Northern Graphite Corp Presentation Update - 2025-05-01 - Significant Update: Full-Year...

This analysis highlights the key strategic, operational, and financial updates reflected in the recent revision of Northern Graphite Corp’s investor presentation. The most notable change is the transition from quarterly and nine-month data to comprehensive full-year 2024 financial results, alongside updated project timelines, resource estimates, and strategic initiatives. The document also details revisions in project restart dates, resource scope, and project funding status, without significant alterations to warrants, options, or share capital disclosures.

Page-by-Page Changes:

Page 1: The original summary covered the three- and nine-month periods ending September 30, 2024, with data as of November 27, 2024. The new version shifts focus to the full year ended December 31, 2024, with data as of April 30, 2025. This change broadens the temporal scope, replacing quarterly snapshots with annual financials, while noting that no material changes to warrants, options, or capital structure are explicitly reported.

Page 2: Content was updated to reflect full-year 2024 results, with revenue rising from approximately $6.7 million (Q3) and $17.7 million (9 months) to $22.7 million. The sales volume increased from 4,080 to 12,442 tonnes. Project timelines were revised: the Okanjande restart is now targeted for early 2027 instead of late 2025; Bissett Creek’s production timeline shifted from late 2025 to within 2-2.5 years of an investment decision. The section on share data moved from page 30 to 33, indicating an update in share-related disclosures, but no explicit numerical changes in warrants or options are noted. Financial metrics show higher revenues but also a shift in losses, with the net loss for 2024 at about $38.8 million, compared to $23.6 million in 2023.

Page 4: No significant changes. The overview remains consistent, emphasizing the strategic focus and project portfolio, with no new resource or reserve updates.

Page 5: Content was revised to reflect the full-year 2024 results, with revenues at $22.7 million and a sales volume of 12,442 tonnes, at an average price of $1,827 per tonne. The timeline for Okanjande’s restart moved from “late 2025” to “early 2027,” and the project scope was clarified to include potential future expansion. The resource estimate scope remains similar, with no explicit change in resource quantities or grades.

Page 6: The operational summary was replaced with a comprehensive annual overview. No change in warrants, options, or share capital is noted; focus remains on operational metrics, costs, and production activities, including the temporary shutdowns and restart dates.

Page 7: The previous focus on Q3 2024 was replaced with full-year 2024 financials. The net loss for 2024 is now reported at approximately $38.8 million, with detailed impairment and expense notes. Project timelines for the plant and mine improvements, including maintenance shutdowns, are updated to reflect recent activity, with specific reference to the restart in mid-January 2025. No changes in warrants or share capital are explicitly noted.

Page 8: The previous quarterly data was replaced with annual summaries. The revenue increased to $22.7 million with corresponding operational details. The resource and reserve estimates are not explicitly updated; focus is on operational performance and costs, with no material change to warrants/options disclosures.

Page 9: Content was expanded to include milestones such as the withdrawal of a previously filed shelf prospectus and the issuance of 1,011,000 stock options at $0.35, vesting over three years. Strategic projects, including the Baie-Comeau BAM plant, are elaborated with recent developments like the support from the Port of Rotterdam and the EU Critical Raw Materials designation. No change in warrants, options, or share data is reported; emphasis is on project milestones and partnerships.

Page 10: The project scope and timelines for Lac-des-Iles, Namibia, and Bissett Creek are detailed. The timeline for Namibia’s restart is pushed to early 2027, with project scope and funding strategies articulated. The resource estimates remain consistent, with no explicit updates. The focus remains on operational progress and strategic planning.

Page 11: The operational highlights and resource estimates for Lac-des-Iles are updated with 2024 production data, including the restart date (October 30, 2023) and recent output figures. No change in warrants/options or resource estimates is noted.

Page 12: The operational metrics for Namibia are revised, indicating the project’s timing shift to early 2027. The resource scope remains similar, emphasizing the strategic advantages of Namibia’s location and quality. No material change in warrants or share capital.

Page 13: The Bissett Creek project’s timeline is pushed from late 2025 to early 2027, with details on resource estimates, project economics, and permitting status. The resource scope and reserve figures remain unchanged from previous estimates, with no new updates on warrants or options.

Page 14: The detailed technical and economic assessments for Namibia’s Okanjande project are updated, notably with a new PEA dated July 31,