<SEC-DOCUMENT>0001104659-26-080859.txt : 20260707
<SEC-HEADER>0001104659-26-080859.hdr.sgml : 20260707
<ACCEPTANCE-DATETIME>20260706193938
ACCESSION NUMBER:		0001104659-26-080859
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20260706
FILED AS OF DATE:		20260707
DATE AS OF CHANGE:		20260706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Nouveau Monde Graphite Inc.
		CENTRAL INDEX KEY:			0001649752
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				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:		261157487

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		6 CHEMIN DES BOULEAUX
		CITY:			L'ANGE-GARDIEN
		NON US STATE TERRITORY:  	QUEBEC, CANADA
		PROVINCE COUNTRY:   	A8
		ZIP:			J8L 0G2
		BUSINESS PHONE:		819-923-0333

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		6 CHEMIN DES BOULEAUX
		CITY:			L'ANGE-GARDIEN
		NON US STATE TERRITORY:  	QUEBEC, CANADA
		PROVINCE COUNTRY:   	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>tm2619539d1_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>

<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>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 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"><B>For the month of July&nbsp;2026</B><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-size: 24pt"><B>Nouveau Monde
Graphite Inc.</B></FONT><B><BR>
</B>(Translation of registrant&rsquo;s name into English)</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; 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">Form&nbsp;20-F
</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">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>

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

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

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

<P STYLE="font: bold 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">Exhibit 99.3 of this Form 6-K is hereby filed and incorporated by reference
into the registrant&rsquo;s Registration Statement on Form F-10 (File No. <A HREF="https://www.sec.gov/Archives/edgar/data/1649752/000110465925115944/tm2531785-1_f10.htm" STYLE="-sec-extract: exhibit">333-291778</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; 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="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><A HREF="tm2619539d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD><TD STYLE="text-align: justify"><A HREF="tm2619539d1_ex99-1.htm" STYLE="-sec-extract: exhibit">News Release dated July&nbsp;1, 2026</A></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><A HREF="tm2619539d2_ex99-2.htm" STYLE="-sec-extract: exhibit">99.2</A></TD><TD STYLE="text-align: justify"><A HREF="tm2619539d2_ex99-2.htm" STYLE="-sec-extract: exhibit">News Release dated April 1, 2026</A></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><A HREF="tm2619539d2_ex99-3.htm" STYLE="-sec-extract: exhibit">99.3</A></TD><TD STYLE="text-align: justify"><A HREF="tm2619539d2_ex99-3.htm" STYLE="-sec-extract: exhibit">Material Change Report Dated April 17, 2026</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%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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&nbsp;6, 2026</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Jos&eacute;e
    Gagnon</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jos&eacute;e Gagnon</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, Legal Affairs&nbsp;&amp; Corporate Secretary</FONT></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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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2619539d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2619539d1_ex99-1img01.jpg" ALT="">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">PRESS
RELEASE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">For
immediate release</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>NMG Pays Accrued
Interests</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>MONTR&Eacute;AL,
CANADA, July&nbsp;1, 2026 &ndash;</B> Nouveau Monde Graphite Inc. (&ldquo;NMG&rdquo; or the &ldquo;Company&rdquo;) (<U>NYSE: NMG</U>,
<U>TSX: NOU</U>) announces the payment of accrued interests as part of a previously announced private placement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Settlement of
Accrued Interests</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Upon the approval
of the Toronto Stock Exchange and the New York Stock Exchange (the &ldquo;Exchanges&rdquo;), the accrued interests owed to Investissement
Qu&eacute;bec (&ldquo;Holder&rdquo;) for the second quarter of 2026 under the unsecured convertible note, as amended and restated, (the
 &ldquo;Note&rdquo;) issued in connection with the <U>private placement</U> announced by press release dated November&nbsp;8, 2022, will
be deemed paid.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">227,924 common
shares at a price of US$1.48 (each, a &ldquo;Common Share&rdquo;) representing an aggregate amount of US$337,328 will be issued and share
certificates will be delivered to the Holder at the maturity, conversion or redemption of the Note in payment of the accrued interests
due on June&nbsp;30, 2026, for the second quarter of the year. The issuance of Common Shares is subject to the approval of the Exchanges
and, when issued, will be subject to a hold period of four (4)&nbsp;months and one day.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The payment of
interest in the form of Common Shares of the Corporation takes place in favor of Investissement Qu&eacute;bec, a holder of more than
10% of the securities of the Company, which constitutes a &ldquo;transaction with a related party&rdquo; within the meaning of Regulation
61-101 on measures to protect minority holders during specific transactions (&ldquo;Regulation 61-101&rdquo;). However, the directors
of the Company, who voted, have determined that the exemptions from the official valuation obligation and the approval of minority holders,
provided for in sections 5.5 a) and 5.7 1) a) of Regulation 61-101 respectively, may be invoked as neither the fair market value of the
shares issued to this insider nor the fair market value of the consideration paid does not exceed 25% of the market capitalization of
the Company. No director of the Company has expressed a contrary opinion or disagreement in connection with the foregoing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt"><B>About
Nouveau Monde Graphite</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Nouveau
Monde Graphite is an integrated company developing responsible mining and advanced processing operations to supply the global economy
with carbon-neutral advanced graphite materials. The Company is developing in Qu&eacute;bec, Canada, a fully integrated ore-to-processed
graphite value chain to serve tomorrow&rsquo;s industries in energy, advanced technology, and manufacturing. With recognized ESG standards
and structuring partnerships with major customers, NMG is set to become a strategic supplier of advanced materials to leading specialized
manufacturers while promoting sustainability, innovation, and supply chain traceability.&nbsp;<B><U>www.NMG.com</U></B></FONT></P>

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

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  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Contact</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Media</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Juliana Salaun</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Director, communications and public
    relations</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>jsalaun@nmg.com</U></FONT></P></TD>
    <TD STYLE="font-size: 10pt; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><BR>
<FONT STYLE="font-size: 10pt">Investors</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marc Jasmin</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Director,&nbsp;Investor relations</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">+1-450-757-8905 #993</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>mjasmin@nmg.com&nbsp;</U></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Subscribe
to our news feed:&nbsp;<B><U>https://bit.ly/3UDrY3X</U></B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>This
press release contains &ldquo;forward-looking information&rdquo; and &ldquo;forward-looking statements&rdquo; within the meaning of applicable
securities laws (collectively, &ldquo;forward-looking statements&rdquo;). All statements other than statements of historical fact are
forward-looking statements.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>These
statements include, but are not limited to, statements regarding the scheduled payment of interest on the Note, the Company&rsquo;s ability
to meet its obligations through the determined expiry date of the Note, the potential conversion of the Note into common equity, the
Company&rsquo;s future financial liquidity, cash flows, and operational performance.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Forward-looking
statements are based on current estimates, assumptions, and beliefs of management. They involve known and unknown risks, uncertainties,
and other factors that may cause actual results or events to differ materially from those expressed or implied.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Risk
factors that could impact the Note and the interests payables under such Note include, among others, the Company&rsquo;s ability to generate
sufficient cashflow from operations to service the payment of the interest in cash or in common shares, the fluctuations in the market
price of the Company&rsquo;s common shares, which may prevent the conversion criteria from being met and force the debt to remain outstanding
until maturity, and availability of sufficient cash reserves or refinancing options to repay the full principal and accrued interest,
in cash or in common shares, upon the expiry date.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>A further description
of risks and uncertainties can be found in NMG&rsquo;s Annual Information Form&nbsp;dated March&nbsp;25, 2026, including in the section
thereof captioned &ldquo;Risk Factors&rdquo;, which is available on SEDAR+ at <U>www.sedarplus.ca</U> and on EDGAR at <U>www.sec.gov</U>.
Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>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&rsquo;s
expectations and plans relating to the future. The Company 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></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Further information
regarding the Company is available in the <B>SEDAR+</B> database (<U>www.sedarplus.ca</U>), and for United States readers on <B>EDGAR</B>
(<U>www.sec.gov</U>), and on the Company&rsquo;s website at: <U>www.NMG.com</U>.</I></FONT></P>

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

<P STYLE="font-size: 10pt; margin: 0"></P>

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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2619539d2_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-weight: bold; text-align: right; margin: 0">Exhibit 99.2</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NMG Pays Accrued Interests</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">MONTR&Eacute;AL--(BUSINESS WIRE)--April&nbsp;1, 2026--Nouveau
Monde Graphite Inc. (&ldquo;NMG&rdquo; or the &ldquo;Company&rdquo;) (NYSE: NMG, TSX: NOU) announces the payment of accrued
interests as part of a previously announced private placement.</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>Settlement of Accrued Interests</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">Upon the approval of the Toronto Stock Exchange and the New York
Stock Exchange (the &ldquo;Exchanges&rdquo;), the accrued interests owed to Investissement Qu&eacute;bec (&ldquo;Holder&rdquo;) for
the first quarter of 2026 under the unsecured convertible note, as amended and restated, (the &ldquo;Note&rdquo;) issued in
connection with the private placement announced by press release dated November&nbsp;8, 2022, will be deemed paid.</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">147,824 common
shares at a price of US$2.25 (each, a &ldquo;Common Share&rdquo;) representing an aggregate amount of US$332,604 will be issued and
share certificates will be delivered to the Holder at the maturity, conversion or redemption of the Note in payment of the accrued
interests due on March&nbsp;31, 2026, for the first quarter of the year. The issuance of Common Shares is subject to the approval of
the Exchanges and, when issued, will be subject to a hold period of four (4)&nbsp;months and one day.</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">The payment of interest in the form of Common Shares of the Corporation
takes place in favor of Investissement Qu&eacute;bec, a holder of more than 10% of the securities of the Company, which constitutes a
 &ldquo;transaction with a related party&rdquo; within the meaning of Regulation 61-101 on measures to protect minority holders during
specific transactions (&ldquo;Regulation 61-101&rdquo;). However, the directors of the Company, who voted, have determined that the exemptions
from the official valuation obligation and the approval of minority holders, provided for in sections 5.5 a) and 5.7 1) a) of Regulation
61-101 respectively, may be invoked as neither the fair market value of the shares issued to this insider nor the fair market value of
the consideration paid does not exceed 25% of the market capitalization of the Company. No director of the Company has expressed a contrary
opinion or disagreement in connection with the foregoing.</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>About Nouveau Monde Graphite</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">Nouveau Monde Graphite is an integrated company developing responsible
mining and advanced processing operations to supply the global economy with carbon-neutral advanced graphite materials. The Company is
developing in Qu&eacute;bec, Canada, a fully integrated ore-to-processed-graphite value chain to serve tomorrow&rsquo;s industries in
energy, advanced technology, and manufacturing. With recognized ESG standards and structuring partnerships with major customers, NMG is
set to become a strategic supplier of advanced materials to leading specialized manufacturers while promoting sustainability, innovation,
and supply chain traceability.</P>

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

<P STYLE="text-decoration: underline; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.NMG.com</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-size: 10pt">Subscribe to our news feed: </FONT><FONT STYLE="text-decoration: underline">https://bit.ly/3UDrY3X</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"><B><I>Cautionary Note Regarding Forward-Looking Information</I></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"><I>All statements, other than statements of historical fact, contained
in this press release including, but not limited to those describing the potential conversion of the Notes, the issuance of the Common
Shares and those statements which are discussed under the &ldquo;About Nouveau Monde Graphite&rdquo; paragraph and elsewhere in the press
release which essentially describe the Company&rsquo;s outlook and objectives, constitute &ldquo;forward- looking information&rdquo; or
 &ldquo;forward-looking statements&rdquo; (collectively, &ldquo;forward-looking statements&rdquo;) within the meaning of Canadian and United
States securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking
statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company 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 Company and its stakeholders, the ability
to operate in a safe and effective manner, the timely delivery and installation of the equipment supporting the production, the Company&rsquo;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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, delays in
the scheduled delivery times of the equipment, the ability of the Company 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 Company,
the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance
of the Company&rsquo;s assets and businesses, competitive factors in the graphite mining and production industry, changes in laws and
regulations affecting the Company&rsquo;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&rsquo; 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 NMG&rsquo;s Annual Information Form&nbsp;dated March&nbsp;30,
2025, including in the section thereof captioned &ldquo;Risk Factors&rdquo;, which is available on SEDAR+ at <FONT STYLE="text-decoration: underline">www.sedarplus.ca</FONT>
and on EDGAR at <FONT STYLE="text-decoration: underline">www.sec.gov</FONT>. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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&rsquo;s expectations and plans relating to the future. The Company 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">&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"><I>Neither the Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy
of this release.</I></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"><I>Further information regarding the Company is available in the
SEDAR+ database <FONT STYLE="font-size: 10pt">(</FONT><FONT STYLE="text-decoration: underline">www.sedarplus.ca</FONT>), and for United States
readers on EDGAR (<FONT STYLE="text-decoration: underline">www.sec.gov</FONT>), and on the <FONT STYLE="font-size: 10pt">Company&rsquo;s website
at: </FONT><FONT STYLE="text-decoration: underline">www.NMG.com</FONT></I></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>Contacts</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">MEDIA</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1-450-757-8905 #140</P>

<P STYLE="text-decoration: underline; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">jpaquet@nmg.com</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">INVESTORS</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1-450-757-8905 #993</P>

<P STYLE="text-decoration: underline; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">mjasmin@nmg.com</P>

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

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

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tm2619539d2_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P STYLE="margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-weight: bold; text-align: right; margin-top: 0; margin-right: 0; margin-bottom: 0">Exhibit 99.3</P>

<P STYLE="margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center"><B>FORM&nbsp;51-102F3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center"><B>MATERIAL CHANGE REPORT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Name and Address of the Corporation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>NOUVEAU MONDE GRAPHITE INC. </B>(the &ldquo;<B>Corporation</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">481 Rue Brassard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Saint-Michel-des-Saints QC, J0K 3B0</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Date of Material Changes</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">April&nbsp;9 and April&nbsp;16, 2026</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>News Releases</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">News releases relating to the material
changes described herein were disseminated through the facilities of Business Wire and subsequently filed on SEDAR+ on April&nbsp;9, 2026,
and April&nbsp;16, 2026.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Summary of Material Changes</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On April&nbsp;9, 2026, the Corporation
entered into: (a)&nbsp;subscription agreements (the &ldquo;<B>Subscription Agreements</B>&rdquo;) with Investissement Qu&eacute;bec (&ldquo;<B>IQ</B>&rdquo;),
Canada Growth Fund Inc. (&ldquo;<B>CGF</B>&rdquo;), and ENI S.p.A., through its subsidiary ENI International B.V. (&ldquo;<B>ENI</B>&rdquo;),
pursuant to which the Corporation agreed to issue an aggregate of 115,847,791 common shares of the Corporation (the &ldquo;<B>Common Shares</B>&rdquo;)
at a price of US$1.84 (the &ldquo;<B>Offering Price</B>&rdquo;) per Common Share, for aggregate gross proceeds of approximately US$213
million (the &ldquo;<B>Private Placement</B>&rdquo;); and (b)&nbsp;an agreement with a syndicate of underwriters co-led by BMO Capital
Markets and National Bank Financial (the &ldquo;<B>Bookrunners</B>&rdquo;), pursuant to which the Corporation would issue, on a &ldquo;bought
deal&rdquo; basis, 45,600,000 subscription receipts (the &ldquo;<B>Subscription Receipts</B>&rdquo;) at the Offering Price, for gross
proceeds to the Corporation of approximately US$84 million (the &ldquo;<B>Public Offering</B>&rdquo;). On April&nbsp;16, 2026, the Corporation
announced the closing of the Public Offering, and the gross proceeds have been deposited in escrow pending satisfaction of the Escrow
Release Conditions (as defined below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Full Description of Material Change</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Full Description of Material Change</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B><U>The Private Placement</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On April&nbsp;9, 2026, the
Corporation announced that it had entered into the Subscription Agreements pursuant to which each of IQ, CGF, and ENI has agreed to
subscribe for 33,351,853 Common Shares, 44,452,460 Common Shares and 38,043,478 Common Shares, respectively, at the Offering Price,
for aggregate gross proceeds to the Corporation of approximately US$213 million (or the Canadian dollar equivalent thereof). The
closing of the Private Placement is subject to, among other things, the receipt of the Shareholder Approvals (as defined below). The
Corporation has agreed to certain covenants that are in force between the date of the Subscription Agreements (being April&nbsp;9,
2026) and the closing of the Private Placement or earlier termination of the applicable Subscription Agreement. The Private
Placement will be made pursuant to exemptions from the prospectus requirements under Canadian securities laws and the Common Shares
issued thereunder will be subject to restrictions on resale for a period of four months from the closing date of the Private
Placement under Canadian securities laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The participation of IQ and CGF in the Private
Placement builds on their prior support for the advancement of the phased development of the commercial operations of its Matawinie mine
(the &ldquo;<B>Phase-2 Matawinie Mine</B>&rdquo;) and the broader ore-to-battery-material value chain, while ENI&rsquo;s investment reflects
growing strategic interest from global energy and industrial players in secure, carbon-neutral critical minerals supply.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Private Placement is part of the final step
in assembling a comprehensive financing package combining senior debt, strategic equity investments, and public-market capital. Upon closing
of the Private Placement, satisfaction of the Escrow Release Conditions in respect of the Public Offering, and satisfaction of conditions
precedent to the previously announced project debt financing, the Corporation expects to have secured all required funding to declare
the final investment decision on the Phase-2 Matawinie Mine and proceed with its design, engineering and construction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In connection with the equity investment by ENI,
concurrently to the execution of the Subscription Agreement with ENI, ENI and the Corporation entered into a side letter agreement (the
 &ldquo;<B>ENI Side Letter</B>&rdquo;) and, as a condition to the closing of the equity investment by ENI, ENI and the Corporation have
agreed to enter into: (i)&nbsp;an investor rights agreement (the &ldquo;<B>ENI Investor Rights Agreement</B>&rdquo;); and (ii)&nbsp;a
registration rights agreement (the &ldquo;<B>ENI Registration Rights Agreement</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Pursuant to the ENI Investor Rights Agreement,
ENI (i)&nbsp;will be required to &ldquo;lock-up&rdquo; its Common Shares for a period of 12 months from the date of closing of the Private
Placement and (ii)&nbsp;will be subject to a two-year standstill period from the date of closing of the Private Placement. The ENI Investor
Rights Agreement will also provide ENI with certain board nomination and observer rights, as well as pre-emptive and top-up rights in
connection with future offerings and certain dilution events, in each case subject to ENI maintaining specified ownership thresholds in
the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The ENI Registration Rights Agreement will provide
ENI with demand, piggyback and shelf registration rights in respect of the Common Shares held by ENI, subject to customary terms and conditions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Pursuant to the ENI Side Letter, the Corporation
has agreed to negotiate in good faith the terms of a potential offtake agreement relating to 15,000 tonnes per annum (&ldquo;tpa&rdquo;)
of graphite concentrate from the Phase-2 Matawinie Mine or equivalent in active anode material.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Copies of the Subscription Agreements have been
filed in Canada on SEDAR+ at <FONT STYLE="text-decoration: underline; font-size: 10pt">www.sedarplus.ca</FONT> and in the United States on the SEC&rsquo;s
website at <FONT STYLE="text-decoration: underline; font-size: 10pt">www.sec.gov</FONT> under the Corporation&rsquo;s corporate profile. A form of each
of the ENI Investor Rights Agreement and the ENI Registration Rights Agreement is attached as a schedule to the Subscription Agreement
with ENI.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Each of CGF and IQ are parties to an investor
rights agreement and a registration rights agreement with the Corporation, respectively, dated December&nbsp;20, 2024, which agreements
remain in force and have been filed in Canada on SEDAR+ at <FONT STYLE="text-decoration: underline; font-size: 10pt">www.sedarplus.ca</FONT> and in the
United States on the SEC&rsquo;s website at <FONT STYLE="text-decoration: underline; font-size: 10pt">www.sec.gov</FONT> under the Corporation&rsquo;s
corporate profile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Currently,&nbsp;IQ has beneficial ownership of,
or control or direction over, directly or indirectly, an aggregate of 25,637,260 Common Shares, which represent 15.94% of the issued and
outstanding Common Shares on a non-diluted basis, 19,841,269 Common Share purchase warrants (&ldquo;<B>Warrants</B>&rdquo;) with an exercise
price of US$2.38 per Warrant (the &ldquo;<B>IQ Warrants</B>&rdquo;) and, under an unsecured convertible note of the Corporation dated
November&nbsp;8, 2022, as amended and restated on October&nbsp;27, 2025 (the &ldquo;<B>IQ Convertible Note</B>&rdquo;), units comprising
an aggregate of 2,500,000 Common Shares and 2,500,000 Warrants, as well as up to 1,920,176 additional Common Shares issuable in connection
with accrued interest under the IQ Convertible Note, which in the aggregate represent approximately 25.17% of the issued and outstanding
Common Shares on a partially-diluted basis (assuming exercise of the IQ Warrants and conversion of the IQ Convertible Note only and including
1,920,176 Common Shares issuable to IQ in connection with accrued interest under the IQ Convertible Note). Following the completion of
the Private Placement and satisfaction of the Escrow Release Conditions in respect of the Public Offering,&nbsp;IQ is expected to acquire
33,351,853 Common Shares and hold 58,989,113 Common Shares, representing approximately 18.30% of the issued and outstanding Common Shares,
on a non-diluted basis, and with the IQ warrants and the IQ Convertible Note, 24.57% of the issued and outstanding Common Shares on a
partially-diluted basis (assuming exercise of the IQ Warrants and conversion of the IQ Convertible Note only and including 1,920,176 Common
Shares issuable to IQ in connection with accrued interest under the IQ Convertible Note).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Currently, CGF has beneficial ownership of,
or control or direction over, directly or indirectly, an aggregate of 19,841,269 Common Shares, which represent 12.34% of the issued
and outstanding Common Shares on a non-diluted basis, and 19,841,269 Warrants with an exercise price of US$2.38 per Warrant (the
 &ldquo;<B>CGF Warrants</B>&rdquo;), which in the aggregate represent approximately 21.96% of the issued and outstanding Common
Shares on a partially-diluted basis (assuming exercise of the CGF Warrants only). Following the completion of the Private Placement
and satisfaction of the Escrow Release Conditions in respect of the Public Offering, CGF is expected to acquire 44,452,460 Common
Shares and hold 64,293,729 Common Shares, representing approximately 19.95% of the issued and outstanding Common Shares, on a
non-diluted basis, and with the CGF Warrants, 24.59% of the issued and outstanding Common Shares on a partially-diluted basis
(assuming exercise of the CGF Warrants only).</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Each of IQ and CGF is an &ldquo;interested party&rdquo;
within the meaning of <FONT STYLE="font-size: 10pt"><I>Regulation 61-101 respecting Protection of Minority Security Holders in Special
Transactions </I></FONT>(&ldquo;<B>Regulation 61-101</B>&rdquo;) and the issuance of Common Shares to each of IQ and CGF pursuant to the
Private Placement constitutes a &ldquo;related party transaction&rdquo; (collectively, the &ldquo;<B>Related Party Transactions</B>&rdquo;)
within the meaning of Regulation 61-101.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Therefore, the issuance of Common Shares to each
of IQ and CGF under the Private Placement requires the approval of a simple majority of the holders of Common Shares at a duly called
meeting of shareholders (the &ldquo;<B>Meeting</B>&rdquo;), other than Common Shares beneficially owned, or over which control or direction
is exercised by: (a)&nbsp;the issuer, being the Corporation; (b)&nbsp;an &ldquo;interested party&rdquo; (within the meaning of Regulation
61-101); (c)&nbsp;a &ldquo;related party&rdquo; to such interested party (within the meaning of Regulation 61-101) (subject to certain
exceptions); and (d)&nbsp;any person that is a joint actor with any party referred to in (b)&nbsp;or (c), which represent IQ and CGF in
respect of the applicable resolution approving the issuance of Common Shares to IQ and CGF, respectively (the &ldquo;<B>61-101 Shareholder
Approvals</B>&rdquo;). The issuance of Common Shares to each of IQ and CGF under the Private Placement is also subject to the formal valuation
requirement set out in Regulation 61-101.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In addition to the above, the TSX Company Manual
will require that the Corporation obtain, (i)&nbsp;approval of the issuance of Common Shares to ENI,&nbsp;IQ and CGF under Section&nbsp;607(g)(i)&nbsp;of
the TSX Company Manual, as the aggregate number of Common Shares issuable to ENI,&nbsp;IQ and CGF exceeds 25% of the Corporation&rsquo;s
issued and outstanding Common Shares as of the date hereof; (ii)&nbsp;approval of the issuance of Common Shares to each of IQ and CGF
under Section&nbsp;607(g)(ii)&nbsp;of the TSX Company Manual, as these private placements to insiders exceed 10% of the Corporation&rsquo;s
issued and outstanding Common Shares as of the date hereof; and (iii)&nbsp;approval of the pricing of the Private Placement under Section&nbsp;607(e)&nbsp;of
the TSX Company Manual, as the Common Shares issued pursuant to the Private Placement are to be issued at a price per Common Share lower
than the Common Shares&rsquo; Market Price (as defined in the TSX Company Manual) less a 15% discount (the &ldquo;<B>TSX Shareholder Approvals</B>&rdquo;,
and collectively with the 61-101 Shareholder Approvals, the &ldquo;<B>Shareholder Approvals</B>&rdquo;). The TSX Shareholder Approvals
will be required to be obtained by a simple majority of votes cast by holders of Common Shares eligible to vote (excluding the votes of
IQ, CGF and ENI, if any, and their respective associates and affiliates).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Corporation convened an annual and special
meeting of shareholders to be held on May&nbsp;13, 2026 at 10:00 a.m.&nbsp;EDT via webcast at <FONT STYLE="text-decoration: underline">https://virtual-meetings.tsxtrust.com/en/1931</FONT>
to consider the Shareholder Approvals and any related matters. The foregoing description of the Shareholder Approvals is not complete
and additional details regarding the Shareholder</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Approvals and the formal valuation will be provided
in a forthcoming management information circular, which, once filed, will be available in Canada on SEDAR+ at <FONT STYLE="text-decoration: underline; font-size: 10pt">www.sedarplus.ca</FONT>
and in the United States on the SEC&rsquo;s website at <FONT STYLE="text-decoration: underline; font-size: 10pt">www.sec.gov</FONT> under the Corporation&rsquo;s
corporate profile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B><U>The Public Offering</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On April&nbsp;13, 2026, the Corporation entered
into an underwriting agreement with a syndicate of underwriters comprised of the Bookrunners, ATB Capital Markets Corp., Roth Canada,&nbsp;Inc.,
H.C. Wainwright&nbsp;&amp; Co., LLC and Maxim Group LLC (the &ldquo;<B>Underwriters</B>&rdquo;), pursuant to which the Underwriters agreed
to purchase, on a bought deal basis, 45,600,000 Subscription Receipts at the Offering Price, for gross proceeds to the Corporation of
approximately US$84 million (the &ldquo;<B>Underwriting Agreement</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">A copy of the Underwriting Agreement has been
filed in Canada on SEDAR+ at <FONT STYLE="text-decoration: underline; font-size: 10pt">www.sedarplus.ca</FONT> and in the United States on the SEC&rsquo;s
website at <FONT STYLE="text-decoration: underline; font-size: 10pt">www.sec.gov</FONT> under the Corporation&rsquo;s corporate profile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Corporation granted the Underwriters an over-allotment
option (the &ldquo;<B>Over-Allotment Option&rdquo;) </B>to purchase, on the same terms and conditions of the Offering, up to an additional
6,840,000 Subscription Receipts (the &ldquo;<B>Over-Allotment Subscription Receipts</B>&rdquo;). The Over-Allotment Option was exercised
in full. The gross proceeds from the sale of 52,440,000 Subscription Receipts (including 6,840,000 Subscription Receipts issued pursuant
to the exercise of the Over-Allotment Option) were approximately US$96.5 million. The Offering closed on April&nbsp;16, 2026 and the Subscription
Receipts began trading on the same date on the Toronto Stock Exchange under the symbol &ldquo;NOU.R.U&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In consideration for the services rendered by
the Underwriters, the Corporation has agreed to pay the Underwriters a cash fee equal to 5% of the gross proceeds of the Offering (the
 &ldquo;<B>Underwriters&rsquo; Fee</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Each Subscription Receipt represents the
right to receive, for no additional consideration and without further action, one Common Share of the Corporation upon satisfaction
of the Escrow Release Conditions. If (i)&nbsp;the notices to be provided to TSX Trust Company (the &ldquo;<B>Subscription Receipt
Agent</B>&rdquo;) and the Bookrunners by the Corporation certifying that the Escrow Release Conditions have been satisfied (the
 &ldquo;<B>Escrow Release Notice and Direction</B>&rdquo;) are not delivered on or before 11:59 p.m.&nbsp;(Montr&eacute;al time) on
July&nbsp;31, 2026 (unless extended by the Corporation with the prior written consent of the Bookrunners<B>) </B>(the
 &ldquo;<B>Termination Time</B>&rdquo;), (ii)&nbsp;a &ldquo;termination event&rdquo; as such term is defined in the subscription
receipt agreement (the &ldquo;<B>Termination Event</B>&rdquo;) to be entered into in the context of the Public Offering has
occurred, or (iii)&nbsp;the Corporation has advised the Bookrunners and the Subscription Receipt Agent or announced to the public
that it does not intend to proceed with obtaining the Shareholder Approvals or completing of the Private Placement (in either case,
the earliest of such times being the &ldquo;<B>Termination Date</B>&rdquo;), holders of Subscription Receipts will receive the full
purchase price of the Subscription Receipt, together with their pro rata portion of income (including interest) generated thereon,
calculated from the date of closing of the Offering and up to but excluding the Termination Date (less any applicable withholding
taxes).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The gross proceeds from the Public Offering, less
50% of the Underwriters&rsquo; Fee has been deposited and is being held in escrow by the Subscription Receipt Agent (the &ldquo;<B>Escrowed
Funds</B>&rdquo;), together with any interest and other income actually earned thereon, and invested in short-term interest bearing or
discount debt obligations issued or guaranteed by the Government of Canada or a province or a Canadian chartered bank, until the earlier
of (i)&nbsp;satisfaction or waiver of the Escrow Release Conditions, and (ii)&nbsp;the Termination Time. Since 50% of the Underwriters&rsquo;
Fee has been paid by the Corporation, such amount does not form part of the Escrowed Funds. Therefore, the aggregate amount that holders
of the Subscription Receipts shall be entitled to receive from the Subscription Receipt Agent in the event of a Termination Event will
be greater than the aggregate amount of the Escrowed Funds. The Corporation will therefore be required to pay the Subscription Receipt
Agent as agent on behalf of holders of Subscription Receipts an amount equal to 50% of the Underwriters&rsquo; Fee such that 100% of the
gross proceeds of the Public Offering, plus the interest or other income actually earned on the investment of the Escrowed Funds, would
be returned to holders of Subscription Receipts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On or immediately after the closing of the Private
Placement, the Corporation will deliver the Escrow Release Notice and Direction, and the Escrowed Funds, together with interest and other
income actually earned thereon, less 50% of the Underwriters&rsquo; Fee, will be released to or as directed by the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The escrow release conditions are: (i)&nbsp;the
Corporation obtaining the Shareholder Approvals, (ii)&nbsp;the closing of the Private Placement, and (iii)&nbsp;the satisfaction or waiver
of the other escrow release conditions under the subscription receipt agreement (the &ldquo;<B>Subscription Receipt Agreement</B>&rdquo;)
entered into on April&nbsp;16, 2026 in the context of the Public Offering among the Corporation, the Bookrunners and the Subscription
Receipt Agent (collectively, the &ldquo;<B>Escrow Release Conditions</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In connection with the Public Offering, the Corporation
has filed a prospectus supplement in all provinces of Canada (excluding the territories) (the &ldquo;<B>Prospectus Supplement</B>&rdquo;)
to the short form base shelf prospectus of the Corporation dated December&nbsp;5, 2025 (the &ldquo;<B>Base Shelf Prospectus</B>&rdquo;)
and the Corporation&rsquo;s United States registration statement on Form&nbsp;F-10, as amended (File No.&nbsp;333291778) (the &ldquo;<B>Registration
Statement</B>&rdquo;) filed with the United States Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) under the United
States Securities Act of 1933, as amended, pursuant to the multijurisdictional disclosure system. The final Prospectus Supplement (together
with the related Base Shelf Prospectus) and the Subscription Receipt Agreement filed in Canada are available on SEDAR+ at <FONT STYLE="text-decoration: underline; font-size: 10pt">www.sedarplus.ca</FONT><FONT STYLE="color: blue">.</FONT>
The final Prospectus Supplement (together with the Base Shelf Prospectus) and the Subscription Receipt Agreement filed in the United States
are available on the SEC&rsquo;s website EDGAR at <FONT STYLE="text-decoration: underline; font-size: 10pt">www.sec.gov</FONT><FONT STYLE="color: blue">.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Corporation intends to use the net
proceeds from the Private Placement, the Public Offering and the previously announced senior secured project debt pursuant to a commitment
letter from Export Development Canada and Canada Infrastructure Bank (the &ldquo;<FONT STYLE="font-size: 10pt"><B>Facilities</B></FONT>&rdquo;)
for funding the design, engineering and construction of the Phase-2 Matawinie Mine and for general and administrative expenses and general
working capital of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 6. Reliance on subsection 7.1(2)&nbsp;of Regulation 51-102</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Not applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Omitted
Information</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B></B></FONT>Not applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Executive Officer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">For all additional information, please contact:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><I>(s)&nbsp;Jos&eacute;e Gagnon</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Me Jos&eacute;e Gagnon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Vice President &ndash; Legal Affairs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Telephone: (450) 757-8905 #405</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Date
of Report</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B></B></FONT>April&nbsp;17, 2026</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B><I>Cautionary Note Regarding Forward-Looking Information</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><I>This material change report contains
 &ldquo;forward-looking information&rdquo; and &ldquo;forward-looking statements&rdquo; within the meaning of applicable securities legislation
(collectively, &ldquo;<B>forward-looking statements</B>&rdquo;), including, but not limited to, statements relating to future events or
future financial or operating performance of the Corporation and reflect management&rsquo;s expectations and assumptions regarding the
Corporation&rsquo;s growth, results, performance and business prospects and opportunities. Such forward-looking statements reflect management&rsquo;s
current beliefs and are based on information currently available to it. In some cases, forward-looking statements can be identified by
words such as &ldquo;may&rdquo;, &ldquo;would&rdquo;, &ldquo;could&rdquo;, &ldquo;will&rdquo;, &ldquo;should&rdquo;, &ldquo;expect&rdquo;,
 &ldquo;intend&rdquo;, &ldquo;potential&rdquo; or the negative of these terms or other similar expressions concerning matters that are
not historical facts. These forward-looking statements include, but are not limited to the execution of definitive agreements in respect
of the Facilities, on the terms and conditions set forth in the commitment letter or at all, the execution of a definitive offtake agreement
with the Government of Canada, the expected use of proceeds from the Public Offering, the Private Placement and the Facilities, the satisfaction
of closing conditions with respect to the Private Placement, the receipt of the Shareholder Approvals for the Private Placement, the satisfaction
of all of the Escrow</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><I>Release Conditions under the Subscription Receipt
Agreement, the Corporation&rsquo;s ability to secure a positive FID for the Phase-2 Matawinie Mine, the execution of the construction
and the commissioning as planned and in accordance with the execution plan and strategy, the ability of all contractors and suppliers
of the Corporation to deliver in accordance with their commitment, the receipt of all necessary regulatory approvals and stock exchange
approvals, as applicable, the expected closing date of the Private Placement, the expected date for the satisfaction of the Escrow Release
Conditions, the listing of the Common Shares issuable pursuant to the terms of the Subscription Receipts on the TSX and NYSE and the expected
results of the initiatives described in this material change report which essentially describe the Corporation&rsquo;s outlook and objectives.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><I>Forward-looking statements are 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 are not guarantees
of future performance and may prove to be incorrect. Moreover, these forward-looking statements are based upon various underlying factors
and assumptions, including the ability of the Corporation to enter into definitive agreements in respect of the Facilities, on the terms
set forth in the commitment letter or at all, the ability of the Corporation to enter into a definitive offtake agreement with the Government
of Canada, the ability of the Corporation to complete the Private Placement on the terms described herein or at all, the ability of the
Corporation to obtain the Shareholder Approvals, the ability of the Corporation to satisfy all of the closing conditions on the Private
Placement, the Corporation&rsquo;s ability to satisfy all of the Escrow Release Conditions under the Subscription Receipt Agreement, the
ability of the Corporation to receive all necessary regulatory and stock exchange approvals and the ability to execute the construction
and the commissioning as planned and in accordance with the execution plan and strategy, are not guarantees of future performance.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><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, failure to obtain the Shareholder Approvals, failure to satisfy all closing conditions for the Private
Placement and failure to satisfy all of the Escrow Release Conditions pursuant to the Subscription Receipt Agreement, including fa ilure
to enter into definitive agreements in respect of the Facilities and the offtake agreement with the Government of Canada, failure to obtain
necessary regulatory or stock exchange approvals, and delays in completing the Private Placement or the satisfaction of the Escrow Release
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&rsquo;s Annual Information Form&nbsp;dated March&nbsp;25, 2026, including in
the section thereof captioned &ldquo;Risk Factors&rdquo;, which is available on SEDAR+ at</I></FONT><I> <FONT STYLE="text-decoration: underline">www.sedarplus.ca</FONT>
<FONT STYLE="font-size: 10pt">and on EDGAR at</FONT> <FONT STYLE="text-decoration: underline">www.sec.gov.</FONT> <FONT STYLE="font-size: 10pt">Unpredictable
or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.</FONT></I></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Further information
regarding the Corporation is available in the SEDAR+ database </I></FONT><I><FONT STYLE="text-decoration: underline">(www.sedarplus.ca)<FONT STYLE="font-size: 10pt">,</FONT></FONT>
<FONT STYLE="font-size: 10pt">and for United States readers on EDGAR</FONT> <FONT STYLE="text-decoration: underline">(www.sec.gov<FONT STYLE="font-size: 10pt">),</FONT></FONT>
<FONT STYLE="font-size: 10pt">and on the Corporation&rsquo;s website at:</FONT> <FONT STYLE="text-decoration: underline">www.NMG.com<FONT STYLE="font-size: 10pt">.</FONT></FONT></I></P>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
