Nouveau Monde Graphite (NMG) Q4 2025 earnings summary

Executive summary

• Advanced toward final investment decision (FID) for Phase-2 Matawinie Mine, supported by feasibility study, commercial agreements, and financing processes, targeting H1-2026 for FID.

• Secured US$335M senior project debt with EDC and CIB, providing long-tenor, flexible financing for Phase-2 Matawinie Mine.

• Signed multiyear offtake agreements with Panasonic Energy, Traxys, and the Government of Canada, covering ~75% of Phase-2 production.

• Maintained carbon-neutral operations, strong ESG performance, and no major environmental incidents in 2025.

• Ended 2025 with $73.9M in cash and cash equivalents.

Financial highlights

• Net loss for 2025 was $105.2M, compared to $73.3M in 2024.

• Basic and diluted loss per share were $(0.68), versus $(0.71) in 2024.

• Total assets decreased to $174.4M from $204.1M year-over-year, mainly due to cash outflows.

• Q4-2025 net income was $4.99M, a turnaround from a $21.9M loss in Q4-2024, driven by gains on derivative warrant settlements.

• Cash outflows from operating activities were $42.2M in 2025, down from $52.0M in 2024.

Outlook and guidance

• Targeting FID for Phase-2 Matawinie Mine in H1-2026 and for Bécancour Battery Material Plant in H2-2026.

• Ongoing engagement with strategic investors for equity financing to complete project funding.

• Continued focus on derisking, process optimization, and advancing permitting and construction readiness.

• Positioned to benefit from Western policy tailwinds for critical minerals and battery materials.