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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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NMG$0.84+3.9%Stored close · as of Nov 6, 2026
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Contents

EX-99.3 · OPERATING ACTIVITIES

OPERATING ACTIVITIES

For the year ended December 31, 2025, cash outflows from operating activities totalled$42,171, compared to$51,953 cash outflows for the same period in 2024. The net cash outflows were lower mainly due to a lower net loss, when excluding non-cash items, combined with a positive variance in the net change in working capital items. Further details regarding the net change in working capital items are provided in Note 23 of the consolidated audited financial statements.

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