Maxim Initiates Nouveau Monde Graphite Inc. (NMG) With Buy, $6 Price Target

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On January 20, Maxim analyst Tate Sullivan initiated coverage of Nouveau Monde Graphite Inc. (NYSE:NMG) with a Buy rating and a $6 price target, signaling confidence in the company’s vertically integrated graphite strategy and its positioning within the North American battery materials supply chain. The initiation reflects growing investor interest in domestic critical mineral projects as automakers and battery manufacturers seek secure, non-Chinese sources of anode material.

On December 19, 2025, Nouveau Monde Graphite Inc. (NYSE:NMG) closed a US$20 million public offering of 8.33 million common shares at US$2.40 per share, with Maxim Group acting as sole placement agent. The proceeds will support procurement of long-lead equipment, early construction activities, and engineering work for the Matawinie Mine, as well as advancement toward an AACE Class 3 estimate for the planned 13,000-ton-per-year Bécancour Battery Material Plant. The capital raise strengthens liquidity as NMG advances its fully integrated Québec-based graphite operation, designed to produce high-purity, carbon-neutral anode material for lithium-ion batteries.

With funding in place to advance both mining and downstream processing assets, Nouveau Monde Graphite Inc. (NYSE:NMG) offers exposure to a strategically important segment of the EV supply chain at a time when localization and energy security remain key policy priorities, supporting long-term demand visibility for battery-grade graphite.

Nouveau Monde Graphite Inc. (NYSE:NMG), founded in 2012, develops, mines, and processes graphite in Québec, Canada.