NMG Announces Offtake Agreement with GM

In complement to the Supply Agreement, NMG and GM entered into a subscription agreement (the Subscription Agreement) in which GM commits an aggregate US$150 million equity investment in NMG, subject to certain closing conditions, to develop what is projected to be the first fully integrated natural graphite active anode material project of its kind in North America; a local, carbon-neutral, reliable, sizeable, and ESG-driven source of natural graphite for the electric vehicle (EV) and lithium-ion battery market.GM will make an initial US$25 million equity investment in NMG (the Tranche 1 Investment) to support the advancement of NMGs Phase-2 operations the Matawinie Mine and the B\xe9cancour Battery Material Plant in line with GMs battery manufacturers specifications. The Supply Agreement integrates sourcing requirements under the Inflation Reduction Acts consumer EV tax credit provisions, a condition aligned with NMGs localization and value chain design.NMGs active anode material has demonstrated minimal environmental footprint in an ISO-compliant life cycle assessment thanks to the Companys planned all-electric operations powered by renewable energy combined with clean processing technologies. Additional information regarding such transactions is available on the Companys website, SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.Shareholders, analysts, and members of the media are invited to attend a webcast Investor Briefing this morning, Thursday, February 15, 2024, at 10:30 a.m. The Company is working towards developing a fully integrated source of carbon-neutral battery anode material in Qu\xe9bec, Canada, for the growing lithium-ion and fuel cell markets. With enviable ESG standards, NMG aspires to become a strategic supplier to the worlds leading battery and automobile manufacturers, providing high-performing and reliable advanced materials while promoting sustainability and supply chain traceability.