NMG · Nouveau Monde Graphite Inc.

Nouveau Monde Graphite Inc. reported its Q1 2026 results, showing a net loss of $4.5 million, a significant improvement from the $12.4 million loss in Q1 2025. The reduction was primarily driven by a $10.5 million gain from the change in fair value of derivative warrant liability (non-cash), lower Battery Material Plant project expenses ($4.0 million vs. $9.6 million), and a decrease in mining project expenses ($2.3 million vs. $2.0 million). General and administrative expenses increased slightly to $7.9 million from $7.1 million. Operating cash outflow was $12.4 million, and capital expenditures (net of grants) totaled $4.1 million. Cash and cash equivalents decreased to $57.3 million from $73.9 million at year-end 2025. The company disclosed a material uncertainty regarding its ability to continue as a going concern, noting that without additional funding secured after the period (contingent on shareholder and regulatory approvals), it does not have sufficient liquidity for planned development activities. Management highlighted that the Phase-2 Matawinie Mine financing structure is finalized and nearing completion. The company has yet to generate revenue or positive cash flows.