NextSource Materials Provides Development Update on Battery Anode Facility in Mauritius Freeport Zone
NextSource Materials Provides Development Update on Battery
Anode Facility in Mauritius Freeport Zone
NEWS RELEASE – TORONTO, April 10, 2024
NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRCF) (“NextSource” or the “Company”) is
pleased to announce progress with the development of its Battery Anode Facility (BAF) in the
Freeport Zone of the port of Port-Louis, Mauritius.
Following a comprehensive site selection process, the Company has signed a long -term lease
agreement for a site in the Freeport Zone of Port -Louis for the location of its first BAF plant. The
Company has integrated engineering improvements into the plant design and initiated the
environmental permitting (EIA) process.
Set within an industrial environment, the site offers significant operational benefits as compared to
the previously leased site, including logistics improvements resulting from direct port access, a
high-quality concrete structure requiring minimal modifications with sufficient space to expand the
capacity of the plant in the future, and f inancial benefits resulting from being located in a Freeport
Zone. A Freeport Zone is where goods may be imported, stored, handled, manufactured, and re -
exported under specific customs regulation and are generally not subject to normal tax and
customs duty.
The Company has pre-ordered process equipment with a production capacity of 3,600 tonnes per
annum of SPG (spheronized and purified graphite) and CSPG (coated SPG) . The process
equipment is currently being fabricated and assembled offshore and will be shipped to Mauritius
once the EIA process is completed. Meanwhile, SuperFlake® graphite concentrate from the Molo
Mine and equipment for the operation of a small-scale pilot line has already arrived at the site in
order to prepare for production of samples for key OEM customers.
The Company is preparing an updated economic assessment for this site and will announce the
results once completed.
NextSource’s BAF Location within the Freeport Zone in Port-Louis, Mauritius
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 Mine in Madagascar is one of the largest known and highest-quality
graphite resources globally, and the only one with SuperFlake® graphite. The Molo Graphite 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 aut omotive customers, outside
of existing Asian supply chains, in a fully transparent and traceable manner.
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 [email protected], Craig Scherba, President and CEO
at [email protected], or Aura Financial at [email protected].
CAUTIONARY NOTE
This 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 state ments that certain events or conditions “may”, “will”, “could”, or “should” occur. Forward-
looking statements include any statements regarding, among others: timing on the completion of commissioning, achieving
nameplate capacity, commercial sales of graphite concentrate, anticipated results of the FS including in respect of financial
metrics, capital and operating costs, mineral resource and mineral reserve estimates, metallurgy, and pricing ; intended
expansion and construction plans; demand for CSPG; discussion of the FS results with potential strategic partners; purchase
preferences of off -takers; the staged rollout and the status of all permitting of Battery Anode Facilities ; 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 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 as
a result. 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. 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 latest information, future events or otherwise, except as may be required by applicable securities laws. These forward -
looking statements are expressly qualified in their entirety by this cautionary statement.