Canadian graphite mine developer Nouveau Monde Graphite (NMG) has received a commitment of $297 million in financing to support its Phase 2 Matawinie Mine project.
The company will receive an equity investment of $82 million from Canada Growth Fund, $61 million from the Government of Québec through Investissement Québec, and $70 million from Italian oil giant Eni. The company has also launched a public offering of subscription receipts for gross proceeds of approximately $84 million.
The total $297 million financing is expected to fully fund the graphite mine, enabling the company to advance toward its final investment decision and construction.
The participation of Investissement Québec and the Canada Growth Fund builds on their prior support for the project and the broader ore‑to‑battery‑material supply chain.
As a condition of Eni’s equity investment, it will negotiate a potential offtake agreement for 15,000 tons per annum of graphite concentrate from the mine or equivalent in active anode material.
In recent months, NMG has advanced its execution strategy for the project. The company said it has advanced construction preparation, engineering and procurement, and awarded contracts representing over 50% of the project’s capital expenditure budget. NMG’s construction manager, Pomerleau, has started work on-site to supervise the start of the contractors’ arrival and preliminary civil works scheduled to get underway in the coming weeks.
The company has also acquired a brownfield site adjacent to its greenfield property to build the Bécancour Battery Material Plant, to supply 13,000 tons of active anode material annually to Panasonic Energy. The company is updating its feasibility study and advancing procurement negotiations with key equipment suppliers with a view to proceeding with an investment and construction decision during the second half of 2026.
Shareholders Panasonic and Mitsui have indicated their intention to vote in favor of the Matawinie mine transaction and have reiterated their interest in making an equity investment in the Bécancour plant.
Source: Nouveau Monde Graphite
