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NMG Provides Q3 2026 Update and Highlights First Full Quarter of Construction Execution at the Matawinie Mine

NMG
  • Construction at the Matawinie Mine advanced as planned during the third quarter of 2026, remaining within budget with C$67 million in project expenditures incurred by September 30.
  • Third-quarter construction activities included civil works, structural concrete foundations, infrastructure excavation, backfill, water control structure excavation, detailed engineering advancement, & procurement of key equipment.
  • The Company completed close to 71,000 on-site construction & engineering hours in the third quarter.
  • NMG continues advancing steps toward financial close of senior debt facilities for the Matawinie Mine, expected in the upcoming weeks.
  • In October, the Company obtained mining lease no. 1057 for the Matawinie Mine from Québec's Ministry of Natural Resources & Forests.
  • Following Q2 2026 Closure Plan approval, the first instalment of the required financial guarantee was completed in October via a surety bond placement.
  • Planned fourth-quarter activities for the Matawinie Mine include maximizing concrete placement before winter, advancing construction & equipment package awards for 2027, & continuing detailed engineering.
  • Engineering, optimization, & stakeholder activities for the 13ktpy Bécancour Battery Material Plant are advancing to support a targeted Final Investment Decision (FID) in the upcoming months.
  • The Bécancour plant project has entered the detailed engineering phase, with ongoing due diligence & optimization activities.
  • Panasonic Energy reiterated its intent to support the Bécancour project, potentially including an equity investment at FID in line with its 2024 initial investment.
  • The Company appointed Mr. Lapo Pistelli, Director of Energy Transition Minerals Solutions at Eni, to its Board of Directors in October.
  • NMG announced a low-carbon-footprint anode material coating process developed in collaboration with McGill University.
  • Operational discipline remained high with no major environmental incidents & a 12-month rolling TRIFR of 0 for employees & 5.78 for active contractors at the mine site.
  • The Company maintains binding offtake agreements with Panasonic Energy, Traxys, & the Government of Canada, covering approximately 70% of Matawinie Mine production.
  • NMG is developing additional battery material plants on adjacent greenfield sites in North America or Europe for active anode material or advanced graphite production.
  • The Company aims to maximize value through potential additional active anode material capacity & valorization of by-products & tailings.