New Risk • May 11
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$24m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$24m free cash flow). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risks Revenue is less than US$5m (US$1.1m revenue). Market cap is less than US$100m (CA$85.9m market cap, or US$62.8m). Reported Earnings • May 11
Third quarter 2026 earnings released: US$0.031 loss per share (vs US$0.014 loss in 3Q 2025) Third quarter 2026 results: US$0.031 loss per share (further deteriorated from US$0.014 loss in 3Q 2025). Net loss: US$5.83m (loss widened 123% from 3Q 2025). Revenue is forecast to grow 96% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 26 percentage points per year, which is a significant difference in performance. New Risk • Mar 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Revenue is less than US$5m (US$1.2m revenue). Market cap is less than US$100m (CA$63.8m market cap, or US$46.5m). New Risk • Feb 25
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Minor Risks Revenue is less than US$5m (US$1.2m revenue). Market cap is less than US$100m (CA$75.2m market cap, or US$54.9m). Announcement • Feb 24
NextSource Materials Inc. announced that it has received CAD 24.999988 million in funding from Vision Blue Resources Ltd.and other investors On February 24, 2026, the NextSource Materials Inc. closed the transaction. The transaction included participation from returning investor Vision Blue Resources Ltd who purchased 27,944,464 Units under the Offering to maintain its pro rata ownership in the Company. New Risk • Feb 19
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$25m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$25m free cash flow). Minor Risks Revenue is less than US$5m (US$1.2m revenue). Market cap is less than US$100m (CA$68.7m market cap, or US$50.1m). Reported Earnings • Feb 19
Second quarter 2026 earnings released: US$0.051 loss per share (vs US$0.023 loss in 2Q 2025) Second quarter 2026 results: US$0.051 loss per share (further deteriorated from US$0.023 loss in 2Q 2025). Net loss: US$9.44m (loss widened 131% from 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. Announcement • Nov 14
NextSource Materials Inc., Annual General Meeting, Dec 30, 2025 NextSource Materials Inc., Annual General Meeting, Dec 30, 2025. Announcement • Oct 30
NextSource Materials Inc. announced that it expects to receive $10 million in funding NextSource Materials Inc. announced that it will receive $10 million in a round of funding on October 30, 2025. The transaction included participation from new lender, Vision Blue Resources Ltd. The company will receive credit facility in the transaction. New Risk • Jul 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$29m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m (US$259k revenue). Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (CA$72.1m market cap, or US$52.9m). Announcement • May 02
NextSource Materials Inc. Announces Executive Transition NextSource Materials Inc. announced that Mr. Johnny Velloza will be stepping down from his position as Interim Chief Operating Officer, following a successful tenure during which he provided critical operational oversight and implemented key recommendations for process optimization at the Molo mine. Mr. Velloza's responsibilities will be transitioned to Mr. Nick Miller, who has been appointed as Acting Executive Vice President, Operations. This newly consolidated role merges the responsibilities of Interim Chief Operating Officer and General Manager, enabling a more streamlined and effective management structure as part of the broader organizational restructuring of the Molo operations. Mr. Miller, who previously served as Director of Risk Controls at NextSource, brings extensive expertise in global mining project development to this position. His impressive track record includes pivotal roles at Oyu Tolgoi for Rio Tinto, where he contributed significantly to the development of one of the world's largest copper-gold projects, as well as at ArcelorMittal Mining as part of their international operational improvements and development group. His experience and leadership in high-stakes, multi-jurisdictional mining operations position him fittingly to oversee the continued optimization of Phase 1 of the Molo mine and to lay the groundwork for Phase 2 expansion of the Molo project. The appointment of Nick Miller marks an important step in NextSource's evolution, ensuring continued strong operational leadership as the company focuses on optimizing Phase 1 and advancing Phase 2 of the Molo mine. New Risk • Feb 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$27m free cash flow). Revenue is less than US$1m (US$52k revenue). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (CA$125.7m market cap, or US$88.6m). New Risk • Feb 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$27m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$27m free cash flow). Revenue is less than US$1m (US$52k revenue). Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (CA$125.7m market cap, or US$88.7m). Announcement • Nov 14
NextSource Materials Inc. announced that it has received CAD 15.416693 million in funding from Vision Blue Resources Ltd. On November 13, 2024. NextSource Materials Inc. has closed the transaction. it announced that it has closed a second and final tranche of its previously announced non-brokered private placement offering, issuing an additional 1,360,000 common shares of the Company at a price of CAD 0.53 per Share for aggregate gross proceeds of CAD720,800. Finder fees of CAD 36,040 were paid in relation to the Offering. New Risk • Oct 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$7.4m net loss in 2 years). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (CA$113.8m market cap, or US$82.4m). Announcement • Oct 11
NextSource Materials Inc., Annual General Meeting, Dec 05, 2024 NextSource Materials Inc., Annual General Meeting, Dec 05, 2024. Major Estimate Revision • Oct 11
Consensus revenue estimates decrease by 32% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from US$13.2m to US$9.00m. EPS estimate unchanged from -US$0.05 per share at last update. Metals and Mining industry in Canada expected to see average net income growth of 34% next year. Consensus price target of CA$3.60 unchanged from last update. Share price was steady at CA$0.61 over the past week. Board Change • Sep 04
Less than half of directors are independent Following Director Hanre Rossouw's arrival on 01 September 2024, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Ian Pearce was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 13
NextSource Materials Inc. Appoints Tilo Hauke as Executive Vice President of Downstream Operations, Effective October 1St, 2024 NextSource Materials Inc. announced the further strengthening of its management team to support the next phase of the Company's global growth strategy with the appointment of Dr. Tilo Hauke as Executive Vice President of Downstream Operations, effective October 1st, 2024. Dr. HaukejoinsNextSource from FREYR Battery, a US and Norway-based lithium-ion battery cell developer, where he was Executive Vice President Supply Chain Management. Prior to FREYR Battery, Dr. Hauke spent 20 years at SGL Carbon SE, a European company that is one of the world's leading manufacturers of carbon & graphite products. At SGL Carbon, he held various senior leadership positions including Senior Vice President, Business Line Fuel Cell Components and Group Vice President, Technology and Innovation. At NextSource, Dr. Hauke will oversee the Company's strategy to construct multiple Battery Anode Facilities (BAFs) for the production of commercial scale graphite anode material for lithium-ion batteries used in electric vehicles. The Company's planned series of BAFs will be strategically located globally and leverage NextSource's exclusive access to proprietary anode processing technology for the supply of anode active material to major EV automotive companies. Dr. Hauke holds a Ph.D. in solid state physics from the University of Halle-Wittenberg and an MBA from the University of Augsburg/Pittsburgh. Announcement • Aug 07
NextSource Materials Inc. Provides Molo Mine Update NextSource Materials Inc. announced the completion of the planned screening equipment upgrades at its Molo Graphite Mine (the ‘Molo mine’) in southern Madagascar. The Company has successfully upgraded equipment in the screening circuit to sort SuperFlake graphite concentrate into individual size fractions to meet customer specifications. The Molo mine is now meeting or exceeding recovery and grade expectations and consistently producing SuperFlake concentrate at a carbon content of between 95% and 97%. During the screen installation, additional process plant upgrades were also carried out at the Molo mine that the Company believes will further enable sustainable and enhanced recoveries going forward. As a result, plant stability has been optimized and the operation is well positioned ahead of its planned Phase 2 future expansion. The Company is now transporting saleable SuperFlake concentrate from the Molo mine to the Port of Tulear in preparation for export. Announcement • Jul 12
NextSource Materials Inc. Announces Chief Financial Officer Changes NextSource Materials Inc. announced the appointment of Jaco Crouse as Chief Financial Officer (CFO) of the Company as part of its global growth strategy. Mr. Crouse replaces Marc Johnson who has served as CFO since October 2015. Mr. Johnson will continue to provide consulting services to the Company to assist with the smooth transition of this role. Mr. Crouse joins NextSource from the position of CFO and Executive Director of Amaroq Minerals and brings a wealth of experience in mergers and acquisitions, capital and debt markets, financial reporting and the development and execution of business strategies. Mr. Crouse has over 20 years' experience in publicly listed natural resource companies. Mr. Crouse previously served as CFO at Metals Acquisition Corp, where he completed the purchase of the CSA copper mine in Australia from Glencore, and as CFO at Detour Gold Corporation. Mr. Crouse was the former Chief Financial Officer at Triple Flag Precious Metals and worked at Barrick Gold Corporation in Toronto and in the Nickel Trading division at Glencore in Baar Switzerland. Mr. Crouse also held various positions within Xstrata plc between December 2002 to November 2013, including as General Manager of Business Optimisation in the Nickel Division. Mr. Crouse studied Accounting Sciences at the University of South Africa and is a qualified Chartered Accountant in Ontario (CPA) and South Africa (CA(SA)). He is also a registered Financial Risk Manager (FRM). New Risk • May 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$18m free cash flow). Earnings are forecast to decline by an average of 8.0% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$8.0m net loss in 2 years). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (CA$109.0m market cap, or US$80.1m). Announcement • May 15
NextSource Materials Inc. Names Heather Hernandez as SVP of Accounting & Financial Operations NextSource Materials Inc. announced that Heather Hernandez will join the Company as Senior Vice President of Accounting and Financial Operations effective May 6, 2024. Ms. Hernandez will be a member of nextSources Senior Leadership Team reporting to Chief Executive Officer Catherine Candland. She joins nextSource from ComScore, a publicly traded international internet analytics company, where she served as Vice President, Accounting and Finance. Ms. Hernandez brings two decades of finance and operational expertise across a wide range of industry sectors. As a result, she brings to nextSource a unique perspective on the challenges faced by businesses and universities when balancing fiscal responsibility with the need to access top professionals in a period of talent scarcity. At nextSource, Ms. Hernandez will be a key partner to the Companys CEO and Executive Leadership Team while overseeing every aspect of the Companys financial management. In her new role, Ms. Hernandez is responsible for providing the strategic vision, direction, and oversight of all financial matters, leading and evolving several key teams, including Finance Planning &Analysis, Accounting, Payroll Services &Associate Operations and System Services (Shared Services). Heather is a tenured finance executive with an impressive track record of delivering growth and value creation in his prior roles. She is the perfect leader to take the helm of finance organization and drive future growth and success. New Risk • May 10
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$18m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$18m free cash flow). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (CA$104.4m market cap, or US$76.3m). New Risk • Jan 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$127.7m (US$95.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 3.2% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (CA$127.7m market cap, or US$95.3m). Price Target Changed • Dec 13
Price target decreased by 31% to CA$3.80 Down from CA$5.50, the current price target is an average from 2 analysts. New target price is 252% above last closing price of CA$1.08. Stock is down 61% over the past year. The company posted a net loss per share of US$0.10 last year. Announcement • Dec 12
Nextsource Materials Inc. Announces Robust Feasibility Study Results for Molo Mine Expansion to 150,000 Tonnes Per Annum of Superflake(R) Graphite Concentrate NextSource Materials Inc. announced the results of a Feasibility Study (the FS) for a mine expansion of its 100%-owned Molo Graphite Mine in southern Madagascar. The FS considers an expansion to the Molo Graphite Mine's current Phase 1 production capacity of 17,000 tonnes per annum ("tpa") through the construction of an additional and standalone processing plant that increases the steady-state production rate to 150,000 tpa of SuperFlak graphite concentrate over a 25-year life of mine ("LOM"). The FS projects a capital cost of USD161.7 million resulting in a pre-tax NPV using an 8% discount rate of USD424.1 million and a pre-tax IRR of 31.1%. The FS assumes the additional processing plant will be built adjacent to the current Phase 1 processing plant, currently in the ramp-up stage of production. CSPG is the final form of natural graphite required by OEMs to manufacture lithium-ion batteries for electric vehicles. Ongoing discussions with numerous OEMs and battery anode offtake partners indicate market demand for CSPG over the long-term is expected to experience significant growth and could support additional expansions of the Molo's mine processing capacity. The Company has not yet made a construction decision in respect to the expansion and will discuss the FS results with its strategic partners to determine the optimal timing and assess the funding options that are available with respect to this potential mine expansion. Results SUMMARY: The following summary highlights the financial metrics provided in the FS. All capital and operating costs estimates are prepared in line with a Class 3 estimate as per the American Association of Cost Engineers classification and are accurate to +/- 15 to 25%. The LOM average selling price of US$1,191/t of concentrate (Real) used in the FS is the volume weighted average sales price for the various flake sizes and grades of SuperFlake® graphite concentrate that are expected to be produced from the Molo Graphite Mine. Prices used are based on current market prices provided by UK-based, commodity price reporting agencies Benchmark Minerals Intelligence and Fastmarkets, who are recognized as leaders in providing independent and unbiased market research, pricing trends, and demand and supply analyses for the natural flake graphite market. Current market prices in real US dollar terms were used through to 2028 and flatlined from that point forward over the rest of the LOM. A pricing premium for increased carbon grade was applied based on recent market trends for products exceeding 94% carbon. No other premiums were applied. The FS does not consider any potential for downstream value-added processing of the flake graphite concentrate such as conversion into SPG and CSPG, thermal expansion for use in foils, and other specialty graphite applications. Announcement • Dec 07
NextSource Materials Inc. Appoints Martina Buchhauser to the Board of Directors NextSource Materials Inc. announce the appointment of Ms. Martina Buchhauser to the Board of Directors and results of the Annual and Special Meeting of Shareholders held virtually at 9:00 AM Toronto, Ontario, Canada on December 5, 2023. Ms. Buchhauser is a global leader with a profound knowledge of the automotive industry and its shift towards new and sustainable technologies and the imperative for a responsible and low carbon business. Her leadership journey has encompassed executive roles in Global Procurement and Supply Chain Networks at General Motors, MAN, BMW, and Volvo Cars, where she until recently served as the Chief Procurement Officer and on the management board. She is a senior advisor of H&Z Management Consulting and is a non-executive director on several company boards. Announcement • Nov 25
NextSource Materials Inc. Announces Management Changes NextSource Materials Inc. announced that Mr. Robin Borley has resigned as Chief Operating Officer of the Company. The company announced it has appointed Mr. Johnny Velloza as Chief Operating Officer on an interim basis. Mr. Velloza has a wealth of technical and operating experience in the mining industry spanning 30 years during which he managed operational optimisation processes and large capital expansions across a range of commodities and in many jurisdictions. Mr. Velloza was previously Deputy CEO and COO of Gem Diamonds and CEO of Chemaf. Prior to this, he was with BHP Western Australia Iron Ore where, from 2013 to 2015, he was General Manager at Mining Area C, the larger iron ore mine in the BHP portfolio, leading a number of successful operational efficiency programs. He also acted as a Senior Exploration Manager in Zambia and in Chile for BHP from 2011-2013, Operations Manager at AngloGold Ashanti from 2009-2010 and held numerous managerial positions at De Beers from 2001-2009. Mr. Velloza holds a Bachelor's degree in Mining Engineering from The University of Johannesburg and a Bachelor's degree in Business from The University of South Africa. Mr. Borley has also resigned as a director of the Company and will not be standing for re-election at the upcoming NextSource shareholders' meeting. The Company wishes Mr. Borley well in his future endeavours. Announcement • Sep 30
NextSource Materials Inc., Annual General Meeting, Dec 05, 2023 NextSource Materials Inc., Annual General Meeting, Dec 05, 2023. New Risk • Sep 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$21m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$21m free cash flow). Earnings have declined by 5.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Revenue is less than US$1m. New Risk • Aug 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 54% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Revenue is less than US$1m. Announcement • Aug 02
NextSource Materials Inc. Files Form 15 NextSource Materials Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. New Risk • Jul 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 54% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Revenue is less than US$1m. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CA$1.62, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 12x in the Metals and Mining industry in Canada. Total returns to shareholders of 305% over the past three years. Announcement • Jul 07
NextSource Materials Inc. Announces Completion of 2.6Mw Solar Farm At Molo Graphite Mine in Madagascar NextSource Materials Inc. announced that construction of the solar farm for the solar hybrid power plant (the "Solar Hybrid Plant") at the Company's Molo Graphite mine in Madagascar has been completed. The Solar Hybrid Plant is owned and operated by CrossBoundary Energy (CBE) under a 20-year power purchase agreement and consists of the 2.6 MW solar farm, a 3.1 MW thermal facility (diesel generators installed prior to mine commissioning), and a 1 MWh battery energy storage system ("BESS"), which is expected to arrive in the next few weeks. The solar farm was constructed by CBE using local labour and comprises a total of 4,902 photovoltaic panels, covering 12,663 square metres, installed on ballasted mounting systems. The 2.6 MW solar farm is expected to produce approximately 4 GWh of clean energy per year, reducing the mine's all-in sustaining costs, and is expected to reduce carbon emissions by 2,275 tonnes annually. Final electrical interconnections between the solar farm with the mine are now underway and are expected to be completed within the coming weeks. The Solar Hybrid Plant is designed to generate 33% of the Molo mine's steady-state power requirements from renewable energy. The solar facility together with load balancing provided by the BESS will be capable of supplying up to 100% of the plant's power requirements during peak daylight hours, with the thermal facility supplying all off peak power requirements, thereby ensuring an uninterrupted power supply to the mine. NextSource and CBE are committed to optimizing the solar component and increasing the amount of renewable energy available to the mine, which would include the expansion of the solar farm and the potential addition of wind turbines. In support of this, CBE has installed a wind measuring LIDAR device to evaluate the wind resource at the site and studying the feasibility of adding wind generation in the short term. As part of any potential future expansion of the Molo mine, the Company has set a goal of increasing the percentage generated by renewable power to at least 50%. Price Target Changed • Jun 16
Price target decreased by 16% to CA$5.50 Down from CA$6.55, the current price target is an average from 2 analysts. New target price is 182% above last closing price of CA$1.95. Stock is down 5.3% over the past year. The company posted earnings per share of US$0.16 last year. Price Target Changed • Mar 01
Price target increased by 9.4% to CA$7.00 Up from CA$6.40, the current price target is provided by 1 analyst. New target price is 150% above last closing price of CA$2.80. Stock is down 31% over the past year. The company posted earnings per share of US$0.16 last year. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CA$2.54, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 11x in the Metals and Mining industry in Canada. Total returns to shareholders of 464% over the past three years. Announcement • Dec 06
Nextsource Materials Inc. Appoints Sir Mick Davis as Director NextSource Materials Inc. held its Annual and Special Meeting of Shareholders on December 5, 2022 announced the appointment of Sir Mick Davis as director. Price Target Changed • Nov 16
Price target decreased to CA$6.40 Down from CA$6.90, the current price target is an average from 2 analysts. New target price is 113% above last closing price of CA$3.01. Stock is down 10% over the past year. The company posted earnings per share of US$0.16 last year. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improved over the past week After last week's 17% share price gain to CA$2.81, the stock trades at a trailing P/E ratio of 16.2x. Average forward P/E is 10x in the Metals and Mining industry in Canada. Total returns to shareholders of 411% over the past three years. Announcement • Oct 26
NextSource Materials Inc. Provides an Update on the Development of Its Molo Graphite Mine NextSource Materials Inc. provided an update on the development of its Molo Graphite Mine ("Molo mine") in Madagascar. The transport of all processing plant modules and supporting equipment to the Molo mine site has been completed. Re-assembly of the Processing Plant is in progress and will be followed by Site Acceptance Testing, which is the final step before commissioning. Completion of construction activities and the start of mining activities is expected in November. Completion of plant commissioning is expected in December followed by a ramp up period prior to declaring commercial production. Phase 1 of the Molo Mine is designed to operate at a production capacity of 17,000 tonnes per annum. Phase 1 is modular and can be incrementally expanded to provide additional feedstock for the Company's downstream initiatives. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 20% share price gain to CA$2.15, the stock trades at a trailing P/E ratio of 10x. Average forward P/E is 9x in the Metals and Mining industry in Canada. Total returns to shareholders of 330% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CA$2.00, the stock trades at a trailing P/E ratio of 9.2x. Average forward P/E is 10x in the Metals and Mining industry in Canada. Total returns to shareholders of 344% over the past three years. Announcement • Sep 20
NextSource Materials Inc., Annual General Meeting, Dec 05, 2022 NextSource Materials Inc., Annual General Meeting, Dec 05, 2022. Announcement • Aug 11
Nextsource Materials Inc. Provides Progress Update on Molo Graphite Mine in Madagascar NextSource Materials Inc. provided 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. Recent Insider Transactions Derivative • Jun 16
President exercised options to buy CA$467k worth of stock. On the 9th of June, Craig Scherba exercised options to buy 215k shares at a strike price of around CA$0.83, costing a total of CA$179k. This transaction amounted to 105% of their direct individual holding at the time of the trade. Since June 2021, Craig has owned 204.00k shares directly. Company insiders have collectively bought CA$979k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Jun 08
COO & Director exercised options to buy CA$499k worth of stock. On the 2nd of June, Robin Borley exercised options to buy 220k shares at a strike price of around CA$0.83, costing a total of CA$183k. This transaction amounted to 26% of their direct individual holding at the time of the trade. Since June 2021, Robin's direct individual holding has increased from 831.79k shares to 979.56k. Company insiders have collectively bought CA$799k more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • May 26
Price target decreased to CA$6.40 Down from CA$6.90, the current price target is provided by 1 analyst. New target price is 170% above last closing price of CA$2.37. Stock is down 33% over the past year. The company posted a net loss per share of US$0.63 last year. Recent Insider Transactions Derivative • May 25
Independent Director exercised options to buy CA$767k worth of stock. On the 18th of May, Brett Whalen exercised options to buy 325k shares at a strike price of around CA$0.65, costing a total of CA$211k. This transaction amounted to 46% of their direct individual holding at the time of the trade. Since June 2021, Brett's direct individual holding has increased from 650.00k shares to 1.03m. Company insiders have collectively bought CA$431k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Mar 01
NextSource Materials Inc. Announces Preliminary Economic Assessment for a Mine Expansion of 150,000 Tonnes Per Annum of SuperFlake® Graphite Concentrate NextSource Materials Inc. announced the results of a Preliminary Economic Assessment for an enhanced Phase 2 expansion of its 100%-owned Molo Graphite Mine Project in southern Madagascar. The PEA considered an enhanced Phase 2 expansion consisting of a stand-alone processing plant with a production capacity of 150,000 tonnes per annum of flake graphite concentrate over a 26-year life of mine. The PEA projects that the capital costs to construct 150,000 tpa of processing capacity would be USD 155.8 million with a pre-tax NPV utilizing an 8% discount rate of USD 929.6 million and a pre-tax IRR of 41.1%. The PEA assumed the Phase 2 processing plant will be built adjacent to the 17,000 tpa Phase 1 processing plant, currently under construction. The PEA was prepared by Erudite Strategies Ltd. of South Africa, an independent engineering and consulting firm specializing in the mining and processing of commodities and battery materials. The Company cautions that the PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability and there is no certainty that the PEA will be realized. The PEA is based on a full suite of metallurgical test work performed by SGS Canada Metallurgical Services Inc. in Lakefield, Ontario, Canada. These tests included lab and bench scale process development work, a bulk sample/pilot plant program, and metallurgical variability testing. The overall graphitic carbon recovery into the final concentrate is 88.3%. The selling price used in the PEA is the volume weighted average sales price for the various flake sizes and grades of SuperFlake® graphite concentrate that are expected to be produced from the Molo deposit. Prices used are based on current market prices provided by UK-based, commodity price reporting agencies Benchmark Minerals Intelligence and Fastmarkets, who are recognized as leaders in providing independent and unbiased market research, pricing trends and demand and supply analyses for the natural flake graphite market. No price escalation for graphite sales prices into the future was applied to the PEA model. Current market prices were used and flatlined over the life of mine. No pricing premium for valued-added applications was applied on any sales. Furthermore, no financial or operational calculations and/or scenarios in the PEA financial model with regards to downstream value-added processing of SuperFlake® graphite concentrate were included. This includes purification, spherodization coating for battery-grade graphite and thermal expansion for specialty graphite applications, such as foils. Battery Anode Facility: The PEA's enhanced Phase 2 capacity was determined based on discussions with automotive manufacturers and battery anode offtake partners. The Company and the battery anode offtake partners are evaluating construction of a battery anode facility, capable of converting flake graphite concentrate from any qualified mine into spheronized and purified graphite and into coated SPG. CSPG is the final form of natural graphite required to manufacture lithium-ion batteries required by OEMs. As announced on November 15, 2021, the Company initiated a technical study to determine the capital and operating costs for first BAF and is considering several proposed locations. Based on recent discussions with OEMs and battery anode offtake partners, the Company expects demand for CSPG to experience significant growth. Molo PHASE 1 Construction and Commissioning Update: On January 11, 2022, the Company announced the Molo Phase 1 processing plant, which was fully fabricated and constructed at an offshore facility, had successfully passed Factory Acceptance Testing and final verification. The Processing Plant has since been dismantled, packaged and is now ready to be shipped to the mine site. Due to Madagascar's ongoing COVID-19 travel restrictions, and recent cyclone activity impacting the eastern seaboard of the country, the commencement of earthworks and civil work at the mine site has been delayed and commissioning of the Molo Phase 1 process plant is now targeted for Q3, 2022. Phase 1 of the Molo Graphite Mine is fully funded and when commissioned, Molo will become one of the few operating graphite mines outside of China. The Company has not yet made a production decision in respect of Phase 2. The Company expects that it will assess the results of a definitive feasibility study before making a production decision in respect of Phase 2. Announcement • Jan 12
NextSource Materials Announces Factory Acceptance Testing of the Molo Graphite Mine Processing Plant Is Complete and Preparations for Transport to Mine Site Have Initiated NextSource Materials Inc. announced that Factory Acceptance Testing and final verification of equipment design specifications and end-to-end functions of the processing plant for Phase 1 of the Molo Graphite Mine is complete.The Processing Plant was designed and built using an all-modular approach and is capable of processing 240,000 tpa of ore and producing approximately 17,000 tpa of high-quality SuperFlake graphite concentrate. Factory Acceptance Testing was the final validation step after the fabrication and assembly of the Processing Plant equipment and was completed by Engineering, Procurement and Construction contractor in their off-shore assembly facility under the supervision of SGS, the world-leader in process plant testing, inspection, and process certification. Price Target Changed • Dec 18
Price target decreased to CA$6.60 Down from CA$7.52, the current price target is provided by 1 analyst. New target price is 108% above last closing price of CA$3.17. Stock is up 296% over the past year. The company posted a net loss per share of US$0.63 last year. Executive Departure • Jul 15
Independent Director David McNeely has left the company On the 14th of July, David McNeely's tenure as Independent Director ended after 1.6 years in the role. As of March 2021, David still personally held 3.20m shares (CA$11m worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.67 years. Announcement • Jun 24
NextSource Materials Inc. Initiates Technical Study for 150,000 TPA Phase 2 Expansion of Molo Graphite Mine and Initiation of Research Coverage by Cormark Securities NextSource Materials Inc. announced the commencement of a technical study for a Phase 2 production capacity of at least 150,000 tonnes per annum ("tpa") of SuperFlake® for its Molo Graphite Mine in Madagascar. This is a significant increase from its 2019 Feasibility Study ("FS") that considered a Phase 2 capacity of only 45,000 tpa. The new minimum targeted capacity was determined after recent discussions with its flake graphite offtake partners and with its partnership for the construction of a battery anode facility ("BAF") to produce spheronized and purified graphite ("SPG"). The purpose of the technical study is to determine the project economics pertaining to this increase in targeted production for Phase 2. Battery shortage is a major risk to the burgeoning electric car era. Security of supply of critical materials that go into these batteries is at the top of the agenda for governments around the world. NextSource is well positioned to become a significant producer of graphite and a strategic supplier of battery anode material necessary to support the electric vehicle revolution, providing a fully integrated graphite product from "the mine to the battery". Construction of Phase 1 of the Molo mine is currently in progress. Construction of Phase 2 expansion is expected to begin after completion of Phase 1. Construction of the BAF is expected to begin in 2022 and the Company is currently in discussions with its offtake partners as to the initial production capacity of the facility. Independent testing by various third-party end users of flake graphite confirmed that NextSource's SuperFlake® graphite meets or exceeds quality requirements for all major end-markets for natural flake graphite. The major end-markets are refractories, anode material for lithium-ion batteries, specialty graphite foils used as essential components in the chemical, aeronautical and fire-retardant industries, and graphene in high-end ink and substrate applications. SuperFlake® graphite concentrate can achieve 98% carbon (C) purity with flotation, has excellent thermal expansion, can be easily upgraded to 99.97% purity (battery grade), contains minimal deleterious substances and has high crystallinity. SuperFlake® graphite concentrate has excellent flake size distribution that is well above the global average, with 46.4% being classified as +80 (large), +65 (extra large) and +48 (jumbo) mesh in flake size. Specifically, 23.6% of SuperFlake® graphite concentrate is +48 mesh and greater in size. SuperFlake® is a registered trademark in Canada, the United States, Japan, South Korea, U.K. and the European Union. These key jurisdictions represent the top demand markets for flake graphite and the locations where NextSource intends to sell its SuperFlake® graphite and anode material. Announcement • May 12
NextSource Materials Inc. Begins Procurement of Processing Plant Equipment for its Molo Graphite Mine in Madagascar NextSource Materials Inc. announced it has commenced procurement for its Molo graphite mine in Madagascar, ahead of expected mine construction in August 2021 and mine commissioning in April 2022. Since securing a funding package from its new strategic investor, Vision Blue Resources Limited, the Company has been working diligently with its EPC (engineering, procurement and construction) firm to complete all engineering design preparation work and final project costing estimates. Purchase orders have now been placed for the following essential processing plant equipment: Primary, flash flotation and attrition mills. Flotation columns and cleaning circuits. Screeners, crusher and feeders. The fabrication and construction of the Molo graphite mine is on schedule, with commissioning targeted for April 2022. The processing plant is designed to process 240,000 tpa of ore, and produce approximately 17,000 tpa of high-quality SuperFlake graphite concentrate. Mine-site construction activities are scheduled to begin in August 2021. The plant equipment is expected to begin arriving in Madagascar in Fourth Quarter 2021 followed by site installation in First Quarter 2022. Mine commissioning is expected to begin in April 2022, followed by a ramp up to a Phase 1 processing plant capacity of 240,000 tpa of ore producing approximately 17,000 tpa of high-quality SuperFlake graphite concentrate. Announcement • Mar 16
NextSource Materials Inc. Appoints Mick Davis as Chair of the Board NextSource Materials Inc. announced the appointment of Sir Mick Davis, former CEO of Xstrata Plc, as Chair of the Board. Before listing Xstrata on the London Stock Exchange as CEO, he was CFO of Billiton Plc and Chairman of Billiton Coal, which he joined after serving as CFO of Eskom. Announcement • Mar 05
NextSource Materials Inc. Appoints Mr. Brett Whalen to its Board NextSource Materials Inc. announced that, as part of NextSources ongoing strategy to continually strengthen and enhance the Companys operating capabilities and capital markets exposure, the Company to announce that Mr. Brett Whalen, CFA, has joined the Board effective immediately. Mr. Whalen has over 20 years of investment banking and M&A expertise, spending over 16 of those years at Dundee Corporation. During his tenure at Dundee Corp., Mr. Whalen was directly involved in completing approximately $2 billion in M&A deals and helped raise over $10 billion dollars in capital for resource sector companies. Announcement • Feb 10
Nextsource Materials Inc. Enters into Binding Agreement NextSource Materials Inc. announced that it has entered into a binding agreement with Vision Blue Resources to provide a financing package for total gross proceeds of USD 29.5 million. The proceeds of the Financing Package will be used to bring the Company's Molo graphite mine in Madagascar into full production, with targeted completion in the first half of 2022. Announcement • Feb 09
NextSource Materials Inc. announced that it expects to receive CAD 24.05 million in funding from Vision Blue Resources Ltd NextSource Materials Inc. (TSX:NEXT) announced that it has entered into binding agreement with new investor, Vision Blue Resources Ltd for gross proceeds of CAD 24,050,000 on February 8, 2021. The transaction will occur in two tranches. The first tranche comprises of non-brokered private placement equity investment of 120,000,000 common shares at issue price of CAD 0.065 per share for gross proceeds of CAD 7,800,000. The investor will take 16.7% stake in the company post closing of the first placement. The completion of placement is subject to customary conditions. The company has granted the investor to appoint two directors to the board of the company including Mick Davis, who will be appointed Chairman of the board of the company post closing of the transaction. The first placement is expected to close prior to the end of February 2021. The second placement comprise of 232,142,857 units at issue price of CAD 0.07 per unit for gross proceeds of CAD 16,249,999.99. Each unit consists of one common share and one common share purchase warrant of the company. Each warrant entitles the holder to purchase an additional share of the company at an exercise price of CAD 0.10 per share for a period of two years from the closing of the second placement. The investor will hold 37% stake in the company post closing of the second placement. The securities to be issued shall have a hold period of one year from the closing of the first placement. The second placement is subject to the approval of a majority of the shareholders of the company. The completion of the transaction is subject to receipt of all necessary regulatory approvals including the approval of the Toronto Stock Exchange. Is New 90 Day High Low • Feb 09
New 90-day high: CA$0.28 The company is up 409% from its price of CA$0.055 on 10 November 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 2.0% over the same period. Announcement • Sep 26
NextSource Materials Inc. Auditor Raises 'Going Concern' Doubt NextSource Materials Inc. filed its Annual on Sep 22, 2020 for the period ending Jun 30, 2020. In this report its auditor, Meyers Norris Penny LLP - MNP LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.