NextSource Materials Initiates Commissioning of Molo Graphite Mine and Appoints ESG Expert to Senior Management Team - Seite 2

Subject to obtaining the necessary funding and completion of the ESIA process, the Company is targeting production from BAF1 in Q2 2024.

The global expansion strategy involves the staged construction of BAFs in key global jurisdictions to satisfy OEM demand in Asia, North America, Europe and the UK. Each BAF will be capable of producing commercial volumes of coated, spherical and purified graphite (CSPG) for lithium-ion batteries used in electric vehicle (EV) applications.

The BAF design is based on a proprietary and well-established processing technology currently supplying CSPG to major EV automotive companies.

Addition of ESG Expert to Senior Management Team
The Company is pleased to announce the addition of Dr. Markus Reichardt as Vice President of Sustainability.

Dr. Reichardt brings extensive environmental and social governance (ESG) expertise to NextSource, with over 25 years of practical, advisory and strategic experience integrating ESG into all stages of projects and investment cycles across the natural resource, agricultural and renewables sectors. He brings extensive experience working with precious, industrial and critical battery minerals, including graphite and vanadium. Dr. Reichardt was formerly the corporate environmental manager of AngloGold Ltd. and holds a PhD in restoration ecology.

Dr. Reichardt will be responsible for the Company's group safety, health, environment, social, climate change and quality performance policies and initiatives.

President and CEO, Craig Scherba, commented:

"Our ability to attract highly specialized individuals such as Dr. Markus Reichardt is a reflection of our growth potential and commitment to integrating the highest industry standards. Dr. Markus Reichardt will be integral to managing all our sustainability needs and I am delighted to welcome him to the burgeoning NextSource management team."

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 projects globally, and the only one with SuperFlake® graphite. Phase 1 of the Molo mine is in the commissioning phase.

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 automotive customers, outside of existing Asian supply chains, in a fully transparent and traceable manner.