NextSource Materials Announces Construction of the Processing Plant for the Molo Graphite Mine is Complete
NextSource Materials Announces Construction of the
Processing Plant for the Molo Graphite Mine is Complete
NEWS RELEASE – TORONTO, February 21, 2023
NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRCF) (“NextSource” or the “Company”) is pleased
to announce that construction of the processing plant and mining camp for the Company’s Molo Graphite
Mine in Madagascar are now complete, and that the entire mining fleet is at site.
President and CEO, Craig Scherba, commented:
“We are now entering the final stages of development of Phase 1 and are fast approaching first
production. We look forward to providing a more detailed update as we progress through
commissioning.”
Electrical interconnections between plant modules are in progress, which will be followed by
commissioning and the start of mining activities. Plant commissioning will be followed by a ramp up
period of up to three months prior to achieving commercial production.
Phase 1 of the Molo Graphite Mine is designed to process 240,000 tonnes per annum ( tpa) of ore
resulting in a name plate production capacity of 17,000 tpa of flake graphite.
Image: Molo Mine Processing Plant
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
projects globally, and the only one with SuperFlake® graphite. Phase 1 of the Molo mine is in the final
stages of completion and approaching first production.
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 a +1.416.364.4911 or email Brent Nykoliation, Executive Vice President at
[email protected] or Craig Scherba, President & CEO
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”, “poss ible” 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 on -site construction including the processing plant and installation thereof, delivery and
installation of the auxiliary buildings and structures, delivery and construction of the Solar Hybrid Battery System,
shipping of all plant infrastructure to site, all re-assembly and commissioning of the Molo Project, 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 num ber 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 . 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 relea se 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.