{
  "projectionVersion": "smpt-investigation-1",
  "projectId": "prj-ca-nmg-matawinie",
  "corpus": {
    "revision": "2026-11-03",
    "legalStatusCutoff": "2026-11-03",
    "view": "current_corpus_revision",
    "notice": "Curated corpus revision, not source freshness or historical known-as-of coverage. Financial histories retain their own status dates."
  },
  "project": {
    "id": "prj-ca-nmg-matawinie",
    "name": "Matawinie Mine",
    "sponsorOrgIds": [
      "org-nouveau-monde-graphite"
    ],
    "locations": [
      {
        "countryCode": "CA",
        "subnational": "Quebec",
        "asStated": "near Montreal, Quebec"
      }
    ],
    "stages": [
      "mining"
    ],
    "materialIds": [
      "graphite"
    ],
    "materialAttribution": "tracked_only",
    "untrackedMaterialsAsStated": [],
    "evidence": [
      {
        "sourceId": "src-nrcan-g7-cmpa-2025",
        "supports": [
          "name",
          "sponsors",
          "materials",
          "location",
          "stages"
        ],
        "evidence": "explicit",
        "locator": "First paragraph of the list",
        "note": null
      }
    ],
    "notes": "The backgrounder describes the company's aim of \"the largest fully integrated natural graphite production facility in North America\"; only the mine is recorded as the project."
  },
  "organizations": [
    {
      "id": "org-ca-canada-growth-fund",
      "name": "Canada Growth Fund",
      "nameOriginal": null,
      "aliases": [],
      "kind": "public_financier",
      "roles": [
        {
          "role": "provider",
          "recordId": "fin-ca-g7-2025-nmg-canada-growth-fund"
        }
      ],
      "evidence": [
        {
          "sourceId": "src-nrcan-g7-cmpa-2025",
          "supports": [
            "name",
            "kind",
            "country",
            "actor"
          ],
          "evidence": "ambiguous",
          "locator": "Nouveau Monde Graphite paragraph; Rio Tinto paragraph",
          "note": "Named as the source of investments and an \"equity-like royalty investment\" in a Government of Canada announcement; the backgrounder does not describe its ownership."
        }
      ]
    },
    {
      "id": "org-ca-edc",
      "name": "Export Development Canada",
      "nameOriginal": null,
      "aliases": [
        "EDC"
      ],
      "kind": "public_financier",
      "roles": [
        {
          "role": "provider",
          "recordId": "fin-ca-g7-2025-nmg-edc-letter-of-interest"
        }
      ],
      "evidence": [
        {
          "sourceId": "src-nrcan-g7-cmpa-2025",
          "supports": [
            "name",
            "kind",
            "country",
            "actor"
          ],
          "evidence": "explicit",
          "locator": "Nouveau Monde Graphite and Vianode paragraphs; UK Export Finance paragraph",
          "note": "Issues letters of interest for project financing and is named as UK Export Finance's \"Canadian counterpart\", i.e. Canada's export-credit agency."
        }
      ]
    },
    {
      "id": "org-ca-government",
      "name": "Government of Canada",
      "nameOriginal": null,
      "aliases": [],
      "kind": "government",
      "roles": [
        {
          "role": "provider",
          "recordId": "fin-ca-g7-2025-nmg-offtake"
        }
      ],
      "evidence": [
        {
          "sourceId": "src-nrcan-cms-2022",
          "supports": [
            "name",
            "kind",
            "country",
            "actor"
          ],
          "evidence": "explicit",
          "locator": "Opening paragraph",
          "note": null
        }
      ]
    },
    {
      "id": "org-nouveau-monde-graphite",
      "name": "Nouveau Monde Graphite",
      "nameOriginal": null,
      "aliases": [],
      "kind": "company",
      "roles": [
        {
          "role": "registered_sponsor",
          "recordId": "prj-ca-nmg-matawinie"
        },
        {
          "role": "recipient",
          "recordId": "fin-ca-g7-2025-nmg-canada-growth-fund"
        },
        {
          "role": "recipient",
          "recordId": "fin-ca-g7-2025-nmg-edc-letter-of-interest"
        },
        {
          "role": "recipient",
          "recordId": "fin-ca-g7-2025-nmg-offtake"
        }
      ],
      "evidence": [
        {
          "sourceId": "src-nrcan-g7-cmpa-2025",
          "supports": [
            "name",
            "kind"
          ],
          "evidence": "explicit",
          "locator": "First paragraph of the list",
          "note": null
        }
      ]
    }
  ],
  "financialInstruments": [
    {
      "id": "fin-ca-g7-2025-nmg-canada-growth-fund",
      "eventId": "evt-ca-g7-cmpa-2025",
      "instrument": "equity",
      "valueRole": "commitment",
      "capitalSource": "public_enterprise",
      "projectRelationship": "directly_attributable",
      "projectId": "prj-ca-nmg-matawinie",
      "associatedProjectIds": [],
      "amount": {
        "value": "35000000",
        "currency": "CAD",
        "qualifier": "at_least",
        "amountAsStated": "more than $35 million from the Canada Growth Fund",
        "currencyBasis": "issuer_context",
        "basisNote": null,
        "basisLabel": null
      },
      "amountBasis": "current_recorded_terms_not_historical_totals",
      "provider": "Canada Growth Fund",
      "providerJurisdiction": "canada",
      "providerOrgIds": [
        "org-ca-canada-growth-fund"
      ],
      "recipient": "Nouveau Monde Graphite",
      "recipientOrgIds": [
        "org-nouveau-monde-graphite"
      ],
      "programmeId": null,
      "legalAuthority": null,
      "facility": null,
      "locations": [],
      "materialIds": [
        "graphite"
      ],
      "stages": [
        "mining"
      ],
      "currentFinancialStatus": "disbursed",
      "financialStatusHistory": [
        {
          "status": "not_stated",
          "date": null,
          "sourceId": "src-nrcan-g7-cmpa-2025",
          "note": "Named among the investments the Alliance announcement \"builds on\"; the backgrounder does not state their stage or date."
        },
        {
          "status": "contracted",
          "date": "2024-12-16",
          "sourceId": "src-cgf-nmg-schedule13d-2024",
          "note": "CGF reports a subscription agreement dated December 16, 2024."
        },
        {
          "status": "disbursed",
          "date": "2024-12-20",
          "sourceId": "src-cgf-nmg-schedule13d-2024",
          "note": "CGF reports purchasing NMG shares and warrants for US$25 million in the private placement on December 20, 2024. This is the original investment, not the additional 2026 equity round."
        }
      ],
      "legacyPhysicalObservations": [
        {
          "status": "construction",
          "date": "2026-04-13",
          "sourceId": "src-nmg-q2-mda-2026",
          "note": "NMG dates the start of Phase 2 Matawinie Mine construction to April 13, 2026 and reports ongoing civil works. This physical milestone is separate from the May 15 FID and May 19 ceremony; it does not state production or financing disbursement."
        }
      ],
      "terms": [],
      "statedOutcomes": [],
      "relationships": [],
      "evidence": [
        {
          "sourceId": "src-nrcan-g7-cmpa-2025",
          "supports": [
            "value_role",
            "capital_source",
            "amount",
            "provider",
            "recipient",
            "status",
            "project",
            "materials"
          ],
          "evidence": "explicit",
          "locator": "First paragraph of the list",
          "note": null
        },
        {
          "sourceId": "src-nrcan-g7-cmpa-2025",
          "supports": [
            "stages"
          ],
          "evidence": "ambiguous",
          "locator": "First paragraph of the list",
          "note": "The investment supports the company's mine-to-anode plan; coded to the mine it names."
        },
        {
          "sourceId": "src-cgf-nmg-schedule13d-2024",
          "supports": [
            "instrument",
            "provider",
            "recipient",
            "status"
          ],
          "evidence": "explicit",
          "locator": "Schedule 13D, Items 3 and 4",
          "note": "CGF reports a cash-funded share-and-warrant purchase, the subscription agreement date and the completed private placement."
        },
        {
          "sourceId": "src-pm-matawinie-groundbreaking-2026",
          "supports": [
            "amount",
            "provider",
            "recipient"
          ],
          "evidence": "explicit",
          "locator": "Quick facts: previous Canada Growth Fund investment",
          "note": "Identifies the earlier December 2024 CGF investment as C$35.6 million, distinct from the additional 2026 investment. The original NRCan lower-bound CAD amount is retained; no currency conversion is made."
        },
        {
          "sourceId": "src-nmg-q2-mda-2026",
          "supports": [
            "project",
            "status"
          ],
          "evidence": "explicit",
          "locator": "Matawinie Mine Project (Phase 2), pages 9–10",
          "note": "NMG reports construction began April 13, 2026. Applies to the Phase 2 mine only; demonstration-plant activity and the separately financed Bécancour plant are not mine commercial operation."
        }
      ],
      "notes": "Earlier CGF equity investment cited by the Alliance backgrounder; now identified and dated from the investor filing. The original more-than-C$35-million amount remains as stated by NRCan. The separate 2026 CGF equity investment is additional capital and is not substituted into this row. The existing Matawinie link does not allocate all corporate investment proceeds exclusively to the mine."
    },
    {
      "id": "fin-ca-g7-2025-nmg-edc-letter-of-interest",
      "eventId": "evt-ca-g7-cmpa-2025",
      "instrument": "unspecified",
      "valueRole": "indication",
      "capitalSource": "public_enterprise",
      "projectRelationship": "directly_attributable",
      "projectId": "prj-ca-nmg-matawinie",
      "associatedProjectIds": [],
      "amount": {
        "value": "430000000",
        "currency": "USD",
        "qualifier": "up_to",
        "amountAsStated": "a letter of interest for up to US$430 million from Export Development Canada",
        "currencyBasis": "stated",
        "basisNote": null,
        "basisLabel": null
      },
      "amountBasis": "current_recorded_terms_not_historical_totals",
      "provider": "Export Development Canada",
      "providerJurisdiction": "canada",
      "providerOrgIds": [
        "org-ca-edc"
      ],
      "recipient": "Nouveau Monde Graphite",
      "recipientOrgIds": [
        "org-nouveau-monde-graphite"
      ],
      "programmeId": null,
      "legalAuthority": null,
      "facility": null,
      "locations": [],
      "materialIds": [
        "graphite"
      ],
      "stages": [
        "mining"
      ],
      "currentFinancialStatus": "announced",
      "financialStatusHistory": [
        {
          "status": "announced",
          "date": null,
          "sourceId": "src-nrcan-g7-cmpa-2025",
          "note": "A letter of interest, which is not a financing commitment; its date is not stated."
        }
      ],
      "legacyPhysicalObservations": [
        {
          "status": "construction",
          "date": "2026-04-13",
          "sourceId": "src-nmg-q2-mda-2026",
          "note": "NMG dates the start of Phase 2 Matawinie Mine construction to April 13, 2026 and reports ongoing civil works. This physical milestone is separate from the May 15 FID and May 19 ceremony; it does not state production or financing disbursement."
        }
      ],
      "terms": [],
      "statedOutcomes": [],
      "relationships": [],
      "evidence": [
        {
          "sourceId": "src-nrcan-g7-cmpa-2025",
          "supports": [
            "instrument",
            "value_role",
            "capital_source",
            "amount",
            "provider",
            "recipient",
            "status",
            "project",
            "materials"
          ],
          "evidence": "explicit",
          "locator": "First paragraph of the list",
          "note": null
        },
        {
          "sourceId": "src-nrcan-g7-cmpa-2025",
          "supports": [
            "stages"
          ],
          "evidence": "ambiguous",
          "locator": "First paragraph of the list",
          "note": "Coded to the mine the paragraph names."
        },
        {
          "sourceId": "src-nmg-q2-mda-2026",
          "supports": [
            "status"
          ],
          "evidence": "explicit",
          "locator": "Financing: fully committed senior project debt commitment letter; Liquidity and funding",
          "note": "The later EDC/CIB facilities remain subject to conditions and final legal documentation in this filing. They do not prove execution or termination of the historical EDC-only US$430-million indication; its financial history is retained."
        },
        {
          "sourceId": "src-nmg-q2-mda-2026",
          "supports": [
            "project",
            "status"
          ],
          "evidence": "explicit",
          "locator": "Matawinie Mine Project (Phase 2), pages 9–10",
          "note": "NMG reports construction began April 13, 2026. Applies to the Phase 2 mine only; demonstration-plant activity and the separately financed Bécancour plant are not mine commercial operation."
        }
      ],
      "notes": "A letter of interest, recorded as a non-binding indication, not as a commitment: it names an amount but is not a financing commitment, so it is in no sum. A separate Canada Infrastructure Bank letter of interest is named without an amount and is not recorded. Review on 2026-10-02 found a later US$335-million EDC/CIB project-debt commitment letter in the Q2 MD&A. Its different amount, providers and facilities do not establish that this historical US$430-million indication was contracted, paid or formally lapsed. Mine construction does not change its non-binding value role."
    },
    {
      "id": "fin-ca-g7-2025-nmg-offtake",
      "eventId": "evt-ca-g7-cmpa-2025",
      "instrument": "offtake",
      "valueRole": "commitment",
      "capitalSource": "public",
      "projectRelationship": "directly_attributable",
      "projectId": "prj-ca-nmg-matawinie",
      "associatedProjectIds": [],
      "amount": null,
      "amountBasis": "current_recorded_terms_not_historical_totals",
      "provider": "Government of Canada",
      "providerJurisdiction": "canada",
      "providerOrgIds": [
        "org-ca-government"
      ],
      "recipient": "Nouveau Monde Graphite",
      "recipientOrgIds": [
        "org-nouveau-monde-graphite"
      ],
      "programmeId": null,
      "legalAuthority": null,
      "facility": null,
      "locations": [],
      "materialIds": [
        "graphite"
      ],
      "stages": [
        "mining"
      ],
      "currentFinancialStatus": "contracted",
      "financialStatusHistory": [
        {
          "status": "announced",
          "date": "2025-10-31",
          "sourceId": "src-nrcan-g7-cmpa-2025",
          "note": "\"offtake arrangements with the Government of Canada, Panasonic (Japan), and Traxys (Luxembourg)\""
        },
        {
          "status": "contracted",
          "date": "2026-05-13",
          "sourceId": "src-nmg-canada-offtake-definitive-2026",
          "note": "NMG reports signing the definitive binding offtake and marketing agreements with Canada. No payment or delivery is evidenced by signing."
        }
      ],
      "legacyPhysicalObservations": [
        {
          "status": "construction",
          "date": "2026-04-13",
          "sourceId": "src-nmg-q2-mda-2026",
          "note": "NMG dates the start of Phase 2 Matawinie Mine construction to April 13, 2026 and reports ongoing civil works. This physical milestone is separate from the May 15 FID and May 19 ceremony; it does not state production or financing disbursement."
        }
      ],
      "terms": [
        {
          "kind": "quantity_covenant",
          "value": "30000",
          "qualifier": "exact",
          "currency": null,
          "unit": "tonnes per annum",
          "asStated": "30,000 tonnes per annum",
          "sourceId": "src-nmg-canada-offtake-definitive-2026",
          "note": "Graphite concentrate from the Phase 2 Matawinie Mine under the definitive agreement."
        },
        {
          "kind": "duration",
          "value": "7",
          "qualifier": "exact",
          "currency": null,
          "unit": "years",
          "asStated": "seven-year period as of the start of commercial production",
          "sourceId": "src-nmg-canada-offtake-definitive-2026",
          "note": "The term begins at the start of commercial production, not the agreement signing date; no calendar end date is inferred."
        }
      ],
      "statedOutcomes": [],
      "relationships": [],
      "evidence": [
        {
          "sourceId": "src-nrcan-g7-cmpa-2025",
          "supports": [
            "instrument",
            "value_role",
            "capital_source",
            "provider",
            "recipient",
            "status",
            "project",
            "materials",
            "stages"
          ],
          "evidence": "explicit",
          "locator": "First paragraph of the list",
          "note": null
        },
        {
          "sourceId": "src-nmg-canada-offtake-definitive-2026",
          "supports": [
            "instrument",
            "provider",
            "recipient",
            "project",
            "materials",
            "stages",
            "status",
            "terms"
          ],
          "evidence": "explicit",
          "locator": "Government of Canada Offtake Agreement",
          "note": "NMG reports the definitive binding agreement signed May 13, 2026, its annual volume, take-or-pay structure and seven-year term beginning with commercial production."
        },
        {
          "sourceId": "src-nmg-q2-mda-2026",
          "supports": [
            "project",
            "status"
          ],
          "evidence": "explicit",
          "locator": "Matawinie Mine Project (Phase 2), pages 9–10",
          "note": "NMG reports construction began April 13, 2026. Applies to the Phase 2 mine only; demonstration-plant activity and the separately financed Bécancour plant are not mine commercial operation."
        }
      ],
      "notes": "Definitive binding Government of Canada offtake signed May 13, 2026 for 30,000 tonnes per annum over seven years from commercial production. Take-or-pay at a fixed North American market price with an upside-sharing resale mechanism; no numeric price is disclosed. No payment or shipment is inferred. The Panasonic and Traxys offtakes are private and the Government of Japan investment intention is not a commitment; none is recorded as a row."
    }
  ],
  "nonallocativeAssociations": [],
  "designations": [],
  "nativeMilestones": [],
  "policyContexts": [
    {
      "id": "evt-ca-g7-cmpa-2025",
      "relationship": "finance_or_designation_parent",
      "jurisdiction": "canada",
      "issuingBody": "Natural Resources Canada",
      "titleEn": "Canada unlocks 26 new investments and partnerships with 9 allied countries to secure critical minerals supply chains (G7 Critical Minerals Production Alliance, first round)",
      "titleOriginal": "Canada unlocks 26 new investments and partnerships with 9 allied countries to secure critical minerals supply chains",
      "documentNumber": null,
      "date": "2025-10-31",
      "policyStatus": "active",
      "sourceIds": [
        "src-nrcan-g7-cmpa-2025"
      ]
    }
  ],
  "coannouncedControls": [],
  "financePackageReferences": [],
  "unknowns": [
    "No project-native source-reviewed industrial milestone is published. Attributed activity in financing histories remains a separate evidence class; no exact milestone date or facility-wide conclusion is inferred.",
    "Some directly linked instruments have no stated amount. A missing value is not zero.",
    "Historical amount review is incomplete. Current amounts cannot be read as a time series of earlier commitments.",
    "Structural links and shared materials do not demonstrate that a government measure caused an industrial outcome."
  ],
  "sources": [
    {
      "id": "src-cgf-nmg-schedule13d-2024",
      "title": "Schedule 13D: Nouveau Monde Graphite Inc. — Canada Growth Fund Inc.",
      "publisher": "Canada Growth Fund Inc. / SEC",
      "url": "https://www.sec.gov/Archives/edgar/data/1649752/000089843224001047/xslSCHEDULE_13D_X01/primary_doc.xml",
      "language": "en",
      "sourceType": "other",
      "confidence": "primary",
      "publishedOn": "2024-12-23",
      "accessedOn": "2026-10-02"
    },
    {
      "id": "src-nmg-canada-offtake-definitive-2026",
      "title": "NMG Announces Results of its Annual General and Special Meeting of Shareholders and Signature of a Definitive Binding Offtake Agreement with the Government of Canada",
      "publisher": "Nouveau Monde Graphite / SEC",
      "url": "https://www.sec.gov/Archives/edgar/data/1649752/000110465926060836/tm2614605d1_ex99-2.htm",
      "language": "en",
      "sourceType": "other",
      "confidence": "primary",
      "publishedOn": "2026-05-13",
      "accessedOn": "2026-10-02"
    },
    {
      "id": "src-nmg-q2-mda-2026",
      "title": "Management Discussion & Analysis for the six-month period ended June 30, 2026",
      "publisher": "Nouveau Monde Graphite / SEC",
      "url": "https://www.sec.gov/Archives/edgar/data/1649752/000110465926095007/nmg-20260630xex99d2.htm",
      "language": "en",
      "sourceType": "other",
      "confidence": "primary",
      "publishedOn": "2026-08-12",
      "accessedOn": "2026-10-02"
    },
    {
      "id": "src-nrcan-cms-2022",
      "title": "Minister Wilkinson Releases Canada's $3.8-billion Critical Minerals Strategy to Seize Generational Opportunity for Clean, Inclusive Growth",
      "publisher": "Natural Resources Canada",
      "url": "https://www.canada.ca/en/natural-resources-canada/news/2022/12/minister-wilkinson-releases-canadas-38-billion-critical-minerals-strategy-to-seize-generational-opportunity-for-clean-inclusive-growth.html",
      "language": "en",
      "sourceType": "official",
      "confidence": "primary",
      "publishedOn": "2022-12-09",
      "accessedOn": "2026-09-23"
    },
    {
      "id": "src-nrcan-g7-cmpa-2025",
      "title": "Backgrounder: Canada unlocks 26 new investments and partnerships with 9 allied countries to secure critical minerals supply chains",
      "publisher": "Natural Resources Canada",
      "url": "https://www.canada.ca/en/natural-resources-canada/news/2025/10/backgrounder-canada-unlocks-25-new-investments-and-partnerships-with-9-allied-countries-to-secure-critical-minerals-supply-chains.html",
      "language": "en",
      "sourceType": "official",
      "confidence": "primary",
      "publishedOn": "2025-10-31",
      "accessedOn": "2026-09-23"
    },
    {
      "id": "src-pm-matawinie-groundbreaking-2026",
      "title": "Prime Minister Carney breaks ground on Nouveau Monde Graphite’s Matawinie Mine",
      "publisher": "Prime Minister of Canada",
      "url": "https://www.pm.gc.ca/en/news/news-releases/2026/05/19/prime-minister-carney-breaks-ground-nouveau-monde-graphites-matawinie",
      "language": "en",
      "sourceType": "official",
      "confidence": "primary",
      "publishedOn": "2026-05-19",
      "accessedOn": "2026-10-02"
    }
  ],
  "limitations": [
    "Policy contexts here parent existing finance or designation records; a shared material or date never creates a causal edge.",
    "Coannounced controls are announcement siblings only, not project-specific restrictions or effects.",
    "Direct project attribution and nonallocative association are different. No individual monetary allocation, financial sum or payment conclusion is authorized.",
    "Financing statuses describe the current corpus revision. Legacy implementation observations require scoped review and are not project-native milestones.",
    "A milestone's event/target date, publication/access horizon and reviewer date are separate. A planned target is not automatically occurred.",
    "An absent reviewed milestone means no approved entry in SMPT, not that the facility is inactive or failed.",
    "Amounts retain current source-stated terms, original currency and exact decimal strings. This packet computes no historical financial totals or project-wide monetary allocation.",
    "Published source review does not establish independent on-site verification. Source, financial-status, occurrence, target and review dates remain distinct."
  ]
}