Export Development Canada (EDC) and the Canada Infrastructure Bank (CIB) have agreed to provide a senior secured debt facility of approximately $459 million to support the next phase of Nouveau Monde Graphite’s Matawinie Mine project in Quebec.

The financing is intended to help advance the project toward a final investment decision and, upon financial close, will support the development, construction and commissioning of the graphite mine. The Matawinie project, referred to the federal Major Projects Office in November 2025, is positioned as a key component in strengthening Canada’s critical minerals supply chain and supporting G7 allies.

“EDC is pleased to lead this financing round in support of the Nouveau Monde Graphite project, reflecting our commitment to building a strong, end-to-end critical minerals ecosystem in Canada,” said Alison Nankivell, president and CEO of EDC. “Projects like the Matawinie Mine play a strategic role, by strengthening domestic supply chains, creating high-quality jobs, and positioning Canada as a trusted global supplier of critical minerals.”

Ehren Cory, CEO of the CIB, said the funding will help move the project forward. Federal officials said the project will help reinforce Canada’s role in global supply chains tied to clean energy, advanced manufacturing and defence, while supporting job creation and economic growth.

Nouveau Monde Graphite Founder, President and CEO Eric Desaulniers said the financing validates the project’s readiness.

“A defining milestone for the Matawinie Mine, this debt package with EDC and CIB reflects the depth of Canadian public-finance expertise behind large, strategic infrastructure and critical-minerals developments — and it validates the bankability of our project,” he said, noting the project is “shovel-ready and substantially derisked.”

The debt facility remains subject to customary conditions and the achievement of financial close.