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 · Projects Overview

Projects Overview



Demonstration Plants
Phase 1 – Demonstration Plants
	Concentrator Demonstration Plant	In operation to support product sampling and qualification to customers’ specifications.
	Battery Material Demonstration Plants	In operation to support product sampling and qualification to customers’ specifications. Ongoing testing is also being conducted at third-party facilities.
Matawinie Mine Project
To support the development of the Matawinie Mine, NMG plans to continue optimizing its processes, products, and operational practices to align with the technical requirements of its customers using its Phase-1 demonstration plant; advance detailed engineering, construction planning, and procurement activities; and finalize the project financing with the various financial stakeholders engaged in the project to reach FID and launch construction of the Phase 2. A positive FID is dependent on the financing structure in light of the 2025 Matawinie Mine Feasibility Study, updated financial model, the conclusions of the due diligence processes, and negotiations with the various financial stakeholders, including the completion of the conditions precedent, as well as project-related and definitive agreements with customers.
Phase 2 – Matawinie Mine	Mining decree obtained.Preparatory works completed; concrete-ready in preparation for launch of construction upon a positive FID. Completion and issuance of the 2025 Matawinie Mine Feasibility Study reflecting advancement in engineering, in technological development, in project optimizations, and in the financial model.Detailed engineering, construction planning, and procurement strategy advancing in parallel to project financing.


Management Discussion and Analysis	8

Bécancour Battery Material Plants Project
To support the development of the Bécancour Battery Material Plants, NMG plans to continue optimizing its processes, products, and operational practices to align with the technical requirements of its customers using its Phase-1 demonstration plants; refine environmental performance and operational parameters of the chemical purification technology; advance engineering, construction planning, and procurement activities; and finalize the project financing for the First-Stage Bécancour Battery Material Plant with the various financial stakeholders engaged in the project to reach FID and launch construction for this facility. A positive FID is dependent on the financing structure in light of the First-Stage Bécancour Battery Material Plant Class 3 AACE Estimate, updated financial model, the conclusions of the due diligence processes, and negotiations with the various financial stakeholders, including the completion of the conditions precedent and the project-related agreement with Panasonic Energy.
Phase 2 – Bécancour Battery Material Plants
	First-Stage Bécancour Battery Material Plant	Acquisition of a brownfield site located in Bécancour.Class 3 AACE Estimate in preparation to retrofit plans to the building; permitting, engineering, construction planning, and procurement activities advancing in parallel.
	Second-Stage Bécancour Battery Material Plant	Ongoing commercial discussions to finalize product mix and development plan.
Uatnan Mining Project
To support the advancement of the Uatnan Mining Project, NMG plans engaging with the Innu First Nation of Pessamit to establish a collaboration model in view of advancing a feasibility study along with an environmental and social impact assessment. Additional funding will be required to support this development. The Company also aims at formalizing commercial engagement for this contemplated production.The development of the project leading to governmental authorizations is dependent on positive studies results, successful public consultation and First Nation engagement, favorable market demand, and commercial interest.
Phase 3 – Uatnan Mining Project	Preliminary economic assessment (“2023 PEA”) completed; detailed work plan for subsequent studies ready for deployment. Assessment of potential sites for processing plants initiated.

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