Nouveau Monde Graphite (NMG) Small Cap Growth Hybrid Investor Conference summary

Integrated development plan

• Building a fully integrated Quebec graphite-to-anode-material business, with a 106,000-tonne-per-year mine under construction since May and ~25% of its production intended for processing in Bécancour.

• Mine construction was described as on track and on budget; commissioning is targeted for end-2028, followed by a six-month ramp-up.

• Mine CapEx was updated from CAD 421 million to CAD 474 million, including CAD 53 million added for potential cost escalation.

• Bécancour is targeting an FID within the next few months; acquiring an adjacent brownfield facility is expected to reduce CapEx and accelerate development.

• Uatnan could reach 500,000 tonnes per year over 24 years, versus its original 50,000-tonne, 240-year design; it is intended as a later expansion following Matawinie.

Customers and market positioning

• Three key offtake arrangements involve the Canadian government, Panasonic Energy and Traxys, spanning specialty graphite, battery anode material and refractory-brick markets.

• Panasonic Energy is the targeted customer for anode material; the speaker cited anode demand as a key rationale for mine scale and described Panasonic as seeking a reliable second source beyond China.

• A Canadian government buyers’ club is intended to support bankability and market sales to G7 customers, with profit sharing; the government named the project a major project of national interest last November.

• Eni invested CAD 70 million at $1.84 per share in May and signed an LOI; potential supply to its Italian joint ventures is being explored.

• Graphite demand is exposed to China’s dominance in uncoated spherical graphite; North American production scarcity and customer interest in supply diversification were presented as strategic advantages.

Financial outlook and expansion opportunities

• NI 43-101 mine guidance cited CAD 139 million in revenue, CAD 44 million in OpEx and CAD 95 million in EBITDA; the EBITDA figure was presented as a 2029 run rate.

• The after-tax unlevered IRR was 15.8%; sensitivity to graphite prices near $1,500 was said to add ~300 bps, while offtake contracts have price floors but no price ceiling.

• Cash was cited at CAD 461 million, with CAD 12.5 million in funded debt; the speaker described the balance sheet as favorable for construction.

• Potential value growth includes tailings-derived sulfuric acid and advanced graphite materials such as stealth products; these opportunities remain under exploration.

• A midterm scenario combining the mine with Bécancour, a possible European sister plant and tailings opportunities could reach $250 million in EBITDA, according to the speaker.