Nouveau Monde Graphite Inc.
For the period ended Jul 2, 2026. Filed Jul 2, 2026.
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Jul 2, 2026 · Filed Jul 2, 2026
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EX-99.1 · Valuation Methodologies
Valuation Methodologies
In reaching our conclusion with respect to the Valuation, we have utilized a “Sum-of-the-Parts" (or “SOTP”) approach, using multiple valuation techniques to separately consider each of the Matawinie Mine on a standalone basis; the Integrated Graphite Project; the resulting implied Bécancour Battery Material Plant(s); the Uatnan Project; and ongoing future corporate costs and other balance adjustments to determine theen blocequity value of the Company, which is then reflected on a per Common Share basis.
Specifically, for the Matawinie Mine, the Integrated Graphite Project (inclusive of the Matawinie Mine and the Bécancour Battery Material Plant(s)) and the Uatnan Project, we considered the following:
| I. | Discounted cash flow (“DCF”) analysis, including: |
| a. | Determination of the net present value (“NPV”) of the Matawinie Mine, the Integrated Graphite Projects, and Uatnan Project using determined weighted average costs of capital (“WACC”) that reflect the risk factors appropriate to each asset, including sensitivity to selected scenarios; |
| b. | Net Asset Value (“NAV”) analysis using an 8% to 10% discount rate (being the industry standard for base metal and other similar mining projects) on individual projects, including sensitivity to selected scenarios. We then apply a risk or trading multiple to the determined NAV based on comparable trading analysis (“Price/NAV”); and |
| c. | Comparison of the determined WACC relative to the implied internal rate of return (“IRR”) based on Price/NAV multiples. |
| II. | Comparable company analysis, looking at the valuation ascribed by capital markets to companies in the graphite and battery metal sectors, including Price/NAV multiples and future looking EV/EBITDA multiples. |
Given the development stage nature of the Matawinie Mine and the Integrated Graphite Project, including the anticipated production, grade, revenue mix, and associated cost profiles, we determined that the DCF approach was the most appropriate measure for assessing the fundamental value of these assets. DCF analysis is also reflective of the impact of changes in commodity prices, capital expenditures, and working capital influences. Operational forecast assumptions were largely based on the feasibility studies along with discussions with management.
With respect to comparable company analysis, Fort Capital considered Price/NAV multiples of comparable strategic metal producers and developers as well as asset-based measures based on an Enterprise Value/EBITDA multiples and Enterprise Value/Resource multiples.
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