Core Insights - Nouveau Monde Graphite Inc. (NMG) has announced commercial agreements with the Government of Canada, Panasonic Energy Co., Ltd., and Traxys North America LLC during the G7 Energy and Environment Ministers' Meeting in Canada [1] Group 1 - The agreements signify a strategic collaboration aimed at enhancing the supply chain for graphite, which is essential for electric vehicle batteries and other green technologies [1] - NMG is positioning itself as a key player in the sustainable graphite market, aligning with global trends towards decarbonization and renewable energy [1] - The partnerships with major companies like Panasonic Energy highlight NMG's commitment to meeting the growing demand for sustainable materials in the energy sector [1]

Core Insights - Ericsson's shares rose significantly in pre-market trading following the release of strong third-quarter results and a new partnership with Vodafone [1][2] Financial Performance - Ericsson reported quarterly earnings of $0.35 per share, surpassing the analyst consensus estimate of $0.14 per share [1] - The company achieved quarterly sales of $5.910 billion, slightly exceeding the analyst consensus estimate of $5.900 billion [1] Market Reaction - Ericsson's stock price increased by 14.3%, reaching $9.34 in pre-market trading [2]

Financial Performance - For the six-month period ended June 30, 2025, the company reported a net loss of $33.5 million, compared to a net loss of $43.3 million for the same period in 2024, indicating a 22.5% improvement in losses year-over-year [18]. - Operating loss for the six-month period ended June 30, 2025, was $35.2 million, down from $51.8 million in the same period of 2024, showing a 32.2% reduction in operating losses [9]. - The basic and diluted loss per share for the six-month period ended June 30, 2025, was $0.22, compared to $0.48 for the same period in 2024, reflecting a 54.2% decrease in loss per share [9]. - The company reported cash flows used in operating activities of $25.3 million for the six-month period ended June 30, 2025, compared to $23.5 million for the same period in 2024, indicating a 7.7% increase in cash outflows [14]. - Net financial income for the three-month period ended June 30, 2025, was $4,351,000, compared to a net financial loss of $6,647,000 in the same period of 2024 [72]. Assets and Liabilities - Cash and cash equivalents decreased to $73.5 million as of June 30, 2025, down from $106.3 million at the end of 2024, representing a decline of 30.9% [7]. - Total assets decreased to $174.8 million as of June 30, 2025, from $204.1 million at the end of 2024, reflecting a reduction of 14.3% [7]. - The company had an accumulated deficit of $327.3 million as of June 30, 2025, compared to $293.9 million at the end of 2024, indicating an increase in the deficit of 11.4% [18]. - Total liabilities remained relatively stable at $50.5 million as of June 30, 2025, compared to $50.4 million at the end of 2024 [7]. - The company reported a total of CAD 12,644,000 in trade payables and accrued liabilities as of June 30, 2025, compared to CAD 10,929,000 at the end of 2024, indicating a 15.7% increase [37]. Financing and Capital Structure - The company is actively seeking additional financing to support its operations and development activities, as it has not yet generated positive cash flows or earnings [20]. - The company’s ability to continue operations is contingent upon securing additional funding, which may include debt or equity instruments, strategic partnerships, or other capital market alternatives [20]. - The company completed a private placement of unsecured convertible notes for gross proceeds of CAD 67.2 million (US$50 million) on November 8, 2022 [40]. - The company completed a private placement with GM and Panasonic on February 28, 2024, raising aggregate gross proceeds of $67.9 million (US$50 million) by issuing 25,000,000 common shares and warrants [51]. - A private placement with Mitsui and Pallinghurst was completed on May 2, 2024, resulting in the issuance of 18,750,000 common shares and warrants for a total value of US$37.5 million [54]. Investments and Expenditures - The company incurred $9,805,000 in additions to property, plant, and equipment for the six-month period ended June 30, 2025, compared to $5,506,000 in the same period of 2024 [74]. - Battery Material Plant project expenses for the six-month period ended June 30, 2025, totaled $18,276,000, an increase of 9.0% from $16,765,000 in the same period of 2024 [70]. - Mining projects expenses for the three-month period ended June 30, 2025, were $1,644,000, a decrease of 10.8% compared to $1,843,000 for the same period in 2024 [10]. - The acquisition of the Lac Guéret property was completed on January 31, 2024, for a total consideration of $18.6 million, paid with 6,208,210 common shares at $3.00 per share [10]. Shareholder Information - The company has a total of 152,261,189 common shares issued as of June 30, 2025, compared to 60,903,898 shares at the beginning of the year [63]. - The average fair value per warrant is US$0.13, with a total liability component evaluated at $25.8 million (US$19 million) for the warrants issued to GM and Panasonic [53]. - The company maintains various share-based compensation incentives under the Omnibus Equity Incentive Plan, which allows for a maximum of 15% of total issued shares to be allocated for share-based payments [64]. - As of June 30, 2025, the company has 9,538,250 stock options outstanding, with an average exercise price of $4.30 [65]. - The company’s stock options include grants made to key employees that vest upon a positive final investment decision, subject to certain conditions [65]. Other Financial Metrics - The fair value of the convertible debt host was estimated at $16,753,000 (US$12,280) as of June 30, 2025 [78]. - The company reported a foreign exchange loss of $977,000 for the three-month period ended June 30, 2025, compared to a gain of $717,000 in the same period of 2024 [72]. - General and administrative expenses for the three-month period ended June 30, 2025, were $6,271,000, a decrease of 8.3% compared to $6,835,000 for the same period in 2024 [71]. - Key management compensation for the six-month period ended June 30, 2025, included wages and short-term benefits of $890,000, down from $1,120,000 in the same period of 2024 [75].

Financial Performance - For the three-month period ended March 31, 2025, the company reported a net loss of CAD 12.4 million, a decrease from CAD 32.2 million in the same period of 2024, representing a 61.5% improvement year-over-year [9]. - The basic and diluted loss per share for the three-month period ended March 31, 2025, was CAD 0.08, compared to CAD 0.43 for the same period in 2024, reflecting a 81.4% decrease [9]. - The company incurred mining project expenses of CAD 2.2 million for the three-month period ended March 31, 2025, significantly lower than CAD 20.2 million in the same period of 2024, a reduction of 89.3% [9]. - The company reported mining project expenses of $2.15 million for the three-month period ended March 31, 2025, compared to $20.22 million for the same period in 2024 [68]. - General and administrative expenses increased to $6,856,000 for the three-month period ended March 31, 2025, compared to $6,183,000 for the same period in 2024, reflecting a rise of 10.8% [12]. - Net financial costs for the three-month period ended March 31, 2025, were $(6,290,000), significantly higher than $(2,082,000) in the same period of 2024, indicating an increase of 202.5% [13]. Assets and Liabilities - Total current assets decreased to CAD 95.8 million as of March 31, 2025, down from CAD 114.0 million as of December 31, 2024, reflecting a 16.0% decline [7]. - The company's total liabilities decreased to CAD 45.2 million as of March 31, 2025, compared to CAD 50.4 million as of December 31, 2024, indicating a 10.0% reduction [7]. - Cash and cash equivalents at the end of the period were CAD 88.9 million, slightly up from CAD 88.0 million at the end of March 2024 [13]. - The accumulated deficit increased to CAD 306.3 million as of March 31, 2025, from CAD 293.9 million as of December 31, 2024 [11]. - Trade payables and accrued liabilities increased to CAD 11,578,000 as of March 31, 2025, from CAD 10,929,000 as of December 31, 2024, marking a rise of about 5.9% [37]. Investments and Financing - The Company completed a private placement of unsecured convertible notes for gross proceeds of CAD 67.2 million (US$50 million) on November 8, 2022, with a term of 36 months and a quarterly coupon interest payment [39]. - The Company issued 12,500,000 common shares and 12,500,000 warrants to Mitsui and 6,250,000 common shares and 6,250,000 warrants to Pallinghurst in exchange for convertible notes totaling US$37.5 million [42]. - The total balance of convertible notes as of March 31, 2025, was CAD 16,690,000, reflecting adjustments for interest accretion and fair value adjustments [38]. - The company completed a private placement with GM and Panasonic, raising gross proceeds of $67.9 million (US$50 million) by issuing 25,000,000 common shares and warrants [50]. - The fair value of the convertible debt host was estimated at $17,700,000 (US$12,312) as of March 31, 2025, compared to $17,908,000 (US$12,446) as of December 31, 2024 [80]. Project Development - The company is developing a natural graphite-based anode material aimed at supplying the lithium-ion battery industry, which is a key focus for future growth [15]. - The company incurred battery material plant project expenses of $9.63 million for the three-month period ended March 31, 2025, compared to $7.81 million for the same period in 2024 [69]. - The company’s exploration and evaluation expenses for the Uatnan Mining Project were recorded as $18.6 million, expensed under the category "Uatnan Mining Project" [68]. Shareholder and Management Information - The company’s total shares issued remained at 152,261,189 as of March 31, 2025, unchanged from the previous year [62]. - The company’s share options decreased from 7,994,500 at the end of 2024 to 7,786,500 by March 31, 2025, with an average exercise price of $4.80 [65]. - Key management compensation decreased to $2,670,000 for the three-month period ended March 31, 2025, from $1,210,000 in the same period of 2024, reflecting a significant increase in share-based payments [79]. - The company’s share-based compensation increased to $530,000 for the three-month period ended March 31, 2025, from $138,000 in the same period of 2024 [68]. Cash Flow and Investments - Cash flow used in investing activities for the purchase of property, plant, and equipment was $3,191,000 for the three-month period ended March 31, 2025, compared to $2,223,000 in 2024, representing a 43.5% increase [78]. - The Company reported a total cost of property, plant, and equipment of CAD 104,049,000 as of March 31, 2025, reflecting an increase from CAD 97,884,000 as of December 31, 2024, representing a growth of approximately 6.5% [32]. - The net book value of property, plant, and equipment as of March 31, 2025, was CAD 81,751,000, up from CAD 77,666,000 as of December 31, 2024, indicating an increase of about 5.4% [32]. - The Company capitalized borrowing costs of CAD 561,000 for the three-month period ended March 31, 2025, compared to CAD 444,000 for the same period in 2024, reflecting a year-over-year increase of approximately 26.4% [33]. Other Financial Metrics - The interest coupon for the three-month period ended March 31, 2025, totaled CAD 416,000 (US$290), a decrease from CAD 807,000 (US$1,088) for the same period in 2024, representing a decline of approximately 48.5% [43]. - The company recognized grants of $9,000 for the three-month period ended March 31, 2025, compared to $1,000 in the same period of 2024, indicating a substantial increase [78]. - The company reported a foreign exchange gain of $(24,000) for the three-month period ended March 31, 2025, compared to a gain of $1,403,000 in the same period of 2024, indicating a significant decline [14]. - The company is currently evaluating the impact of amendments to IFRS 9 and IFRS 7 on its consolidated financial statements, effective for annual reporting beginning on or after January 1, 2026 [26].

Project Financing and Investments - NMG has received approximately $1.6 billion in expressions of interest for project financing from potential lenders and institutional equity investors as it progresses toward the final investment decision (FID) for the Phase-2 Matawinie Mine and Bécancour Battery Material Plant[1][6]. - NMG has secured equity investments totaling $100 million in 2024 from Panasonic, GM, CGF, and IQ, alongside $37.5 million in private placements from Mitsui and Pallinghurst[1]. - NMG's cash position at the end of 2024 was $106 million, supporting its ongoing project financing efforts[14]. Feasibility and Project Viability - The Updated Feasibility Study demonstrates the technical and economic viability of NMG's Phase-2 projects, enabling the company to enter the project financing stage[4][6]. - The company is advancing its construction preparation, with detailed engineering and procurement activities underway for the Phase-2 projects[9][10]. Market Demand and Growth - The energy storage sector grew by 111% year-over-year, while the global electric vehicle (EV) market saw a 25% increase in sales, with 1.3 million EVs sold in the U.S. in 2024[17][16]. - Demand for natural active anode material increased by 34% in 2024, with projections indicating a demand of 10,701,000 tons per annum by 2030 to meet the anticipated battery capacity[18]. - NMG is positioned to capitalize on the growing demand for critical minerals as Western economies seek to secure local supply chains and reduce dependencies on foreign sources[20]. Environmental and Community Engagement - The company has established an impact and benefit agreement with the Atikamekw First Nation, ensuring environmental participation and financial benefit sharing for the Matawinie Mine Project[1]. - NMG's TRIFR rate for the year ended December 31, 2024, was 1.78, with no major environmental incidents reported[12]. Risks and Forward-Looking Statements - The Company acknowledges that forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from expectations[25]. - Key risk factors include delays in equipment delivery, the ability to implement strategic initiatives, and dependence on commodity prices[25]. - The Company emphasizes that there can be no assurance that forward-looking statements will prove accurate, as actual results may differ materially from anticipated outcomes[26]. - The Company disclaims any obligation to update or revise forward-looking statements unless required by law[26]. - Further information regarding the Company can be accessed through the SEDAR+ database and EDGAR[27].

Core Insights - Nouveau Monde Graphite Inc. (NMG) is outperforming the Basic Materials sector with a year-to-date return of 28.9%, compared to the sector's average gain of 9.6% [4] - The Zacks Rank for NMG is 2 (Buy), indicating a positive earnings outlook and strong analyst sentiment [3][4] - NMG is part of the Mining - Miscellaneous industry, which has an average gain of 9.4% this year, further highlighting its strong performance [6] Company Performance - NMG's full-year earnings estimate has increased by 9.8% over the past 90 days, reflecting improved analyst sentiment [4] - The stock's year-to-date return of 28.9% significantly exceeds the Basic Materials sector's average return of 9.6% [4] - NMG is ranked 162 in the Zacks Industry Rank within the Mining - Miscellaneous industry, which consists of 60 companies [6] Industry Context - The Basic Materials sector, which includes 233 individual stocks, is currently ranked 14 in the Zacks Sector Rank [2] - Another notable performer in the Basic Materials sector is Vizsla Silver Corp. (VZLA), which has a year-to-date return of 28.7% and a Zacks Rank of 2 (Buy) [5] - The Mining - Silver industry, to which VZLA belongs, has a year-to-date gain of 20.8% and is ranked 24 [6]

Core Insights - Body and Mind Inc. has entered into definitive agreements to sell its Illinois assets to Rubino Ventures IL, LLC for a total cash consideration of US$5 million, subject to regulatory approval [1][4][2] - The sale is aimed at improving the company's balance sheet and providing capital for its New Jersey dispensary construction [2][8] Transaction Details - The transaction involves the sale of two subsidiaries: NMG IL 1, LLC and NMG IL 4, LLC, with cash payments structured in two installments [1][4] - The initial cash consideration for NMG IL 1 is US$1,666,666 and for NMG IL 4 is US$833,334, with additional earnouts based on EBITDA performance [5][6][11] - Each subsidiary will enter into managed services agreements (MSAs) with Rubino, which require approval from the Illinois cannabis regulator [4][6] Market Context - The cannabis industry is currently facing challenges, making it difficult for smaller companies like Body and Mind Inc. to secure growth capital [2] - The decision to sell the Illinois assets is seen as a strategic move to partner with an established operator in the market, potentially enhancing value for the company [2][3]

Core Viewpoint - Nouveau Monde Graphite Inc. (NMG) has faced significant selling pressure, resulting in a 12.1% decline over the past four weeks, but analysts anticipate improved earnings in the near future [1] Group 1: Technical Analysis - NMG's stock is currently in oversold territory, with a Relative Strength Index (RSI) reading of 26.3, indicating a potential reversal in trend [5] - The RSI is a momentum oscillator that helps identify oversold conditions when the reading falls below 30, suggesting that the stock may be undervalued due to excessive selling [2][3] Group 2: Earnings Estimates - There has been a consensus among sell-side analysts to raise earnings estimates for NMG, leading to a 2.6% increase in the consensus EPS estimate over the last 30 days, which typically correlates with price appreciation [7] - NMG holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating strong potential for a turnaround [8]

Financial Performance - For the nine-month period ended September 30, 2024, the company reported exploration and evaluation expenses of CAD 23.8 million, a significant increase from CAD 5.7 million for the same period in 2023[23]. - The company reported a net loss of $51,382 million for the nine-month period ended September 30, 2024, compared to a net loss of $39,406 million for the same period in 2023[80]. - For the three-month period ended September 30, 2024, the company reported a net loss of $8.062 million, compared to a net loss of $15.526 million for the same period in 2023, representing a 48.0% improvement[45]. - The total operating loss for the nine-month period ended September 30, 2024, was $70.907 million, an increase from $39.978 million in the same period of 2023, reflecting a 77.5% rise[45]. - The company reported cash outflows from operating activities of $35.2 million during the nine-month period ended September 30, 2024[64]. - The accumulated deficit as of September 30, 2024, reached $272 million, indicating ongoing financial challenges[64]. Share Capital and Financing Activities - The company issued 43,750,000 shares from a private placement, contributing to a total of 112,578,651 shares outstanding as of September 30, 2024, compared to 60,903,898 shares at the end of 2023[20]. - The company completed a public offering of 4,850,000 common shares at a price of US$4.55 per share, generating gross proceeds of CAD 29.6 million (US$22 million) on April 17, 2023[41]. - The company raised $67,870 million from a private placement during the financing activities, compared to $29,565 million in the previous period[80]. - The company completed a private placement with GM and Panasonic, raising aggregate gross proceeds of $67.9 million (US$50 million) by issuing 25,000,000 Common Shares and Warrants[95]. - The company issued 12,500,000 Common Shares and 12,500,000 Warrants to Mitsui and Pallinghurst for a total value of US$37.5 million as part of a private placement[50]. Assets and Liabilities - Total assets increased to $147,939 million as of September 30, 2024, up from $123,939 million at December 31, 2023, representing a growth of 19.4%[74]. - Total current assets rose to $61,471 million, a significant increase of 43.1% from $42,926 million at the end of 2023[74]. - Total liabilities decreased to $38,466 million, down 44.7% from $69,509 million at December 31, 2023[74]. - The company’s total equity as of September 30, 2024, was $109.473 million, reflecting the impact of recent financing activities[60]. - The total equity of the company reached $109,473 million, a substantial increase from $54,430 million at December 31, 2023, indicating a growth of 101%[74]. Expenses - The company incurred $10.434 million in expenses related to the Battery Material Plant project for the three-month period ended September 30, 2024, compared to $6.790 million in 2023, marking a 53.5% increase[45]. - General and administrative expenses for the three-month period ended September 30, 2024, were $6.865 million, up from $4.927 million in 2023, which is a 39.4% increase[45]. - The company incurred depreciation and amortization expenses of $7,023 million for the nine-month period ended September 30, 2024, compared to $5,508 million for the same period in 2023[80]. - For the nine-month period ended September 30, 2024, the company reported engineering expenses of $11.95 million, significantly up from $4.80 million in the same period of 2023, reflecting a 149% increase[102]. - The company incurred Battery Material Plant project expenses of $27.20 million for the nine-month period ended September 30, 2024, compared to $16.69 million in the same period of 2023, representing a 63% increase[102]. Financial Costs and Liabilities - The company reported a net financial cost of CAD 1.8 million for the nine-month period ended September 30, 2024, compared to CAD 1.5 million for the same period in 2023[25]. - The net financial costs for the nine-month period ended September 30, 2024, were $(19,825,000), compared to $(872,000) for the same period in 2023, indicating a significant increase in financial costs[130]. - The company incurred interest fees of $1,978,000, compared to $5,054,000 for the same period in 2023, showing a decrease in interest expenses[132]. - The company’s total liabilities were reclassified from non-current to current liabilities due to amendments in IAS 1, affecting the classification of convertible notes[111]. Share Options and Warrants - The average fair value per warrant was estimated at US$0.10 as of September 30, 2024, with a total of 25,000,000 warrants outstanding[17]. - The company reported a weighted average fair value of share options granted at $2.06, with an expected volatility of 80.76%[99]. - The company has 3,199,750 share options that can be exercised at an average price of $7.26, with a total cap on options granted set at 10% of total outstanding shares[99]. - The fair value of the warrants was evaluated at $25.8 million (US$19 million) using the Black-Scholes option pricing model, with a residual balance of $42.1 million (US$31 million) allocated to the equity component[95]. Foreign Exchange and Other Adjustments - The company recognized a foreign exchange gain of $1,721,000 for the nine-month period ended September 30, 2024, compared to a loss of $(137,000) for the same period in 2023[130]. - The company reported a foreign exchange loss of $(387,000) for the three-month period ended September 30, 2024, compared to a gain of $942,000 for the same period in 2023[130]. - The fair value adjustment for the derivative warrant liability was $(10,550,000) as of June 30, 2024, reflecting a decrease in the liability[121]. - The balance for the derivative warrant liability decreased to $3,395,000 as of September 30, 2024, down from $19,738,000 as of March 31, 2024[121]. Project Developments - The company completed the acquisition of the Lac Guéret property for a total consideration of $18.6 million, paid with 6,208,210 common shares at $3.00 per share[128]. - The company plans to make a subsequent payment of $5,000,000 to Mason Resources Inc. upon the start of commercial production of the Uatnan Mining Project[128]. - The company exercised its buyback option to repurchase 1% of the 3% net smelter royalty for a total amount of $1.87 million, allocating $0.96 million to the "Mine under construction" asset category[117].

Financial Performance - Operating loss for the three-month period ended June 30, 2024, was CAD 17,629 thousand, compared to CAD 13,642 thousand for the same period in 2023, reflecting a 29.3% increase [5]. - Net loss for the six-month period ended June 30, 2024, was CAD 43,320 thousand, compared to CAD 23,882 thousand for the same period in 2023, indicating an increase of 81.5% [9]. - The company reported a basic loss per share of CAD 0.48 for the six-month period ended June 30, 2024, compared to CAD 0.41 for the same period in 2023 [5]. - The company reported a loss attributable to ordinary equity holders of $11,082 thousand for the three-month period ended June 30, 2024, compared to a loss of $1,264 thousand for the same period in 2023, representing an increase in loss of approximately 775% [38]. - The basic loss per share for the six-month period ended June 30, 2024, was $0.48, an increase from $0.41 for the same period in 2023, indicating a 17% increase in loss per share [38]. Assets and Liabilities - Total current assets increased to CAD 80,256 thousand as of June 30, 2024, up from CAD 42,926 thousand at December 31, 2023, representing an increase of 87.2% [4]. - Total liabilities decreased to CAD 46,713 thousand as of June 30, 2024, down from CAD 69,509 thousand at December 31, 2023, a reduction of 32.7% [4]. - Cash and cash equivalents at the end of the period reached CAD 73,876 thousand, up from CAD 36,332 thousand at the beginning of the period, marking a 103.5% increase [9]. - Total equity increased to CAD 114,864 thousand as of June 30, 2024, up from CAD 54,430 thousand at January 1, 2024, representing a growth of 110.9% [7]. Share Capital and Financing - Share capital increased to CAD 343,862 thousand as of June 30, 2024, compared to CAD 238,823 thousand at January 1, 2024, reflecting a growth of 43.9% [7]. - The company issued 43,750,000 shares from a private placement, raising CAD 82,388 thousand during the six-month period ended June 30, 2024 [7]. - The company completed a private placement for aggregate gross proceeds of CAD 67.9 million (USD 50 million) with General Motors and Panasonic on February 28, 2024, to address liquidity concerns [10]. - The company completed a private placement of unsecured convertible notes on November 8, 2022, for gross proceeds of $67.2 million (US$50 million) with a term of 36 months and a quarterly coupon interest payment of the greater of the 3-month CME Term SOFR plus 5% and 7% [27]. - The company has a repurchase option for the convertible notes, which can be exercised at the earlier of December 31, 2023, or the date of a final investment decision [27]. Expenses and Costs - Exploration and evaluation expenses for the six-month period ended June 30, 2024, totaled CAD 22,066 thousand, significantly higher than CAD 4,387 thousand for the same period in 2023 [5]. - The company’s share-based compensation for the six-month period ended June 30, 2024, was $2,649 thousand, compared to $1,039 thousand for the same period in 2023, indicating a 155% increase [45]. - The total general and administrative expenses for the six-month period ended June 30, 2024, were $13,018 thousand, compared to $12,646 thousand for the same period in 2023, reflecting a slight increase of 3% [45]. - The company incurred exploration and evaluation expenses of $2,073 thousand for the six-month period ended June 30, 2024, compared to $1,591 thousand for the same period in 2023, reflecting a 30% increase [43]. - The battery material plant project expenses for the six-month period ended June 30, 2024, totaled $16,765 thousand, up from $9,898 thousand for the same period in 2023, representing a 69% increase [44]. Cash Flow and Investments - For the six-month period ended June 30, 2024, the company reported a net loss after tax of CAD 43.3 million and cash outflows from operating activities of CAD 23.5 million [10]. - The total net change in working capital for the six-month period ended June 30, 2024, was $(488), a decrease from $1,470 in the same period of 2023, indicating a significant decline in working capital management [47]. - The company reported a net cash flow used in investing activities of $3,971 for the purchase of property, plant, and equipment for the six-month period ended June 30, 2024, down from $6,642 in the same period of 2023, a decrease of 40.2% [48]. - The company had issued $4,073 in purchase orders for the acquisition of property, plant, and equipment as of June 30, 2024, indicating ongoing investment in infrastructure [56]. Derivative and Fair Value - The fair value of the derivative warrant liability is determined using the Black-Scholes pricing model, which requires significant assumptions based on market conditions [23]. - As of June 30, 2024, the fair value of the convertible debt host was estimated at $17,313 (US$12,650), down from $66,227 (US$50,073) as of December 31, 2023, indicating a significant decrease of 73.9% [51]. - The average fair value per warrant as of June 30, 2024, was US$0.27, with a total of 18,750,000 Warrants issued in the private placement [36]. Other Financial Metrics - The company’s non-current investments at fair value through profit or loss (FVTPL) were valued at $525 as of June 30, 2024, down from $1,075 as of December 31, 2023, indicating a decrease of 51.2% [54]. - The company reported a foreign exchange loss of $2,120 thousand for the six-month period ended June 30, 2024, compared to a gain of $(1,079) thousand for the same period in 2023 [46]. - The net financial costs for the six-month period ended June 30, 2024, were $(8,729) thousand, compared to $(3,249) thousand for the same period in 2023, indicating a significant increase in net financial costs [46].