NextSource Materials Announces First Bulk Shipment of SuperFlake and Full Operation of its Solar Hybrid Plant at Molo Graphite Mine

NextSource Materials Announces First Bulk Shipment of SuperFlake and Full Operation of its Solar Hybrid Plant at Molo Graphite Mine

NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") is pleased to announce it has made its first bulk container shipment of SuperFlake® graphite from the Company's Molo Mine ("Molo") in Madagascar

This first shipment of Molo SuperFlake® graphite has been sent to the Company's downstream technical partner's Battery Anode Facility (BAF) to be processed into spheronized, purified graphite (SPG) that will then be further processed into coated SPG (CSPG) as part of large scale, multi-step verification tests being conducted by automotive EV supply chains in South Korea and Japan. The Company expects to receive its first series of verification test results starting in December 2023.

NextSource is intent on becoming a vertically integrated global supplier of graphite anode material with plans to construct, in stages, multiple BAFs capable of producing CSPG at commercial scale in key jurisdictions.

Through long-term collaborative partnerships secured with our downstream technical partners, NextSource will leverage its exclusive access to the partner's well-established and best-in-class processing IP for SPG, currently used in multiple OEM supply chains (Tesla and Toyota), and an EV supply chain-verified coating IP to produce CSPG. The exact same processing equipment, flow sheet and production methods used by the downstream technical partner in their BAFs, will be replicated and deployed in the Company's planned BAFs.

Solar Hybrid Plant Now Fully Operational

The Company is also pleased to announce it has completed commissioning and achieved full operations of its solar and battery hybrid power plant (the "Solar Hybrid Plant") at Molo. The Solar Hybrid Plant is owned and operated by CrossBoundary Energy (CBE) under a 20-year power purchase agreement and comprises a 2.69 MWp solar photovoltaic array ("PV array") combined with a 1.37 MWh battery energy storage system (BESS), and a 3.1 MW thermal (diesel) generator plant. The entire PV array, incorporating 4,902 photovoltaic panels covering an area of 12,663 square metres (~1.3 hectares), has been fully integrated with the BESS.

Together with load balancing provided by the BESS, the Solar Hybrid Plant will be capable of supplying up to 100% of the Molo processing plant's power requirements during peak daylight hours, with the thermal facility supplying all baseload and off-peak power requirements, to ensure uninterrupted power supply to the mine.

The Solar Hybrid Plant has a dedicated connection to the mine camp and all auxillary buildings ensuring maximum usage of renewable energy generated. The Solar Hybrid Plant will be able to provide up to 35% of Molo's complete system power needs from renewable energy, significantly reducing all-in sustaining costs and carbon emissions by 2,275 tonnes annually.

President and CEO, Craig Scherba, commented:

"Completing our first bulk shipment is a significant accomplishment and the result of the hard work and dedication of our operations team. As we continue the optimization phase of the commissioning process and towards ramp-up to nameplate production capacity for Phase 1 of Molo mine operations, NextSource is well positioned to play a critical role in the global, sustainable lithium-ion battery supply chain that is expected to see exponential growth over the next few decades. We are also delighted to have completed commissioning of our Solar Hybrid Plant, which will enable us to significantly reduce our carbon emissions and all-in sustaining costs. NextSource is committed to playing our role in global decarbonization."

The Solar Hybrid Plant will generate clean power to a capacity of 4 GWh, with the current PV array designed with extra capacity such that no expansion of the PV array will be required for Molo production capacity increases of up to 32,000 tpa.

NextSource and CBE are committed to optimizing the solar component and increasing the amount of renewable energy available to the mine, which could include expansion of the Solar Farm or installation 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 percent.

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 graphite resources globally, and the only one with SuperFlake® graphite. The Molo 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 (TSX) 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.

Safe Harbour: This press 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, timing of on-site construction including the processing plant and installation thereof, delivery and installation of the auxiliary buildings and structures, delivery and construction of the Solar Hybrid Battery System, shipping of all plant infrastructure to site, all re-assembly and commissioning of the Molo Project, timing of construction and completion of the Mauritius BAF and proposed timing of future locations of additional BAFs, timing and completion of front-end engineering and design and ESIA permitting, the economic results of the BAF Technical Study including capital costs estimates, operating costs estimates, payback, NPV, IRR, production, sales pricing and working capital estimates, the construction and potential expansion of the BAFs, expansion plans, 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 press 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 there from. 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. 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. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.

SOURCE:NextSource Materials Inc.



View source version on accesswire.com:
https://www.accesswire.com/795359/nextsource-materials-announces-first-bulk-shipment-of-superflaker-and-full-operation-of-its-solar-hybrid-plant-at-molo-graphite-mine

News Provided by ACCESSWIRE via QuoteMedia

NEXT:CA
NextSource Materials

NextSource Materials Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
NextSource Materials

NextSource Materials


Keep reading...Show less
NextSource Announces Appointment of Johnny Velloza as Interim Chief Operating Officer

NextSource Announces Appointment of Johnny Velloza as Interim Chief Operating Officer

NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") announces that Mr Robin Borley has resigned as Chief Operating Officer of the Company. NextSource is pleased to announce 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 largest 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.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
NextSource Materials Provides Update on Mauritius Battery Anode Facility

NextSource Materials Provides Update on Mauritius Battery Anode Facility

NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") announces an update to its plans to construct its first battery anode facility (BAF) in Mauritius

In connection with the Mauritius BAF location, the Company advises that the lessor has not delivered the premises free from any occupant(s) or occupation pursuant to the terms of the long term lease agreement (the "Agreement") and accordingly the Company has therefore terminated the Agreement in accordance with the terms thereof.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
NextSource Announces MoU for Strategic Collaboration with South Korea's POSCO International

NextSource Announces MoU for Strategic Collaboration with South Korea's POSCO International

NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") is pleased to announce the signing of a non-binding Memorandum of Understanding ("MoU") with South Korea's POSCO International ("POSCO") for strategic collaboration that could involve an equity investment into the Company as well as a long-term offtake agreement for spheronized and purified graphite ("SPG") and the Company's other graphite products

TheMoU envisages the potential for a definitive offtake agreement for 30,000 tonnes per annum ("tpa") of SuperFlake® graphite concentrate and 10,000 to 15,000 tpa of SPG over a ten year period, to be supplied to POSCO Future M, a POSCO Group subsidiary that is responsible for EV battery businesses and supplies all of South Korea's major battery cell manufacturers with finished cathode and anode materials.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
NextSource Closes Overnight Marketed Offering for Gross Proceeds of C$50 Million

NextSource Closes Overnight Marketed Offering for Gross Proceeds of C$50 Million

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /

TSX:NEXT) (" NextSource " or the " Company ") is pleased to announce that it has closed its previously announced overnight marketed public offering (the " Offering "). Pursuant to the Offering, NextSource issued 30,303,500 common shares of the Company (each a " Share ") at a price of C$1.65 per Share (the " Offering Price ") for gross proceeds of C$50,000,775 . The Offering was conducted through a syndicate of underwriters co-led by Cormark Securities Inc. and BMO Capital Markets, and including Clarus Securities Inc. (collectively, the " Underwriters "), pursuant to an underwriting agreement dated July 13, 2023 entered into among the Company and the Underwriters.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
NextSource Announces Corrective Disclosure in Response to Review by Ontario Securities Commission

NextSource Announces Corrective Disclosure in Response to Review by Ontario Securities Commission

Not for distribution to United States newswire services or for dissemination in the United States

TSX:NEXT) ("NextSource" or the "Company") announces that, in connection with its previously announced public offering of common shares of the Company (the "Offering") and the review by the Ontario Securities Commission (the "OSC") of the amended and restated preliminary short form prospectus of the Company dated July 13, 2023, and including the documents incorporated by reference therein (collectively, the "Prospectus"), the Company is issuing this news release at the request of OSC Staff and in accordance with OSC Staff Notice 51-711 (Revised) Refilings and Corrections of Errors ("SN 51-711"), regarding retraction of certain technical disclosures from the Company's continuous disclosure record

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
ALX Resources Corp. Closes Second Tranche of Flow-Through Private Placement

ALX Resources Corp. Closes Second Tranche of Flow-Through Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

alx resources corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the closing today of the second tranche of a non-brokered private placement consisting of 5,800,000 flow-through units (the "FT Units") of the Company for gross proceeds of $203,000 (the "Second Tranche"). ALX has sold 12,942,858 FT Units in the first two tranches of the private placement for gross proceeds of $453,000.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
GMV Minerals Receives Helicopter-Borne High Resolution Magnetic and Radiometric Survey Results ---Multiple Priority Targets Identified at Its Daisy Creek Lithium Project

GMV Minerals Receives Helicopter-Borne High Resolution Magnetic and Radiometric Survey Results ---Multiple Priority Targets Identified at Its Daisy Creek Lithium Project

GMV Minerals Inc. (TSXV: GMV) (OTCQB: GMVMF) (the "Company" or "GMV") is pleased to announce that it has received the completed geophysical surveys from Precision GeoSurveys Inc. of Langley, British Columbia on its Daisy Creek project in Lander County, Nevada.

The survey was designed to outline the northern portion of the Daisy Creek caldera where Phillips Uranium's historic drill results returned very impressive high-grade lithium values while testing uranium targets within the basin fill. GMV's current survey included high-resolution radiometric and magnetic measurements across its entire claim package.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Brunswick Exploration Exercises Complete Globex Option

Brunswick Exploration Exercises Complete Globex Option

GLOBEX MINING ENTERPRISES INC. (GMX Toronto Stock Exchange, G1MN Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exch anges and GLBXF OTCQX International in the US) is pleased to inform shareholders that Brunswick Exploration Inc. (TSX-V: BRW) has exercised the entire Lac Escale Lithium property option (Mirage Property) which Globex and Brunswick jointly announced on January 24, 2023 ( click here to access press release ).

The option covers 96 cells and a one-kilometer area of influence extending from the current 96 cell boundaries. Under the option agreement, Brunswick was required to make payments totaling $500,000, (half in cash and half in shares) and undertake a minimum of $1,000,000 in exploration work over four years. In addition, at the fifth anniversary of the coming into force of the retained 3% Gross Metal Royalty, Brunswick must pay Globex an advance royalty of $100,000 per year.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
ALX Resources Corp. Completes Geochemical and Magnetic Surveys at the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan

ALX Resources Corp. Completes Geochemical and Magnetic Surveys at the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan

alx resources corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the completion of a soil geochemistry survey and a high-resolution ground magnetic survey at the Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the town of Stony Rapids, Saskatchewan. The surveys were designed to provide detailed magnetic and geochemical signatures over fault structures and surface expression of uranium where the Company previously intersected basement-hosted uranium mineralization grading 0.13% U3O8 over 0.23 metres from 107.67 to 107.90 metres in drill hole GC15-03, and over a strong radon anomaly that was detected on surface by a predecessor company in 2013.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Canada Silver Cobalt Adds to Quebec Properties

Canada Silver Cobalt Adds to Quebec Properties

(TheNewswire)

Canada Silver Cobalt Works Inc.

The Company has acquired 2,335 hectares covering a geologically favourable unit with Base Metal and Gold potential

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Brunswick Exploration Announces the Exercise of the Mirage Project Option From Globex Mining Enterprise

Brunswick Exploration Announces the Exercise of the Mirage Project Option From Globex Mining Enterprise

Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; " BRW " or the " Company ") is pleased to announce that it has met all payment and work expenditures requirements to acquire a 100% interest on the claims held by Globex Mining Enterprise (TSX: GMX) at the Mirage Project through the payment acceleration clause of the Option Agreement dated January 5 2023.

Mr. Killian Charles, President and CEO of BRW, commented: "Following our successful autumn drilling campaign, we have decided to accelerate the Option Agreement covering the main portion of the Mirage Project. This further consolidates our position in the Mirage Project region as we continue to expand and delineate an exciting lithium discovery."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
NextSource Materials

NextSource Materials Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×