NextSource Materials Files Audited Consolidated Financial Statements in accordance with Canadian Auditing Standards

TORONTO, ON / ACCESSWIRE / July 5, 2023 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") announces that it has filed audited consolidated financial statements for the years ended June 30, 2022 and 2021 (the "Financial Statements") with an audit opinion completed in accordance with Canadian generally accepted auditing standards (the "CAS Opinion") in order to replace the Public Company Accounting Oversight Board (United States) ("PCAOB") audit opinion.

The Financial Statements are not amended or restated financial statements, and the CAS Opinion delivered by MNP LLP, the Company auditors, complies with Canadian securities regulations. There are no changes to any of the amounts contained in the previously filed financial statements. The non-financial changes consisted of an update to the present day of Note 21 - Subsequent Events.

The Management Discussion & Analysis for the years ended June 30, 2022 and 2021 ("MD&A") was refiled to accompany the Financial Statements. There are no changes to any of the amounts contained in the previously filed MD&A. The non-financial changes consisted of an update to the present day the Company recent events, outlook and milestones, project descriptions, and subsequent event disclosures contained in the Financial Statements.

As a registrant with the Securities and Exchange Commission (the "SEC"), the Company misidentified itself as a "non-accelerated filer" instead of as an "accelerated filer" for the fiscal year ended June 30, 2022. As a result of the misidentification, the Company did not obtain, and the Company's auditors were not engaged, to complete an attestation of its internal controls over financial reporting ("ICFR") (as required by Section 404(b) of the Sarbanes-Oxley Act) as required for an "accelerated filer" in accordance with the applicable rules and regulations of the SEC and the PCAOB. Since the Company did not obtain, and is not seeking, an attestation of its ICFR, the previously issued PCAOB audit opinion needed to be retracted.

Furthermore, the Company intends to file an amendment to its annual report on Form 40-F with the SEC followed by a Form 15 to suspend its reporting obligations under Section 13 and 15(d) of the Securities Exchange Act of 1934, as amended.

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.