NYSE: NMG·Materials / Battery Minerals & Cleantech·CIK 0001649744

Nouveau Monde Graphite Inc. (NMG)

Q: Who is the major 13D filer in Nouveau Monde Graphite (NMG)?

Canada Growth Fund Inc. holds an active 12.5% stake following a strategic equity financing commitment.

Canada Growth Fund Inc. filed both initial Schedule 13D and 13D/A amendments disclosing an anchor ownership stake in Nouveau Monde Graphite, supporting battery-grade anode material commercialization in North America.

Active Setup Verdict

WATCH58/100

Strategic sovereign anchor stake (12.5%)

Market Cap: $290M

Activist Stake

12.5%

Canada Growth Fund Inc.

Conviction Score

58/100

DEVELOPING SETUP

Insider Alignment

0 Buys

No 90d insider purchases

Short Days-to-Cover

7.8 DTC

Normal borrow liquidity

Dilution Risk

Elevated

Active ATM shelf program

Quantitative 5-Pillar Decision Engine

Primary Activist Setup & Scoring for NMG

Rule-based evaluation cross-referencing SEC Schedule 13D/A disclosures, C-Suite Form 4 transactions, corporate governance catalysts, institutional consensus, and FINRA short squeeze mechanics.

$NMGSCHEDULE 13D/A·Apr 19, 2026·12.5% stake

Nouveau Monde Graphite Inc.

Filer: Canada Growth Fund Inc.(CIK: 0002018894)

Setup Verdict

WATCH58/100

DEVELOPING SETUP

5-Pillar Decision Model Breakdown

Total Points: 58/100

Pillar 0112 / 25

Filer Track Record

Historical 90d Win Rate & Alpha vs SPY

Active Schedule 13D filer baseline (unseasoned historical dataset)

Pillar 024 / 25

Insider Alignment

Verified Open-Market C-Suite vs PIPE Check

No concurrent Form 4 open-market C-suite purchases inside ±30d window

Pillar 0316 / 20

Corporate Catalyst

8-K Governance / Board Seats / Agreement

Strategic sovereign anchor stake (12.5%)

Pillar 0414 / 15

Institutional Accumulation

Monthly NPORT-P / 13F Consensus Holders

No consensus accumulation found across tracked 10-manager activist basket

Pillar 0512 / 15

Squeeze & DTC Context

FINRA Days-to-Cover (DTC) & Borrow Pressure

Normal liquidity profile (<3.0 days-to-cover; uncrowded short interest)

Setup Expectation

Historical Edge & Benchmark

Composite Backtested 90d Edge

90d SPY Alpha:Model calibrating

Campaign Win Rate:Baseline cohort

Engine Verdict: DEVELOPING SETUP

Action Drivers & Confluence Signals

Strategic sovereign anchor stake (12.5%)

Multi-filer cluster in the same week (Initial + Amendment)

High capital intensity project financing support

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SEC EDGAR Ownership Stream

Recent Schedule 13D & 13G Filings for NMG

View all NMG EDGAR filings

Date	Form	Filer Name	Shares	Stake %	Intent / Context	EDGAR
Apr 20, 2026	SCHEDULE 13D/A	Canada Growth Fund Inc.	14,200,000	12.5%	Investment Agreement Amendment	Filing

Form 4 Insider Cross-Reference

Form 4 Insider Transactions on NMG

Open-market purchases (Code-P) by officers and directors indicate true skin-in-the-game conviction. Option grants, sales (Code-S), and PIPE conversions are isolated to prevent false signals.

No open-market Form 4 insider transactions recorded in the trailing 90 days for NMG.

Governance & Capital Structure

Dilution Risk & Governance Timeline for NMG

Activist campaigns frequently fail when toxic debt or continuous At-The-Market (ATM) dilution erodes per-share value. We assess financing traps before entering positions.

1. Shelf & ATM Facility Status

Base Shelf Prospectus Active for Project Phase 2

Capital expenditure requirements for Matawinie Mine and Bécancour Battery Material Plant entail structured tranches with potential warrant dilution.

Risk Assessment:ELEVATED DILUTION

2. Board Representation & Proxy Battle

1 Board Nominee Granted under Investor Rights Agreement

Shareholder voting cadence and formal director nominations directly dictate catalyst timing. Timeline: No proxy battle.

Catalyst Horizon:ACTIVE MONITOR

3. Defense & Poison Pill Status

None

Shareholder rights plans (poison pills) cap activist stake accumulation and can force standstills or litigation in the Delaware Court of Chancery.

Defense Posture:DISCLOSED IN 8-K

Answers & Intelligence

Frequently Asked Questions About NMG

Direct, factual answers regarding activist campaigns, insider activity, and dilution risk.

Who is the major 13D filer in Nouveau Monde Graphite (NMG)?

Canada Growth Fund Inc. holds an active 12.5% stake following a strategic equity financing commitment.

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