Nouveau Monde Graphite has secured a fully committed senior project debt package totaling $335 million to support the construction and development of its Phase-2 Matawinie Mine in Québec, marking a significant milestone as the company advances toward a final investment decision.
The financing commitment comes from Export Development Canada and the Canada Infrastructure Bank, providing a long-term project finance structure with competitive rates and flexible repayment terms. The facilities include a $290 million senior secured term loan and a $45 million cost overrun facility, designed to support construction, working capital needs, and associated transaction costs.
The Matawinie Mine is positioned to become the largest graphite operation in the G7, supporting supply chains across energy storage, advanced manufacturing, and technology sectors. The project has already reached an advanced stage, with approximately 80% of engineering completed, key permits secured, and site preparation underway. Agreements with the Atikamekw First Nation of Manawan and local communities are also in place, further reducing execution risk.
Long-term offtake agreements underpin the project’s financial viability, with roughly 75% of future production allocated to customers, including the Government of Canada, Panasonic Energy, and Traxys. These agreements provide strong revenue visibility and enhance the project’s bankability.
The financing package represents a major step in the company’s broader funding strategy, with the debt component now largely secured. Nouveau Monde Graphite is continuing discussions with strategic investors to complete the equity portion of the capital structure.
The project has been designated as a “project of national interest” by the Government of Canada, reflecting its role in strengthening domestic critical minerals supply chains and supporting the global transition to a low-carbon economy. The development is expected to contribute to job creation, economic growth, and Canada’s position as a reliable supplier of graphite for battery and industrial applications.
Following the satisfaction of customary conditions and completion of definitive documentation, the company expects to reach financial close and begin drawdowns under the facility. Construction readiness continues in parallel, with major contracts already awarded covering more than half of the project’s capital expenditures.
The Matawinie Mine forms a cornerstone of Nouveau Monde Graphite’s integrated value chain strategy, aimed at delivering responsibly produced graphite materials to global markets while aligning with environmental, social, and governance standards.
KEY QUOTES
“A defining milestone for the Matawinie Mine, this commitment from EDC and CIB reflects the depth of Canadian public-finance expertise behind large, strategic infrastructure and critical minerals developments — and it validates the bankability of our project. With detailed engineering well advanced, preparatory work executed, key permits secured, and agreements in place with the Atikamekw First Nation of Manawan and local community, Matawinie is shovel-ready and substantially de-risked. Backed by long-term offtake arrangements and a disciplined financing structure, we are advancing with confidence toward final investment decision (‘FID’) and construction.”
Eric Desaulniers, Founder, President, and CEO, Nouveau Monde Graphite
“Nouveau Monde Graphite’s project is essential to accelerating the development of an integrated critical minerals value chain in Canada. By securing this long-term financing for Phase 2 of the Matawinie Mine, Nouveau Monde Graphite is helping strengthen a supply chain that is vital to our economic security, while supporting Canada and other G7 countries in sourcing critical minerals in a reliable and responsible way. With projects like this one, we are building a stronger and more prosperous Canada — creating good jobs, advancing the energy transition and unlocking Canada’s full economic potential.”
Dominic LeBlanc, President of the King’s Privy Council for Canada and Minister of Internal Trade
“Graphite underpins battery supply chains, advanced manufacturing, and the technologies that shape the modern economy. We are the only G7 nation currently producing it, and by bringing the Matawinie Mine online, we can create new jobs and strengthen Canada’s role as a reliable supplier to our allies. The Government of Canada is helping move this project toward final investment decision and construction – just like we promised when we referred the project to the Major Projects Office. This is what execution looks like.”
Tim Hodgson, Minister of Energy and Natural Resources
“Québec has everything it needs to be a leading player in the global battery supply chain: world-class resources, recognized industrial expertise, and regions ready to seize growth opportunities. By supporting projects like this one, our government is strengthening Canada’s position in the critical minerals sector, creating quality jobs for our workers, and ensuring that our industries have a reliable supply to build the economy of tomorrow.”
Joël Lightbound, Minister of Government Transformation, Public Works and Procurement and Quebec Lieutenant
“Canada’s critical minerals sector is key to building resilient supply chains and supporting the global transition to a low-carbon economy. By supporting projects like Nouveau Monde Graphite’s Matawinie Mine, which is set to become the largest graphite mine in the G7, we are strengthening Canada’s role as a reliable and stable partner in global critical mineral supply chains. This project will help grow Canadian exports, reinforce secure supply chains with our allies, and further position Canada as a global leader in responsibly produced critical minerals.”
Maninder Sidhu, Minister of International Trade
“Projects like this are key to building the infrastructure and supply chains Canada needs for the future. The Matawinie Mine will strengthen our critical minerals value chain, create good jobs, and support sustainable economic growth while helping Canada and its allies secure the materials needed for clean energy and advanced manufacturing. Through this agreement in principle, we are helping move this important project forward and ensuring Canada remains a reliable partner in the global transition to a low-carbon economy.”
Gregor Robertson, Minister of Housing, Infrastructure and Communities
“Québec offers the resource base, industrial capability, and project expertise needed to anchor globally competitive mining and critical minerals development. Today’s announcement reflects the kind of strategic action our government is taking to create jobs and strengthen our economy and sovereignty, thanks to Quebec’s role in critical supply chains.”
Claude Guay, Parliamentary Secretary to the Minister of Energy and Natural Resources
“EDC is pleased to lead this financing round in support of the Nouveau Monde Graphite project, reflecting our commitment to building a strong, end-to-end critical minerals ecosystem in Canada. Projects like the Matawinie Mine play a strategic role, by strengthening domestic supply chains, creating high-quality jobs, and positioning Canada as a trusted global supplier of critical minerals. This is a great example of how EDC is deploying strategic risk capital to support nation-building projects that strengthen Canada’s economic resilience and advance the Government of Canada’s vision for a secure, sustainable, and globally competitive critical minerals sector.”
Alison Nankivell, President and CEO, Export Development Canada
“The CIB’s commitment of a debt facility to Nouveau Monde Graphite will advance the next phase of the Matawinie Mine toward final investment decision and construction. The CIB works to bridge financing gaps and accelerate timelines in large-scale critical minerals projects which are essential to Canada’s economic competitiveness.”
Ehren Cory, CEO, Canada Infrastructure Bank
