held various management positions at SGL Group, a global manufacturer of carbon-based products, where his responsibilities included production, R&D, commercial activities, and leading the global customer service group.

The clear emerging threat for Nouveau Monde Graphite is the rapid development and potential widespread commercial adoption of alternative anode materials for electric vehicle (EV) batteries, particularly silicon-dominant or silicon-only anodes. Companies are actively investing in and making progress on silicon-based anode technologies that promise significantly higher energy density and faster charging capabilities compared to traditional graphite anodes. Should these alternative technologies become commercially viable at scale and gain significant market share, they could substantially reduce or even eliminate the demand for graphite as the primary anode material, directly impacting Nouveau Monde Graphite's core business model predicated on supplying purified graphite for EV batteries.

Nouveau Monde Graphite (NMG) primarily focuses on producing high-purity graphite concentrate and transforming it into advanced materials for lithium-ion batteries, specifically spherical purified graphite (SPG) and coated spherical purified graphite (CSPG), which serve as anode materials. The company aims to supply the Western market, with a particular emphasis on North America.

The addressable markets for Nouveau Monde Graphite's main products are:

• High-Purity Graphite Anode Materials (Global): The global market for high-performance high-purity graphite anode materials was valued at approximately USD 8.2 billion in 2024. This market is projected to reach around USD 24.7 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 11.7%.

• Spherical Graphite (Global): The global spherical graphite market was valued at approximately USD 2.7 billion in 2024 and is projected to reach nearly USD 9.4 billion by 2034, with a robust CAGR of 13.1%. Another estimate places the global spherical graphite market size at USD 3.2 billion in 2024, forecasted to reach USD 11.7 billion by 2033, growing at a CAGR of 15.5%.

• Spherical Graphite (North America): In North America, the spherical graphite market was valued at USD 0.75 billion in 2023 and is expected to increase to USD 1.25 billion by 2032. This region is also forecast to experience the fastest growth, with a CAGR of over 24% between 2025 and 2034.

1. Commissioning and Ramp-up of Phase 2 Operations: Nouveau Monde Graphite is actively progressing towards a Final Investment Decision (FID) for its Phase 2 Matawinie Mine and Bécancour Battery Material Plant. Upon a positive FID, these integrated facilities are projected to commence commercial production within less than three years, significantly boosting the company's output of graphite concentrate and active anode material. The Matawinie Mine is planned to produce approximately 106,000 tonnes per annum (tpa) of graphite concentrate, and the Bécancour Battery Materials Plant is designed for approximately 44,000 tpa of active anode material.
2. Execution of Offtake Agreements with Anchor Customers: NMG has secured significant long-term offtake agreements with key industry players, including General Motors and Panasonic Energy, for its Phase 2 production. These agreements, along with a finalized offtake agreement with Traxys for refractory markets, ensure a dedicated customer base and provide a stable foundation for revenue generation once commercial operations are fully scaled.
3. Increasing Demand in Electric Vehicle (EV) and Energy Storage Markets: The global expansion of the electric vehicle market and the emerging growth in energy storage systems, partly driven by the demands of AI and data centers, are expected to significantly increase the demand for graphite-based anode material. Graphite constitutes over 95% of EV battery anodes, positioning NMG to capitalize on this robust market growth.
4. Strategic Position as a North American, Carbon-Neutral Supplier: Geopolitical shifts, resource nationalism, and potential tariffs on Chinese graphite anode material enhance the competitive advantage of North American producers like NMG. The company's commitment to developing a local, traceable, and carbon-neutral supply chain, including the potential for an all-electric mine, aligns with manufacturers' sustainability goals and efforts to de-risk supply chains, making it a preferred supplier in the Western market.

Share Issuance

• In December 2024, Nouveau Monde Graphite completed a private placement totaling US$50 million, with Canada Growth Fund (CGF) and Investissement Québec (IQ) each subscribing to 19,841,269 common shares and an equal number of warrants.
• In April 2024, NMG was set to finalize US$37.5 million in private placements from Mitsui and Pallinghurst.
• The company has settled accrued interests on a previously announced unsecured convertible note through the issuance of common shares. For instance, in Q3 2025, 106,161 common shares valued at US$296,189 were issued to Investissement Québec, and in Q2 2025, 178,531 common shares valued at US$292,791 were issued to Investissement Québec.

Inbound Investments

• In December 2024, Nouveau Monde Graphite received a US$50 million equity investment from the Canada Growth Fund and the Government of Québec, through Investissement Québec, to advance its Phase 2 Matawinie mine and Bécancour battery material plant.
• NMG has garnered letters of interest for over US$1 billion in project debt financing for its Phase-2 Matawinie Mine and Bécancour Battery Material Plant, with targeted capital providers including Export Development Canada (up to US$430 million), Canada Infrastructure Bank, and other governmental and public institutions.
• As of October 2025, strategic investments and partnerships also included more than $35 million from the Canada Growth Fund and contributions from Japanese companies Panasonic Energy and Mitsui & Co.

Capital Expenditures

• The 2025 Updated Feasibility Study outlines projected capital expenditures of $415 million for the Matawinie mine and $911 million for the Bécancour Battery Material Plant.
• The primary focus of these capital expenditures is the development of the Phase-2 Matawinie Mine and the Bécancour Battery Material Plant to establish an integrated production of active anode material for the North American battery and EV markets.
• The company anticipates continued negative cash flows from operations until commercial production is achieved, indicating significant ongoing capital needs for its development projects.