Matawinie Graphite Mine Feasibility Study: C$238M NPV, 15.8% IRR
Nouveau Monde Graphite Inc.'s Matawinie Graphite Mine in Canada, Québec (Tony Block Property) has a Feasibility Study outlining an after-tax NPV of C$238M, an after-tax IRR of 15.8%, and initial capital of C$421M. The mine plan runs 25 years at about 105882 tpy graphite concentrate per year.
Nouveau Monde Graphite Inc.'s Matawinie Graphite Mine has reported Feasibility Study results for the graphite project in Canada, Québec (Tony Block Property). The study headlines an after-tax net present value of C$238M at a 8% discount rate. It reflects Nouveau Monde Graphite Inc.'s (NOU.TO) latest disclosed economics for the asset.
Economics. The after-tax NPV is C$238M using a 8% discount rate. After-tax IRR is 15.8%. Initial capital expenditure is estimated at C$421M, with life-of-mine sustaining capital of C$45M. The study models a payback period of 5.3 years. Economics are based on Graphite concentrate selling price of $1,334/t (Matawinie Basket); sales prices by flake size in USD: Jumbo (+50 mesh) $1,625 (12%), Coarse (-50+80 mesh) $1,380 (30%), Intermediate (-80+150 mesh) $1,281 (28%), Fine (-150 mesh) $1,222 (30%). Prices in USD converted to CAD at exchange rate 0.7143 USD per CAD (1.40 CAD per USD)..
Production and mine plan. The project envisions an open-pit operation. Life of mine is 25 years. Average annual production is approximately 105882 tpy graphite concentrate. The open-pit strip ratio is 1.16:1.
These figures are extracted from Nouveau Monde Graphite Inc.'s technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Proven | 17.3 Mt | 4.16% C(g) | — |
| Probable | 44.3 Mt | 4.26% C(g) | — |
| Proven & Probable | 61.7 Mt | 4.23% C(g) | — |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 28.5 Mt | 4.28% C(g) | 1.22 Mt |
| Indicated | 101.8 Mt | 4.26% C(g) | 4.33 Mt |
| Measured & Indicated | 130.3 Mt | 4.26% C(g) | 5.55 Mt |
| Inferred | 23.0 Mt | 4.28% C(g) | 0.98 Mt |
| Indicated (South Zones) | 26.3 Mt | 3.73% C(g) | 0.981 Mt |
| Inferred (South Zones) | 19.2 Mt | 3.67% C(g) | 0.705 Mt |
Our Analysis
- IRR after-tax
- 15.8%
higher than 0% of 12 projects we track
- NPV after-tax
- C$238M
higher than 17% of 12 projects we track
- Initial capex
- C$421M
177% of NPV
costlier than 71% of 14 projects we track
- Payback
- 5.3yrs
slower than 89% of 9 projects we track
- Mine life
- 25yrs
- Discount rate
- 8%
- Study price assumption
- Graphite concentrate selling price of $1,334/t (Matawinie Basket); sales prices by flake size in USD: Jumbo (+50 mesh) $1,625 (12%), Coarse (-50+80 mesh) $1,380 (30%), Intermediate (-80+150 mesh) $1,281 (28%), Fine (-150 mesh) $1,222 (30%). Prices in USD converted to CAD at exchange rate 0.7143 USD per CAD (1.40 CAD per USD).
Matawinie sits at the bottom of our tracked graphite universe on every meaningful metric: a 15.8% after-tax IRR ranks higher than 0% of the 12 projects we follow, the C$238M NPV ranks above only 17%, and the 5.3-year payback is slower than 89% of peers. None of these figures is an outlier in the sense of being spectacularly good or bad; the value here is understanding what that cluster of mid-to-low rankings means. For a small-cap developer with no other projects in the portfolio, the financing hurdle is not the 15.8% IRR itself but the premium lenders and equity investors demand from a single-asset junior. At this level, the project sits right at the threshold where project finance becomes genuinely uncertain, and the peer rank confirms there is no margin for execution error.
The feasibility-level study is build-ready, with the typical plus or minus 15% band, so these numbers carry real weight. But the constraint that matters most is funding: initial capex of C$421M is 177% of NPV and roughly 0.6x the company's entire US$490M market cap. A build cost of that magnitude relative to equity value cannot be quietly financed; it will require substantial dilution, debt, or a strategic partner, and each of those paths changes the return profile for current shareholders. The jurisdiction, however, is a genuine quality signal: Québec is a mining-friendly, stable environment, which reduces the permitting and political risk that often discounts comparable graphite projects elsewhere. That is a real reason the feasibility numbers deserve more credence than a scoping-level study in a harder jurisdiction.
The study's price deck, with a blended concentrate basket of $1,334/t and flake-size premiums ranging from $1,222 to $1,625, is the key sensitivity to stress. The fine-flake portion, which is 30% of the basket, carries the lowest price, and any downward pressure on that segment would compress an already thin IRR. The single question that decides whether this works is not geology or jurisdiction, but whether the company can secure financing on terms that do not destroy the value the feasibility study has defined.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.