Nouveau Monde Graphite Inc. has advanced its Phase 2 Matawinie Mine from planning to construction following a financial investment decision backed by C$33 million incurred and C$167 million committed in project expenditures as of June 30, 2026.

The milestone follows the Canadian government’s recognition of the Phase-2 project as a Major Project of National Interest in November 2025, alongside commercial agreements finalized late last year with the Government of Canada, Panasonic Energy, and Traxys for future Matawinie Mine flake graphite volumes.

Site activities center on civil works, with excavation underway for the concentrator, associated infrastructure, water control structures, and overburden stockpiles. First concrete pours commenced in July 2026, paving the way for structural steel installation scheduled for early 2027.

Project capacity has increased following the official publication of an amendment to Decree 47-2021 on August 5, 2026. The updated authorization replaces the initial 2021 permit to reflect project evolution, incorporating a minor southward extension of the open pit enabled by additional surface rights acquisitions. This adjustment raises the authorized annual graphite production capacity from 100,000 tonnes to 106,000 tonnes.

“The second quarter of 2026 was a key chapter in NMG’s journey,” said Eric Desaulniers, NMG Founder, President and Chief Executive Officer. “With the successful financing and launch of construction activities at the Matawinie Mine, we transitioned from years of planning and development into execution all while remaining focused on advancing the next major development stage for our 13ktpy Bécancour Battery Material Plant. At a time when supply chain security, industrial resilience and strategic autonomy have become key priorities, these milestones reflect the dedication of our team, the confidence of our partners and shareholders, and the continued strategic importance of NMG’s integrated graphite operations in Western markets. The momentum from the second quarter is carrying us into our next stage of growth, with a clear focus on advancing construction at the Matawinie Mine, securing FID for our 13ktpy Bécancour Battery Material Plant, and continuing to position NMG for the opportunities that lie ahead.”

Downstream, Nouveau Monde Graphite completed a Class 3 AACE cost estimate for its 13ktpy Bécancour Battery Material Plant, establishing an estimated capital expenditure of C$374 million (US$267 million). The company is advancing engineering work and stakeholder due diligence to support a targeted final investment decision in the second half of 2026. Panasonic Energy has reiterated its intent to support the downstream development, which may involve an equity investment at the final investment decision stage.

Read the full announcement: NMG Provides Q2 2026 Update and Highlights a Defining Quarter Shifting From Development to Execution of Its Matawinie Mine