NMG Announces the Successful Initial Closing of the Previously Announced Investment Agreement with Mason Graphite

Nouveau Monde Graphite Inc. (“NMG” or the “Company”) (NYSE: NMG, TSXV: NOU) is pleased to announce the initial closing of the previously announced transactions contemplated under the investment agreement dated May 15, 2022 (the ”Investment Agreement”) between NMG and Mason Graphite Inc. (“Mason Graphite”) (TSX-V: LLG) (OTCQX: MGPHF), with a view towards the development and operation of Mason Graphite’s Lac Guéret property, based in Québec, Canada (the “Property”).

Pursuant to the Investment Agreement, NMG has entered into an option and joint venture agreement (the “Option and JV Agreement”) with Mason Graphite, pursuant to which the parties will collaborate to advance the Property, with a view to form a joint venture (the “Joint Venture”), and pursuant to which Mason Graphite will grant an option to NMG to acquire a 51% interest in the Property and other related assets (the “Option”) to be exercisable by NMG, the whole subject to the conditions set forth in the Option and JV Agreement.

The entering into of the Option and JV Agreement, the granting of the Option and the formation of the Joint Venture, among other things, have been approved by 99.0% of Mason Graphite’s common shares represented in person (or virtually) or by proxy at the special meeting of shareholders of Mason Graphite held on July 14, 2022.

Concurrently with the execution of the Option and JV Agreement, NMG and Mason Graphite have completed the private placement of 5.0 million common shares of Mason Graphite (the “Initial Shares”) to NMG at a price of $0.50 per Initial Share for gross proceeds to Mason Graphite of $2.5 million. Mason Graphite intends to use the net proceeds from the sale of the Initial Shares to fund agreed expenses on the Property pursuant to the Option and JV Agreement. The Initial Shares will be subject to a four-month hold period pursuant to applicable securities laws.

For further information regarding the transactions contemplated in this press release, please refer to NMG’s press release dated May 16, 2022 available under NMG’s profile on SEDAR at www.sedar.com and on EDGAR www.sec.gov, and on NMG’s website at: https://NMG.com/mason-investment/.

About Nouveau Monde Graphite

NMG is striving to become a key contributor to the sustainable energy revolution. The Company is working towards developing a fully integrated source of carbon-neutral battery anode material in Québec, Canada for the growing lithium-ion and fuel cell markets. With low-cost operations and enviable ESG standards, NMG aspires to become a strategic supplier to the world’s leading battery and automobile manufacturers, providing high-performing and reliable advanced materials while promoting sustainability and supply chain traceability. www.NMG.com