12:07 PM EDT, 06/11/2025 (MT Newswires) -- (Updates shares.)

Nouveau Monde Graphite ( NMG ) was up 9% at last look Wednesday as the company received letters of interest for over US$1 billion in financing for the phase 2 Matawinie mine and the Becancour battery material plant in Quebec.

The company said the letters of interest include US$430 million from Export Development Canada, US$172 million from Export-Import Bank of the United States, and over US$481 million from undisclosed parties.

Nouveau Monde said it is advancing discussions with various governmental bodies, public institutions, and export credit agencies to support the overall debt funding package.

"We have been extremely busy in the past weeks to present the results of our updated feasibility study and engage with our financial stakeholders to advance our project financing," said chief executive Eric Desaulniers. "Feedback has been positive as demonstrated by the quality of lenders rallying behind our business plan."

The company's updated feasibility study for the project outlined a net present value of US$1.05 billion and a 17.5% internal rate of return.

"Economies around the world are seeking opportunities to relocate and secure critical minerals mining and processing to enable local manufacturing, economic resilience, energy autonomy, and national security," Desaulniers added.

The company said it is making progress towards advancing a final investment decision.

Nouveau Monde were last seen up $0.20 to $2.53 on the Toronto Stock Exchange.

Price: 2.53, Change: +0.20, Percent Change: +8.58