Mr. Eric Desaulniers reports

NMG PROVIDES Q3 2026 UPDATE AND HIGHLIGHTS FIRST FULL QUARTER OF CONSTRUCTION EXECUTION AT THE MATAWINIE MINE

Nouveau Monde Graphite Inc. has provided a quarterly update on its financial and operational performance and strategic progress for the third quarter ended Sept. 30, 2026. This period was defined by the continued advancement of the company's cornerstone projects: the Matawinie mine and the 13,000-tonne-per-year (tpy) Becancour battery material plant. Construction activities at the Matawinie mine progressed as planned and within the overall project budget, while required activities in support of an FID (final investment decision) targeted in the upcoming months continued to advance for the 13,000 tpy Becancour battery material plant.

"The third quarter was about disciplined execution and steady progress across key areas of our business," said Eric Desaulniers, Nouveau Monde Graphite founder, president and chief executive officer. "At the Matawinie mine, our teams continued to translate plans into infrastructure on the ground, while maintaining our focus on schedule, cost control and responsible project delivery. In parallel, working closely with our partners, we continued to advance the work required to support a targeted FID for our 13,000 tpy Becancour battery material plant in the upcoming months. Beyond project development, we continued to strengthen the capabilities and relationships that will support NMG over the long term, from applied innovation to our strengthening collaboration with Eni with the addition of one of their representatives to our board. We remain focused on delivering each step with rigour and building a strong foundation for the integrated graphite platform we are developing in Quebec, Canada."

Matawinie mine (phase 2)

In the third quarter, construction activities continued to progress as planned and remained within the overall budget, with $67-million (Canadian) incurred in project expenditures as of Sept. 30, 2026.

The company reports close to 71,000 on-site construction and engineering hours worked over the third quarter. Construction activities included:

• Concrete pours for building and mineral processing equipment foundations;
• Excavation and backfill of infrastructure at the industrial platform;
• Excavation of water control structures;
• Backfill of material into the overburden and organic stockpiles;
• Continuing permit/authorization applications for the construction managed in line with the project execution schedule;
• Continued advancement of detailed engineering and procurement of key equipment and construction packages.

Furthermore, Nouveau Monde Graphite continues to advance the remaining steps toward financial close of the senior debt facilities, which is expected in the upcoming weeks.

In October, the company obtained mining lease No. 1,057 for its Matawinie mine from Quebec's Ministry of Natural Resources and Forests. The mining lease grants the company the right to mine the graphite deposit and marks a major regulatory milestone for the project. This milestone follows several years of environmental, social and regulatory processes, and reflects Nouveau Monde Graphite's commitment to developing the Matawinie mine according to high standards of environmental performance and sustainable development.

In addition, following the approval of the closure plan for the Matawinie mine in the second quarter, the first instalment of the required financial guarantee was completed in October through the placement of a surety bond.

Planned key construction activities in the fourth quarter include:

• Continued advancement of civil and concrete works, with focus on maximizing concrete placement prior to the winter period;
• Advancement of awards for construction and equipment packages required in 2027;
• Continued progress in detailed engineering to support tender and construction needs.

13,000 tpy Becancour battery material plant

In the third quarter, the company continued to advance the required technical, commercial and financing activities supporting an FID targeted in the upcoming months.

Key activities during this period included:

• The advancement into the detailed engineering phase to refine and optimize the process design;
• Continuing due diligence activities with partners;
• The continued advancement of optimization activities;
• The continuing collaboration with Panasonic Energy to ensure the plant design meets their key requirements and expectations.

In addition, Panasonic Energy has reiterated its intent to support this project, which may entail an equity investment by Panasonic at the FID of the 13,000 tpy Becancour battery material plant, in line with their initial investment in 2024.

Planned key activities in the fourth quarter include further advancement of the above-mentioned activities, as well as the continued optimization of capital structure and negotiations of major contracts for the production equipment and for the construction.

In parallel, Nouveau Monde Graphite also continues various work streams to develop additional battery material plants of active anode material and/or advanced graphite materials production that could be developed on its existing 200,000-square-metre (m) adjacent greenfield or other strategically positioned sites either in North America or in Europe.

Commercial strategy and value creation

Nouveau Monde Graphite has established a diversified commercial foundation across key graphite markets through binding offtake agreements with Panasonic Energy for the lithium-ion battery market, Traxys for the refractory market and the government of Canada for specialized graphite applications. These agreements, representing approximately 70 per cent of the Matawinie mine production, provide commercial visibility across large-volume and specialized markets and validate the relevance of Nouveau Monde Graphite's planned product portfolio. In addition, the company continues to advance its commercialization strategy and is actively engaged with other Tier 1 potential customers interested in the remaining volume of Nouveau Monde Graphite's phase 2 production for natural flake graphite, active anode material and/or specialized graphite materials for niche applications.

Building on this foundation, Nouveau Monde Graphite's strategy is focused on maximizing the value generated from its planned graphite production through the development of additional value-added opportunities. Potential avenues include additional active anode material capacity and the valorization of byproducts and tailings. The execution of these initiatives could enable Nouveau Monde Graphite to capture additional value across its production base, diversify its sources of potential revenue and progressively expand its earnings generating capacity.

In the immediate near-term, Nouveau Monde Graphite remains focused on the disciplined and rigorous execution of the construction of the Matawinie mine and on advancing the remaining activities in support of a targeted FID for the 13,000 tpy Becancour battery material plant project, while continuing to work closely with its partners and stakeholders to advance these priorities.

To consult Nouveau Monde Graphite's management discussion and analysis for the nine-month period ended Sept. 30, 2026, visit the company's website.

About Nouveau Monde Graphite Inc.

Nouveau Monde Graphite is an integrated company developing responsible mining and advanced processing operations to supply the global economy with carbon-neutral advanced graphite materials. The company is developing in Quebec, Canada, a fully integrated ore-to-processed-graphite value chain to serve tomorrow's industries in energy, advanced technology and manufacturing. With recognized ESG (environmental, social and governance) standards and structuring partnerships with major customers, Nouveau Monde Graphite is set to become a strategic supplier of advanced materials to leading specialized manufacturers while promoting sustainability, innovation and supply chain traceability.

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