NextSource Materials Provides Update on Molo Graphite Mine Commissioning

NextSource Materials Provides Update on Molo Graphite Mine Commissioning

NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or "the Company") announces an update on the commissioning process at its Molo Graphite Mine ("Molo mine") in southern Madagascar

Since announcing first graphite production in June 2023, the Company has progressed methodically through debottlenecking and optimization activities to achieve the plant nameplate capacity of 17,000 tonnes per annum of SuperFlake® graphite concentrate.

During this ramp-up process, the Company further identified and is rectifying underperforming equipment in the screening circuit. These constraints have delayed the point at which NextSource expects to reach plant nameplate capacity.

Installation of replacement equipment is expected to be complete in April and ramp-up projected to continue until June, with the aim of achieving nameplate capacity in July. As a result of the revised schedule, the Company expects the first commercial shipment and sale of SuperFlake® concentrate under offtake agreements to occur in June.

Notwithstanding a slower than expected commissioning process, the Company has produced SuperFlake® concentrate with a carbon (C) content of over 95% and concentrate is being stockpiled at the mine and at a third-party warehouse facility at the Port of Tulear for shipment as qualifying material for prospective customers.

To date, the Company has completed the shipment of almost 60 tonnes of qualifying material to our Battery Anode Facility (BAF) Technology Partner for testing and conversion into coated, spheronized, purified graphite ("CSPG").

Molo Mine Expansion Feasibility Study Complete

On December 12, 2023, the Company announced the results of the "Molo Graphite Mine Expansion NI 43-101 Technical Feasibility Study Report 2023 (the "Feasibility Study") that proposed an expansion of the Molo Mine up to a production capacity of 150,000 tpa of SuperFlake® graphite concentrate.

The Feasibility Study, prepared by Erudite Strategies (Pty) Ltd., has been filed under the Company's profile on SEDAR at www.sedar.com, and also available for download on NextSource's website at https://www.nextsourcematerials.com

Readers should refer to the Feasibility Study for details and assumptions relating to the Molo Mine mineral resource and reserve estimates and data verification procedures.

The Company has initiated the environmental permitting process for the expansion of the Molo mine. However, the decision to commence the construction of phase 2 will only be taken once the current initiatives to secure both a binding offtake agreement and sufficient funding for construction costs and working capital are satisfactorily concluded .

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: timing on the completion of commissioning, achieving nameplate capacity, commercial sales of graphite concentrate, 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.



View the original press release on accesswire.com

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 Materials Announces Robust Feasibility Study Results for Molo Mine Expansion to 150,000 Tonnes per Annum of SuperFlake Graphite Concentrate

NextSource Materials Announces Robust Feasibility Study Results for Molo Mine Expansion to 150,000 Tonnes per Annum of SuperFlake Graphite Concentrate

Highlights

  • Feasibility Study confirms highly attractive economics for a large-scale expansion of the Molo Mine and processing facility to a steady-state production rate of 150,000 tpa of graphite concentrate
  • Estimated capital cost of US$161.7 million (including contingency), with pre-tax NPV8 of US$424.1 million and a pre-tax IRR of 31.1%
  • Expansion significantly de-risked through application of NextSource's all-modular construction approach and sharing of infrastructure with existing operations
  • Discussions with OEMs and battery manufacturers indicate robust demand for the Company's product

NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or "the Company") is pleased to announce the results of a Feasibility Study (the "FS") for a mine expansion of its 100%-owned Molo Graphite Mine in southern Madagascar

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
NextSource Announces Appointment of Martina Buchhauser to the Board and Results of 2023 Annual and Special Meeting of Shareholders

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.

News Provided by ACCESSWIRE via QuoteMedia

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 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.

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
Energy Fuels Announces 2023 Results: Record Net Income and Earnings per Share, Uranium Production Ramp-Up, and Near-Term Production of Separated Rare Earth Elements

Energy Fuels Announces 2023 Results: Record Net Income and Earnings per Share, Uranium Production Ramp-Up, and Near-Term Production of Separated Rare Earth Elements

Conference Call and Webcast on February 26, 2024

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the year ended December 31, 2023. The Company's Annual Report on Form 10-K has been filed with the U.S. Securities and Exchange Commission (" SEC ") and may be viewed on the Electronic Document Gathering and Retrieval System (" EDGAR ") at www.sec.govedgar. html on the System for Electronic Document Analysis and Retrieval (" SEDAR ") at www.sedar.com and on the Company's website at www.energyfuels.com . Unless noted otherwise, all dollar amounts are in U.S. dollars.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
CleanTech Lithium: Invitation to PDAC 2024 Booth 2610

CleanTech Lithium: Invitation to PDAC 2024 Booth 2610

Visit CleanTech Lithium (AIM: CTL) (OTCQX: CTLHF) at Booth #2610 at the Prospectors & Developers Association of Canada's (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 3 to Wednesday, March 6, 2024.

About CleanTech Lithium

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Brunswick Launches Maiden Drilling Campaign at Elrond

Brunswick Launches Maiden Drilling Campaign at Elrond

Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; " BRW " or the " Company ") is pleased to announce that it has begun construction of a winter road for a drilling campaign at the Elrond project, located in Eeyou Istchee-James Bay Region of Quebec. This maiden drilling campaign will begin in March and will test the Arwen spodumene-bearing pegmatite that was discovered during prospecting last September by the BRW team. The Arwen showing and the Elrond property have never been drilled.

The Arwen pegmatite is exposed over a surface area measuring approximately 250 meters by 100 meters, dipping shallowly to the north. The outcrop is well mineralized and three representative grab samples returned values between 1 and 3% Li 2 O. The pegmatite remains open in all directions (see press release dated October 3 rd , 2023). Previous to drilling activities, a high-resolution airborne magnetic survey was flown in the fall of 2023 and suggests that the Arwen showing is emplaced in a favorable structural corridor that is 4km long and 500m wide. The target area is proximal to infrastructure, located approximately 12km from the Billy-Diamond Highway and drilling activities will be ground supported via a winter road.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
NORTH ARROW CLOSES DIAMOND ROYALTY SALE AT LDG PROJECT, NWT

NORTH ARROW CLOSES DIAMOND ROYALTY SALE AT LDG PROJECT, NWT

Trading Symbol:  TSXV: NAR

North Arrow Minerals Inc. (TSXV: NAR) (" North Arrow") has closed its previously announced agreement granting Springbok Holdings Inc. ("Springbok") a 2% diamond royalty on North Arrow's 100% owned LDG Project in the Northwest Territories . In exchange, Springbok has waived its right to receive a future $1 million share payment from North Arrow, which could have been triggered as early as this year if exploration proceeds as planned at newly discovered spodumene pegmatites on the property. The royalty will apply only to future diamond production and will not apply to other commodities, including lithium. North Arrow may purchase 1% of the royalty (reducing the royalty from 2% to 1%) by making a single payment of $2 million at any time up to 24 months after the date on which the first royalty payment is due. Dr. Chris Jennings a director of North Arrow, is a principal of Springbok. Further details related to the agreement can be found in North Arrow news release dated February 5, 2024 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
QX Resources Ltd  Encouraging Iron Ore Samples up to 58% Fe in Pilbara

QX Resources Ltd Encouraging Iron Ore Samples up to 58% Fe in Pilbara

Perth, Australia (ABN Newswire) - QX Resources Limited (ASX:QXR) is pleased to announce that a detailed sampling program has been planned for the Company's Western Shaw iron ore project, in the Pilbara iron ore province of Western Australia.

At Western Shaw, previous reconnaissance rock chip samples have returned up to 58.5% Fe from outcrop, which extends over a 4km distance.

A Banded Iron Formation (BIF) with chert horizons was sampled over 4.4km but extends over 8km within the Western Shaw leases (E45/6107, E45/4960), with southern extensions held by the FMG group and Rio Tinto (E45/5589, E45/6326).

QXR has undertaken a comprehensive review of prior exploration over Western Shaw with the iron ore potential only having been recently assessed as the area had been targeted for pegmatites by QXR. Potential exists for enriched surface iron ore over BIF sequences. The Pilbara has been an exploration target for enriched iron ore as DSO (Direct Shipping Ore). A new sampling program of 250m spaced rockchip traverses over the outcropping BIF sequence is planned over the full 8km outcrops in the coming quarter, followed by costeans to better identify drilling targets.

Previous work had been conducted by Atlas Iron over 15 years ago with rockchip results up to 62.3%Fe+ (Table 2*). However recent sampling indicates further untested potential to the south. Atlas had previously intersected up to 57.4% Fe in RC drilling (0-2m, WSRC016) + (Table 2*) within strongly oxidized goethitic ironstone but Atlas' planned reconnaissance drill program was never completed, according to their WA mines dept reports. QXR's rock chip samples display 3km of untested strike length to the south of previous drilling and rockchip sampling.

QXR Managing Director, Stephen Promnitz, said: "Iron ore rockchip sample results with grades above 57% Fe are rare to locate this past decade and may lead to DSO potential if results continue to show promise. It's an exciting opportunity within our leases surrounded by majors in the sector. New work could show the potential for something significant, so we are excited to get this detailed sampling program underway."

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/E4NGD6I5



About QX Resources Ltd:

QX Resources Limited (ASX:QXR) is focused on exploration and development of battery minerals, with hard rock lithium assets in a prime location of Western Australia (WA), and gold assets in Queensland. The aim is to connect end users (battery, cathode and car makers) with QXR, an experienced explorer/developer of battery minerals, with an expanding mineral exploration project portfolio and solid financial support.

Lithium portfolio: QXR's lithium strategy is centred around WA's prolific Pilbara province, where it has acquired a controlling interest in four projects through targeted M&A - all of which sit in strategic proximity to some of Australia's largest lithium deposits and mines. Across the Pilbara, QXR's regional lithium tenement package (both granted or under application) now spans more than 350 km2.

Gold portfolio: QXR is also developing two Central Queensland gold projects - Lucky Break and Belyando - through an earn-in agreement with Zamia Resources Pty Ltd. Both gold projects are strategically located within the Drummond Basin, a region that has a >6.5moz gold endowment.

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less
Expansion of Critical Minerals Portfolio with the Highly Prospective Firesteel Copper-Cobalt Project near Upsala, Ontario

Expansion of Critical Minerals Portfolio with the Highly Prospective Firesteel Copper-Cobalt Project near Upsala, Ontario

International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce it has entered into a Purchase and Sale Agreement (the "Agreement") to acquire a 90% interest in a highly prospective grass roots copper and cobalt property in Northwestern Ontario.

The Firesteel project ("Firesteel" or the "Project" or "Property"), previously referred to as the Honeyjack project, is located less than 10 km directly west of Upsala along Highway 17 and stretches for 16 km to the Firesteel River (Figure 1 and 2).

News Provided by Newsfile 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

×