#1AMS NOUVEAU MONDE GRAPHITE GREEN BATTERY MATERIALS TO POWER THE CLEAN ENERGY TRANSITION On track to be North America's largest, fully vertically integrated production of natural graphite to supply battery/EV manufacturers with carbon-neutral active anode material April 2024 +#2CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION This presentation contains forward-looking information and forward-looking statements (collectively, "forward-looking statements"), which relate to future events or future performance and reflect management's expectations and assumptions regarding Nouveau Monde Graphite Inc.'s (the "Company" or "NMG") growth, results, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to it. In some cases, forward-looking statements can be identified by words such as "may", "would", "could", "will", "should", "expect", "intend", "aim", "attempt", "anticipate", "believe", "study", "target", "estimate", "forecast", "predict", "outlook", "mission", "aspire", "plan", "schedule", "potential", "progress" or the negative of these terms or other similar expressions concerning matters that are not historical facts. In particular, statements regarding the Company's future results, the intended construction and commissioning timeline of the Company's Matawinie mine (the "Matawinie Mine"), commercial value-added graphite products transformation plant (the "Bécancour Battery Material Plant"), the potential development of the Uatnan mining project (the "Uatnan Mining Project"), results of the preliminary economic study and feasibility study, the Company's projected capital and operating expenditures, the Company's intented marketing strategy, the projected annual production of the Company Phase-2 and Phase- 3 operations, the intended electrification strategy and its intended results and benefits, the potential results and benefits of the Company's proprietary technologies, the timelines and costs related to the various initiatives, deliverables and milestones described in this presentation and their expected results, the Company's expected financial and operational performance, future demand for batteries and electric vehicles, the objective of developing the largest fully integrated natural graphite operation in North America, the production of carbon neutral material, the future outlook, corporate development and strategy of the Company, Mineral Resource and Mineral Reserve estimates (including assumptions and estimates used in preparing same), the Company's development activities and production plans, the general business and operational outlook of the Company, the Company's future growth and business prospects, the Company's ESG commitments, initiatives and goals, market trends, the economic performance and product development efforts, the Company's goals and objectives, the government regulation of mining operations, environmental regulation and compliance, the realization of the expected economics of the construction and operation of the Matawinie Mine project, the Bécancour Battery Material Plant project and the Uatnan Mining Project, the ability to obtain sufficient financing and the permitting required for the development of the Matawinie Mine project, the Bécancour Battery Material Plant project and the Uatnan Mining Project, the initiatives described in this presentation, as well as the Company's achievement of milestones, including the ability to obtain sufficient financing for the Matawinie Mine project, the Bécancour Battery Material Plant project and the Uatnan Mining Project, are or involve forward-looking statements. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: general business and economic conditions; there being no direct operational impacts resulting from infectious diseases or pandemics such as the ongoing COVID-19; the limited financial resources available to the Company, the uncertainty regarding regional and global financial stability; the outbreak of war between Russia and Ukraine; the dependence of the Company's operations on an uninterrupted supply of production inputs, and other supplies and resources; the supply and demand for, deliveries of, and the level and volatility of prices for graphite products; the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; the risk that exploration data may be incomplete and additional work may be required to complete further evaluation, including but not limited to drilling, engineering, and socioeconomic studies and investment; the timing of the receipt of necessary regulatory and governmental permits and approvals for the Matawinie Mine project, Bécancour Battery Material Plant project and Uatnan Mining Project; the availability of financing for the Company's development of its properties and construction of its facilities and installations on reasonable terms; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; increased costs, delays, suspensions and technical challenges associated with the development of the Matawinie Property, the Bécancour Battery Material Plant project and Uatnan Mining Project; the ability to attract and retain skilled staff; development and production timetables; competition and market risks; pricing pressures; the accuracy of the Company's mineral resource and mineral reserve estimates (including, with respect to size, grade and recoverability) as well as the geological, operational and price assumptions on which they are based; the fact that certain business improvement initiatives are still in the early stages of evaluation, and additional engineering and other analysis is required to fully assess their impact; the fact that certain of the initiatives described in this presentation are still in the early stages and may not materialize; business continuity and crisis management; current technological trends; the business relationship between the Company and its stakeholders; the ability to operate in a safe and effective manner; the timely delivery and installation of the equipment supporting the production; the development of the Uatnan Mining Project, the Company's business prospects, opportunities and estimates of the operational performance of the equipment; and such other assumptions and factors as set out in this presentation. Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, delays in the scheduled delivery times of the equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Company, the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Company's assets and businesses, competitive factors in the graphite mining and production industry, changes in laws and regulations affecting the Company's businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, the impacts of the global COVID-19 pandemic and the governments' responses thereto, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. A further description of risks and uncertainties can be found in the Company's latest Annual Information Form, including in the section thereof captioned "Risk Factors", which is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that may cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update or revise any forward looking statements that is included in this presentation, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. NMG.com NYSE: NMG | TSXV: NOU | FSE: NM9A + 2+ AMG#3MARKET AND INDUSTRY DATA Market and industry data presented throughout this presentation was obtained from third party sources and industry reports, publications, websites and other publicly available information. The Company believes that the market and industry data presented throughout this presentation is accurate as of the date of publication, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market and industry data presented throughout this presentation are not guaranteed and the Company does not make any representation as to the accuracy of such data. Actual outcomes may vary materially from those forecast in such reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. Although the Company believes it to be reliable as of the date of publication, the Company has not independently verified any of the data from third-party sources referred to in this presentation, analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying market, economic and other assumptions relied upon by such sources. Market and industry data are subject to variations and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. In addition, certain of these publications, studies and reports were published before COVID-19 and therefore do not reflect any impact of COVID -19 on any specific market of globally. CAUTIONARY NOTE TO UNITED STATES INVESTORS Disclosure regarding Mineral Reserve and Mineral Resource estimates included in this presentation were prepared in accordance with Regulation 43-101 respecting Standards of Disclosure for Mineral Projects ("NI 43-101"). This presentation use the terms "Pre-Feasibility Study," "Feasibility Study," "Mineral Resource," "Inferred Mineral Resource," "Indicated Mineral Resource," "Measured Mineral Resource," "Mineral Reserve," "Probable Mineral Reserve," and "Proven Mineral Reserve" in connection with the presentation of resources, as each of these terms is defined in accordance with the CIM Definition Standards on Mineral Resources and Reserves adopted by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Council (the "CIM Definition Standards"), as required by NI 43-101. Unless otherwise indicated, all reserve and resource estimates contained in this presentation have been prepared in accordance with the CIM Definition Standards, as required by NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") generally applicable to U.S. companies. For example, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in NI 43-101. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this presentation will not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements. SCIENTIFIC AND TECHNICAL INFORMATION Scientific and technical information presented in this presentation was reviewed and approved by André Allaire, P.Eng. (BBA), Yann Camus, P.Eng. (SGS Geological Services), Jeffrey Cassoff, P.Eng. (BBA), Claude Duplessis (Gold Minds Geoservices), and Merouane Rachidi, P.Geo. (Gold Minds Geoservices), Qualified Persons as defined under NI 43-101. The Mineral Resource and Mineral Reserve estimates contained in this presentation have been prepared in accordance with the requirements of securities laws in effect in Canada, including NI 43- 101, which governs Canadian securities law disclosure requirements for mineral properties. NMG.com NYSE: NMG | TSXV: NOU | FSE: NM9A + 3+ AMG#4POWERING THE CLEAN ENERGY TRANSITION NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 4+ MMG#5+ THE CLEAN ENERGY MEGATREND >> Governments globally are phasing out sales of internal combustion vehicles - Europe: 100% EVs as early as 2025 in some jurisdictions China: 80% of service EVs by 2025, 100% EVs by 2035 UK: 100% EVs by 2030 - Japan, Canada: 100% EVs by 2035 U.S.: 50% by 2030 » EV sales expected to reach 21M units by 2025¹ 29% EVS 10-YEAR CAGR 41% ENERGY STORAGE 10-YEAR CAGR Energy security and grid redundancy is being reinforced amidst international conflicts and intensifying extreme weather events "Electricity to grow twice as fast as overall energy demand" THE ENERGY STORAGE REVOLUTION WILL DRIVE EXPONENTIAL GROWTH IN BATTERY MATERIAL DEMAND... IN EXCESS OF 25X OVER THE NEXT DECADE - IEA + - + + + + + + + + + + + + + + NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A +5+ Sources: Benchmark Mineral Intelligence, McKinsey's Metal Mining Constraints on the Electric Mobility Horizon report, Rho Motion 1 BloombergNEF's (BNEF) Long-Term Electric Vehicle Outlook, June 2022 PROPRIETARY & CONFIDENTIAL MMG#6ON TRACK TO BE NORTH AMERICA'S FIRST & LARGEST FULLY INTEGRATED SOURCE OF NATURAL GRAPHITE ACTIVE ANODE MATERIAL NYSE LISTED ד TSX venture EXCHANGE TS⭑ neutrals Accelerated adoption of EVs, cleantech and renewable energies drive significant demand growth for natural graphite Multiyear offtake agreements with Panasonic Energy and GM engaged in the development of an ESG-driven and reliable North American supply chain Located in a tier-1 operating jurisdiction, with access to exceptional infrastructure and low-cost hydroelectricity De-risked development through ongoing operation of Phase-1 plants and long-term relationship with anchor customers Scaled growth timed with supply/demand gap underpinned by world-class graphite assets Committed to industry-leading ESG principles, continued stakeholder engagement, Net Zero and sustainability An experienced and diverse global team of 110+ professionals assembled to execute our vision NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A +6 + PROPRIETARY & CONFIDENTIAL AMG#7+ PLANNED TO BE NORTH AMERICA'S LARGEST INTEGRATED NATURAL GRAPHITE PRODUCER MATAWINIE MINE & CONCENTRATOR Flake graphite Mine and concentrator to produce 103 ktpa of high-purity flake concentrate Advanced strategy to become the world's first all-electric open-pit mine for carbon-neutral operations - underpinned by renewable hydropower 25-year life of mine, with the scale to expand BÉCANCOUR BATTERY MATERIAL PLANT Active anode material Beneficiation of graphite concentrate from Matawinie to be transformed into approximately 43 ktpa of active anode material Short road transport (150 km) from the Matawinie Mine to the Bécancour Battery Material Plant Modular design to allow for scalable expansion as the market grows UATNAN MONTRÉAL UATNAN MINE & CONCENTRATOR Large volume production of flake graphite concentrate Mine and concentrator to produce 500 ktpa of flake concentrate Onsite extraction and concentration operations to optimize production efficiency, limit transportation and reduce environmental impact 24-year life of mine ESG standards reflected into the mining project design Projected to become the largest natural graphite production in the world Strategically enabling NMG to supply future anticipated growth in North America and Europe NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 7 + PROPRIETARY & CONFIDENTIAL MMG#8+ VERTICAL INTEGRATION TO DELIVER LITHIUM-ION BATTERY ACTIVE ANODE MATERIAL INTEGRATED ANODE MATERIAL PRODUCER Value-Added Conversion Facility Mining and Concentration Operations NMG.com NYSE: NMG | TSXV: NOU | FSE: NM9A Value creation through integration + » Planned to become the North America's largest and fully integrated lithium-ion battery anode material producer » Carbon neutrality across its entire production value chain – "green" operations, driven by renewable hydropower, with full traceability » A local, turnkey alternative to Chinese production, at the market's doorstep +8+ » Shaping to a variety of customers' specs » Green proprietary purification, hydrofluoric-free » Coating for optimal battery performance >> Large, quality deposits with capacity to expand yielding high-purity flake concentrate » Advanced electrification strategy and responsible mining practices Low-cost operations in a tier-1 jurisdiction PROPRIETARY & CONFIDENTIAL MMG#9+ STRIVING TO BECOME AN ACTIVE ANODE MATERIAL LEADER FOR THE WESTERN WORLD OUR PLAN PHASE 1 OUR GOAL PHASE 2 OUR VISION PHASE 3 2017-2023 "DE-RISKING" » Demonstration facilities for fully-integrated operations >> ~2 ktpa of anode material » Product qualification 2024-2027 EXECUTION >> Matawinie Mine: ~103 ktpa of high-purity flake graphite >> Bécancour Battery Material Plant: ~43 ktpa of active anode material >> Multiyear offtakes with Panasonic Energy and GM for active anode material 2028+ GROWTH » Uatnan Mining Project development for a targeted production of 500 ktpa of flake graphite concentrate >> Bécancour Battery Material Plant expansion for active anode material production and/or » New US and/or European active anode material facilities A leading supplier of "green" active anode material for the lithium- ion battery industry NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 9 + PROPRIETARY & CONFIDENTIAL MMG#10ANCHOR CUSTOMERS PROVIDE UPSIDE FOR NMG'S CURRENT AND FUTURE PRODUCTION CANADA Panasonic ENERGY Las Vegas UNITED STATES ..... Panasonic ENERGY • Kansas City gm Detroit ⚫ gm gm + 10 + UATNAN QUÉBEC MATAWINIE Mine & Concentrator 0000 ........ Montréal 縣 BÉCANCOUR Battery Material Plant AMG NOUVEAU MONDE GRAPHITE#11+ ESG PRINCIPLES EMBEDDED IN THE BUSINESS MODEL Zero-Harm Philosophy Health, safety, and environmental stewardship come first Leadership in Action Governance and accountability >>> >> 3.63 OSHA Recordable Incident Rate¹ » O environmental incidents¹ Me Responsible Mining Developing the mine of the future » » Progressive land management via innovative tailings co-disposal and gradual backfilling All-electric fleet powered by hydroelectricity » Water and biodiversity protection >>> Ecoengineering of facilities and life of mine Driving the Transition to a Green Future Efforts and partnerships for greater impact R&D targeting the next generation of battery materials with the smallest footprint Fostering synergy with other industries for a circular economy Promotion of sustainability through our value chain Experienced and international Board guiding the disciplined development of the business Commitment to the Paris Agreement, TCFD, UN Global Compact and the UN SDGS >>> Disclosure as per GRI and SASB standards providing ESG metrics and transparency >>> Fostering diversity and inclusion; 29% of women in Company² SUSTAINABILITY RATINGS BENCHMARK MOODY'S ESG Solutions Sustainability Index A2 INDUSTRY LEADING Partnered Development Active engagement with First Nations and communities » » >> Promotion of Indigenous participation and shared perspective Collaboration and benefit sharing agreement with the local community for job creation, skills training and community development Extensive stakeholder consultation 1 As at December 31, 2023 2 As of December 31, 2022 NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 11+ PROPRIETARY & CONFIDENTIAL MMG#12+ ONLY PRODUCER IN INDUSTRY LEADING SEGMENT Benchmark Sustainability Index of Flake Graphite Companies 2023 Independent assessment of ESG performance carried out by Index score 100 90 Benchmark 80 79 sustainability indicators reviewed 70 0 AMG 60 producers NMG is the sole producer with demonstrated environmental and ethical practices Rating supports customers' ESG requirements for responsible sourcing 60 60 50 50 40- 30 20- 10 о NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A Industry Leading Good Practice Moderate Visibility Limited Visibility Africa (25 companies) China (8 companies) 12% 40% 60% +1 BENCHMARK + 12 + Flake graphite companies 88% North America (13 companies) 73% 7% 20% PROPRIETARY & CONFIDENTIAL MMG#13+ CARBON NEUTRAL YESTERDAY, TODAY AND TOMORROW TO SUPPORT GLOBAL DECARBONIZATION » Historical carbon neutrality secured and climate action plan to » transition to Net Zero by 2030 All-electric open-pit mine and processing facilities underpinned by clean hydroelectricity HIGH CARBON FOOTPRINT Diesel-powered mining operations → Thousands of miles of transportation → Transformation technologies. with significant environmental impact - Partnership with Caterpillar to constitute a zero-emission fleet for the Matawinie mine >> » » Dedicated low-cost (~C$0.04/KWh¹) hydroelectricity line for the mine Proprietary anode material purification process to reduce energy and harmful chemical consumption - de-risked through demonstration operations - Hydrofluoric acid-free ecotechnology submitted for patent Partnership with world-class research centers and strategic advisors to be at forefront of technology advancements and continually improve the environmental footprint of products Testing traceability parameters as part of the Global Battery Alliance's Battery Passport to help shape a responsible battery value chain Collaboration on battery recycling to support graphite circularity ☐ LOW ENVIRONMENTAL FOOTPRINT → Electric operations powered by hydroelectricity → Clean processes and reagents → Proximity of operational sites → Net Zero target by 2030 NOUVEAU MONDE GRAPHITE NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A +13+ + (0000000) 0000000 INDUSTRY (1) Hydro-Quebec Industrial Rate L- Industrial rate for large-power customers PROPRIETARY & CONFIDENTIAL MMG#14+ INDUSTRY-LEADING CLIMATE CHANGE IMPACT » Extraction and concentration Advanced manufacturing GWP (kg CO2 eq per kg) GWP of NMG's CSPG (kg CO2 eq per kg) China China 14.1 >> Mozambique U.S. 6.1 Sweden Sweden 3.1 1.23 Streamlined Life Cycle Assessment Study of Global Anode Grade Natural Graphite Manufacturing, Minviro, March 2022. Synthetic graphite production GWP (kg CO2 eq per kg) Industry range 24 to 40 Industry data compiled through private sources. LCA of Natural Graphite-Based Products Manufactured by NMG, CT Consultant, July 2022. Cradle-to-gate ISO-compliant life cycle assessment verified by 3rd party Hydroelectricty leveraged at mining and processing sites - Main energy source - All-electric mining fleet. ― Purification proprietary technology CO2 emission factor representing 0.30% of regional average of electricity utilities¹ >>> Cleaner processes and reagents » Close-by operational sites NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A (1) Hydro-Québec's Electricity Facts: Electricity Supply and Air Emissions, 2020 +14 + PROPRIETARY & CONFIDENTIAL MMG#15AN EXCEPTIONAL MARKET OPPORTUNITY NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 15 + MMG#16+ A LOCALIZED, CARBON-NEUTRAL ALTERNATIVE TO CHINA CHINA 77% of flake, BUT 95% of spherical graphite INDIA <1% of flake we 28 Flake graphite mine supply Downstream lithium-ion battery anode conversion supply NMG.com NYSE: NMG | TSXV: NOU | FSE: NM9A NO production in the USA CANADA NMG could boost Canada's share of mined graphite to 6% with our Phase 2 Matawinie Mine and 23% with our Phase 3 Uatnan Mining Project MMG BRAZIL 7% of flake » Graphite mines exist across the globe - but 95% is processed in China for battery anode materials >> Global battery and EV manufacturers seek alternative, sustainable sources of supply » The E.U., U.S., Canada, Japan, Australia and India have declared graphite a critical mineral >> NMG is strategically located for the U.S. and European markets AFRICA ~22% of flake Source: US Geological Survey, January 2024. Only the largest countries/regions shown (accounting for >90% of production). Benchmark Mineral Intelligence, February 2024 + 16 + PROPRIETARY & CONFIDENTIAL MMG#17GEOPOLITICS FAVOR NMG » New restrictions on Chinese graphite exports Battery/EV manufacturers pressed to secure volumes and commercial agreements with graphite suppliers outside China Bloomberg Green | Hyperdrive US Sets Limits on Chinese Content to Receive EV Tax Credits ■Rules set 25% threshold of ownership for foreign adversaries ■Decision may limit qualifying number of EVs for $7,500 credit BARRON'S COMMODITIES China Tightens Controls on Graphite. The Hunt Is On for New Supplies. By Evie Liu Oct 21, 2023, 2:15 am EDT Share AA Resize Reprints China's stricter controls over graphite exports mean companies, including electric- vehicle makers such as Tesla, will have to accelerate their search for alterative sources of the mineral. - Chinese graphite exports plunge in early 2024 >> US targets China as a "foreign entity of concern" - Battery components or critical minerals sourced from China or Chinese-controlled companies disqualify EV incentives Middle East tensions are increasing the risk associated with international shipping Mining.com Column: China ups critical minerals heat with graphite controls - MINING.COM China is upping the critical minerals stakes by curbing exports of graphite, a key raw material in electric vehicle batteries. → Reuters US to limit Chinese firms, battery parts from winning EV tax credits WASHINGTON, Dec 1 (Reuters) - The Biden administration on Friday issued-long awaited guidance that will limit Chinese content in batteries... REUTERS China curbs graphite exports in latest critical minerals squeeze Reuters October 20, 2023 4:03 AM EDT Updated 4 days ago 口 Aa NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A V +17 + PROPRIETARY & CONFIDENTIAL MMG#18+ GRAPHITE IS FUNDAMENTAL TO EVERY LITHIUM-ION BATTERY: >1 kg of graphite / kWh » Graphite dominates half the lithium-ion battery For every tonne of lithium, 1.5 tonne of graphite is required » Anode material is a highly specialized and customized value- added product Every manufacturer has unique specifications NMG's Phase-1 facilities support product qualification thanks to commercial-scale equipment Natural and synthetic graphite are complementary in the anode composition - - Natural graphite is cheaper and greener than synthetic graphite Silicon introduction in anode limited due to swelling (3x) NMG's R&D program continuously explores means to enhance battery performance and develop next-gen materials » Industry technology development focused on cathode in part due to overall representation in battery cost Anode (-) Cathode (+) LFP Lithium 17% NMC Lithium 15% Nickel 29% Other 83% Manganese 29% Cobalt 27% Graphite >95% Graphite >95% Silicon/other <5% Silicon/other <5% NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A Source: Pallinghurst-Traxys battery analysis. %s represent the proportions of cathode and anode in each battery respectively. NCA batteries contain 2% aluminium (not shown) +18+ PROPRIETARY & CONFIDENTIAL MMG#1912 000 BATTERY RAW MATERIAL DEMAND GROWTH (kt) 11 078 GRAPHITE DEMAND GROWTH IS EXPECTED TO OUTPACE OTHER BATTERY METALS 11 000 10 000 9 000 8 000 7 000 415 BATTERY GIGAFACTORIES IN THE PIPELINE FOR A 6 000 COMBINED CAPACITY OF 5 000 ~9.4 TWH BY 2030 4 000 2 947 3.000 ~4x growth for graphite through 2030, the strongest demand increase of all key battery raw materials 2000 1 000 0 2023 NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A Source: Benchmark Mineral Intelligence, February 2024 +19 + 5 706 2025 2030 Cobalt Nickel Lithium Graphite PROPRIETARY & CONFIDENTIAL MMG#20- + AT THE MARKET'S DOORSTEP – NORTH AMERICA RAMPING UP CAPACITY: 1,443 GWh BY 2030 AB A3F FD Ford KP KOREPOWER PS Panasonic ENERGY AT FR FREYR SS* LG amprius me marge LG Energy Solution SAMSUNG CT CATL GO Gotion MB* SK SK innovation Mercedes-Benz CU* Canna GM gm MV microvast* ST* STELLANTIS EL electrovaya HD H T NV northvolt TE TESLA HONDA EN Envision HY AESC ON one TY HYUNDAI TOYOTA EV* EVE IM iMB PA* PACCAR VW *TBC A factory has been announced, but its exact location in the United States is to be confirmed. -000+ BATTERY MANUFACTURERS Industry announcements & Benchmark Mineral Intelligence, March 2024 NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A NV CA AZ KS TX The ON AMG GM MI OH IG HD VA MO KY OK MV LG TNGM NC LG HV NY + 20 + PROPRIETARY & CONFIDENTIAL MMG#21+ AND SO IS EUROPE: 1,300 GWh by 2030 AC acc IN inoBat PO SV SVOLT AUTOMOTIVE CELLS OF PORSCHE CL 13 CALB Trust Efficient Win-Win LC AAA Leclanché Energy Storage Solutions PR ProLogium TA TATA Green ваттегles CT CATL LG LG Energy Solution RE RENAULT TE T TESLA EL elinor. ME MES RO VK VERICOR HAGHA ENERGY 3TORAGE ROSATOM EN Envision AESC MR MORHOW SS SAMSUNG VO VOLVO EV EVE NB NISSAN SK VW* SK innovation FR FREYR NV northvolt mwube angyalog *TBC A factory has been announced, but its exact location in Eastern Europe is to be confirmed. -000+ BATTERY MANUFACTURERS Industry announcements & Benchmark Mineral Intelligence, February 2024 NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 21 + ca POR ES UK FRA SWE NOR GERS CZE MC ITL POL SVK HUN PROPRIETARY & CONFIDENTIAL MMG#22The Wall Street Journal, January 2023 DEMAND EXPECTED TO OUTSTRIP SUPPLY Market projection for graphite demonstrates structural deficit: 8,500,000 8,000,000 SUPPLY SHORTAGES EMERGING AS EV DEMAND RAMPS UP 7,500,000 7,000,000 6,500,000 6,000,000 5,500,000 AMG 5,000,000 » New production needed to come online to meet the strong growth market 4,500,000 Projected start of Phase-2 production 4,000,000 Timely launch of Phase 3 to tap into demand/supply gap » NMG will be well positioned in what we expect to be a "seller's market" over the next decade 3,500,000 3,000,000 2,500,000 "Existing production for graphite's 2,000,000 other uses has kept the market well supplied to this point and prevented price spikes, but analysts expect that to change as batteries become the largest source of demand." 1,500,000 1,000,000 500,000 NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A Source: Benchmark Mineral Intelligence, Q3-2023 + 22 + 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 PROPRIETARY & CONFIDENTIAL 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 MMG#23+ INFLATION REDUCTION ACT $370 billion US dedicated to the climate agenda » Incentives for the purchase of electric vehicles Measures for the development of charging infrastructure » Eligibility criteria for credits related to battery composition, component source After 2024, critical minerals that are mined, processed, or recycled in a "foreign entity of concern" will prevent EV manufacturers from receiving the clean vehicle credit. » Manufacturers are rushing to find alternatives to Chinese supplies NMG offers procurement that complies with US requirements NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A GWh 1,300 1,200 1,100 1,000 900 800 700 Jan-22 The IRA impact: US gigafactory capacity pipeline overtakes Europe for first time US adds record battery capacity after the signing of IRA in August US announced IRA in August Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 US battery capacity pipeline to 2031 SOURCE: BENCHMARK GIGAFACTORY ASSESSMENT EuAug-22 Sep-22 Oct-22 Nov-22 Europe battery capacity pipeline to 2031 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 +BENCHMARK + 23 + PROPRIETARY & CONFIDENTIAL MMG#24+ SUPPLY/DEMAND DYNAMICS SUPPORT PRICE APPRECIATION Natural Anode Active Material - DDP China, $/t (Real terms) 16,000 Natural - high capacity Natural - medium capacity 14,000 Natural - low capacity Anode Price 12,000 10,000 Forecast 8,000 Source : Benchmark Mineral Intelligence 6,000 4,000 T T T 2,000 2020 2025 2030 2035 2040 Long-term prices expected to rise » NMG expected to benefit from future higher prices - Each 2% increase in price corresponds to ~10% gain in project IRR based on 2022 Integrated Feasibility Study >> Potential for a North American premium over China - - - Reduced geopolitical risk. Carbon-neutral footprint. + Direct impact on manufacturers' Scope 3 emissions - Logistical savings Less capital needed for inventories NMG.com NYSE: NMG | TSXV: NOU | FSE: NM9A + 24 + PROPRIETARY & CONFIDENTIAL MMG#25FACILITATING A GREEN, LOCAL SUPPLY OF A STRATEGIC AND CRITICAL MATERIAL NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 25+ MMG#26+ FULLY-INTEGRATED DEVELOPMENT SUPPORTED BY PHASE 1 OPERATIONS MATAWINIE High-purity graphite flake Flake graphite CONCENTRATION BÉCANCOUR Active anode material HON-HO-SKAIT Spherical graphite Purified graphite Coated spherical purified graphite SHAPING PURIFICATION COATING + Each step is engineered to add value and increase margins. Value-added operations from mined ore to ready-to-use battery material as per customers' specifications enabling product qualification and binding commercial offtake agreements. NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 26 + PROPRIETARY & CONFIDENTIAL MMG#27+ PHASE 2 MATAWINIE MINE A world-class mine and concentrator, within only 120 km of Montréal >> Responsible mining operations with all-electric fleet, innovative tailings management, extensive water and biodiversity protection program, plus progressive reclamation » Situated within the community of Saint-Michel-des- Saints with which a progressive collaboration and benefits agreement has been signed » >> » All key permits (including the key Environmental Decree) necessary to start construction are in place Access to key infrastructure including hydropower and local highway reduced operational and transport costs Local workforce and specific training programs support recruitment efforts for Phase 2 Due to the size of the deposit, potential to expand the operations to meet market demand NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A / / / / / / / / / / / / / / / / / / / PHASE 2 +27 + PROPRIETARY & CONFIDENTIAL MMG#28+ PHASE-2 MATAWINIE MINE: CONCRETE-READY THANKS TO PREPARATORY WORK Future vegetal stockpile Access road Environmental infrastructure Deposit & demonstration site Future concentrator AM#29+ ADVANCED MANUFACTURING UNDERPINNED BY STRATEGIC LOCATION AND PROPRIETARY TECHNOLOGIES We believe Bécancour is an ideal location, with exceptional infrastructure, for NMG's operations » Phase-1 purification plant operating within Olin's facility » Proprietary green thermochemical purification technology that avoids acid leaching Heavy industry area providing NMG with robust industrial infrastructure direct supply of required chemicals from Olin - skilled labor - abundant low-cost, clean electricity - multi-modal logistical base "We have chosen Bécancour as our hub, our battery valley." - Pierre Fitzgibbon, Québec Ministry of Economy NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A Olin's facility St. Lawrence River PHASE 1 NMG Land PHASE 2 Rail system Port & pipe rack Highway + 29 + PROPRIETARY & CONFIDENTIAL MMG#30PHASE 2 BÉCANCOUR BATTERY MATERIAL PLANT Scalable commercial production with expansion potential Purification PHASE 2 PLANS અને જે માં પ્રવેશ NMG's land nearby GM's Ultium plant Coating Shaping Production capacity for ~43 ktpa of active anode material and ~3 ktpa of purified jumbo flake Advanced manufacturing facility regrouping all beneficiation units » 200,000-m² land near highway, railway and port Located within the developing industrial battery hub; GM-Posco, Ford, and Nemaska Lithium have already launched construction of their facilities NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 30+ PROPRIETARY & CONFIDENTIAL MMG#31+ PHASE 3 UATNAN MINING PROJECT: AMONG THE WORLD'S LARGEST GRAPHITE PROJECTS IN DEVELOPMENT » Located in Northern Québec, in a region renowned for its resources and associated industry - Accessible year-round by highway 389 and logging roads >> Property wholly owned (100%) by NMG Open-pit operation with on-site concentrator for targeted production of 500,000 tpa of graphite concentrate destined to the battery market - Life of mine of 24 years - Stripping ratio of 1.3 : 1 Responsible mining practices including transition plans for all-electric operations, advanced environmental management, in-pit backfilling, and proactive First Nation and community engagement » Preliminary economic assessment indicates strong economics » Project supporting NMG's commercial discussions with OEMs and lithium-ion battery cell makers Onistagon Lake Uatnan Mining Project Québec, Canada Klometers Lac Guéret deposit Uatnan Mining Project Forestry Road P Masicovagan Reservoir Little coudgan 1104m Les Groulx 1098 m Ontario Daniel-Johnson Hydroelectric Dam (Manic-5) Baie-Comeau Pessamit Innu First Nation Community 132 Newfoundland Québec and Labrador James Bay Lake Lac Guéret deposit Uatnan Mining Project Pulon Gulf St. Lawre Quebec New Brunswick Prince Edward Istand Ottawa Montreal Maine Grand Rapids Toronto Detroit Buffalo New York Cleveland U.S.A polls Columbus Pittsburgh Cincinnati St Lawrence Seaway Esri Canada Ese Appalachian Mountains Halfax Boston Providence Es Jomfom, Garmin, FAO, NOAA, USGS, ERA, NRCan Parks New York Philadelphia Canada Esri, USGS Grande-Vallée AMG NOUVEAU MONDE GRAPHITE Созрение Percé STRATEGIC FIT FOR NMG'S EXPANSION TO SUPPORT EXPECTED MARKET GROWTH NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A +31 + PROPRIETARY & CONFIDENTIAL MMG#32+ LOCATED IN A PREMIER OPERATING JURISDICTION IN NORTH AMERICA Established, sustainable ecosystem and ongoing government-funded research Abundant, affordable and clean energy (36% energy cost savings vs other G7 countries) Strategically located to supply high-growth North American and European markets Business-friendly policies and government, including significant investment (nearing C$3 billion in 2020 (1)) 22 (1) Institut de la statistique du Québec, Recensement annuel sur l'investissement minier 2020. (2) Québec Plan for the Development of Critical and Strategic Minerals 2020-2025 NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A Rich in critical and strategic minerals and the Government of Québec has a coordinated plan to develop them (2) Attractive and stable fiscal and political environment QUÉBEC'S COMBINATION OF STRATEGIC ADVANTAGES The Québec Government is fully committed to develop a local battery materials supply chain Government institutes comprised of over 500 specialists working on EV projects Low-cost operation location +32 + PROPRIETARY & CONFIDENTIAL MMG#33INDUSTRY AND TECHNOLOGY PARTNERS SUPPORT OUR STRONG INTERNAL TEAM Active R&D ecosystem and battery supply chain industry participation 6666628 SC321 ME » Our strong internal technical team consisting of 110+ professionals support our growth and continued innovation: - 7 PhD, 3 MSc, 35 engineers - Decades of expertise in graphite production acquired at leading operators including Imerys, SGL Group and BTR New Material Extended technological platform including a battery lab to provide quality assurance and customization of products per customer's specs >>> In-house R&D team and collaboration with renowned research institutes and universities to advance battery technology Technological expertise and R&D ecosystem puts the Company at the forefront of industry developments corem ABB Canada CMRC MRC Innovation en traitement de minerais Innovation in mineral processing FORGE NANO 11 1 NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A M Niekas Q Hydro Québec + 33 + McGill UNIVERSITY POLYTECHNIQUE MONTREAL LE GENIE EN PREMIERE CLASSE SNC LAVALIN UNIVERSITÉ DE SHERBROOKE SGS PROPRIETARY & CONFIDENTIAL AMG#34COMMERCIAL OUTLOOK & FINANCIAL PARAMETERS NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 34 + MMG#35Offtakes & Tranche 1 Investment gm Panasonic ENERGY AMB anode material binding offtake NOUVEAU MONDE GRAPHITE US$25M private placement 18 ktpa of active anode material binding offtake PANASONIC ENERGY & GM STRATEGIC INVESTORS AND LONG-TERM ANCHOR CUSTOMERS >>> Multiyear offtake agreements >>> Aggregate US$50M Tranche 1 Investment Commitment toward future >>> construction funding US$25M private placement 18 ktpa of active >> NMG is one step closer to becoming North America's first and largest fully integrated natural graphite producer +US$275M Intended Tranche 2 Investment for Construction Subject to Positive Final Investment Decision ("FID") and Full Funding gm Intended US$125M Tranche 2 Investment as part of construction funding Panasonic ENERGY Intended US$150M Tranche 2 Investment along with potential co-investors as part of construction funding NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 35 + PROPRIETARY & CONFIDENTIAL AMG#36ORE-TO-BATTERY-MATERIAL PROJECT DESIGN Technology development for beneficiation ☑ Integrated feasibility study ☑ First Nation + community engagement & public consultation ☑ STRONG FOUNDATION TOWARD COMMERCIAL PRODUCTION Mineral resource definition ☑ MY AMG NOUVEAU MONDE GRAPHITE ST-MICHEL-DES-SAINTS QUÉBEC, CANADA 2 ULAU MONDE Phase-1 operations 1050 Process optimization -100 GRADE 900 kg through product qualification ☑ NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A TECHNICAL ADVANCEMENT Mining governmental authorization ☑ Land purchase for Bécancour plant ☑ Engineering & pre-construction strategy ☑ Battery-grade sample production ☑ Assembling experienced project execution team ☑ COMMERCIAL & CORPORATE ENGAGEMENT Site visits & due Project financing diligences ☑ structure ☑ Multiyear offtakes ☑ Production parameters update based on clients' specs Engagement w/ senior lenders, governments & First Nation FINAL INVESTMENT DECISION (FID) & LAUNCH OF CONSTRUCTION Simultaneous construction at Matawinie Mine and Bécancour Battery Material Plant, then commissioning to launch active anode material production within ~30 months +36 + PROPRIETARY & CONFIDENTIAL MMS#37+SUMMARY OF PHASE-2 ECONOMIC HIGHLIGHTS ECONOMIC HIGHLIGHTS (in CAD*) MATAWINIE BÉCANCOUR INTEGRATED Feasibility Metrics After-tax Net Present Value (NPV) (8 % discount rate) 571 1,010 1,581 C$ million After-tax IRR 22.2% 20.4% 21.0% Payback (after-tax) 3.7 4.5 4.2 % years Financials Summary Unit Revenues (Sales) Operating Expenses (OPEX) Initial Capital Expenditures (CAPEX) 93 503 596 C$ million per year 58 137 195 C$ million per year 481 923 1,404 C$ million Production Summary Life of Mine ("LOM") 25 Annual average production 103,328 42,616 years tonnes/year TARGETED PROJECT FINANCING » Contemplated debt:equity ratio of ~60:40 Debt: ongoing discussions with governmental and export credit agencies Governmental levers: grants, forgivable loans and/or refundable Canadian investment tax credit (up to 80% of eligible expenses) Equity: strategic investors and anchor customers SOCIETE GENERALE Lead arranger BMOM Strategic equity advisor NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 37 + PROPRIETARY & CONFIDENTIAL AMG#38PHASE 3 OVERVIEW OF PRELIMINARY ECONOMIC HIGHLIGHTS MPG 294 CH1 to 8 ECONOMIC HIGHLIGHTS After-tax NPV (8 % discount rate) After-tax IRR After-tax payback Annual average production OPEX per tonne of graphite concentrate Initial CAPEX Annual OPEX Uatnan Mining Project C$ 2,173 M 25.9% 3.2 years 500,000 tonnes C$268/tonne C$ 1,417 M C$ 135 M NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 38 + PROPRIETARY & CONFIDENTIAL MMG#39+ STRONG EQUITY HOLDERS & A SOUND CAPITAL STRUCTURE PROVIDE A SOLID FOUNDATION POST TRANSACTION STRUCTURE Basic shares (M) Warrants (M) Convertible notes (M) Warrants/convertible notes (M) Other reserves (M) Options (M) Fully diluted shares (M) Proforma cash position* RESEARCH COVERAGE Firm B. Riley Financial Cormark Securities Evercore ISI H.C. Wainwright & Co. Roth Capital Partners Analyst Matthew Key MacMurray Whale Stephen Richardson Heiko F. Ihle Joseph Reagor * Based on December 31, 2023, financial reporting and reflecting the transaction announced on February 15, 2024. Top holders' position is rounded for the purpose of this presentation NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A THE PALLINGHURST GROUP 92.1 25.0 16% 10.0 10.0 1.8 MITSUI & CO. 4.7 143.7 Other shareholders 39% 12% CA$ 102 M +39 + 5% 11% 6% Investissement Québec MASON RESOURCES™ 11% Panasonic gm PROPRIETARY & CONFIDENTIAL MMG#40APPENDIX NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + 40 + MMG#41+ A UNIQUE AND SCALABLE GRAPHITE SOURCE UNDERPINS OUR INTEGRATED, FULLY-TRACEABLE OPERATIONS West Zone Lac England North Zone 6.3% Cg 5.8% Cg North-East Zone The Mining Property/ Tony Claim Block Map Area A huge graphite resource at Matawinie, provides NMG with expansion potential Far-West Zone 5.9% Ca 2013-2022 Exploration Work Overview The Mining Property 2015-2021 Exploration & Infill Drilling 2014-2018 Trench (Mineralized interval length does not represent true width) 2014-2015 Significant Grab Sample (> 5% Cg) Mineral Reserve Pit Envelope Footprint (July 6, 2022) Mineral Resource Pit Envelope Footprint (May 20, 2022) South Zones Mineral Resource Estimate Footprint (Dec. 15, 2015) Main Mineralized Zone Tony Claim Block Boundaries 2013 & 2015 Airborne TDEM Field Response (nT/8) High: 500 0.25 0.5 Low: 20 1 Kilometres Projection: UTM NAD 63 218 Scale 1:18 000 NTS: 31112 Created by: Antoine Cloutier géo., July 6, 2022 6.2% Gg 8.9% C 53% Co NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A Lac Aux Pierres (Staking prohibited) Power Line Corridor 7.8% Cg 5.9% Cg 6.62% Cg South-West Zone 7.17% Cg East Zone 5.14% Cg 6.4% Cg 6.38% Cg 5.97% Cg 7.73% Cgy 6.17% Cg 6.28% Cg 7.66 CH South-East Zone 5.81% Cg- MINERAL RESOURCES & RESERVES WEST ZONE Mt Cg Measured 28.5 4.28% Indicated 101.8 4.26% Total Resources 130.3 4.26% Reserves (Proven & Probable) 61.7 4.23% Source: Updated Resources and Reserves as of July 6, 2022. Additional information available in the appendix and press release dated July 6, 2022. GRAPHITE CONCENTRATE FLAKE DISTRIBUTION FLAKE SIZE PURITY DISTRIBUTION Jumbo (+50 mesh) 15% Coarse (-50+80 mesh) 33% 97% Cg AMB Intermediate (-80+150 mesh) 28% NOUVEAU MONDE GRAPHITE Fine (-150 mesh) 24% +41 + PROPRIETARY & CONFIDENTIAL MMG#42+ MATAWINIE UPDATED RESOURCE AND RESERVE SUMMARY Current Pit-Constrained Mineral Resource Estimate for the West Zone (1) Mineral Resource Category² Measured Indicated Measured + Indicated Inferred4 1. 2. 3. 4. 5. 56 Tonnage (Mt) 5,6 Current Resource (May 20, 2022) 7 Grade (% Cg)³ Contained Graphite (Mt) 28.5 4.28 1.22 101.8 4.26 4.33 130.3 4.26 5.55 23.0 4.28 0.98 The Mineral Resources provided in this table were estimated using current Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Reserves, Definitions and Guidelines. Mineral Resources that are not Mineral Reserves have not demonstrated economic viability. Additional trenching and/or drilling will be required to convert Inferred and Indicated Mineral Resources to Measured Mineral Resources. There is no certainty that any part of a Mineral Resource will ever be converted into Reserves. All analyses used for the Resource Estimates were performed by ALS Minerals Laboratories and delivered as % Cg, internal analytical code C-IR18. Inferred Mineral Resources represent material that is considered too speculative to be included in economic evaluations. Additional trenching and/or drilling will be required to convert Inferred Mineral Resources to Indicated or Measured Mineral Resources. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Current Resource effective May 20, 2022. 6. Mineral Resources are stated at a cut-off grade of 1.78% Cg. 7. Standards used for this resource update are the same standards produced over the course of the Feasibility Study (results published December 10, 2018) and the Resource Update (results published March 19, 2020). The difference comes mainly from a newly accessible land package along the Hydro-Québec power line. Open-Pit Mineral Reserves Estimate for the West Zone Category Proven Probable Proven & Probable NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A Tonnage (Mt) Grade (% Cg) Contained Graphite (Mt) 17.3 4.16 0.7 44.3 4.26 1.9 61.7 4.23 2.6 The Qualified Person for the Mineral Reserve Estimate is Jeffrey Cassoff, P. Eng., of BBA Inc. The effective date of the estimate is July 6, 2022. Mineral reserves were estimated using a graphite concentrate selling price of C$2,137/tonne, and consider a 2% royalty, and selling costs of C$47.92/tonne. An average grade of 97% was considered for the graphite concentrate. A metallurgical recovery of 93% was used. A cut-off grade of 2.20% Cg was used. The strip ratio for the open pit is 1.16 to 1. The Mineral Reserves are inclusive of mining dilution and ore loss. The reference point for the mineral reserves is the primary crusher. Totals may not add due to rounding. + 42 + PROPRIETARY & CONFIDENTIAL MMG#43+UATNAN - A WORLD-CLASS DEPOSIT CURRENT MINERAL RESOURCE ESTIMATE Notes: 1. 2. The Mineral Resources provided in this table were estimated by M. Rachidi P.Geo., and C. Duplessis, Eng., (QPs) of GoldMinds Geoservices Inc., using current Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, market or other relevant issues. The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has not been sufficient work to define these Inferred Mineral Resources as indicated or Measured Mineral Resources. There is no certainty that any part of a Mineral Resource will ever be converted into Mineral Reserves. The Mineral Resources presented here were estimated with a block size of 3mE x 3mN x 3mZ. The blocks were interpolated from equal-length composites (3 m) calculated from the mineralized intervals. The Mineral Resource estimate was completed using the inverse distance to the square methodology utilizing three runs. For run 1, the number of composites was limited to ten with a maximum of two composites from the same drillhole. For runs two and three the number of composites was limited to ten with a maximum of one composite from the same drillhole. The Measured Mineral Resources classified using a minimum of four drillholes. Indicated resources classified using a minimum of two drillholes. The Inferred Mineral Resources were classified by a minimum of one drillholes. Tonnage estimates are based on a fixed density of 2.9 t/m3. A pit shell to constrain the Mineral Resources was developed using the parameters presented in Table 4. The effective date of the current Mineral Resources is January 10, 2023. Mineral Resources are stated at a cut-off grade of 5.75% C(g). IN-PIT CONSTRAINED MINERAL RESOURCES Tonnes (Mt) Grade (% Cg) Cg (Mt) Measured 5.75% < Cg < 25% 15.65 15.2 2.38 Measured Cg > 25% 3.35 30.6 1.02 Total Measured 19.02 17.9 3.40 Indicated 5.75% < Cg < 25% 40.29 14.6 5.89 Indicated Cg > 25% 6.33 31.6 2.00 3. Total Indicated 46.62 16.9 7.89 4. Indicated + Measured 5.75% < Cg < 25% 55.94 14.8 8.27 Indicated Measured Cg > 25% 9.70 31.2 3.03 Total Measured + Indicated 65.64 17.2 11.30 5. Inferred 5.75% < Cg < 25% 15.35 14.9 2.28 6. Inferred Cg > 25% Total Inferred 2.47 31.8 0.79 7. 17.82 17.2 3.07 8. NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A +43 + PROPRIETARY & CONFIDENTIAL MMG#44GREEN BATTERY MATERIALS TO POWER THE ENERGY REVOLUTION CORPORATE OFFICE 995 Wellington Street, Suite 240 Montréal (Québec) H3C 1V3 Canada NMG.com Facebook Twitter YouTube Linkedin NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A + CONTACT Marc Jasmin Director, Investor Relations +1 450 757-8905 #993 [email protected] PROPRIETARY & CONFIDENTIAL AM>