Nouveau Monde Graphite Phase-2: Matawinie Mine and Bécancour Battery Material Plant
Nouveau Monde Graphite Inc. is constructing the Phase-2 Matawinie Mine in Saint-Michel-des-Saints, Québec, and advancing development of the Bécancour Battery Material Plant to create an integrated mine-to-anode-material value chain for natural graphite. On 19 May 2026, Prime Minister Mark Carney announced the start of construction at the Matawinie Mine, describing it as the largest graphite mine in North America and the G7 once completed, with an annual supply capacity of up to 106,000 tonnes of graphite concentrate.
The project is a Major Projects Office referred project. It was included in the first round of announcements under the Critical Minerals Production Alliance, launched at the 2025 G7 Leaders' Summit in Kananaskis, Alberta.
Source: Prime Minister of Canada, 19 May 2026; Major Projects Office
The project comprises two integrated components: the Matawinie Mine, an open-pit graphite mine producing high-purity flake graphite concentrate, and the Bécancour Battery Material Plant, which will process concentrate into battery-grade active anode materials. Both facilities are located within 150 km of Montréal, Québec, and will operate primarily on Québec's renewable hydroelectricity.
The March 2025 Updated Feasibility Study, prepared in accordance with National Instrument 43-101, confirmed a 25-year mine life with nominal production of 105,882 tonnes per annum of graphite concentrate. An amended provincial decree issued on 5 August 2026 increased the authorised annual production capacity to 106,000 tonnes.
The Bécancour Battery Material Plant is planned at an initial capacity of 13,000 tonnes per annum (13 ktpa) of active anode material. NMG acquired a brownfield property to host the plant, intended to lower infrastructure costs and align commissioning with the mine.
Source: NMG, Updated Feasibility Study, 25 March 2025; NMG, Q1 2026 quarterly update, 13 May 2026; NMG, integrated operations
| Category |
Information |
| Mine Location |
Saint-Michel-des-Saints, Québec |
| Processing Location |
Bécancour, Québec |
| Proponent | Nouveau Monde Graphite Inc. (NYSE: NMG; TSX: NOU) |
| Commodity | Natural flake graphite, graphite concentrate, active anode materials |
| Mine Production Capacity | 106,000 tonnes per annum (authorised) |
| Bécancour Plant Capacity | 13,000 tonnes per annum (planned) |
| Mine Life | 25 years |
| Estimated Total Capital Cost | Approximately US$634 million (mine and plant combined) |
| Status | Under construction (Matawinie Mine); Bécancour Plant FID targeted H2 2026 |
| Full Commercial Production | End of 2028 (target) |
Source: Prime Minister of Canada, 19 May 2026; NMG, Q1 2026 quarterly update; NMG, Updated Feasibility Study, 25 March 2025
NMG's Phase-2 development is structured as an integrated value chain: the Matawinie Mine produces flake graphite concentrate, which feeds the Bécancour Battery Material Plant for processing into active anode materials for lithium-ion batteries.
The November 2025 Matawinie Mine Feasibility Study (NI 43-101 compliant) established an initial capital expenditure estimate of US$421 million for the mine, with annual operating costs of US$44 million. The March 2025 Updated Feasibility Study covering the integrated operation confirmed economic viability.
In partnership with Caterpillar, NMG intends to transition to a zero-emission mining fleet at the Matawinie site. Canada's government will provide C$4.4 million through Natural Resources Canada's Energy Innovation Program to deploy an electric-powered Caterpillar 950GC loader at the mine.
Source: NMG, Matawinie Mine Feasibility Study, 12 November 2025; Prime Minister of Canada, 19 May 2026; NMG, integrated operations
Development Stage (August 2026)
Status: Under construction (Matawinie Mine); Bécancour Battery Material Plant approaching FID
Source: NMG, Q1 2026 quarterly update, 13 May 2026; NMG, Q2 2026 SEC filing
| Date |
Milestone |
| 25 March 2025 |
Updated Feasibility Study released (integrated mine and plant) |
| 12 December 2024 |
Conseil des Atikamekw de Manawan signs Impact Benefit Agreement with NMG |
| 20 January 2025 | NMG graduates from TSXV to TSX |
| 31 October 2025 |
Announced as a strategic project under the Critical Minerals Production Alliance; commercial agreements with Panasonic Energy, Traxys and Government of Canada disclosed |
| 12 November 2025 |
Matawinie Mine Feasibility Study released (NI 43-101) |
| 13 November 2025 | Project referred to the Major Projects Office |
| 17 March 2026 |
EDC and CIB execute C$459 million loan agreement with NMG |
| 26 March 2026 |
Updated binding offtake term sheet with Government of Canada executed |
| 16 April 2026 | US$297 million equity financing package announced (US$213 million private placement plus US$84 million bought deal public offering) |
| 13 May 2026 | Closing of US$96.5 million oversubscribed public offering |
| 15 May 2026 |
Binding long-term Supply and Storage Agreement signed with Government of Canada for 30,000 tpa |
| 14 August 2026 |
Eni S.p.A. acquires 11.6 per cent equity stake in NMG |
| 19 May 2026 | Prime Minister Carney announces start of construction at Matawinie Mine |
| 5 August 2026 | Provincial decree amended to increase authorised annual production to 106,000 tonnes |
| End of 2028 | Full commercial production target |
Source: Major Projects Office; Prime Minister of Canada, 19 May 2026; NMG, TSX uplisting announcement, 16 January 2025; NMG, IBA announcement, 12 December 2024; NMG, Q2 2026 SEC filing
Total contemplated gross proceeds for the Phase-2 Matawinie Mine are approximately US$645 million, comprising:
| Component |
Amount |
| Senior secured project debt (EDC and CIB) |
US$335 million |
| Private placements (including Eni, Investissement Québec, Canada Growth Fund) |
US$213 million |
| Oversubscribed bought deal public offering |
US$96.5 million |
The Government of Canada's financing support includes a C$459 million loan package from Export Development Canada and the Canada Infrastructure Bank (executed 17 March 2026), and a C$113 million strategic commitment from the Canada Growth Fund, following the CGF's previous C$35.6 million commitment announced in December 2024 as part of a broader C$411 million financing package alongside Eni S.p.A., Investissement Québec, and public equity financing.
As of 31 March 2026, NMG held a cash position of C$57.3 million.
Source: Major Projects Office; Prime Minister of Canada, 19 May 2026; NMG, Q1 2026 quarterly update
| Counterparty |
Product / Volume / Term |
| Government of Canada (PWGSC) |
Graphite concentrate — 30,000 tpa — seven years — take-or-pay at fixed North American market price |
| Panasonic Energy Co., Ltd. |
Active anode material — 13,000 tpa — seven years (initial) — subject to conditions precedent including commercial operation and product qualification |
| Traxys North America LLC |
Graphite concentrate (industrial) — up to 20,000 tpa, of which 10,000 tpa firm take-or-pay — seven years (initial) — market-index pricing |
| Eni S.p.A. | Graphite concentrate or active anode material — potential 15,000 tpa — under negotiation, letter of intent stage |
The binding long-term Supply and Storage Agreement with the Government of Canada was signed on 13 May 2026. Eni S.p.A. acquired an 11.6 per cent equity stake in NMG, with the transaction closing on 15 May 2026, and holds the right to nominate one board member.
Source: NMG, Panasonic offtake update, 31 October 2025; NMG, Q2 2026 SEC filing (MD&A); Major Projects Office
The Matawinie Mine is located on the Nitaskinan, the ancestral territory of the Atikamekw Nehirowisiw. On 12 December 2024, the Conseil des Atikamekw de Manawan and Nouveau Monde Graphite signed an Impact Benefit Agreement for the Matawinie mining project. Chief Sipi Flamand of the Manawan Atikamekw described the agreement as aligned with the community's desire to generate value from the Nitaskinan whilst creating concrete opportunities for community members.
The IBA covers collaboration on aspects related to Atikamekw culture, environmental management, training, employment, business opportunities, and financial benefits. A joint working committee has been established to oversee implementation. The agreement followed a community consultation process and builds on two prior agreements between the Manawan Atikamekw and NMG.
The Government of Canada's MPO page describes the agreement as setting out the significant participation of the Manawan Atikamekw to responsibly develop graphite in the Nitaskinan in a way that respects the environment and provides direct benefits to the community.
Source: NMG, IBA announcement, 12 December 2024; Major Projects Office; APTN News, 27 November 2025
The project was referred to the Major Projects Office on 13 November 2025 as part of the second tranche of nation-building projects. The MPO coordinated efforts among four federal departments and agencies to support financing, commercial arrangements, and permitting.
Québec's critical minerals framework provides targeted incentives, infrastructure development and coordinated permitting processes. The Government of Canada's Critical Minerals Strategy emphasises domestic production and allied supply chains. The project was included in the Critical Minerals Production Alliance, launched at the 2025 G7 Leaders' Summit.
Source: Prime Minister of Canada, 13 November 2025; Major Projects Office
For the twelve-month rolling period ended 30 June 2026, NMG reported a total recordable injury frequency rate of 0.95 at Company facilities, with 0 at the Matawinie construction site and no major environmental incidents. NMG maintains a carbon-neutral balance through reduction initiatives and verified offsets, and Bloomberg rates the Company's ESG score as "Leading."
NMG's integrated value chain is designed to support traceability from mine to battery materials. In partnership with Caterpillar, the Matawinie Mine is planned as a zero-emission open-pit operation powered by Québec's renewable hydroelectricity.
Source: NMG, Q2 2026 SEC filing; NMG, 2025 Financial Reports, 26 March 2026; NMG, integrated operations
Operator: Nouveau Monde Graphite Inc. (NYSE: NMG; TSX: NOU)
Commodity Focus: Natural flake graphite, graphite concentrate, active anode materials
Strategic Alignment: Québec critical minerals strategy, battery materials value chain development, and North American critical minerals security objectives
Sources