Nouveau Monde Graphite: Buy Rating Affirmed Amid Rising Graphite Demand and Strategic PositioningWe expect ongoing government-backed interest under the current administration and note an emphasis on supply chain security and domestic production. Trade and geopolitical dynamics remain major theme. Management previously highlighted that rising tariffs, global supply chain volatility, and the growing emphasis on domestic production have created unexpected uncertainties and potential. While North American supply chain issues persist, we believe that the current demand for critical minerals (such as graphite) should remain a theme over the next several years. This effect is likely to be exacerbated by electric vehicles, AI infrastructure, and large-scale energy storage that continue to attract substantial capital.