Each one in plain English, with the numbers worked through for a shareholder.
15 May 2026capital raising announcement▲ GoodMajor
NMG closed the roughly US$213 million private placement (US$213,160,000 at US$1.84) with Canada Growth Fund, Investissement Québec and Eni, and the 52,440,000 subscription receipts were exchanged for common shares as the escrow was released. This brings the equity package to US$309.5 million, and with the US$335 million debt commitment NMG confirmed the final investment decision for the Phase-2 Matawinie Mine, resolving the long-running FID thread; the debt funds are described as available 'when available', so the definitive debt documents are not shown as closed. After closing, 329,114,330 shares are outstanding, so existing holders are diluted. CGF holds 64,293,729 shares (19.54%), IQ 58,989,113 (17.92%) and Eni 38,043,478 (11.56%), and IQ still holds its US$12.5 million convertible note. Josée Gagnon becomes Chief Legal Officer and Martine Paradis Chief of Sustainability and Culture Officer.
14 May 2026capital raising announcement▲ GoodMajor
Shareholders approved all resolutions at the May 13, 2026 meeting, including the private placements at US$1.84 of 44,452,460 shares to Canada Growth Fund, 33,351,853 to Investissement Québec and 38,043,478 to Eni, each passed by disinterested holders with about 99.4% to 99.6% in favour. They also approved extending the IQ and CGF warrants (19,841,269 each) to December 20, 2030, and allowed IQ and/or CGF to hold more than 20% of the shares if warrants and the IQ note are exercised or converted. This clears the shareholder-approval condition for the financing, resolving that open thread. Eight directors were elected, with Hubert T. Lacroix new to the board and Daniel Buron now named Chair. NMG also announced a definitive binding offtake agreement with the Government of Canada, upgrading the October 2025 term sheets (detailed terms are not in the visible text).
NMG closed the bought-deal offering announced in April: 52,440,000 subscription receipts at US$1.84, including the full over-allotment option, for gross proceeds of about US$96.5 million (up from the US$83.9 million base deal). The money is held in escrow and the receipts convert into common shares only if the release conditions are met, including closing of the roughly US$213 million private placement (expected about May 15, 2026) and its shareholder approvals; if not met by July 31, 2026, holders are refunded. NMG says the equity, together with the US$335 million debt commitment and on the basis of accessing it, is expected to fully fund the Phase-2 Matawinie Mine and position it toward a final investment decision.
NMG filed the Subscription Receipt Agreement dated April 16, 2026 between NMG, BMO Nesbitt Burns, National Bank Financial and TSX Trust Company. It is the contract governing the subscription receipts from the April 9 bought deal: the funds are held in escrow, released if the conditions are met, and refunded with interest if a termination event occurs. The visible text is the cover, table of contents and opening recitals and definitions, with no new figures. It formally files the document behind the offering already announced, and the receipts are still conditional on the shareholder approvals and the private placement.
NMG announced a US$297 million equity package for Phase-2 Matawinie. It has two parts: a bought-deal offering of 45,600,000 subscription receipts at US$1.84 (US$83.9 million, plus a 15% over-allotment option) and a non-brokered private placement of about US$213 million at the same price with Investissement Québec, Canada Growth Fund and Eni S.p.A. The private placement needs shareholder approvals, with a special meeting expected around May 13, 2026, and it is a condition for releasing the receipt proceeds from escrow; if conditions are not met by July 31, 2026, receipt holders get their money back. The price of US$1.84 is below the US$2.40 of the December 2025 offering, and the combined issue would dilute existing holders heavily (inference). Eni is a new investor, and this is the equity component that the March 2026 debt release said was under negotiation. This filing is mainly the term sheet and an investor presentation.
NMG closed the offering announced on December 17, 2025: 8,333,334 common shares at US$2.40 each, about US$20 million gross, sold through Maxim Group solely in the United States and not in Canada. Proceeds go to long-lead equipment and early construction, detailed engineering and indirect costs at Matawinie, engineering toward a class 3 estimate for the 13ktpy Bécancour plant, and working capital. Existing holders are diluted by 8,333,334 new shares (inference). The price is below the US$2.79 used for the IQ interest shares in October 2025 (comparison is an inference from the context). The amount is small next to the project's capital needs, and no project financing is announced in this filing.
What it means for a shareholder
8.3m new shares at US$2.40 to raise about US$20.0m. That's 5.2% dilution: every existing holder's slice gets 5.2% smaller. If you held US$1,000 of shares (417 at the issue price), your slice goes from 0.000274% to 0.000259% of the company. To keep it you'd need 23 more shares - about US$55 at the issue price.
NMG said it intends to launch an overnight marketed public offering of common shares, with Maxim Group as sole placement agent, offered only in the United States. Size and price were not set. Proceeds are planned for long-lead equipment and early construction, detailed engineering and indirect costs at the Matawinie Mine, engineering toward a class 3 cost estimate for the 13ktpy Bécancour plant, and working capital. Closing needs regulatory, TSX and NYSE approval. New shares would dilute existing holders (inference). This is the first equity raise since the December 2024 Canada Growth Fund and Investissement Québec placements. The 13ktpy Bécancour size matches the revised Panasonic offtake of October 2025.
26 Dec 2024capital raising announcement▲ GoodMajor
NMG closed a combined US$50 million private placement with Canada Growth Fund and Investissement Québec, an existing noteholder and investor. The filed Canada Growth Fund subscription agreement (dated December 16, 2024) covers 19,841,269 shares plus the same number of warrants for US$25,000,000, alongside investor rights and registration rights agreements. The visible text does not show the Investissement Québec terms (the US$50 million aggregate implies a similar US$25 million, inference), and the new shares dilute existing holders (inference). It adds further funding ahead of the Phase-2 final investment decision.
NMG closed private placements totalling US$37.5 million from Mitsui and Pallinghurst, previously announced on February 15 and May 1, 2024. Both are existing noteholders and investors. The filing gives no share count, price or use of proceeds, so the dilution cannot be sized from this text; it completes the US$37.5 million flagged in the February 15 release.
15 Feb 2024capital raising announcement▲ GoodMajor
NMG signed a binding offtake agreement with Panasonic Energy to supply 18,000 tonnes a year of Phase-2 active anode material for an initial seven years, replacing the non-binding MOU from October 2022. Panasonic also agreed to invest US$25 million for 12,500,000 shares plus 12,500,000 warrants (strike the lower of US$2.38 or the next-day closing price), subject to TSXV and NYSE approval, and says it intends to fund about US$150 million more with co-investors after a positive final investment decision. The offtake has conditions precedent (including start of commercial operation and product qualification), and the new shares dilute existing holders (inference). The release also mentions a parallel General Motors offtake and private placement, and a separate US$37.5 million placement by other strategic investors.
What it means for a shareholder
12.5m new shares at about US$3.00 to raise about US$37.5m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held US$1,000 of shares (333 at the issue price), your slice goes from 0.000547% to 0.000454% of the company. To keep it you'd need 68 more shares - about US$204 at the issue price.
NMG closed a public offering of 4,850,000 common shares at US$4.55 each, raising about US$22 million gross; underwriters led by BMO Capital Markets and Cormark get a 6% cash fee. The money is to take the Matawinie mine and Bécancour plant projects to a final investment decision and project financing, with some going to the Uatnan Mining Project and general working capital. This is the first new share issue since the 2021 offerings, so existing holders are diluted (inference); it continues the funding of the Phase-2 optimization after the November 2022 convertible notes.
NMG closed the US$50 million convertible note private placement announced on October 20, 2022, with Mitsui (US$25M), Pallinghurst (US$12.5M) and Investissement Québec (US$12.5M). The notes are locked up until March 9, 2023, and the company says the money will go toward optimizing the July 2022 feasibility study. This completes the financing flagged in the October filing and gives NMG its first signed funding facility, though it is a convertible note rather than the project financing still to come.
26 July 2021capital raising announcement▲ GoodMajor
The company announced it closed the previously announced C$18.3 million private placement, which is part of the same financing as the US$59.4 million public offering completed in June 2021. This completes the private placement flagged in the June filing. The filing text provided contains only the cover page, with no details on the investors or share count beyond the headline.
23 June 2021capital raising announcement▲ GoodMajor
The company closed a public offering of 7,915,000 common shares at US$7.50 each, raising gross proceeds of US$59,362,500. Pallinghurst Graphite, an existing shareholder, and one of its investors bought 706,666 of these shares. A further private placement of up to 1,978,750 shares (up to US$14,840,625 at US$7.50) with another existing shareholder was planned. The stated use of the money is the Matawinie mine project, the LiB anode plant project and working capital. New shares mean existing holders are diluted (inference).
What it means for a shareholder
7.9m new shares at US$7.50 to raise about US$59.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
