NextSource Materials to Explore Additional Strategic Asset Opportunities in Clean Energy Materials

NextSource Materials to Explore Additional

Strategic Asset Opportunities in Clean Energy Materials

NEWS RELEASE – TORONTO, September 8, 2021

NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRC F) (“NextSource” or the “Company”)

announces that it intends to assess emerging opportunities to accelerate expansion of its organic

growth strategy through the potential acquisition and development of additional metals and mineral

assets expected to play a vital role in associated clean energy technologies.

Following recent discussions with the Company’s existing offtake partners in graphite , many of

whom are significant participants in the global supply and trading of battery materials, there is clear

enthusiasm for NextSource to secure additional capacity in graphite and other critical minerals.

NextSource’s management will be conducting further meetings with its offtake partners, and other

strategic parties, in September to discuss how best to create additional value in complementary

commodities by exploiting NextSource’s growing capabilities and network.

NextSource’s current commodity portfolio of graphite and vanadium is already strongly aligned with

expected demand for electric vehicles and large-scale energy storage systems, providing an ideal

platform to expand further into the critical mineral supply chain.

In recent months, since the completion of the Vision Blue investment in NextSource, a close

working relationship has developed between the two companies and their management teams. As

a result, both companies have recognised the potential for increas ed collaboration and mutual

benefit across the asset evaluation, investment a nd development cycle. Vision Blue is

NextSource’s largest shareholder and is a private investment company with a focus on metals and

minerals linked to the clean energy revolution.

As previously announced, the Company’s Molo graphite and Green Giant vanadium projects

continue to progress with; i) commencement of a metallurgical optimisation study for the vanadium

asset; and ii) the construction of the Molo mine in Madagascar on track and on budget to

commission in mid-2022.

In addition, NextSource is now accelerating completion of the technical studies already underway

for both its Phase 2 expansion of the Molo graphite mine (“Molo Project”) and for its stand-alone,

battery anode facility in which to value-add its SuperFlake® concentrate.

Craig Scherba, CEO of NextSource Materials commented,

“Realising our vision of building a company capable of providing the next source of critical minerals

to power the clean energy revolution requires clear and timely communication with all stakeholders

and strategic partners.

It is evident that the market for battery materials is on the cusp of significant growth and NextSource

is well positioned to capture this opportunity. The next step is further discussion with our offtake

partners, global electric vehicle OEM’s and other strategic parties that have approached

NextSource as a potential supplier to fully capture opportunities to create value by building on the

platform we have already established.

Our technical teams continue to make excellent progress in constructing Phase 1 of the Molo

Project. We are now accelerating the technical stud ies for Phase 2 of the Molo mine and o ur

planned battery anode facility to meet the expected and growing demand from OEMs for a

sustainable source from whom they can secure supply of high-quality graphite.”

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 Q2 2022.

NextSource Materials is listed on the Toronto Stock Exchange (TSX) under the symbol “NEXT” and

on the OTCQB under the symbol “NSRCF".

ABOUT VISION BLUE RESOURCES LIMITED

Vision Blue was founded in December 2020 by Sir Mick Davis to identify and capture opportunities

in development of metals and minerals assets linked to the clean energy revolution.

Vision Blue targets companies in established mining jurisdictions, with well-advanced and best-in-

class assets that are scalable and can be brought into production rapidly. Vision Blue aims to work

with existing management teams to provide critical growth capital, technical support, support in

strategy implementation, and experience in securing future financ e. Where possible, Vision Blue

utilizes a phased development approach based upon self-financed expansion to achieve large

scale revenue and cash flows across the entire battery materials vertical supply chain . For further

information about Vision Blue, visit their website at www.vision-blue.com.

Safe Harbour: This press release contains statements that may constitute “forward -looking information” or

“forward-looking statements” within the me aning 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; the successful and on -budget construction of

the Molo Graphite mine, estimated future production from the Molo Graphite Project, joint venture or strategic

partnership agreement with Vision Blue, completion of any technical studies and expansion of the Molo

Graphite Project, any and all other economic and technical st udies, graphite prices, project economics,

permitting, the development timeline and the graphite market. All such forward looking statements are based

on assumptions and analyses made by management based on their experience and perception of historical

trends, current conditions and expected future developments, as well as other factors they believe are

appropriate in the circumstances. However, these statements are subject to a variety of risks and uncertainties

and other factors that could cause actual ev ents or results to differ materially from those projected including,

but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable

authorities; the failure of other parties to perform as agreed; social or labour u nrest; changes in commodity

prices; unexpected failure or inadequacy of infrastructure and the failure of ongoing and contemplated studies

to deliver anticipated results or results that would justify and support continued studies, development or

operations.. 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.