On Tuesday 03 03, 2026 at 7:00AM ET NextSource Materials Extends Mitsubishi Chemical Offtake Agreement Timelines
On Tuesday 03 03, 2026 at 7:00AM ET
NextSource Materials Extends Mitsubishi Chemical Offtake
Agreement Timelines
TORONTO, ON / ACCESS Newswire / March 3, 2026 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF)
("NextSource" or the "Company") is pleased to announce that it has agreed with Mitsubishi Chemical Corporation to extend the
timetable for the binding multi-year Offtake Agreement, announced on August 5th 2025. All core commercial terms of the 9,000
tonnes per annum Offtake Agreement of anode active material ("AAM") are unchanged, including volume commitments and the
established pricing framework.
The extension enables the Company with additional flexibility through July 31, 2027 to satisfy financing, construction,
commissioning and first production milestones for its planned Battery Anode Facility ("BAF") in the United Arab Emirates
("UAE"). The Company's recently completed C$25 million public offering advances the completion of detailed engineering, site
development and the project financing process for the UAE BAF.
As previously announced, the Company is advancing toward a targeted Final Investment Decision for the UAE BAF by the end
of this month.
Mitsubishi Chemical Corporation is Japan's largest chemical company and a leading supplier of anode active material to original
automotive equipment manufacturers (OEMs). As announced in August 2025, the Company entered into a binding, multi-year
offtake agreement with Mitsubishi to be the exclusive supplier of AAM to a major OEM for the North American EV market.
NextSource will produce and supply intermediate AAM to Mitsubishi's Japan plantwhere Mitsubishi will produce final AAM for
the OEM's EV battery cell manufacturing facilities in North America.
This partnership represents a major milestone for NextSource in its strategy to become one of very few vertically integrated
graphite producers outside of Asia and capable of meeting the scale and quality requirements of OEM anode supply chains from
2027 onwards.
About NextSource Materials Inc.
NextSource Materials Inc. is a battery materials 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 through Phase 1 mine operations.
NextSource's corporate presentation can be accessed and downloaded here.
The Company is also developing a significant downstream graphite value-add business through the staged rollout of Battery
Anode Facilities (BAF) capable of large-scale production of coated, spheronized and purified graphite for direct delivery to
battery and automotive customers, in a fully transparent and traceable manner.
The Company is now in the process of developing its first BAF in the UAE and has executed a multi-year offtake agreement for
the supply of anode active material with Mitsubishi Chemical Corp of Japan.
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].
Cautionary Note
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 conditions "may", "will", "could", "expected" or "should" occur.
Forward-looking statements include any statements regarding, among others, that non-binding LOI's and term sheets will
progress to definitive agreements and the timing thereof, timing of construction, development and completion of the BAF, timing
and completion of front-end engineering and design, timing of FID, the phased development plan of the BAF 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. These risks include that the non-binding term sheets will not progress to definitive
agreements, the parties to the non-binding term sheet will not be satisfied with their due diligence review, risks related to the
construction and development of the BAF, the risk that a positive FID decision may never be reached as well as other risk factors
set forth in the Company's latest Annual Information Form (which includes the disclosed risk related specifically to the
development commissioning and operation of the BAF) There is no assurance that the definitive agreements will be completed
with the above noted timeframe or at all. 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.
SOURCE: NextSource Materials Inc.