NextSource Announces Appointment of Martina Buchhauser to the Board and Results of 2023 Annual and Special Meeting of Shareholders

NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") is pleased to announce the appointment of Ms. Martina Buchhauser to the Board of Directors and results of the Annual and Special Meeting of Shareholders (the "Meeting") 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.

AGM Results

The final voting results of the Meeting are set out below:

1. Election of Directors. Each of the nominees were elected as directors to serve until the next annual meeting of shareholders, or until their respective successors are elected or appointed. The following table sets forth the voting results with respect to the election of directors:

1. Re-appointment of Auditor. The Company's shareholders approved the re-appointment of MNP LLP, Chartered Professional Accountants, as the Company's auditors for the fiscal year ending June 30, 2024 and that the Board of Directors is authorized to fix their remuneration. The following table sets forth the voting results with respect to the re-appointment of MNP LLP:

1. Re-approval of LTIP Plan. The Company's shareholders re-approved the Company's long-term incentive plan ("LTIP"), all unallocated awards under the LTIP plan, and authorization to grant awards to acquire up to 10% of the issued and outstanding common shares in the capital of the Company from time to time in accordance with the terms of the LTIP Plan until December 5, 2026. The following table sets forth the voting results with respect to the re-approval of the LTIP Plan:

The Board of Directors fixed October 24, 2023 as the record date for the Meeting. A total of 155,574,507 common shares were entitled to vote at the Meeting. A total of 93,499,181 common shares equivalent to 60.1% of the common shares entitled to vote were represented in person or by proxy. A total of 2,977,659 of the common shares represented by proxy were not voted.

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 Mine in Madagascar is one of the largest known and highest-quality graphite resources globally, and the only one with SuperFlake® graphite. The Molo Graphite Mine has begun production, with Phase 1 mine operations currently undergoing ramp-up to reach its nameplate production capacity of 17,000 tpa of graphite concentrate.

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.

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 visit our website at www.nextsourcematerials.com or contact us at +1.416.364.4911 or email Brent Nykoliation, Executive Vice President at brent@nextsourcematerials.com or Aura Financial nextsource@aura-financial.com.

CAUTIONARY NOTE

This news 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", or "should" occur. Forward-looking statements include any statements regarding, among others: anticipated results of the FS including in respect of financial metrics, capital and operating costs, mineral resource and mineral reserve estimates, metallurgy, and pricing; intended expansion and construction plans; demand for CSPG; discussion of the FS results with potential strategic partners; purchase preferences of off-takers; the staged rollout of Battery Anode Facilities; 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 news release. 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 as a result. 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. 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 latest information, future events or otherwise, except as may be required by applicable securities laws. These forward-looking statements are expressly qualified in their entirety by this cautionary statement.

SOURCE: NextSource Materials Inc.