Nouveau Monde Graphite Inc.
For the period ended Dec 31, 2025. Filed Mar 26, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Mar 26, 2026
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Contents
EX-99.3 · MINING PROJECTS EXPENSES
MINING PROJECTS EXPENSES
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| Description · · December 31, 2025 · · December 31, 2024 · · Variation | ||||
| · · $ · · $ · · $ | ||||
| Wages and benefits (a) | | 4,941 | 3,934 | 1,007 |
| Share-based compensation (b) | | 874 | 648 | 226 |
| Engineering | | 36 | — | 36 |
| Consulting fees | | 128 | 164 | (36) |
| Materials, consumables, and supplies | | 723 | 623 | 100 |
| Maintenance and subcontracting (c) | | 797 | 587 | 210 |
| Geology and drilling | | 35 | — | 35 |
| Utilities | | 332 | 362 | (30) |
| Depreciation and amortization | | 316 | 254 | 62 |
| Other | | 226 | 285 | (59) |
| Uatnan Mining Project - Exploration and evaluation expenses (d) | | 37 | 18,681 | (18,644) |
| Grants | | (5) | (29) | 24 |
| Tax credits | | (490) | (455) | (35) |
| Mining projects expenses | | 7,950 | 25,054 | (17,104) |
a)The increase of $1,007 in wages and benefits for the year ended December 31, 2025, is mainly due to new hires to support operations.
b)The increase of $226 in share-based compensation expenses for the year ended December 31, 2025, is mainly due to the amendment of vesting conditions and revised assumptions related to performance-based stock options granted to key employees in April 2024.
c)The increase of $210 in maintenance and subcontracting expenses for the year ended December 31, 2025, is mainly due to the new ore extraction campaign initiated during the third and fourth quarter of 2025 at the Phase-1 Demonstration Plant. This campaign aims to produce additional flake concentrate volumes to support supplementary product sampling and qualification efforts towards potential customers.
d)The decrease of $18,644 for the year ended December 31, 2025, is due to the acquisition of the Lac Guéret Property on January 31, 2024. For more details on the accounting treatment of this transaction, refer to Note 18 of the Company’s audited consolidated financial statements for the year ended December 31, 2025.
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| Management Discussion and Analysis | 30 |
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