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NextSource Materials (TSX:NEXT) (OTCQB:NSRCF) is a Canadian mine development company headquartered in Toronto, Ontario. They are currently focused on developing their 100% owned Molo Graphite Project in southern Madagascar. The Molo project, one of the largest and highest-quality flake graphite deposits globally, has a total combined graphite resource of 141.28 million tonnes at 6.13% total graphitic carbon. With a feasibility study confirming the potential for expansion, NextSource aims to increase the production capacity to 150,000 tonnes per annum over a 25-year mine life.
NextSource Materials (NSRCF) has provided its Q2 FY2025 update for operations ending December 31, 2024. The company faces challenging market conditions with graphite oversupply and declining prices due to weak EV demand and Chinese market flooding. Despite this, long-term outlook remains positive with expected price recovery.
Key developments include:
- First shipments of SuperFlake® graphite concentrate exported to Germany and US in October 2024
- Consistent production of SuperFlake® graphite with over 95% fixed carbon content
- Receipt of long-lead equipment for initial BAF facility in Mauritius (3,600 tpa capacity)
- Positive results from Saudi Arabia BAF study (20,000 tpa initial capacity, expandable to 100,000 tpa)
The company strengthened its management team with new CEO Hanré Rossouw, CFO Jaco Crouse, and new executive positions. Focus remains on optimizing Molo plant operations, achieving 15,000-17,000 tpa production capacity, and securing long-term offtake agreements.
NextSource Materials (NSRCF) has secured a US$20 million drawdown credit facility from Vision Blue Resources The non-dilutive facility will support the Company's Battery Anode Facility strategy, Molo mine ramp-up, and working capital needs.
The facility is structured in four equal tranches of US$5 million, with the initial tranche expected by January 2025 end. The loan carries a 15% annual interest rate, is repayable on demand after June 30, 2025, and is secured by company assets. NextSource can repay the facility without penalties.
Vision Blue, holding 47.7% of NextSource's shares, makes this a related party transaction. The company is exempt from minority shareholder approval as the facility terms are commercially reasonable and non-convertible to equity.
NextSource Materials held its Annual Meeting of Shareholders on December 5, 2024, with 59.5% of voting shares represented. All director nominees were successfully elected with overwhelming support, each receiving approximately 99.9% approval. The nominated directors include Sir Mick Davis, Martina Buchhauser, Christopher Kruba, Ian Pearce, Craig Scherba, Brett Whalen, and Hanré Rossouw.
Shareholders also approved PricewaterhouseCoopers LLP as the Company's auditors for the fiscal year ending June 30, 2025, with 98.7% voting in favor. A total of 109,240,118 common shares participated in the voting process.
NextSource Materials has completed the second and final tranche of its non-brokered private placement, raising additional CAD$720,800 through the issuance of 1,360,000 common shares at CAD$0.53 per share. The proceeds will primarily fund the company's strategy for Battery Anode Facilities (BAF) rollout to produce EV battery anode material, Molo Mine Phase 2 expansion, working capital, and administrative expenses. The offering included finder fees of CAD$36,040. The shares are subject to a four-month hold period and conditional TSX approval.
NextSource Materials announces Hanré Rossouw has officially begun his role as President and CEO, starting his tenure in Madagascar to visit the Molo graphite mine operations. Former CEO Craig Scherba transitions to Chief Development Officer while remaining a Director. The company recently achieved significant milestones, including its first commercial shipment of SuperFlake® graphite concentrate to US and European customers. NextSource is focusing on the ramp-up of Molo and accelerating its planned battery anode facilities (BAF) globally to supply anode active material to major EV automotive companies.
NextSource Materials has completed its first commercial shipments of SuperFlake® graphite concentrate from its Molo Graphite Mine in southern Madagascar. Full container loads of high-quality, coarse flake graphite concentrate were exported from the Port of Tulear to Germany and the United States under existing offtake agreements. The shipments are destined for key demand markets focusing on higher value graphite products, including refractory materials and graphite foils for consumer electronics and fire-retardant applications.
NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) has closed a non-brokered private placement offering of 27,728,100 common shares at CAD$0.53 per share, raising gross proceeds of CAD$14,695,893. Vision Blue Resources purchased 15,582,300 shares for CAD$8,258,619, with other significant shareholders participating. The funds will primarily support the company's strategy for a staged rollout of Battery Anode Facilities (BAF) to produce active anode material for EV batteries. Some proceeds will also be used for the Molo Mine Phase 2 expansion, working capital, and general expenses. The shares are subject to a four-month hold period, and the offering is pending final TSX approval. Vision Blue's participation increased its ownership to 48.0% of outstanding common shares.
NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) has appointed Dr. Tilo Hauke as Executive Vice President of Downstream Operations, effective October 1st, 2024. This move strengthens the company's management team to support its global growth strategy. Dr. Hauke, previously with FREYR Battery and SGL Carbon SE, brings 20 years of experience in carbon & graphite products. At NextSource, he will oversee the strategy to construct multiple Battery Anode Facilities (BAFs) for producing commercial-scale graphite anode material for lithium-ion batteries used in electric vehicles. These BAFs will be strategically located globally, leveraging NextSource's exclusive access to proprietary anode processing technology for supplying anode active material to major EV automotive companies.
NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) has announced significant progress at its Molo Graphite Mine in Madagascar. The company has completed planned screening equipment upgrades, enabling the sorting of SuperFlake® graphite concentrate into specific size fractions to meet customer requirements. The mine is now consistently producing concentrate with 95-97% carbon content, meeting or exceeding recovery and grade expectations.
Additional process plant upgrades were implemented during the screen installation, which NextSource believes will enhance sustainable recoveries. The company has begun transporting saleable SuperFlake® concentrate to the Port of Tulear for export. CEO Craig Scherba expressed confidence in the company's ability to meet various customer specifications and in the resilience of their future production profile as they look towards Phase 2 expansion.
NextSource Materials has appointed Jaco Crouse as its new Chief Financial Officer (CFO), effective July 9, 2024. Crouse replaces Marc Johnson, who served as CFO since October 2015 and will continue with the company in a consulting role to ensure a smooth transition. Crouse brings over 20 years of experience in the natural resources sector, including roles at Amaroq Minerals, Metals Acquisition Corp, Detour Gold , Triple Flag Precious Metals, Barrick Gold , and Glencore. He is a qualified Chartered Accountant and Financial Risk Manager. This strategic move is part of NextSource's global growth plan.