NextSource Materials Provides Molo Mine Update Begins Transporting SuperFlake® Graphite Concentrate to Port for Export
NextSource Materials Provides Molo Mine Update
Begins Transporting SuperFlake® Graphite Concentrate to Port for Export
NEWS RELEASE – TORONTO, August 7, 2024
NextSource Materials Inc. (TSX:NEXT ) (OTCQB:NSRCF) (“NextSource” or “the Company”) is
pleased to announce the completion of the planned screening equipment upgrades at its Molo
Graphite Mine (the “Molo mine”) in southern Madagascar.
The Company has successfully upgraded equipment in the screening circuit to sort SuperFlake®
graphite concentrate into individual size fractions to meet customer specifications. The Molo mine
is now meeting or exceeding recovery and grade expectations and consistently producing
SuperFlake® concentrate at a carbon content of between 95% and 97%.
During the screen installation, additional process plant upgrades were also carried out at the Molo
mine that the Company believes will further enable sustainab le and enhanced recoveries going
forward. As a result, plant stability has been optimized and the operation is well positioned ahead
of its planned Phase 2 future expansion.
The Company is now transporting saleable SuperFlake® concentrate from the Molo mine to the
Port of Tulear in preparation for export.
President and CEO Craig Scherba commented,
“The team have delivered on the opportunity to capitalize on the quality of the Molo graphite deposit
by improving recoveries and grades. Having previously shipped test material for qualification, we
are now producing high quality, saleable graphite concentrate. This leaves NextSource well
positioned to meet the specifications required by different customers and builds confidence in the
resilience of our future production profile as we look towards Phase 2 expansion.”
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 opti mized 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 (TSX) under the symbol “NEXT” and
on the OTCQB under the symbol “NSRCF”.
For further information about NextSource, please visit our website at nextsourcematerials.com or
contact us:
Investors: Brent Nykoliation Executive Vice President +1.416.364.4911
[email protected] or Craig Scherba, President & CEO
Media: Michael Oke/Andy Mills +44 207 321 0000 [email protected]
Cautionary Note
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 commissioning and achievement of
nameplate capacity, including the processing plant, process improvements and mine plant adjustments as well as
production estimates and timing thereof, the rollout of Battery Anode Facilities including the capabilities and the timing
thereof. 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. 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.