CA Market News
5 days ago
NextSource Materials Provides Clarification on a Prior News ReleaseJune 30, 2026 5:01 PM
ACCESS NewswireTORONTO, ON / ACCESS Newswire / June 30, 2026 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") issued a press release on October 1, 2025 (the "Press Release") announcing the completion and positive results of a Technical and Economic Study (the "Study") on the construction of a proposed 30,000 tpa capacity Battery Anode Facility ("BAF") located in the Industrial City of Abu Dhabi in the United Arab Emirates ("UAE").The Press Release prepared by the Company included information drawn from the Study, which was completed, reviewed and approved by Stantec, a global engineering services provider, which produced both a capital and operating cost estimate to the standards and guidelines of the American Association of Cost Engineers International. The Press Release contained information from the Study relating to production estimates, forecasted revenues, NPV, IRR, and EBITDA that extended out to the estimated 33 year operation life of the BAF (the "Long Term Forecasted Information").The Company issued the press release and disclosed the results of the Study, including the Long Term Forecasted Information, to give readers the elements of the financial analysis that the Company relied on in deciding to advance the BAF in the UAE.Staff of the Ontario Securities Commission have noted that under section 4A.8 of Companion Policy 51-102CP to National Instrument 51-102 Continuous Disclosure Obligations, forward looking financial information should cover a period for which the information can be reasonably estimated and, in many cases, that time period should not go beyond the end of the reporting issuer's next fiscal year. As set out above, the Long Term Forecasted Information in the Press Release extended beyond this period.Accordingly, to align the Company's disclosure with the requirements of NI 51-102, the Company is retracting the Long Term Forecasted Information in the Press Release and advises investors not to rely on the Long Term Forecasted Information made by the Company in the Press Release to guide them in their investment decisions.The Company advises that, other than the delayed workstream in progressing the BAF in the UAE as a result of the ongoing conflict in the Middle East, there has been no negative development affecting the Long Term Forecasted Information or the assumptions underlying it. The retraction of the Long Term Forecasted Information is a technical disclosure matter undertaken solely at the request of the Ontario Securities Commission to align the Company's disclosure with the requirements of NI 51-102 and other than noted above in respect of certain delays experienced, does not reflect any change in the Company's outlook, plans or prospects.About NextSource Materials Inc.NextSource Materials Inc. is a battery materials company based in Toronto, Canada that is intent on becoming a vertically integrated global supplier of battery materials through the mining and value-added processing of graphite and other minerals.The Company's Molo graphite project in Madagascar is one of the largest known and highest-quality graphite resources globally, and the only one with SuperFlake® graphite. The Molo mine has begun production through Phase 1 mine operations.The Company is also developing a significant downstream graphite value-add business through the staged rollout of Battery Anode Facilities (BAF) capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, in a fully transparent and traceable manner.The Company is now in the process of developing its first BAF in the UAE and has executed a multi-year offtake agreement for the supply of anode active material with Mitsubishi Chemical Corp of Japan into North America.NextSource Materials is listed on the Toronto Stock Exchange under the symbol "NEXT" and on the OTCQB under the symbol "NSRCF".For further information about NextSource Materials, please visit our website at www.nextsourcematerials.com or contact us at +1.416.364.4911 or email Brent Nykoliation, Executive Vice President at brent@nextsourcematerials.com.Cautionary NoteSafe Harbour: This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward looking statements and information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", "expected" or "should" occur. Forward-looking statements include any statements regarding, among others, relating to the Long Term Forecasted Information, the development plan of the BAF and current delays being experienced in the UAE, results of the Study and any future-oriented financial information contained within, as well as the Company's intent on becoming a fully integrated global supplier of critical battery and technology materials. These statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. These risks include the risk factors set forth in the Company's latest Annual Information Form (which includes the disclosed risk related specifically to the development commissioning and operation of the BAF) No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive there from. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.SOURCE: NextSource Materials Inc.View the original press release on ACCESS NewswireOriginal: NextSource Materials Provides Clarification on a Prior News Release
CA Market News
4 months ago
NextSource Materials Extends Mitsubishi Chemical Offtake Agreement TimelinesMarch 3, 2026 7:00 AM
ACCESS NewswireTORONTO, ON / ACCESS Newswire / March 3, 2026 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") is pleased to announce that it has agreed with Mitsubishi Chemical Corporation to extend the timetable for the binding multi-year Offtake Agreement, announced on August 5th 2025. All core commercial terms of the 9,000 tonnes per annum Offtake Agreement of anode active material ("AAM") are unchanged, including volume commitments and the established pricing framework.The extension enables the Company with additional flexibility through July 31, 2027 to satisfy financing, construction, commissioning and first production milestones for its planned Battery Anode Facility ("BAF") in the United Arab Emirates ("UAE"). The Company's recently completed C$25 million public offering advances the completion of detailed engineering, site development and the project financing process for the UAE BAF.As previously announced, the Company is advancing toward a targeted Final Investment Decision for the UAE BAF by the end of this month.Mitsubishi Chemical Corporation is Japan's largest chemical company and a leading supplier of anode active material to original automotive equipment manufacturers (OEMs). As announced in August 2025, the Company entered into a binding, multi-year offtake agreement with Mitsubishi to be the exclusive supplier of AAM to a major OEM for the North American EV market. NextSource will produce and supply intermediate AAM to Mitsubishi's Japan plantwhere Mitsubishi will produce final AAM for the OEM's EV battery cell manufacturing facilities in North America.This partnership represents a major milestone for NextSource in its strategy to become one of very few vertically integrated graphite producers outside of Asia and capable of meeting the scale and quality requirements of OEM anode supply chains from 2027 onwards.About NextSource Materials Inc.NextSource Materials Inc. is a battery materials company based in Toronto, Canada that is intent on becoming a vertically integrated global supplier of battery materials through the mining and value-added processing of graphite and other minerals.The Company's Molo graphite project in Madagascar is one of the largest known and highest-quality graphite resources globally, and the only one with SuperFlake® graphite. The Molo mine has begun production through Phase 1 mine operations. NextSource's corporate presentation can be accessed and downloaded here.The Company is also developing a significant downstream graphite value-add business through the staged rollout of Battery Anode Facilities (BAF) capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, in a fully transparent and traceable manner.The Company is now in the process of developing its first BAF in the UAE and has executed a multi-year offtake agreement for the supply of anode active material with Mitsubishi Chemical Corp of Japan.NextSource Materials is listed on the Toronto Stock Exchange under the symbol "NEXT" and on the OTCQB under the symbol "NSRCF".For further information about NextSource Materials, please visit our website at www.nextsourcematerials.com or contact us at +1.416.364.4911 or email Brent Nykoliation, Executive Vice President at brent@nextsourcematerials.com.Cautionary NoteSafe Harbour: This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward looking statements and information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", "expected" or "should" occur. Forward-looking statements include any statements regarding, among others, that non-binding LOI's and term sheets will progress to definitive agreements and the timing thereof, timing of construction, development and completion of the BAF, timing and completion of front-end engineering and design, timing of FID, the phased development plan of the BAF as well as the Company's intent on becoming a fully integrated global supplier of critical battery and technology materials. These statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. These risks include that the non-binding term sheets will not progress to definitive agreements, the parties to the non-binding term sheet will not be satisfied with their due diligence review, risks related to the construction and development of the BAF, the risk that a positive FID decision may never be reached as well as other risk factors set forth in the Company's latest Annual Information Form (which includes the disclosed risk related specifically to the development commissioning and operation of the BAF) There is no assurance that the definitive agreements will be completed with the above noted timeframe or at all. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive there from. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.SOURCE: NextSource Materials Inc.View the original press release on ACCESS NewswireOriginal: NextSource Materials Extends Mitsubishi Chemical Offtake Agreement Timelines
CA Market News
4 months ago
NextSource Materials Announces Closing of $25 Million LIFE Offering to Advance UAE Battery Anode FacilityFebruary 24, 2026 9:20 AM
ACCESS NewswireNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESS Newswire / February 24, 2026 / NextSource Materials Inc. ("NextSource" or the "Company") (TSX:NEXT) is pleased to announce that it has closed its previously announced brokered private placement offering (the "Offering") of units of the Company (the "Units") for aggregate gross proceeds of C$24,999,987, issuing 58,823,500 Units at a price of $0.425 per Unit.The Offering was oversubscribed due to strong investor demand, with investor allocation capped by the final amount of C$24,999,987. Vision Blue Resources Ltd. ("Vision Blue") purchased 27,944,464 Units under the Offering to maintain its pro rata ownership in the Company.The net proceeds from the Offering are expected to be used to advance the UAE Battery Anode Facility, update the Molo technical report and for general corporate purposes as disclosed in the offering document.Each Unit consists of one common share of the Company (a "Common Share") and one-half (½) of one Common Share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of C$0.55 per Common Share for a period beginning 61 days after the date hereof and expiring 36 months following the date hereof.The Units distributed in connection with the Offering were issued and sold in accordance with the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "LIFE Exemption"). A copy of the offering document related to the Offering is available to access under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.nextsourcematerials.com. In accordance with the LIFE Exemption, the Units issued in connection with the Offering are not subject to a hold period pursuant to applicable Canadian securities laws. The Offering is subject to final approval of the Toronto Stock Exchange.The Offering was conducted on a "best-efforts" basis by Stifel Canada, acting as lead agent and sole bookrunner, and Maxim Group LLC, as co-agent (the "Agents").The participation of Vision Blue in the Offering constitutes a "related party transaction" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of securities issued to Vision Blue nor the consideration paid by Vision Blue exceeded 25 percent of the Company's market capitalization. The Company did not file a material change report in respect of the transaction 21 days in advance of closing of the Offering because Vision Blue's participation had not been confirmed. The shorter period was necessary in order to permit the Company to close the Offering in a timeframe consistent with usual market practice for transactions of this nature.The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. Persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities.About NextSource Materials Inc.NextSource Materials Inc. is a battery materials company based in Toronto, Canada that is intent on becoming a vertically integrated global supplier of battery materials through the mining and value-added processing of graphite and other minerals.The Company's Molo graphite project in Madagascar is one of the largest known and highest-quality graphite resources globally, and the only one with SuperFlake® graphite. The Molo mine has begun production through Phase 1 mine operations.The Company is also developing a significant downstream graphite value-add business through the staged rollout of Battery Anode Facilities (BAF) capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, in a fully transparent and traceable manner. The Company is now in the process of developing its first BAF in the UAE.NextSource Materials is listed on the Toronto Stock Exchange under the symbol "NEXT" and on the OTCQB under the symbol "NSRCF".For further information about NextSource Materials, please visit our website at www.nextsourcematerials.com or contact us at +1.416.364.4911 or email Brent Nykoliation, Executive Vice President at brent@nextsourcematerials.com.Cautionary Note Regarding Forward-Looking StatementsThis news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward looking statements and information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward- looking statements include any statements regarding,among others: receipt of Toronto Stock Exchange approvals related to the Offering; and the intended use of proceeds from the Offering. These statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this news release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive there from. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement.SOURCE: NextSource Materials Inc.View the original press release on ACCESS NewswireOriginal: NextSource Materials Announces Closing of $25 Million LIFE Offering to Advance UAE Battery Anode Facility
CA Market News
5 months ago
NextSource Materials Announces C$25 Million LIFE Offering to Advance UAE Battery Anode FacilityFebruary 9, 2026 4:10 PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/TORONTO, Feb. 9, 2026 /CNW/ - NextSource Materials Inc. ("NextSource" or the "Company") (TSX:NEXT) is pleased to announce that it has engaged Stifel Canada as lead agent and sole bookrunner and Maxim Group LLC as co-agent , in connection with a "best-efforts" private placement of 58,823,500 units of the Company (the "Units") at a price of $0.425 per Unit (the "Offering Price") for aggregate gross proceeds of C$24,999,987.50 (the "Offering"). Each Unit will consist of one common share of the Company (a "Common Share") and one-half (½) of one Common Share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant will be exercisable to acquire one Common Share at an exercise price of C$0.55 per Common Share for a period beginning 61 days following the Closing Date (as defined below) and expiring 3 years following the Closing Date.The net proceeds from the Offering are expected to be used to advance the UAE Battery Anode Facility, update the Molo technical report and for general corporate purposes as disclosed in the offering document.Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units will be offered for sale to purchasers resident in each of the provinces of Canada, except Québec, and/or other jurisdictions outside of Canada pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "Listed Issuer Financing Exemption"). As the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the Units issued pursuant to the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws. There is an offering document related to the Offering that can be accessed under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.nextsourcematerials.com. Prospective investors should read the offering document before making an investment decision.The Company is party to an investment agreement with Vision Blue Resources Limited ("Vision Blue") pursuant to which, among other things, the Company granted Vision Blue a contractual right to participate in equity financings on the same terms as such financings to maintain its ownership percentage in the Company. The Company will provide the necessary notice to Vision Blue in accordance with the terms of the investment agreement. Although no assurance can be provided, the Company anticipates that Vision Blue will participate in the Offering to maintain their pro-rata equity interest in the Company.The Company has also entered into an amended and restated loan facility with Vision Blue (the "Amended Facility") which increased the maximum capacity under the existing facility from US$30,000,000 to US$50,000,000. Drawdowns remain at the discretion of Vision Blue and there is no assurance that additional advances will be available to the Company under the Amended Facility. However, the Company expects that, at closing of the Offering, the Company and Vision Blue will enter into a consent agreement under which Vision Blue will commit to advancing US$5,000,000 under the Amended Facility subject to the satisfaction of certain conditions precedent and will extend the maturity date under the Amended Facility to the date that is 12 months following the Closing Date. The Offering is scheduled to close on or about February 24, 2026 (the "Closing Date") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange.The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. Persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Related Party Transaction Vision Blue holds 47.5% of the Company's issued and outstanding shares (47.5% on a partially diluted basis). Accordingly, the Amended Facility constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101").The Company is not required to obtain a formal valuation in respect of the Amended Facility. The Company is exempt from the need to obtain minority shareholder approval per subsection 5.7(1)(f) of MI 61-101, as the Amended Facility is on reasonable commercial terms that are not less advantageous to the Company than if the Amended Facility were obtained from a person dealing at arm's length with the Company and the Amended Facility is not convertible, directly or indirectly into equity of the Company or a subsidiary of the Company. The Board of Directors of NextSource, with the exception of Sir Mick Davis (being a Director of Vision Blue) who declared his interest and recused himself, unanimously approved the Amended Facility.About NextSource Materials Inc.NextSource Materials Inc. is a battery materials company based in Toronto, Canada that is intent on becoming a vertically integrated global supplier of battery materials through the mining and value-added processing of graphite and other minerals.The Company's Molo graphite project in Madagascar is one of the largest known and highest-quality graphite resources globally, and the only one with SuperFlake® graphite. The Molo mine has begun production through Phase 1 mine operations.The Company is also developing a significant downstream graphite value-add business through the staged rollout of Battery Anode Facilities (BAF) capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, in a fully transparent and traceable manner. The Company is now in the process of developing its first BAF in the UAE.NextSource Materials is listed on the Toronto Stock Exchange under the symbol "NEXT" and on the OTCQB under the symbol "NSRCF".Cautionary Note Regarding Forward-Looking StatementsThis news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward looking statements and information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward- looking statements include any statements regarding,among others: receipt of approvals related to the Offering; the size of the Offering; timing of closing of the Offering; and the intended use of proceeds from the Offering; the execution of the consent agreement (including the additional advance and the extension of the maturity date of the Amended Facility); and availability of the additional advances under the Amended Facility. These statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this news release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive there from. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement.SOURCE NextSource Materials Inc.
Original: NextSource Materials Announces C$25 Million LIFE Offering to Advance UAE Battery Anode Facility
CA Market News
5 months ago
NextSource Materials Executes Letter of Intent with Hanwa and JOGMEC for a US$30 Million Strategic Investment in UAE Battery Anode FacilityFebruary 3, 2026 7:00 AM
ACCESS NewswireHighlights:Strategic Japanese investment and partnership achieved through an executed LOI with Hanwa Co., Ltd. ("Hanwa") and Japan Organization for Metals and Energy Security ("JOGMEC") for a potential project-level equity investment in the UAE Battery Anode Facility ("BAF") of up to US$30 million.Joint Investment Vehicle to be formed by Hanwa and JOGMEC for the purpose of acquiring a minority equity interest in the Company's UAE BAF at the project level.Significant advancement on the path to a Final Investment Decision ("FID") achieved as this LOI formalizes the previously announced Japanese strategic consortium and further reinforces the Company's momentum towards FID.Government-support provided by the participation of JOGMEC, a Japanese government agency, underscoring the importance of the UAE BAF in diversifying critical mineral supply chains for the Japanese battery industry.Exclusivity provided to Hanwa and JOGMEC to March, 31st 2026, aligning with the Company's planned FID by end Q1 2026. TORONTO, ON / ACCESS Newswire / February 3, 2026 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") is pleased to announce that it has executed a letter of intent ("LOI") with Hanwa Co. Ltd. ("Hanwa"), one of Japan's leading trading companies, and Japan Organization for Metals and Energy Security ("JOGMEC"), a Japanese government agency, for a potential investment in Phase 1 of the Company's proposed Battery Anode Facility ("BAF") in the Industrial City of Abu Dhabi in the UAE.This LOI represents a key milestone in the Company's strategic financing process and underscores growing international interest in establishing diversified and secure battery anode supply chains.Under the terms outlined in the LOI, Hanwa and JOGMEC collectively are jointly considering a project-level investment of up to US$30 million through a special purpose vehicle jointly owned by the two parties. This investment is anticipated to represent up to 15% equity interest in the UAE BAF project company upon completion of the initial funding for Phase 1. The investment is contemplated to occur in one or more phases, subject to the negotiation and execution of definitive agreements.As previously announced, Phase 1 of the planned UAE BAF is proposed to have an initial production capacity of approximately 14,000 tonnes per annum of natural graphite active anode material, forming part of a staged development strategy targeting total capacity of approximately 30,000 tpa.In addition to the contemplated investment into the Company's UAE BAF, the LOI also includes Hanwa's and JOGMEC's shared interest in a broader strategic framework, which may include preferential Japanese offtake arrangements, distribution and logistics services to be provided by Hanwa in designated territories, and a long-term supply agreement for graphite feedstock from NextSource's Molo graphite mine.Hanré Rossouw, President and CEO of NextSource, commented:"We are excited to advance our discussions on strategic partnership with Hanwa and JOGMEC, two esteemed Japanese organizations with deep expertise in global battery materials and energy security, and global market access. This LOI highlights the strategic value of our UAE BAF project in supporting Japan's supply chain objectives and diversifying global anode production, and represents a potential cornerstone investment toward securing the project's funding requirements."The LOI is non-binding and subject to customary conditions, including completion of final due diligence, regulatory approvals, and internal approvals by all parties. The parties have agreed to an exclusivity period until March 31, 2026, during which time NextSource has agreed not to engage in discussions with other Japanese entities regarding similar investments in the BAF project.The Company continues to advance parallel work streams to reach FID by the end of Q1 2026, supported by strong progress in front-end engineering and design ("FEED") with its engineering partner firm, Stantec. Upon a successful FID and funding, the Company will proceed with remaining equipment procurement, installation, commissioning, and ramp-up in accordance with its phased development plan.Mitsubishi Offtake Agreement.As previously announced, on August 5, 2025 the Company and Mitsubishi Chemical Corporation ("MCC"), entered into a binding, multi-year offtake agreement ("the Offtake Agreement"). Under the terms of the Offtake Agreement, the Company and MCC have partnered to supply anode active material to a major OEM for the North American EV market.The Offtake Agreement is subject to certain conditions precedents including, among other matters, the Company's obligation to secure financing for the construction of its battery anode facility ("BAF") in the United Arab Emirates ("UAE"), commencement of construction of the UAE BAF and the commencement of production from the first production line by an agreed date. In light of several factors, including delays in securing the required financing, it is unlikely that the Company will be able to meet certain of these conditions under the timeline agreed in the Offtake Agreement. The Company has commenced discussions with MCC in respect of establishing revised timeline to satisfy the conditions precedent. The Company expects that it will be able to reach an agreement on these matters with MCC in the next 30-45 days, however no assurance can be given in this regard. In the event that the timeline for meeting these conditions precedent cannot be favourably renegotiated with MCC or waived by MCC, MCC may elect to terminate the Offtake Agreement. In such instance, the Company will not have a confirmed offtake partner for the anticipated production of the BAF.About Hanwa Co., Ltd.Hanwa Co., Ltd. is a major Japanese trading company listed on the Tokyo Stock Exchange. It has a global presence and extensive experience in the trade of steel, non-ferrous metals, food, petroleum, and chemicals, with a specific and strategic focus on the battery material supply chain.About JOGMECThe Japan Organization for Metals and Energy Security (JOGMEC) is a Japanese government agency under the Ministry of Economy, Trade and Industry. JOGMEC's mission is to ensure a stable supply of energy and mineral resources to Japan by providing financial and technical support to Japanese companies involved in exploration and production projects globally.About NextSource Materials Inc.NextSource Materials Inc. is a battery materials company based in Toronto, Canada that is intent on becoming a vertically integrated global supplier of battery materials through the mining and value-added processing of graphite and other minerals.The Company's Molo graphite project in Madagascar is one of the largest known and highest-quality graphite resources globally, and the only one with SuperFlake® graphite. The Molo mine has begun production through Phase 1 mine operations.The Company is also developing a significant downstream graphite value-add business through the staged rollout of Battery Anode Facilities (BAF) capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, in a fully transparent and traceable manner. The Company is now in the process of developing its first BAF in the UAE.NextSource Materials is listed on the Toronto Stock Exchange under the symbol "NEXT" and on the OTCQB under the symbol "NSRCF".For further information about NextSource Materials, please visit our website at www.nextsourcematerials.com or contact us at +1.416.364.4911 or email Brent Nykoliation, Executive Vice President at brent@nextsourcematerials.com.Safe Harbour: This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward looking statements and information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", "expected" or "should" occur. Forward-looking statements include any statements regarding, among others, that non-binding LOI's and term sheets will progress to definitive agreements and the timing thereof, timing of financing, construction, development and completion of the BAF, timing and completion of front-end engineering and design, timing of FID, the phased development plan of the BAF as well as the Company's intent on becoming a fully integrated global supplier of critical battery and technology materials. These statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. These risks include that the non-binding term sheets will not progress to definitive agreements, the parties to the non-binding term sheet will not be satisfied with their due diligence review, risks related to the construction and development of the BAF, the risk that a positive FID decision may never be reached as well as other risk factors set forth in the Company's latest Annual Information Form (which includes the disclosed risk related specifically to the development commissioning and operation of the BAF) There is no assurance that the definitive agreements will be completed with the above noted timeframe or at all. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive there from. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.SOURCE: NextSource Materials Inc.View the original press release on ACCESS NewswireOriginal: NextSource Materials Executes Letter of Intent with Hanwa and JOGMEC for a US$30 Million Strategic Investment in UAE Battery Anode Facility
futrcash
3 years ago
NEXTSOURCE MATERIALS ANNOUNCES FIRST BULK SHIPMENT OF SUPERFLAKE® AND FULL OPERATION OF ITS SOLAR HYBRID PLANT AT MOLO GRAPHITE MINE
NEWS RELEASE – TORONTO, October 23, 2023
NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRCF) (“NextSource” or the “Company”) is pleased to announce it has made its first bulk container shipment of SuperFlake® graphite from the Company’s Molo Mine (“Molo”) in Madagascar.
This first shipment of Molo SuperFlake® graphite has been sent to the Company’s downstream technical partner’s Battery Anode Facility (BAF) to be processed into spheronized, purified graphite (SPG) that will then be further processed into coated SPG (CSPG) as part of large scale, multi-step verification tests being conducted by automotive EV supply chains in South Korea and Japan. The Company expects to receive its first series of verification test results starting in December 2023.
Shipment-of-SuperFlake
Solar Hybrid Plant Now Fully Operational
The Company is also pleased to announce it has completed commissioning and achieved full operations of its solar and battery hybrid power plant (the “Solar Hybrid Plant”) at Molo. The Solar Hybrid Plant is owned and operated by CrossBoundary Energy (CBE) under a 20-year power purchase agreement and comprises a 2.69 MWp solar photovoltaic array (“PV array”) combined with a 1.37 MWh battery energy storage system (BESS), and a 3.1 MW thermal (diesel) generator plant. The entire PV array, incorporating 4,902 photovoltaic panels covering an area of 12,663 square metres (~1.3 hectares), has been fully integrated with the BESS.
Together with load balancing provided by the BESS, the Solar Hybrid Plant will be capable of supplying up to 100% of the Molo processing plant’s power requirements during peak daylight hours, with the thermal facility supplying all baseload and off-peak power requirements, to ensure uninterrupted power supply to the mine.
The Solar Hybrid Plant has a dedicated connection to the mine camp and all auxillary buildings ensuring maximum usage of renewable energy generated. The Solar Hybrid Plant will be able to provide up to 35% of Molo’s complete system power needs from renewable energy, significantly reducing all-in sustaining costs and carbon emissions by 2,275 tonnes annually.
President and CEO, Craig Scherba, commented:
“Completing our first bulk shipment is a significant accomplishment and the result of the hard work and dedication of our operations team. As we continue the optimization phase of the commissioning process and towards rampup to nameplate production capacity for Phase 1 of Molo mine operations, NextSource is well positioned to play a critical role in the global, sustainable lithium-ion battery supply chain that is expected to see exponential growth over the next few decades. We are also delighted to have completed commissioning of our Solar Hybrid Plant, which will enable us to significantly reduce our carbon emissions and all-in sustaining costs. NextSource is committed to playing our role in global decarbonization.”
The Solar Hybrid Plant will generate clean power to a capacity of 4 GWh, with the current PV array designed with extra capacity such that no expansion of the PV array will be required for Molo production capacity increases of up to 32,000 tpa.
NextSource and CBE are committed to optimizing the solar component and increasing the amount of renewable energy available to the mine, which could include expansion of the Solar Farm or installation of wind turbines. In support of this, CBE has installed a wind measuring LIDAR device to evaluate the wind resource at the site and studying the feasibility of adding wind generation in the short term. As part of any potential future expansion of the Molo mine, the Company has set a goal of increasing the percentage generated by renewable power to at least 50 percent.
ABOUT NEXTSOURCE MATERIALS INC.
NextSource Materials Inc. is a battery materials development company based in Toronto, Canada that is intent on becoming a vertically integrated global supplier of battery materials through the mining and value-added processing of graphite and other minerals.
The Company’s Molo graphite project in Madagascar is one of the largest known and highest-quality graphite resources globally, and the only one with SuperFlake® graphite. The Molo mine has begun production, with Phase 1 mine operations currently undergoing ramp up to reach its nameplate production capacity of 17,000 tpa of graphite concentrate.
The Company is also developing a significant downstream graphite value-add business through the staged rollout of Battery Anode Facilities capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, outside of existing Asian supply chains, in a fully transparent and traceable manner.
NextSource Materials is listed on the Toronto Stock Exchange (TSX) under the symbol “NEXT” and on the OTCQB under the symbol “NSRCF”.
For further information about NextSource visit our website at www.nextsourcematerials.com or contact us at +1.416.364.4911 or email Brent Nykoliation, Executive Vice President at brent@nextsourcematerials.com or Aura Financial nextsource@aura-financial.com.
futr
spartex
3 years ago
NextSource Materials Announces First Production of SuperFlake(R) Graphite at Molo Mine in Madagascar
NSRCF
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NextSource Materials Inc.
Thu, June 22, 2023 at 7:00 AM EDT
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TORONTO, ON / ACCESSWIRE / June 22, 2023 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") is pleased to announce the first production of SuperFlake® graphite concentrate at its Molo mine in Madagascar.
President and CEO, Craig Scherba, commented:
"First production of our SuperFlake® graphite is a significant achievement for NextSource and a testament to the dedication and hard work of our commissioning and operations teams, our employees and contractors, as well as the ongoing support that we have received from the local community and government. As we ramp up the production stage of operations, the Company is in the enviable position of transitioning into a significant and sustainable global producer of high-quality graphite and anode material just as demand for their use in lithium-ion batteries is growing exponentially."
NextSource Materials Inc., Thursday, June 22, 2023, Press release picture
Molo mine workforce alongside first tonne of SuperFlake® graphite concentrate
As part of the commissioning and optimization of the processing plant, the commissioning sequence was prioritized for initial production of coarse flake concentrate, with the first tonne of production consisting of +48 mesh (jumbo size) SuperFlake® graphite.
Since initiation of plant commissioning on March 23, 2023, the commissioning and operations teams have progressed methodically through debottlenecking and optimization activities. The operations team will now shift their focus to ramping up the plant throughput to its nameplate capacity of 17,000 tonnes per annum.
The Company expects to sell all the flake graphite produced at the Molo Graphite Mine to key customers under existing offtake agreements, which includes Germany's thyssenkrupp Materials Trading GmbH and the Company's Japanese technical partner, whom is the main supplier of value-added graphite to Japan's largest anode processor that in turn supplies multiple Japanese and international OEMs with graphite anode material.
The Company continues to be engaged in advanced discussions with several major EV companies (OEMs) and has received requests for multi-tonne samples of battery anode material as part of the OEMs qualification process. As such, the Company will begin sending flake graphite qualifying material to its Battery Anode Facility (BAF) technical partners for conversion into coated, spheronized, purified graphite ("CSPG"), which is the final form of anode material that is assembled along with cathode material into finished lithium-ion batteries used in electric vehicle ("EV") applications.
Mauritius Battery Anode Facility and Global BAF Strategy
The Company announced on February 28, 2023 its strategy for the staged buildout of a series of BAFs in key geographic locations. The BAFs are value-added processing facilities that convert flake graphite into CSPG.
BAF Strategy Highlights:
Plans to construct multiple BAFs capable of producing CSPG anode material for use in lithium-ion batteries for EV applications in key jurisdictions. The BAF designs will leverage the Company's exclusive partnership with two leading value-added graphite processors and use their proprietary and well-established graphite anode processing technology, which currently produces CSPG for the supply chains of major OEMs, including Tesla and Toyota.
The first BAF will be in Mauritius (the "Mauritius BAF"), which was selected due to its proximity to the Molo Graphite Mine in Madagascar and its position on strategic shipping routes to Asian markets.
A long-term industrial lease has been signed to build the Mauritius BAF within an exisiting industrial facility in Port Louis, Mauritius. The BAF site location is also classified as an Industrial Freeport, with a 3% corporate tax rate and 0% VAT.
A technical study for the Mauritius BAF with an initial production capacity of 3,600 tpa (Line 1) of CSPG (the "Mauritius BAF Technical Study") dated February 28, 2023 estimated initial capital costs and working capital investments of US$32.8 million and annual revenues at US$33.7 million with an EBITDA of US$13.2 million. The resulting post-tax economic results demonstrated an NPV of US$106.9 million using an 8% discount rate, an IRR of 42.7% and a payback of 2.2 years.
Adding 3 additional lines (Lines 2,3,4) to the Mauritius BAF for a total capacity of 14,400 tpa of CSPG demonstrated a total post-tax NPV8% of US$439.7m, incremental capex US$74m, IRR of 45.8%
Subject to obtaining necessary funding, completion of the front-end engineering and design (FEED) study, and completion of the environmental and social impact assessment (ESIA) process, the Company is targeting the start of a 12-month construction process in Q3 2023 resulting in potential initial production at the Mauritius BAF in Q3 2024.
Evaluation of the potential construction of a BAF in North America and initiation of the application process to access various financial loans and grants offered under Canadian federal and provincial programs and under the U.S. Inflation Reduction Act.
Evaluation of the potential construction of a BAF in the United Kingdom (UK) and initiation of the application process to access various financial loans and grants offered under the UK Government Automotive Transformation Fund.
Evaluation of the potential construction of a BAF in the European Union.
Evaluation and potential construction of an artificial graphite (AG) production facility, which would enable the Company to supply AG anode material along with natural flake-based anode material.
About NextSource Materials Inc.
NextSource Materials Inc. is a battery materials development company based in Toronto, Canada that is intent on becoming a vertically integrated global supplier of battery materials through the mining and value-added processing of graphite and other minerals.
The Company's Molo graphite project in Madagascar is one of the largest known and highest-quality graphite resources globally, and the only one with SuperFlake® graphite. The Molo mine has begun production, with Phase 1 mine operations currently being optimized to reach its nameplate production capacity of 17,000 tpa of graphite concentrate.
The Company is also developing a significant downstream graphite value-add business through the staged rollout of Battery Anode Facilities capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, outside of existing Asian supply chains, in a fully transparent and traceable manner. The first of its Battery Anode Facilities will be located in Mauritius with initial production targeted in Q3 2024.
NextSource Materials is listed on the Toronto Stock Exchange (TSX) under the symbol "NEXT" and on the OTCQB under the symbol "NSRCF".
For further information about NextSource visit our website at www.nextsourcematerials.com or contact us at +1.416.364.4911 or email Brent Nykoliation, Executive Vice President at brent@nextsourcematerials.com or Craig Scherba, President & CEO at craig@nextsourcematerials.com.
Safe Harbour: This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward looking statements and information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements include any statements regarding, among others, timing of, and completion of, commissioning the processing plant, construction of the Solar Hybrid Battery System, and commissioning of the Molo mine, timing of construction and completion of the Mauritius BAF and proposed timing of future locations of additional BAFs, timing and completion of front-end engineering and design and ESIA permitting, the economic results of the BAF Technical Study including capital costs estimates, operating costs estimates, payback, NPV, IRR, production, sales pricing and working capital estimates, the construction and potential expansion of the BAFs, expansion plans, as well as the Company's intent on becoming a fully integrated global supplier of critical battery and technology materials. These statements are based on current expectations, estimates and assumptions that involve several risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive there from. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
SOURCE: NextSource Materials Inc.
View source version on accesswire.com:
https://www.accesswire.com/762947/NextSource-Materials-Announces-First-Production-of-SuperFlakeR-Graphite-at-Molo-Mine-in-Madagascar
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