SCHEDULE: Canada Growth Fund discloses 22% stake in NMG

Canada Growth Fund and its manager report beneficial ownership of 39.68M Nouveau Monde Graphite shares (including warrants), updated for a larger share count with no recent transactions.

Summary

• Canada Growth Fund Inc. (CGF) and Canada Growth Fund Investment Management Inc. (CGFIM) beneficially own 39,682,538 Nouveau Monde Graphite (NMG) common shares, representing 22.0% of the class.
• The stake includes 19,841,269 common shares issuable upon exercise of warrants held by CGF.
• Voting and dispositive power over the 39,682,538 shares is shared; there is no sole voting or dispositive power.
• The 22.0% ownership is calculated on 180,602,808 common shares deemed outstanding under Rule 13d-3(d)(1), comprising 160,761,539 shares outstanding (per NMG’s Form 40-F filed 03/26/2026) plus 19,841,269 shares issuable upon exercise of CGF’s warrants.
• The amendment results solely from an increase in NMG’s outstanding shares and not from any transactions by the reporting persons.
• No transactions in NMG common shares were effected by the reporting persons in the past 60 days.
• Source of funds is WC (working capital); both reporting persons are organized under Canada (federal level).
• Date of event triggering the amendment: 03/26/2026; signatures dated 03/30/2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral, administrative ownership update that clarifies calculations and shows no recent trading activity by the reporting persons.

Positives

• Clear confirmation of a significant long-term holder with 22.0% beneficial ownership (39,682,538 shares).
• No reported share transactions in the past 60 days, indicating no recent selling or buying by the reporting persons.
• Disclosure specifies the warrant component (19,841,269 shares), improving transparency of potential future ownership.

Negatives

• Increase in the issuer’s outstanding shares to 160,761,539 as of 03/26/2026 implies dilution of existing percentage holdings.
• An additional 19,841,269 shares are issuable upon warrant exercise, representing potential future dilution.

Future Outlook

No forward-looking statements or guidance are provided; the amendment is administrative in nature and reflects an updated share count without any new transactions.

Management Comments

• The amendment is solely due to an increase in the issuer’s outstanding common shares and not as a result of any transactions by the reporting persons.
• No transactions in the issuer’s common shares were effected by the reporting persons during the past sixty days.

Industry Context

StockSavvy.ai notes that significant government-backed ownership in critical minerals companies aligns with broader efforts to secure North American battery material supply chains. A 22% stake by a Canadian federal growth fund underscores strategic support for graphite development, consistent with policy-driven backing seen across the battery materials ecosystem.

Comparison to Industry Standards

• Relative to peers, a 22% equity position by a government-affiliated fund is notable; many public critical-minerals companies more commonly receive grants or loans rather than large equity stakes.
• Syrah Resources’ Vidalia anode facility received a $102M U.S. DOE loan (debt support, not equity), highlighting that government involvement often comes via credit rather than ownership; CGF’s equity level in NMG stands out by comparison.
• Graphite One secured a $37.5M U.S. DoD grant (non-dilutive) for its graphite project; again, support mechanisms vary, with NMG’s case featuring a substantial equity holder instead of grants/loans.

Stakeholder Impact

• Shareholders: Confirmation of a large 22.0% beneficial owner may influence governance dynamics and voting outcomes.
• Shareholders: Potential dilution from 19,841,269 warrant shares if exercised.
• All stakeholders: No reported recent trading by the reporting persons suggests stability in the ownership position.
• Shareholders: Increase in outstanding shares to 160,761,539 as of 03/26/2026 affects percentage ownership calculations.

Key Dates

Keywords

Nouveau Monde Graphite, NMG, Canada Growth Fund, CGFIM, Schedule 13D, beneficial ownership, warrants, graphite, battery materials, CUSIP 66979W842, critical minerals, shareholder disclosure