NEXTSOURCE MATERIALS INC - NSRCF STOCK NEWS

NextSource Materials Inc. has successfully completed Factory Acceptance Testing (FAT) for the Molo Graphite Mine Processing Plant, with an annual processing capacity of 240,000 tons and production of 17,000 tons of SuperFlake® graphite concentrate. This milestone allows the company to proceed with transportation and installation at the mine site. Phase 1 is fully funded and aims to be one of the few graphite mines operating outside of China. The company is focused on site works and commissioning in 2022.

NextSource Materials has completed the fabrication and assembly of the Processing Plant for Phase 1 of the Molo Graphite Mine. Located offshore, the plant will process 240,000 tpa of ore, yielding approximately 17,000 tpa of high-quality SuperFlake® graphite concentrate. Factory Acceptance Testing (FAT) has begun, ensuring all operations meet specified requirements. With full funding secured, the plant is slated for delivery by the end of Q1 2022 and commissioning in Q2 2022, establishing Molo as a significant graphite source outside China.

NextSource Materials Inc. held its Annual and Special Meeting of Shareholders on December 6, 2021, with 52.2% of outstanding shares represented. Key outcomes included the election of directors with support exceeding 99% for nominees like Sir Mick Davis and Craig Scherba. Shareholders also approved the re-appointment of MNP LLP as auditors for the fiscal year ending June 30, 2022, receiving 98.2% approval. NextSource is focused on developing its Molo graphite project in Madagascar, which is one of the largest known graphite deposits globally.

NextSource Materials announces a 20-year power supply contract with CrossBoundary Energy for its Molo graphite mine in Madagascar. The contract enables a hybrid energy power plant combining a 2.5MW solar PV system, a 1MWh battery storage, and a 3.3MW thermal system. This initiative will supply one-third of the mine's electricity from renewable sources, enhancing cost savings and sustainability. The plant aims to operate alongside the mine's commissioning set for Q2 2022, marking a significant step in NextSource's commitment to reducing emissions and enabling a carbon-neutral operation.

NextSource Materials Inc. has signed an Enhanced Collaboration Agreement with key partners within the Tesla supply chain to integrate a proprietary graphite coating process into its battery anode facility. This collaboration will enable NextSource to produce coated spheronized and purified graphite (CSPG) anode material, which is in high demand for electric vehicle batteries. The partnership provides exclusive intellectual property and aims to establish NextSource as a significant supplier, leveraging its Molo SuperFlake® graphite. The facility is expected to be operational within 12 months post-production decision.

NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) plans to enhance its organic growth strategy through potential acquisitions in metals and minerals relevant to clean energy technologies. Following discussions with existing offtake partners, NextSource aims to secure additional graphite and critical mineral capacity. The company’s projects, including the Molo graphite and Green Giant vanadium, are progressing on schedule. Management emphasizes the growing demand for battery materials, positioning NextSource to capitalize on emerging opportunities.

NextSource Materials announced that its Molo Graphite Project in Madagascar is on track and on budget. Major construction updates include over 25% project completion, with all major equipment ready for assembly. The project is fully funded with US$29.5 million from Vision Blue Resources. Phase 1 is expected to cost US$25 million with a production capacity of 17,000 tpa of SuperFlake® graphite concentrate. The mine is set to commission in Q2 2022.

NextSource Materials Inc. has been accepted as a member of the European Battery Alliance (EBA) and the European Raw Materials Alliance (ERMA). This membership supports its strategy to become a major producer of graphite and battery anode materials for the electric vehicle sector. The company is set to collaborate with European stakeholders to ensure a sustainable supply of high-quality graphite. Moreover, the Molo graphite mine is on track for commissioning in Q2 2022, poised to serve the European market with significant planned production increases.

NextSource Materials has appointed Ian Pearce, former CEO of Xstrata Nickel, to its Board of Directors effective July 14, 2021. With over 40 years in mining, Pearce brings a wealth of experience, especially in mine construction and ESG aspects. He joins as the company gears up for the Molo mine's commissioning in April 2022 and advances its lithium-ion battery anode facility, part of a partnership in the Tesla supply chain. Dr. David McNeely resigns to allow Pearce's appointment but will remain as a consultant.