EDC, Infrastructure Bank provide $459M to Quebec graphite mine

Matawinie project aims to strengthen Canada's critical minerals supply chain

Export Development Canada and the Canada Infrastructure Bank signed a $459 million senior secured debt facility with Nouveau Monde Graphite (NYSE: NMG; US-TSX: NOU) to advance the Matawinie mine project in Quebec.

The financing agreement supports the next development phase of the graphite mining operation, which Prime Minister Carney referred to the federal Major Projects Office in November 2025 as a nation-building initiative.

"A defining milestone for the Matawinie Mine, this debt package with 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," Eric Desaulniers, founder, president and CEO for Nouveau Monde Graphite, said.

He added, "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 derisked. Backed by long-term offtake arrangements and a disciplined financing structure, we are advancing with confidence toward final investment decision (FID) and construction."

Critical minerals focus

The Matawinie Mine targets Canada's critical minerals strategy by developing an integrated value chain domestically and helping secure supplies for G7 countries and allies. Once financial close occurs, the debt facility will fund development, construction and commissioning of the graphite operation.

Graphite serves as a key component in battery manufacturing and other advanced technologies, making the mineral essential for energy storage, electric vehicles and defense applications.

Development timeline

The debt facility remains subject to satisfactory completion of customary conditions and achievement of financial close by both parties. No timeline was provided for when construction might begin.

The agreement demonstrates government backing for domestic critical minerals development as global competition intensifies for secure supply chains. Canada has identified graphite among priority minerals for economic and national security reasons.

EDC and CIB structured the financing to accelerate access to critical mineral resources and related supply chains, supporting broader government objectives to position Canada as a reliable supplier of materials essential to clean energy transitions and technological advancement.

More information is available at www.Edc.ca, www.Cib-bic.ca and www.Nmg.com