Nouveau Monde Graphite Inc. (NMG) secured a commitment letter for senior secured project debt totaling US$335 million (CAD$459 million) to fund the construction, development and commissioning of Phase‑2 of its Matawinie graphite mine. The financing is led by Export Development Canada (EDC) and the Canada Infrastructure Bank (CIB).
Phase‑2 will expand the mine to full commercial production, making it the largest graphite mine in the G7. The project is classified as a Major Project of National Interest by the Canadian government, and the debt commitment brings the company closer to a final investment decision and the start of commercial output.
"A defining milestone for the Matawinie Mine, this commitment from EDC and CIB reflects the depth of Canadian public‑finance expertise behind large, strategic infrastructure and critical minerals developments — and it validates the bankability of our project," said Eric Desaulniers, CEO.
The financing is supported by long‑term offtake agreements that cover 75 % of future Phase‑2 production, with the Government of Canada, Panasonic Energy and Traxys as key buyers. These contracts provide a robust revenue foundation and further de‑risk the project.
Matawinie is part of NMG’s integrated graphite operation, which also includes a Bécancour Battery Material Plant that will convert concentrate into high‑purity anode material for electric‑vehicle batteries. The project aligns with Canada’s critical‑minerals strategy and strengthens North American supply chains for battery‑grade graphite.
The announcement was well received by investors, reflecting confidence in the project’s bankability and the strategic importance of a domestic graphite supply for the G7.
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