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On track to becoming one of the Western World’s largest, fully vertically integrated productions of natural graphite ENERGY + ADVANCED TECHNOLOGIES + MANUFACTURING ADVANCED GRAPHITE February 2026 MATERIALS TO POWER TOMORROW’S INDUSTRIES Project of National Interest
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU + 2 + CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION This presentation contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation (collectively, “forward-looking statements”), including, but not limited to, statements relating to future events or future financial or operating performance of the Company and reflect management’s expectations and assumptions regarding the Company’s growth, results, performance and business prospects and opportunities. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to it. These forward-looking statements include, but are not limited to, the Company’s ability to conclude definitive agreements with the Government of Canada, allied countries or other entities, the Manufacturer, and other offtakers, Traxys’ ability to obtain the approval of the 2025 Traxys Binding Offtake and Marketing Agreement, the ability to secure its project financing and to secure a positive combined or sequenced FID for the Phase-2 Matawinie Mine and or the Phase-2 Bécancour Battery Material Plant (including the initial capacity for the Phase-2 Bécancour Battery Material Plant to aligned with committed volumes), the commercial and technical feasibility of an initial reduction in the Phase-2 Bécancour Battery Material Plant production capacity, the ability of the Corporation to meet the conditions precedent of the definitive agreements once executed with the Government of Canada, the Manufacturer, and other offtakers by the dates to be specified in those agreement or the conditions precedent of the 2025 Panasonic Energy Binding Offtake Agreement and the 2025 Traxys Binding Offtake and Marketing Agreement by the dates specified in those agreements, the conclusion of a binding agreement between GM and the Manufacturer and the commercialization of the remainder of the volume by NMG and the Manufacturer to a list of lithium- ion battery customers, the ability to complete the long-form term sheet and the results of the negotiations with the Company’s lender, the development a fully integrated ore-to- battery-material source of graphite-based active anode material in the Province of Québec, including the possibility of sequencing the financing in stages, the ability to explore and secure various financing and commercial scenarios to lessen risk exposure and facilitate its market entry, the completion of the Phase-2 Matawinie Mine and Bécancour Battery Material Plant, and the expected results of the initiatives described in this presentation, and those statements which are discussed under the “About Nouveau Monde” paragraph and elsewhere in the presentation which essentially describe the Company’s outlook and objectives. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions are not guarantees of future performance and may prove to be incorrect. Moreover, these forward-looking statements are based upon various underlying factors and assumptions, including the business relationship between the Company and its stakeholders, the ability to obtain sufficient financing for the development of the Matawinie Mine and the Bécancour Battery Material Plant, the Company’s ability to satisfy the due diligence processes of the stakeholders, and are not guarantees of future performance. Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, availability financing or financing on favorable terms for the Company, delays in finalizing the definitive agreements, delays in reaching FID, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. A further description of risks and uncertainties can be found in NMG’s Annual Information Form dated March 31, 2025, including in the section thereof captioned “Risk Factors”, which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward- looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. Further information regarding the Company is available in the SEDAR+ database (www.sedarplus.ca), and for United States readers on EDGAR (www.sec.gov), and on the Company’s website at: www.NMG.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that may cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU + 3 + Market and industry data presented throughout this presentation was obtained from third-party sources and industry reports, publications, websites and other publicly available information, as well as industry and other data prepared by the Company or on the behalf of the Company on the basis of the Company’s knowledge of the markets in which the Company operates, including information provided by suppliers, partners, customers and other industry participants. The Company believes that the market and economic data presented throughout this presentation is accurate as of the date of publication and, with respect to data prepared by the Company or on behalf of the Company, that estimates and assumptions are currently appropriate and reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market and economic data presented throughout this presentation are not guaranteed and the Company does not make any representation as to the accuracy of such data. Actual outcomes may vary materially from those forecast in such reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. Although the Company believes it to be reliable as of the date of publication, the Company has not independently verified any of the data from third-party sources referred to in this presentation, analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying market, economic and other assumptions relied upon by such sources. Market and economic data are subject to variations and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. Disclosure regarding Mineral Reserve and Mineral Resource estimates included in this presentation were prepared in accordance with NI 43-101 and applicable mining terms are as defined in accordance with the CIM Definition Standards on Mineral Resources and Reserves adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council, as required by NI 43-101. Unless otherwise indicated, all reserve and resource estimates included in this presentation have been prepared in accordance with the CIM Definition Standards, as required by NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs from the disclosure requirements of the United States Securities and Exchange Commission (the “SEC”) applicable to U.S. companies. Accordingly, information contained in this presentation may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC reporting and disclosure requirements. CAUTIONARY NOTE There can be no assurance that NMG will be able to conclude the definitive agreements with the Government of Canada and/or the Manufacturer, that the Manufacturer and GM will be able to conclude a definitive agreement, or that NMG will be able to meet the conditions precedent of the definitive agreements once executed or the conditions precedent of any or all of the offtake and marketing agreements mentioned above. SCIENTIFIC AND TECHNICAL INFORMATION Scientific and technical information presented in this presentation was reviewed and approved by Eric Desaulniers, MSc, P. Geo, Qualified person as defined under NI 43-101. The mineral resource and mineral reserve estimates contained in this presentation have been prepared in accordance with the requirements of securities laws in effect in Canada, including 43-101, which governs disclosure requirements for mineral properties. Further information regarding the Company is available in the SEDAR+ database (www.sedarplus.ca), and for United States readers on EDGAR (www.sec.gov), and on the Company’s website at: www.NMG.com.
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU POWERING TOMORROW’S INDUSTRIES + 4 +
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL » Global market trends driving demand for natural graphite: EVs, cleantech, renewable energies, strategic applications, and AI/data centers » Offtake arrangements with the Government of Canada, Panasonic Energy and Traxys » Key strategic investors including Investissement Quebec, Canada Growth Fund, Panasonic Energy, Mitsui, and General Motors » Located in a tier-1 operating jurisdiction, with access to infrastructure and low-cost hydroelectricity; key permits obtained, shovel-ready » Reduced development risks through ongoing operation of Phase-1 plants and long-term relationship with anchor customers. » Scaled growth plan timed with supply/demand gap underpinned by world-class graphite assets » Focused on advanced ESG principles, continued stakeholder engagement, Net Zero and sustainability1 » An experienced and diverse team of 110+ professionals assembled to execute our vision NMG ON TRACK TO BECOMING ONE OF THE FIRST AND LARGEST FULLY INTEGRATED SOURCES OF NATURAL GRAPHITE IN THE WESTERN WORLD + 5 + LISTED 1 The Company’s ESG Report provides full details on the Issuer’s managerial approach, targets, metrics, and ratings
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL + 6 + ENERGY + Energy storage for AI/data centres + Grid-scale battery systems for solar and wind power + Nuclear industry components + GROWING INDUSTRIES ARE HUNGRY FOR GRAPHITE TECHNOLOGIES + Batteries + EVs + Hydrogen fuel cells + Foils for electronics + Communications systems NEXT-GEN MATERIALS + Thermal and fire protection materials + Advanced construction materials and composites . MANUFACTURING + Refractories for steel, cement and glass industries Securing critical minerals is fundamental to strengthening national security, achieving energy independence, and fueling long - term economic prosperity
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL High reversible capacity, low internal resistance, long cycle life + Li-ion battery + Energy security systems + Grid-scale storage + 7 + FLAKE / PURIFIED FLAKE GRAPHITE EXPANDABLE MICRONIZED / PURIFIED MICRONIZED ACTIVE ANODE MATERIAL High carbon purity, excellent electrical and thermal conductivity, oxidation resistance + Industrial metals + Foundry products + Energy products Expands when heated, forming a thermally insulating and fire-resistant layer + Flame retardants + Thermal shielding in reactors, critical energy installations Uniform conductivity, excellent lubrication and dispersibility + Electronics + Advanced coatings + Thermal management + Electromagnetic shielding ~25,000 tpa for active anode material production + EVs & Energy storage systems CUSTOMERS & KEY MARKETS2 + Refractory market 20,000 tpa Matawinie Mine volumes POTENTIAL APPLICATIONS & PROPERTIES1 1 Potential applications for natural graphite. Not covered in NI 43-101 technical report 2 Volume commitment depend on satisfaction of all conditions precedent + Strategic industrial applications Energy security 30,000 tpa & allies ESTABLISHED ANODE MAKER + EVs & Energy storage systems Up to 30,000 tpa
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL +PLANNED TO BE NORTH AMERICA’S LARGEST INTEGRATED NATURAL GRAPHITE PRODUCER + 8 + BATTERY MATERIAL PLANTS Active anode material BÉCANCOUR MINE & CONCENTRATOR Flake graphite MATAWINIE Mine and concentrator to produce 106 Ktpa of high-purity flake concentrate 25-year life of mine Advanced strategy to develop a zero-emission open-pit mines1 for carbon-neutral operations, underpinned by clean hydropower Processing of graphite concentrate into active anode material via an initial 13-Ktpa capacity plant, then a 44-Ktpa facility Short road transport (150 km) from the Matawinie Mine to the Bécancour Battery Material Plant UATNAN MONTRÉAL MINE & CONCENTRATOR Large volume of flake graphite UATNAN Mine and concentrator to produce 500 Ktpa of flake concentrate2 24-year life of mine2 ESG standards reflected into the mining project design Currently one of the largest natural graphite projects in the world Strategically enabling NMG to supply future anticipated growth in North America and Europe Main projects being developed, underpinned by NMG’s Phase-1 facilities 1 The base case of the Updated Feasibility Study is a diesel operation, with the opportunity to develop a zero-emission fleet aiming for a transition when the equipment reaches viable technical and economic parameters.This transition is targeted to occur at the end of the first 5 consecutive year period after the start date of the commercial operation of the Matawinie Mine. 2 The 2023 Uatnan Mining Project Report is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves have not demonstrated economic viability. Additional trenching and/or drilling will be required to convert inferred mineral resources to indicated or measured mineral resources. There is no certainty that the resource development, production, and economic forecasts on which the 2023 Uatnan Mining Project Report is based will be realized. There are a number of risks and uncertainties identifiable to any new project and usually cover the mineralization, process, financial, environmental, engineering and permitting aspects. The Uatnan Project is no different and an evaluation of the possible risks was undertaken as part of the 2023 Uatnan Mining Project Report. There are known significant risk factors such as graphite price, ability tofund the Uatnan Mining Project, fluctuation of oil, metals and other commodity prices, change in mining laws, environmental laws and permitting.
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL +VERTICAL INTEGRATION TO DELIVER CUSTOMIZED, ADVANCED MATERIALS + 9 + Value creation through integration Integrated and Traceable Production Value-Added Processing Extraction and Concentration » Fully integrated operations in North America » A local, turnkey alternative to highly concentrated supply, right at the market’s doorstep » Refining processes to produce battery materials and specialty products to customer specifications » Large, quality deposits with capacity to expand yielding high- purity flake concentrate » Competitive operations in a tier-1 jurisdiction
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL + 10 + + STRIVING TO BECOME A GRAPHITE MATERIAL LEADER FOR THE WESTERN WORLD A leading supplier of advanced graphite materials for Western economies OUR PLAN PHASE 1 In operation since 2018 “DE-RISKING” » Demonstration facilities for fully-integrated operations » ~2 Ktpa of anode material » Product qualification Ongoing engineering and financing EXECUTION » Matawinie Mine » Bécancour Battery Material Plants » Offtakes agreements with the Government of Canada, Traxys, and Panasonic Energy, plus complementary agreements in negotiations » Key permits and authorizations in place. Shovel-ready for the start of construction upon a positive final investment decision (FID) Under development GROWTH » Uatnan Mining Project: development for a targeted production of 500 Ktpa of flake graphite concentrate » Bécancour Battery Material Plant expansion for active anode material production and/or » New US and/or European active anode material facilities OUR GOAL PHASE 2 OUR VISION PHASE 3
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL + 11 + + NMG’s COMPETITIVENESS IN NATURAL FLAKE MARKET NMG demonstrates the potential to deliver a competitive cost structure compared to African and ROW producers NMG’s projected positionning based on Updated Feasibility Study
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL+ 12 + + ESG PRINCIPLES EMBEDDED IN THE BUSINESS MODEL 1 As at September 30, 2025 2 The base case of the Updated Feasibility Study is a diesel operation, with the opportunity to develop a zero-emission fleet aiming for a transition when the equipment reaches viable technical and economic parameters.This transition is targeted to occur at the end of the first 5 consecutive year period after the start date of the commercial operation of the Matawinie Mine. The Company’s ESG Report provides full details on the Issuer’s managerial approach, targets, metrics, and ratings Caring Philosophy Health, safety, and environmental stewardship come first » 2.83 TIFR with severity rate of 1.881 » 0 environmental incidents1 Partnered Development Active engagement with First Nations and communities » Promotion of Indigenous participation and shared perspective » Collaboration and benefit sharing agreements for job creation, skills training and community development » Extensive stakeholder consultation Leadership in Action Governance and accountability » Experienced and international Board guiding the development of the business » Commitment to the Paris Agreement, TCFD, UN Global Compact and the UN SDGs » Transparent disclosure of ESG performance » Fostering sound governance and a performing, diverse team Responsible Mining Developing the mine of the future » Progressive land management via innovative tailings co-disposal and gradual backfilling » Strategy to develop a zero-emission fleet2 » Water and biodiversity protection » Ecoengineering of facilities and life of mine Driving the Transition to a Green Future Efforts and partnerships for greater impact » R&D targeting the next generation of battery materials with the smallest footprint » Fostering synergy with other industries for a circular economy » Promotion of sustainability through our value chain Créer de la valeur partagée Propulser un avenir plus propre Accélérer la rou e du changement SUSTAINABILITY RATINGS INDUSTRY LEADING B LEADING ESG Score Sustainability Index Climate Survey
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL+ 13 + +NMG’s ESG COMPETITIVENESS Recognized Sustainability Performance Product Environmental Footprint NMG’s Active Anode Material (kg CO2 eq per kg) 1.57 Updated lifecycle analysis compliant with ISO 14044, Anthesis (June 2025) 0 5 10 15 20 25 Industry’s Global Warming Potential Industry and LCA databases data NMG is the leading company with demonstrated environmental and ethical practices ̶ Rating supports customers’ ESG requirements for responsible sourcing The Company’s ESG Report provides full details on the Issuer’s managerial approach, targets, metrics, and ratings
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU EXPANDING MARKET IN THE WESTERN WORLD + 14 +
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL+ 15 + » Graphite mines exist across the globe, but 95% of spherical graphite for batteries are processed within a concentrated supply chain » Canada is the only active producing country of the G7 » Global battery and EV manufacturers seek alternative, sustainable sources of supply » The E.U., U.S., Canada, Japan, Australia and India have declared graphite a critical mineral » NMG is strategically located for the U.S. and European markets + A LOCALIZED, CARBON-NEUTRAL ALTERNATIVE CHINA 78% of flake, 95% of spherical graphite INDIA ~2% of flake BRAZIL 4% of flake AFRICA ~12% of flake NMG could boost Canada’s share of mined graphite to 7% with our Phase 2 Matawinie Mine and 28% with our Phase 3 Uatnan Mining Project Source: US Geological Survey, January 2025. Only the largest countries/regions shown (accounting for >90% of production). Benchmark Mineral Intelligence, February 2024 Flake graphite mine supply Downstream lithium-ion battery anode conversion supply CANADA PROPRIETARY & CONFIDENTIAL No current commercial production in the US or G7
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL +GRAPHITE, A RISK-EXPOSED CRITICAL MINERAL NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 16 + Source – Nicolo Campagnol, McKinsey, February 2025 et IEA: https://iea.blob.core.windows.net/assets/ee01701d-1d5c-4ba8-9df6-abeeac9de99a/GlobalCriticalMineralsOutlook2024.pdf “We need more projects of the traditional "stuff" from different geographies, and we need new options to help differentiate and reduce risk” Nicolo Campagnol, McKinsey
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL+ 17 + + NORTH AMERICAN PRODUCERS SEEK TO ONSHORE THEIR SUPPLY CHAIN » The U.S. Department of Commerce announced on February 11 its final affirmative determinations of antidumping and countervailing duties investigations of active anode material from China − Proposing a potential combined tariffs of 160%, adding up to the 45% of tariffs already announced − Implementation of AD/CVD measures is subject to final affirmative determination by the US ITC in March 2026. » U.S. One Big Beautiful Bill Act tightens domestic content rules for battery manufacturing and imposes new limits to exclude other foreign entities of concern from critical mineral supply chains » Project Vault: 12$-Billion Critical Minerals U.S. Stockpile » Canada pushes industrial strategy − C$5 billion for local supply chains and a focus on future-ready industries − C$2 billion to create the Critical Minerals Sovereign Fund Economic impact of US import tariffs on Chinese anode pending March ITC decision, unit % 205% 301 Tariffs International Emergency Economic Powers Act Reciprocal Tariffs Countervailing Duty Anti-dumping Tariffs Sources: International Trade Administration U.S. Department of Commerce (February 2026), Export-Import Bank of the United States (February 2026), Government of Canada (September 2025), Invest in Canada (January 2026) 25.0 10.0 10.0 93.0 67.0 0 20 40 60 80 100 120 140 160 180 200 220
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL Offtake agreement with Government of Canada » Binding supply and marketing term sheets toward a multi-year offtake with pricing support − Supporting commercialization for strategic domestic markets − Positioning NMG as leading supplier to G7 and allies − Strong signal to NMG’s lenders and investors » Aggregate 30,000 tpa of graphite concentrate to be placed with Canada and allied countries for strategic applications » Aligned with Canada’s Critical Minerals Strategy to strengthen domestic manufacturing and supply chain resilience + 18 + + CANADIAN LEADERSHIP FOR DOMESTIC MARKETS AND ALLIED COUNTRIES
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL + INDUSTRIAL BACKBONE REFRACTORY APPLICATIONS FOR MANUFACTURING + 19 + » Joint marketing and offtake agreement with Traxys to cover the North American and European refractory markets with an exclusive list of end-users » Offtake for 20,000-tpa of graphite concentrate, including a 10,000 tpa firm take-or-pay volume, to be produced at NMG’s Phase-2 Matawinie Mine » NMG to benefit from Traxys’ market intelligence, customer relationships, and logistics infrastructure to deliver its graphite production into existing western supply chains − Catering to steelmaking industries with refractory applications such as bricks, electric arc furnaces, crucibles, and carbon raisers A US$45-billion global market with a projected compound annual growth rate of 9.1% to 20331 1 Grand View Research, 2025
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL OFFTAKE AGREEMENT WITH PANASONIC ENERGY STRATEGIC INVESTOR & CUSTOMER » Multiyear binding offtake to fast-track 13,000 tpa of active anode material via NMG’s Phase-2 integrated value chain » US$25M Tranche 1 Investment in February 2024 » Commitment toward future construction funding + 20 +
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL+ 21 + +GRAPHITE IS FUNDAMENTAL TO EVERY LITHIUM-ION BATTERY: >1 kg of graphite / kWh » Graphite dominates half the lithium-ion battery » Anode material is a highly specialized and customized value-added product − NMG’s Phase-1 facilities support product qualification thanks to commercial-scale equipment » Natural and synthetic graphite are complementary in the anode composition (capacity vs. longevity attributes) − Natural graphite historically is cheaper and greener − Natural generally provides better capacity but lower battery life − Silicon introduction in anode limited due to swelling (3x) − NMG’s R&D program continuously explores means to enhance battery performance and develop next-gen materials » Industry technology development focused on cathode in part due to overall representation in battery cost Source: Pallinghurst-Traxys battery analysis. %s represent the proportions of cathode and anode in each battery respectively. NCA batteries contain 2% aluminium (not shown) Battery Materials Review: “The Investor’s Guide to Graphite”, April 14, 2020 LFP NMC Cathode (+)Anode (-) Graphite >95% Lithium 17% Other 83% Silicon / other <5% Manganese 29% Graphite >95% Cobalt 27% Lithium 15% Nickel 29% Silicon / other <5%
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL+ 22 + +CONTINUED GROWTH IN EVs » EVs grew +20% in 2025 despite some removal of subsidies and policy changes − China: ~50% of new cars sold are electric − Europe: picking up speed at +33% growth − North America: slowing down pace − Emerging markets: +48% growth YoY » Electric trucks, powered by batteries, threaten to oil demand in China according to Bloomberg − Consumption to drop 26% by the end of the decade, impacting availability of needle coke required for synthetic graphite production Benchmark Mineral Intelligence, January 2025
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL ENERGY STORAGE SYSTEMS AND AI DATA CENTERS ARE DRIVING DEMAND FOR BATTERIES + 23 + Rho Motion, Q2 2025 Battery Energy Stationary Storage Forecast Outlook − Demand for renewable energy outstrips supply − Solar jumped 88% to 18.6 GW − Battery storage rose by 64% to 7.4 GW − Investment in data centres is expected to reach US$ 580 billion Sources: Deloitte’s 2025 Renewable Industry Outlook and IEA World Energy Outlook 2025
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL + 24 + GLOBAL DEMAND IS EXPECTED TO OUTSTRIP SUPPLY STARTING IN 2036 Projected increase in graphite demand; the strongest growth of all key battery raw materials 455 GIGAFACTORIES IN THE PIPELINE FOR A COMBINED CAPACITY OF ~10 TWh BY 2030 Industry announcements & Benchmark Mineral Intelligence, January 2026 Market forecasts show a structural deficit: » Worldwide active anode material demand exceeding global supply by 165,000 tonnes as of 2036 » New production needed to come online to meet the strong growth market » NMG will be well positioned in what we expect to be a “seller’s market” over the next decade » Timely projected launch of NMG production to tap into demand/supply gap
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL - 500 1 000 1 500 2 000 Natural Active Anode Material Outlook (GWh) Long-term prices expected to rise » High-energy anode material prices stabilizing » Increased value of North American production for Western market − Reduced geopolitical risk with trade restrictions and friend-shoring incentives − Carbon-neutral footprint (direct impact on manufacturers’ Scope 3 emissions) − Logistical savings and less capital needed for inventories + SUPPLY/DEMAND DYNAMICS SUPPORT PRICE APPRECIATION + 25 + Source : Benchmark Mineral Intelligence, 2025-Q4 479 % Source : Inferred data from Benchmark Mineral Intelligence, 2025-Q4 0 1 000 000 2 000 000 3 000 000 4 000 000 5 000 000 6 000 000 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 China Forecasted Supply/Demand Supply Demand 0 200 000 400 000 600 000 800 000 1 000 000 1 200 000 1 400 000 1 600 000 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 North America Forecasted Supply/Demand Supply Demand
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU FACILITATING A LOCAL SUPPLY OF A CRITICAL MATERIAL + 26 +
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL+ 27 + +LOCATED IN A PREMIER OPERATING JURISDICTION Canada’s combination of strategic advantages 1 Québec Plan for the Development of Critical and Strategic Minerals 2020-2025; The Canadian Critical Minerals Strategy 2 Institut de la statistique du Québec, Recensement annuel sur l'investissement minier 2020. 3 The Mining Associations of Canada, Canadian mining industry facts and figures 2024 EDC, July 2025 Government committed to developing a secure and sustainable critical mineral supply chain.1 » Attractive, stable fiscal and political environment » Business-friendly policies including significant investment (nearing C$3 billion in 20202) » Ongoing government-funded research Strategically located to supply North American and European markets Mining powerhouse Canada is rich in resources and know-how: $74.6 billion in mineral production in 2022 Affordable, clean energy 36% cost savings vs other G7 countries Trade agreements with 51 countries that unlock global markets
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL Active anode material BÉCANCOUR CONCENTRATION SHAPING PURIFICATION COATING Flake graphite Spherical graphite Spherical purified graphite Coated spherical purified graphite High-purity graphite flake MATAWINIE + TECHNOLOGICAL VALIDATION AND OPTIMIZATION VIA PHASE-1 OPERATIONS Each step is engineered to add value and increase margins. + 28 + Value-added operations from mined ore to ready-to-use battery material as per customers’ specifications enabling product qualification and commercial offtake agreements.
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL + 29 + + PHASE 2 MATAWINIE MINE » Responsible mining operations with strategy to develop zero-emission fleet1, innovative tailings management, extensive water and biodiversity protection program, plus progressive reclamation » Signed collaboration and benefits agreements with the First Nation and local community » All key permits (including the key Environmental Decree) necessary to start construction are in place » Access to key infrastructure including hydropower and local highway – reduced operational and transport costs » Local workforce and specific training programs support recruitment efforts for Phase 2 A modern mine and concentrator, within only 120 km of Montréal PHASE 2: ENGINEERING & FINANCING UNDERWAY 1 The base case of the Updated Feasibility Study is a diesel operation, with the opportunity to develop a zero-emission fleet aiming for a transition when the equipment reaches viable technical and economic parameters. This transition is targeted to occur at the end of the first 5 consecutive year period after the start date of the commercial operation of the Matawinie Mine.
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL +PHASE-2 MATAWINIE MINE: SHOVEL-READY THANKS TO PREPARATORY WORK + 30 + Deposit & demonstration site Access road Future vegetal stockpile Environmental infrastructure Future concentrator Following a positive FID, the Phase-2 Matawinie Mine could be built and enter commercial production within less than three years.
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL+ 31 + PHASE 2 BÉCANCOUR BATTERY MATERIAL PLANTS Advanced manufacturing regrouping all processing units » Initial 13-Ktpa plant to fulfill Panasonic Energy’s active anode material offtake » Additional 44-Ktpa capacity to be developed on 200,000-m² greenfield land near highway, railway and port » Heavy industrial zone with clean, affordable electricity and labor pool » Located within the developing industrial battery hub; Ultium and Nemaska Lithium are constructing of their facilities CoatingShaping PHASE 2: ENGINEERING & FINANCING UNDERWAY Purification
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL PROPRIETARY & CONFIDENTIAL+ 32 + PHASE 2 BÉCANCOUR BATTERY MATERIAL PLANTS PHASE 2 Greenfield Site
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL » Located in Northern Québec, in a region renowned for its resources and associated industry − Accessible year-round by highway 389 and logging roads » Property wholly owned (100%) by NMG » Open-pit operation with on-site concentrator for targeted production of 500,000 tpa of graphite concentrate destined to the battery market − Life of mine of 24 years − Stripping ratio of 1.3 : 1 » Responsible mining practices including plans for all-electric operations, advanced environmental management, in-pit backfilling, and proactive First Nation and community engagement » Preliminary economic assessment indicates positive economics » Project supporting NMG’s expansion plan in line with market demand + 33 + + PHASE 3 UATNAN MINING PROJECT: AMONG THE WORLD’S LARGEST GRAPHITE PROJECTS IN DEVELOPMENT The 2023 Uatnan Mining Project Report is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves have not demonstrated economic viability. Additional trenching and/or drilling will be required to convert inferred mineral resources to indicated or measured mineral resources. There is no certainty that the resource development, production, and economic forecasts on which the 2023 Uatnan Mining Project Report is based will be realized. There are a number of risks and uncertainties identifiable to any new project and usually cover the mineralization, process, financial, environmental, engineering and permitting aspects. The Uatnan Project is no different and an evaluation of the possible risks was undertaken as part of the 2023 Uatnan Mining Project Report. There are known significant risk factors such as graphite price, ability to fund the Uatnan Mining Project, fluctuation of oil, metals and other commodity prices, change in mining laws, environmental laws and permitting.
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL+ 34 + INDUSTRY AND TECHNOLOGY PARTNERS SUPPORT OUR STRONG INTERNAL TEAM Active R&D ecosystem and battery supply chain industry participation » Our internal technical team consisting of 110+ professionals support our growth and continued innovation: − 7 PhD, 3 MSc, 35 engineers − Decades of expertise in graphite production acquired at leading operators including Imerys, SGL Group and BTR New Material » Extended technological platform including a battery lab to provide quality assurance and customization of products per customer’s specs » In-house R&D team and collaboration with renowned research institutes and universities to advance battery technology Technological expertise and R&D ecosystem puts the Company at the center of industry developments
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU COMMERCIAL OUTLOOK & FINANCIAL PARAMETERS + 35 +
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL FOUNDATION TOWARD COMMERCIAL PRODUCTION + 36 + FINAL INVESTMENT DECISION (FID) & LAUNCH OF CONSTRUCTION COMMERCIAL & CORPORATE ENGAGEMENT Product qualification and process optimization Multiyear offtakes Production parameters update based on clients’ specs Project financing structure Engagement with senior lenders, equity investors and governments TECHNICAL ADVANCEMENT Phase-1 operations for battery-grade sample production Mining governmental authorization Land purchase for Bécancour plants Assembling experienced project execution team Engineering, key procurement and pre- construction strategy ORE-TO-BATTERY-MATERIAL PROJECT DESIGN Exploration and mineral resource definition Technology development based on metallurgy Integrated feasibility study Stakeholder engagement and consultation, including First Nations and communities
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL+ 37 + +HIGHLIGHTS FOR THE MATAWINIE MINE (PHASE 2) * Results of the NI 43-101 Technical Report: 2025 Feasibility Study for the Matawinie Graphite Mine. Costs reflect steady-state production, exclude the initial ramp-up period, and are based on normalized operations. The after-tax IRR includes favorable impact of eligible tax credits, such as the Canadian Clean Technology Manufacturing Investment Tax Credit tax measures, provincial tax holidays for large investment projects and other available incentives. OPERATIONAL PARAMETERS Life of Mine (“LOM”) 25 years Nominal annual processing rate 2.56 M tonnes Stripping ratio (LOM) 1.16:1 Average grade (LOM) 4.23% C(g) Average mill recovery 93% Nominal annual graphite production 105,882 tonnes Finished product purity 97.5% C(t) ECONOMIC PARAMETERS CAPEX US$421M Annual OPEX US$44M OPEX cost per tonne of graphite concentrate US$419/tonne After-tax NPV (8% discount rate) US$238M After-tax IRR 15.8% After-tax payback 5.3 years
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL » Project financing activities progressing in preparation for a potential sequenced FID » Collaborative work with current and potential customers toward finalization of definitive offtake agreements paired with strategic investments » Detailed execution strategy: engineering, preparation of purchase orders for vendor engineering and long-lead items, as well as construction preparation + PHASE 2 PATH TO FID + 38 + Lenders Customers Shareholders FID TARGETED PROJECT FINANCING Debt: governmental and export credit agencies, including EDC and CIB Governmental levers: grants, forgivable loans and/or refundable Canadian investment tax credit (up to 30% of eligible expenses) Equity: strategic investors and customers Debt Advisor Strategic Equity Advisor
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL PHASE 3 OVERVIEW OF PRELIMINARY ECONOMIC HIGHLIGHTS ECONOMIC HIGHLIGHTS Uatnan Mining Project After-tax NPV (8 % discount rate) C$2,173 M After-tax IRR 25.9% After-tax payback 3.2 years Annual average production 500,000 tonnes OPEX per tonne of graphite concentrate C$268/tonne Initial CAPEX C$1,417 M Annual OPEX C$135 M + 39 + The 2023 Uatnan Mining Project Report is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves have not demonstrated economic viability. Additional trenching and/or drilling will be required to convert inferred mineral resources to indicated or measured mineral resources. There is no certainty that the resource development, production, and economic forecasts on which the 2023 Uatnan Mining Project Report is based will be realized. There are a number of risks and uncertainties identifiable to any new project and usually cover the mineralization, process, financial, environmental, engineering and permitting aspects. The Uatnan Project is no different and an evaluation of the possible risks was undertaken as part of the 2023 Uatnan Mining Project Report. There are known significant risk factors such as graphite price, ability to fund the Uatnan Mining Project, fluctuation of oil, metals and other commodity prices, change in mining laws, environmental laws and permitting.
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL 16% 12% 8% 8%8% 8% Other shareholders 40% + 40 + +RENOWNED EQUITY HOLDERS & BALANCED CAPITAL STRUCTURE * Based on the financial statements as of September 30, 2025, and adjusted to reflect the public equity offering announced on December 20, 2025. STRUCTURE (as at December 30, 2025) Basic shares (M) 160.7 Warrants (M) (US$2.38 strike price & only exercisable at FID) 70.9 Convertible notes (M) 2.5 Warrants/Convertible notes (M) 2.5 Other reserves (M) 1.6 Options and other incentives (M) 8.2 Fully diluted shares (M) 246.7 Cash position* $ 87.2 M COVERAGE Firm Analyst Cormark Securities MacMurray Whale Evercore ISI Stephen Richardson H.C. Wainwright & Co. Heiko F. Ihle Roth Capital Partners Joseph Reagor National Bank Financial Mohamed Sidibé Bank of Montreal Capital Markets Max Yerrill & Raj Ray Maxim Group LLC Tate Sullivan
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU APPENDIX + 41 +
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL+ 42 + + UPDATED RESOURCE AND RESERVE SUMMARY Current Pit-Constrained Mineral Resource Estimate for the West Zone Open-Pit Mineral Reserves Estimate for the West Zone Mineral Resource Category1,2 Current Resource (March 25, 2025) 5,6,7 Tonnage (Mt) Grade (% Cg)3 Contained Graphite (Mt) Measured 28.5 4.28 1.22 Indicated 101.8 4.26 4.33 Measured + Indicated 130.3 4.26 5.55 Inferred4 23.0 4.28 0.98 1. The Mineral Resources provided in this table were estimated by Yann Camus P.Eng., Qualified Person of SGS Geological Services, using current Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Reserves, Definitions and Guidelines. 2. Mineral Resources that are not Mineral Reserves have not demonstrated economic viability. Additional trenching and/or drilling will be required to convert Inferred and Indicated Mineral Resources to Measured Mineral Resources. There is no certainty that any part of a Mineral Resource will ever be converted into Reserves. 3. All analyses used for the Resource Estimates were performed by ALS Minerals Laboratories and delivered as % C(g), internal analytical code C-IR18. 4. Inferred Mineral Resources represent material that is considered too speculative to be included in economic evaluations. Additional trenching and/or drilling will be required to convert Inferred Mineral Resources to Indicated or Measured Mineral Resources. It cannot be assumed that all or any part of the Inferred Resources will ever be upgraded to a higher Resource category. 5. Current Resources effective March 25, 2025. 6. Mineral Resources are stated at a cut-off grade of 1.78% C(g). 7. Quality control standards used for these Mineral Resources returned within acceptable limits, no significant bias was found. Category Tonnage (Mt) Grade (% Cg) Contained Graphite (Mt) Proven 17.3 4.16 0.7 Probable 44.3 4.26 1.9 Proven & Probable 61.7 4.23 2.6 The Qualified Person for the Mineral Reserve Estimate is Jeffrey Cassoff, P.Eng., of BBA Inc. The effective date of the estimate is March 25, 2025. Mineral Reserves were estimated using a graphite concentrate selling price of US$1,334/t, and consider a 2% royalty, and selling costs of US$34.23/t. An average grade of 97% C(t) was considered for the graphite concentrate. A metallurgical recovery of 93% was used. A cut-off grade of 2.20% C(g) was used. The strip ratio for the open pit is 1.16 to 1. The Mineral Reserves are inclusive of mining dilution and ore loss. The reference point for the Mineral Reserves is the primary crusher. Totals may not add due to rounding.
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL IN-PIT CONSTRAINED MINERAL RESOURCES Tonnes (Mt) Grade (% Cg) Cg (Mt) Measured 5.75% < Cg < 25% 15.65 15.2 2.38 Measured Cg > 25% 3.35 30.6 1.02 Total Measured 19.02 17.9 3.40 Indicated 5.75% < Cg < 25% 40.29 14.6 5.89 Indicated Cg > 25% 6.33 31.6 2.00 Total Indicated 46.62 16.9 7.89 Indicated + Measured 5.75% < Cg < 25% 55.94 14.8 8.27 Indicated + Measured Cg > 25% 9.70 31.2 3.03 Total Measured + Indicated 65.64 17.2 11.30 Inferred 5.75% < Cg < 25% 15.35 14.9 2.28 Inferred Cg > 25% 2.47 31.8 0.79 Total Inferred 17.82 17.2 3.07 + 43 + + UATNAN – A WORLD-CLASS DEPOSIT CURRENT MINERAL RESOURCE ESTIMATE Notes : 1. The Mineral Resources provided in this table were estimated by M. Rachidi P.Geo., and C. Duplessis, Eng., (QPs) of GoldMinds Geoservices Inc., using current Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines. 2. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, market or other relevant issues. The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has not been sufficient work to define these Inferred Mineral Resources as indicated or Measured Mineral Resources. There is no certainty that any part of a Mineral Resource will ever be converted into Mineral Reserves. 3. The Mineral Resources presented here were estimated with a block size of 3mE x 3mN x 3mZ. The blocks were interpolated from equal-length composites (3 m) calculated from the mineralized intervals. 4. The Mineral Resource estimate was completed using the inverse distance to the square methodology utilizing three runs. For run 1, the number of composites was limited to ten with a maximum of two composites from the same drillhole. For runs two and three the number of composites was limited to ten with a maximum of one composite from the same drillhole. 5. The Measured Mineral Resources classified using a minimum of four drillholes. Indicated resources classified using a minimum of two drillholes. The Inferred Mineral Resources were classified by a minimum of one drillholes. 6. Tonnage estimates are based on a fixed density of 2.9 t/m3. 7. A pit shell to constrain the Mineral Resources was developed using the parameters presented in Table 4. The effective date of the current Mineral Resources is January 10, 2023. 8. Mineral Resources are stated at a cut-off grade of 5.75% C(g).
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NMG.com + NYSE: NMG | TSX: NOU PROPRIETARY & CONFIDENTIAL NMG.com Facebook Twitter YouTube LinkedIn ADVANCED GRAPHITE MATERIALS TO POWER THE ENERGY REVOLUTION CORPORATE OFFICE 995 Wellington Street, Suite 240 Montréal (Québec) H3C 1V3 Canada CONTACT Marc Jasmin Director, Investor Relations +1 450 757-8905 #993 mjasmin@nmg.com