Nextsource - NSRCF STOCK NEWS

NextSource Materials has signed a Mandate Letter with the International Finance (IFC) for a US$91 million debt facility. This facility will fund the expansion of the Molo Graphite Mine in Madagascar, increasing its production capacity from 17,000 tpa to 150,000 tpa of SuperFlake® graphite concentrate. A December 2023 Technical Feasibility Study estimated the expansion's capital cost at US$161.7 million plus US$25.2 million in working capital, yielding a pre-tax NPV8 of US$424.1 million and a pre-tax IRR of 31.1%. The IFC will lead in coordinating the debt syndicate with other financial institutions. Due diligence is expected to complete by Q1 2025.

NextSource Materials has announced significant changes to its top management team as part of its global growth strategy. Hanré Rossouw will join as President and CEO on November 1st, 2024, initially joining the Board as a Director from September 1st, 2024. Hanré brings extensive experience from his previous roles at Sasol and other major mining and investment companies.

Current President and CEO, Craig Scherba, will transition to the role of Chief Development Officer while continuing as a Director. Scherba's tenure saw the development of the Molo graphite deposit in Madagascar and establishing valuable downstream and customer relationships within the automotive OEM supply chain. The Board is enthusiastic about leveraging Rossouw's experience to expand mine output, enhance downstream options, and manage a growing capital base.

NextSource Materials Inc. announces progress on its Battery Anode Facility in Mauritius. The Company signs a long-term lease agreement for a site in the Freeport Zone of Port-Louis, integrating engineering improvements and initiating the environmental permitting process. Pre-orders process equipment with a production capacity of 3,600 tonnes per annum of SPG and CSPG. SuperFlake graphite concentrate from the Molo Mine and equipment for a pilot line operation have arrived on-site.

NextSource Materials Inc. provides an update on the commissioning process at its Molo Graphite Mine in Madagascar. The company has achieved the plant nameplate capacity of 17,000 tonnes per annum of SuperFlake graphite concentrate after identifying and rectifying underperforming equipment. However, delays have pushed back the expected timeline for reaching nameplate capacity. The first commercial shipment and sale of SuperFlake concentrate under offtake agreements are now expected in June. The company has also completed the shipment of qualifying material for testing and conversion into coated, spheronized, purified graphite. Additionally, the Feasibility Study proposes an expansion of the Molo Mine up to a production capacity of 150,000 tpa of SuperFlake graphite concentrate, with the environmental permitting process already initiated.

NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) announces the results of a Feasibility Study for a mine expansion of its Molo Graphite Mine in Madagascar, projecting a capital cost of US$161.7 million, pre-tax NPV of US$424.1 million, and a pre-tax IRR of 31.1%.

NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) announced the appointment of Ms. Martina Buchhauser to the Board of Directors and shared the results of the Annual and Special Meeting of Shareholders. The AGM saw the election of directors, re-appointment of auditors, and re-approval of the long-term incentive plan. The final voting results reflected overwhelming support from the shareholders, with all nominees and proposals receiving high approval percentages.

NextSource Materials Inc. (NEXT)(NSRCF) announces the resignation of Mr. Robin Borley as Chief Operating Officer and his replacement by Mr. Johnny Velloza. Mr. Velloza brings 30 years of experience in the mining industry and will drive the implementation of recommendations to resolve process issues at the Molo mine. The company expresses gratitude to Mr. Borley for his contributions.

NextSource Materials Inc. has made its first bulk container shipment of SuperFlake graphite from its Molo Mine in Madagascar. The graphite will be processed into spheronized, purified graphite and further processed into coated graphite as part of verification tests by automotive EV supply chains in South Korea and Japan. NextSource plans to become a global supplier of graphite anode material and has completed commissioning of its solar and battery hybrid power plant at Molo.

NextSource Materials Inc. announces update on its plans to construct its battery anode facility in Mauritius. The original lease agreement has been terminated due to the lessor not delivering the premises free from occupants. The company is in advanced discussions for an alternative location near Port Louis. The alternative location is expected to reduce shipping costs and improve social and environmental standards. The lease terms for the alternative location are expected to be similar to the previous lease. The company is assessing timing, costs, and potential design improvements for the new location. The previously announced project evaluation measures may not be achieved. The company is progressing with front-end engineering, design, and environmental impact assessment. Stakeholder feedback is being considered.