Each one in plain English, with the numbers worked through for a shareholder.
26 Mar 2026resource reserve update▲ GoodMajor
NMG filed three releases, led by a March 17, 2026 announcement that it signed a commitment letter for US$335 million of senior secured project debt from Export Development Canada and the Canada Infrastructure Bank: a US$290 million term loan and a US$45 million cost overrun facility, secured on the Matawinie Mine project. This is the first project debt after the lender talks of 2025. It is for the mine alone, in line with the November 2025 mine-only feasibility study and the 13ktpy Bécancour plan. Funds are available only after definitive documents, due diligence and other conditions are met, and NMG is still negotiating the equity portion with strategic investors. NMG says 75% of future mine output is earmarked for the Government of Canada, Panasonic and Traxys, and major contracts representing over 50% of capex have been awarded, with full execution tied to a positive FID. The headline also states an H1-2026 FID target date, but the visible text is truncated, so the date and the 2025 financial results are not available here.
NMG filed the full NI 43-101 technical report, '2025 Feasibility Study for the Matawinie Graphite Mine', effective November 12, 2025. The visible text is only the cover, signature page and qualified-person certificates, so no figures can be taken from it. The title shows a study of the mine alone, rather than the integrated mine-and-Bécancour study of March 2025, consistent with the October 31 shift toward selling concentrate (inference); the results are not in this text.
NMG filed the full NI 43-101 updated feasibility study report for the Matawinie mine and Bécancour plant, dated March 31, 2025 and effective March 25, 2025. The visible text is only the cover, signature page and qualified-person certificates, so there are no new figures; the results are those announced on March 25-27, 2025. It formally files the study already announced.
NMG filed its 2024 financial reports and said the March 25, 2025 updated Phase-2 feasibility study lets it enter project financing toward a final investment decision (FID). It reports about $1.6 billion in expressions of interest from potential lenders, anchor customers and institutional equity investors, and year-end cash of $106 million. NMG and its anchor customers (Panasonic, GM) are still working to agree outstanding conditions precedent, including an updated project timeline, so the offtake purchase and funding obligations are not yet secured. The release also reports a change in the main purification technology for the Bécancour plant, an impact and benefit agreement with the Atikamekw First Nation of Manawan, the January 2025 TSX uplisting, and that Mitsui and Pallinghurst's US$37.5M placements were made to surrender and cancel their convertible notes (so the 2022 notes held by those two are cancelled; Investissement Québec's note is not addressed in the visible text).
NMG issued an updated NI 43-101 feasibility study for Phase 2 (Matawinie Mine and Bécancour plant), now in US dollars: integrated after-tax NPV of US$1,053 million at 8%, after-tax IRR of 17.5%, initial capex of US$1,326 million and annual opex of US$168 million. This replaces the 2022 study (C$1,581M NPV, 21% IRR, C$1,404M capex), so the headline returns are lower, though currencies differ so the figures are not directly comparable. Proven and probable reserves are 61.7 Mt at 4.23% graphite. Panasonic and GM offtakes cover more than 80% of planned active anode output. NMG says it now enters the project financing stage toward a final investment decision, after which construction could take under three years; no financing or FID is yet announced.
NMG filed the full technical report for the Uatnan Mining Project preliminary economic assessment, dated February 24, 2023 and effective January 10, 2023, prepared by BBA and GoldMinds Geoservices. The visible text is only the cover, signature page and qualified-person certificates, so there are no new figures; the headline results are those in the January 10 announcement. This formally files the study already announced.
NMG, working with Mason Graphite, released a preliminary economic assessment for the Uatnan Mining Project, which covers Mason's Lac Guéret deposit (the property under the May 2022 option). It targets about 500,000 tonnes a year of graphite concentrate over 24 years, with after-tax NPV of C$2,173M (8%), after-tax IRR of 25.9%, initial capex of C$1,417M and annual opex of C$135M. The study is preliminary and includes inferred resources that are too speculative to be treated as reserves, and NMG describes the project as supporting its Phase-3 expansion plans. This is the PEA that the Mason option required, but nothing in the filing says the option has been exercised.
This filing is the full NI 43-101 feasibility study report for the Matawinie Mine and Bécancour Battery Material Plant, dated August 10, 2022, effective July 6, 2022, prepared by BBA with other consultants. The visible text is only the cover, signature page and qualified-person certificates; the headline results are those in the same-day quarterly update (after-tax NPV C$1,581 million, IRR 21%). It formally files the study announced that day.
In its quarterly update, NMG said it filed an NI 43-101 feasibility study (effective July 6, 2022) for the Phase-2 Matawinie Mine and Bécancour plant. The study shows an after-tax NPV of C$1,581 million at 8%, after-tax IRR of 21%, initial capex of C$1,404 million and annual opex of C$195 million. The Phase-1 coating unit is built, with commissioning started and production now scheduled toward the end of Q3-2022, later than the earlier 'before end of H1-2022' commissioning target. The Mason Graphite agreement is reported as signed and closed. NMG reports formal expressions of interest that could cover up to about 70% of required funding (subject to standard project finance conditions), has hired Société Générale as advisor on talks with a potential off-taker and equity investor, and ended the period with $32.1M cash. No offtake agreement or financing is yet signed.
