Nouveau Monde Graphite (NMG) 40-F 28 Mar 24 2023 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2023 shares
Entity Addresses [Line Items]
Document Type	40-F
Document Annual Report	true
Document Registration Statement	false
Document Period End Date	Dec. 31, 2023
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	60,903,898
Entity Central Index Key	0001649752
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Financial Statement Error Correction [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, 2023	Dec. 31, 2022
CURRENT
Cash and cash equivalents	$ 36,332	$ 59,924
Grants receivable and other current assets	1,334	3,983
Sales taxes receivable	1,061	1,972
Tax credits receivable	1,502	4,362
Restricted cash and deposits		621
Prepaid expenses	2,697	3,062
Total current assets	42,926	73,924
NON-CURRENT
Tax credits receivables	8,846	5,458
Investment - Listed shares	1,075	800
Property, plant and equipment	66,619	64,135
Intangible assets	59	182
Right-of-use assets	1,884	2,656
Restricted cash and deposits	2,530	2,919
Total non-current assets	81,013	76,150
Total assets	123,939	150,074
CURRENT
Accounts payables and accrued liabilities	9,798	15,429
Deferred grants	1,255	20
Current portion of lease liabilities	451	431
Current portion of borrowings	480	225
Total current liabilities	11,984	16,105
NON-CURRENT
Asset retirement obligation	987	952
Lease liabilities	1,636	2,386
Borrowings	1,278	1,763
Convertible notes	53,624	56,544
Total non-current liabilities	57,525	61,645
Total liabilities	69,509	77,750
EQUITY
Share capital	238,823	210,786
Other reserves	7,692	829
Contributed surplus	28,502	25,313
Deficit	(220,587)	(164,604)
Total equity	54,430	72,324
Total liabilities and equity	$ 123,939	$ 150,074

CONSOLIDATED STATEMENTS OF LOSS

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
EXPENSES
Exploration and evaluation expenses	$ 9,456	$ 7,427
Battery Material Plant project expenses	22,944	19,090
General and administrative expenses	22,704	28,674
Operating loss	55,104	55,191
Net financial costs (income)	479	(7,877)
Loss before tax	55,583	47,314
Income tax	400	400
Net loss and comprehensive loss	$ 55,983	$ 47,714
Net loss per share
Loss per share, Basic	$ 0.93	$ 0.86
Loss per share, Diluted	$ 0.93	$ 0.90
Weighted average number of shares outstanding - Basic	60,089,151	55,600,636
Weighted average number of shares outstanding - Diluted	60,089,151	57,052,691

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, 2021	$ 206,483	$ 16,102		$ (116,890)	$ 105,695
Balance at the beginning (in shares) at Dec. 31, 2021	55,118,316
Shares issued from offering	$ 3,987				3,987
Shares issued from offering (in shares)	502,082
Options exercised	$ 1,153	(417)			736
Options exercised (in shares)	253,500
Share-based compensation		9,628			9,628
Settlement of interests on Convertible Notes			$ 829		829
Share issue costs	$ (837)				(837)
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
Balance at the end (in shares) at Dec. 31, 2022	55,873,898
Shares issued from offering	$ 29,565				29,565
Shares issued from offering (in shares)	4,850,000
Options exercised	$ 956	(380)			576
Options exercised (in shares)	180,000
Share-based compensation		3,569			3,569
Settlement of interests on Convertible Notes			6,863		6,863
Share issue costs	$ (2,484)				(2,484)
Net loss and comprehensive loss				(55,983)	(55,983)
Balance at the end at Dec. 31, 2023	$ 238,823	$ 28,502	$ 7,692	$ (220,587)	$ 54,430
Balance at the end (in shares) at Dec. 31, 2023	60,903,898

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)
OPERATING ACTIVITIES
Net loss	$ (55,983)	$ (47,714)
Depreciation and amortization	8,148	4,557
Change in fair value - listed shares	(275)	1,700
Change in fair value -embedded derivatives	(6,596)	(11,059)
Interest on convertible notes	6,863	829
Unrealized foreign exchange loss (gain)	(1,142)	352
Loss on disposal of property, plant and equipment	5
Share-based compensation	3,061	8,706
Accretion included within financial costs	4,326	816
Net change in working capital	2,078	(3,068)
Cash flows used in operating activities	(39,515)	(44,881)
INVESTING ACTIVITIES
Additions to property, plant, and equipment	(14,408)	(26,678)
Investment in listed shares		(2,500)
Restricted cash and deposits	311	(1,641)
Grants received	4,024	2,821
Cash flows used in investing activities	(10,073)	(27,998)
FINANCING ACTIVITIES
Proceeds from offering	29,565	3,987
Proceeds from convertible notes		67,204
Convertible notes issue costs	(659)	(162)
Repayment of borrowings	(282)	(208)
Repayment of lease liabilities	(430)	(386)
Proceeds from the exercise of stock options	576	736
Share issue costs	(2,484)	(878)
Cash flows from financing activities	26,286	70,293
Effect of exchange rate changes on cash	(290)	155
Net change in cash and cash equivalents	(23,592)	(2,431)
Cash and cash equivalents at the beginning of the period	59,924	62,355
Cash and cash equivalents at the end of the period	$ 36,332	$ 59,924

NATURE OF OPERATIONS AND GOING

NATURE OF OPERATIONS AND GOING CONCERN	12 Months Ended
	Dec. 31, 2023
NATURE OF OPERATIONS AND GOING CONCERN
NATURE OF OPERATIONS AND GOING CONCERN	1. NATURE OF OPERATIONS AND GOING CONCERN Nouveau Monde Graphite Inc. (the “Company”, or “parent company”) was established on December 31, 2012, under the Canada Business Corporations Act . The Company specializes in exploration, evaluation and development of mineral properties located in Québec and is developing a natural graphite-based anode material that would qualify as battery-grade material to supply the lithium-ion industry. 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. The Company’s 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, 2023, the Company reported a net loss after tax of $56.0 million; cash outflows from operating activities of $39.5 million and an accumulated deficit of $220.6 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. 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 for aggregate gross proceeds of US $50 million, with General Motors Holding LLC (“GM”) and Panasonic Holdings Corporation (“Panasonic”) on February 28, 2024. For more details refer to note 30 - subsequent events. 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, 2023
BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE
BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE	2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE 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 unless as otherwise stated. The consolidated financial statements for the year ended December 31, 2023 were approved and authorized for publication by the Board of Directors on March 27, 2024.

MATERIAL ACCOUNTING POLICIES

MATERIAL ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
MATERIAL ACCOUNTING POLICIES	3. MATERIAL ACCOUNTING POLICIES 3.1 BASIS OF CONSOLIDATION The Company’s consolidated financial statements consolidate those of the parent company and its subsidiaries. The parent company 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, accounting policies of subsidiaries are consistent with the policies adopted by the Company. Subsidiaries Information on the Company’s subsidiaries as at December 31, 2023, all of which are wholly-owned, is as follows: ​ ​ ​ ​ ​ NAME OF SUBSIDIARY PRINCIPAL ACTIVITY COUNTRY OF INCORPORATION YEAR OF INCORPORATION Quartier Nouveau Monde Inc. 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 TAX CREDITS RECEIVABLE The Company is entitled to a refundable tax credit on qualified exploration expenditures incurred, duties for losses under the Mining Tax Act (Quebec), and qualified research and development expenditures tax credits. The tax credits are recognized as a reduction of the costs incurred based on estimates made by management. The Company records these tax credits when there is reasonable assurance that the credits will be received and that the Company will continue to comply with the conditions associated with them. 3.4 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. 3.5 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 years Equipment 2 - 15 years Furniture and other IT equipment 3 - 7 years Rolling Stock 5 years ​ 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 the statement of loss and comprehensive loss . The Company capitalized borrowing costs related to the development and construction of the Matawinie Mine project in the Mine under Construction asset category. 3.6 INTANGIBLE ASSETS The intangible assets include 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: ​ ​ ​ Licenses 2 - 10 years ​ 3 .7 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. ̶ Current Taxes The Company currently does not generate income, and therefore does not incur tax expenses. The current tax expense relates to a benefit-sharing agreement with Saint-Michel-des-Saints (refer to note 28 - commitments). 3.8 EQUITY ̶ Share Capital & Other Reserves Share capital represents the amount received at the issuance 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. Other reserves relate to shares to be issued in relation to the settlement of interest on the Convertible notes (Note 15) ̶ Contributed Surplus and Warrants Contributed surplus includes charges related to share options not exercised and amounts attributable to expired warrants. 3.9 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. 3.10 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. 3.11 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. Equity-settled share-based payments are either recognized as expenses in the statement of loss and comprehensive loss with a corresponding credit to Contributed surplus, in equity or capitalized under assets in construction. The expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. No adjustment is made to any expense recognized in a prior period if some vested share options are not ultimately exercised. 3.12 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 at fair value on initial recognition. The subsequent measurement of financial assets and financial liabilities depends on the classification of the financial instrument. Financial assets are derecognized when the contractual rights to receive cash flows from the financial 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 Financial assets are initially measured at fair value. If the financial asset is not subsequently accounted for at fair value through profit of loss (“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 through other comprehensive loss (“FVTOCL”) or FVTPL. 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 FVTPL unless it is measured at amortized cost or at FVTOCL. A financial asset shall be measured at FVTPL 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 equity investment at FVTOCL, 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 FVTPL. 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 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. ​ The Company’s financial instruments consist of the following: ​ ​ ​ FINANCIAL ASSETS CLASSIFICATION Cash and cash equivalents Amortized cost Other receivables (excluding grants) 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 (debt host) Amortized cost Convertible Notes (embedded derivatives) Fair value through profit or loss ​ 3.13 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 customers 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 ADOPTED AN

ACCOUNTING STANDARDS ADOPTED AND ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE	12 Months Ended
	Dec. 31, 2023
ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE
ACCOUNTING STANDARDS ADOPTED AND ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE	4. ACCOUNTING STANDARDS ADOPTED AND ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE 4.1 NEW ACCOUNTING STANDARDS ADOPTED Amendments to IAS 1 and IFRS Practice Statement 2 The IASB amended IAS 1 Presentation of Financial Statements with regards to disclosure of accounting policies. The amendment, effective for financial years beginning on or after January 1, 2023, requires a Company to disclose its material accounting policy information rather than its significant accounting policies. Management reviewed the accounting policies previously disclosed and adjusted consequently its disclosure to reflect only the accounting policies essential to allow the users of the financial statements to understand other material information. Amendments to IAS 8 In February 2021, the IASB amended IAS 8 Accounting Policies, Changes in Accounting estimates and Errors to introduce a definition of accounting estimates and to help entities distinguish changes in accounting policies from changes in accounting estimates. This distinction is important because changes in accounting policies must be applied retrospectively while changes in accounting estimates are accounted for prospectively. This amendment is effective for financial years beginning on or after January 1, 2023. There is no financial impact resulting from this amendment. 4.2 NEW ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE Certain new accounting standards, amendments to accounting standards and interpretations have been published but are not mandatory for the current 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, 2023
ESTIMATES, JUDGEMENTS AND ASSUMPTIONS
ESTIMATES, JUDGEMENTS AND ASSUMPTIONS	5. ESTIMATES, JUDGEMENTS AND ASSUMPTIONS 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. 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 expenditures as well as regarding amount and timing of recovery of these tax credits. To determine whether the expenditures 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 Exploration and evaluation expenditures 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. 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 of the 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 loss and comprehensive 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, 2023
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS	6. CASH AND CASH EQUIVALENTS As at December 31, 2023, cash and cash equivalents totalling $36,332 ( $59,924 in 2022) consisted of cash in bank and short-term deposits. As at December 31, 2023, the Company’s cash in bank balance is comprised of $1,277 and $992 U.S. dollars ( $1,312 ). The balance of short-term deposits is comprised of $28,439 and $4,011 U.S. dollars ( $5,304 ).

INVESTMENTS - LISTED SHARES

INVESTMENTS - LISTED SHARES	12 Months Ended
	Dec. 31, 2023
INVESTMENTS - LISTED SHARES
INVESTMENTS - LISTED SHARES	7. INVESTMENTS – LISTED SHARES As at December 31, 2023, investments in listed shares are composed of an equity-investment in Mason Resources 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 trading days prior to May 15, 2022. As at December 31, 2023, Mason's stock value is $0.22 per share, resulting in a decrease in fair value of $1,425 since acquisition. For the year ended December 31, 2023, there was an increase in fair value resulting in a $ 275 gain presented under net financial costs in the consolidated statement of loss and comprehensive loss. In July 2022, the Company signed an agreement providing the option to acquire 51% of the Lac Guéret property of Mason by investing $10 M in exploration activities and subscribing to $5 M in Mason’s shares. As at December 31, 2023, the Company incurred $409 related to the completion of the preliminary economic assessment on the Lac Guéret property. On January 31, 2024, the Company completed the asset acquisition of the Lac Guéret property. For more details on the transaction, refer to note 30 - subsequent events.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	​ ​ 8. PROPERTY, PLANT AND EQUIPMENT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Battery Material ​ ​ ​ ​ ​ ​ ​ ​ ​ Furniture and ​ ​ ​ Mine under ​ Demonstration Plant ​ ​ ​ ​ Land Buildings Equipment ​ other IT equipment Rolling stock construction [1] ​ under construction [1] ​ Total ​ $ $ $ $ $ $ $ $ COST ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2023 ​ 2,455 ​ 3,267 ​ 9,813 ​ 259 ​ 128 ​ 37,785 ​ 14,591 ​ 68,298 Additions - ​ 171 ​ 398 ​ - ​ - ​ 8,215 ​ 1,258 ​ 10,042 Transfers ​ - ​ - ​ 15,139 ​ - ​ - ​ - ​ (15,139) ​ - Write-Off/Disposals - ​ - ​ - ​ (24) ​ - ​ - ​ - ​ (24) Balance as at December 31, 2023 2,455 ​ 3,438 ​ 25,350 ​ 235 ​ 128 ​ 46,000 ​ 710 ​ 78,316 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2023 - ​ 551 ​ 3,478 ​ 97 ​ 37 ​ - ​ - ​ 4,163 Depreciation - ​ 228 ​ 7,245 ​ 56 ​ 24 ​ - ​ - ​ 7,553 Write-Off/Disposals - ​ - ​ - ​ (19) ​ - ​ - ​ - ​ (19) Balance as at December 31, 2023 - ​ 779 ​ 10,723 ​ 134 ​ 61 ​ - ​ - ​ 11,697 Net book value as at December 31, 2023 2,455 ​ 2,659 ​ 14,627 ​ 101 ​ 67 ​ 46,000 ​ 710 ​ 66,619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Battery Material ​ ​ ​ ​ ​ ​ ​ ​ ​ Furniture and ​ ​ ​ Mine under ​ Demonstration Plant ​ ​ ​ ​ Land Buildings Equipment other IT equipment Rolling stock construction [1] under construction [1] ​ Total ​ $ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ COST ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2022 ​ 2,412 ​ 2,791 ​ 163 ​ 166 ​ 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 ​ 259 ​ 128 ​ 37,785 ​ 14,591 ​ 68,298 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2022 ​ — ​ 330 ​ 19 ​ 36 ​ 15 ​ — ​ — ​ 400 Depreciation ​ — ​ 221 ​ 3,459 ​ 61 ​ 23 ​ — ​ — ​ 3,764 Write-Off/Disposals ​ — ​ — ​ — ​ — ​ (1) ​ — ​ — ​ (1) Balance as at December 31, 2022 ​ — ​ 551 ​ 3,478 ​ 97 ​ 37 ​ — ​ — ​ 4,163 Net book value as at December 31, 2022 ​ 2,455 ​ 2,716 ​ 6,335 ​ 162 ​ 91 ​ 37,785 ​ 14,591 ​ 64,135 [1] Assets under construction are not being depreciated as they are not in the condition necessary to be capable of being operated in the manner intended by management. Capitalized expenditures for the Battery Material Demonstration Plant under construction and Mine under construction are presented net of grants of $60 and $16 , respectively, for the year ended December 31, 2023 ( $4,109 and nil , respectively in 2022). The amount of borrowing costs included in Mine under construction for the year ended December 31, 2023 is $825 ( nil for the year ended December 31, 2022). The rate used to determine the amount of borrowing costs to be capitalized is the weighted average interest rate applicable to the entity’s general borrowings during the year ended December 31, 2023. During the quarter ended June 30, 2023, the Company placed in service both the Coating Demonstration Plant and a second unit for the Shaping Demonstration Plant representing a total amount of $11,767 and $3,372 respectively. As a result, $15,139 was transferred from the Battery Material Demonstration Plant under construction category towards the Equipment category .

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS
INTANGIBLE ASSETS	9. INTANGIBLE ASSETS 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 ( $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 ​ ​ ​ ​ $ COST ​ ​ ​ ​ Balance as at January 1, 2023 ​ ​ ​ 1,220 Write-off of assets ​ ​ ​ (1,028) Balance as at December 31, 2023 ​ ​ ​ 192 ACCUMULATED DEPRECIATION ​ ​ ​ ​ Balance as at January 1, 2023 ​ ​ ​ 1,038 Amortization ​ ​ ​ 123 Write-off of assets ​ ​ ​ (1,028) Balance as at December 31, 2023 ​ ​ ​ 133 Net book value as at December 31, 2023 ​ ​ ​ 59 ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses ​ ​ ​ ​ $ COST ​ ​ ​ ​ Balance as at January 1, 2022 ​ ​ ​ 1,604 Write-off of assets ​ ​ ​ (384) Balance as at December 31, 2022 ​ ​ ​ 1,220 ACCUMULATED DEPRECIATION ​ ​ ​ ​ Balance as at January 1, 2022 ​ ​ ​ 1,123 Amortization ​ ​ ​ 299 Write-off of assets ​ ​ ​ (384) Balance as at December 31, 2022 ​ ​ ​ 1,038 Net book value as at December 31, 2022 ​ ​ ​ 182 ​

RIGHT-OF-USE ASSETS

RIGHT-OF-USE ASSETS	12 Months Ended
	Dec. 31, 2023
RIGHT-OF-USE ASSETS.
RIGHT-OF-USE ASSETS	10. RIGHT-OF-USE ASSETS The Company has lease contracts for various items of mining equipment and buildings used in its operations. Leases of rolling stocks generally have lease terms between two and three years , while buildings generally have lease terms between two and ten years . Set below are the carrying amounts of Right-of-use assets and the movement during the years. ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings Rolling stocks Total ​ ​ $ ​ $ ​ $ COST ​ ​ ​ ​ ​ ​ As at January 1, 2023 ​ 3,406 ​ 71 ​ 3,477 Remeasurement of lease ​ (300) ​ — ​ (300) As at December 31, 2023 ​ 3,106 ​ 71 ​ 3,177 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ As at January 1, 2023 ​ 799 ​ 22 ​ 821 Depreciation ​ 442 ​ 30 ​ 472 As at December 31, 2023 ​ 1,241 ​ 52 ​ 1,293 Net book value as at December 31, 2023 ​ 1,865 ​ 19 ​ 1,884 ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Included in the depreciation of Right-of-use assets for the year is $219 ( $250 in 2022) that has been included under the Evaluation and exploration expenses and $162 ( $162 in 2022) that have been included under the Battery Material Plant project expenses line in the consolidated statements of loss and comprehensive loss.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2023
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Trade payable and accrued liabilities 6,919 ​ 12,825 Wages and benefits liabilities 2,751 ​ 2,524 Other payables 128 ​ 80 Accounts payable and accrued liabilities 9,798 ​ 15,429 ​

GRANTS RECEIVABLE AND OTHER CUR

GRANTS RECEIVABLE AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2023
GRANTS RECEIVABLE AND OTHER CURRENT ASSETS
GRANTS RECEIVABLE AND OTHER CURRENT ASSETS	​ ​ 12. GRANTS RECEIVABLE AND OTHER CURRENT ASSETS ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Grants receivable 1,182 ​ 3,957 Deferred expenses 87 ​ - Other receivables 65 ​ 26 Grants receivable and other current assets 1,334 ​ 3,983 ​ 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. As at December 31, 2023, the balance of grants receivable related to this program is $425 ( $425 in 2022). The Company completed the closing of another grant agreement in August 2022 with SDTC for a total of $5,750 . This grant will financially support the Company to build and operate the Coating Demonstration Plant in Saint-Michel-des-Saints. During the year 2023, the Company received a payment of $2,322 . As at December 31, 2023, the balance of grants receivable related to this program is nil ( $862 in 2022). In April 2020, the Company completed the closing of a grant agreement with Transition énergétique Québec (“TEQ”), a Quebec government funded program, to financially support the building and operating of the Purification Demonstration Plant in Bécancour. This additional grant of $3,000 was secured via TEQ’s Technoclimat program. During the year 2023, the Company received a payment of $450 . As at December 31, 2023, the balance of grants receivable related to this program is $300 ( $750 in 2022). The Company entered into another grant agreement effective January 2022 with TEQ for a total of $3,000 . This grant will financially support the Company to build and to operate the Coating Demonstration Plant in Saint-Michel-des-Saints. During the year 2023, the Company received a payment of $1,950 . As at December 31, 2023, the balance of grants receivable related to this program is nil ( $1,378 in 2022) The remaining $457 grants receivable as at December 31, 2023 is composed of various other grant programs that will be received and the Company has reasonable assurance that it will continue to comply with the conditions associated with these grants. Deferred Grants As at December 31, 2023, the Company has $1,255 recorded as deferred grants in current liabilities in connection with the SDTC and TEQ program related to the Coating Demonstration Plant in Saint-Michel-des-Saints.

LEASE LIABILITIES

LEASE LIABILITIES	12 Months Ended
	Dec. 31, 2023
LEASE LIABILITIES
LEASE LIABILITIES	13. LEASE LIABILITIES ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Opening balance ​ 2,817 ​ 2,323 New liabilities and modifications of leases (300) 880 Principal repayment (430) (386) Ending balance 2,087 2,817 Current portion 451 431 Non-current portion 1,636 2,386 ​ The Company elected not to apply the IFRS 16 leases requirement for its leases with terms of 12 months or less and the leases for which the underlying asset is of low value. A total of $393 was expensed in the statement of loss and comprehensive loss for the year ended December 31, 2023 in connection with those exemptions ( $629 in 2022). ​

BORROWINGS

BORROWINGS	12 Months Ended
	Dec. 31, 2023
BORROWINGS
BORROWINGS	14. BORROWINGS ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Opening balance ​ 1,988 ​ 2,129 Repayments (282) (208) Interest 52 67 Ending balance 1,758 1,988 Current portion 480 225 Non-current portion 1,278 1,763 ​ 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 is repayable in 60 equal monthly installments starting October 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, 2023
CONVERTIBLE NOTES
CONVERTIBLE NOTES	15. CONVERTIBLE NOTES US $50 Million Convertible Notes with Mitsui, Pallinghurst and Investissement Québec ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Host (amortized cost) Derivative (FVTPL) 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 Interest accretion 5,082 — — 5,082 Fair value adjustment — (8,049) — (8,049) Amortization [2] — — 1,453 1,453 Foreign exchange (1,275) (163) 32 (1,406) Balance as of December 31, 2023 53,624 1,169 (1,169) 53,624 [1] Transaction costs of $821 (US $608 ) have been allocated to the host instrument and reduced from the net proceeds allocated to this component. [2] The amortization for the year ended December 31, 2023 includes an additional amount of $ 809 to prevent the net amount of the Derivative and the Deferred amount components from representing a negative amount. 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 U.S. Dollars with a term of 36 months and carry a quarterly coupon interest payment of the greater of the 3-month CME Term SOFR plus 4% and 6% . Subsequently and effective January 1, 2023, the Notes contracts were amended by: - Removing the interest capitalization provisions, such that accrued interest will be deemed paid in full in shares each quarter following the Exchange’s approval; and - Increasing the interest rate to the greater of (a) the 3-month CME Term SOFR plus 5% and (b) 7% . The Notes include the following material conversion and settlement options available to the holders and the Company: - General conversion option: The holder of a Note, at any time before maturity, can convert the outstanding principal amount into units for US $5 /unit. Each unit comprises one common share of the Company and one share warrant. The share warrant can be used to subscribe one common share of the Company at an exercise price of US $5.70 /share for a period of 24 months from the date of conversion of the Note. - Repurchase option: The Company has, at its sole discretion, an option to repay the Notes at the Repurchase Amount (as defined in the subscription agreement) at the earlier of (i) December 31, 2023; or (ii) the date of a final investment decision (FID) as defined in the subscription agreement. Depending on the circumstances, the repurchase amount is affected by the remaining time to maturity and the cumulative interests paid to date to the Holders. - Interest repayment option: Quarterly, the Company has an option to pay the interest due in (i) cash; or (ii) in Common Shares subject to TSXV’s approval, by delivering share certificates to the Holders upon maturity, conversion or redemption at a U.S. Dollar equivalent of the Company’s Market Price as defined in TSXV rules, determined at the quarter end on which such interest became payable. - The Notes also include redemption mechanisms in favor of the holders in the event of a change of control or an event of default. The Notes represent a hybrid financial instrument 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 at 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. For the year ended December 31, 2023, the interest coupon totalled an aggregate amount of $6,863 (US $5,084 ) ( $829 (US $612 ) for the year ended December 31, 2022) and the Company elected to pay the interest coupon with 1,634,827 common shares which will be issued at maturity or conversion of the Notes. The common shares to be issued are recorded as other reserves in the consolidated statements of changes in equity. Below is a sensibility analysis on inputs impacting the fair value revaluation of the derivative. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reasonably Sensitivity [1] ​ Reasonably Sensitivity [1] ​ ​ December 31, 2022 ​ possible change ​ US$ (Derivative liability) ​ December 31, 2023 ​ possible change ​ US$ (Derivative liability) Observable inputs ​ ​ ​ ​ ​ ​ Share price US $3.82 +/- 10% + 3.6 M/ -1.9 M US $2.61 ​ +/- 10% ​ + 0.4 M/ -0.3 M Foreign Exchange rate 1.35 +/- 5% +/- 0.5 M 1.32 ​ +/ -5% ​ +/ -0.1 M Unobservable inputs ​ ​ ​ Expected volatility 50% ​ +/- 10% (absolute) + 3.2 M/ -1.7 M 48% ​ +/- 10% ​ + 0.1 / -0.3 M Credit spread 9% ​ +/- 1% (absolute) +/- 0.3 M 5% ​ +/ -5% ​ +/ -0.03 M [1] Holding all other variables constant.

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION	12 Months Ended
	Dec. 31, 2023
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION	16. ASSET RETIREMENT OBLIGATION ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Opening balance ​ 952 ​ 1,009 New obligations - 46 Change in estimate ​ 18 ​ (120) Accretion expense 17 17 Ending balance 987 952 ​ The Company has determined the fair value of its rehabilitation obligation by using a discount rate of 4.93% ( 5.26% in 2022), assuming reclamation work would be completed in 28 years . The liabilities accrete to their future value until the obligations are due. The estimated rehabilitation obligation will increase as the construction of the Matawinie Mine progresses .

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2023
EQUITY
EQUITY	17. EQUITY 17.1 SHARE CAPITAL Authorized Share Capital Unlimited number of common shares voting and participating, with no par value. All issued ordinary shares are fully paid. ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 ​ December 31, 2022 Shares issued at the start of the period ​ 55,873,898 55,118,316 Shares issued from offering ​ 4,850,000 502,082 Options exercised ​ 180,000 253,500 Shares issued at the end of period ​ 60,903,898 55,873,898 ​ From January 21, 2022 to 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 , in connection with the at-the-market equity offering (“ATM offering”) in place at that time. The ATM program has not been reactivated since Q1-2023 with no securities issued in 2023. On April 17, 2023, the Company concluded an underwritten public offering agreement for 4,850,000 common shares, at a price of US $4.55 per share for gross proceeds of $29.6 M (US $22 M). The offering was conducted on a bought deal basis and the Company incurred underwriter fees equal to 6% of the gross proceeds. ​ 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, 2023 [ii] ​ December 31, 2022 Loss attributable to the ordinary equity holders of the Company 55,983 47,714 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 55,983 51,564 ​ ​ ​ ​ ​ Basic weighted average number of shares outstanding 60,089,151 55,600,636 Dilutive effect of 2022 Convertibles Notes — 1,452,055 Dilutive weighted average number of shares outstanding 60,089,151 57,052,691 ​ ​ ​ ​ ​ Basic loss per share 0.93 0.86 Diluted loss per share 0.93 0.90 [i] Excludes the portion of the change in fair value of the embedded derivative attributable to the underlying warrants. [ii] There was no dilutive impact on 2023, therefore, no adjustment made. The other potentially dilutive instruments, namely the options, the underlying warrants of the Convertible Notes are anti-dilutive for all years presented. 17.3 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 years ended December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ December 31, 2022 ​ ​ ​ ​ Weighted average ​ ​ ​ Weighted average ​ ​ ​ ​ exercise price ​ ​ ​ exercise price ​ ​ Number ​ $ ​ Number ​ $ Opening balance ​ 3,911,804 ​ 7.42 ​ 2,352,249 ​ 7.07 Granted ​ 2,088,548 ​ 5.51 ​ 2,219,304 ​ 8.13 Exercised ​ (180,000) 3.20 (253,500) ​ 2.90 Expired ​ (337,000) 6.52 (385,000) ​ 12.21 Forfeited ​ (87,000) 5.39 (21,249) ​ 9.47 Cancelled ​ (487,804) 8.20 — ​ — Ending balance ​ 4,908,548 6.79 3,911,804 7.42 Options that can be exercised ​ 2,824,000 7.64 2,872,500 7.22 ​ The weighted average share price at the time of exercise for 2023 is $4.52 ( $7.91 in 2022). ​ On February 17, 2023, the TSXV approved the cancellation of 487,804 options (initial options) previously issued to consultants and which were replaced with the grant of 453,048 new options (replacement options). The options have been issued as a consideration to secure project financing for the Matawinie Mine and the Battery Material Plant projects. The initial options had an exercise price of $8.20 and vested on the closing of the project financing subject to expiry on March 28, 2023. The replacement options have an exercise price of $8.20 , vest on the closing of the project financing (no later than March 28, 2025) and will expire two years following the vesting of those options (no later than March 28, 2027). The incremental fair value of this modification is $1,036 , which was measured using the Black-Sholes option pricing model based on the assumptions below and is being recognized as an expense over the period from the modification date to the end of the extended vesting period. ● Stock price: $8.20 ● Expected volatility: 93% ● Risk-free rate: 3.79% ● Expected dividend: nil The expense representing the fair value of the initial options granted will continue to be recognized as if the terms had not been modified. The details of the share options granted by the Company are as follows for the years ended December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 ​ December 31, 2022 Directors ​ 212,500 247,500 Officers ​ 600,000 525,000 Employees ​ 800,000 682,000 Consultants ​ 476,048 ​ 764,804 Total granted share options ​ 2,088,548 2,219,304 ​ Apart from the replacement options described above, the vesting period for the options granted during 2023 are done in two annual tranches. Each option entitles the holder to subscribe to one common share of the Company, at an average price of $5.51 ( $8.13 for 2022) per common share, for a period of 4.49 years ( 4.11 years in 2022). Total expenses arising from share-based transactions recognized during the year amount to $3,569 ( $9,628 in 2022) out of which $507 ( $922 in 2022) have been capitalized in property, plant and equipment. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Share price at date of grant ​ $ 5.51 ​ $ 8.13 ​ Expected life ​ ​ 4.49 years ​ 4.11 years ​ Risk-free interest rate ​ ​ 3.11 % ​ 2.33 % Expected volatility ​ ​ 74.03 % ​ 81.49 % Expected dividend ​ ​ Nil ​ Nil ​ Fair value per option ​ $ 3.22 ​ $ 4.79 ​ ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2023 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price Expiration date ​ Total number ​ Total exercisable ​ $ 2024 ​ 397,500 ​ 397,500 ​ 4.65 2025 ​ 737,500 ​ 737,500 ​ 3.21 2026 913,048 ​ 460,000 12.27 2027 1,289,000 ​ 1,229,000 8.08 2028 1,571,500 ​ — 4.76 Ending balance 4,908,548 ​ 2,824,000 6.79 ​

EXPLORATION AND EVALUATION EXPE

EXPLORATION AND EVALUATION EXPENSES	12 Months Ended
	Dec. 31, 2023
EXPLORATION AND EVALUATION EXPENSES
EXPLORATION AND EVALUATION EXPENSES	18. EXPLORATION AND EVALUATION EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Wages and benefits ​ 3,087 ​ 3,274 Share-based compensation ​ 511 898 Engineering ​ — 162 Consulting fees ​ 1,636 554 Materials, consumables, and supplies ​ 630 824 Maintenance and subcontracting ​ 782 1,252 Geology and drilling ​ 19 31 Utilities ​ 360 420 Depreciation and amortization ​ 265 283 Other ​ 253 95 Uatnan Mining Project ​ 100 ​ 309 Grants ​ (119) (37) Tax credits ​ 1,932 (638) Exploration and evaluation expenses ​ 9,456 7,427 ​ The exploration and evaluation expenses relate to the Matawinie Mine in Saint-Michel-des-Saints, with the exception of fees for the preliminary economic assessment of the Uatnan Mining Project in relation with the Mason transaction (see note 7).

BATTERY MATERIAL PLANT PROJECT

BATTERY MATERIAL PLANT PROJECT EXPENSES	12 Months Ended
	Dec. 31, 2023
BATTERY MATERIAL PLANT PROJECT EXPENSES
BATTERY MATERIAL PLANT PROJECT EXPENSES	19. BATTERY MATERIAL PLANT PROJECT EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Wages and benefits ​ 4,608 ​ 2,698 Share-based compensation ​ 326 534 Engineering ​ 7,638 8,895 Consulting fees ​ 964 914 Materials, consumables, and supplies ​ 2,101 920 Maintenance and subcontracting ​ 2,410 ​ 1,180 Utilities ​ 515 553 Depreciation and amortization ​ 7,635 4,028 Other ​ 202 146 Grants ​ (995) (506) Tax credits ​ (2,460) (272) Battery Material Plant project expenses ​ 22,944 19,090

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
	Dec. 31, 2023
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES	20. GENERAL AND ADMINISTRATIVE EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ $ $ Wages and benefits ​ 6,993 7,083 Share-based compensation ​ 2,224 7,274 Professional fees ​ 2,814 1,435 Consulting fees ​ 2,175 2,618 Travelling, representation and convention ​ 964 668 Office and administration ​ 6,848 8,862 Stock exchange, authorities, and communication ​ 442 462 Depreciation and amortization ​ 248 246 Loss on asset disposal ​ 5 - Other financial fees ​ 21 26 Grants ​ (30) ​ - General and administrative expenses ​ 22,704 28,674 ​

NET FINANCIAL COSTS (INCOME)

NET FINANCIAL COSTS (INCOME)	12 Months Ended
	Dec. 31, 2023
NET FINANCIAL COSTS (INCOME)
NET FINANCIAL COSTS (INCOME)	21. NET FINANCIAL COSTS (INCOME) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Foreign exchange loss (gain) ​ (1,229) ​ 453 Interest income ​ (2,698) (701) Interest expense on lease liabilities ​ 18 19 Change in fair value - listed shares ​ (275) ​ 1,700 Change in fair value - embedded derivative and deferred amount amortization ​ (6,596) ​ (11,059) Accretion on borrowings and notes ​ 4,326 816 Interest on borrowings and notes ​ 6,933 ​ 895 Net financial costs (income) ​ 479 (7,877) ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	22. INCOME TAXES 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 2022) to loss before income taxes as a result of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ ​ $ ​ $ ​ Loss before income taxes ​ (55,583) (47,314) ​ Tax recovery computed at applicable statutory tax rate ​ 26.50 % 26.50 % Tax expense at combined statutory rate ​ (14,729) (12,538) ​ Increase (decrease) in income taxes resulting from: ​ ​ ​ ​ Temporary difference not recorded ​ 13,988 10,018 ​ Share-based payments ​ 811 2,307 ​ Non-deductible expenses ​ (339) 325 ​ Mining royalties ​ 400 400 ​ Non-taxable mining duties ​ 258 (108) ​ Other ​ 12 (4) ​ 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, 2023, 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 Property, plant and equipment and Intangible assets ​ — ​ (9,711) ​ — ​ — ​ (9,711) Right-of-use assets — (1,884) — — (1,884) Unrealized foreign exchange gain on convertibles notes ​ — ​ (1,075) ​ — ​ — ​ (1,075) Convertible notes (9,693) 5,373 — — (4,320) Exploration and evaluation expenses ​ 9,693 ​ 7,297 ​ — ​ — ​ 16,990 ​ As at December 31, 2023 and 2022, temporary differences and unused tax losses for which the Company has not recognized deferred tax assets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ $ $ FEDERAL ​ ​ ​ ​ Exploration and evaluation expenses 61,343 ​ 44,572 Property and equipment — ​ 3,080 Equity investment 2,071 ​ 2,346 Asset retirement obligation 987 ​ 952 Share issue expenses 5,380 ​ 5,102 Research and development expenses 23,258 ​ 19,412 Non-capital losses 105,528 ​ 69,792 Unrealized foreign exchange loss on convertible notes ​ — ​ 519 Lease liabilities ​ 2,087 ​ — Other 6 ​ 273 ​ 200,660 ​ 146,048 PROVINCIAL ​ ​ ​ Exploration and evaluation expenses 58,187 ​ 41,796 Property and equipment — ​ 3,080 Equity investment 2,071 ​ 2,346 Asset retirement obligation 987 ​ 952 Share issue expenses 5,380 ​ 5,102 Research and development expenses 30,077 ​ 25,158 Non-capital losses 103,506 ​ 68,341 Unrealized foreign exchange loss on convertible notes ​ — ​ 519 Lease liabilities ​ 2,087 ​ — Other 6 ​ 273 ​ 202,301 ​ 147,567 ​ 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, 2023, 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 2023 ​ 2043 ​ 34,485 ​ 34,485 2022 2042 24,043 ​ 23,392 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 $4,725 ( $3,698 in 2022) that expire between 2036 and 2042, which are available to reduce income taxes payables in future years.

ADDITIONAL CASH FLOW INFORMATIO

ADDITIONAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2023
ADDITIONAL CASH FLOW INFORMATION
ADDITIONAL CASH FLOW INFORMATION	23. ADDITIONAL CASH FLOW INFORMATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ ​ ​ $ ​ $ Grants receivable and other current assets 12 (147) 401 Deferred grants 12 170 20 Mining tax credits (528) (353) Sales taxes receivable 911 30 Prepaid expenses 1,064 (370) Accounts payable and accrued liabilities 11 608 (2,796) Total net change in working capital 2,078 (3,068) ​ ​ ​ ​ ​ ​ ​ Income tax received — 558 Interest paid 70 ​ 69 ​ ​ ​ ​ ​ ​ ​ Non-cash investing and financing activities ​ ​ Property, plant and equipment included in accounts payable and accrued liabilities ​ ​ ​ 1,806 ​ 7,447 Deferred expenses included in accounts payable and accrued liabilities ​ ​ ​ 87 ​ — Share issue costs included in accounts payable and accrued liabilities ​ ​ ​ — ​ 8 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	24. RELATED PARTY TRANSACTIONS The Company considers its directors and officers to be key management personnel. Transactions with key management personnel are set out as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ $ $ Key management compensation Employee benefit expenses 2,212 2,641 Share-based payments 1,377 3,722 Board fees 880 829 ​ 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 , key management personnel have authority and responsibility for planning, directing, and controlling the activities of the Company directly or indirectly, including any directors (executive and non-executive) of the Company. In November 2022, the Company closed a private placement of unsecured convertible notes for aggregate gross proceeds of US $50 M with Mitsui, Pallinghurst and Investissement Québec. Of the US $50 M, Pallinghurst and Investissement Québec each subscribed for US $12.5 M. The notes carry a quarterly coupon interest payment, refer to note 15 – convertible notes . Severance The Company has commitments under certain management contracts with key executives. Minimum commitments under these contracts are approximately $2,428 ( $2,150 in 2022). These contracts require additional minimum payments of approximately $4,927 ( $4,379 in 2022) 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, 2023
INFORMATION DISCLOSURE ABOUT CAPITAL MANAGEMENT
INFORMATION DISCLOSURE ABOUT CAPITAL MANAGEMENT	25. INFORMATION DISCLOSURE ABOUT CAPITAL MANAGEMENT The Company monitors capital based on the carrying amount of equity, borrowings, leases and convertible notes which totals $111,899 as at December 31, 2023 ( $133,673 in 2022). 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 Battery Material Plant project. 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, 2023
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	26. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT 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, 2023 ​ ​ ​ ​ At fair value through ​ ​ ​ ​ ​ ​ ​ ​ profit or loss ​ Amortized cost ​ Total ​ ​ $ $ $ FINANCIAL ASSETS ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ 6 — ​ 36,332 ​ 36,332 Other receivables (excluding grants) ​ ​ — ​ 65 ​ 65 Investments – Listed shares ​ 7 ​ 1,075 ​ — ​ 1,075 Total financial assets ​ ​ 1,075 ​ 36,397 ​ 37,472 ​ ​ ​ ​ ​ ​ ​ ​ ​ FINANCIAL LIABILITIES ​ ​ ​ Accounts payable and accrued liabilities ​ 11 — ​ 9,798 ​ 9,798 Borrowings ​ 14 ​ — ​ 1,758 ​ 1,758 Convertible Notes ​ 15 — ​ 53,624 ​ 53,624 Total financial liabilities ​ ​ — ​ 65,180 ​ 65,180 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ ​ ​ ​ At fair value through ​ ​ ​ ​ ​ ​ ​ ​ profit or loss ​ Amortized cost ​ Total ​ ​ $ $ $ FINANCIAL ASSETS ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ 6 — ​ 59,924 ​ 59,924 Other receivables (excluding grants) ​ ​ — ​ 27 ​ 27 Investments – Listed shares ​ 7 ​ 800 ​ — ​ 800 Total financial assets ​ ​ 800 ​ 59,951 ​ 60,751 ​ ​ ​ ​ ​ ​ ​ ​ ​ FINANCIAL LIABILITIES ​ ​ ​ Accounts payable 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 ​ 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, other receivables and accounts payable and accrued liabilities. 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 $66,227 (US $50,073 ) as at December 31, 2023 ( $59,296 and US $43,778 as at December 31, 2022) (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 (refer to note 3.12). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2023 ​ Level 1 Level 2 Level 3 Total Financial Assets at FVTPL ​ ​ ​ ​ ​ ​ ​ ​ Non-current investments (Equity investment in publicly listed entities) 1,075 — — 1,075 Financial liabilities at FVTPL Convertible notes - Embedded derivatives (note 15) — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2023 (none in 2022). Financial Instruments Measured at FVTPL Investments – Listed Shares Equity instruments publicly listed are classified as 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 its 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, 2023, all of the Company’s short-term liabilities totalled $11,984 ( $16,105 in 2022), 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, 2023 ​ ​ Carrying ​ Contractual ​ 0 to 12 ​ 12 to 24 ​ More than ​ amount cash flow months months 24 months Accounts payable and accrued liabilities 9,798 9,798 9,798 — — Lease liabilities 2,087 2,416 545 529 1,342 Borrowings 1,758 1,979 577 577 825 Convertible Notes – Host [i] ​ 53,624 ​ 66,129 ​ — ​ 66,129 ​ — [i] The Convertible Notes are translated at the spot rate as of December 31, 2023 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, the Company holds cash balances 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 revaluation. Currently, the Company has no hedging contracts in place and therefore is exposed 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, 2023 and 2022, the balances in U.S. dollars held by the Company were as follows: ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2023 ​ As at December 31, 2022 ​ $ ​ $ Cash and cash equivalents in U.S. dollars ​ 5,003 10,928 Accounts payable in U.S. dollars ​ (765) (407) Convertible notes – Host in U.S. dollars ​ (40,545) ​ (36,780) Net exposure, in U.S. dollars ​ (36,307) (26,259) Equivalent in Canadian dollars ​ (48,018) (36,307) ​ ​ ​ ​ ​ Increase in net loss with a 5% appreciation in the U.S. dollar ​ (2,401) ​ (1,778) Decrease in net loss with a 5% depreciation in the U.S. dollar ​ 2,401 ​ 1,778 ​ 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 a quarterly coupon interest payment of the greater between the 3-month CME Term SOFR plus 5% and 7% . Based on the balance of the convertible notes as at December 31, 2023, the impact of a 1% shift in interest rate, on net financial expenses over a 12-month horizon would amount to approximately $681 (US$ 515 ) ( $695 (US$ 513 ) in 2022). See note 15 for the interest rate risk on the embedded Derivatives.

ADDITIONAL SEGMENT INFORMATION

ADDITIONAL SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
ADDITIONAL SEGMENT INFORMATION
ADDITIONAL SEGMENT INFORMATION	27. ADDITIONAL SEGMENT INFORMATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Matawinie Mine ​ Battery Material ​ Corporate ​ Total ​ Project Plant project ​ ​ Total property, plant and equipment 46,188 17,173 3,258 66,619 Total liabilities 4,942 7,571 56,996 69,509 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2023
COMMITMENTS
COMMITMENTS	28. COMMITMENTS In the normal course of business, the Company enters into contracts that give rise to commitments. As at December 31, 2023, the Company had issued $2,944 of purchase orders for the acquisition of property, plant and equipment and $3,102 in relation to the operations. Royalty The Company issued a 3% net smelter royalty (“NSR”) over the Matawinie Property to Pallinghurst for an aggregate purchase price of $4,306 . The Royalty agreement is subject to a 1% Buyback right in favor of the Company for a price of $ 1,306 plus an amount equal to interest accrued at a rate of 9% per annum from and after the closing of the Royalty Agreement on August 28, 2020 up to the Buyback consideration date. The original agreement was amended on August 18, 2023 to extend the duration of the Buyback option by an additional year, bringing the termination date to August 28, 2024. Matawinie Property A large part of the property is subject to a 0.2% NSR owned by Pallinghurst, 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 Property. 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 .

COMPARATIVE FIGURES

COMPARATIVE FIGURES	12 Months Ended
	Dec. 31, 2023
COMPARATIVE FIGURES
COMPARATIVE FIGURES	29. COMPARATIVE FIGURES The Company added a new category of expense namely "Utilities" within Note 8 "Battery Material Plant Project Expenses". Consequently, comparative figures have been reclassified to conform to the current year presentation. The reclassification had no impact on the net loss. ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	30. SUBSEQUENT EVENTS On January 31, 2024, the Company closed the acquisition of the Lac Guéret property with Mason through an asset acquisition consisting mostly of 74 map-designated claims. The consideration for the asset acquisition was 6,208,210 common shares of the Company, at $3 per share, representing a total aggregated amount of $18.6 million. A subsequent payment of $5 million will be made to Mason at the start of commercial production of the contemplated Uatnan Mining Project. In February 2024, NMG entered into multiyear offtake agreements for its planned Phase-2 fully integrated projects with Panasonic Energy and GM. On February 28, 2024, the Company completed a private placement for aggregate gross proceeds of $67.9 million (US $50 million), with GM and Panasonic. Each party subscribed for 12,500,000 Common Shares and 12,500,000 warrants with an exercise price of US $2.38 . On February 14, 2024, the Company secured a private placement of 18,750,000 Common Shares and 18,750,000 Warrants with Mitsui and Pallinghurst to surrender and cancel their convertibles notes dated November 8, 2022 (presented in note 15 of the consolidated financial statements), for a total value of $50.6 million (US$37.5 million) in accordance with the subscription agreements entered between the Company. The Company anticipates closing its private placement upon receipt of the required regulatory approvals and satisfaction of the requirements of Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions.

MATERIAL ACCOUNTING POLICIES (P

MATERIAL ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
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 company 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, accounting policies of subsidiaries are consistent with the policies adopted by the Company. Subsidiaries Information on the Company’s subsidiaries as at December 31, 2023, all of which are wholly-owned, is as follows: ​ ​ ​ ​ ​ NAME OF SUBSIDIARY PRINCIPAL ACTIVITY COUNTRY OF INCORPORATION YEAR OF INCORPORATION Quartier Nouveau Monde Inc. 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.
TAX CREDITS RECEIVABLE	3.3 TAX CREDITS RECEIVABLE The Company is entitled to a refundable tax credit on qualified exploration expenditures incurred, duties for losses under the Mining Tax Act (Quebec), and qualified research and development expenditures tax credits. The tax credits are recognized as a reduction of the costs incurred based on estimates made by management. The Company records these tax credits when there is reasonable assurance that the credits will be received and that the Company will continue to comply with the conditions associated with them.
GRANTS RECEIVABLE	3.4 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.
PROPERTY PLANT AND EQUIPMENT	3.5 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 years Equipment 2 - 15 years Furniture and other IT equipment 3 - 7 years Rolling Stock 5 years ​ 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 the statement of loss and comprehensive loss . The Company capitalized borrowing costs related to the development and construction of the Matawinie Mine project in the Mine under Construction asset category.
INTANGIBLE ASSETS	3.6 INTANGIBLE ASSETS The intangible assets include 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: ​ ​ ​ Licenses 2 - 10 years ​
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. ̶ Current Taxes The Company currently does not generate income, and therefore does not incur tax expenses. The current tax expense relates to a benefit-sharing agreement with Saint-Michel-des-Saints (refer to note 28 - commitments).
EQUITY	3.8 EQUITY ̶ Share Capital & Other Reserves Share capital represents the amount received at the issuance 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. Other reserves relate to shares to be issued in relation to the settlement of interest on the Convertible notes (Note 15) ̶ Contributed Surplus and Warrants Contributed surplus includes charges related to share options not exercised and amounts attributable to expired warrants.
BASIC AND DILUTED LOSS PER SHARE	3.9 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 FOR ASSET RETIREMENT OBLIGATION	3.10 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	3.11 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. Equity-settled share-based payments are either recognized as expenses in the statement of loss and comprehensive loss with a corresponding credit to Contributed surplus, in equity or capitalized under assets in construction. The expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. No adjustment is made to any expense recognized in a prior period if some vested share options are not ultimately exercised.
FINANCIAL INSTRUMENTS	3.12 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 at fair value on initial recognition. The subsequent measurement of financial assets and financial liabilities depends on the classification of the financial instrument. Financial assets are derecognized when the contractual rights to receive cash flows from the financial 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 Financial assets are initially measured at fair value. If the financial asset is not subsequently accounted for at fair value through profit of loss (“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 through other comprehensive loss (“FVTOCL”) or FVTPL. 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 FVTPL unless it is measured at amortized cost or at FVTOCL. A financial asset shall be measured at FVTPL 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 equity investment at FVTOCL, 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 FVTPL. 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 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. ​ The Company’s financial instruments consist of the following: ​ ​ ​ FINANCIAL ASSETS CLASSIFICATION Cash and cash equivalents Amortized cost Other receivables (excluding grants) 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 (debt host) Amortized cost Convertible Notes (embedded derivatives) Fair value through profit or loss
SEGMENT DISCLOSURE	3.13 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 customers 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.

MATERIAL ACCOUNTING POLICIES (T

MATERIAL ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Schedule of subsidiaries	​ ​ ​ ​ ​ NAME OF SUBSIDIARY PRINCIPAL ACTIVITY COUNTRY OF INCORPORATION YEAR OF INCORPORATION Quartier Nouveau Monde Inc. Real estate company Canada 2017 Nouveau Monde Europe LTD Trading company England and Wales 2020
Schedule of depreciation rates of property, plant and equipment	​ ​ ​ Buildings 10 - 25 years Equipment 2 - 15 years Furniture and other IT equipment 3 - 7 years Rolling Stock 5 years
Schedule of depreciation rates of intangible assets	​ ​ ​ Licenses 2 - 10 years ​
Schedule of financial instruments	​ ​ ​ FINANCIAL ASSETS CLASSIFICATION Cash and cash equivalents Amortized cost Other receivables (excluding grants) 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 (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, 2023
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Battery Material ​ ​ ​ ​ ​ ​ ​ ​ ​ Furniture and ​ ​ ​ Mine under ​ Demonstration Plant ​ ​ ​ ​ Land Buildings Equipment ​ other IT equipment Rolling stock construction [1] ​ under construction [1] ​ Total ​ $ $ $ $ $ $ $ $ COST ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2023 ​ 2,455 ​ 3,267 ​ 9,813 ​ 259 ​ 128 ​ 37,785 ​ 14,591 ​ 68,298 Additions - ​ 171 ​ 398 ​ - ​ - ​ 8,215 ​ 1,258 ​ 10,042 Transfers ​ - ​ - ​ 15,139 ​ - ​ - ​ - ​ (15,139) ​ - Write-Off/Disposals - ​ - ​ - ​ (24) ​ - ​ - ​ - ​ (24) Balance as at December 31, 2023 2,455 ​ 3,438 ​ 25,350 ​ 235 ​ 128 ​ 46,000 ​ 710 ​ 78,316 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2023 - ​ 551 ​ 3,478 ​ 97 ​ 37 ​ - ​ - ​ 4,163 Depreciation - ​ 228 ​ 7,245 ​ 56 ​ 24 ​ - ​ - ​ 7,553 Write-Off/Disposals - ​ - ​ - ​ (19) ​ - ​ - ​ - ​ (19) Balance as at December 31, 2023 - ​ 779 ​ 10,723 ​ 134 ​ 61 ​ - ​ - ​ 11,697 Net book value as at December 31, 2023 2,455 ​ 2,659 ​ 14,627 ​ 101 ​ 67 ​ 46,000 ​ 710 ​ 66,619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Battery Material ​ ​ ​ ​ ​ ​ ​ ​ ​ Furniture and ​ ​ ​ Mine under ​ Demonstration Plant ​ ​ ​ ​ Land Buildings Equipment other IT equipment Rolling stock construction [1] under construction [1] ​ Total ​ $ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ COST ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2022 ​ 2,412 ​ 2,791 ​ 163 ​ 166 ​ 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 ​ 259 ​ 128 ​ 37,785 ​ 14,591 ​ 68,298 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as at January 1, 2022 ​ — ​ 330 ​ 19 ​ 36 ​ 15 ​ — ​ — ​ 400 Depreciation ​ — ​ 221 ​ 3,459 ​ 61 ​ 23 ​ — ​ — ​ 3,764 Write-Off/Disposals ​ — ​ — ​ — ​ — ​ (1) ​ — ​ — ​ (1) Balance as at December 31, 2022 ​ — ​ 551 ​ 3,478 ​ 97 ​ 37 ​ — ​ — ​ 4,163 Net book value as at December 31, 2022 ​ 2,455 ​ 2,716 ​ 6,335 ​ 162 ​ 91 ​ 37,785 ​ 14,591 ​ 64,135 [1] Assets under construction are not being depreciated as they are not in the condition necessary to be capable of being operated in the manner intended by management.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses ​ ​ ​ ​ $ COST ​ ​ ​ ​ Balance as at January 1, 2023 ​ ​ ​ 1,220 Write-off of assets ​ ​ ​ (1,028) Balance as at December 31, 2023 ​ ​ ​ 192 ACCUMULATED DEPRECIATION ​ ​ ​ ​ Balance as at January 1, 2023 ​ ​ ​ 1,038 Amortization ​ ​ ​ 123 Write-off of assets ​ ​ ​ (1,028) Balance as at December 31, 2023 ​ ​ ​ 133 Net book value as at December 31, 2023 ​ ​ ​ 59 ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses ​ ​ ​ ​ $ COST ​ ​ ​ ​ Balance as at January 1, 2022 ​ ​ ​ 1,604 Write-off of assets ​ ​ ​ (384) Balance as at December 31, 2022 ​ ​ ​ 1,220 ACCUMULATED DEPRECIATION ​ ​ ​ ​ Balance as at January 1, 2022 ​ ​ ​ 1,123 Amortization ​ ​ ​ 299 Write-off of assets ​ ​ ​ (384) Balance as at December 31, 2022 ​ ​ ​ 1,038 Net book value as at December 31, 2022 ​ ​ ​ 182 ​

RIGHT-OF-USE ASSETS (Tables)

RIGHT-OF-USE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
RIGHT-OF-USE ASSETS.
Schedule of carrying amounts of Right-of-use assets and the movement	​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings Rolling stocks Total ​ ​ $ ​ $ ​ $ COST ​ ​ ​ ​ ​ ​ As at January 1, 2023 ​ 3,406 ​ 71 ​ 3,477 Remeasurement of lease ​ (300) ​ — ​ (300) As at December 31, 2023 ​ 3,106 ​ 71 ​ 3,177 ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ As at January 1, 2023 ​ 799 ​ 22 ​ 821 Depreciation ​ 442 ​ 30 ​ 472 As at December 31, 2023 ​ 1,241 ​ 52 ​ 1,293 Net book value as at December 31, 2023 ​ 1,865 ​ 19 ​ 1,884 ​ ​ ​ ​ ​ ​ ​ ​ ​ 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

ACCOUNTS PAYABLES AND ACCRUED L

ACCOUNTS PAYABLES AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Trade payable and accrued liabilities 6,919 ​ 12,825 Wages and benefits liabilities 2,751 ​ 2,524 Other payables 128 ​ 80 Accounts payable and accrued liabilities 9,798 ​ 15,429 ​

GRANTS RECEIVABLE AND OTHER C_2

GRANTS RECEIVABLE AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
GRANTS RECEIVABLE AND OTHER CURRENT ASSETS
Schedule of grants receivable and other current assets	​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Grants receivable 1,182 ​ 3,957 Deferred expenses 87 ​ - Other receivables 65 ​ 26 Grants receivable and other current assets 1,334 ​ 3,983

LEASE LIABILITIES (Tables)

LEASE LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
LEASE LIABILITIES
Schedule of lease liabilities	​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Opening balance ​ 2,817 ​ 2,323 New liabilities and modifications of leases (300) 880 Principal repayment (430) (386) Ending balance 2,087 2,817 Current portion 451 431 Non-current portion 1,636 2,386

BORROWINGS (Tables)

BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 2023
BORROWINGS
Schedule of borrowings	​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Opening balance ​ 1,988 ​ 2,129 Repayments (282) (208) Interest 52 67 Ending balance 1,758 1,988 Current portion 480 225 Non-current portion 1,278 1,763

CONVERTIBLE NOTES (Tables)

CONVERTIBLE NOTES (Tables)	12 Months Ended
	Dec. 31, 2023
CONVERTIBLE NOTES
Schedule of convertible notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Host (amortized cost) Derivative (FVTPL) 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 Interest accretion 5,082 — — 5,082 Fair value adjustment — (8,049) — (8,049) Amortization [2] — — 1,453 1,453 Foreign exchange (1,275) (163) 32 (1,406) Balance as of December 31, 2023 53,624 1,169 (1,169) 53,624 [1] Transaction costs of $821 (US $608 ) have been allocated to the host instrument and reduced from the net proceeds allocated to this component. [2] The amortization for the year ended December 31, 2023 includes an additional amount of $ 809 to prevent the net amount of the Derivative and the Deferred amount components from representing a negative amount.
Schedule of sensitivity analysis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reasonably Sensitivity [1] ​ Reasonably Sensitivity [1] ​ ​ December 31, 2022 ​ possible change ​ US$ (Derivative liability) ​ December 31, 2023 ​ possible change ​ US$ (Derivative liability) Observable inputs ​ ​ ​ ​ ​ ​ Share price US $3.82 +/- 10% + 3.6 M/ -1.9 M US $2.61 ​ +/- 10% ​ + 0.4 M/ -0.3 M Foreign Exchange rate 1.35 +/- 5% +/- 0.5 M 1.32 ​ +/ -5% ​ +/ -0.1 M Unobservable inputs ​ ​ ​ Expected volatility 50% ​ +/- 10% (absolute) + 3.2 M/ -1.7 M 48% ​ +/- 10% ​ + 0.1 / -0.3 M Credit spread 9% ​ +/- 1% (absolute) +/- 0.3 M 5% ​ +/ -5% ​ +/ -0.03 M [1] Holding all other variables constant.

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2023
ASSET RETIREMENT OBLIGATION
Schedule of asset retirement obligation	​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Opening balance ​ 952 ​ 1,009 New obligations - 46 Change in estimate ​ 18 ​ (120) Accretion expense 17 17 Ending balance 987 952

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
EQUITY
Schedule of common shares voting and participating	​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 ​ December 31, 2022 Shares issued at the start of the period ​ 55,873,898 55,118,316 Shares issued from offering ​ 4,850,000 502,082 Options exercised ​ 180,000 253,500 Shares issued at the end of period ​ 60,903,898 55,873,898
Schedule of calculation of diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 [ii] ​ December 31, 2022 Loss attributable to the ordinary equity holders of the Company 55,983 47,714 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 55,983 51,564 ​ ​ ​ ​ ​ Basic weighted average number of shares outstanding 60,089,151 55,600,636 Dilutive effect of 2022 Convertibles Notes — 1,452,055 Dilutive weighted average number of shares outstanding 60,089,151 57,052,691 ​ ​ ​ ​ ​ Basic loss per share 0.93 0.86 Diluted loss per share 0.93 0.90 [i] Excludes the portion of the change in fair value of the embedded derivative attributable to the underlying warrants. [ii] There was no dilutive impact on 2023, therefore, no adjustment made.
Schedule of share options	The Company’s share options are as follows for the years ended December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ December 31, 2022 ​ ​ ​ ​ Weighted average ​ ​ ​ Weighted average ​ ​ ​ ​ exercise price ​ ​ ​ exercise price ​ ​ Number ​ $ ​ Number ​ $ Opening balance ​ 3,911,804 ​ 7.42 ​ 2,352,249 ​ 7.07 Granted ​ 2,088,548 ​ 5.51 ​ 2,219,304 ​ 8.13 Exercised ​ (180,000) 3.20 (253,500) ​ 2.90 Expired ​ (337,000) 6.52 (385,000) ​ 12.21 Forfeited ​ (87,000) 5.39 (21,249) ​ 9.47 Cancelled ​ (487,804) 8.20 — ​ — Ending balance ​ 4,908,548 6.79 3,911,804 7.42 Options that can be exercised ​ 2,824,000 7.64 2,872,500 7.22
Schedule of share options granted	​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 ​ December 31, 2022 Directors ​ 212,500 247,500 Officers ​ 600,000 525,000 Employees ​ 800,000 682,000 Consultants ​ 476,048 ​ 764,804 Total granted share options ​ 2,088,548 2,219,304
Schedule of the weighted average fair value of the share options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Share price at date of grant ​ $ 5.51 ​ $ 8.13 ​ Expected life ​ ​ 4.49 years ​ 4.11 years ​ Risk-free interest rate ​ ​ 3.11 % ​ 2.33 % Expected volatility ​ ​ 74.03 % ​ 81.49 % Expected dividend ​ ​ Nil ​ Nil ​ Fair value per option ​ $ 3.22 ​ $ 4.79 ​
Schedule of share options issued and exercisable at the closing market price of the common shares on the day prior to their grant	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2023 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price Expiration date ​ Total number ​ Total exercisable ​ $ 2024 ​ 397,500 ​ 397,500 ​ 4.65 2025 ​ 737,500 ​ 737,500 ​ 3.21 2026 913,048 ​ 460,000 12.27 2027 1,289,000 ​ 1,229,000 8.08 2028 1,571,500 ​ — 4.76 Ending balance 4,908,548 ​ 2,824,000 6.79 ​

EXPLORATION AND EVALUATION EX_2

EXPLORATION AND EVALUATION EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
EXPLORATION AND EVALUATION EXPENSES
Schedule of exploration and evaluation expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Wages and benefits ​ 3,087 ​ 3,274 Share-based compensation ​ 511 898 Engineering ​ — 162 Consulting fees ​ 1,636 554 Materials, consumables, and supplies ​ 630 824 Maintenance and subcontracting ​ 782 1,252 Geology and drilling ​ 19 31 Utilities ​ 360 420 Depreciation and amortization ​ 265 283 Other ​ 253 95 Uatnan Mining Project ​ 100 ​ 309 Grants ​ (119) (37) Tax credits ​ 1,932 (638) Exploration and evaluation expenses ​ 9,456 7,427

BATTERY MATERIAL PLANT PROJEC_2

BATTERY MATERIAL PLANT PROJECT EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
BATTERY MATERIAL PLANT PROJECT EXPENSES
Schedule of Battery Material Plant project expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Wages and benefits ​ 4,608 ​ 2,698 Share-based compensation ​ 326 534 Engineering ​ 7,638 8,895 Consulting fees ​ 964 914 Materials, consumables, and supplies ​ 2,101 920 Maintenance and subcontracting ​ 2,410 ​ 1,180 Utilities ​ 515 553 Depreciation and amortization ​ 7,635 4,028 Other ​ 202 146 Grants ​ (995) (506) Tax credits ​ (2,460) (272) Battery Material Plant project expenses ​ 22,944 19,090

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ $ $ Wages and benefits ​ 6,993 7,083 Share-based compensation ​ 2,224 7,274 Professional fees ​ 2,814 1,435 Consulting fees ​ 2,175 2,618 Travelling, representation and convention ​ 964 668 Office and administration ​ 6,848 8,862 Stock exchange, authorities, and communication ​ 442 462 Depreciation and amortization ​ 248 246 Loss on asset disposal ​ 5 - Other financial fees ​ 21 26 Grants ​ (30) ​ - General and administrative expenses ​ 22,704 28,674 ​

NET FINANCIAL COSTS (INCOME) (T

NET FINANCIAL COSTS (INCOME) (Tables)	12 Months Ended
	Dec. 31, 2023
NET FINANCIAL COSTS (INCOME)
Schedule of net financial costs (income)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Foreign exchange loss (gain) ​ (1,229) ​ 453 Interest income ​ (2,698) (701) Interest expense on lease liabilities ​ 18 19 Change in fair value - listed shares ​ (275) ​ 1,700 Change in fair value - embedded derivative and deferred amount amortization ​ (6,596) ​ (11,059) Accretion on borrowings and notes ​ 4,326 816 Interest on borrowings and notes ​ 6,933 ​ 895 Net financial costs (income) ​ 479 (7,877) ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
Schedule of income tax expense attributable to earnings	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ ​ $ ​ $ ​ Loss before income taxes ​ (55,583) (47,314) ​ Tax recovery computed at applicable statutory tax rate ​ 26.50 % 26.50 % Tax expense at combined statutory rate ​ (14,729) (12,538) ​ Increase (decrease) in income taxes resulting from: ​ ​ ​ ​ Temporary difference not recorded ​ 13,988 10,018 ​ Share-based payments ​ 811 2,307 ​ Non-deductible expenses ​ (339) 325 ​ Mining royalties ​ 400 400 ​ Non-taxable mining duties ​ 258 (108) ​ Other ​ 12 (4) ​ 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, 2023, 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 Property, plant and equipment and Intangible assets ​ — ​ (9,711) ​ — ​ — ​ (9,711) Right-of-use assets — (1,884) — — (1,884) Unrealized foreign exchange gain on convertibles notes ​ — ​ (1,075) ​ — ​ — ​ (1,075) Convertible notes (9,693) 5,373 — — (4,320) Exploration and evaluation expenses ​ 9,693 ​ 7,297 ​ — ​ — ​ 16,990
Schedule of temporary differences and unused tax losses for which the Company has not recognized deferred tax assets	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ $ $ FEDERAL ​ ​ ​ ​ Exploration and evaluation expenses 61,343 ​ 44,572 Property and equipment — ​ 3,080 Equity investment 2,071 ​ 2,346 Asset retirement obligation 987 ​ 952 Share issue expenses 5,380 ​ 5,102 Research and development expenses 23,258 ​ 19,412 Non-capital losses 105,528 ​ 69,792 Unrealized foreign exchange loss on convertible notes ​ — ​ 519 Lease liabilities ​ 2,087 ​ — Other 6 ​ 273 ​ 200,660 ​ 146,048 PROVINCIAL ​ ​ ​ Exploration and evaluation expenses 58,187 ​ 41,796 Property and equipment — ​ 3,080 Equity investment 2,071 ​ 2,346 Asset retirement obligation 987 ​ 952 Share issue expenses 5,380 ​ 5,102 Research and development expenses 30,077 ​ 25,158 Non-capital losses 103,506 ​ 68,341 Unrealized foreign exchange loss on convertible notes ​ — ​ 519 Lease liabilities ​ 2,087 ​ — Other 6 ​ 273 ​ 202,301 ​ 147,567
Schedule of accumulated non-capital losses for tax purposes	As at December 31, 2023, 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 2023 ​ 2043 ​ 34,485 ​ 34,485 2022 2042 24,043 ​ 23,392 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, 2023
ADDITIONAL CASH FLOW INFORMATION
Schedule of additional cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ ​ ​ $ ​ $ Grants receivable and other current assets 12 (147) 401 Deferred grants 12 170 20 Mining tax credits (528) (353) Sales taxes receivable 911 30 Prepaid expenses 1,064 (370) Accounts payable and accrued liabilities 11 608 (2,796) Total net change in working capital 2,078 (3,068) ​ ​ ​ ​ ​ ​ ​ Income tax received — 558 Interest paid 70 ​ 69 ​ ​ ​ ​ ​ ​ ​ Non-cash investing and financing activities ​ ​ Property, plant and equipment included in accounts payable and accrued liabilities ​ ​ ​ 1,806 ​ 7,447 Deferred expenses included in accounts payable and accrued liabilities ​ ​ ​ 87 ​ — Share issue costs included in accounts payable and accrued liabilities ​ ​ ​ — ​ 8 ​

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Schedule of directors remuneration	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ $ $ Key management compensation Employee benefit expenses 2,212 2,641 Share-based payments 1,377 3,722 Board fees 880 829

FINANCIAL INSTRUMENTS AND RIS_2

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2023
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Schedule of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2023 ​ ​ ​ ​ At fair value through ​ ​ ​ ​ ​ ​ ​ ​ profit or loss ​ Amortized cost ​ Total ​ ​ $ $ $ FINANCIAL ASSETS ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ 6 — ​ 36,332 ​ 36,332 Other receivables (excluding grants) ​ ​ — ​ 65 ​ 65 Investments – Listed shares ​ 7 ​ 1,075 ​ — ​ 1,075 Total financial assets ​ ​ 1,075 ​ 36,397 ​ 37,472 ​ ​ ​ ​ ​ ​ ​ ​ ​ FINANCIAL LIABILITIES ​ ​ ​ Accounts payable and accrued liabilities ​ 11 — ​ 9,798 ​ 9,798 Borrowings ​ 14 ​ — ​ 1,758 ​ 1,758 Convertible Notes ​ 15 — ​ 53,624 ​ 53,624 Total financial liabilities ​ ​ — ​ 65,180 ​ 65,180 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ ​ ​ ​ At fair value through ​ ​ ​ ​ ​ ​ ​ ​ profit or loss ​ Amortized cost ​ Total ​ ​ $ $ $ FINANCIAL ASSETS ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ 6 — ​ 59,924 ​ 59,924 Other receivables (excluding grants) ​ ​ — ​ 27 ​ 27 Investments – Listed shares ​ 7 ​ 800 ​ — ​ 800 Total financial assets ​ ​ 800 ​ 59,951 ​ 60,751 ​ ​ ​ ​ ​ ​ ​ ​ ​ FINANCIAL LIABILITIES ​ ​ ​ Accounts payable 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
Schedule of fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2023 ​ Level 1 Level 2 Level 3 Total Financial Assets at FVTPL ​ ​ ​ ​ ​ ​ ​ ​ Non-current investments (Equity investment in publicly listed entities) 1,075 — — 1,075 Financial liabilities at FVTPL Convertible notes - Embedded derivatives (note 15) — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2023 ​ ​ Carrying ​ Contractual ​ 0 to 12 ​ 12 to 24 ​ More than ​ amount cash flow months months 24 months Accounts payable and accrued liabilities 9,798 9,798 9,798 — — Lease liabilities 2,087 2,416 545 529 1,342 Borrowings 1,758 1,979 577 577 825 Convertible Notes – Host [i] ​ 53,624 ​ 66,129 ​ — ​ 66,129 ​ — [i] The Convertible Notes are translated at the spot rate as of December 31, 2023
Schedule of balances in U.S.dollars held by the Company	​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2023 ​ As at December 31, 2022 ​ $ ​ $ Cash and cash equivalents in U.S. dollars ​ 5,003 10,928 Accounts payable in U.S. dollars ​ (765) (407) Convertible notes – Host in U.S. dollars ​ (40,545) ​ (36,780) Net exposure, in U.S. dollars ​ (36,307) (26,259) Equivalent in Canadian dollars ​ (48,018) (36,307) ​ ​ ​ ​ ​ Increase in net loss with a 5% appreciation in the U.S. dollar ​ (2,401) ​ (1,778) Decrease in net loss with a 5% depreciation in the U.S. dollar ​ 2,401 ​ 1,778

ADDITIONAL SEGMENT INFORMATION

ADDITIONAL SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
ADDITIONAL SEGMENT INFORMATION
Schedule of additional segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Matawinie Mine ​ Battery Material ​ Corporate ​ Total ​ Project Plant project ​ ​ Total property, plant and equipment 46,188 17,173 3,258 66,619 Total liabilities 4,942 7,571 56,996 69,509 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

NATURE OF OPERATIONS AND GOIN_2

NATURE OF OPERATIONS AND GOING CONCERN (Details) $ in Thousands, $ in Millions		12 Months Ended
	Feb. 28, 2024 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)
NATURE OF OPERATIONS AND GOING CONCERN
Accumulated deficit		$ (220,587)	$ (164,604)
Net loss		(55,983)	(47,714)
Cash outflows from operating activities		(39,515)	(44,881)
Shares issued from offering		$ 29,565	$ 3,987
Private Placement | GM and Panasonic
NATURE OF OPERATIONS AND GOING CONCERN
Shares issued from offering	$ 50

MATERIAL ACCOUNTING POLICIES -

MATERIAL ACCOUNTING POLICIES - Property and equipment (Details)	12 Months Ended
	Dec. 31, 2023
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
Furniture and other IT equipment | Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	3 years
Furniture and other IT equipment | Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	7 years
Rolling Stock
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	5 years

MATERIAL ACCOUNTING POLICIES _2

MATERIAL ACCOUNTING POLICIES - Intangible assets (Details) - Licenses	12 Months Ended
	Dec. 31, 2023
Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	2 years
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, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)
CASH AND CASH EQUIVALENTS
Cash and cash equivalents	$ 36,332	$ 59,924		$ 62,355
Cash in bank balance	1,277	992	$ 1,312
Short-term deposits	$ 28,439	$ 4,011	$ 5,304

INVESTMENTS - LISTED SHARES (De

INVESTMENTS - LISTED SHARES (Details) - CAD ($) $ / shares in Units, $ in Thousands, shares in Millions		1 Months Ended	12 Months Ended	17 Months Ended
	Jul. 20, 2022	Jul. 31, 2022	Dec. 31, 2023	Dec. 31, 2023
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			$ 409
Mason
INVESTMENTS - LISTED SHARES
Number of shares subscribed	5
Value of investment	$ 2,500
Price paid per share	$ 0.50
Closing price per share			$ 0.22	$ 0.22
Gain (loss) from change in fair value of investments in common shares.			$ 275	$ 1,425
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	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Property and equipment
Balance as at beginning of year		$ 64,135
Balance as at ending of year		66,619	$ 64,135
Net book value		66,619	64,135
COST
Property and equipment
Balance as at beginning of year		68,298	42,503
Additions		10,042	25,796
Write-Off/Disposals		24	1
Balance as at ending of year		78,316	68,298
ACCUMULATED DEPRECIATION
Property and equipment
Balance as at beginning of year		(4,163)	(400)
Depreciation		7,553	3,764
Write-Off/Disposals		(19)	(1)
Balance as at ending of year		(11,697)	(4,163)
Land
Property and equipment
Net book value		2,455	2,455
Land | COST
Property and equipment
Balance as at beginning of year		2,455	2,412
Additions			43
Balance as at ending of year		2,455	2,455
Buildings
Property and equipment
Net book value		2,659	2,716
Buildings | COST
Property and equipment
Balance as at beginning of year		3,267	2,791
Additions		171	15
Transfers			461
Balance as at ending of year		3,438	3,267
Buildings | ACCUMULATED DEPRECIATION
Property and equipment
Balance as at beginning of year		(551)	(330)
Depreciation		228	221
Balance as at ending of year		(779)	(551)
Equipment
Property and equipment
Net book value		14,627	6,335
Equipment | COST
Property and equipment
Balance as at beginning of year		9,813	163
Additions		398	248
Transfers		15,139	9,402
Balance as at ending of year		25,350	9,813
Equipment | ACCUMULATED DEPRECIATION
Property and equipment
Balance as at beginning of year		(3,478)	(19)
Depreciation		7,245	3,459
Balance as at ending of year		(10,723)	(3,478)
Furniture and other IT equipment
Property and equipment
Net book value		101	162
Furniture and other IT equipment | COST
Property and equipment
Balance as at beginning of year		259	166
Transfers			93
Write-Off/Disposals		24
Balance as at ending of year		235	259
Furniture and other IT equipment | ACCUMULATED DEPRECIATION
Property and equipment
Balance as at beginning of year		(97)	(36)
Depreciation		56	61
Write-Off/Disposals		(19)
Balance as at ending of year		(134)	(97)
Rolling Stock
Property and equipment
Net book value		67	91
Rolling Stock | COST
Property and equipment
Balance as at beginning of year		128	53
Additions			50
Transfers			26
Write-Off/Disposals			1
Balance as at ending of year		128	128
Rolling Stock | ACCUMULATED DEPRECIATION
Property and equipment
Balance as at beginning of year		(37)	(15)
Depreciation		24	23
Write-Off/Disposals			(1)
Balance as at ending of year		(61)	(37)
Mine under construction
Property and equipment
Net book value		46,000	37,785
Mine under construction | COST
Property and equipment
Balance as at beginning of year		37,785	18,032
Additions		8,215	19,753
Balance as at ending of year		46,000	37,785
Battery Material Demonstration Plant under construction
Property and equipment
Transfers	$ (15,139)
Net book value		710	14,591
Battery Material Demonstration Plant under construction | COST
Property and equipment
Balance as at beginning of year		14,591	18,886
Additions		1,258	5,687
Transfers		(15,139)	(9,982)
Balance as at ending of year		$ 710	$ 14,591

PROPERTY, PLANT AND EQUIPMENT-

PROPERTY, PLANT AND EQUIPMENT- Additional Information (Details) - CAD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Property and equipment
Amount of PPE net of grants received		$ 60	$ 4,109
Amount of NSR bought back		16	0
Mine under construction
Property and equipment
Amount of borrowing costs		$ 825	$ 0
Coating Demonstration Plant
Property and equipment
Amount transferred	$ 11,767
Shaping Demonstration Plant
Property and equipment
Amount transferred	3,372
Battery Material Demonstration Plant under construction
Property and equipment
Amount transferred	$ (15,139)

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	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	$ 182
Balance as at ending of year	59	$ 182
Intangible assets	59	182
Licenses
Reconciliation of intangible assets
Balance as at beginning of year	182
Balance as at ending of year	59	182
Intangible assets	59	182
Licenses | COST
Reconciliation of intangible assets
Balance as at beginning of year	1,220	1,604
Write-off of assets	(1,028)	(384)
Balance as at ending of year	192	1,220
Intangible assets	192	1,220
Licenses | ACCUMULATED DEPRECIATION
Reconciliation of intangible assets
Balance as at beginning of year	(1,038)	(1,123)
Amortization	123	299
Write-off of assets	1,028	384
Balance as at ending of year	(133)	(1,038)
Intangible assets	$ (133)	$ (1,038)

RIGHT-OF-USE ASSETS (Details)

RIGHT-OF-USE ASSETS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RIGHT-OF-USE ASSETS
As at beginning of year	$ 2,656
Depreciation	219	$ 250
As at ending of year	1,884	2,656
Right-of-use assets	1,884	2,656
COST
RIGHT-OF-USE ASSETS
As at beginning of year	3,477	2,879
New leases		451
End of leases		(254)
Remeasurement of lease	(300)	401
As at ending of year	3,177	3,477
Right-of-use assets	3,177	3,477
ACCUMULATED DEPRECIATION
RIGHT-OF-USE ASSETS
As at beginning of year	(821)	(625)
Depreciation	472	494
End of leases		(254)
Remeasurement of lease		(44)
As at ending of year	(1,293)	(821)
Right-of-use assets	(1,293)	(821)
Buildings
RIGHT-OF-USE ASSETS
As at beginning of year	2,607
As at ending of year	1,865	2,607
Right-of-use assets	1,865	2,607
Buildings | COST
RIGHT-OF-USE ASSETS
As at beginning of year	3,406	2,715
New leases		451
End of leases		(205)
Remeasurement of lease	(300)	445
As at ending of year	3,106	3,406
Right-of-use assets	3,106	3,406
Buildings | ACCUMULATED DEPRECIATION
RIGHT-OF-USE ASSETS
As at beginning of year	(799)	(553)
Depreciation	442	451
End of leases		(205)
As at ending of year	(1,241)	(799)
Right-of-use assets	$ (1,241)	(799)
Buildings | Minimum
RIGHT-OF-USE ASSETS
Lease term (in years)	2 years
Buildings | Maximum
RIGHT-OF-USE ASSETS
Lease term (in years)	10 years
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	$ 49
As at ending of year	19	49
Right-of-use assets	19	49
Rolling Stock | COST
RIGHT-OF-USE ASSETS
As at beginning of year	71	164
End of leases		(49)
Remeasurement of lease		(44)
As at ending of year	71	71
Right-of-use assets	71	71
Rolling Stock | ACCUMULATED DEPRECIATION
RIGHT-OF-USE ASSETS
As at beginning of year	(22)	(72)
Depreciation	30	43
End of leases		(49)
Remeasurement of lease		(44)
As at ending of year	(52)	(22)
Right-of-use assets	$ (52)	$ (22)
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, 2023	Dec. 31, 2022
RIGHT-OF-USE ASSETS
Depreciation	$ 219	$ 250
Battery material plant project expenses
RIGHT-OF-USE ASSETS
Depreciation	$ 162	$ 162

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Trade payable and accrued liabilities	$ 6,919	$ 12,825
Wages and benefits liabilities	2,751	2,524
Other payables	128	80
Accounts payable and accrued liabilities	$ 9,798	$ 15,429

GRANTS RECEIVABLE AND OTHER C_3

GRANTS RECEIVABLE AND OTHER CURRENT ASSETS (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
GRANTS RECEIVABLE AND OTHER CURRENT ASSETS
Grant receivables	$ 1,182	$ 3,957
Deferred expenses	87
Other receivables	65	26
Grants receivable and other current assets	$ 1,334	$ 3,983

GRANTS RECEIVABLE AND OTHER C_4

GRANTS RECEIVABLE AND OTHER CURRENT ASSETS - Additional Information (Details) - CAD ($) $ in Thousands	1 Months Ended				12 Months Ended
	Aug. 31, 2022	Jan. 31, 2022	Mar. 31, 2021	Aug. 31, 2019	Dec. 31, 2023	Dec. 31, 2022	Apr. 30, 2020
GRANTS
Deferred grants					$ 1,255
Grant receivable					457
Saint-Michel-des-Saints [Member]
GRANTS
Amount of payments received					1,950
Grant receivable					0	$ 1,378
Sustainable Development Technology Canada Agreement1 [Member]
GRANTS
Government grants secured				$ 4,250
Additional grant receivables			$ 223
Grant receivable					425	425
Sustainable Development Technology Canada Agreement 2 [Member]
GRANTS
Government grants secured	$ 5,750
Amount of payments received					2,322
Grant receivable					0	862
Transition Energetique Quebec [Member]
GRANTS
Additional grant receivables		$ 3,000
Amount of payments received					450
Deferred grants							$ 3,000
Grant receivable					$ 300	$ 750

LEASE LIABILITIES (Details)

LEASE LIABILITIES (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LEASE LIABILITIES
Opening balance	$ 2,817	$ 2,323
New liabilities and modifications of leases	(300)	880
Principal repayment	(430)	(386)
Ending balance	2,087	2,817
Current portion	451	431
Non-current portion	1,636	2,386
Expenses related to short term leases	$ 393	$ 629
Lease of assets term	12 months

BORROWINGS (Details)

BORROWINGS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
BORROWINGS
Opening balance	$ 1,988	$ 2,129
Repayments	(282)	(208)
Interest	52	67
Ending balance	1,758	1,988
Current portion	480	225
Non-current portion	$ 1,278	$ 1,763

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, $ in Thousands, $ in Thousands				12 Months Ended
	Apr. 17, 2023 $ / shares	Nov. 08, 2022 CAD ($)	Nov. 08, 2022 USD ($)	Dec. 31, 2023 CAD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CAD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Jan. 01, 2023	Dec. 31, 2022 USD ($)
CONVERTIBLE NOTES
Ending balance				$ 53,624		$ 56,544
Transaction costs				821	$ 608
Additional amortization				$ 809
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				$ 6,863		829	5,084		$ 612
Shares issued for conversion debt (convertible bond) | shares				1,634,827	1,634,827
Share price per share | $ / shares	$ 4.55
Minimum
CONVERTIBLE NOTES
Borrowings variable interest rate		4%	4%					5%
Maximum
CONVERTIBLE NOTES
Borrowings variable interest rate		6%	6%					7%
Host (amortized cost)
CONVERTIBLE NOTES
Ending balance				$ 53,624
2022 - US$50 million convertible notes with Mitsui, Pallinghurst and Investissement Quebec
CONVERTIBLE NOTES
Issuance						66,383
Interest accretion				5,082		732
Fair value adjustment				(8,049)		(11,199)
Amortization				1,453		140
Foreign exchange				(1,406)		488
Ending balance				53,624		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				5,082		732
Foreign exchange				(1,275)		382
Ending balance				53,624		49,817
2022 - US$50 million convertible notes with Mitsui, Pallinghurst and Investissement Quebec | Derivative
CONVERTIBLE NOTES
Issuance						20,453
Fair value adjustment				(8,049)		(11,199)
Foreign exchange				(163)		127
Ending balance				1,169		9,381
2022 - US$50 million convertible notes with Mitsui, Pallinghurst and Investissement Quebec | Deferred amount
CONVERTIBLE NOTES
Issuance						(2,773)
Amortization				1,453		140
Foreign exchange				32		(21)
Ending balance				$ (1,169)		$ (2,654)

CONVERTIBLE NOTES - Sensitivity

CONVERTIBLE NOTES - Sensitivity analysis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares $ / $	Dec. 31, 2022 USD ($) $ / $ $ / shares
Share price
CONVERTIBLE NOTES
Unobservable inputs | $ / shares	2.61	3.82
Percentage of possible change, decrease	10%	10%
Increase (decrease) in liability due to decrease in possible change	$ (300)	$ (1,900)
Increase (decrease) in liability due to increase in possible change	$ 400	$ 3,600
Foreign exchange rate
CONVERTIBLE NOTES
Unobservable inputs | $ / $	1.32	1.35
Percentage of possible change, decrease	(5.00%)	5%
Increase (decrease) in liability due to decrease in possible change	$ (100)	$ 500
Expected volatility
CONVERTIBLE NOTES
Unobservable inputs	0.48	0.50
Percentage of possible change, decrease	10%	10%
Increase (decrease) in liability due to decrease in possible change	$ (300)	$ (1,700)
Increase (decrease) in liability due to increase in possible change	$ 100	$ 3,200
Credit spread
CONVERTIBLE NOTES
Unobservable inputs	0.05	0.09
Percentage of possible change, decrease	(5.00%)	1%
Increase (decrease) in liability due to decrease in possible change	$ (30)	$ 300

ASSET RETIREMENT OBLIGATION (De

ASSET RETIREMENT OBLIGATION (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
ASSET RETIREMENT OBLIGATION
Opening balance	$ 952	$ 1,009
New obligations		46
Change in estimate	18	(120)
Accretion expense	17	17
Ending balance	$ 987	$ 952
Discount rate used (in percent)	4.93%	5.26%
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			11 Months Ended	12 Months Ended
	Apr. 17, 2023 CAD ($) shares	Apr. 17, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CAD ($) $ / shares shares	Dec. 31, 2023 CAD ($) $ / shares shares	Dec. 31, 2022 CAD ($) $ / shares shares
Shares issued
Number of shares issued	4,850,000	4,850,000
Share price per share | $ / shares		$ 4.55
Net proceeds	$ 29,600	$ 22		$ 29,565	$ 3,987
Company incurred underwriter fees equal to gross proceeds	6%	6%
At the Market Equity Offering
Shares issued
Shares issued from offering				0
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 | $			$ 100
Authorized share capital
Share capital
Par value | $ / shares			$ 0	$ 0	$ 0
Shares issued
Balance at the beginning (in shares)				55,873,898	55,118,316
Shares issued from offering				4,850,000	502,082
Options exercised				180,000	253,500
Balance at the end (in shares)			55,873,898	60,903,898	55,873,898

EQUITY - Loss Per Share (Detail

EQUITY - Loss Per Share (Details) - CAD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
EQUITY
Net loss and comprehensive loss	$ (55,983)	$ (47,714)
Gain on change in fair value of embedded derivatives, 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	$ 55,983	$ 51,564
Basic weighted average number of shares outstanding	60,089,151	55,600,636
Dilutive effect of 2022 Convertibles Notes	0	1,452,055
Dilutive weighted average number of shares outstanding	60,089,151	57,052,691
Basic loss per share	$ 0.93	$ 0.86
Diluted loss per share	$ 0.93	$ 0.90

EQUITY - Share-based payments (

EQUITY - Share-based payments (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Mar. 28, 2023 $ / shares	Feb. 17, 2023 CAD ($) Options $ / shares	Dec. 31, 2023 CAD ($) Options Y tranche $ / shares shares	Dec. 31, 2022 CAD ($) Options Y $ / shares
Number of Options
Opening balance			3,911,804	2,352,249
Granted			2,088,548	2,219,304
Exercised			(180,000)	(253,500)
Expired			(337,000)	(385,000)
Forfeited			(87,000)	(21,249)
Cancelled			(487,804)
Ending balance			4,908,548	3,911,804
Options that can be exercised			2,824,000	2,872,500
Weighted average exercise price
Opening balance (in dollars per share) | $ / shares			$ 7.42	$ 7.07
Granted (in dollars per share) | $ / shares			5.51	8.13
Exercised (in dollars per share) | $ / shares			3.20	2.90
Expired (in dollars per share) | $ / shares			6.52	12.21
Forfeited (in dollars per share) | $ / shares			5.39	9.47
Cancelled (in dollars per share) | $ / shares			8.20
Ending balance (in dollars per share) | $ / shares			6.79	7.42
Options that can be exercised (in dollars per share) | $ / shares			7.64	7.22
Weighted average price at the time of exercise | $ / shares			$ 4.52	$ 7.91
Number of tranches | tranche			2
Number of shares subscribed for each option | shares			1
Average period (in years)			4 years 5 months 26 days	4 years 1 month 9 days
Share price at date of grant | $ / shares			$ 5.51	$ 8.13
Expected life | Y			4.49	4.11
Risk-free interest rate			3.11%	2.33%
Expected volatility			74.03%	81.49%
Expected dividend | $
Fair value per option | $ / shares			$ 3.22	$ 4.79
Total options to be granted			10
Share-based compensation | $			$ 3,569	$ 9,628
Amount capitalized in property, plant and equipment | $			$ 507	$ 922
2024
Number of Options
Ending balance			397,500
Options that can be exercised			397,500
Weighted average exercise price
Ending balance (in dollars per share) | $ / shares			$ 4.65
2025
Number of Options
Ending balance			737,500
Options that can be exercised			737,500
Weighted average exercise price
Ending balance (in dollars per share) | $ / shares			$ 3.21
2026
Number of Options
Ending balance			913,048
Options that can be exercised			460,000
Weighted average exercise price
Ending balance (in dollars per share) | $ / shares			$ 12.27
2027
Number of Options
Ending balance			1,289,000
Options that can be exercised			1,229,000
Weighted average exercise price
Ending balance (in dollars per share) | $ / shares			$ 8.08
2028
Number of Options
Ending balance			1,571,500
Weighted average exercise price
Ending balance (in dollars per share) | $ / shares			$ 4.76
Initial Options
Weighted average exercise price
Exercise price at date of grant | $ / shares	$ 8.20
Replacement Options
Weighted average exercise price
Share price at date of grant | $ / shares		$ 8.20
Risk-free interest rate		3.79%
Expected volatility		93%
Expected dividend | $		$ 0
Exercise price at date of grant | $ / shares		$ 8.20
Share-based payment award, expiration period		2 years
Incremental fair value of modification | $		$ 1,036
Officers
Number of Options
Granted			600,000	525,000
Directors
Number of Options
Granted			212,500	247,500
Employees
Number of Options
Granted			800,000	682,000
Consultants
Number of Options
Granted			476,048	764,804
Consultants | Initial Options
Number of Options
Cancelled		487,804
Consultants | Replacement Options
Number of Options
Granted		453,048

EXPLORATION AND EVALUATION EX_3

EXPLORATION AND EVALUATION EXPENSES (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
EXPLORATION AND EVALUATION EXPENSES
Share-based compensation	$ 3,569	$ 9,628
Exploration and evaluation expenses	9,456	7,427
Exploration and evaluation expenses
EXPLORATION AND EVALUATION EXPENSES
Wages and benefits	3,087	3,274
Share-based compensation	511	898
Engineering		162
Consulting fees	1,636	554
Materials, consumables, and supplies	630	824
Maintenance and subcontracting	782	1,252
Geology and drilling	19	31
Utilities	360	420
Depreciation and amortization	265	283
Other	253	95
Uatnan mining project	100	309
Grants	(119)	(37)
Tax credits	1,932	(638)
Exploration and evaluation expenses	$ 9,456	$ 7,427

BATTERY MATERIAL PLANT PROJEC_3

BATTERY MATERIAL PLANT PROJECT EXPENSES (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
BATTERY MATERIAL PLANT PROJECT EXPENSES
Share-based compensation	$ 3,569	$ 9,628
Battery Material Plant project expenses	22,944	19,090
Battery material plant project expenses
BATTERY MATERIAL PLANT PROJECT EXPENSES
Wages and benefits	4,608	2,698
Share-based compensation	326	534
Engineering	7,638	8,895
Consulting fees	964	914
Materials, consumables, and supplies	2,101	920
Maintenance and subcontracting	2,410	1,180
Utilities	515	553
Depreciation and amortization	7,635	4,028
Other	202	146
Grants	(995)	(506)
Tax credits	(2,460)	(272)
Battery Material Plant project expenses	$ 22,944	$ 19,090

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
GENERAL AND ADMINISTRATIVE EXPENSES
Share-based compensation	$ 3,569	$ 9,628
General and administrative expenses	22,704	28,674
General and administrative expenses
GENERAL AND ADMINISTRATIVE EXPENSES
Wages and benefits	6,993	7,083
Share-based compensation	2,224	7,274
Consulting fees	2,814	1,435
Consulting fees	2,175	2,618
Travelling, representation and convention	964	668
Office and administration	6,848	8,862
Stock exchange, authorities, and communication	442	462
Depreciation and amortization	248	246
Loss on asset disposal	5
Other financial fees	21	26
Grants	(30)
General and administrative expenses	$ 22,704	$ 28,674

NET FINANCIAL COSTS (INCOME) (D

NET FINANCIAL COSTS (INCOME) (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
NET FINANCIAL COSTS (INCOME)
Foreign exchange loss (gain)	$ (1,229)	$ 453
Interest income	(2,698)	(701)
Interest expense on lease liabilities	18	19
Change in fair value - listed shares	(275)	1,700
Change in fair value -embedded derivatives	(6,596)	(11,059)
Accretion on borrowings and notes	4,326	816
Interest on borrowings and notes	6,933	895
Net financial costs (income)	$ 479	$ (7,877)

INCOME TAXES - Income tax recon

INCOME TAXES - Income tax reconciliation (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Loss before income taxes	$ (55,583)	$ (47,314)
Tax recovery computed at applicable statutory tax rate	26.50%	26.50%
Tax expense at combined statutory rate	$ (14,729)	$ (12,538)
Increase (decrease) in income taxes resulting from:
Temporary difference not recorded	13,988	10,018
Share-based payments	811	2,307
Non-deductible expenses	(339)	325
Mining royalties	400	400
Non-taxable mining duties	258	(108)
Other	12	(4)
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, 2023	Dec. 31, 2022
INCOME TAXES
Recognized in the net earnings	$ 400	$ 400
Property, plant and equipment and Intangible assets
INCOME TAXES
Recognized in the net earnings	(9,711)
Closing balance	(9,711)
Right-of-use assets
INCOME TAXES
Recognized in the net earnings	(1,884)
Closing balance	(1,884)
Unrealized foreign exchange loss on convertible notes
INCOME TAXES
Recognized in the net earnings	(1,075)
Closing balance	(1,075)
Convertible Notes
INCOME TAXES
Opening balance	(9,693)
Recognized in the net earnings	5,373
Closing balance	(4,320)	(9,693)
Exploration and evaluation expenses
INCOME TAXES
Opening balance	9,693
Recognized in the net earnings	7,297
Closing balance	$ 16,990	$ 9,693

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, 2023	Dec. 31, 2022
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	$ 200,660	$ 146,048
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	202,301	147,567
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	61,343	44,572
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	58,187	41,796
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
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
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	2,071	2,346
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	2,071	2,346
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	987	952
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	987	952
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	5,380	5,102
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	5,380	5,102
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	23,258	19,412
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	30,077	25,158
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	105,528	69,792
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	103,506	68,341
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
Lease liabilities | 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	2,087
Lease liabilities | 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	2,087
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	6	273
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	$ 6	$ 273

INCOME TAXES - accumulated non-

INCOME TAXES - accumulated non-capital losses for tax purposes (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Investment tax credit carryovers	$ 4,725	$ 3,698
2023 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	34,485
2023 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	34,485
2022 | FEDERAL
INCOME TAXES
Accumulated non-capital losses	24,043
2022 | PROVINCIAL
INCOME TAXES
Accumulated non-capital losses	23,392
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, 2023	Dec. 31, 2022
ADDITIONAL CASH FLOW INFORMATION
Grants receivable and other current assets	$ (147)	$ 401
Deferred grants	170	20
Mining tax credits	(528)	(353)
Sales taxes receivable	911	30
Prepaid expenses	1,064	(370)
Accounts payable and accrued liabilities	608	(2,796)
Total net change in working capital	2,078	(3,068)
Items not affecting cash
Income tax received		558
Interest paid	70	69
Property, plant and equipment included in accounts payable and accrued liabilities	1,806	7,447
Deferred expenses included in accounts payable and accrued liabilities	$ 87
Share issue costs included in accounts payable and accrued liabilities		$ 8

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Key management compensation
Employee benefit expenses	$ 2,212	$ 2,641
Share-based payments	1,377	3,722
Board fees	$ 880	$ 829

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) $ in Thousands, $ in Millions			1 Months Ended
	Nov. 08, 2022 USD ($)	Nov. 08, 2022 CAD ($)	Nov. 30, 2022 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)
RELATED PARTY TRANSACTIONS
Aggregate gross proceeds	$ 50	$ 67,200
Minimum commitments under the contracts				$ 2,428	$ 2,150
Amount of additional minimum required payments to be made				$ 4,927	$ 4,379
Unsecured Convertible Notes
RELATED PARTY TRANSACTIONS
Aggregate gross proceeds			$ 50
Pallinghurst
RELATED PARTY TRANSACTIONS
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, 2023	Dec. 31, 2022
INFORMATION DISCLOSURE ABOUT CAPITAL MANAGEMENT
Carrying amount of equity, borrowings, leases and convertible loans	$ 111,899	$ 133,673

FINANCIAL INSTRUMENTS AND RIS_3

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Financial instruments (Details) $ in Thousands, $ in Thousands	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)
FINANCIAL ASSETS
At fair value through profit or loss	$ 1,075		$ 800
Amortized cost	36,397		59,951
Total	37,472		60,751
FINANCIAL LIABILITIES
At fair value through profit or loss	0		6,727
Amortized cost	65,180		67,234
Total	65,180		73,961
Convertible Notes - Host
FINANCIAL LIABILITIES
Financial liabilities, fair value	66,227	$ 50,073	59,296	$ 43,778
Accounts payables and accrued liabilities
FINANCIAL LIABILITIES
At fair value through profit or loss	0		0
Amortized cost	9,798		15,429
Total	9,798		15,429
Borrowings.
FINANCIAL LIABILITIES
At fair value through profit or loss	0		0
Amortized cost	1,758		1,988
Total	1,758		1,988
Convertible Notes
FINANCIAL LIABILITIES
At fair value through profit or loss	0		6,727
Amortized cost	53,624		49,817
Total	53,624		56,544
Cash and cash equivalents
FINANCIAL ASSETS
At fair value through profit or loss	0		0
Amortized cost	36,332		59,924
Total	36,332		59,924
Other Receivables
FINANCIAL ASSETS
At fair value through profit or loss	0		0
Amortized cost	65		27
Total	65		27
Investment - Listed shares
FINANCIAL ASSETS
At fair value through profit or loss	1,075		800
Total	$ 1,075		$ 800

FINANCIAL INSTRUMENTS AND RIS_4

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Fair Value Hierarchy (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financial assets and financial liabilities
Non-current investments (Equity investment in publicly listed entities)	$ 1,075	$ 800
Convertible notes	53,624	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
Non-current investments (Equity investment in publicly listed entities)	1,075	800
Financial Assets at FVTPL | Level 1
Financial assets and financial liabilities
Non-current investments (Equity investment in publicly listed entities)	$ 1,075	$ 800

FINANCIAL INSTRUMENTS AND RIS_5

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Currency risk (Details) $ in Thousands, $ in Thousands	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)
Currency risk
Cash and cash equivalents	$ 36,332		$ 59,924		$ 62,355
Accounts payables	(9,798)		(15,429)
Canadian dollar
Currency risk
Cash and cash equivalents		$ 5,003		$ 10,928
Accounts payables		(765)		(407)
Convertibles notes - Host		(40,545)		(36,780)
Net exposure	$ (48,018)	$ (36,307)	$ (36,307)	(26,259)
Currency risk
Currency risk
Percentage of increase in net loss with a appreciation	5%	5%
Percentage of decrease in net loss with a depreciation	5%	5%
Currency risk | US dollar
Currency risk
Increase in net loss with a 5% appreciation		$ (2,401)		(1,778)
Decrease in net loss with a 5% depreciation		$ 2,401		$ 1,778

FINANCIAL INSTRUMENTS AND RIS_6

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Liquidity risk (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liquidity risk
Accounts payables and accrued liabilities	$ 9,798	$ 15,429
Short-term liabilities	11,984	16,105
Lease liabilities	2,087	2,817	$ 2,323
Lease liabilities, contractual cash flows	2,416
Borrowings	1,758	1,988	$ 2,129
Borrowings, contractual cash flows	1,979
Account payables and accrued liabilities, contractual cash flows	9,798
Convertible notes	53,624	$ 56,544
Convertible Notes - Host
Liquidity risk
Convertible notes	53,624
Convertible notes, contractual cash flows	66,129
0 to 12 months
Liquidity risk
Accounts payables and accrued liabilities	9,798
Lease liabilities	545
Borrowings	577
2025
Liquidity risk
Lease liabilities	529
Borrowings	577
2025 | Convertible Notes - Host
Liquidity risk
Convertible notes	66,129
more than 24 months
Liquidity risk
Lease liabilities	1,342
Borrowings	$ 825

FINANCIAL INSTRUMENTS AND RIS_7

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Interest rate risk (Details) - Interest rate risk - Convertible notes $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)
Interest rate risk
Increase in interest rate (percent)	1%	1%
Increase in net financial expense	$ 681	$ 515	$ 695	$ 513
SOFR
Interest rate risk
Interest rate (in percent)	5%	5%
Interest rate, spread	7%	7%

ADDITIONAL SEGMENT INFORMATIO_2

ADDITIONAL SEGMENT INFORMATION (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ADDITIONAL SEGMENT INFORMATION
Total property, plant and equipment	$ 66,619	$ 64,135
Total liabilities	69,509	77,750
Matawinie Mine Project Expenses
ADDITIONAL SEGMENT INFORMATION
Total property, plant and equipment	46,188	39,597
Total liabilities	4,942	8,022
Battery Material Plant Project Expenses
ADDITIONAL SEGMENT INFORMATION
Total property, plant and equipment	17,173	21,289
Total liabilities	7,571	3,808
Corporate
ADDITIONAL SEGMENT INFORMATION
Total property, plant and equipment	3,258	3,249
Total liabilities	$ 56,996	$ 65,920

COMMITMENTS (Details)

COMMITMENTS (Details) - CAD ($) $ in Thousands		12 Months Ended
	Jan. 23, 2020	Dec. 31, 2023
COMMITMENTS
Amount of purchase orders for the acquisition of PPE		$ 2,944
Amount of purchase order for operations		$ 3,102
Percentage of royalty buy back right		3%
Price of royalty buy back right		$ 4,306
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

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Millions						12 Months Ended
	Feb. 28, 2024 CAD ($) shares	Feb. 28, 2024 USD ($) $ / shares shares	Jan. 31, 2024 CAD ($) shares claim $ / shares	Apr. 17, 2023 CAD ($)	Apr. 17, 2023 USD ($) $ / shares	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2023 $ / shares
SUBSEQUENT EVENTS
Share price per share | $ / shares					$ 4.55
Net proceeds				$ 29,600	$ 22	$ 29,565	$ 3,987
Exercise price of warrants | $ / shares								$ 5.70
Asset acquisition | Lac Gueret property with Mason
SUBSEQUENT EVENTS
Number of designated claims | claim			74
Number of common shares issued as consideration | shares			6,208,210
Share price per share | $ / shares			$ 3
Aggregated amount of consideration | $			$ 18,600
Subsequent payment | $			$ 5,000
Major ordinary share transactions | Private Placement | GM and Panasonic
SUBSEQUENT EVENTS
Aggregate gross proceeds | $	$ 67,900
Net proceeds | $		$ 50
Number of shares subscribed | shares	12,500,000	12,500,000
Number of warrants subscribed | shares	12,500,000	12,500,000
Exercise price of warrants | $ / shares		$ 2.38