Nouveau Monde Graphite (NMG) 40-F 24 Mar 23 2022 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2022 shares
Entity Addresses [Line Items]
Document Type	40-F
Document Annual Report	true
Document Registration Statement	false
Document Period End Date	Dec. 31, 2022
Entity File Number	001-40416
Entity Registrant Name	Nouveau Monde Graphite Inc.
Entity Incorporation, State or Country Code	Z4
Entity Primary SIC Number	1090
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	481 rue Brassard
Entity Address, City or Town	Saint-Michel-des-Saints
Entity Address, Postal Zip Code	J0K 3B0
Entity Address, Country	CA
City Area Code	450
Local Phone Number	757-8905
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	NMG
Security Exchange Name	NYSE
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding	55,873,898
Entity Central Index Key	0001649752
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Montreal, Quebec
Auditor Firm ID	271
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address State Or Province	NY
Entity Address, Address Line One	System 28 Liberty Street
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10005
City Area Code	212
Local Phone Number	894-8940
Contact Personnel Name	CT Corporation

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CURRENT
Cash and cash equivalents	$ 59,924	$ 62,355
Grants receivable and other current assets	3,983	3,096
Sales taxes receivable	1,972	2,002
Tax credits receivable	4,362	3,958
Restricted cash and deposits	621
Prepaid expenses	3,062	2,768
Total current assets	73,924	74,179
NON-CURRENT
Tax credits receivables	5,458	5,509
Investment - Listed shares	800
Property, plant and equipment	64,135	42,103
Intangible assets	182	481
Right-of-use assets	2,656	2,254
Restricted cash and deposits	2,919	1,823
Total non-current assets	76,150	52,170
Total assets	150,074	126,349
CURRENT
Accounts payables and accrued liabilities	15,429	15,193
Deferred grants	20
Current portion of lease liabilities	431	329
Current portion of borrowings	225	208
Total current liabilities	16,105	15,730
NON-CURRENT
Asset retirement obligation	952	1,009
Borrowings	1,763	1,921
Lease liabilities	2,386	1,994
Convertible notes	56,544
Total non-current liabilities	61,645	4,924
Total liabilities	77,750	20,654
EQUITY
Share capital	210,786	206,483
Other reserves	829
Contributed surplus	25,313	16,102
Deficit	(164,604)	(116,890)
Total equity	72,324	105,695
Total liabilities and equity	$ 150,074	$ 126,349

CONSOLIDATED STATEMENTS OF LOSS

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
EXPENSES
Exploration and evaluation expenses	$ 7,427	$ 8,362
Battery Material Plant project expenses	19,090	5,976
General and administrative expenses	28,674	24,203
Other income		(57)
Operating loss	55,191	38,484
Net financial costs (income)	(7,877)	1,006
Loss before tax	47,314	39,490
Income tax	400	400
Net loss and comprehensive loss	$ 47,714	$ 39,890
Net earnings per Share
Loss per share, Basic	$ (0.86)	$ (0.93)
Loss per share, Diluted	$ (0.90)	$ (0.93)
Weighted average number of shares outstanding - Basic	55,600,636	42,971,152
Weighted average number of shares outstanding - Diluted	57,052,691	42,971,152

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) $ in Thousands	Share capital	Contributed surplus and warrants	Other reserves.	Deficit	Total
Balance at the beginning at Dec. 31, 2020	$ 60,537	$ 10,761	$ 364	$ (77,000)	$ (5,338)
Shares issued at the start of the period at Dec. 31, 2020	27,299,332
Shares issued from placements	$ 114,242				114,242
Shares issued from placements (in shares)	11,479,977
Warrants exercised	$ 17,825	(198)			17,627
Warrants exercised (in shares)	7,821,700
Options exercised	$ 3,339	(1,137)			2,202
Options exercised (in shares)	720,201
Shares issued for interest payment	$ 2,697				2,697
Shares issued for interest payment (in shares)	297,106
Share-based compensation		6,676			6,676
Share issue costs	$ (7,170)				(7,170)
Conversion of 2020 Convertible Note	$ 15,013		(364)		14,649
Conversion of 2020 Convertible Note (in shares)	7,500,000
Net loss and comprehensive loss				(39,890)	(39,890)
Balance at the end at Dec. 31, 2021	$ 206,483	16,102		(116,890)	105,695
Shares issued at the end of period at Dec. 31, 2021	55,118,316
Shares issued from placements	$ 3,987				3,987
Shares issued from placements (in shares)	502,082
Options exercised	$ 1,153	(417)			736
Options exercised (in shares)	253,500
Share-based compensation		9,628			9,628
Share issue costs	$ (837)				(837)
Settlement of interests on 2022 Convertible Note			829		829
Net loss and comprehensive loss				(47,714)	(47,714)
Balance at the end at Dec. 31, 2022	$ 210,786	$ 25,313	$ 829	$ (164,604)	$ 72,324
Shares issued at the end of period at Dec. 31, 2022	55,873,898

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
OPERATING ACTIVITIES
Net loss	$ (47,714)	$ (39,890)
Depreciation and amortization	4,557	1,095
Change in fair value - listed shares	1,700
Change in fair value - embedded derivatives	(11,059)
Interest on convertible notes	829
Unrealized foreign exchange gain (loss)	352	(1,022)
Loss on disposal of property, plant and equipment		5
Share-based compensation	8,706	6,676
Accretion included within financial costs	816	2,058
Net change in working capital	(3,068)	(3,247)
Cash flows used in operating activities	(44,881)	(34,325)
INVESTING ACTIVITIES
Additions to property, plant, and equipment	(26,678)	(36,984)
Investment made in listed shares	(2,500)
Restricted cash and deposits	(1,641)	(921)
Grants received	2,821	3,327
Cash flows used in investing activities	(27,998)	(34,578)
FINANCING ACTIVITIES
Proceeds from offering	3,987	114,242
Proceeds from convertible notes, net of issue costs	67,042
Proceeds from borrowings, net of issue costs		1,189
Repayment of borrowings and lease liabilities	(594)	(2,408)
Proceeds from the exercise of warrants		17,627
Proceeds from the exercise of stock options	736	2,202
Share issue costs	(878)	(7,121)
Cash flows from financing activities	70,293	125,731
Effect of exchange rate changes on cash	155	1,007
Net change in cash and cash equivalents	(2,431)	57,835
Cash and cash equivalents at the beginning of the year	62,355	4,520
Cash and cash equivalents at the end of the year	$ 59,924	$ 62,355

NATURE OF OPERATIONS AND GOING

NATURE OF OPERATIONS AND GOING CONCERN	12 Months Ended
	Dec. 31, 2022
NATURE OF OPERATIONS AND GOING CONCERN
NATURE OF OPERATIONS AND GOING CONCERN	1. Nouveau Monde Graphite Inc. (the “Company”, or “parent company”) was established on December 31, 2012, under the Canada Business Corporations Act The Company’s shares are listed under the symbol NMG on the New York Stock Exchange , NOU on the TSX Venture Exchange (“TSXV”), and NM9A on the Frankfurt Stock Exchange. The Company’s registered office is located at 481 Brassard Street, Saint-Michel-des-Saints, Québec, Canada, J0K 3B0. These consolidated financial statements have been prepared using International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they come due for the foreseeable future. During the year ended December 31, 2022, the Company reported net loss after tax of $47.7 million; cash outflows from operating activities of $44.9 million and an accumulated deficit of $164.6 million and has yet to generate positive cash flows or earnings. Based on all available information about the future, which includes at least, but not limited to, the next twelve months, management believes that without additional funding, the Company does not have sufficient liquidity to pursue its planned expenditures over the next twelve months. These circumstances indicate the existence of material uncertainties that cast substantial doubt as to the ability of the Company to continue as a going concern and accordingly, the appropriateness of the use of accounting principles applicable to a going concern. In recognition of these circumstances, the Company completed a private placement of unsecured Convertible Notes of $67.2 million (US$50 million) (Note 15) in November 2022. The Company’s ability to continue future operations and fund its development and acquisition activities is dependent on management's ability to secure additional financing in the future, which may be completed in a number of ways including, but not limited to, the issuance of debt or equity instruments, expenditure reductions, or a combination of strategic partnerships, joint venture arrangements, project debt finance, offtake financing, royalty financing and other capital markets alternatives. While management has been successful in securing financing in the past, there can be no assurance it will be able to do so in the future or that these sources of funding or initiatives will be available for the Company or that they will be available on terms which are acceptable to the Company. These consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities, expenses and financial position classifications that would be necessary if the going concern assumption was not appropriate. These adjustments could be significant.

BASIS OF PREPARATION AND STATEM

BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE	12 Months Ended
	Dec. 31, 2022
BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE
BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE	2. The Company’s consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”), as published by the International Accounting Standards Board (“IASB”). The accounting policies set out in note 3 were consistently applied to all years presented in these consolidated financial statements except as otherwise stated. The consolidated financial statements for the year ended December 31, 2022 were approved and authorized for publication by the Board of Directors on March 23, 2023.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	3. POLICIES 3.1 BASIS OF CONSOLIDATION The Company’s consolidated financial statements consolidate those of the parent company and its subsidiaries. The parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary, and could affect those returns through its power over the subsidiary. All transactions and balances between group companies are eliminated upon consolidation, including unrealized gains and losses on transactions between group companies. Amounts reported in the financial statements of the subsidiary have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Company. Profit and loss and other comprehensive income of subsidiaries acquired or sold during the period are recognized from the effective date of the acquisition, or up to the effective date of disposal, as applicable. Subsidiaries Information on the Company’s subsidiaries as at December 31, 2022, all of which are wholly-owned, is as follows: ​ ​ ​ ​ ​ NAME OF SUBSIDIARY PRINCIPAL ACTIVITY COUNTRY OF INCORPORATION YEAR OF INCORPORATION Quartier Nouveau Monde Real estate company Canada 2017 Nouveau Monde Europe LTD Trading company England and Wales 2020 ​ 3.2 FUNCTIONAL AND REPORTING CURRENCY The group’s consolidated financial statements are presented in Canadian dollars, which is also the functional currency of the parent company and its subsidiaries and the presentation currency. Transactions in foreign currencies are initially recorded at their functional currency spot rates at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. All differences are taken to the statement of loss and comprehensive loss. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transaction. 3.3 CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of cash in bank, and short-term deposits with a maturity of less than three months. 3.4 TAX CREDITS RECEIVABLE The Company is entitled to a refundable tax credit on qualified exploration expenditures incurred, refundable credit on duties for losses under the Mining Tax Act 3.5 GRANTS RECEIVABLE The Company periodically receives grants from different incentive programs. These grants are recognized initially when there is a reasonable assurance that they will be received and when the Company has intentions to comply with the conditions associated with the grant. The financial aid received for expenditures incurred is recognized against these expenditures on a systematic basis and in the same accounting period in which the expenditures are incurred. 3.6 RESEARCH AND DEVELOPMENT COSTS Research costs are expensed during the year in which the expenses are incurred. Development costs are capitalized when they meet the criteria for capitalization in accordance with IAS 38 Intangible Assets 3.7 PROPERTY PLANT AND EQUIPMENT Property, plant and equipment are recognized at cost less accumulated depreciation and accumulated impairment losses. The assets are capitalized and depreciated on a straight-line basis in the consolidated statement of loss and comprehensive loss. Generally, the depreciation rates are as follows: ​ ​ ​ Buildings 10-25 Equipment 2-15 Furnitures 3-7 Computers 3 Rolling Stock 5 ​ The residual value, depreciation method and the useful life of each asset are reviewed at least at each financial year-end. Gains or losses arising on the disposal of property and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognized in the statement of loss and comprehensive loss. Borrowing costs Borrowing costs attributable to the acquisition, development or construction of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are capitalized to the cost of those assets, until such time as the assets are substantially ready for their intended use. Interests on long-term debt are capitalized in assets under construction until substantially all the activities necessary to prepare the asset for its intended use are complete. Otherwise, borrowing costs are expensed as incurred in profit or loss. Borrowing costs incurred during the year attributable to acquisition, development or construction of qualifying assets were not material. 3.8 INTANGIBLE ASSETS The intangible assets include software and licenses with a definite useful life. The assets are capitalized and amortized on a straight-line basis in the consolidated statement of loss and comprehensive loss. The intangible assets are assessed for impairment whenever there is an indication that the intangible assets may be impaired. Generally, the depreciation rates are as follows: ​ ​ ​ Software 2 Licenses 2-10 ​ 3.9 MATAWINIE MINE PROJECT Management established that effective from the beginning of the second quarter of 2021, the Matawinie mine project is in the development phase. Accordingly, all expenditures related to the development of the mine are capitalized under Mine under construction equipment, building and the mine site are not yet in use as at December 31, 2022, therefore, the depreciation will begin when the assets are ready for their intended use. The costs related to the operation of the Matawinie Demonstration Plant will continue to be expensed as incurred under exploration and evaluation expenses Property, plant and equipment Intangible assets. 3.10 BATTERY MATERIAL PLANT PROJECT Costs incurred for the construction of the Company’s Battery Material Plant project, such as the shaping and coating demonstration plants, are capitalized under Battery Material Demonstration Plant The costs related to the phase 2 Battery Material Plant and to the operation of the Battery Material Demonstration Plant will continue to be expensed as incurred under Battery Material Plant project expenses, unless the expenditures meet the recognition criterias set in IAS 16 Property, plant and equipment or IAS 38 Intangible assets. 3.11 IMPAIRMENT OF NON-FINANCIAL ASSETS For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment, and some are tested at a cash-generating unit level. Whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, an asset or cash-generating unit is reviewed for impairment. An impairment loss is recognized in statement of loss and comprehensive loss for the amount by which the assets or cash-generating unit’s carrying amount exceeds its recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less cost to sell and its value in use. An impairment charge is reversed if the assets or cash-generating unit’s recoverable amount exceeds its carrying amount. 3.12 INCOME TAXES Income tax is recognized in the statements of loss and comprehensive loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. ̶ Current taxes Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year-end, adjusted for amendments to income tax payable regarding previous years. ̶ Deferred taxes Deferred tax is provided using the liability method, providing for temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. The temporary difference is not provided for if it arises from the initial recognition of goodwill or the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the financial position reporting date and whose implementation is expected over the period in which the deferred tax is realized or recovered. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be used. Assets and liabilities are offset where the entity has a legally enforceable right to offset current tax assets and liabilities or deferred tax assets and liabilities, and the respective assets and liabilities relate to income taxes levied by the same taxation authority. 3.13 EQUITY ̶ Share capital Share capital represents the amount received on the issue of shares, less issuance costs, net of any underlying tax benefit from these issuance costs. In addition, if shares were issued as consideration for the acquisition of a mineral property or some other form of non-monetary assets, they are measured at their fair value according to the quoted price on the day of the conclusion of the agreement. ̶ Contributed surplus and warrants Contributed surplus includes charges related to share options not exercised and amounts attributable to expired warrants. ̶ Other reserves Other reserves relate to shares to be issued in relation to capitalized interest (Note 15) 3.14 BASIC AND DILUTED LOSS PER SHARE Basic loss per share is calculated by dividing the loss attributable to common equity holders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting loss attributable to common equity holders of the Company, and the weighted average number of common shares outstanding, for the effects of all dilutive potential common shares which include convertible debt, options, broker’s options, and warrants. Dilutive potential common shares arising from option type instruments shall be deemed to have been exercised at the beginning of the period or, if later, at the date of issue of the potential common shares and the proceeds from their exercise used to repurchase common shares at the average market price. The if-converted method is used for the convertible notes. 3.15 PROVISION AND CONTINGENT LIABILITIES Provisions are recognized when present legal or constructive obligations as a result of a past event will probably lead to an outflow of economic resources from the Company and amounts can be estimated reliably. Timing or amount of the outflow may still be uncertain. Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Provisions are discounted when the time value of money is significant. The Company’s operations are governed by government environment protection legislation. Environmental consequences are difficult to identify in terms of amounts, timetable and impact. As of the reporting date, management believes that the Company’s operations are in compliance with current laws and regulations. An asset retirement provision is recognized when there is constructive commitment that has resulted from past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of the obligation can be measured with sufficient reliability. In those cases where the possible outflow of economic resources as a result of present obligations is considered improbable or remote, no liability is recognized. Such situations are disclosed as contingent liabilities unless the outflow of resources is remote. All provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. 3.16 PROVISION FOR ASSET RETIREMENT OBLIGATION Provision for environmental rehabilitation, restructuring costs and legal claims, where applicable, is recognized when: i) The Company has a present legal or constructive obligation as a result of past events; ii) It is probable that an outflow of resources will be required to settle the obligation; iii) The amount can be reliably estimated. The provision is measured at management’s best estimate of the expenditure required to settle the obligation at the end of the reporting period, and is discounted to present value where the effect is material. The increase in the provision due to passage of time is recognized as finance costs. Changes in assumptions or estimates are reflected in the period in which they occur. Provision for environmental rehabilitation represents the legal and constructive obligations associated with the eventual closure of the Company’s property, plant and equipment. These obligations consist of costs associated with reclamation and monitoring of activities and the removal of tangible assets. The discount rate used is based on a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation, excluding the risks for which future cash flow estimates have already been adjusted. 3.17 SHARE-BASED PAYMENTS The Company operates an equity-settled share-based payment plan for its eligible directors, officers, employees and consultants. The Company’s plan does not feature any option for a cash settlement. All goods and services received in exchange for the grant of any share-based payments are measured at their fair values unless that fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods or services received, the Company shall measure their value indirectly by reference to the fair value of the equity instruments granted. For the transactions with employees and others providing similar services, the Company measured the fair value of the services rendered by reference to the fair value of the equity instruments granted. All equity-settled share-based payments (except broker’s options) are ultimately recognized as an expense in profit or loss with a corresponding credit to Contributed surplus, in equity. Equity-settled share-based payments to brokers, in respect of an equity financing, are recognized as issuance costs of the equity instruments with a corresponding credit to Contributed surplus, in equity. The expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognized in the current period. No adjustment is made to any expense recognized in a prior period if some vested share options are not ultimately exercised. 3.18 FINANCIAL INSTRUMENTS Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair value through profit or loss (“FVTPL”), which are measured initially at fair value. The subsequent measurement of financial assets and financial liabilities is described below (and in note 26). Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. A financial liability is derecognized when it is extinguished, discharged, cancelled, or expired. Financial assets and financial liabilities are offset, and the net amount is reported in the statement of financial position when there is an unconditional and legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. ̶ Financial assets Financial assets are initially measured at fair value. If the financial asset is not subsequently accounted for at FVTPL, then the initial measurement includes transaction costs that are directly attributable to the asset’s acquisition or origination. On initial recognition, the Company classifies its financial assets in the following measurement categories: ̶ measured subsequently at amortized cost; or ̶ measured subsequently at fair value (either through other comprehensive loss, or through net loss). i) Financial assets measured at amortized cost A financial asset is subsequently measured at amortized cost, using the effective interest method and net of any impairment loss, if: ̶ the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and ̶ the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. ii) Financial assets measured at fair value A financial asset shall be measured at fair value through net loss unless it is measured at amortized cost or at fair value through other comprehensive loss. A financial asset shall be measured at fair value through other comprehensive loss if both of the following conditions are met: ̶ the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and ̶ the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. For investments in debt instruments, this will thus depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive loss, in which case, gains and losses will never be reclassified to net loss, and no impairment may be recognized in net loss. Dividends earned from such investments are recognized in net loss, unless the dividend clearly represents a repayment of part of the cost of the investment. ̶ Financial liabilities Financial liabilities are subsequently measured at amortized cost using the effective interest method, except for financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value. Financial instruments – Fair value The fair value of a financial instrument is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s-length transaction. Fair values of financial instruments traded in active markets are determined based on quoted market prices, where available. For financial instruments not traded in an active market, fair values are determined based on appropriate valuation techniques. Such techniques may include discounted cash flow analysis, using recent arm’s-length market transactions, reference to the current fair value of another instrument that is substantially the same, and other valuation models. The Company applies a hierarchy to classify valuation methods used to measure financial instruments carried at fair value. Levels 1 to 3 are defined based on the degree to which fair value inputs are observable and have a significant effect on the recorded fair value, as follows: ̶ Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; ̶ Level 2: Valuation techniques use significant observable inputs, directly or indirectly, or valuations are based on quoted prices for similar instruments; and ̶ Level 3: Valuation techniques use significant inputs that are not based on observable market data (unobservable inputs). ̶ Convertible Notes 2020 Convertible Notes The convertible notes issued in 2020 was a compound financial instrument which the principal amounts, together with all accrued and unpaid or uncapitalized interest could be converted into a fixed number of common shares of the Company at the option of the holder. The liability component of the compound instrument was established by discounting the contractual cash flow, the remaining balance, net of the issuance cost, was allocated to the equity component of the financial instrument. 2022 Convertible Notes The conversion feature (which includes shares and warrants) and the prepayment feature of convertible notes issued to investors (see note 15) are considered embedded derivatives because their economic characteristics and risks are not closely related to the economic characteristics and risks of the host contract (the loan without the conversion feature and the prepayment feature). Therefore, the Company separates the embedded derivatives from the host contract and accounts for each element separately. The conversion feature is classified as a derivative financial liability as the loan is denominated in a currency other than the Company’s functional currency (and therefore its exercise price is not fixed in the Company's functional currency) and is convertible into both shares and warrants. The conversion feature and the prepayment feature are measured as a single compound embedded derivative since they relate to common risks and depend on each other. The embedded derivative is initially recognized at its fair value at the date of issuance. The host contract is initially recognized as the difference between total consideration received for the convertible loans less the fair value of the embedded derivative. If, after considering the terms of the transaction, the Company determines that the fair value of a financial instrument at initial recognition differs from the transaction price, the difference is recognized in the statement of loss and comprehensive loss only if fair value is evidenced by quoted prices or based on a valuation technique that uses only data from observable markets. In all other cases, the difference is deferred and recognized systematically to the extent that it arises from a change in a factor (including time) that market participants would consider in setting a price. Any subsequent measurement of the instrument excludes the balance of the deferred amount. Transaction costs directly attributable to the issuance of convertible loans with embedded derivatives are allocated to the host contract and deducted from its initial recognition amount. ̶ Impairment of financial assets The Company assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. This assumption is used principally for cash and related balances. The Company assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. An external rating of investment grade is considered to indicate that a financial instrument may be considered as having low credit risk. The Company applies the simplified approach for trade receivables and contrasct assets, which requires lifetime expected credit losses to be recognized from initial recognition of the receivables. The Company’s financial instruments consist of the following: ​ ​ ​ FINANCIAL ASSETS CLASSIFICATION Cash and cash equivalents Amortized cost Amounts receivable Amortized cost Grants and other receivables Amortized cost Investment in listed shares Fair value through profit or loss ​ FINANCIAL LIABILITIES CLASSIFICATION Accounts payable and accrued liabilities Amortized cost Borrowings Amortized cost Convertible Notes (USD debt host) Amortized cost Convertible Notes (embedded derivatives) Fair value through profit or loss ​ 3.19 LEASES Leases are recognized as a right-of-use asset and a corresponding liability in lease liabilities at the date at which the leased asset is available for use by the Company. The lease liability is initially measured at the present value of the future lease payment, including variable lease payment that depends on an index or a rate. The lease liability is discounted using the interest rate implicit in the contract if this rate can be easily determined, otherwise, the lessee must use his marginal borrowing rate. The monthly lease payments are segregated between the principal repayment and the finance cost. The present value of the lease liability is increased to reflect the accretion of interest and decreased by the principal repayment. The accretion of interest is charged to the profit and loss over the lease period. If a change to the lease were to happen, the lease liability would be remeasured to reflect those changes (e.g., changes in the lease term or changes in the lease payment). The right-of-use assets are initially measured at cost, which includes the amount of the initial measurement of the lease liability and any lease payments made at or before the commencement date. The right-of-use assets are amortized on a straight-line basis over the duration of the lease. Rental payments under short-term leases or leases with low-value underlying assets are recorded in operating expenses on a straight-line basis over the duration of the lease. 3.20 SEGMENT DISCLOSURE The Company currently operates in two segments: the Matawinie Mine Project and the Battery Material Plant project. The business segments presented reflect the management structure of the Company and the way in which the Company’s chief operating decision maker reviews business performance. The Matawinie Mine Project and Battery Material Plant project were identified as separate segments due to their specific nature. Indeed, the nature of the products and services, the production processes, regulatory environment and the targeted customer are very different for each operating segment. The measure of profit or loss for each segment corresponds to the amounts reported for Exploration and evaluation expenses and Battery Material Plant project expenses, respectively, in the consolidated statement of loss and comprehensive loss. All the Company’s activities are conducted in Quebec, Canada.

ACCOUNTING STANDARDS ISSUED BUT

ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE	12 Months Ended
	Dec. 31, 2022
ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE
ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE	4. Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for the December 31, 2022 reporting period and have not been early adopted by the Company. These standards, amendments or interpretations, except noted below, are not expected to have a material impact on the Company in the current or future reporting periods and on foreseeable future transactions. Amendments to IAS 1 Presentation of Financial Statements on classification of liabilities: Narrow-scope amendments to IAS 1 clarify when liabilities are classified as either current or non-current. For the purposes of non-current classification, the amendments removed the requirement for a right to defer settlement or roll over of a liability for at least twelve months to be unconditional. Instead, such a right must exist at the end of the reporting period and have substance. The amendments reconfirmed that only covenants with which a company must comply on or before the reporting date affect the classification of a liability as current or non-current. Covenants with which a company must comply after the reporting date do not affect a liability’s classification at that date. The amendments also clarify how a company classifies a liability that includes a counterparty conversion option. The amendments state that: settlement of a liability includes transferring a company’s own equity instruments to the counterparty; and when classifying liabilities as current or non-current a company can ignore only those conversion options that are recognized as equity. The amendments are effective for years beginning on or after January 1, 2024.

ESTIMATES, JUDGEMENTS AND ASSUM

ESTIMATES, JUDGEMENTS AND ASSUMPTIONS	12 Months Ended
	Dec. 31, 2022
ESTIMATES, JUDGEMENTS AND ASSUMPTIONS
ESTIMATES, JUDGEMENTS AND ASSUMPTIONS	5. In preparing its consolidated financial statements, management makes several judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, revenues, and expenses. Information about the significant estimates and assumptions that have the greatest impact on the recognition and measurement of assets, liabilities, revenues, and expenses is presented below. Actual results may differ significantly. Technical Feasibility and Commercial Viability The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors. By its nature, this assessment requires significant judgment. Following the events of the quarter ended March 31, 2021, including the receipt of the Governmental authorisation for the Matawinie Project, management determined that the technical feasibility and commercial viability for the Matawinie Project was established as at March 31, 2021 and as a result, the project entered the development phase during the second quarter of 2021. Going concern The assessment of the Company’s ability to execute its strategy by funding future working capital requirements involves judgement. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Provision for asset retirement obligation The Company’s exploration activities are subject to several environmental protection laws and regulations. The Company accounts for management’s best estimate of asset retirement obligations in the period in which the obligations arise. Costs actually incurred in future periods could be significantly different from these estimates. In addition, future changes in laws and regulations, timing of estimated cash flows and discount rates may impact the carrying amount of this provision. Share-based payments The Company uses the Black-Scholes option pricing model in determining share-based payments, which requires a number of assumptions to be made, including the risk-free interest rate, expected life, forfeiture rate and expected share price volatility. Tax credits Tax credits for the current and prior periods are measured at the amount that the Company expects to recover, based on its best estimate and judgment at the reporting date. However, there are uncertainties as to the interpretation of the tax regulations, regarding refundable mining rights credits for loss and refundable tax credits on eligible exploration expenses, as well as regarding amount and timing of recovery of these tax credits. To determine whether the expenses it incurs are eligible for exploration tax credits, the Company must use judgment and resort to complex techniques. As a result, there may be a significant difference between the amount recognized in respect of tax credits and the actual amount of tax credits received because of the tax administrations’ review of matters that were subject to interpretation. In the event of such a difference, an adjustment will be made to the tax credits for mineral prospecting expenses in future periods. It can take a long time for the tax administration to report its decisions on tax issues, thereby extending the tax credit recovery period. Mineral exploration tax credits that the Company expects to recover in more than one year are classified as non-current assets. The amounts recognized in the consolidated financial statements are based on the best estimates of the Company and in its best possible judgment, as noted above. However, given the uncertainty inherent in obtaining the approval of the tax authority concerned, the amount of tax credits that will be recovered and the timing of such recovery may differ materially from accounting estimates and would affect the financial position and cash flow of the Company. Fair value of embedded derivatives The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Company uses its judgment to select a valuation model and makes assumptions that are mainly based on market conditions existing at the end of each reporting period. Details of the valuation model used for determining the fair value of the embedded derivatives in the 2022 Convertible Notes and the assumptions used by management are disclosed in note 15. Management used significant judgement to determine that the fair value of the Convertible Notes on issuance does not equal the transaction price, which was primarily attributed to the warrants present in the conversion option embedded in the Convertible Notes. The resulting difference between the transaction price and the fair value on initial recognition is deferred as the fair value of the Convertible Notes is based on a valuation technique where not all the inputs are observable. The unrecognized deferred amount is recorded in the statement of profit and loss to the extent that it arises from a change in factor that market participants would take into account when pricing the Convertible Notes. Management has attributed the deferred amount to the host instrument and embedded derivatives proportionate to their estimated fair value on the initial recognition date. The deferred amount attributable to the embedded derivative is recorded systematically in the consolidated statements of loss and comprehensive loss over the estimated life of the instruments underlying the conversion option as management believes that time is one of the factors specific to the pricing of the conversion option.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	12 Months Ended
	Dec. 31, 2022
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS	6. CASH AND CASH EQUIVALENTS As at December 31, 2022, cash and cash equivalents totalling $59,924 ($62,355 in 2021) consisted of cash in bank and short-term deposits. As at December 31, 2022, the Company’s cash in bank balance is comprised of $4,889 and $876 US dollars (CAD $1,186). The balance of short-term deposits is comprised of $40,234 and $10,052 US dollars (CAD $13,615).

INVESTMENTS - LISTED SHARES

INVESTMENTS - LISTED SHARES	12 Months Ended
	Dec. 31, 2022
INVESTMENTS - LISTED SHARES
INVESTMENTS - LISTED SHARES	7. INVESTMENTS – LISTED SHARES As at December 31, 2022, investment in listed shares are composed of an equity-investment in Mason Graphite Inc. (“Mason”). On July 20, 2022, the Company subscribed for 5 million common shares of Mason for a total of $2,500. The price paid to acquire the Mason shares was $0.50 per share, equivalent to the Volume-Weighted Average Price (“VWAP”) of Mason shares on the TSXV for a period of twenty In July 2022, the Company signed an agreement providing the option to acquire 51% of the Lac Guéret property of Mason by investing $10M in exploration activities and subscribing to $5M in Mason’s shares. As at December 31, 2022, the Company incurred $309 related to the completion of the preliminary economic assessment on the Lac Guéret property.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	8. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Battery Material ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mine under ​ Demonstration Plant ​ ​ ​ ​ Land Buildings Equipment ​ Computers ​ Furniture Rolling stock construction [1] ​ under construction [1] ​ Total ​ $ $ $ $ $ $ $ $ $ COST ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2022 ​ 2,412 ​ 2,791 ​ 163 ​ 141 ​ 25 ​ 53 ​ 18,032 ​ 18,886 ​ 42,503 Additions 43 ​ 15 ​ 248 ​ — ​ — ​ 50 ​ 19,753 ​ 5,687 ​ 25,796 Transfers ​ — ​ 461 ​ 9,402 ​ — ​ 93 ​ 26 ​ — ​ (9,982) ​ — Write-Off/Disposals — ​ — ​ — ​ — ​ — ​ (1) ​ — ​ — ​ (1) Balance as at December 31, 2022 2,455 ​ 3,267 ​ 9,813 ​ 141 ​ 118 ​ 128 ​ 37,785 ​ 14,591 ​ 68,298 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2022 — ​ 330 ​ 19 ​ 25 ​ 11 ​ 15 ​ — ​ — ​ 400 Depreciation — ​ 221 ​ 3,459 ​ 47 ​ 14 ​ 23 ​ — ​ — ​ 3,764 Write-Off/Disposals — ​ — ​ — ​ — ​ — ​ (1) ​ — ​ — ​ (1) Balance as at December 31, 2022 — ​ 551 ​ 3,478 ​ 72 ​ 25 ​ 37 ​ — ​ — ​ 4,163 Net book value as at December 31, 2022 2,455 ​ 2,716 ​ 6,335 ​ 69 ​ 93 ​ 91 ​ 37,785 ​ 14,591 ​ 64,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Battery Material ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mine under ​ Demonstration Plant ​ ​ ​ ​ Land Buildings Equipment ​ Computers ​ Furniture Rolling stock construction [1] under construction [1] ​ Total ​ $ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ COST ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2021 ​ 507 ​ 2,642 ​ — ​ 56 ​ 70 ​ 24 ​ — ​ 1,206 ​ 4,505 Additions ​ 1,905 ​ 149 ​ 163 ​ 132 ​ — ​ 29 ​ 18,032 ​ 17,680 ​ 38,090 Write-Off/Disposals ​ — ​ — ​ — ​ (47) ​ (45) ​ — ​ — ​ — ​ (92) Balance as at December 31, 2021 ​ 2,412 ​ 2,791 ​ 163 ​ 141 ​ 25 ​ 53 ​ 18,032 ​ 18,886 ​ 42,503 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2021 ​ — ​ 219 ​ — ​ 39 ​ 32 ​ 8 ​ — ​ — ​ 298 Depreciation ​ — ​ 111 ​ 19 ​ 30 ​ 22 ​ 7 ​ — ​ — ​ 189 Write-Off/Disposals ​ — ​ — ​ — ​ (44) ​ (43) ​ — ​ — ​ — ​ (87) Balance as at December 31, 2021 ​ — ​ 330 ​ 19 ​ 25 ​ 11 ​ 15 ​ — ​ — ​ 400 Net book value as at December 31, 2021 ​ 2,412 ​ 2,461 ​ 144 ​ 116 ​ 14 ​ 38 ​ 18,032 ​ 18,886 ​ 42,103 ​ [1] Capitalized expenditures for the Battery Material Demonstration Plant under construction are presented net of grants of $4,109 for the year ended December 31, 2022 ($5,483 in 2021). During the year ended December 31, 2021, the Company bought back a 1.8% NSR on the Matawinie property for $1,800 that is included in Mine under construction.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2022
INTANGIBLE ASSETS
INTANGIBLE ASSETS	9. In 2019, the Company and Hydro-Quebec (“HQ”) signed a license agreement by which the Company is allowed to use HQ’s patented technologies for the micronization, spheronization, purification, and coating to serve the lithium-ion battery market. The Company paid US $2 million (CAD $2,562) for the use of the patents which have different expiry dates between October 24, 2021, to June 7, 2028. The license was capitalized as an intangible asset and will be amortized over the life of the underlying patents. ​ ​ ​ ​ ​ ​ ​ ​ Licenses ​ Total ​ ​ $ ​ $ COST ​ ​ ​ ​ Balance as at January 1, 2022 1,604 ​ 1,604 Write-off of assets (384) ​ (384) Balance as at December 31, 2022 1,220 ​ 1,220 ACCUMULATED DEPRECIATION ​ ​ ​ Balance as at January 1, 2022 1,123 ​ 1,123 Amortization 299 ​ 299 Write-off of assets (384) ​ (384) Balance as at December 31, 2022 1,038 ​ 1,038 Net book value as at December 31, 2022 182 ​ 182 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software ​ Licenses ​ Total ​ ​ $ ​ $ ​ $ COST ​ ​ ​ ​ ​ ​ Balance as at January 1, 2021 16 ​ 2,562 ​ 2,578 Write-off of assets ​ (16) ​ (958) ​ (974) Balance as at December 31, 2021 — ​ 1,604 ​ 1,604 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ Balance as at January 1, 2021 16 ​ 1,643 ​ 1,659 Amortization — ​ 438 ​ 438 Write-off of assets ​ (16) ​ (958) ​ (974) Balance as at December 31, 2021 — ​ 1,123 ​ 1,123 Net book value as at December 31, 2021 — ​ 481 ​ 481 ​

RIGHT-OF-USE ASSETS

RIGHT-OF-USE ASSETS	12 Months Ended
	Dec. 31, 2022
RIGHT-OF-USE ASSETS.
RIGHT-OF-USE ASSETS	10 . The Company has lease contracts for various items of mining equipment, motor vehicles and buildings used in its operations. Leases of mining equipment and rolling stock generally have lease terms two two Set below are the carrying amount of Right-of-use assets and the movement during the years. ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings Rolling stocks Total ​ ​ $ ​ $ ​ $ COST ​ ​ ​ ​ ​ ​ As at January 1, 2022 ​ 2,715 ​ 164 ​ 2,879 New leases ​ 451 ​ — ​ 451 End of leases ​ (205) ​ (49) ​ (254) Remeasurement of lease ​ 445 ​ (44) ​ 401 As at December 31, 2022 ​ 3,406 ​ 71 ​ 3,477 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ As at January 1, 2022 ​ 553 ​ 72 ​ 625 Depreciation ​ 451 ​ 43 ​ 494 End of leases ​ (205) ​ (49) ​ (254) Remeasurement of lease ​ — ​ (44) ​ (44) As at December 31, 2022 ​ 799 ​ 22 ​ 821 Net book value as at December 31, 2022 ​ 2,607 ​ 49 ​ 2,656 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings Equipment Rolling stocks Total ​ ​ $ ​ $ ​ $ ​ $ COST ​ ​ ​ ​ ​ ​ ​ ​ As at January 1, 2021 ​ 1,297 ​ 339 ​ 273 ​ 1,909 New leases ​ 1,612 ​ — ​ — ​ 1,612 End of leases ​ (252) ​ (339) ​ (109) ​ (700) Remeasurement of lease ​ 58 ​ — ​ — ​ 58 As at December 31, 2021 ​ 2,715 ​ — ​ 164 ​ 2,879 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ As at January 1, 2021 ​ 386 ​ 321 ​ 135 ​ 842 Depreciation ​ 419 ​ 3 ​ 46 ​ 468 End of leases ​ (252) ​ (324) ​ (109) ​ (685) As at December 31, 2021 ​ 553 ​ — ​ 72 ​ 625 Net book value as at December 31, 2021 ​ 2,162 ​ — ​ 92 ​ 2,254 ​ Included in the depreciation of Right-of-use assets for the period is $250 ($213 in 2021) that has been included under the Evaluation and exploration expenses and $162 ($166 in 2021) that have been included under the Battery Material Plant project expenses line in the consolidated statements of loss and comprehensive loss.

ACCOUNTS PAYABLES AND ACCRUED L

ACCOUNTS PAYABLES AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2022
ACCOUNTS PAYABLES AND ACCRUED LIABILITIES
ACCOUNTS PAYABLES AND ACCRUED LIABILITIES	11 . ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Trade payables and accrued liabilities 12,825 ​ 13,284 Wages and benefits liabilities 2,524 ​ 1,772 Other payables 80 ​ 137 Accounts payables and accrued liabilities 15,429 ​ 15,193 ​

GRANTS RECEIVABLE AND OTHER CUR

GRANTS RECEIVABLE AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2022
GRANTS RECEIVABLE AND OTHER CURRENT ASSETS
GRANTS RECEIVABLE AND OTHER CURRENT ASSETS	12. Grants In August 2019, the Company completed the closing of a federally funded grant with Sustainable Development Technology Canada (“SDTC”) for a total of $4,250. The SDTC decided in March 2021 to increase the grant by an additional $223. This grant supported the Company to build and to operate the Purification Demonstration Plant in Bécancour, Quebec. In February 2020, the Company received the first milestone payment of $2,000. SDTC also increased its initial commitment of $4,250 to the Company by 5%, representing an additional $213 in grant, because of the COVID-19 impact on Canadian companies. The additional $213 amount was received at the end of March 2020. During the year 2022, the Company received a payment of $857. As at December 31, 2022, $425 of grant receivable was recorded for eligible expenditures. The Company completed the closing of another grant agreement in August 2022 with SDTC for a total of $5,750. This grant will support financially the Company to build and to operate the Coating Demonstration Plant in Saint-Michel-des-Saints, Quebec. In August 2022, the Company received the first milestone payment of $1,849. As at December 31, 2022, $862 of grant receivable was recorded for eligible expenditures. In April 2020, the Company completed the closing of a grant agreement with Transition énergétique Québec (“TEQ”), a Quebec government funded program, to support financially building and operating the Purification Demonstration Plant in Bécancour. This additional grant of $3,000 was secured via TEQ’s Technoclimat program. During the year 2022, the Company received a payment of $700. As at December 31, 2022, $750 of grant receivable was recorded for eligible expenditures. The Company entered into another grant agreement effective January 2022 with TEQ for a total of $3,000. This grant will support financially the Company to build and to operate the Coating Demonstration Plant in Saint-Michel-des-Saints, Quebec. As at December 31, 2022, $1,378 of grant receivable was recorded for eligible expenditures. The remaining $542 grants receivable as at December 31, 2022 is composed of various smaller grants as there is reasonable assurance that they will be received and the Company has reasonable assurance that it will continue to comply with the conditions associated with these grants.

LEASE LIABILITIES

LEASE LIABILITIES	12 Months Ended
	Dec. 31, 2022
LEASE LIABILITIES
LEASE LIABILITIES	13. ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Opening balance ​ 2,323 ​ 1,076 New liabilities and modifications of leases 880 1,670 Lease write off — (15) Principal repayment (386) (408) Ending balance 2,817 2,323 Current portion 431 329 Non-current portion 2,386 1,994 ​ The Company also has certain leases of assets with lease terms of 12 months

BORROWINGS

BORROWINGS	12 Months Ended
	Dec. 31, 2022
BORROWINGS
BORROWINGS	14. ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Opening balance ​ 2,129 ​ 1,793 New borrowings — 2,281 Repayments (208) (2,000) Accretion of issue costs — 9 Interest 67 46 Ending balance 1,988 2,129 Current portion 225 208 Non-current portion 1,763 1,921 ​ On January 29, 2021, the Company financed the purchase of a land located in Bécancour, Québec, through a financing agreement with the vendor, for a total of $1,137. The financed portion bears interest at 8% per annum and shall be repaid by December 2025. The Company may pay the balance of principal, in whole or in part, at any time without penalty. During March 2021, the Company received $1,350 as part of a repayable contribution agreement with the Canada Economic Development for Quebec Regions. This contribution agreement bears no interest and will be repayable in 60 equal monthly installments starting September 2023. The loan was measured at the present value of all future payments discounted using a 5.50% interest rate, thus resulting in a loan valued at $1,025. The difference between the carrying value of the contribution and the discounted loan value was recognized as a grant of $325. Also, during December 2021, the Company received the remaining $150, which was measured at the present value using the same interest rate, thus resulting in a loan valued at $119. The difference between the carrying value of the contribution and the discounted loan value was recognized as a grant of $31.

CONVERTIBLE NOTES

CONVERTIBLE NOTES	12 Months Ended
	Dec. 31, 2022
CONVERTIBLE NOTES
CONVERTIBLE NOTES	15. ​ 2022 – US $50 Million Convertible Notes with Mitsui, Pallinghurst and Investissement Québec ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Host (amortized cost) Derivative Deferred amount Total ​ ​ $ ​ $ ​ $ ​ $ Issuance [1] ​ 48,703 ​ 20,453 ​ (2,773) ​ 66,383 Interest accretion 732 — — 732 Fair value adjustment — (11,199) — (11,199) Amortization — — 140 140 Foreign exchange 382 127 (21) 488 Balance as of December 31, 2022 49,817 9,381 (2,654) 56,544 ​ [1] On November 8, 2022, the Company completed a private placement of unsecured convertible notes (the “Notes”) for aggregate gross proceeds of $67.2 million (US$50 million). The Notes are denominated in US Dollars with a term of 36 months and carry a quarterly coupon interest payment of the greater between the 3-month CME Term SOFR + 4% and 6%. The Notes include the following material conversion and settlement options available to the holders and the Company: - General conversion option: - Repurchase option: - Interest repayment option: - The Notes represent hybrid financial instruments with multiple embedded derivatives requiring separation. The debt host portion (the “Host”) of the instrument is classified at amortized cost, whereas the aggregate conversion and prepayment options (the “Embedded Derivatives”) are classified as fair value through profit and loss (FVTPL). The fair value of the Notes at inception was estimated at $77.7 million (US$57.8 million) and determined using a valuation model which required the use of significant unobservable inputs. The Company identified a difference between the transaction price and the fair value of $10.5 million (US$7.8 million). The difference has been allocated on a pro-rata basis to the Host and the Embedded Derivatives based on their relative estimated fair values. The portion allocated to the Host has been integrated in its initial carrying amount. The Company believes that time value is an important factor in the estimation of the Embedded Derivatives’ fair value. Therefore, the unrecognized deferred amount attributed thereto is recognized on a straight-line basis in the statement of loss and comprehensive loss over the estimated life of the combined conversion option and underlying warrants. As at December 31, 2022, the Company capitalized the accrued interests owed to Investissement Québec, Pallinghurst and Mitsui. An aggregate amount of $829 (US$612) will be capitalized and 160,976 common shares at a price of US$3.80 will be issued to Holders at the maturity or conversion of the Notes in payment of accrued interest due on December 31, 2022. The capitalized interests are recorded as other reserves in the consolidated statements of changes in equity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reasonably Sensitivity [1] ​ ​ Sensitivity [1] ​ ​ November 8, 2022 ​ possible change ​ $ 000 (derivative liability) ​ December 31, 2022 ​ Reasonably possible change ​ $ 000 (derivative liability) Observable inputs ​ ​ ​ ​ ​ ​ Share Price US$4.73 US$3.82 + /- 10 % +3.6M/-1.9M Foreign Exchange rate 1.34 1.35 + /- 5 % + /- 0.5 M Unobservable inputs Expected volatility 50 % + /- 10% (absolute) +2.6M/-2.8M 50 % + /- 10% (absolute) +3.2M/-1.7M Credit Spread 10 % + /- 1% (absolute) + /- 0.5 M 9 % + /- 1% (absolute) + /- 0.3 M ​ [1] 2020 – Convertible Note with Pallinghurst In October 2021, the Company issued 7,500,000 common shares following the conversion of all outstanding convertible notes held by Pallinghurst group, a related party. ​ ​ ​ ​ ​ December 31, 2021 ​ ​ $ Opening balance ​ 14,505 Conversion (14,649) Accretion expense 144 Ending balance — ​

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION	12 Months Ended
	Dec. 31, 2022
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION	16. ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Opening balance ​ 1,009 ​ 621 New obligations 46 383 Change in estimate ​ (120) ​ — Accretion expense 17 5 Ending balance 952 1,009 ​ The asset retirement obligation that arose during the year ended December 31, 2022, represents the present value of the estimated amount of undiscounted cash flows required to satisfy the asset retirement obligation in respect of the Matawinie Mine. The estimation was made using a percentage of completion of the total budgeted cost of rehabilitation. The Company has determined the fair value of its rehabilitation obligation by using a discount rate of 5.26% (3.62% in 2021), assuming reclamation work would be completed in 28

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2022
EQUITY
EQUITY	17. 17.1 SHARE CAPITAL Authorized share capital Unlimited number of common shares voting and participating, with no par value ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2022 ​ December 31, 2021 Shares issued at the start of the period 55,118,316 27,299,332 Shares issued from offering 502,082 11,479,977 Warrants exercised — 7,821,700 Options exercised 253,500 720,201 Shares issued for conversion of 2020 Convertible Note — 7,500,000 Shares issued for interest payment — 297,106 Shares issued at the end of period 55,873,898 55,118,316 ​ On January 20, 2021, the Company concluded an underwritten public offering agreement for 1,034,500 common shares, at a price of $14.50 per share for gross proceeds of $15M. The buyers exercised their option to purchase an additional 155,175 common shares. The total gross proceeds obtained from this public offering agreement sum up to $17.25M. On February 12, 2021, the Company closed a private placement equity financing totaling $5.750M and the Company issued a total of 396,552 common shares at a price of $14.50 per share. Of this amount, Investissement Québec, acting as mandatory for the government of Québec, subscribed for 317,241 common shares, and Pallinghurst, subscribed for the remainder of the common shares. On June 23, 2021, the Company concluded an underwritten public offering agreement for 7,000,000 common shares, at a price of $9.22 (US$7.50) per share for gross proceeds of $64.5M (US$52.5M). The buyers exercised their option to purchase an additional 915,000 common shares. The total gross proceeds obtained from this public offering agreement sum up to $72.9M (US$59.4M). Of this amount, Pallinghurst purchased 66,666 common shares. On July 23, 2021, the Company closed a private placement equity financing with Investissement Québec, acting as mandatory for the government of Québec, and issued a total of 1,978,750 common shares at a price of $9.25 per share for total proceeds of $18.3M. This financing was complemented in the context of the underwritten public offering agreement closed on June 23, 2021. On January 21, 2022, the Company filed a prospectus supplement establishing a new at-the-market equity offering (“ATM Offering”). The ATM Offering allows the Company to offer for sale and issue up to US$75 million (or the equivalent in Canadian dollars) of common shares of the Company from time to time, at the Company’s discretion. For the year ended December 31, 2022, the Company issued 502,082 common shares at an average price of $7.94 for gross proceeds of $3,987, commissions of $100, for total net proceeds of $3,887. 17.2 LOSS PER SHARE The calculation of basic and diluted loss per share is based on the loss attributable to ordinary shareholders and weighted average number of shares outstanding, including shares to be issued for payment of interest on the convertible notes. The calculation of diluted loss per share takes into account the effects of all dilutive potential ordinary shares. ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2022 ​ December 31, 2021 Loss attributable to the ordinary equity holders of the Company 47,714 39,890 Gain on change in fair value of embedded derivatives (i) (3,850) — Loss attributable to the ordinary equity holders of the Company used in calculation of the diluted loss per share 51,564 39,890 ​ ​ ​ ​ ​ Basic weighted average number of shares outstanding 55,600,636 42,971,152 Dilutive effect of 2022 Convertibles Notes 1,452,055 — Dilutive weighted average number of shares outstanding 57,052,691 42,971,152 ​ ​ ​ ​ ​ Basic loss per share 0.86 0.93 Diluted loss per share 0.90 0.93 ​ (i) Excludes the portion of the change in fair value of the embedded derivative attributable to the underlying warrants. The other potentially dilutive instruments, namely the options (see note 17.4), the warrants (see note 17.3), the underlying warrants of the 2022 Convertible Notes and the shares underlying the 2020 Convertible Notes (see note 15) are anti-dilutive for all periods presented. 17.3 WARRANTS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ ​ ​ Weighted average ​ ​ ​ Weighted average ​ ​ ​ ​ exercise price ​ ​ ​ exercise price ​ ​ Number ​ $ ​ Number ​ $ Opening balance ​ — ​ — ​ 7,853,439 ​ 2.26 Issued ​ — ​ — ​ — ​ — Exercised — — (7,821,700) 2.25 Expired — — (31,739) 3.50 Ending balance — — — — ​ 17.4 SHARE-BASED PAYMENTS The Board of Directors determines the price per common share and the number of common shares which may be allocated to each director, officer, employee and consultant and all other terms and conditions of the option, subject to the rules of the TSXV. The plan has a policy that caps the maximum of total options that can be granted to 10% of the total outstanding shares of the Company. All share-based payments will be settled in equity. The Company has no legal or contractual obligation to repurchase or settle the options in cash. The Company’s share options are as follows for the year ended December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ December 31, 2021 ​ ​ ​ ​ Weighted average ​ ​ ​ Weighted average ​ ​ ​ ​ exercise price ​ ​ ​ exercise price ​ ​ Number ​ $ ​ Number ​ $ Opening balance ​ 2,352,249 ​ 7.07 ​ 2,400,000 ​ 3.20 Granted ​ 2,219,304 ​ 8.13 ​ 735,000 ​ 15.95 Exercised (253,500) 2.90 (720,201) 3.06 Expired (385,000) 12.21 (51,300) 7.00 Forfeited (21,249) 9.47 (1,250) 16.84 Cancelled — — (10,000) 16.84 Ending balance 3,911,804 7.42 2,352,249 7.07 Options that can be exercised 2,872,500 7.22 2,058,500 7.30 ​ The weighted average share price at the time of exercise for 2022 is $7.91 ($13.45 in 2021). For the year ended December 31, 2022, the Company granted 525,000 options to officers, 247,500 to directors, 682,000 to employees, and 764,804 to consultants. The vesting period on options granted varies from vesting immediately to four semi-annual tranches. Each option entitles the holder to subscribe to one common share of the Company, at an average price of $8.13 per common share, for a period of 4.11 years. Total expenses arising from share-based transactions recognized during the year amount to $9,628 ($6,676 in 2021) out of which 922$ (nil in 2021) have been capitalized in property, plant and equipment. For the year ended December 31, 2021, the Company granted 245,000 options to officers, 375,000 to directors, 105,000 to employees, and 10,000 to consultants. The vesting period on options granted varies from vesting immediately to four semi-annual tranches. Each option entitles the holder to subscribe to one common share of the Company, at an average price of $15.95 per common share, for a period of 5 years The weighted average fair value of the share options granted were estimated using the Black-Scholes option pricing model based on the following average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Share price at date of grant ​ $ 8.13 ​ $ 15.95 ​ Expected life ​ ​ 4.11 years ​ 5 years ​ Risk-free interest rate ​ ​ 2.33 % ​ 0.82 % Expected volatility ​ ​ 81.49 % ​ 67.86 % Expected dividend ​ ​ Nil ​ Nil ​ Fair value per option ​ $ 4.79 ​ $ 8.95 ​ ​ The expected annualized volatility was based on historical data for the Company. The fair value of the share options is amortized over the vesting period, considering expected forfeitures. The strike price of share options issued are exercisable at the share’s closing price on the last trading day prior to the grant. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price Expiration date ​ Total number ​ Total exercisable ​ $ Year 2023 ​ 330,000 ​ 330,000 ​ 3.45 Year 2024 ​ 895,304 ​ 370,000 ​ 6.56 Year 2025 772,500 772,500 3.33 Year 2026 490,000 490,000 16.31 Year 2027 1,424,000 910,000 8.06 Ending balance 3,911,804 2,872,500 7.42 ​

EXPLORATION AND EVALUATION EXPE

EXPLORATION AND EVALUATION EXPENSES	12 Months Ended
	Dec. 31, 2022
EXPLORATION AND EVALUATION EXPENSES
EXPLORATION AND EVALUATION EXPENSES	18. ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Wages and benefits ​ 3,274 ​ 3,637 Share-based compensation 898 452 Engineering 162 1,856 Professional fees 554 190 Materials, consumables, and supplies 824 1,330 Maintenance & Subcontracting 1,252 1,454 Geology and drilling 31 143 Utilities 420 349 Depreciation and amortization 283 217 Other 95 213 Uatnan mining project ​ 309 ​ — Grants (37) (36) Tax credits (638) (1,443) Exploration and evaluation expenses 7,427 8,362 ​ The exploration and evaluation expenses relate to the Matawinie Mine in Quebec, with the exception of fees for the preliminary economic assessment of the Uatnan mining project, in relation with the transaction of Mason (see note 7). The wages and benefits are net of the grant received as part of the Canada Emergency Wage Subsidy program of Nil in 2022 ($473 in 2021).

BATTERY MATERIAL PLANT PROJECT

BATTERY MATERIAL PLANT PROJECT EXPENSES	12 Months Ended
	Dec. 31, 2022
BATTERY MATERIAL PLANT PROJECT EXPENSES
BATTERY MATERIAL PLANT PROJECT EXPENSES	19. ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Wages and benefits ​ 2,698 ​ 754 Share-based compensation 534 — Engineering 8,895 4,136 Professional fees 914 898 Materials, consumables, and supplies 920 686 Maintenance & Subcontracting ​ 1,180 ​ 268 Utilities 553 — Depreciation and amortization 4,028 177 Other 146 39 Grants (506) (718) Tax credits (272) (264) Battery Material Plant project expenses 19,090 5,976 ​ The battery material plant project expenses relate mainly to the preliminary costs incurred in anticipation of the development of an advanced Battery material plant in Bécancour, Québec. The wages and benefits are net of the grant received as part of the Canada Emergency Wage Subsidy program of Nil in 2022 ($81 in 2021).

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
	Dec. 31, 2022
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES	20. ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ $ $ Wages and benefits ​ 7,083 4,883 Share-based compensation ​ 7,274 6,224 Professional fees ​ 1,435 2,635 Consulting fees ​ 2,618 1,476 Travelling, representation and convention ​ 668 627 Office and administration ​ 8,862 6,747 Stock exchange, authorities, and communication ​ 462 872 Depreciation and amortization ​ 246 699 Loss on asset disposal ​ — 5 Other financial fees ​ 26 35 General and administrative expenses ​ 28,674 24,203 ​ Included in the 2021 office and administration expenses are $1.2M in connection with the settlement of a litigation in September 2021.

NET FINANCIAL COSTS (INCOME)

NET FINANCIAL COSTS (INCOME)	12 Months Ended
	Dec. 31, 2022
NET FINANCIAL COSTS (INCOME)
NET FINANCIAL COSTS (INCOME)	21. ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Foreign exchange loss (gain) ​ 453 ​ (985) Interest income (701) (327) Interest expense on lease liabilities 19 113 Change in fair value - listed shares ​ 1,700 ​ — Change in fair value - embedded derivative and deferred amount amortization ​ (11,059) ​ — Accretion on borrowings and notes 816 2,104 Interest on borrowings and notes ​ 895 ​ 101 Net financial costs (income) (7,877) 1,006 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
INCOME TAXES	22. The income tax expense attributable to earnings differs from the amounts computed by applying the combined federal and provincial statutory income tax rate of 26.5% (26.5% in 2021) to loss before income taxes as a result of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ $ ​ $ ​ Loss before income taxes ​ (47,314) (39,490) ​ Tax recovery computed at applicable statutory tax rate ​ 26.50 % 26.50 % Tax expense at combined statutory rate ​ (12,538) (10,465) ​ Increase (decrease) in income taxes resulting from: ​ ​ ​ ​ Temporary difference not recorded ​ 10,018 8,937 ​ Share-based payments ​ 2,307 1,769 ​ Non-deductible expenses ​ 325 406 ​ Mining royalties ​ 400 400 ​ Non-taxable mining duties ​ (108) (219) ​ Other ​ (4) (428) ​ Income tax ​ 400 400 ​ Composition of deferred income taxes in the income statement: ​ ​ ​ ​ Taxes payable ​ 400 400 ​ Income tax ​ 400 400 ​ ​ As at December 31, 2022, temporary differences for which the company has recognized deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in the Recognized in other Recognized in ​ ​ ​ Opening balance ​ net earnings ​ comprehensive income ​ Equity ​ Closing balance Convertible notes ​ — ​ (9,693) ​ — ​ — ​ (9,693) Exploration and evaluation expenses — 9,693 — — 9,693 ​ As at December 31, 2022 and 2021, temporary differences and unused tax losses for which the Company has not recognized deferred tax assets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ $ $ FEDERAL ​ ​ ​ ​ Exploration and evaluation expenses 44,572 ​ 37,787 Property and equipment 3,080 ​ 2,253 Equity investment 2,346 ​ 646 Asset retirement obligation 952 ​ 1,009 Share issue expenses 5,102 ​ 5,990 Research and development expenses 19,412 ​ 16,700 Non-capital losses 69,792 ​ 46,371 Unrealized foreign exchange loss on convertible notes ​ 519 ​ — Other 273 ​ 74 ​ 146,048 ​ 110,830 PROVINCIAL ​ ​ ​ Exploration and evaluation expenses 41,796 ​ 35,058 Property and equipment 3,080 ​ 2,253 Equity investment 2,346 ​ 646 Asset retirement obligation 952 ​ 1,009 Share issue expenses 5,102 ​ 293 Research and development expenses 25,158 ​ 19,447 Non-capital losses 68,341 ​ 45,943 Unrealized foreign exchange loss on convertible notes ​ 519 ​ — Other 273 ​ 74 ​ 147,567 ​ 104,723 ​ The ability to realize the tax benefits is dependent upon several factors, including the future profitability of operations. Deferred tax assets are recognized only to the extent that it is probable that sufficient taxable profits will be available to allow the asset to be recovered. As at December 31, 2022, the Company’s accumulated non-capital losses for tax purposes which can be used to reduce taxable income in future years as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year incurred Expiration date Federal Provincial 2022 ​ 2042 ​ 22,792 ​ 22,712 2021 2041 19,469 18,562 2020 2040 10,836 10,546 2019 2039 5,381 5,457 2018 2038 4,137 4,044 2017 2037 2,526 2,578 2016 2036 1,544 1,399 2015 2035 873 844 2014 2034 662 644 2013 2033 747 738 2012 2032 765 757 2011 2031 61 59 ​ The Company has investment tax credit carryovers of $3,698 ($2,693 in 2021) that expire between 2036 and 2041, which are available to reduce income taxes payables in future years.

ADDITIONAL CASH FLOW INFORMATIO

ADDITIONAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2022
ADDITIONAL CASH FLOW INFORMATION
ADDITIONAL CASH FLOW INFORMATION	23. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ ​ ​ $ ​ $ Grants receivable and other current assets 12 401 (111) Deferred grants ​ 20 (1,511) Mining tax credits (353) (1,707) Sales taxes receivable 30 (1,266) Prepaid expenses (370) (2,553) Accounts payable and accrued liabilities 11 (2,796) 3,901 Total net change in working capital (3,068) (3,247) ​ ​ ​ ​ ​ ​ ​ Income tax received 558 — Interest paid 69 101 ​ ​ ​ ​ ​ ​ ​ Non-cash investing and financing activities ​ ​ Property, plant and equipment included in accounts payable and accrued liabilities ​ ​ ​ 7,447 ​ 5,068 Share issue costs included in accounts payable and accrued liabilities ​ ​ ​ 8 ​ 49 Cost to issue the convertible notes included in accounts payable and accrued liabilities 659 — Shares issued for interest payment — 2,697 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	24. ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ $ $ Key management personnel of the Company Employee benefit expenses 2,641 1,158 Share-based payments 2,475 3,435 Directors of the Company Board fees 829 643 Share-based payments 1,247 2,333 ​ In addition to transactions with Pallinghurst and Investissement Québec disclosed previously in the consolidated financial statements and in accordance with IAS 24 Related Party Disclosures As at December 31, 2022, Pallinghurst owns 20.66% of the Company’s issued and outstanding common shares and has significant influence over the Company (2021– 20.94%). In November 2022, the Company closed a private placement of unsecured convertible notes for aggregate gross proceeds of US$50M with Mitsui, Pallinghurst and Investissement Québec. Of the US$50M, Pallinghurst and Investissement Québec each subscribed for US $12,5 More Severance The Company has commitments under certain management contracts with key executives. Minimum commitments under these contracts are approximately $2,150 ($1,554 in 2021). These contracts require additional minimum payments of approximately $4,379 ($3,139 in 2021) to be made upon the occurrence of certain events, such as a change of control. As a triggering event has not taken place, the contingent payments have not been reflected in these consolidated financial statements.

INFORMATION DISCLOSURE ABOUT CA

INFORMATION DISCLOSURE ABOUT CAPITAL MANAGEMENT	12 Months Ended
	Dec. 31, 2022
INFORMATION DISCLOSURE ABOUT CAPITAL MANAGEMENT
INFORMATION DISCLOSURE ABOUT CAPITAL MANAGEMENT	25. The Company monitors capital based on the carrying amount of equity, borrowings, leases and convertible notes which totals $133,673 as at December 31, 2022 ($110,147 in 2021). The objective of the Company’s capital management is to preserve its ability to continue its operations and its program of acquisition, exploration, evaluation and development of mineral properties and the value-added product plant. It manages its capital structure and adjusts based on economic conditions and risk characteristics of underlying assets. The Company is not subject to externally imposed capital requirements. Changes in capital are described in the consolidated statements of changes in equity and notes 13, 14 and 15. The properties in which the Company currently has an interest are in the development stage; as such, the Company is dependent on external financing to fund its activities. To carry out the planned development and pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed.

FINANCIAL INSTRUMENTS AND RISK

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2022
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	26. CLASSIFICATION AND CARRYING AMOUNT OF FINANCIAL INSTRUMENTS Financial assets and financial liabilities have been classified into categories that determine their basis of measurement and, for items measured at fair value, whether changes in fair value are recognized in the profit or loss or in other comprehensive income. These categories are financial assets and financial liabilities at FVTPL, financial assets at amortized cost, and financial liabilities at amortized cost. The following tables show the carrying values and the fair value of assets and liabilities for each of these categories as at December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ ​ ​ ​ At fair value through ​ Amortized cost ​ Total ​ ​ ​ ​ profit or loss ​ ​ ​ ​ ​ ​ $ $ $ FINANCIAL ASSETS ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ ​ — ​ 59,924 ​ 59,924 Grants receivable and other current assets ​ 12 — ​ 3,983 ​ 3,983 Investments – Listed shares ​ 7 ​ 800 ​ — ​ 800 Total financial assets ​ ​ 800 ​ 63,907 ​ 64,707 ​ ​ ​ ​ ​ ​ ​ ​ ​ FINANCIAL LIABILITIES ​ ​ ​ Account payables and accrued liabilities ​ 11 — ​ 15,429 ​ 15,429 Borrowings ​ 14 ​ — ​ 1,988 ​ 1,988 Convertible Notes ​ 15 6,727 ​ 49,817 ​ 56,544 Total financial liabilities ​ ​ 6,727 ​ 67,234 ​ 73,961 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2021 ​ ​ ​ ​ At fair value through ​ Amortized cost ​ Total ​ ​ ​ ​ profit or loss ​ ​ ​ ​ ​ ​ $ $ $ FINANCIAL ASSETS ​ ​ ​ Cash and cash equivalents ​ — ​ 62,355 ​ 62,355 Grants receivable and other current assets 12 ​ — ​ 3,096 ​ 3,096 Total financial assets ​ — ​ 65,451 ​ 65,451 ​ ​ ​ ​ ​ ​ ​ ​ ​ FINANCIAL LIABILITIES ​ ​ ​ Account payables and accrued liabilities 11 ​ — ​ 15,193 ​ 15,193 Borrowings 14 ​ — ​ 2,129 ​ 2,129 Total financial liabilities ​ — ​ 17,322 ​ 17,322 ​ FINANCIAL RISKS Fair value Current financial assets and financial liabilities are valued at their carrying amounts, which are reasonable estimates of their fair value due to their relatively short-maturities; this includes cash and cash equivalents, grants receivable and other current assets and accounts payable and other. Borrowings and the convertible debt host are accounted for at amortized cost using the effective interest method, and their fair value approximates their carrying value except for the convertible debt host for which fair value is estimated at $59.3 million (US$43.8 million) (level 3). Fair Value Hierarchy Subsequent to initial recognition, the Company uses a fair value hierarchy to categorize the inputs used to measure the financial instruments at fair value grouped into the following levels based on the degree to which the fair value is observable. - Level 1: Inputs derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; - Level 2: Inputs derived from other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and - Level 3: Inputs that are not based on observable market data (unobservable inputs). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Financial Assets at FVTPL Non-current investments (Equity investment in publicly listed entities) 800 — — 800 Financial liabilities at FVTPL Convertible notes - Embedded derivatives (note 15) — — 6,727 6,727 ​ There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2022 (none in 2021). Financial Instruments Measured at FVTPL Non-Current investments Equity instruments publicly listed are classified as a Level 1 in the fair value hierarchy. Their fair values are a recurring measurement and are estimated using the closing share price observed on the relevant stock exchange. ​ Liquidity risk Liquidity risk is the risk that the Company encounters difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company manages its liquidity risk by using budgets that enable it to determine the amounts required to fund its exploration, evaluation, and development expenditure programs. The Company’s liquidity and operating results may be adversely affected if the Company’s access to the capital markets or other alternative forms of financing is hindered, whether because of a downturn in stock market conditions generally or related to matters specific to the Company. The Company has historically generated cash flow primarily from its financing activities. Management believes that without additional funding, the Company does not have sufficient liquidity to pursue its planned expenditures over the next twelve months. These circumstances indicate the existence of material uncertainties that cast substantial doubt upon the Company’s ability to continue as a going concern and accordingly, the appropriateness of the use of IFRS applicable to a going concern (see note 1). As at December 31, 2022, all of the Company’s short-term liabilities totalled $16,105 ($15,730 in 2021), have contractual maturities of less than one year and are subject to normal trade terms. The Company regularly evaluates its cash position to ensure preservation and security of capital as well as maintenance of liquidity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ ​ Carrying ​ Contractual ​ 0 to 12 ​ 12 to 24 ​ More than ​ amount cash flow months months 24 months Account payables and accrued liabilities 15,429 15,429 15,429 — — Lease liabilities 2,817 3,423 560 647 2,216 Borrowings 1,988 2,330 352 577 1,401 Convertible Notes – Host (i) ​ 49,817 ​ 67,723 ​ — ​ — ​ 67,723 Convertible Notes – Embedded Derivatives (i) 6,727 — — — — ​ (i) The Company has one variable lease agreement that is indexed to the consumer price index, on March 31 of each year. Credit risk Credit risk results from the possibility that a loss may occur from the failure of another party to perform according to the terms of the contract. The Company’s credit risk is primarily related to cash and cash equivalents and receivables. The receivables consist mainly of the refund of the goods and services tax receivable from the governments of Canada and Quebec, as well as tax credits receivable from the Government of Quebec. The Company mitigates credit risk by maintaining cash with Canadian chartered banks and guaranteed deposits in credit unions. Currency risk Foreign currency risk is the risk that the Company’s financial performance could be affected by fluctuations in the exchange rates between currencies. Some of the Company’s expenditures are denominated in U.S dollars and since August 2021, the Company holds balances in cash denominated in U.S dollars. Also, the convertible notes are denominated in U.S dollars. As such, the Company is exposed to gains or losses on foreign exchange. Currently, the Company has no hedging contracts in place and therefore has exposure to the foreign exchange rate fluctuations. The strengthening of the U.S. dollar would negatively impact the Company’s net income and cash flows while the strengthening of the Canadian dollar would increase its net income and cash flows. As at December 31, 2022 and 2021, the balances in U.S. dollars held by the Company were as follows: ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ As at December 31, 2021 ​ $ ​ $ Cash and cash equivalents in US dollars ​ 10,928 11,435 Accounts payables in US dollars ​ (407) (1,044) Convertible notes – Host in US dollars ​ (36,780) ​ — Net exposure, in US dollars ​ (26,259) 10,391 Equivalent in Canadian dollars ​ (35,570) 13,175 ​ Based on the balances as at December 31, 2022 Also see note 15 for the Embedded Derivatives. Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates. The company is exposed to interest rate risk primarily on its convertible notes bearing interest at variable rates and does not take any particular measures to protect itself against fluctuations in interest rates. With the exception of the convertible notes, the Company’s financial assets and financial liabilities are not significantly exposed to interest rate risk because either they are short-term in nature or because they are non-interest bearing. The convertible notes bear interest equal to the greater of 6% and the 3-month Term SOFR plus 4%. Based on the balance of the convertible notes as at December 31, 2022, the impact on net financial expenses over a 12-month horizon of a 1.0% shift in interest rates would amount to approximately $677. See note 15 for the interest rate risk on the embedded Derivatives.

ADDITIONAL SEGMENT INFORMATION

ADDITIONAL SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2022
ADDITIONAL SEGMENT INFORMATION
ADDITIONAL SEGMENT INFORMATION	27. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Matawinie Mine ​ Battery Material ​ Corporate ​ Total ​ Project Plant project ​ ​ Total property, plant and equipment 39,597 21,289 3,249 64,135 Total liabilities 8,022 3,808 65,920 77,750 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Matawinie Mine ​ Battery Material ​ Corporate ​ Total ​ Project Plant project ​ ​ Total property, plant and equipment 18,032 18,886 5,185 42,103 Total liabilities 7,570 6,320 6,764 20,654 ​

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2022
COMMITMENTS
COMMITMENTS	28. In the normal course of business, the Company enters into contracts that give rise to commitments. As at December 31, 2022, the Company had issued $2,830 of purchase orders for the acquisition of property, plant and equipment and $4,084 in relation to the operations. Royalty The Company issued a 3% net smelter royalty (“NSR”) over the Matawinie graphite property to Pallinghurst for an aggregate purchase price of $4,306 . For a period of three years following issuance (August 28, 2020), the royalty is subject to a 1% buy back right in favour of the Company for a buy-back price of $1,306 plus an amount equal to interest accrual at a rate of 9% per annum from and after the closing of the royalty transaction up to the buyback date. Matawinie Property A large part of the property is subject to a 0.20% NSR, which can be purchased by the Company for $200. Collaboration and sharing of benefits. On January 23, 2020, the Company signed a benefit-sharing agreement with the municipality of Saint-Michel-des-Saints as part of the Matawinie mining project. Through this agreement and throughout the mine’s commercial operating life, the Company will contribute up to 2% of its net future positive cash flow after taxes to the municipality, subject to a minimum payment of $400, annually. ​

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
BASIS OF CONSOLIDATION	3.1 BASIS OF CONSOLIDATION The Company’s consolidated financial statements consolidate those of the parent company and its subsidiaries. The parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary, and could affect those returns through its power over the subsidiary. All transactions and balances between group companies are eliminated upon consolidation, including unrealized gains and losses on transactions between group companies. Amounts reported in the financial statements of the subsidiary have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Company. Profit and loss and other comprehensive income of subsidiaries acquired or sold during the period are recognized from the effective date of the acquisition, or up to the effective date of disposal, as applicable. Subsidiaries Information on the Company’s subsidiaries as at December 31, 2022, all of which are wholly-owned, is as follows: ​ ​ ​ ​ ​ NAME OF SUBSIDIARY PRINCIPAL ACTIVITY COUNTRY OF INCORPORATION YEAR OF INCORPORATION Quartier Nouveau Monde Real estate company Canada 2017 Nouveau Monde Europe LTD Trading company England and Wales 2020
FUNCTIONAL AND REPORTING CURRENCY	​ 3.2 FUNCTIONAL AND REPORTING CURRENCY The group’s consolidated financial statements are presented in Canadian dollars, which is also the functional currency of the parent company and its subsidiaries and the presentation currency. Transactions in foreign currencies are initially recorded at their functional currency spot rates at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. All differences are taken to the statement of loss and comprehensive loss. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transaction.
CASH AND CASH EQUIVALENTS	3.3 CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of cash in bank, and short-term deposits with a maturity of less than three months.
TAX CREDITS RECEIVABLE	3.4 TAX CREDITS RECEIVABLE The Company is entitled to a refundable tax credit on qualified exploration expenditures incurred, refundable credit on duties for losses under the Mining Tax Act
GRANTS RECEIVABLE	3.5 GRANTS RECEIVABLE The Company periodically receives grants from different incentive programs. These grants are recognized initially when there is a reasonable assurance that they will be received and when the Company has intentions to comply with the conditions associated with the grant. The financial aid received for expenditures incurred is recognized against these expenditures on a systematic basis and in the same accounting period in which the expenditures are incurred.
RESEARCH AND DEVELOPMENT COSTS	3.6 RESEARCH AND DEVELOPMENT COSTS Research costs are expensed during the year in which the expenses are incurred. Development costs are capitalized when they meet the criteria for capitalization in accordance with IAS 38 Intangible Assets
PROPERTY AND EQUIPMENT	3.7 PROPERTY PLANT AND EQUIPMENT Property, plant and equipment are recognized at cost less accumulated depreciation and accumulated impairment losses. The assets are capitalized and depreciated on a straight-line basis in the consolidated statement of loss and comprehensive loss. Generally, the depreciation rates are as follows: ​ ​ ​ Buildings 10-25 Equipment 2-15 Furnitures 3-7 Computers 3 Rolling Stock 5 ​ The residual value, depreciation method and the useful life of each asset are reviewed at least at each financial year-end. Gains or losses arising on the disposal of property and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognized in the statement of loss and comprehensive loss. Borrowing costs Borrowing costs attributable to the acquisition, development or construction of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are capitalized to the cost of those assets, until such time as the assets are substantially ready for their intended use. Interests on long-term debt are capitalized in assets under construction until substantially all the activities necessary to prepare the asset for its intended use are complete. Otherwise, borrowing costs are expensed as incurred in profit or loss. Borrowing costs incurred during the year attributable to acquisition, development or construction of qualifying assets were not material.
INTANGIBLE ASSETS	3.8 INTANGIBLE ASSETS The intangible assets include software and licenses with a definite useful life. The assets are capitalized and amortized on a straight-line basis in the consolidated statement of loss and comprehensive loss. The intangible assets are assessed for impairment whenever there is an indication that the intangible assets may be impaired. Generally, the depreciation rates are as follows: ​ ​ ​ Software 2 Licenses 2-10
MATAWINIE MINE PROJECT	​ 3.9 MATAWINIE MINE PROJECT Management established that effective from the beginning of the second quarter of 2021, the Matawinie mine project is in the development phase. Accordingly, all expenditures related to the development of the mine are capitalized under Mine under construction equipment, building and the mine site are not yet in use as at December 31, 2022, therefore, the depreciation will begin when the assets are ready for their intended use. The costs related to the operation of the Matawinie Demonstration Plant will continue to be expensed as incurred under exploration and evaluation expenses Property, plant and equipment Intangible assets.
BATTERY MATERIAL PLANT PROJECT	3.10 BATTERY MATERIAL PLANT PROJECT Costs incurred for the construction of the Company’s Battery Material Plant project, such as the shaping and coating demonstration plants, are capitalized under Battery Material Demonstration Plant The costs related to the phase 2 Battery Material Plant and to the operation of the Battery Material Demonstration Plant will continue to be expensed as incurred under Battery Material Plant project expenses, unless the expenditures meet the recognition criterias set in IAS 16 Property, plant and equipment or IAS 38 Intangible assets.
IMPAIRMENT OF NON-FINANCIAL ASSETS	3.11 IMPAIRMENT OF NON-FINANCIAL ASSETS For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment, and some are tested at a cash-generating unit level. Whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, an asset or cash-generating unit is reviewed for impairment. An impairment loss is recognized in statement of loss and comprehensive loss for the amount by which the assets or cash-generating unit’s carrying amount exceeds its recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less cost to sell and its value in use. An impairment charge is reversed if the assets or cash-generating unit’s recoverable amount exceeds its carrying amount.
INCOME TAXES	3.12 INCOME TAXES Income tax is recognized in the statements of loss and comprehensive loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. ̶ Current taxes Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year-end, adjusted for amendments to income tax payable regarding previous years. ̶ Deferred taxes Deferred tax is provided using the liability method, providing for temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. The temporary difference is not provided for if it arises from the initial recognition of goodwill or the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the financial position reporting date and whose implementation is expected over the period in which the deferred tax is realized or recovered. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be used. Assets and liabilities are offset where the entity has a legally enforceable right to offset current tax assets and liabilities or deferred tax assets and liabilities, and the respective assets and liabilities relate to income taxes levied by the same taxation authority.
EQUITY	3.13 EQUITY ̶ Share capital Share capital represents the amount received on the issue of shares, less issuance costs, net of any underlying tax benefit from these issuance costs. In addition, if shares were issued as consideration for the acquisition of a mineral property or some other form of non-monetary assets, they are measured at their fair value according to the quoted price on the day of the conclusion of the agreement. ̶ Contributed surplus and warrants Contributed surplus includes charges related to share options not exercised and amounts attributable to expired warrants. ̶ Other reserves Other reserves relate to shares to be issued in relation to capitalized interest (Note 15)
BASIC AND DILUTED LOSS PER SHARE	3.14 BASIC AND DILUTED LOSS PER SHARE Basic loss per share is calculated by dividing the loss attributable to common equity holders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting loss attributable to common equity holders of the Company, and the weighted average number of common shares outstanding, for the effects of all dilutive potential common shares which include convertible debt, options, broker’s options, and warrants. Dilutive potential common shares arising from option type instruments shall be deemed to have been exercised at the beginning of the period or, if later, at the date of issue of the potential common shares and the proceeds from their exercise used to repurchase common shares at the average market price. The if-converted method is used for the convertible notes.
PROVISION AND CONTINGENT LIABILITIES	3.15 PROVISION AND CONTINGENT LIABILITIES Provisions are recognized when present legal or constructive obligations as a result of a past event will probably lead to an outflow of economic resources from the Company and amounts can be estimated reliably. Timing or amount of the outflow may still be uncertain. Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Provisions are discounted when the time value of money is significant. The Company’s operations are governed by government environment protection legislation. Environmental consequences are difficult to identify in terms of amounts, timetable and impact. As of the reporting date, management believes that the Company’s operations are in compliance with current laws and regulations. An asset retirement provision is recognized when there is constructive commitment that has resulted from past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of the obligation can be measured with sufficient reliability. In those cases where the possible outflow of economic resources as a result of present obligations is considered improbable or remote, no liability is recognized. Such situations are disclosed as contingent liabilities unless the outflow of resources is remote. All provisions are reviewed at each reporting date and adjusted to reflect the current best estimate.
PROVISION FOR ASSET RETIREMENT OBLIGATION	3.16 PROVISION FOR ASSET RETIREMENT OBLIGATION Provision for environmental rehabilitation, restructuring costs and legal claims, where applicable, is recognized when: i) The Company has a present legal or constructive obligation as a result of past events; ii) It is probable that an outflow of resources will be required to settle the obligation; iii) The amount can be reliably estimated. The provision is measured at management’s best estimate of the expenditure required to settle the obligation at the end of the reporting period, and is discounted to present value where the effect is material. The increase in the provision due to passage of time is recognized as finance costs. Changes in assumptions or estimates are reflected in the period in which they occur. Provision for environmental rehabilitation represents the legal and constructive obligations associated with the eventual closure of the Company’s property, plant and equipment. These obligations consist of costs associated with reclamation and monitoring of activities and the removal of tangible assets. The discount rate used is based on a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation, excluding the risks for which future cash flow estimates have already been adjusted.
SHARE-BASED PAYMENTS	3.17 SHARE-BASED PAYMENTS The Company operates an equity-settled share-based payment plan for its eligible directors, officers, employees and consultants. The Company’s plan does not feature any option for a cash settlement. All goods and services received in exchange for the grant of any share-based payments are measured at their fair values unless that fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods or services received, the Company shall measure their value indirectly by reference to the fair value of the equity instruments granted. For the transactions with employees and others providing similar services, the Company measured the fair value of the services rendered by reference to the fair value of the equity instruments granted. All equity-settled share-based payments (except broker’s options) are ultimately recognized as an expense in profit or loss with a corresponding credit to Contributed surplus, in equity. Equity-settled share-based payments to brokers, in respect of an equity financing, are recognized as issuance costs of the equity instruments with a corresponding credit to Contributed surplus, in equity. The expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognized in the current period. No adjustment is made to any expense recognized in a prior period if some vested share options are not ultimately exercised.
FINANCIAL INSTRUMENTS	3.18 FINANCIAL INSTRUMENTS Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair value through profit or loss (“FVTPL”), which are measured initially at fair value. The subsequent measurement of financial assets and financial liabilities is described below (and in note 26). Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. A financial liability is derecognized when it is extinguished, discharged, cancelled, or expired. Financial assets and financial liabilities are offset, and the net amount is reported in the statement of financial position when there is an unconditional and legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. ̶ Financial assets Financial assets are initially measured at fair value. If the financial asset is not subsequently accounted for at FVTPL, then the initial measurement includes transaction costs that are directly attributable to the asset’s acquisition or origination. On initial recognition, the Company classifies its financial assets in the following measurement categories: ̶ measured subsequently at amortized cost; or ̶ measured subsequently at fair value (either through other comprehensive loss, or through net loss). i) Financial assets measured at amortized cost A financial asset is subsequently measured at amortized cost, using the effective interest method and net of any impairment loss, if: ̶ the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and ̶ the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. ii) Financial assets measured at fair value A financial asset shall be measured at fair value through net loss unless it is measured at amortized cost or at fair value through other comprehensive loss. A financial asset shall be measured at fair value through other comprehensive loss if both of the following conditions are met: ̶ the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and ̶ the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. For investments in debt instruments, this will thus depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive loss, in which case, gains and losses will never be reclassified to net loss, and no impairment may be recognized in net loss. Dividends earned from such investments are recognized in net loss, unless the dividend clearly represents a repayment of part of the cost of the investment. ̶ Financial liabilities Financial liabilities are subsequently measured at amortized cost using the effective interest method, except for financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value. Financial instruments – Fair value The fair value of a financial instrument is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s-length transaction. Fair values of financial instruments traded in active markets are determined based on quoted market prices, where available. For financial instruments not traded in an active market, fair values are determined based on appropriate valuation techniques. Such techniques may include discounted cash flow analysis, using recent arm’s-length market transactions, reference to the current fair value of another instrument that is substantially the same, and other valuation models. The Company applies a hierarchy to classify valuation methods used to measure financial instruments carried at fair value. Levels 1 to 3 are defined based on the degree to which fair value inputs are observable and have a significant effect on the recorded fair value, as follows: ̶ Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; ̶ Level 2: Valuation techniques use significant observable inputs, directly or indirectly, or valuations are based on quoted prices for similar instruments; and ̶ Level 3: Valuation techniques use significant inputs that are not based on observable market data (unobservable inputs). ̶ Convertible Notes 2020 Convertible Notes The convertible notes issued in 2020 was a compound financial instrument which the principal amounts, together with all accrued and unpaid or uncapitalized interest could be converted into a fixed number of common shares of the Company at the option of the holder. The liability component of the compound instrument was established by discounting the contractual cash flow, the remaining balance, net of the issuance cost, was allocated to the equity component of the financial instrument. 2022 Convertible Notes The conversion feature (which includes shares and warrants) and the prepayment feature of convertible notes issued to investors (see note 15) are considered embedded derivatives because their economic characteristics and risks are not closely related to the economic characteristics and risks of the host contract (the loan without the conversion feature and the prepayment feature). Therefore, the Company separates the embedded derivatives from the host contract and accounts for each element separately. The conversion feature is classified as a derivative financial liability as the loan is denominated in a currency other than the Company’s functional currency (and therefore its exercise price is not fixed in the Company's functional currency) and is convertible into both shares and warrants. The conversion feature and the prepayment feature are measured as a single compound embedded derivative since they relate to common risks and depend on each other. The embedded derivative is initially recognized at its fair value at the date of issuance. The host contract is initially recognized as the difference between total consideration received for the convertible loans less the fair value of the embedded derivative. If, after considering the terms of the transaction, the Company determines that the fair value of a financial instrument at initial recognition differs from the transaction price, the difference is recognized in the statement of loss and comprehensive loss only if fair value is evidenced by quoted prices or based on a valuation technique that uses only data from observable markets. In all other cases, the difference is deferred and recognized systematically to the extent that it arises from a change in a factor (including time) that market participants would consider in setting a price. Any subsequent measurement of the instrument excludes the balance of the deferred amount. Transaction costs directly attributable to the issuance of convertible loans with embedded derivatives are allocated to the host contract and deducted from its initial recognition amount. ̶ Impairment of financial assets The Company assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. This assumption is used principally for cash and related balances. The Company assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. An external rating of investment grade is considered to indicate that a financial instrument may be considered as having low credit risk. The Company applies the simplified approach for trade receivables and contrasct assets, which requires lifetime expected credit losses to be recognized from initial recognition of the receivables. The Company’s financial instruments consist of the following: ​ ​ ​ FINANCIAL ASSETS CLASSIFICATION Cash and cash equivalents Amortized cost Amounts receivable Amortized cost Grants and other receivables Amortized cost Investment in listed shares Fair value through profit or loss ​ FINANCIAL LIABILITIES CLASSIFICATION Accounts payable and accrued liabilities Amortized cost Borrowings Amortized cost Convertible Notes (USD debt host) Amortized cost Convertible Notes (embedded derivatives) Fair value through profit or loss ​
LEASES	3.19 LEASES Leases are recognized as a right-of-use asset and a corresponding liability in lease liabilities at the date at which the leased asset is available for use by the Company. The lease liability is initially measured at the present value of the future lease payment, including variable lease payment that depends on an index or a rate. The lease liability is discounted using the interest rate implicit in the contract if this rate can be easily determined, otherwise, the lessee must use his marginal borrowing rate. The monthly lease payments are segregated between the principal repayment and the finance cost. The present value of the lease liability is increased to reflect the accretion of interest and decreased by the principal repayment. The accretion of interest is charged to the profit and loss over the lease period. If a change to the lease were to happen, the lease liability would be remeasured to reflect those changes (e.g., changes in the lease term or changes in the lease payment). The right-of-use assets are initially measured at cost, which includes the amount of the initial measurement of the lease liability and any lease payments made at or before the commencement date. The right-of-use assets are amortized on a straight-line basis over the duration of the lease. Rental payments under short-term leases or leases with low-value underlying assets are recorded in operating expenses on a straight-line basis over the duration of the lease.
SEGMENT DISCLOSURE	3.20 SEGMENT DISCLOSURE The Company currently operates in two segments: the Matawinie Mine Project and the Battery Material Plant project. The business segments presented reflect the management structure of the Company and the way in which the Company’s chief operating decision maker reviews business performance. The Matawinie Mine Project and Battery Material Plant project were identified as separate segments due to their specific nature. Indeed, the nature of the products and services, the production processes, regulatory environment and the targeted customer are very different for each operating segment. The measure of profit or loss for each segment corresponds to the amounts reported for Exploration and evaluation expenses and Battery Material Plant project expenses, respectively, in the consolidated statement of loss and comprehensive loss. All the Company’s activities are conducted in Quebec, Canada.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Schedule of subsidiaries	​ ​ ​ ​ ​ NAME OF SUBSIDIARY PRINCIPAL ACTIVITY COUNTRY OF INCORPORATION YEAR OF INCORPORATION Quartier Nouveau Monde Real estate company Canada 2017 Nouveau Monde Europe LTD Trading company England and Wales 2020
Schedule of depreciation rates of property and equipment	​ ​ ​ Buildings 10-25 Equipment 2-15 Furnitures 3-7 Computers 3 Rolling Stock 5 ​
Schedule of financial instruments	​ ​ ​ FINANCIAL ASSETS CLASSIFICATION Cash and cash equivalents Amortized cost Amounts receivable Amortized cost Grants and other receivables Amortized cost Investment in listed shares Fair value through profit or loss ​ FINANCIAL LIABILITIES CLASSIFICATION Accounts payable and accrued liabilities Amortized cost Borrowings Amortized cost Convertible Notes (USD debt host) Amortized cost Convertible Notes (embedded derivatives) Fair value through profit or loss ​

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Battery Material ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mine under ​ Demonstration Plant ​ ​ ​ ​ Land Buildings Equipment ​ Computers ​ Furniture Rolling stock construction [1] ​ under construction [1] ​ Total ​ $ $ $ $ $ $ $ $ $ COST ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2022 ​ 2,412 ​ 2,791 ​ 163 ​ 141 ​ 25 ​ 53 ​ 18,032 ​ 18,886 ​ 42,503 Additions 43 ​ 15 ​ 248 ​ — ​ — ​ 50 ​ 19,753 ​ 5,687 ​ 25,796 Transfers ​ — ​ 461 ​ 9,402 ​ — ​ 93 ​ 26 ​ — ​ (9,982) ​ — Write-Off/Disposals — ​ — ​ — ​ — ​ — ​ (1) ​ — ​ — ​ (1) Balance as at December 31, 2022 2,455 ​ 3,267 ​ 9,813 ​ 141 ​ 118 ​ 128 ​ 37,785 ​ 14,591 ​ 68,298 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2022 — ​ 330 ​ 19 ​ 25 ​ 11 ​ 15 ​ — ​ — ​ 400 Depreciation — ​ 221 ​ 3,459 ​ 47 ​ 14 ​ 23 ​ — ​ — ​ 3,764 Write-Off/Disposals — ​ — ​ — ​ — ​ — ​ (1) ​ — ​ — ​ (1) Balance as at December 31, 2022 — ​ 551 ​ 3,478 ​ 72 ​ 25 ​ 37 ​ — ​ — ​ 4,163 Net book value as at December 31, 2022 2,455 ​ 2,716 ​ 6,335 ​ 69 ​ 93 ​ 91 ​ 37,785 ​ 14,591 ​ 64,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Battery Material ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mine under ​ Demonstration Plant ​ ​ ​ ​ Land Buildings Equipment ​ Computers ​ Furniture Rolling stock construction [1] under construction [1] ​ Total ​ $ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ COST ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2021 ​ 507 ​ 2,642 ​ — ​ 56 ​ 70 ​ 24 ​ — ​ 1,206 ​ 4,505 Additions ​ 1,905 ​ 149 ​ 163 ​ 132 ​ — ​ 29 ​ 18,032 ​ 17,680 ​ 38,090 Write-Off/Disposals ​ — ​ — ​ — ​ (47) ​ (45) ​ — ​ — ​ — ​ (92) Balance as at December 31, 2021 ​ 2,412 ​ 2,791 ​ 163 ​ 141 ​ 25 ​ 53 ​ 18,032 ​ 18,886 ​ 42,503 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2021 ​ — ​ 219 ​ — ​ 39 ​ 32 ​ 8 ​ — ​ — ​ 298 Depreciation ​ — ​ 111 ​ 19 ​ 30 ​ 22 ​ 7 ​ — ​ — ​ 189 Write-Off/Disposals ​ — ​ — ​ — ​ (44) ​ (43) ​ — ​ — ​ — ​ (87) Balance as at December 31, 2021 ​ — ​ 330 ​ 19 ​ 25 ​ 11 ​ 15 ​ — ​ — ​ 400 Net book value as at December 31, 2021 ​ 2,412 ​ 2,461 ​ 144 ​ 116 ​ 14 ​ 38 ​ 18,032 ​ 18,886 ​ 42,103 ​ [1]

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
INTANGIBLE ASSETS
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ Licenses ​ Total ​ ​ $ ​ $ COST ​ ​ ​ ​ Balance as at January 1, 2022 1,604 ​ 1,604 Write-off of assets (384) ​ (384) Balance as at December 31, 2022 1,220 ​ 1,220 ACCUMULATED DEPRECIATION ​ ​ ​ Balance as at January 1, 2022 1,123 ​ 1,123 Amortization 299 ​ 299 Write-off of assets (384) ​ (384) Balance as at December 31, 2022 1,038 ​ 1,038 Net book value as at December 31, 2022 182 ​ 182 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software ​ Licenses ​ Total ​ ​ $ ​ $ ​ $ COST ​ ​ ​ ​ ​ ​ Balance as at January 1, 2021 16 ​ 2,562 ​ 2,578 Write-off of assets ​ (16) ​ (958) ​ (974) Balance as at December 31, 2021 — ​ 1,604 ​ 1,604 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ Balance as at January 1, 2021 16 ​ 1,643 ​ 1,659 Amortization — ​ 438 ​ 438 Write-off of assets ​ (16) ​ (958) ​ (974) Balance as at December 31, 2021 — ​ 1,123 ​ 1,123 Net book value as at December 31, 2021 — ​ 481 ​ 481

RIGHT-OF-USE ASSETS (Tables)

RIGHT-OF-USE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
RIGHT-OF-USE ASSETS.
Schedule of carrying amount of Right-of-use assets and the movement	​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings Rolling stocks Total ​ ​ $ ​ $ ​ $ COST ​ ​ ​ ​ ​ ​ As at January 1, 2022 ​ 2,715 ​ 164 ​ 2,879 New leases ​ 451 ​ — ​ 451 End of leases ​ (205) ​ (49) ​ (254) Remeasurement of lease ​ 445 ​ (44) ​ 401 As at December 31, 2022 ​ 3,406 ​ 71 ​ 3,477 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ As at January 1, 2022 ​ 553 ​ 72 ​ 625 Depreciation ​ 451 ​ 43 ​ 494 End of leases ​ (205) ​ (49) ​ (254) Remeasurement of lease ​ — ​ (44) ​ (44) As at December 31, 2022 ​ 799 ​ 22 ​ 821 Net book value as at December 31, 2022 ​ 2,607 ​ 49 ​ 2,656 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings Equipment Rolling stocks Total ​ ​ $ ​ $ ​ $ ​ $ COST ​ ​ ​ ​ ​ ​ ​ ​ As at January 1, 2021 ​ 1,297 ​ 339 ​ 273 ​ 1,909 New leases ​ 1,612 ​ — ​ — ​ 1,612 End of leases ​ (252) ​ (339) ​ (109) ​ (700) Remeasurement of lease ​ 58 ​ — ​ — ​ 58 As at December 31, 2021 ​ 2,715 ​ — ​ 164 ​ 2,879 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ As at January 1, 2021 ​ 386 ​ 321 ​ 135 ​ 842 Depreciation ​ 419 ​ 3 ​ 46 ​ 468 End of leases ​ (252) ​ (324) ​ (109) ​ (685) As at December 31, 2021 ​ 553 ​ — ​ 72 ​ 625 Net book value as at December 31, 2021 ​ 2,162 ​ — ​ 92 ​ 2,254 ​

ACCOUNTS PAYABLES AND ACCRUED_2

ACCOUNTS PAYABLES AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
ACCOUNTS PAYABLES AND ACCRUED LIABILITIES
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Trade payables and accrued liabilities 12,825 ​ 13,284 Wages and benefits liabilities 2,524 ​ 1,772 Other payables 80 ​ 137 Accounts payables and accrued liabilities 15,429 ​ 15,193

LEASE LIABILITIES (Tables)

LEASE LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
LEASE LIABILITIES
Schedule of lease liabilities	​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Opening balance ​ 2,323 ​ 1,076 New liabilities and modifications of leases 880 1,670 Lease write off — (15) Principal repayment (386) (408) Ending balance 2,817 2,323 Current portion 431 329 Non-current portion 2,386 1,994 ​

BORROWINGS (Tables)

BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 2022
BORROWINGS
Schedule of borrowings	​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Opening balance ​ 2,129 ​ 1,793 New borrowings — 2,281 Repayments (208) (2,000) Accretion of issue costs — 9 Interest 67 46 Ending balance 1,988 2,129 Current portion 225 208 Non-current portion 1,763 1,921 ​

CONVERTIBLE NOTES (Tables)

CONVERTIBLE NOTES (Tables)	12 Months Ended
	Dec. 31, 2022
CONVERTIBLE NOTES
Schedule of convertible bonds	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Host (amortized cost) Derivative Deferred amount Total ​ ​ $ ​ $ ​ $ ​ $ Issuance [1] ​ 48,703 ​ 20,453 ​ (2,773) ​ 66,383 Interest accretion 732 — — 732 Fair value adjustment — (11,199) — (11,199) Amortization — — 140 140 Foreign exchange 382 127 (21) 488 Balance as of December 31, 2022 49,817 9,381 (2,654) 56,544 ​ [1]
Schedule of sensitivity analysis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reasonably Sensitivity [1] ​ ​ Sensitivity [1] ​ ​ November 8, 2022 ​ possible change ​ $ 000 (derivative liability) ​ December 31, 2022 ​ Reasonably possible change ​ $ 000 (derivative liability) Observable inputs ​ ​ ​ ​ ​ ​ Share Price US$4.73 US$3.82 + /- 10 % +3.6M/-1.9M Foreign Exchange rate 1.34 1.35 + /- 5 % + /- 0.5 M Unobservable inputs Expected volatility 50 % + /- 10% (absolute) +2.6M/-2.8M 50 % + /- 10% (absolute) +3.2M/-1.7M Credit Spread 10 % + /- 1% (absolute) + /- 0.5 M 9 % + /- 1% (absolute) + /- 0.3 M ​ [1]
Disclosure of conversion of debt into common shares	​ ​ ​ ​ ​ December 31, 2021 ​ ​ $ Opening balance ​ 14,505 Conversion (14,649) Accretion expense 144 Ending balance —

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2022
ASSET RETIREMENT OBLIGATION
Schedule of asset retirement obligation	​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Opening balance ​ 1,009 ​ 621 New obligations 46 383 Change in estimate ​ (120) ​ — Accretion expense 17 5 Ending balance 952 1,009 ​

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2022
EQUITY
Schedule of shares	​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2022 ​ December 31, 2021 Shares issued at the start of the period 55,118,316 27,299,332 Shares issued from offering 502,082 11,479,977 Warrants exercised — 7,821,700 Options exercised 253,500 720,201 Shares issued for conversion of 2020 Convertible Note — 7,500,000 Shares issued for interest payment — 297,106 Shares issued at the end of period 55,873,898 55,118,316 ​
Schedule of calculation of basic and diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2022 ​ December 31, 2021 Loss attributable to the ordinary equity holders of the Company 47,714 39,890 Gain on change in fair value of embedded derivatives (i) (3,850) — Loss attributable to the ordinary equity holders of the Company used in calculation of the diluted loss per share 51,564 39,890 ​ ​ ​ ​ ​ Basic weighted average number of shares outstanding 55,600,636 42,971,152 Dilutive effect of 2022 Convertibles Notes 1,452,055 — Dilutive weighted average number of shares outstanding 57,052,691 42,971,152 ​ ​ ​ ​ ​ Basic loss per share 0.86 0.93 Diluted loss per share 0.90 0.93 ​
Schedule of warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ ​ ​ Weighted average ​ ​ ​ Weighted average ​ ​ ​ ​ exercise price ​ ​ ​ exercise price ​ ​ Number ​ $ ​ Number ​ $ Opening balance ​ — ​ — ​ 7,853,439 ​ 2.26 Issued ​ — ​ — ​ — ​ — Exercised — — (7,821,700) 2.25 Expired — — (31,739) 3.50 Ending balance — — — — ​
Schedule of share options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ December 31, 2021 ​ ​ ​ ​ Weighted average ​ ​ ​ Weighted average ​ ​ ​ ​ exercise price ​ ​ ​ exercise price ​ ​ Number ​ $ ​ Number ​ $ Opening balance ​ 2,352,249 ​ 7.07 ​ 2,400,000 ​ 3.20 Granted ​ 2,219,304 ​ 8.13 ​ 735,000 ​ 15.95 Exercised (253,500) 2.90 (720,201) 3.06 Expired (385,000) 12.21 (51,300) 7.00 Forfeited (21,249) 9.47 (1,250) 16.84 Cancelled — — (10,000) 16.84 Ending balance 3,911,804 7.42 2,352,249 7.07 Options that can be exercised 2,872,500 7.22 2,058,500 7.30 ​
Schedule of the weighted average fair value of the share options granted were estimated using the Black-Scholes option pricing model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Share price at date of grant ​ $ 8.13 ​ $ 15.95 ​ Expected life ​ ​ 4.11 years ​ 5 years ​ Risk-free interest rate ​ ​ 2.33 % ​ 0.82 % Expected volatility ​ ​ 81.49 % ​ 67.86 % Expected dividend ​ ​ Nil ​ Nil ​ Fair value per option ​ $ 4.79 ​ $ 8.95 ​ ​
Schedule of share options issued are exercisable at the closing market price of the common shares on the day prior to their grant	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price Expiration date ​ Total number ​ Total exercisable ​ $ Year 2023 ​ 330,000 ​ 330,000 ​ 3.45 Year 2024 ​ 895,304 ​ 370,000 ​ 6.56 Year 2025 772,500 772,500 3.33 Year 2026 490,000 490,000 16.31 Year 2027 1,424,000 910,000 8.06 Ending balance 3,911,804 2,872,500 7.42

EXPLORATION AND EVALUATION EX_2

EXPLORATION AND EVALUATION EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2022
EXPLORATION AND EVALUATION EXPENSES
Schedule of exploration and evaluation expenses	​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Wages and benefits ​ 3,274 ​ 3,637 Share-based compensation 898 452 Engineering 162 1,856 Professional fees 554 190 Materials, consumables, and supplies 824 1,330 Maintenance & Subcontracting 1,252 1,454 Geology and drilling 31 143 Utilities 420 349 Depreciation and amortization 283 217 Other 95 213 Uatnan mining project ​ 309 ​ — Grants (37) (36) Tax credits (638) (1,443) Exploration and evaluation expenses 7,427 8,362 ​

BATTERY MATERIAL PLANT PROJEC_2

BATTERY MATERIAL PLANT PROJECT EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2022
BATTERY MATERIAL PLANT PROJECT EXPENSES
Schedule of battery material plant project expenses	​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Wages and benefits ​ 2,698 ​ 754 Share-based compensation 534 — Engineering 8,895 4,136 Professional fees 914 898 Materials, consumables, and supplies 920 686 Maintenance & Subcontracting ​ 1,180 ​ 268 Utilities 553 — Depreciation and amortization 4,028 177 Other 146 39 Grants (506) (718) Tax credits (272) (264) Battery Material Plant project expenses 19,090 5,976 ​

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2022
GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ $ $ Wages and benefits ​ 7,083 4,883 Share-based compensation ​ 7,274 6,224 Professional fees ​ 1,435 2,635 Consulting fees ​ 2,618 1,476 Travelling, representation and convention ​ 668 627 Office and administration ​ 8,862 6,747 Stock exchange, authorities, and communication ​ 462 872 Depreciation and amortization ​ 246 699 Loss on asset disposal ​ — 5 Other financial fees ​ 26 35 General and administrative expenses ​ 28,674 24,203 ​

NET FINANCIAL COSTS (INCOME) (T

NET FINANCIAL COSTS (INCOME) (Tables)	12 Months Ended
	Dec. 31, 2022
NET FINANCIAL COSTS (INCOME)
Schedule of net financial costs (income)	​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ $ ​ $ Foreign exchange loss (gain) ​ 453 ​ (985) Interest income (701) (327) Interest expense on lease liabilities 19 113 Change in fair value - listed shares ​ 1,700 ​ — Change in fair value - embedded derivative and deferred amount amortization ​ (11,059) ​ — Accretion on borrowings and notes 816 2,104 Interest on borrowings and notes ​ 895 ​ 101 Net financial costs (income) (7,877) 1,006

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
Schedule of income tax expense attributable to earnings differs from the amounts computed by applying the combined federal and provincial statutory income tax rate to loss before income taxes	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ $ ​ $ ​ Loss before income taxes ​ (47,314) (39,490) ​ Tax recovery computed at applicable statutory tax rate ​ 26.50 % 26.50 % Tax expense at combined statutory rate ​ (12,538) (10,465) ​ Increase (decrease) in income taxes resulting from: ​ ​ ​ ​ Temporary difference not recorded ​ 10,018 8,937 ​ Share-based payments ​ 2,307 1,769 ​ Non-deductible expenses ​ 325 406 ​ Mining royalties ​ 400 400 ​ Non-taxable mining duties ​ (108) (219) ​ Other ​ (4) (428) ​ Income tax ​ 400 400 ​ Composition of deferred income taxes in the income statement: ​ ​ ​ ​ Taxes payable ​ 400 400 ​ Income tax ​ 400 400 ​ ​
Schedule of temporary differences for which the company has recognized deferred tax assets and liabilities	As at December 31, 2022, temporary differences for which the company has recognized deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in the Recognized in other Recognized in ​ ​ ​ Opening balance ​ net earnings ​ comprehensive income ​ Equity ​ Closing balance Convertible notes ​ — ​ (9,693) ​ — ​ — ​ (9,693) Exploration and evaluation expenses — 9,693 — — 9,693 ​
Schedule of temporary differences and unused tax losses for which the Company has not recognized deferred tax assets	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ $ $ FEDERAL ​ ​ ​ ​ Exploration and evaluation expenses 44,572 ​ 37,787 Property and equipment 3,080 ​ 2,253 Equity investment 2,346 ​ 646 Asset retirement obligation 952 ​ 1,009 Share issue expenses 5,102 ​ 5,990 Research and development expenses 19,412 ​ 16,700 Non-capital losses 69,792 ​ 46,371 Unrealized foreign exchange loss on convertible notes ​ 519 ​ — Other 273 ​ 74 ​ 146,048 ​ 110,830 PROVINCIAL ​ ​ ​ Exploration and evaluation expenses 41,796 ​ 35,058 Property and equipment 3,080 ​ 2,253 Equity investment 2,346 ​ 646 Asset retirement obligation 952 ​ 1,009 Share issue expenses 5,102 ​ 293 Research and development expenses 25,158 ​ 19,447 Non-capital losses 68,341 ​ 45,943 Unrealized foreign exchange loss on convertible notes ​ 519 ​ — Other 273 ​ 74 ​ 147,567 ​ 104,723 ​
Schedule of accumulated non-capital losses for tax purposes which can be used to reduce taxable income in future years	As at December 31, 2022, the Company’s accumulated non-capital losses for tax purposes which can be used to reduce taxable income in future years as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year incurred Expiration date Federal Provincial 2022 ​ 2042 ​ 22,792 ​ 22,712 2021 2041 19,469 18,562 2020 2040 10,836 10,546 2019 2039 5,381 5,457 2018 2038 4,137 4,044 2017 2037 2,526 2,578 2016 2036 1,544 1,399 2015 2035 873 844 2014 2034 662 644 2013 2033 747 738 2012 2032 765 757 2011 2031 61 59 ​

ADDITIONAL CASH FLOW INFORMAT_2

ADDITIONAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
ADDITIONAL CASH FLOW INFORMATION
Schedule of additional ash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ ​ ​ $ ​ $ Grants receivable and other current assets 12 401 (111) Deferred grants ​ 20 (1,511) Mining tax credits (353) (1,707) Sales taxes receivable 30 (1,266) Prepaid expenses (370) (2,553) Accounts payable and accrued liabilities 11 (2,796) 3,901 Total net change in working capital (3,068) (3,247) ​ ​ ​ ​ ​ ​ ​ Income tax received 558 — Interest paid 69 101 ​ ​ ​ ​ ​ ​ ​ Non-cash investing and financing activities ​ ​ Property, plant and equipment included in accounts payable and accrued liabilities ​ ​ ​ 7,447 ​ 5,068 Share issue costs included in accounts payable and accrued liabilities ​ ​ ​ 8 ​ 49 Cost to issue the convertible notes included in accounts payable and accrued liabilities 659 — Shares issued for interest payment — 2,697

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Schedule of directors remuneration	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ $ $ Key management personnel of the Company Employee benefit expenses 2,641 1,158 Share-based payments 2,475 3,435 Directors of the Company Board fees 829 643 Share-based payments 1,247 2,333 ​

FINANCIAL INSTRUMENTS AND RIS_2

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2022
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Schedule of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ ​ ​ ​ At fair value through ​ Amortized cost ​ Total ​ ​ ​ ​ profit or loss ​ ​ ​ ​ ​ ​ $ $ $ FINANCIAL ASSETS ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ ​ — ​ 59,924 ​ 59,924 Grants receivable and other current assets ​ 12 — ​ 3,983 ​ 3,983 Investments – Listed shares ​ 7 ​ 800 ​ — ​ 800 Total financial assets ​ ​ 800 ​ 63,907 ​ 64,707 ​ ​ ​ ​ ​ ​ ​ ​ ​ FINANCIAL LIABILITIES ​ ​ ​ Account payables and accrued liabilities ​ 11 — ​ 15,429 ​ 15,429 Borrowings ​ 14 ​ — ​ 1,988 ​ 1,988 Convertible Notes ​ 15 6,727 ​ 49,817 ​ 56,544 Total financial liabilities ​ ​ 6,727 ​ 67,234 ​ 73,961 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2021 ​ ​ ​ ​ At fair value through ​ Amortized cost ​ Total ​ ​ ​ ​ profit or loss ​ ​ ​ ​ ​ ​ $ $ $ FINANCIAL ASSETS ​ ​ ​ Cash and cash equivalents ​ — ​ 62,355 ​ 62,355 Grants receivable and other current assets 12 ​ — ​ 3,096 ​ 3,096 Total financial assets ​ — ​ 65,451 ​ 65,451 ​ ​ ​ ​ ​ ​ ​ ​ ​ FINANCIAL LIABILITIES ​ ​ ​ Account payables and accrued liabilities 11 ​ — ​ 15,193 ​ 15,193 Borrowings 14 ​ — ​ 2,129 ​ 2,129 Total financial liabilities ​ — ​ 17,322 ​ 17,322 ​
Schedule of fair value of financial instrumens	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Financial Assets at FVTPL Non-current investments (Equity investment in publicly listed entities) 800 — — 800 Financial liabilities at FVTPL Convertible notes - Embedded derivatives (note 15) — — 6,727 6,727 ​
Schedule of liquidity risk	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ ​ Carrying ​ Contractual ​ 0 to 12 ​ 12 to 24 ​ More than ​ amount cash flow months months 24 months Account payables and accrued liabilities 15,429 15,429 15,429 — — Lease liabilities 2,817 3,423 560 647 2,216 Borrowings 1,988 2,330 352 577 1,401 Convertible Notes – Host (i) ​ 49,817 ​ 67,723 ​ — ​ — ​ 67,723 Convertible Notes – Embedded Derivatives (i) 6,727 — — — — ​
Schedule of balances in U.S.dollars held by entities having the Canadian dollar as their functional currency	​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ As at December 31, 2021 ​ $ ​ $ Cash and cash equivalents in US dollars ​ 10,928 11,435 Accounts payables in US dollars ​ (407) (1,044) Convertible notes – Host in US dollars ​ (36,780) ​ — Net exposure, in US dollars ​ (26,259) 10,391 Equivalent in Canadian dollars ​ (35,570) 13,175 ​

ADDITIONAL SEGMENT INFORMATION

ADDITIONAL SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
ADDITIONAL SEGMENT INFORMATION
Schedule of additional segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Matawinie Mine ​ Battery Material ​ Corporate ​ Total ​ Project Plant project ​ ​ Total property, plant and equipment 39,597 21,289 3,249 64,135 Total liabilities 8,022 3,808 65,920 77,750 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Matawinie Mine ​ Battery Material ​ Corporate ​ Total ​ Project Plant project ​ ​ Total property, plant and equipment 18,032 18,886 5,185 42,103 Total liabilities 7,570 6,320 6,764 20,654

NATURE OF OPERATIONS AND GOIN_2

NATURE OF OPERATIONS AND GOING CONCERN (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Nov. 30, 2022 CAD ($)	Nov. 30, 2022 USD ($)
NATURE OF OPERATIONS AND GOING CONCERN
Accumulated deficit	$ (164,604)	$ (116,890)
Net loss	(47,714)	(39,890)
Cash outflows from operating activities	$ (44,881)	$ (34,325)
Notes issued			$ 67,200	$ 50

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Property and equipment (Details)	12 Months Ended
	Dec. 31, 2022
Buildings | Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	10 years
Buildings | Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	25 years
Equipment | Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	2 years
Equipment | Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	15 years
Furnitures | Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	3 years
Furnitures | Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	7 years
Computers
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	3 years
Rolling Stock
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	5 years

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Intangible assets (Details)	12 Months Ended
	Dec. 31, 2022
Software
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	2 years
Licenses | Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	2 years
Licenses | Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	10 years

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) $ in Thousands, $ in Thousands	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CAD ($)
CASH AND CASH EQUIVALENTS
Cash and cash equivalents	$ 59,924		$ 62,355		$ 4,520
Cash in bank balance		$ 4,889	1,186	$ 876
Short-term deposits	$ 40,234		$ 13,615	$ 10,052

INVESTMENTS - LISTED SHARES (De

INVESTMENTS - LISTED SHARES (Details) - CAD ($) $ / shares in Units, $ in Thousands, shares in Millions		1 Months Ended	12 Months Ended
	Jul. 20, 2022	Jul. 31, 2022	Dec. 31, 2022
INVESTMENTS - LISTED SHARES
Number of trading days for VWAP of shares on TSXV	20 days
Lac Gueret property
INVESTMENTS - LISTED SHARES
Preliminary economic assessment expense			$ 309
Mason
INVESTMENTS - LISTED SHARES
Number of shares subscribed	5
Value of investment	$ 2,500
Price paid per share	$ 0.50
Closing price per share			$ 0.16
Gain (loss) from change in fair value of investments in common shares.			$ 1,700
Mason | Lac Gueret property
INVESTMENTS - LISTED SHARES
Number of shares subscribed		5
Percentage of property agreed to acquire		51%
Investment in exploration activities		$ 10,000

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property and equipment
Balance as at beginning of year	$ 42,103
Balance as at ending of year	64,135	$ 42,103
COST
Property and equipment
Balance as at beginning of year	42,503	4,505
Acquisition		38,090
Additions	25,796
Write-Off/Disposals	1	92
Balance as at ending of year	68,298	42,503
ACCUMULATED DEPRECIATION
Property and equipment
Balance as at beginning of year	(400)	(298)
Depreciation	3,764	189
Write-Off/Disposals	(1)	(87)
Balance as at ending of year	(4,163)	(400)
Land
Property and equipment
Balance as at beginning of year	2,412
Balance as at ending of year	2,455	2,412
Land | COST
Property and equipment
Balance as at beginning of year	2,412	507
Acquisition		1,905
Additions	43
Balance as at ending of year	2,455	2,412
Buildings
Property and equipment
Balance as at beginning of year	2,461
Balance as at ending of year	2,716	2,461
Buildings | COST
Property and equipment
Balance as at beginning of year	2,791	2,642
Acquisition		149
Additions	15
Transfers	461
Balance as at ending of year	3,267	2,791
Buildings | ACCUMULATED DEPRECIATION
Property and equipment
Balance as at beginning of year	(330)	(219)
Depreciation	221	111
Balance as at ending of year	(551)	(330)
Equipment
Property and equipment
Balance as at beginning of year	144
Balance as at ending of year	6,335	144
Equipment | COST
Property and equipment
Balance as at beginning of year	163
Acquisition		163
Additions	248
Transfers	9,402
Balance as at ending of year	9,813	163
Equipment | ACCUMULATED DEPRECIATION
Property and equipment
Balance as at beginning of year	(19)
Depreciation	3,459	19
Balance as at ending of year	(3,478)	(19)
Computers
Property and equipment
Balance as at beginning of year	116
Balance as at ending of year	69	116
Computers | COST
Property and equipment
Balance as at beginning of year	141	56
Acquisition		132
Write-Off/Disposals		47
Balance as at ending of year	141	141
Computers | ACCUMULATED DEPRECIATION
Property and equipment
Balance as at beginning of year	(25)	(39)
Depreciation	47	30
Write-Off/Disposals		(44)
Balance as at ending of year	(72)	(25)
Furnitures
Property and equipment
Balance as at beginning of year	14
Balance as at ending of year	93	14
Furnitures | COST
Property and equipment
Balance as at beginning of year	25	70
Transfers	93
Write-Off/Disposals		45
Balance as at ending of year	118	25
Furnitures | ACCUMULATED DEPRECIATION
Property and equipment
Balance as at beginning of year	(11)	(32)
Depreciation	14	22
Write-Off/Disposals		(43)
Balance as at ending of year	(25)	(11)
Rolling Stock
Property and equipment
Balance as at beginning of year	38
Balance as at ending of year	91	38
Rolling Stock | COST
Property and equipment
Balance as at beginning of year	53	24
Acquisition		29
Additions	50
Transfers	26
Write-Off/Disposals	1
Balance as at ending of year	128	53
Rolling Stock | ACCUMULATED DEPRECIATION
Property and equipment
Balance as at beginning of year	(15)	(8)
Depreciation	23	7
Write-Off/Disposals	(1)
Balance as at ending of year	(37)	(15)
Mine under construction
Property and equipment
Balance as at beginning of year	18,032
Balance as at ending of year	37,785	18,032
Mine under construction | COST
Property and equipment
Balance as at beginning of year	18,032
Acquisition		18,032
Additions	19,753
Balance as at ending of year	37,785	18,032
Battery Material Demonstration Plant under construction
Property and equipment
Balance as at beginning of year	18,886
Balance as at ending of year	14,591	18,886
Battery Material Demonstration Plant under construction | COST
Property and equipment
Balance as at beginning of year	18,886	1,206
Acquisition		17,680
Additions	5,687
Transfers	(9,982)
Balance as at ending of year	$ 14,591	$ 18,886

PROPERTY, PLANT AND EQUIPMENT-

PROPERTY, PLANT AND EQUIPMENT- Additional Information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT
Amount of PPE net of grants received	$ 5,483	$ 4,109
Percentage of NSR bought back	1.80%
Amount of NSR bought back	$ 1,800

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2019 CAD ($)	Dec. 31, 2019 USD ($)
INTANGIBLE ASSETS
Payments for the use of patents			$ 2,562	$ 2
Reconciliation of intangible assets
Balance as at beginning of year	$ 481
Balance as at ending of year	182	$ 481
COST
Reconciliation of intangible assets
Balance as at beginning of year	1,604	2,578
Write-off of assets	(384)	(974)
Balance as at ending of year	1,220	1,604
ACCUMULATED DEPRECIATION
Reconciliation of intangible assets
Balance as at beginning of year	(1,123)	(1,659)
Amortization	299	438
Write-off of assets	384	974
Balance as at ending of year	(1,038)	(1,123)
Software | COST
Reconciliation of intangible assets
Balance as at beginning of year		16
Write-off of assets		(16)
Software | ACCUMULATED DEPRECIATION
Reconciliation of intangible assets
Balance as at beginning of year		(16)
Write-off of assets		16
Licenses
Reconciliation of intangible assets
Balance as at beginning of year	481
Balance as at ending of year	182	481
Licenses | COST
Reconciliation of intangible assets
Balance as at beginning of year	1,604	2,562
Write-off of assets	(384)	(958)
Balance as at ending of year	1,220	1,604
Licenses | ACCUMULATED DEPRECIATION
Reconciliation of intangible assets
Balance as at beginning of year	(1,123)	(1,643)
Amortization	299	438
Write-off of assets	384	958
Balance as at ending of year	$ (1,038)	$ (1,123)

RIGHT-OF-USE ASSETS (Details)

RIGHT-OF-USE ASSETS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
RIGHT-OF-USE ASSETS
As at beginning of year	$ 2,254
Depreciation	250	$ 213
As at ending of year	2,656	2,254
COST
RIGHT-OF-USE ASSETS
As at beginning of year	2,879	1,909
New leases	451	1,612
End of leases	(254)	(700)
Remeasurement of lease	401	58
As at ending of year	3,477	2,879
ACCUMULATED DEPRECIATION
RIGHT-OF-USE ASSETS
As at beginning of year	(625)	(842)
Depreciation	494	468
End of leases	(254)	(685)
Remeasurement of lease	(44)
As at ending of year	(821)	(625)
Buildings
RIGHT-OF-USE ASSETS
As at beginning of year	2,162
As at ending of year	2,607	2,162
Buildings | COST
RIGHT-OF-USE ASSETS
As at beginning of year	2,715	1,297
New leases	451	1,612
End of leases	(205)	(252)
Remeasurement of lease	445	58
As at ending of year	3,406	2,715
Buildings | ACCUMULATED DEPRECIATION
RIGHT-OF-USE ASSETS
As at beginning of year	(553)	(386)
Depreciation	451	419
End of leases	(205)	(252)
As at ending of year	$ (799)	(553)
Buildings | Minimum
RIGHT-OF-USE ASSETS
Lease term (in years)	2 years
Buildings | Maximum
RIGHT-OF-USE ASSETS
Lease term (in years)	5 years
Equipment | COST
RIGHT-OF-USE ASSETS
As at beginning of year		339
End of leases		(339)
Equipment | ACCUMULATED DEPRECIATION
RIGHT-OF-USE ASSETS
As at beginning of year		(321)
Depreciation		3
End of leases		(324)
Equipment | Minimum
RIGHT-OF-USE ASSETS
Lease term (in years)	2 years
Equipment | Maximum
RIGHT-OF-USE ASSETS
Lease term (in years)	3 years
Rolling Stock
RIGHT-OF-USE ASSETS
As at beginning of year	$ 92
As at ending of year	49	92
Rolling Stock | COST
RIGHT-OF-USE ASSETS
As at beginning of year	164	273
End of leases	(49)	(109)
Remeasurement of lease	(44)
As at ending of year	71	164
Rolling Stock | ACCUMULATED DEPRECIATION
RIGHT-OF-USE ASSETS
As at beginning of year	(72)	(135)
Depreciation	43	46
End of leases	(49)	(109)
Remeasurement of lease	(44)
As at ending of year	$ (22)	$ (72)
Rolling Stock | Minimum
RIGHT-OF-USE ASSETS
Lease term (in years)	2 years
Rolling Stock | Maximum
RIGHT-OF-USE ASSETS
Lease term (in years)	3 years

RIGHT-OF-USE ASSETS - Additiona

RIGHT-OF-USE ASSETS - Additional Information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
RIGHT-OF-USE ASSETS
Depreciation	$ 250	$ 213
Battery material plant project expenses
RIGHT-OF-USE ASSETS
Depreciation	$ 162	$ 166

ACCOUNTS PAYABLES AND ACCRUED_3

ACCOUNTS PAYABLES AND ACCRUED LIABILITIES (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ACCOUNTS PAYABLES AND ACCRUED LIABILITIES
Trade payables and accrued liabilities	$ 12,825	$ 13,284
Wages and benefits liabilities	2,524	1,772
Other payables	80	137
Accounts payables and accrued liabilities	$ 15,429	$ 15,193

GRANTS RECEIVABLE AND OTHER C_2

GRANTS RECEIVABLE AND OTHER CURRENT ASSETS (Details) - CAD ($) $ in Thousands	1 Months Ended					12 Months Ended
	Aug. 31, 2022	Jan. 31, 2022	Mar. 31, 2021	Feb. 29, 2020	Aug. 31, 2019	Dec. 31, 2022	Apr. 30, 2020	Mar. 31, 2020
GRANTS
Deferred grants								$ 213
Grant receivable						$ 542
Sustainable Development Technology Canada Agreement1 [Member]
GRANTS
Government grants secured				$ 4,250	$ 4,250
Additional grant receivables			$ 223
Amount of payments received				$ 2,000		857
Increase in initial commitment (in percent)				5%
Deferred grants				$ 213		425
Sustainable Development Technology Canada Agreement 2 [Member]
GRANTS
Government grants secured	$ 5,750
Amount of payments received	$ 1,849
Grant receivable						862
Transition Energetique Quebec [Member]
GRANTS
Additional grant receivables		$ 3,000
Deferred grants						700	$ 3,000
Grant receivable						750
Transition Energetique Quebec [Member] | Saint-Michel-des-Saints [Member]
GRANTS
Grant receivable						$ 1,378

LEASE LIABILITIES (Details)

LEASE LIABILITIES (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
LEASE LIABILITIES
Opening balance	$ 2,323	$ 1,076
New liabilities and modifications of leases	880	1,670
Lease write off		(15)
Principal repayment	(386)	(408)
Ending balance	2,817	2,323
Current portion	431	329
Non-current portion	2,386	1,994
Expenses related to short term leases	$ 629	$ 339
Lease of assets term	12 months

BORROWINGS (Details)

BORROWINGS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
BORROWINGS
Opening balance	$ 2,129	$ 1,793
New borrowing		2,281
Repayments	(208)	(2,000)
Accretion of issue costs		9
Interest	67	46
Ending balance	1,988	2,129
Current portion	225	208
Non-current portion	$ 1,763	$ 1,921

BORROWINGS - Additional Informa

BORROWINGS - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2021 CAD ($) installment	Dec. 31, 2021 CAD ($)	Jan. 29, 2021 CAD ($)
BORROWINGS
Amount received as part of repayable contribution agreement		$ 150
Loan value		119
Amount of grant		$ 31
Vendor [Member]
BORROWINGS
Agreement with vendor			$ 1,137
Interest rate (in percent)			8%
Sustainable Development Technology Canada [Member]
BORROWINGS
Interest rate (in percent)	0%
Amount received as part of repayable contribution agreement	$ 1,350
Number of installments | installment	60
Discounted interest rate (in percent)	5.50%
Loan value	$ 1,025
Amount of grant	$ 325

CONVERTIBLE NOTES (Details)

CONVERTIBLE NOTES (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands							12 Months Ended
	Nov. 08, 2022 CAD ($)	Nov. 08, 2022 USD ($)	Jun. 23, 2021 $ / shares	Jun. 23, 2021 $ / shares	Feb. 12, 2021 $ / shares	Jan. 20, 2021 $ / shares	Dec. 31, 2022 CAD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
CONVERTIBLE NOTES
Ending balance							$ 56,544
Transaction costs							$ 821	$ 608
Aggregate gross proceeds	$ 67,200	$ 50,000
Maturity term	36 months	36 months
Converison price per unit | $ / shares								$ 5
Number of share per unit | shares							1		1
Number of share warrants per unit | shares							1		1
Number of shares per each share warrant | shares							1		1
Exercise price of warrants | $ / shares									$ 5.70
Warrants term							24 months		24 months
Fair value of inception							$ 77,700		$ 57,800
Difference between the transaction price and the fair value							10,500		7,800
Accrued interest							$ 829		612
Shares issued for conversion debt (convertible bond) | shares							160,976	160,976
Share price per share | (per share)			$ 7.50	$ 9.22	$ 14.50	$ 14.50		$ 3.80
Minimum
CONVERTIBLE NOTES
Borrowings variable interest rate	4%	4%
Maximum
CONVERTIBLE NOTES
Borrowings variable interest rate	6%	6%
Host (amortized cost)
CONVERTIBLE NOTES
Ending balance							$ 49,817
Derivative
CONVERTIBLE NOTES
Ending balance							6,727
2022 - US$50 million convertible notes with Mitsui, Pallinghurst and Investissement Quebec
CONVERTIBLE NOTES
Issuance							66,383
Interest accretion							732
Fair value adjustment							(11,199)
Amortization							140
Foreign exchange							488
Ending balance							56,544		$ 50
2022 - US$50 million convertible notes with Mitsui, Pallinghurst and Investissement Quebec | Host (amortized cost)
CONVERTIBLE NOTES
Issuance							48,703
Interest accretion							732
Foreign exchange							382
Ending balance							49,817
2022 - US$50 million convertible notes with Mitsui, Pallinghurst and Investissement Quebec | Derivative
CONVERTIBLE NOTES
Issuance							20,453
Fair value adjustment							(11,199)
Foreign exchange							127
Ending balance							9,381
2022 - US$50 million convertible notes with Mitsui, Pallinghurst and Investissement Quebec | Deferred amount
CONVERTIBLE NOTES
Issuance.							(2,773)
Amortization							140
Foreign exchange							(21)
Ending balance.							$ (2,654)

CONVERTIBLE NOTES - Sensitivity

CONVERTIBLE NOTES - Sensitivity analysis (Details) - 2022 - US$50 million convertible notes with Mitsui, Pallinghurst and Investissement Quebec $ in Millions		12 Months Ended
	Nov. 08, 2022 CAD ($) $ / $ $ / shares	Dec. 31, 2022 CAD ($) $ / $ $ / shares
Share price
CONVERTIBLE NOTES
Unobservable inputs | $ / shares	4.73	3.82
Percentage of possible change, increase		10%
Percentage of possible change, decrease		10%
Increase (decrease) in liability due to decrease in possible change		$ 1.9
Increase (decrease) in liability due to increase in possible change		$ 3.6
Foreign exchange rate
CONVERTIBLE NOTES
Unobservable inputs | $ / $	1.34	1.35
Percentage of possible change, increase		5%
Percentage of possible change, decrease		5%
Increase (decrease) in liability due to decrease in possible change		$ 0.5
Increase (decrease) in liability due to increase in possible change		$ 0.5
Expected volatility
CONVERTIBLE NOTES
Unobservable inputs	0.50	0.50
Percentage of possible change, increase	10%	10%
Percentage of possible change, decrease	10%	10%
Increase (decrease) in liability due to decrease in possible change	$ 2.8	$ 1.7
Increase (decrease) in liability due to increase in possible change	$ 2.6	$ 3.2
Credit spread
CONVERTIBLE NOTES
Unobservable inputs	0.10	0.09
Percentage of possible change, increase	1%	1%
Percentage of possible change, decrease	1%	1%
Increase (decrease) in liability due to decrease in possible change	$ 0.5	$ 0.3
Increase (decrease) in liability due to increase in possible change	$ 0.5	$ 0.3

CONVERTIBLE NOTES - 2020 - Conv

CONVERTIBLE NOTES - 2020 - Convertible Note with Pallinghurst (Details) - CAD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
CONVERTIBLE NOTES
Shares issued for conversion debt (convertible bond)		160,976
Ending balance		$ 56,544
Pallinghurst
CONVERTIBLE NOTES
Shares issued for conversion debt (convertible bond)	7,500,000
Opening balance			$ 14,505
Conversion			(14,649)
Accretion expense			$ 144

ASSET RETIREMENT OBLIGATION (De

ASSET RETIREMENT OBLIGATION (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
ASSET RETIREMENT OBLIGATION
Opening balance	$ 1,009	$ 621
New obligations	46	383
Change in estimate	(120)
Accretion expense	17	5
Ending balance	$ 952	$ 1,009
Discount rate used (in percent)	5.26%	3.62%
Term of completion of reclamation work (in years)	28 years

EQUITY - Share capital (Details

EQUITY - Share capital (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Millions						12 Months Ended
	Jul. 23, 2021 CAD ($) $ / shares shares	Jun. 23, 2021 CAD ($) $ / shares shares	Jun. 23, 2021 USD ($) $ / shares shares	Feb. 12, 2021 CAD ($) $ / shares shares	Jan. 20, 2021 CAD ($) $ / shares shares	Dec. 31, 2022 CAD ($) $ / shares shares	Dec. 31, 2022 $ / shares $ / shares shares	Dec. 31, 2021 CAD ($) $ / shares shares	Jan. 21, 2022 USD ($)
Shares issued
Maximum amount of offer and sale of shares under ATM offering | $									$ 75
Number of shares issued		7,000,000	7,000,000	396,552	1,034,500
Share price per share | (per share)		$ 9.22	$ 7.50	$ 14.50	$ 14.50		$ 3.80
Number of additional shares issued		915,000	915,000		155,175
Net proceeds		$ 64,500	$ 52.5	$ 5,750	$ 15,000	$ 3,987		$ 114,242
Gross proceeds from public offering		$ 72,900	$ 59.4		$ 17,250
At the Market Equity Offering [Member]
Shares issued
Number of shares issued						502,082	502,082
Share price per share | $ / shares						$ 7.94
Net proceeds | $						$ 3,887
Gross proceeds from public offering | $						3,987
commissions expenses | $						$ 100
Authorized share capital
Share capital
Par value | $ / shares						$ 0	$ 0	$ 0
Shares issued
Shares issued at the start of the period						55,118,316		27,299,332
Shares issued from offering						502,082		11,479,977
Warrants exercised								7,821,700
Options exercised						253,500		720,201
Shares issued for conversion of 2020 Convertible Note								7,500,000
Shares issued for interest payment								297,106
Shares issued at the end of period						55,873,898		55,118,316
Pallinghurst
Shares issued
Number of shares issued		66,666	66,666
Investissement Quebec
Shares issued
Number of shares issued	1,978,750			317,241
Share price per share | $ / shares	$ 9.25
Net proceeds | $	$ 18,300

EQUITY - Loss Per Share (Detail

EQUITY - Loss Per Share (Details) - CAD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
EQUITY
Net loss and comprehensive loss	$ (47,714)	$ (39,890)
Gain on change in fair value of embedded derivatives(i), net of interest expense associated with debt host	(3,850)
Loss attributable to the ordinary equity holders of the Company used in calculation of the diluted loss per share	$ (51,564)	$ (39,890)
Basic weighted average number of shares outstanding	55,600,636	42,971,152
Dilutive effect of 2022 Convertibles Notes	1,452,055
Dilutive weighted average number of shares outstanding	57,052,691	42,971,152
Basic loss per share	$ (0.86)	$ (0.93)
Diluted loss per share	$ (0.90)	$ (0.93)

EQUITY - Warrants (Details)

EQUITY - Warrants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number
Opening balance	0	7,853,439
Issued	0	0
Exercised		(7,821,700)
Expired		(31,739)
Ending balance	0	0
Weighted average exercise price
Opening balance (in dollars per share)	$ 0	$ 2.26
Issued (in dollars per share)	0	0
Exercised (in dollars per share)		2.25
Expired (in dollars per share)		3.50
Ending balance (in dollars per share)	$ 0	$ 0

EQUITY - Share-based payments (

EQUITY - Share-based payments (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($) Options Y tranche $ / shares shares	Dec. 31, 2021 CAD ($) Options Y tranche $ / shares shares
Number of Options
Opening balance	2,352,249	2,400,000
Granted	2,219,304	735,000
Exercised	(253,500)	(720,201)
Expired	(385,000)	(51,300)
Forfeited	(21,249)	(1,250)
Cancelled		(10,000)
Ending balance	3,911,804	2,352,249
Options that can be exercised	2,872,500	2,058,500
Weighted average exercise price
Opening balance (in dollars per share) | $ / shares	$ 7.07	$ 3.20
Granted (in dollars per share) | $ / shares	8.13	15.95
Exercised (in dollars per share) | $ / shares	2.90	3.06
Expired (in dollars per share) | $ / shares	12.21	7
Forfeited (in dollars per share) | $ / shares	9.47	16.84
Cancelled (in dollars per share) | $ / shares		16.84
Ending balance (in dollars per share) | $ / shares	7.42	7.07
Options that can be exercised (in dollars per share) | $ / shares	7.22	7.30
Weighted average price at the time of exercise | $ / shares	$ 7.91	$ 13.45
Number of tranches | tranche	4	4
Number of shares subscribed for each option | shares	1	1
Average period (in years)	4 years 1 month 9 days	5 years
Share price at date of grant | $ / shares	$ 8.13	$ 15.95
Expected life | Y	4.11	5
Risk-free interest rate	2.33%	0.82%
Expected volatility	81.49%	67.86%
Expected dividend | $
Fair value per option | $ / shares	$ 4.79	$ 8.95
Total options to be granted	10
Share-based compensation | $	$ 9,628	$ 6,676
Amount capitalized in property, plant and equipment | $	$ 922	$ 0
Year 2023
Number of Options
Ending balance	330,000
Options that can be exercised	330,000
Weighted average exercise price
Ending balance (in dollars per share) | $ / shares	$ 3.45
Year 2024
Number of Options
Ending balance	895,304
Options that can be exercised	370,000
Weighted average exercise price
Ending balance (in dollars per share) | $ / shares	$ 6.56
Year 2025
Number of Options
Ending balance	772,500
Options that can be exercised	772,500
Weighted average exercise price
Ending balance (in dollars per share) | $ / shares	$ 3.33
Year 2026
Number of Options
Ending balance	490,000
Options that can be exercised	490,000
Weighted average exercise price
Ending balance (in dollars per share) | $ / shares	$ 16.31
Year 2027
Number of Options
Ending balance	1,424,000
Options that can be exercised	910,000
Weighted average exercise price
Ending balance (in dollars per share) | $ / shares	$ 8.06
Officers
Number of Options
Granted	525,000	245,000
Directors
Number of Options
Granted	247,500	375,000
Employees
Number of Options
Granted	682,000	105,000
Consultants
Number of Options
Granted	764,804	10,000

EXPLORATION AND EVALUATION EX_3

EXPLORATION AND EVALUATION EXPENSES (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
EXPLORATION AND EVALUATION EXPENSES
Share-based compensation	$ 9,628	$ 6,676
Exploration and evaluation expenses	7,427	8,362
Exploration and evaluation expenses
EXPLORATION AND EVALUATION EXPENSES
Wages and benefits	3,274	3,637
Share-based compensation	898	452
Engineering	162	1,856
Professional fees	554	190
Materials, consumables, and supplies	824	1,330
Maintenance & Subcontracting	1,252	1,454
Geology and drilling	31	143
Utilities	420	349
Depreciation and amortization	283	217
Other	95	213
Uatnan mining project	309
Grants	(37)	(36)
Tax credits	(638)	(1,443)
Exploration and evaluation expenses	7,427	8,362
Wages and subsidies net of grant	$ 0	$ 473

BATTERY MATERIAL PLANT PROJEC_3

BATTERY MATERIAL PLANT PROJECT EXPENSES (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
BATTERY MATERIAL PLANT PROJECT EXPENSES
Share-based compensation	$ 9,628	$ 6,676
Battery Material Plant project expenses	19,090	5,976
Battery material plant project expenses
BATTERY MATERIAL PLANT PROJECT EXPENSES
Wages and benefits	2,698	754
Share-based compensation	534
Engineering	8,895	4,136
Professional fees	914	898
Materials, consumables, and supplies	920	686
Maintenance & Subcontracting	1,180	268
Utilities	553
Depreciation and amortization	4,028	177
Other	146	39
Grants	(506)	(718)
Tax credits	(272)	(264)
Battery Material Plant project expenses	19,090	5,976
Wages and subsidies net of grant	$ 0	$ 81

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - CAD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
GENERAL AND ADMINISTRATIVE EXPENSES
Share-based compensation		$ 9,628	$ 6,676
General and administrative expenses		28,674	24,203
General and administrative expenses.
GENERAL AND ADMINISTRATIVE EXPENSES
Wages and benefits		7,083	4,883
Share-based compensation		7,274	6,224
Professional fees		1,435	2,635
Consulting fees		2,618	1,476
Travelling, representation and convention		668	627
Office and administration		8,862	6,747
Stock exchange, authorities, and communication		462	872
Depreciation and amortization		246	699
Loss on asset disposal			5
Other financial fees		26	35
General and administrative expenses		$ 28,674	$ 24,203
Amount of settlement of litigation	$ 1,200

NET FINANCIAL COSTS (INCOME) (D

NET FINANCIAL COSTS (INCOME) (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
NET FINANCIAL COSTS (INCOME)
Foreign exchange loss (gain)	$ 453	$ (985)
Interest income	(701)	(327)
Interest expense on lease liabilities	19	113
Change in fair value - listed shares	1,700
Change in fair value - embedded derivatives	(11,059)
Accretion on borrowings and notes	816	2,104
Interest on borrowings and notes	895	101
Net financial costs (income)	$ (7,877)	$ 1,006

INCOME TAXES - Income tax recon

INCOME TAXES - Income tax reconciliation (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Loss before income taxes	$ (47,314)	$ (39,490)
Tax recovery computed at applicable statutory tax rate	26.50%	26.50%
Tax expense at combined statutory rate	$ (12,538)	$ (10,465)
Increase (decrease) in income taxes resulting from:
Temporary difference not recorded	10,018	8,937
Share-based payments	2,307	1,769
Non-deductible expenses	325	406
Mining royalties	400	400
Non-taxable mining duties	(108)	(219)
Other	(4)	(428)
Income tax	400	400
Composition of deferred income taxes in the income statement:
Taxes payable	400	400
Income tax	$ 400	$ 400
FEDERAL
INCOME TAXES
Tax recovery computed at applicable statutory tax rate	26.50%
PROVINCIAL
INCOME TAXES
Tax recovery computed at applicable statutory tax rate		26.50%

INCOME TAXES - Temporary differ

INCOME TAXES - Temporary differences for which the company has recognized deferred tax assets and liabilities (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Recognized in the net earnings	$ 400	$ 400
Convertible notes
INCOME TAXES
Opening balance	0
Recognized in the net earnings	(9,693)
Closing balance	(9,693)	0
Exploration and evaluation expenses
INCOME TAXES
Opening balance	0
Recognized in the net earnings	9,693
Closing balance	$ 9,693	$ 0

INCOME TAXES - Temporary diff_2

INCOME TAXES - Temporary differences and unused tax losses for which the Company has not recognized deferred tax assets (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
FEDERAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	$ 146,048	$ 110,830
PROVINCIAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	147,567	104,723
Exploration and evaluation expenses | FEDERAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	44,572	37,787
Exploration and evaluation expenses | PROVINCIAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	41,796	35,058
Property and equipment | FEDERAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	3,080	2,253
Property and equipment | PROVINCIAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	3,080	2,253
Equity investment | FEDERAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	2,346	646
Equity investment | PROVINCIAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	2,346	646
Asset retirement obligation | FEDERAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	952	1,009
Asset retirement obligation | PROVINCIAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	952	1,009
Share issue expenses | FEDERAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	5,102	5,990
Share issue expenses | PROVINCIAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	5,102	293
Research and development expenses | FEDERAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	19,412	16,700
Research and development expenses | PROVINCIAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	25,158	19,447
Non-capital losses | FEDERAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	69,792	46,371
Non-capital losses | PROVINCIAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	68,341	45,943
Other | FEDERAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	273	74
Other | PROVINCIAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	273	$ 74
Unrealized foreign exchange loss on convertible notes | FEDERAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	519
Unrealized foreign exchange loss on convertible notes | PROVINCIAL
Significant components of the unrecognized deferred tax assets and liabilities
Temporary differences and unused tax losses that have not been included on the consolidated statement of financial position	$ 519

INCOME TAXES - accumulated non-

INCOME TAXES - accumulated non-capital losses for tax purposes (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Investment tax credit carryovers	$ 3,698	$ 2,693
2022 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	22,792
2022 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	22,712
2021 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	19,469
2021 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	18,562
2020 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	10,836
2020 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	10,546
2019 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	5,381
2019 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	5,457
2018 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	4,137
2018 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	4,044
2017 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	2,526
2017 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	2,578
2016 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	1,544
2016 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	1,399
2015 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	873
2015 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	844
2014 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	662
2014 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	644
2013 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	747
2013 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	738
2012 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	765
2012 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	757
2011 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	61
2011 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	$ 59

ADDITIONAL CASH FLOW INFORMAT_3

ADDITIONAL CASH FLOW INFORMATION (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
ADDITIONAL CASH FLOW INFORMATION
Grants receivable and other current assets	$ 401	$ (111)
Deferred grants	20	(1,511)
Mining tax credits	(353)	(1,707)
Sales taxes receivable	30	(1,266)
Prepaid expenses	(370)	(2,553)
Accounts payable and accrued liabilities	(2,796)	3,901
Total net change in working capital	(3,068)	(3,247)
Items not affecting cash
Income tax received	558
Interest paid	69	101
Property, plant and equipment included in accounts payable and accrued liabilities	7,447	5,068
Share issue costs included in accounts payables and accrued liabilities	8	49
Cost to issue the convertible notes included in accounts payable and accrued liabilities	$ 659
Shares issued for interest payment		$ 2,697

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Key management personnel of the Company
Employee benefit expenses	$ 2,641	$ 1,158
Share-based payments	2,475	3,435
Directors of the Company
Board fees	829	643
Share-based payments	$ 1,247	$ 2,333

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) $ in Thousands, $ in Millions			1 Months Ended	12 Months Ended
	Nov. 08, 2022 USD ($)	Nov. 08, 2022 CAD ($)	Nov. 30, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
RELATED PARTY TRANSACTIONS
Aggregate gross proceeds	$ 50	$ 67,200
Minimum commitments under the contracts				$ 2,150	$ 1,554
Amount of additional minimum required payments to be made				$ 4,379	$ 3,139
Unsecured Convertible Notes
RELATED PARTY TRANSACTIONS
Aggregate gross proceeds			$ 50
Pallinghurst
RELATED PARTY TRANSACTIONS
Percentage of interest on issued and outstanding common shares				20.66%	20.94%
Amount Subscribed			12.5
Investissement Quebec
RELATED PARTY TRANSACTIONS
Amount Subscribed			$ 12.5

INFORMATION DISCLOSURE ABOUT _2

INFORMATION DISCLOSURE ABOUT CAPITAL MANAGEMENT (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
INFORMATION DISCLOSURE ABOUT CAPITAL MANAGEMENT
Carrying amount of equity, borrowings, leases and convertible loans	$ 133,673	$ 110,147

FINANCIAL INSTRUMENTS AND RIS_3

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Financial instruments (Details) $ in Thousands, $ in Millions	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)
FINANCIAL ASSETS
At fair value through profit or loss	$ 800		$ 0
Amortized cost	63,907		65,451
Total	64,707		65,451
FINANCIAL LIABILITIES
At fair value through profit or loss	6,727		0
Amortized cost	67,234		17,322
Total	73,961		17,322
Convertible Notes - Host
FINANCIAL LIABILITIES
Financial liabilities, fair value	59,300	$ 43.8
Account payables and accrued liabilities
FINANCIAL LIABILITIES
At fair value through profit or loss	0		0
Amortized cost	15,429		15,193
Total	15,429		15,193
Borrowings.
FINANCIAL LIABILITIES
At fair value through profit or loss	0		0
Amortized cost	1,988		2,129
Total	1,988		2,129
Convertible notes
FINANCIAL LIABILITIES
At fair value through profit or loss	6,727
Amortized cost	49,817
Total	56,544
Cash and cash equivalents
FINANCIAL ASSETS
At fair value through profit or loss	0		0
Amortized cost	59,924		62,355
Total	59,924		62,355
Grants receivable and other current assets
FINANCIAL ASSETS
At fair value through profit or loss	0		0
Amortized cost	3,983		3,096
Total	3,983		$ 3,096
Investment - Listed shares
FINANCIAL ASSETS
At fair value through profit or loss	800
Total	$ 800

FINANCIAL INSTRUMENTS AND RIS_4

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Fair Value Hierarchy (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial assets and financial liabilities
Investment - Listed shares	$ 800
Convertible notes	56,544
Transfers out of Level 1 into Level 2, Assets	0	$ 0
Transfers out of Level 2 into Level 1, Assets	0	0
Transfers out of Level 1 into Level 2, Liabilities	0	0
Transfers out of Level 2 into Level 1, Liabilities	0	0
Transfers into Level 3, Assets	0	0
Transfers out of Level 3, Assets	0	0
Transfers into Level 3, Liabilities	0	0
Transfers out of Level 3, Liabilities	0	$ 0
Financial liabilities at FVTPL
Financial assets and financial liabilities
Convertible notes	6,727
Financial liabilities at FVTPL | Level 3
Financial assets and financial liabilities
Convertible notes	6,727
Financial Assets at FVTPL
Financial assets and financial liabilities
Investment - Listed shares	800
Financial Assets at FVTPL | Level 1
Financial assets and financial liabilities
Investment - Listed shares	$ 800

FINANCIAL INSTRUMENTS AND RIS_5

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Currency risk (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Currency risk
Cash and cash equivalents	$ 59,924	$ 62,355	$ 4,520
Accounts payables	$ (15,429)	(15,193)
Currency risk
Currency risk
Percentage of increase in risk assumption	5%
Increase (decrease) in net earnings due possible increase in risk assumption		659
Percentage of decrease in risk assumption	5%
Increase (decrease) in net earnings due possible decrease in risk assumption	$ (1,778)
Currency risk | US dollar
Currency risk
Cash and cash equivalents	10,928	11,435
Accounts payables	(407)	(1,044)
Convertibles notes - Host	(36,780)	0
Net exposure	(26,259)	10,391
Currency risk | Canadian dollar
Currency risk
Net exposure	$ (35,570)	$ 13,175

FINANCIAL INSTRUMENTS AND RIS_6

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Liquidity risk (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liquidity risk
Accounts payables and accrued liabilities	$ 15,429	$ 15,193
Short-term liabilities	16,105	15,730
Lease liabilities	2,817	2,323	$ 1,076
Lease liabilities, contractual cash flows	3,423
Borrowings	1,988	$ 2,129	$ 1,793
Borrowings, contractual cash flows	2,330
Account payables and accrued liabilities, contractual cash flows	15,429
Convertible notes	56,544
Convertible Notes - Host
Liquidity risk
Convertible notes	49,817
Convertible notes, contractual cash flows	67,723
Convertible Notes - Embedded Derivatives
Liquidity risk
Convertible notes	6,727
0 to 12 months
Liquidity risk
Accounts payables and accrued liabilities	15,429
Lease liabilities	560
Borrowings	352
Year 2024
Liquidity risk
Lease liabilities	647
Borrowings	577
more than 24 months
Liquidity risk
Lease liabilities	2,216
Borrowings	1,401
more than 24 months | Convertible Notes - Host
Liquidity risk
Convertible notes	$ 67,723

FINANCIAL INSTRUMENTS AND RIS_7

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Interest rate risk (Details) - Interest rate risk - Convertible notes $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Interest rate (in percent)	6%
Increase in interest rate (percent)	1%
Increase in net financial expense	$ 677
SOFR
Disclosure of nature and extent of risks arising from financial instruments [line items]
Interest rate, spread	4%

ADDITIONAL SEGMENT INFORMATIO_2

ADDITIONAL SEGMENT INFORMATION (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ADDITIONAL SEGMENT INFORMATION
Total property, plant and equipment	$ 64,135	$ 42,103
Total liabilities	77,750	20,654
Matawinie Mine Project Expenses
ADDITIONAL SEGMENT INFORMATION
Total property, plant and equipment	39,597	18,032
Total liabilities	8,022	7,570
Battery Material Plant Project Expenses
ADDITIONAL SEGMENT INFORMATION
Total property, plant and equipment	21,289	18,886
Total liabilities	3,808	6,320
Corporate
ADDITIONAL SEGMENT INFORMATION
Total property, plant and equipment	3,249	5,185
Total liabilities	$ 65,920	$ 6,764

COMMITMENTS (Details)

COMMITMENTS (Details) - CAD ($) $ in Thousands		12 Months Ended
	Jan. 23, 2020	Dec. 31, 2022
COMMITMENTS
Amount of purchase orders for the acquisition of PPE		$ 2,830
Amount of purchase order for operations		$ 4,084
Percentage of royalty buy back right		3%
Price of royalty buy back right		$ 4,306
Period of royalty for subject to 1% royalty buy back right		3 years
Percentage of royalty interest rate		1%
Amount of commitments related to the construction of the graphite purification demonstration plant		$ 1,306
Percentage of interest accrual		9%
Percentage of NSR		0.20%
Amount of purchase price of tranche		$ 200
Percentage of contribution of net future positive cash flow after taxes to municipality	2%
Minimum payment	$ 400