<SEC-DOCUMENT>0001104659-22-083543.txt : 20220728
<SEC-HEADER>0001104659-22-083543.hdr.sgml : 20220728
<ACCEPTANCE-DATETIME>20220728120900
ACCESSION NUMBER:		0001104659-22-083543
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20220728
FILED AS OF DATE:		20220728
DATE AS OF CHANGE:		20220728

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Nouveau Monde Graphite Inc.
		CENTRAL INDEX KEY:			0001649752
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40416
		FILM NUMBER:		221113736

	BUSINESS ADDRESS:	
		STREET 1:		6 CHEMIN DES BOULEAUX
		CITY:			L'ANGE-GARDIEN
		STATE:			A8
		ZIP:			J8L 0G2
		BUSINESS PHONE:		819-923-0333

	MAIL ADDRESS:	
		STREET 1:		6 CHEMIN DES BOULEAUX
		CITY:			L'ANGE-GARDIEN
		STATE:			A8
		ZIP:			J8L 0G2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Nouveau Monde Mining Enterprises Inc.
		DATE OF NAME CHANGE:	20150731
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2221896d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16 <BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the month of July&nbsp;2022</B></FONT><BR>
Commission File Number: <B>001-40416</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>Nouveau
Monde Graphite Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B></B></FONT><FONT STYLE="font-size: 10pt">(Translation of registrant&rsquo;s name into English)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>481 rue Brassard<BR>
Saint-Michel-des-Saints, Quebec<BR>
Canada J0K 3B0</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
Form&nbsp;20-F </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Form&nbsp;40-F
<FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation S-T Rule&nbsp;101 (b)(1): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibits 99.1,
99.2, 99.3 and 99.4 of this Form&nbsp;6-K are hereby filed and incorporated by reference into the registrant&rsquo;s Registration Statement
on </FONT>Form&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1649752/000110465921070001/tm2116932-1_f10.htm" STYLE="-sec-extract: exhibit">F-10 (File No.&nbsp;333-256340)</A>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DOCUMENTS TO BE FILED AS PART&nbsp;OF THIS FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="tm2221896d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD><TD><A HREF="tm2221896d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Material Change Report dated July&nbsp;28, 2022</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="tm2221896d1_ex99-2.htm" STYLE="-sec-extract: exhibit">99.2</A></TD><TD><A HREF="tm2221896d1_ex99-2.htm" STYLE="-sec-extract: exhibit">Consent of Yann Camus</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><A HREF="tm2221896d1_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="tm2221896d1_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent of Andr&eacute; Allaire</FONT></A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><A HREF="tm2221896d1_ex99-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="tm2221896d1_ex99-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent of Jeffrey Cassoff</FONT></A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Nouveau Monde Graphite Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: July 28, 2022</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Charles-Olivier Tarte</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles-Olivier Tarte</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2221896d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 51-102F3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Material
Change Report</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Name and Address of the Corporation</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left"><B>NOUVEAU MONDE GRAPHITE INC. </B>(the
 &#8220;<B>Corporation</B>&#8221;)<BR>
481 Rue Brassard<BR>
Saint-Michel-des-Saints QC, J0K 3B0</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Date of Material Change</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">July 6, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>News Release</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">A news release, in French and English
versions, was issued on July 6, 2022 through Business Wire and filed on SEDAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Summary of Material Change</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Corporation announced the issuance
of the results of feasibility study for its integrated ore-to-anode material model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Full Description of Material Change</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Corporation released the results
of its feasibility study (the &#8220;<B>Study</B>&#8221;) completed in accordance with the National Instrument 43-101 &#8211; <I>Standards
of Disclosure for Mineral Projects </I>(&#8220;<B>NI 43-101</B>&#8221;) for its integrated business operation comprised of the Phase-2
Matawinie Mine and B&eacute;cancour Battery Material Plant projects. The Study, conducted by engineering firm BBA Inc. (&#8220;<B>BBA</B>&#8221;)
with the support of various technical consultants, has demonstrated strong economics for the Corporation&#8217;s model as the battery
and electric vehicle (&#8220;<B>EV</B>&#8221;) manufacturers seek alternatives for sourcing their graphite-based solutions amidst growing
demand and projected structural deficit of production in the next decade. The Corporation is ideally positioned to cater to the North
American and European markets with its large graphite deposit, proprietary ecotechnologies, demonstrated production capacity thanks to
its Phase-1 operations, as well as preferential jurisdiction advantages including clean hydropower, flexible logistical base and stable
fiscal and political environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Updating resources and reserves,
operational, and financial metrics of the Matawinie Mine 2018 bankable feasibility study (effective as of July 10, 2018 and issued
on December 10, 2018), the Study also layered the production and economics structure of the B&eacute;cancour Battery Material Plant,
the process and engineering optimizations generated in recent months, the latest market pricing as per Benchmark Mineral
Intelligence&#8217;s assessment, as well as capital expenditures (&#8220;<B>CAPEX</B>&#8221;) and operating expenses
(&#8220;<B>OPEX</B>&#8221;) profile amidst current economic conditions. These combined parameters for a projected annual average
production of 103,328 tonnes per annum (&#8220;<B>tpa</B>&#8221;) of high-purity flake graphite concentrate at the Matawinie Mine
and 42,616 tpa of anode material plus 3,007 tpa of purified jumbo flakes at the B&eacute;cancour Battery Material Plant, using a
portion of Matawinie&#8217;s production as feedstock, indicate an after-tax net present value (&#8220;<B>NPV</B>&#8221;) of C$ 1,581
million and internal rate of return (&#8220;<B>IRR</B>&#8221;) of 21%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><I>Table 1: Economic highlights of
the Corporation&#8217;s integrated Phase-2 graphite operations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>ECONOMIC HIGHLIGHTS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Matawinie <BR>
Mine</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 23%; text-align: center"><FONT STYLE="font-size: 10pt"><B>B&eacute;cancour
    Battery <BR>
Material Plant</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>INTEGRATED<BR>
 MODEL</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-tax
    NPV (8% discount rate)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">C$ 986
    M </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">C$ 1,374
    M </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>C$
    2,360 M </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">After-tax
    NPV (8 % discount rate)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">C$ 571
    M </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">C$ 1,010
    M </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>C$
    1,581 M </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-tax
    IRR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">28.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">22.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>24.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">After-tax
    IRR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">22.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">20.4%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>21.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-tax
    payback </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">3.2
    years</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">4.3
    years</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>3.9
    years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">After-tax
    payback </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">3.7
    years</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">4.5
    years</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>4.2
    years</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Annual
    average production</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">103,328
    tonnes<BR>
 of graphite <BR>
concentrate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">42,616
    tonnes of anode <BR>
material <BR>
    3,007 tonnes of purified <BR>
jumbo flakes<BR>
    18,384 tonnes of <BR>
    by-product fines</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Life
    of mine (&#8220;<B>LOM</B>&#8221;)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">25 years</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Initial
    CAPEX</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">C$ 481
    M </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">C$ 923
    M </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>C$
    1,404 M </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Annual
    OPEX</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">C$ 58
    M </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">C$ 136
    M </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>C$
    195 M </B></FONT></TD></TR>
  </TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">CAPEX and OPEX were established from
test work results, Phase-1 operations, supplier quotations and consultant&#8217;s in-house databases. Estimates being currently at the
market's peak as influenced by inflationary trends, the Corporation and its consulting firms have refined design, engineering, and construction
parameters to enable cost optimization and competitive pricing of the Corporation&#8217;s production. Qu&eacute;bec&#8217;s affordable
clean hydropower underpins the Corporation&#8217;s technologies, economics structure and carbon-neutrality commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Corporation&#8217;s integrated
business model, with a secured feedstock, close-by operations at the western market&#8217;s doorstep and operational flexibility to adapt
production based on demand, represents a stable and cost-effective structure in today&#8217;s everchanging macroeconomics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Product Offering and Market </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The integrated material flowsheet
developed by the Corporation is designed to leverage the distribution of graphite concentrate flake sizes to be produced at the Phase-2
Matawinie Mine by catering to the most profitable market segments. Jumbo to coarse flakes will be destined to high-purity, highmargin
specialty and traditional markets at a LOM average price of C$ 2,135 per tonne. While fine to intermediate flakes will be transformed
into coated spherical purified graphite (&#8220;<B>CSPG</B>&#8221;) at the Phase-2 B&eacute;cancour Battery Material Plant for sales as
anode material for lithium-ion battery applications at a LOM average price of C$ 11,540 per tonne. A portion of jumbo flakes will also
undergo refinement at the B&eacute;cancour Battery Material Plant to produce purified jumbo flakes for niche applications such as heat
dissipators in 5G technologies and bipolar plates in hydrogen fuel cells. By-products from this facility will also be sold to optimize
the B&eacute;cancour basket price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Selling prices were calculated using
forecasts provided by Benchmark Mineral Intelligence, an IOSCO-regulated price reporting agency and market intelligence publisher for
the lithium-ion battery to EV supply chain. They were estimated for the North American market where the Corporation is expected to have
competitive advantages over international producers, namely its carbon-neutral footprint, multimodal logistical base, stable political
jurisdiction and exclusion from U.S. import tariffs on graphite.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Pressure caused by gigafactories development
across the world, limited production capacity impacted by Chinese pandemic measures and turbulent logistics is reflected in the year-over-year
flake graphite price increase of 37% (Benchmark Mineral Intelligence, May 2022). The global lithium-ion battery production capacity pipeline
to 2031 now reaches 6,660 GWh, driving associated projections for graphite demand to 7,993,000 tpa, the largest of all battery metals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Mineral Resource and Reserves</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The mining property (the &#8220;<B>Mining
Property</B>&#8221; or the &#8220;<B>Tony Block</B>&#8221;) presently consists of 159 contiguous map-designated claims totalling 8,266.42
hectares (&#8220;<B>ha</B>&#8221;) wholly owned (100%) by the Corporation. The Matawinie Mine project lies within the municipality of
Saint-Michel-des-Saints, Qu&eacute;bec, Canada, approximately 120 km as the crow flies north of Montr&eacute;al. Exploration work on the
Mining Property targeted graphite mineralization and consists to date of airborne geophysics, prospecting, ground TDEM surveying, trenching/channel
sampling and core drilling. Surface and core samples were also collected for metallurgical and geomechanical tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Exploration work uncovered significant
crystalline flake graphite mineralization ultimately leading to the identification of Mineral Resources and Reserves. Mineral Resources
have been estimated for the West Zone of the Mining Property. These Mineral Resources are based on 8,274 assay intervals collected from
27,888.24 m of core drilling and three (3) surface trenches providing 207 channel samples. Proper quality control measures, including
the insertion of duplicate, blank and standard samples, were used throughout the exploration programs and returned within acceptable limits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Mineral Resources have been estimated
for the West Zone of the Mining Property. These Mineral Resources are based on 8,274 assay intervals collected from 27,888.24 m of core
drilling and three (3) surface trenches providing 207 channel samples. Proper quality control measures, including the insertion of duplicate,
blank and standard samples, were used throughout the exploration programs and returned within acceptable limits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><I>Table 2: Current Pit-Constrained
Mineral Resource Estimate for the West Zone</I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify"><B>Mineral Resource Category<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></B></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><B>Current Resource <FONT STYLE="font-family: Times New Roman, Times, Serif">(May 20, 2022) <FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></FONT></B></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><B>Tonnage <BR>
</B>(Mt)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT><SUP>,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></SUP></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><B>Grade </B>(% Cg)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Contained<BR>
 Graphite (Mt)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: justify; padding-bottom: 1pt">Measured</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">28.5</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">4.28</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.22</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Indicated</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">101.8</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.26</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.33</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Measured + Indicated</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">130.3</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">4.26</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">5.55</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Inferred<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><SUP>7</SUP></B></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23.0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.28</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.98</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE><BR STYLE="clear: both">




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>The Mineral Resources provided in this table were estimated by Yann Camus, P.Eng. SGS of Canada Inc. - Geological Services
(&ldquo;SGS Geological Services&rdquo;) using current Canadian Institute of Mining, Metallurgy and Petroleum (&ldquo;CIM&rdquo;) Standards
on Mineral Resources and Reserves, Definitions and Guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
Mineral Resources that are not Mineral Reserves have not demonstrated economic viability. Additional trenching and/or drilling will be
required to convert Inferred and Indicated Mineral Resources to Measured Mineral Resources. There is no certainty that any part of a Mineral
Resource will ever be converted into Reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
Standards used for this resource update are the same standards produced over the course of the 2018 Feasibility Study (effective as of
July 10, 2018 and issued on December 10, 2018) and the Resource Update (results published March 19, 2020). The difference comes mainly
from a newly accessible land package along the Hydro-Qu&eacute;bec power line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
Current Resource effective May 20, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT>
Mineral Resources are stated at a cut-off grade of 1.78 % Cg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>
All analyses used for the Resource Estimates were performed by ALS Minerals Laboratories and delivered as graphitic carbon (&ldquo;% Cg&rdquo;),
internal analytical code C-IR18.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 28.35pt"><SUP>7</SUP> Inferred Mineral Resources
represent material that is considered too speculative to be included in economic evaluations. Additional trenching and/or drilling will
be required to convert Inferred Mineral Resources to A combined Mineral Resource of the South-East and South-West zones is also present
on the Mining Property. While these deposits are part of the Property, they have not been studied to be integrated in the Mineral Reserves
or the mine plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The table below presents the Mineral
Reserves which have been estimated for the West Zone of the Matawinie Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><I>Table 3: Matawinie Mineral Reserves
for the West Zone</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Category</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tonnage (Mt)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Grade (% Cg)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Contained<BR>
 Graphite (Mt)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: justify; padding-bottom: 1pt">Proven</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">17.3</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">4.16</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.7</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Probable</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">44.3</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.26</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.9</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Proven &amp; Probable</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">61.7</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">4.23</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2.6</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE><BR STYLE="clear: both">


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Qualified Person for the Mineral
Reserve Estimate is Jeffrey Cassoff, P.Eng., of BBA Inc. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The effective date of the estimate
is July 6, 2022. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mineral Reserves were estimated using
a graphite concentrate average selling price of C$2,135/tonne, and consider a 2% royalty, and selling costs of C$47.92/tonne. An average
grade of 97% was considered for the graphite concentrate. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A metallurgical recovery of 93% was
used. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A cut-off grade of 2.20% Cg was used.
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The strip ratio for the open pit is
1.16 to 1. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Mineral Reserves are inclusive
of mining dilution and ore loss. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The reference point for the Mineral
Reserves is the primary crusher. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Totals may not add due to rounding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Matawinie Mine </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Matawinie Mine will leverage the
West Zone deposit with an average production of 103,328 tpa of high-purity graphite concentrate over the LOM. The project demonstrates
exceptional potential due to its significant high-purity Mineral Reserves and low-cost operational model, coupled with a skilled workforce,
high-quality infrastructure, including paved roads and hydroelectricity, as well as the dynamic regional business ecosystem.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The deposit will be mined using
conventional open-pit mining methods consisting of drilling, blasting, loading, and hauling. Estimation of the Mineral Reserves
included pit optimization, pit design, mine scheduling, and the application of modifying factors to the Measured and Indicated
Mineral Resources. To maximize the NPV, mining phases have been designed and incorporated into the mining sequence to defer waste
rock stripping and provide a balanced blended feed grade for the concentrator over the LOM. The mine plan is successful at achieving
the targeted concentrate production with a strip ratio of 1.16:1 and an average grade of 4.23% Cg over the 25-year LOM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Indicated or Measured Mineral Resources. It cannot be assumed that
all or any part of the inferred resources will ever be upgraded to a higher resource category.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">A concentrator will be built adjacent
to the pit. The concentrator was designed based on the results from the metallurgical testing at the Corporation&#8217;s Phase-1 mineral
processing facility plant and at external labs. Through crushing, milling, flotation, cleaning, and drying, the ore is concentrated to
attain 97% Cg and classified per flake size. Water recycling is maximized throughout the process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><I>Table 4: Graphite Concentrate Size
Fraction Proportion</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Graphite Concentrate Flakes Size Fraction</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Proportion</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Jumbo <FONT STYLE="font-style: normal; font-weight: normal">(+50
    mesh)</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">14.8</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Coarse <FONT STYLE="font-style: normal; font-weight: normal">(-50+80
    mesh)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">33.4</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Intermediate <FONT STYLE="font-style: normal; font-weight: normal">(-80+150
    mesh)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27.7</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Fine <FONT STYLE="font-style: normal; font-weight: normal">(-150
    mesh)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24.1</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  </TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Tailings produced by the concentrator
will be separated into non-acid generating (&#8220;<B>NAG</B>&#8221;) and potentially-acid generating (&#8220;<B>PAG</B>&#8221;) for co-disposal
with waste rock. A co-deposition storage facility will be located at surface and as of Year 8, tailings will be returned to the pit using
the co-disposal system. The deposit will be mined from south to north to ensure adequate space is available for in-pit backfilling. See
Environmental Design &amp; Carbon Neutrality Commitment section for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">As part of its electrification strategy,
the Corporation is committed to having both heavy equipment used for mining operations and ore concentration and processing activities
become fully electric within the first five years of production. The Corporation&#8217;s electrification plan is not presented in this
Study as active planning and development are ongoing with Caterpillar Inc., which is expected to supply the equipment using their Job
Site Solution service model. With this model, the Corporation would pay for machine use on an hourly basis which includes machine supply
and maintenance (parts and service) and a fleet management system. Electrical trucks and equipment would be introduced into the mining
fleet as they become available. Projected to be the world&#8217;s first all electric open-pit mine, the Matawinie Mine could reduce CO2
emissions by over 300,000 tonnes over the mine&#8217;s lifespan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><I>Table 5: Operational and Economic
Highlights of the Matawinie Mine</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; border-bottom: Black 1pt solid; width: 68%; text-align: justify"><B>Parameters</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; width: 32%; text-align: center">&nbsp;</TD></TR>

<TR>
    <TD STYLE="padding-bottom: 5pt; border-bottom: Black 1pt solid; text-align: justify">LOM</TD>
    <TD STYLE="padding-bottom: 5pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">25 years</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; border-bottom: Black 1pt solid; text-align: justify">Nominal annual processing rate</TD>
    <TD STYLE="padding-bottom: 5pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">2.55 M tonnes</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; border-bottom: Black 1pt solid; text-align: justify">Stripping ratio (LOM)</TD>
    <TD STYLE="padding-bottom: 5pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">1.16:1</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; border-bottom: Black 1pt solid; text-align: justify">Average grade (LOM)</TD>
    <TD STYLE="padding-bottom: 5pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">4.23% Cg</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; border-bottom: Black 1pt solid; text-align: justify">Average recovery</TD>
    <TD STYLE="padding-bottom: 5pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">93%</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; border-bottom: Black 1pt solid; text-align: justify">Average annual graphite concentrate
    production (LOM)</TD>
    <TD STYLE="padding-bottom: 5pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">103,328 tonnes</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; border-bottom: Black 1pt solid; text-align: justify">Finished product purity</TD>
    <TD STYLE="padding-bottom: 5pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">97% Cg</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; border-bottom: Black 1pt solid; text-align: justify">CAPEX</TD>
    <TD STYLE="padding-bottom: 5pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">C$ 481 M</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; border-bottom: Black 1pt solid; text-align: justify">Annual OPEX</TD>
    <TD STYLE="padding-bottom: 5pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">C$ 58 M</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; border-bottom: Black 1pt solid; text-align: justify">OPEX cost per tonne of graphite
    concentrate</TD>
    <TD STYLE="padding-bottom: 5pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">C$ 565/tonne</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; border-bottom: Black 1pt solid; text-align: justify">Matawinie average basket price
    (LOM)</TD>
    <TD STYLE="padding-bottom: 5pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">C$ 2,135/tonne</TD></TR>
  </TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">All governmental permits and municipal
authorizations pertaining to exploration, geotechnical, hydrogeological, and early preparatory works to date have been obtained. The ministerial
decree authorizing the Matawinie Mine (Decree # 47-2021) was granted by the Qu&eacute;bec Government on January 20, 2021; the latest operational
parameters will be presented to governmental authorities for adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Early works for the Matawinie Mine
started in Q2-2021 with activities related to tree clearing, construction of the nearly 8-km access road, preparation of the industrial
pad, and civil works for environmental infrastructure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In striving to limit potential impacts
and plan beyond the LOM, the Corporation has developed the Matawinie Mine with environmental and social considerations at the forefront.
The Corporation has and continues to actively engage with the local community and the Atikamekw First Nation. The Corporation has signed
a collaboration and benefit-sharing agreement with the Municipality of Saint-Michel-des-Saints (2020) as well as a framework agreement
(2018) and a pre-development agreement (2019) with the Atikamekw First Nation. The Corporation is actively progressing towards the elaboration
of the impact and benefit agreement with the Atikamekw First Nation for the Phase-2 Matawinie Mine to maximize opportunities for Indigenous
workers, contractors, and the community.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>B&eacute;cancour Battery Material
Plant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Corporation&#8217;s advanced manufacturing
operations will be regrouped at its Phase-2 B&eacute;cancour Battery Material Plant located in B&eacute;cancour, Qu&eacute;bec, approximately
150 km northeast of Montr&eacute;al, on the Saint Lawrence River. The robust local infrastructure provides the Corporation with a direct
supply of required chemicals in addition to affordable hydroelectricity, a skilled workforce, and a multi-modal logistical base that includes
a major international port in proximity to U.S. and European markets. B&eacute;cancour is rapidly attracting important industrial players
in the battery materials and cell manufacturing space, supported by the Qu&eacute;bec Government&#8217;s battery hub strategy. Twenty
industrial and commercial projects are planned or under study, including BASF, GM-Posco, Vale and Nemaska Lithium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In 2021, the Corporation purchased
a 200,000-m&sup2; land in the B&eacute;cancour industrial park, adjacent to its chlorine supplier&#8217;s facility &#8211; Olin Corporation,
to build its integrated manufacturing facility of anode material for lithium-ion batteries. The property presents no environmental limitations
for construction. It offers all necessary infrastructure to have a safe and direct pipeline of chemical supply from Olin as well as quick
access to rail, port, and road for both importing raw materials and exporting final products throughout North America and Europe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Regrouping onsite all beneficiation
units, the B&eacute;cancour Battery Material Plant is designed to receive approximately 63,775 tpa of graphite concentrate from the Matawinie
Mine to be transformed into 42,616 tpa of CSPG, 3,007 tpa of purified flakes and 18,384 tpa of by-product fines, a valuable graphite material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">For CSPG production, the finest flake
size fraction graphite concentrate will undergo micronization and spheronization (&#8220;<B>shaping</B>&#8221;), purification and coating.
A portion of the jumbo flake production from the Matawinie Mine will be treated onsite through purification only to produce purified jumbo
flakes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The shaping process, essentially a
mechanical transformation, reduces the flake size (micronization) to D50 of approximately 10 to 20 microns and rounds graphite material
(spheronization) to increase the density of the spherical graphite for battery use. Shaping will also generate by-product fines to be
sold as carbon riser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Corporation&#8217;s proprietary
carbochlorination purification process elevates graphite materials to &#8805;99.95% Cg while respecting purity specifications of end-users.
The carbochlorination process involves the injection of chlorine gas into furnaces at high temperatures to remove impurities contained
in the graphite. Leveraging Qu&eacute;bec&#8217;s abundant, clean, and affordable hydropower, the Corporation&#8217;s technology avoids
using hydrofluoric acid in favor of high temperatures and the addition of chlor-based reagent, hence providing a greener and more sustainable
alternative to that currently used in traditional anode material production. Production at the Corporation&#8217;s Phase-1 purification
facility has demonstrated the performance of this ecotechnology with large-scale samples produced at 99.99% purity. Piloting is ongoing
and set to continue over H2-2022 to finalize the scope of the purification sector of the plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The ultimate beneficiation step, coating
is instrumental to battery technology. By applying a nanometric layer of amorphous carbon on the surface of spheronized purified graphite,
coating helps create a stable electrolyte interface layer in the battery system and increase initial coulombic efficiency and discharge
capacity, thus extending the battery performance over time. The Corporation&#8217;s coating technology is projected to reduce the energy
consumption of this process up to 25% compared to the dominant manufacturing operations, with a minimal environmental footprint thanks
to the Corporation&#8217;s access to clean hydropower and its strong ESG operational parameters. The module built at the Corporation&#8217;s
Phase-1 plant will be replicated and scaled up for the Phase-2 B&eacute;cancour Battery Material Plant. The technology provides versatility
for the use of different precursors as research and development (&#8220;<B>R&amp;D</B>&#8221;) advances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Piloting of all Phase-1 battery material
modules is ongoing to produce large samples for battery manufacturers in order to accelerate the commercial qualification of the battery-grade
commercial products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><I>Table 6: Operational and Economic
Highlights of the B&eacute;cancour Battery Material Plant</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; width: 64%; text-align: justify"><B>Parameters</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; width: 36%; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: justify">Annual throughput</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: right">63,775 tonnes</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: justify">CSPG yield</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: right">&#8805;70%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: justify">Annual CSPG production</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: right">42,616 tonnes</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: justify">Annual purified jumbo flake production</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: right">3,007 tonnes</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: justify">Annual by-product fines production</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: right">18,384 tonnes</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: justify">Finished product purity</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: right">&#8805;99.95%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: justify">CAPEX</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: right">C$ 923 M</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: justify">Annual OPEX</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: right">C$ 136 M</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: justify">OPEX cost per tonne of CSPG throughput<SUP>1</SUP></TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: right">C$ 2,249/tonne</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: justify">B&eacute;cancour average basket price</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; text-align: right">C$ 8,172/tonne</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Excludes costs for the Matawinie Mine graphite concentrate feedstock</FONT></FONT></TD></TR>
  </TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The B&eacute;cancour Battery Material
Plant will be organized by process sectors, with dedicated facilities for shaping, purification, and coating, plus support services. This
modular facility is designed with a capacity to expand as demand increases in battery and specialty markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Environmental Design &amp; Carbon
Neutrality Commitment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Corporation intends to develop
a world-class operation at its Phase-2 Matawinie Mine and B&eacute;cancour Battery Material Plant through the strategic integration of
some of the industry&#8217;s latest technological innovations and best practices to reduce greenhouse gas (&#8220;<B>GHG</B>&#8221;) emissions
and minimize environmental impacts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">For the Matawinie Mine, active stakeholder
engagement and an environmental and social impact assessment (&#8220;<B>ESIA</B>&#8221;) were conducted to guide the project&#8217;s development,
underpinned by sustainability principles. Complete inventories of fauna, flora, water, soils, and wetlands were carried out along with
modelling of all project parameters to optimize the mine development by reducing the project&#8217;s footprint, avoiding sensitive habitats
and integrating mitigation measures for water preservation, vulnerable species, habitats, soils and ecosystems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Corporation incorporated forward-looking
environmental initiatives to limit the Matawinie Mine&#8217;s potential impact on the natural and human milieu:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 49.5pt"></TD><TD STYLE="padding-bottom: 3pt; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify">integrated onsite water management system ensuring constant monitoring and treatment that meet high-quality
standards;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 49.5pt"></TD><TD STYLE="padding-bottom: 3pt; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify">desulphurization, dry-stacking, and co-disposal of tailings and waste rock in line with requirements of
the best practices such as the Toward Sustainable Mining Standard, the Global Industry Standard on Tailings Management, and the International
Network for Acid Prevention;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 49.5pt"></TD><TD STYLE="padding-bottom: 3pt; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify">progressive land reclamation through backfilling of the pit and a comprehensive restoration plan;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 49.5pt"></TD><TD STYLE="padding-bottom: 3pt; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify">biodiversity protection measures to help preserve &#8211; and enhance where possible &#8211; the local
ecosystem;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 49.5pt"></TD><TD STYLE="padding-bottom: 3pt; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify">optimization of the project&#8217;s footprint to account for environmental characteristics and address
stakeholders&#8217; concerns;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 49.5pt"></TD><TD STYLE="padding-bottom: 3pt; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify">all-electric fleet &#8211; what is projected to be the world&#8217;s first for open-pit mining &#8211;
powered by Qu&eacute;bec&#8217;s clean, abundant, and affordable hydroelectricity;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 49.5pt"></TD><TD STYLE="padding-bottom: 3pt; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify">territory integration plan to enhance the area around the mining site and improve the region&#8217;s tourism
and cultural offer;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 49.5pt"></TD><TD STYLE="padding-bottom: 3pt; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify">proactive voluntary acquisition program for landowners within a 1-km radius of the mining site.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">As per Qu&eacute;bec&#8217;s and Canada&#8217;s
stringent environmental framework, the Corporation must comply with robust regulatory requirements regarding the quality of the environment,
social and environmental monitoring, reporting, and permitting for different phases of construction, mining operations, and closure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">A Monitoring Committee, previously
operating as the Corporation&#8217;s Accompanying Committee since 2017, is in place and functions as both a consultative body as well
as a platform for environmental and social surveillance of the Corporation&#8217;s operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">For the future Phase-2 B&eacute;cancour
Battery Material Plant, the Corporation completed an environmental baseline study of the 200,000-m2 land located within the industrial
park. Results suggest the absence of soil and water contamination as well as no plant species threatened, vulnerable or likely to be designated
so. As the Corporation advances the development of its project, feedback from local stakeholders will be important to ensure an inclusive
and respectful diversification of the local and regional economy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Corporation is designing a mining
and advanced manufacturing operation aligned with global decarbonization efforts. In 2021, the Corporation laid the foundation for its
climate strategy first by tracking its historical emissions from the initial phases of its mining exploration and offsetting this carbon
footprint. Through its Climate Action Plan released in February 2022, the Corporation has committed to prevent, reduce, and fully compensate
its GHG emissions as the Corporation develops, adopts renewable energy sources, electrifies its operations, and transitions from carbon
neutrality to a Net Zero footprint by 2030. Striving to put reductions at the foundation of its strategy, several reduction projects have
been selected for the Corporation&#8217;s largest emitting sources. This should result in significant emissions reductions as Phase-2
activities are implemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In addition to GHG reduction opportunities,
the Corporation has launched R&amp;D projects to continually improve its carbon footprint. Furthermore, the Corporation has developed
an offset strategy for the remaining emissions to provide assurance to its customers of carbon-neutral products at every stage of its
production development. The strategy includes commitments to transition to sequestration credits, the development of the Corporation&#8217;s
portfolio of offsetting projects, partnerships with local communities, industrial synergies, and investments in developing countries.
This approach is aimed at ensuring a swift transition to Net Zero while limiting the financial risk associated with the carbon credit
market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>New Steps and Quality Assurance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">This Study shows that the projects
are technically feasible as well as economically viable. It further strengthens ongoing project finance efforts and active commercial
discussions with a view towards securing an anchor customer agreement with potential financial participation. From the final investment
decision, the Corporation&#8217;s Phase-2 Matawinie Mine and B&eacute;cancour Battery Material Plant could be built within an approximate
30-month schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">There is no certainty that the economic
forecasts on which this Study is based will be realized. There are a number of risks and uncertainties identifiable to any new project
and usually cover the mineralization, process, financial, environment and permitting aspects. The Corporation&#8217;s Phase 2 is no different
and an evaluation of the possible risks was undertaken as part of the Study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Following an analysis of the
major risks to the project, a P50 management risk reserve of C$ 150 million is recommended. The top risks are: (1) Firstly,
uncertainty on the duration of the purification cycle time, which could lead to additional furnaces being required. The piloting
program is underway to finalize the engineering design parameters of the purification sector during H2-2022. (2) Secondly, the
availability of construction workforce in the current labor market coupled with equipment delivery uncertainties associated with
COVID-19 repercussions; these conditions could increase the cost of equipment and materials, and cause construction delays. (3)
Thirdly, studies and simulations are underway to finalize the scope and design of the atmospheric emission outlets&#8217; dimension
and configuration for the different equipment, particularly dedusting, to ensure regulatory requirements are met. This reserve is
not included in the capital cost estimate but is within the range of the financial sensitivity analysis of the capital cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Scientific and technical information
presented in this material change report was reviewed and approved by Andr&eacute; Allaire, P.Eng. (BBA), Yann Camus, P.Eng. (SGS Geological
Services) and Jeffrey Cassoff, P.Eng. (BBA), Qualified Persons as defined under NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Reliance on subsection 7.1(2) of Regulation 51-102</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Omitted Information</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Executive Officer</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">For all additional information, please
contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left">Mr. Charles-Olivier Tarte<BR>
Chief Financial Officer<BR>
Telephone: (450) 757-8905</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Date of Report</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">July 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cautionary Note</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>All statements, other than statements of historical
fact, contained in this material change report including, but not limited to those describing the impact of the foregoing on the project
economics, Study results (as such results are set out in the various tables featured above, and are commented in the text of this material
change report), including CAPEX, OPEX, NPV and IRR, the estimated value of the Matawinie Mine and B&eacute;cancour Battery Material Plant
projects, the planned open-pit and advanced manufacturing operations development scenarios for the Matawinie Mine and B&eacute;cancour
Battery Material Plant projects, high-purity flakes and advanced graphite materials price estimates, the attractive economics, robust
operational parameters and low-cost operational model for the Matawinie Mine and B&eacute;cancour Battery Material Plant projects, the
recommended risk reserve, LOM plans, the Corporation&#8217;s intended marketing strategy, the Corporation&#8217;s expected competitive
advantages, the projected annual average input and production of the Corporation&#8217;s Phase-2 operations, the expected electrification
strategy and its intended results and benefits, including those related to the mine emissions, the potential results and benefits of
the Corporation&#8217;s proprietary technologies, including the potential reduction in energy consumption, the timelines and costs related
to the various initiatives, deliverables and milestones described in this material change report and their expected results, the Corporation&#8217;s
expected financial and operational performance, the nature of relationships with stakeholders such as local community and the Atikamekw
First Nation, future demand for batteries and EVs, the objective of developing the largest fully integrated natural graphite operation
in North America and the world&#8217;s first all-electric open-pit mine, the production of carbon-neutral anode material, Mineral Resource
and Mineral Reserve estimates (including assumptions and estimates used in preparing the Mineral Resource and Mineral Reserve estimates),
the general business and operational outlook of the Corporation, the Corporation&#8217;s future growth and business prospects, the Corporation&#8217;s
ESG commitments, initiatives and goals, and those statements which are discussed under the &#8220;About Nouveau Monde&#8221; paragraph
and elsewhere in the press release dated July 6, 2022 and this material change report which essentially describe the Corporation&#8217;s
outlook and objectives, constitute &#8220;forward-looking information&#8221; or &#8220;forward-looking statements&#8221; (collectively,
 &#8220;<B>forward-looking statements</B>&#8221;) within the meaning of Canadian and United States securities laws, and are based on expectations,
estimates and projections as of the time of the press release dated July 6, 2022 and this material change report. Forward-looking statements
are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time
of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates
and assumptions may prove to be incorrect. Moreover, these forward-looking statements were based upon various underlying factors and
assumptions, including the current technological trends, the business relationship between the Corporation and its stakeholders, the
ability to operate in a safe and effective manner, the timely delivery and installation at estimated prices of the equipment supporting
the production, assumed sales prices for high-purity flakes and advanced graphite materials, the accuracy of any Mineral Reserve and
Mineral Resource estimates, future currency exchange rates and interest rates, political and regulatory stability, prices of commodity
and production costs, the receipt of governmental, regulatory and third party approvals, licenses and permits on favorable terms, sustained
labor stability, stability in financial and capital markets, availability of equipment and critical supplies, spare parts and consumables,
the various tax assumptions, the capital cost estimates, the Matawinie Mine and B&eacute;cancour Battery Material Plant projects permits&#8217;
status, all economic and operational projections relating to the Matawinie Mine and B&eacute;cancour Battery Material Plant projects,
local infrastructures, the Corporation&#8217;s business prospects and opportunities and estimates of the operational performance of the
equipment, and are not guarantees of future performance.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Forward-looking statements are subject to
known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the
forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include,
among others, those risks which are discussed under the &#8220;Next steps and Quality Assurance&#8221; paragraph, delays in the scheduled
delivery times of the equipment, the ability of the Corporation to successfully implement its strategic initiatives and whether such
strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Corporation,
the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance
of the Corporation&#8217;s assets and businesses, competitive factors in the graphite mining and production industry, changes in laws
and regulations affecting the Corporation&#8217;s businesses, political and social acceptability risk, environmental regulation risk,
currency and exchange rate risk, technological developments, the impacts of the global COVID-19 pandemic and the governments&#8217; responses
thereto, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general
business risks. A further description of risks and uncertainties can be found in the Corporation&#8217;s Annual Information Form dated
March 22, 2022, including in the section thereof captioned &#8220;Risk Factors&#8221;, which is available on SEDAR at www.sedar.com and
on EDGAR at www.sec.gov. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects
on forward-looking statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Many of these uncertainties and contingencies
can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking
statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information
about management&#8217;s expectations and plans relating to the future. The Corporation disclaims any intention or obligation to update
or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking
statements, except to the extent required by applicable law.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The market and industry data contained in the
press release dated July 6, 2022 and this material change report is based upon information from independent industry publications, market
research, analyst reports and surveys and other publicly available sources. Although the Corporation believes these sources to be generally
reliable, market and industry data is subject to interpretation and cannot be verified with complete certainty due to limits on the availability
and reliability of raw data, the voluntary nature of the data-gathering process and other limitations and uncertainties inherent in any
survey. The Corporation has not independently verified any of the data from third-party sources referred to in the press release dated
July 6, 2022 and this material change report and accordingly, the accuracy and completeness of such data is not guaranteed.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Disclosure regarding Mineral Reserve and Mineral
Resource estimates included in the press release dated July 6, 2022 and this material change report were prepared in accordance with Canadian
NI 43-101. The disclosure included in the press release dated July 6, 2022 and this material change report use the terms &#8220;Feasibility
Study,&#8221; &#8220;Mineral Resource,&#8221; &#8220;Inferred Mineral Resource,&#8221; &#8220;Indicated Mineral Resource,&#8221; &#8220;Measured
Mineral Resource,&#8221; &#8220;Mineral Reserve,&#8221; and &#8220;Probable Mineral Reserve&#8221; in connection with the presentation
of resources, as each of these terms is defined in accordance with the CIM Definition Standards on Mineral Resources and Reserves adopted
by the CIM Council, as required by NI 43-101. Unless otherwise indicated, all reserve and resource estimates included in the press release
dated July 6, 2022 and this material change report have been prepared in accordance with the CIM Definition Standards, as required by
NI 43-101.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>NI 43-101 is a rule developed by the Canadian
Securities Administrators that establishes the Canadian standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. These standards differ from the requirements of the United Securities and Exchange Commission
(the &#8220;<B>SEC</B>&#8221;). Accordingly, mineral resource and reserve information included in the press release dated July 6, 2022
and this material change report may not be comparable to similar information made public by United States companies reporting pursuant
to SEC reporting and disclosure requirements.</I></P>










<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0pt"></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2221896d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">Yann
Camus</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><B>Re:</B></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; font-size: 10pt"><B>Nouveau Monde Graphite Inc. (the &ldquo;Company&rdquo;)</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Yann Camus, hereby consent to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">the inclusion in this current report on Form 6-K of those portions of the scientific and technical information
for which I was involved in the preparation contained in the Company&rsquo;s Material Change Report dated July 28, 2022 (the &ldquo;Technical
Information&rdquo;) being filed with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;) under cover of Form
6-K;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">the filing of this consent under cover of Form 6-K with the SEC and of the incorporation by reference
of this consent, the use of my name and the Technical Information into the Company&rsquo;s registration statement (No. 333-256340) on
Form F-10. This consent extends to any amendments to the Form F-10, including post-effective amendments.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 50%">/s/ Yann Camus</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Yann Camus</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>




<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

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<P STYLE="margin: 0pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tm2221896d1_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">Andr&eacute;
Allaire</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><B>Re:</B></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><B>Nouveau Monde Graphite Inc. (the &ldquo;Company&rdquo;)</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Andr&eacute; Allaire, hereby consent to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">the inclusion in this current report on Form 6-K of those portions of the scientific and technical information
for which I was involved in the preparation contained in the Company&rsquo;s Material Change Report dated July 28, 2022 (the &ldquo;Technical
Information&rdquo;) being filed with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;) under cover of Form
6-K;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">the filing of this consent under cover of Form 6-K with the SEC and of the incorporation by reference
of this consent, the use of my name and the Technical Information into the Company&rsquo;s registration statement (No. 333-256340) on
Form F-10. This consent extends to any amendments to the Form F-10, including post-effective amendments.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 50%">/s/ Andr&eacute; Allaire</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Andr&eacute; Allaire</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>tm2221896d1_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">JEFFREY
Cassoff</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><B>Re:</B></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; font-size: 10pt"><B>Nouveau Monde Graphite Inc. (the &ldquo;Company&rdquo;)</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Jeffrey Cassoff, hereby consent to</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">the inclusion in this current report on Form 6-K of those portions of the scientific and technical information
for which I was involved in the preparation contained in the Company&rsquo;s Material Change Report dated July 28, 2022 (the &ldquo;Technical
Information&rdquo;) being filed with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;) under cover of Form
6-K;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">the filing of this consent under cover of Form 6-K with the SEC and of the incorporation by reference
of this consent, the use of my name and the Technical Information into the Company&rsquo;s registration statement (No. 333-256340) on
Form F-10. This consent extends to any amendments to the Form F-10, including post-effective amendments.</TD></TR></TABLE>

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    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 50%">/s/ Jeffrey Cassoff</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Jeffrey Cassoff</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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