Nouveau Monde Graphite (NMG) Q4 2025 earnings summary

Executive summary

• Advanced toward final investment decision (FID) for Phase-2 Matawinie Mine and Bécancour Battery Material Plants, supported by a US$335M senior secured project debt commitment from EDC and CIB, and commercial agreements with Panasonic Energy, Traxys, and the Government of Canada.

• Completed a US$20M public equity offering to fund long-lead items, engineering, and corporate expenses ahead of FID.

• Maintained ESG leadership, with no major environmental incidents, a carbon-neutral balance, and strong community and Indigenous engagement.

Financial highlights

• Net loss for 2025 was $105.2M, compared to $73.3M in 2024, driven by non-cash losses on derivative warrant liabilities and continued development expenses.

• Cash and cash equivalents at year-end 2025 were $73.9M, down from $106.3M in 2024, reflecting ongoing project investments and operating expenditures.

• Total assets decreased to $174.4M from $204.1M, mainly due to cash outflows and increased capitalized costs for mine development.

• Current liabilities exceeded current assets by $11.95M at year-end, primarily due to derivative warrant liabilities.

Outlook and guidance

• Targeting FID for Phase-2 Matawinie Mine in H1-2026 and for the First-Stage Bécancour Battery Material Plant in H2-2026, contingent on finalizing equity and debt financing.

• Proceeds from recent equity offering to be deployed for procurement, construction, and engineering activities in 2026.

• Continued focus on securing additional offtake agreements and advancing feasibility for the Uatnan Mining Project.