NextSource Materials Provides Progress Update on Molo Graphite Mine in Madagascar
NextSource Materials Provides Progress Update
on Molo Graphite Mine in Madagascar
NEWS RELEASE – TORONTO, August 9, 2022
NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRC F) (“NextSource” or the “Company”) is
pleased to provide a progress update for Phase 1 of the Molo Graphite Mine in Madagascar.
The Processing Plant has arrived and been unloaded at the local port of Fort Dauphin in
Madagascar and has cleared customs. Company-appointed logistics specialists have now
commenced transporting all modules of the Processing Plant, including two mobile cranes, to the
mine site. Earthworks at the mine site are complete and civil works are on schedule to be completed
by the time the Processing Plant arrives.
It is expected to take approximately 45 days to re -assemble the Processing Plant, which was
previously erected and underwent Factory Acceptance Testing prior to shipment . Once re-
assembled, the Processing Plant will undergo Site Acceptance Testing, which is the final step
before mine commissioning.
The pre-fabricated units for the camp accommodations and auxiliary buildings have also arrived at
site and assembly of these support structures will commence shortly.
President and CEO, Craig Scherba commented,
“Now that the processing plant has arrived in-country, on-site activity will ramp up significantly over
the next several weeks as we begin re -assembly of the processing plant and the auxiliary
buildings“.
Construction Update of Solar and Battery Hybrid Power Plant
As announced on May 24, 2022, CrossBoundary Energy’s Madagascar subsidiary commenced
construction of a solar thermal hybrid energy power plant (“Hybrid Plant”) that will power Phase 1
of the Molo mine. Construction of the Hybrid Plant is on schedule with the thermal portion of the
hybrid solution expected to be installed and operational at the time of commissioning of the
Processing Plant, with the renewable energy portion following thereafter.
The Hybrid Plant will be located adjacent to the Molo mine site and when fully operational, will
provide up to 33% of the mine’s total Phase 1 electricity needs from renewable solar energy , with
the remainder coming from thermal generators.
ABOUT NEXTSOURCE MATERIALS INC.
NextSource Materials Inc. is a strategic materials development company based in Toronto, Canada
that is intent on becoming a fully integrated, global supplier of critical battery and technology
materials needed to power the sustainable energy revolution.
The Company’s Molo graphite project in Madagascar is one of the largest known and highest -
quality graphite deposits globally, and the only one with SuperFlake® graphite. Construction of
Phase 1 of the Molo Project is underway, with commissioning expected in the autumn of 2022.
NextSource Materials is listed on the Toronto Stock Exchange (TSX) under the symbol “NEXT” and
on the OTCQB under the symbol “NSRCF".
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 condi tions “may”, “will”, “could”, or “should” occur. Forward -looking
statements include any statements regarding, among others , timing of on -site construction including
completion of the civil and earthworks, timing of the on-site arrival of the processing pl ant 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, initiation of a Feasibility Study and timing of its completion , production capacity, NPV, IRR
and life of mine of the Molo mine, timing of the FEED Study and Feasibility Study, 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. No assurance
can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if
any of t hem 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 can not 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 entiret y 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.