NextSource Materials (NEXT) investor relations material

Molo mine and expansion

• Phase 1 is ramping up through campaign production, with capacity of up to 11,000 tpa; customer qualification sales span key flake applications.

• Reserves are 54 Mt at 6.2% C; measured and indicated resources are 141 Mt at 6.1% C, with mine life exceeding 100 years at current production.

• Phase 2 feasibility study completed in July 2026; staged expansion targets 150,000 tpa, starting with a 50,000 tpa module, over a 37-year mine life.

• Phase 2 capital cost is US$290.8 million in stages; pre-tax NPV at 8% is US$402.5 million, nominal IRR is 22.0%, and payback is 7.0 years.

UAE battery anode facility

• Facility capacity is 30,000 tpa, with Phase 1 at 14,000 tpa; technical and economic study completed Oct 2025, FEED completed Feb 2026, and FID approved May 2026.

• Phase 1 has multi-year contracted Mitsubishi Chemical offtake for ~9,000 tpa of active anode material, with fixed and variable price components.

• A Japanese trader and technical partner executed an LOI for potential long-term AAM supply; discussions cover two multi-year agreements and would require Phase 2 expansion.

• Hanwa and JOGMEC agreed to invest US$30 million for a 15% BAF stake at asset level, implying project valuation of up to US$200 million; Hanwa will support logistics and distribution.

• Construction milestones run from building renovation in Dec 2026 to a targeted first product sample for Mitsubishi Chemical in late 2027; milestones are subject to funding.

Supply chain and customer channels

• Molo Phase 1 has a 10-year agreement with tk accelis Trading for up to 35,000 tpa of SuperFlake graphite for industrial applications.

• A Japanese trader and technical partner has a 10-year agreement for up to 20,000 tpa of SuperFlake graphite for industrial, defence and electronics applications.

• Molo Phase 1 supplies fine graphite concentrate to the UAE BAF; current production provides ~2 years of feedstock via an at-port stockpile.

• The planned chain links Madagascar mine feedstock, UAE intermediate AAM production, Mitsubishi Chemical final AAM production in Japan, and North American Tier 1 EV battery plants.