mike farnworth
Outlook Reports
Featured Stocks
Investor Insight
Sranan Gold offers early-stage exposure to a high-impact gold discovery in Suriname’s Guiana Shield, one of the world’s most underexplored gold belts. Backed by the same technical team behind some of the region’s largest gold discoveries, Sranan is a high-leverage discovery story in a mining-friendly jurisdiction.
Overview
Sranan Gold (CSE:SRAN,FSE:P84) is a junior explorer operating in Suriname, a South American nation producing more than 600,000 oz of gold per year. Sranan’s main asset is within Suriname’s prolific Guiana Shield, one of the world’s most underexplored gold belts.
Sample collected from the Tapanahony project’s Poeketi pit.
The company’s flagship asset, the 29,000-hectare Tapanahony gold project, overlays a historic mining belt with strong geochemical and structural indicators. Sranan’s objective is straightforward: convert local knowledge, legacy drill data and modern tools into an inaugural gold resource over a 4.5 km mineralized corridor.
Backed by one of the most credentialed gold discovery teams in Suriname, credited for the Merian, Rosebel and Saramacca deposits, the company is targeting hard-rock gold potential beneath proven saprolite zones with plans to fast-track drilling, build community partnerships and expand its concession footprint.
Company Highlights
- District-scale land position: The 29,000-hectare Tapanahony project covers one of Suriname’s oldest and most productive artisanal mining districts, offering untested hard-rock upside within the Guiana Shield, home to numerous multi-million-ounce gold deposits.
- Immediate drill targets: A 10,000-metre diamond drilling program is set to kick off in 2025 across the 4.5 km Poeketi-Randy trend, targeting high-grade shear zones validated by historic IAMGOLD drilling.
- World-class discovery pedigree: The technical team has led or co-led discoveries at Merian (7 Moz, Newmont), Rosebel (13.7 Moz, now Zijin) and Saramacca (1.5 Moz).
- Deep in-country knowledge: Geologists are locally trained at Anton de Kom University and have decades of experience in Suriname’s regolith-dominated terrain.
Key Project
Tapanahony Gold Project
The Tapanahony gold project is Sranan’s flagship asset, covering a 29,000-hectare land package in southeastern Suriname. The project lies within the Guiana Shield, a well-endowed Paleoproterozoic terrane that hosts multiple Tier-1 gold systems. The property sits at the intersection of regional NW-striking structures, the large NE-SW Tapanahony structure and older NE-SW fabric, forming a favorable setting for orogenic gold emplacement. These structural fabrics, crenulated by later deformation events, are visible in recent LiDAR and magnetic datasets and provide excellent ground preparation for high-grade shear-hosted deposits.
Local miners have long exploited the saprolite horizons here, especially around the Poeketi-Randy zone, and Sranan’s exploration strategy is to transition that surface gold production into a defined, hard-rock resource. The project has seen more than US$10 million in historical exploration, including geochemical soil surveys, auger and panning programs by the UN and Golden Star, and 4,000 metres of diamond drilling by IAMGOLD. They have confirmed the presence of extensive mineralization, including intercepts such as 4.2 grams per ton (g/t) gold over 13.5 m and 39.3 g/t gold over 2 m at the Randy pit. These results suggest steeply dipping, fault-controlled mineralization within a metavolcanic host package, drawing parallels to the structurally hosted gold at the Saramacca, Antino, Merian and Rosebel mines.
The 2025 Phase 1 program is targeting this trend with 10,000 metres of diamond drilling. It will infill and extend the 4.5 km mineralized corridor and test additional parallel shear zones revealed by LiDAR and soil geochemistry in the western lobe of the concession. Sranan plans to reprocess historical drill data, conduct soil/silt sampling, trenching and trench mapping, with field teams prioritizing locations where artisanal mining is ongoing but remains underexplored by modern methods.
Geophysical interpretation highlights a property-scale NW shear zone crosscutting a penetrative NE-SW fabric, which has led to localized folding and thickened mineralized zones. Commonly described by the team as the “double folded” system, they extend across eastern Suriname into Guyana and French Guiana. This orogenic system is thought to be analogous to the geology that underpins other major discoveries in the belt.
Sranan’s Phase 1 campaign also aims to generate new targets through high-resolution LiDAR imaging, which has already revealed three parallel mineralized corridors and topographic inversions associated with lateritic terraces, a common concealment mechanism for mineralization in this region. Pending early success, the company plans to expand drilling into the western lobe, pursue adjoining concessions, and delineate a resource.
Management Team
Oscar Louzada – CEO and Director
Fluent in Dutch and active in Suriname for over a decade, Oscar Louzada has taken two Suriname-based exploration companies to IPO (Sela Kriki and Nassau, now Miata Metals). With 25+ years’ experience in natural resources finance (Canaccord, Investec), he brings capital markets depth and local execution credibility.
John Williamson – Chairman
Geologist and co-founder of Founders Metals, John Williamson is credited with >10 Moz in gold discoveries and nearly $1 billion raised. He was an early believer in Tapanahony’s potential and a key seed investor.
Dennis LaPoint – EVP, Exploration and Corporate Development
Dennis LaPoint is a veteran geologist with 35+ years’ experience. LaPoint discovered Merian (Newmont, 7 Moz) and oversaw major exploration programs at Rosebel and Omai. He leads strategy and resource targeting, and sits on multiple boards, including ASBOG. He also teaches geology at Anton de Kom University in Paramaribo in Suriname.
Rayiez Bhoelan – VP, Exploration
A Surinamese national and key member of the Saramacca discovery team (IAMGOLD, 1.5 Moz), Rayiez Bhoelan specializes in regolith geology and shear zone mapping. He has worked across the Guiana Shield at Omai and Founders Metals, and lectures locally on geochemistry.
Mario Stifano – Director and Audit Chair
Mario Stifano is a CPA and seasoned mining executive with prior leadership roles at Cordoba Minerals, Lake Shore Gold and Galantas Gold. He led the 2020 acquisition and re-listing of Omai Gold Mines in Guyana.
Investor Insight
GTI Energy presents an intriguing opportunity for investors seeking exposure to the uranium sector, given its focus on ISR projects in the US aligning well with macro trends in the nuclear energy industry and geopolitical shifts favouring domestic uranium production.
Overview
GTI Energy (ASX:GTR,OTCQB:GTRIF) is an Australia-based uranium exploration and development company focused on uranium projects in Wyoming, USA, that are amenable for in-situ recovery (ISR). In uranium mining, ISR is the lowest cost and least environmentally damaging form of uranium recovery, especially when alkaline leach and ion exchange processes are utilised.
The company’s flagship Lo Herma project in the Powder River Basin is a sandstone-hosted roll front uranium deposit, which contains a recently updated mineral resource of 8.57 million pounds (Mlbs) of U₃O₈ at an average grade of 630 parts per million (JORC 2012 compliant), with a substantial additional exploration target in the range of 6 to 11 Mlbs – GTI recently completed an interim Scoping Study on this project. GTI also holds projects in the Great Divide Basin (inferred resource of 1.66 Mlbs) and Green Mountain areas of Wyoming, as well as earlier-stage conventional uranium/vanadium assets in Utah. As of the latest update, GTI has delineated total combined uranium resources of 10.23 Mlbs (indicated and inferred) and combined exploration targets ranging from 12.14 to 15.21 million tonnes across its Wyoming projects.
Wyoming’s ISR uranium processing assets and GTI project locations
GTI is positioning itself to take advantage of the worsening uranium supply deficit and rapidly growing demand for uranium, particularly from the United States. The US remains the world’s largest consumer of uranium but imports over 95 percent of its supply. GTI’s strategy centres on developing low-cost ISR uranium projects in Wyoming – historically one of the most productive uranium regions in the US – with established infrastructure, regulatory support, and proximity to existing ISR processing facilities.
The uranium market is experiencing a serious supply deficit and a significant resurgence in demand driven by several factors:
- Supply constraints following decades of underinvestment and an overreliance on Russian and Kazakh supply chains;
- Rapid growth in global electricity demand and recognition of nuclear energy as a clean baseload source aligned with decarbonization targets;
- Geopolitical realignment leading to a bifurcated uranium market, with the US banning imports of Russian nuclear fuel as of August 2024, intensifying the urgency for domestic supply security;
- Accelerating momentum for SMRs (Small Modular Reactors), nuclear restarts, and new gigawatt-scale builds in the US and abroad.
In the United States specifically, there is bipartisan policy support for revitalising the domestic uranium industry. Key initiatives include the formation of a strategic uranium reserve, over US$6 billion in grants for existing nuclear facilities, and tax incentives for new builds under the Inflation Reduction Act. Additionally, the US Department of Energy has called for tripling US nuclear capacity to 300 gigawatts by 2050. Demand signals are also coming from private sector growth, particularly AI-driven data centre development and long-term net-zero pledges by institutional investors and banks.
GTI Energy’s project strategy
In the longer term, GTI recognises the value potential of consolidation within the fragmented US uranium sector. The company remains open to strategic partnerships, joint ventures or merger and acquisition opportunities that could accelerate its development timeline, enhance scale, and unlock synergies. Such initiatives could ultimately strengthen GTI’s path to production and improve its overall value proposition to shareholders.
Company Highlights
- GTI Energy is focused on ISR-amenable uranium projects in Wyoming, USA.
- GTI has completed an interim Scoping Study on its flagship Lo Herma project in the Powder River Basin which contains a recently updated mineral resource of 8.57 Mlbs of U₃O₈ at average grade of 630 ppm.
- GTI also holds drill permitted projects with defined resources and exploration targets in the Great Divide Basin and Green Mountain areas in Wyoming, and uranium-vanadium assets with significant recent exploration data in Utah.
- To date, GTI has delineated total combined uranium resources of 10.23 Mlbs (indicated and inferred) and substantial combined exploration targets in the range 12 to 20 Mlbs across its Wyoming projects.
- Wyoming is a historically significant uranium producing region with existing infrastructure and a supportive regulatory environment.
- GTI is well-placed to take advantage of the worsening uranium supply deficit and rapidly growing demand for uranium, particularly from the United States, the world’s largest consumer of uranium.
Key Projects
Wyoming Uranium Projects
GTI's focus on Wyoming ISR projects positions it well to capitalize on trends in the uranium sector. ISR mining is generally faster to build, lower cost, and more environmentally friendly than conventional mining methods. Wyoming has a long history of uranium production and hosts current producers and several additional permitted processing facilities, potentially allowing for rapid development of new projects.
The Wyoming projects – comprising the Lo Herma, Great Divide Basin, and Green Mountain projects – are located in the Powder River and Great Divide Basins.
JORC Resources and Exploration Targets
Lo Herma
The company’s exploration work is currently centered on advancing its 100 percent owned flagship Lo Herma project, where drilling in 2023 and 2024 successfully verified and expanded the historical drill hole database. As of December 2024, the project hosts a JORC-compliant mineral resource estimate of 8.57 Mlbs of U₃O₈ at an average grade of 630 ppm, comprising 2.78 Mlbs indicated and 5.79 Mlbs inferred.
The Lo Herma project is located just 10 miles from Cameco's Smith Ranch-Highland facility – the largest ISR uranium plant in the United States – and is ideally situated for potential future production synergies. In addition to the current resource, the company has defined an exploration target of 6 to 11 Mlbs, with over 950 drill holes completed across the project area.
GTI completed hydrogeologic field testing and metallurgical leach studies during the March 2025 quarter. Results demonstrated that Lo Herma mineralisation is amenable to alkaline ISR recovery with uranium recoveries averaging 75 percent, consistent with other ISR operations in the district.
Following the successful completion of these studies, GTI delivered an interim scoping study in Q2 2025, managed by BRS Engineering. The study confirmed the project’s potential viability and outlined attractive baseline economics for both central processing and satellite mining development options. The company is now finalising plans for a follow-up drilling campaign in H2 2025. This next phase will include infill and step-out drilling to increase overall mineral resources and upgrade resource classification, while collecting further hydrogeological and metallurgical data.
Great Divide Basin and Green Mountain
The company continues to progress its additional Wyoming projects, including the Great Divide Basin and Green Mountain areas. Drilling is permitted for 2025, positioning GTI to unlock further value across these strategic tenements.
The Great Divide Basin project includes the Thor, Logray, Loki, Odin, Teebo and Wicket claims. It holds a JORC inferred mineral resource of 1.66 Mlbs of U₃O₈ at 570 ppm, and a defined exploration target of 6.55 to 8.11 million tonnes grading 420 to 530 ppm. The area benefits from significant historical exploration data and proximity to major uranium infrastructure, including Ur-Energy’s Lost Creek plant and Rio Tinto’s Sweetwater Mill.
GTI’s footprint in this region was expanded by acquiring the Green Mountain project, which includes 5,585 hectares of contiguous claims directly adjoining Rio Tinto’s tenements. Historical drilling and geophysical surveys confirm the presence of uranium mineralisation in sandstone-hosted roll fronts within the Battle Springs formation.
Green Mountain lies adjacent to notable regional projects including Energy Fuels’ Sheep Mountain (30 Mlbs), Ur-Energy’s Lost Soldier, and UEC’s Antelope deposits, positioning GTI near major development and production infrastructure in the basin.
Utah
Henry Mountains Uranium Project
GTI’s Henry Mountains project in Utah is a brownfields uranium-vanadium opportunity located within the prolific Colorado Plateau uranium province. Exploration has focused on a 5 km mineralised trend between the Rat Nest and Jeffrey claim groups, including the Section 36 state lease.
Uranium and vanadium mineralisation in this area is shallow – typically 20 to 30 metres deep – and has historically supported significant production. Since 1904, the district has yielded more than 92 Mlbs of U₃O₈ and 482 Mlbs of V₂O₅ from sandstone-hosted ores. The project remains a strategic asset with future development or transactional optionality as GTI advances its Wyoming portfolio.
Management Team
Bruce Lane - Executive Director
Bruce Lane has significant experience with ASX-listed and large industrial companies. Lane has held management positions in many global blue-chip companies as well as resource companies and startups in New Zealand, Europe and Australia. He holds a master’s degree from London Business School and is a graduate member of the Australian Institute of Company Directors. Lane has led a number of successful acquisitions, fund raising and exploration programs of uranium and other minerals projects during the last 20 years, most notably with ASX listed companies Atom Energy, Stonehenge Metals and Fenix Resources (FEX).
Matt Hartmann - Director
ISR uranium specialist Matt Hartmann is an executive and technical leader with more than 20 years of international experience and substantial uranium exploration and project development experience. He first entered the uranium mining space in 2005 and followed a career path that has included senior technical roles with Strathmore Minerals and Uranium Resources. He is also a former principal consultant at SRK Consulting where he provided advisory services to explorers, producers and prospective uranium investors. Hartmann’s ISR uranium experience has brought him through the entire cycle of the business, from exploration, project studies and development, to production and well field reclamation. He has provided technical and managerial expertise to a large number of uranium ISR projects across the US including, Smith Ranch – Highland ISR Uranium Mine (Cameco), Rosita ISR Uranium Central Processing Plant and Wellfield (currently held by enCore Energy), the Churchrock ISR Uranium project (currently held by Laramide Resources), and the Dewey-Burdock ISR Uranium project (currently held by enCore Energy).
Simon Williamson - Non-executive Director
Simon Williamson was general manager and director of Cameco Australia until late 2023 and has significant uranium industry experience, networks and skills from his 13 years at Cameco. During his tenure with Cameco, Williamson managed relations with key government ministers and departments and community stakeholders. He managed project approvals processes, including negotiations with State and Federal agencies and reviewing the PFS for the Yeelirrie project.
Williamson was intimately involved in obtaining environmental approval for the Kintyre and Yeelirrie uranium projects, including developing and implementing a program of environmental baseline studies, government and community consultation and negotiating land access. Prior to his appointment as general manager, he led the government and regulatory affairs, environmental and radiation safety activities of Cameco in Australia.
James (Jim) Baughman - Executive Director
James Baughman is a highly experienced Wyoming uranium geologist and corporate executive who will help guide the company’s technical and commercial activities in the US. Baughman is the former president and CEO of High Plains Uranium (sold for US$55 million in 2006 to Uranium One) and Cyclone Uranium.
Baughman has more than 30 years of experience advancing minerals projects from grassroots to advanced stage. He has held senior positions (i.e., chief geologist, chairman, president, acting CFO, COO) in private and publicly traded mining & mineral exploration companies during his 30-year career.
He is a registered member of the Society of Mining, Metallurgy, Exploration and a member of the Society of Economic Geologists with a BSc in geology (1983 University of Wyoming) and is a registered professional geologist (P. Geo State of Wyoming). Baughman is a registered member of the Society of Mining, Metallurgy, and Exploration (SME) and a qualified person (QP) on the Toronto Stock Exchange (TSX) and Australian Stock Exchange (ASX).
Petar Tomasevic - Non-executive Director
Petar Tomasevic is the managing director of Vert Capital, a financial services company specializing in mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in five languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers. Most recently, he was a director at Fenix Resources (ASX:FEX), which is now moving into the production phase. He was involved in the company’s restructuring when it was known as Emergent Resources. Tomasevic was also involved in the company’s Iron Ridge asset acquisition, the RTO financing, and the development phase of Fenix’s Iron Ridge project.
Investor Insights
Rapidly emerging as Southeast Asia’s premier base and battery metals developer, Blackstone Minerals now holds two globally significant projects: the Ta Khoa nickel-cobalt project in Vietnam and the Mankayan copper-gold porphyry project in the Philippines. Both projects are critical to the company’s strategy to become a vertically integrated, low-cost, low-carbon producer of critical battery and base metals.
Overview
As the global economy accelerates toward net-zero emissions, the demand for critical minerals continues to rise, with nickel and copper positioned at the forefront of the energy transition. Historically used in stainless steel, nickel is now a core component in lithium-ion batteries; while copper, vital for electrification infrastructure, is similarly facing a looming supply crunch.
Blackstone Minerals (ASX:BSX,OTC:BLSTF,FRA:B9S) recognizes this strategic imperative and has positioned itself as a diversified, vertically integrated producer of low-cost, low-carbon battery and base metals.
Following its transformational merger with IDM International, Blackstone now controls two globally significant assets: the Ta Khoa nickel project in Vietnam and the Mankayan copper-gold project in the Philippines. Together, they represent a rare combination of scale, grade and strategic location in Southeast Asia, an increasingly vital region in the global clean energy supply chain.
The Mankayan copper-gold project is located in Northern Luzon, Philippines
The recently acquired Mankayan project adds substantial scale and diversification to Blackstone’s portfolio. One of the largest undeveloped copper-gold porphyry systems in Asia, Mankayan features over 56,000 meters of historical drilling and a resource of 793 million tonnes (Mt) at 0.756 percent copper equivalent (CuEq), including a high-grade core of 170 Mt at 1.049 percent CuEq. The project benefits from proximity to existing infrastructure and its location just 2.5 km from the operating Lepanto gold mine, owned and operated by Lepanto Consolidated Mining Company, and Far Southeast Gold Resources’ Far Southeast project.
The Ta Khoa project, meanwhile, includes both a past-producing underground nickel sulphide mine (Ban Phuc) and an advanced-stage refinery designed to produce battery-grade precursor cathode active material (pCAM). Vietnam’s low labor and energy costs, coupled with regulated power pricing and surging foreign direct investment, make it an ideal base for Blackstone’s vertically integrated strategy.
Blackstone is uniquely positioned to benefit from geopolitical tailwinds. Vietnam’s Free Trade Agreement with the European Union and the US Inflation Reduction Act are drawing significant interest from global partners and battery manufacturers. Meanwhile, the Philippines is undergoing a mining renaissance, with the government promoting foreign investment in responsible resource development. Mankayan has already been identified as a priority project by the Philippines’ Mines and Geosciences Bureau.
The company’s development strategy is underpinned by a commitment to ESG leadership. Blackstone is advancing renewable energy solutions for Ta Khoa via a direct power purchase agreement with Limes Renewables and is collaborating with Arca Climate Technologies to explore carbon capture through mineralization. At Mankayan, the company is focused on sustainable development in partnership with local communities.
Financially, Blackstone is well-capitalized to deliver on its dual-track growth plan. Following the merger with IDM, the company raised AU$22.6 million and holds AU$24.36 million in cash as of June 2025. The company’s experienced leadership team and strong partnerships provide a clear path to near-term value creation, as both projects progress toward definitive feasibility studies and long-term production.
Blackstone Minerals is now one of Southeast Asia’s leading battery and base metals developers, with a clear vision to supply responsibly sourced nickel and copper for the global energy transition.
Company Highlights
- Nickel Supply Deficit: The global nickel market is projected to enter a structural deficit with battery-grade nickel demand expected to grow 950 percent by 2040.
- Diversified Portfolio: With Ta Khoa in Vietnam and Mankayan in the Philippines, Blackstone offers exposure to two critical and high-demand metal classes: nickel and copper-gold.
- Strategic Southeast Asia Presence: Vietnam and the Philippines are emerging hubs for EV and mineral resource development, with robust government support and increasing foreign direct investment.
- Infrastructure Advantage: Both projects benefit from existing infrastructure, including hydroelectric power, trained workforces, and government collaboration.
- Sustainability Leadership: Blackstone is pursuing low-emission mining solutions through partnerships in renewable energy and carbon capture technologies.
- Financially Strong: Blackstone raised AU$22.6 million post-merger, supporting an aggressive exploration and development strategy across both assets.
Key Project
Mankayan Copper-Gold Project – Philippines
Following its merger with IDM International, Blackstone now owns a 64 percent effective interest in the world-class Mankayan copper-gold project through Crescent Mining Development. Located in the prolific mineral belt of Northern Luzon, Philippines, Mankayan is one of Asia’s largest undeveloped copper-gold porphyry systems. It lies approximately 340 km from Manila by road, and just 2.5 kilometers from the operating Lepanto gold mine, which includes a 900 ktpa underutilized milling facility.
The Mankayan deposit spans roughly 1,100 meters of strike and 600 meters in width, with mineralization open to the north, south and at depth. Over 56,000 meters of diamond drilling has been completed to date, and the deposit hosts a JORC 2012-compliant mineral resource estimate of 793 Mt at 0.37 percent copper and 0.40 grams per ton (g/t) gold, equating to 0.756 percent CuEq. This includes a high-grade core of 170 Mt at 0.48 percent copper and 0.59 g/t gold (1.049 percent CuEq), offering valuable optionality.
Drilling results support Mankayan’s classification as a globally significant resource. Notable historic intercepts include:
- 911 meters at 1 percent CuEq, including 253 meters at 1.43 percent CuEq
- 543 meters at 1.08 percent CuEq, including 277 meters at 1.43 percent CuEq
- 1,119 meters at 0.86 percent CuEq, including 352 meters at 1.15 percent CuEq
- 754 meters at 1.03 percent CuEq, including 430 meters at 1.21 percent CuEq
In July 2025, Blackstone confirmed significant new surface mineralization through historical rock chip samples returning grades up to 6 g/t gold and 1.9 percent copper, and a standout recent drill hole – 432 meters at 1.25 percent CuEq (including 210 meters at 1.60 percent) – further underscoring the project's scale and growth potential.
A key strategic advantage of Mankayan is its dual development pathway. The high-grade core supports a low-capex startup via selective mining methods, while the bulk of the deposit can be exploited through larger-scale mining scenarios that benefit from lower operating costs and economies of scale. This tiered approach allows Blackstone to balance capital efficiency with long-term growth.
Regulatory and community engagement milestones have also been achieved. The project’s 25-year mineral production sharing agreement was renewed in 2022, and a memorandum of agreement with local Indigenous Peoples was signed in 2024, making Blackstone the first mining company to obtain IP consent in the area. The Mines and Geosciences Bureau of the Philippines has since designated Mankayan as a priority development project.
Mankayan stands out globally when benchmarked against peer porphyry systems. A comparative analysis of undeveloped copper-gold projects ranks it near the top in terms of grade and copper equivalent tonnage, reaffirming its strategic and economic potential on the world stage.
In 2025 and beyond, Blackstone will continue metallurgical testwork, geophysics (including magnetics, IP and electromagnetics), environmental baseline studies, and further drilling to refine and expand the resource. These efforts will support upcoming mining studies and a targeted prefeasibility study.
Ta Khoa
Ta Khoa nickel project in Vietnam
Blackstone Minerals holds a 90 percent interest in the Ta Khoa nickel project, located in the Son La Province of northern Vietnam, about 160 km west of Hanoi. The project comprises the Ban Phuc underground nickel sulphide mine – a modern operation built to Australian standards that operated between 2013 and 2016 – and the adjacent Ta Khoa refinery, currently being developed to produce battery-grade precursor cathode active material (pCAM).
The Ban Phuc mine is currently under care and maintenance but is poised for recommissioning alongside the construction of a concentrator and refinery. The broader Ta Khoa asset base contains probable reserves of 48.7 million tonnes (Mt) at 0.43 percent nickel, equivalent to 210 kilotonnes (kt) of contained nickel. The mining inventory totals 64.5 Mt at 0.41 percent nickel, containing 265 kt of nickel. This figure excludes additional developing prospects such as Ban Khoa.
Over the planned 10-year mine life, Ta Khoa is expected to produce an average of 18 kt of nickel concentrate annually, with the potential to extend well beyond this horizon through integrated refining. The existing infrastructure onsite, including a 450 ktpa mill and a mining camp, provides significant capital efficiency and accelerates time to production.
A recent 12-month pilot program, conducted in partnership with ALS and Wood, successfully demonstrated that Ta Khoa’s hydrometallurgical flowsheet can convert concentrate into nickel sulphate at 99.95 percent purity and 97 percent recovery. This success positions the refinery as a credible supplier to the Asia-Pacific battery supply chain.
The project is further distinguished by its low emissions profile. Independent assessments by Digbee, Minviro, Circulor and an audit by the Nickel Institute have confirmed Ta Khoa as the lowest-emitting pCAM flowsheet in the industry, with carbon intensity of just 9.8 kg CO₂ per kg of pCAM, with opportunities for further reduction.
Blackstone’s development strategy includes flexible feedstock acceptance – from nickel concentrate to black mass – and is strengthened by partnerships with Cavico Laos for third-party supply, Arca Climate Technologies for carbon capture via mineralization, and Limes Renewables to supply clean wind energy. Additionally, the company has secured byproduct offtake arrangements for manganese sulphate and sodium sulphate with VinaChem, PVChem and Nam Phong Green, reinforcing its commitment to full-cycle resource utilization and ESG leadership.
Management Team
Hamish Halliday - Non-executive Chairman
Hamish Halliday is a geologist with over 20 years of corporate and technical experience. He is also the founder of Adamus Resources Limited, an AU$3 million float that became a multimillion-ounce emerging gold producer.
Scott Williamson - Managing Director
Scott Williamson is a mining engineer with a commerce degree from the West Australian School of Mines and Curtin University. He has over 10 years of experience in technical and corporate roles in the mining and finance sectors.
Geoff Gilmour – Non-executive Director
Appointed following Blackstone’s merger with IDM, Geoff Gilmour brings deep experience in Southeast Asian mining ventures. He has held senior roles in exploration and development across copper and gold projects in the Philippines and broader Asia-Pacific.
Tessa Kutscher - Executive
Tessa Kutscher is an executive with more than 20 years of experience in working with C-Level executive teams in the fields of business strategy, business planning/optimisation and change management. After starting her career in Germany, she has worked internationally across different industries, such as mining, finance, tourism and tertiary education.
Lon Taranaki - Executive
Lon Taranaki is an international mining professional with over 25 years of extensive experience in all aspects of resources and mining, feasibility, development and operations. Taranaki is a qualified process engineer from the University of Queensland Australia. He holds a Master of Business Administration, and is a fellow of the Australian Institute of Company Directors. Taranaki has established his career in Asia where he has successfully worked (and lived) across multiple jurisdictions and commodities ranging from technical, mine management and executive management roles.
Investor Insight
Purpose-built for today’s energy transition, xU3O8 sits at the intersection of technology, finance, and nuclear energy, offering a simplified and transparent alternative to legacy uranium investments amid surging global demand. The xU3O8 token, now accessible on leading global exchanges, is a groundbreaking digital asset that provides direct, efficient exposure to the uranium market.
Overview
Uranium.io is a next-generation platform revolutionizing how investors access and trade physical uranium (U3O8). By leveraging blockchain technology, it enables individuals and institutions to directly own and trade uranium, bypassing many of the inefficiencies, opacity and high costs traditionally associated with uranium exposure. Each xU3O8 token represents real, physical uranium stored securely in a regulated depository operated by Cameco, with Archax, a UK-regulated digital asset firm, as the custodian for the physical uranium ensuring transparency and trust in asset backing.
The platform is designed to meet growing investor demand for exposure to uranium, a commodity that is a critical component of the global energy transition. As countries commit to reducing carbon emissions, nuclear energy is increasingly seen as a reliable and scalable source of low-carbon electricity. Governments across North America, Europe and Asia are ramping up their nuclear energy capacities, as part of their net-zero targets. This includes restarting idled reactors, constructing new reactors, and accelerating the development of small modular reactors.
Nuclear power is also emerging as a stable and scalable option for supporting artificial intelligence (AI) data centers, which require massive amounts of electricity to operate. Industry leaders, including Microsoft, have announced nuclear energy investments, and several technology firms have secured long-term agreements for nuclear power.
Like gold and silver before it, uranium is entering a phase of financialization — with physical holding trusts, ETFs, and now platforms like uranium.io offering direct physical uranium ownership via xU3O8, making it more accessible to a wider set of investors.
As traditional financial markets converge with digital innovation, tokenized assets are becoming a preferred vehicle for commodities investing. Uranium.io’s use of the Etherlink blockchain ensures secure, real-time trading with minimal friction — a distinct advantage in an increasingly digitized investment landscape.
Development of the uranium.io platform is led by the team at London-based Trilitech, a group of entrepreneurs and technologists driving blockchain innovations.
With its emphasis on direct fractional ownership and 24/7 worldwide accessibility, xU3O8 is uniquely positioned to serve as the gateway to physical uranium exposure for a global investor base. Alignment with broader energy and digital asset trends makes it a compelling vehicle for those seeking to capitalize on uranium’s strong fundamentals and the disruptive power of decentralized finance.
In July 2025, the company launched its xU3O8 token on KuCoin, MEXC, and Gate.io — ushering in a new era of uranium investment. This simultaneous, multi-platform listing marks a major milestone in the evolution of real-world asset (RWA) tokenization, delivering institutional-grade exposure to uranium markets to a combined audience of over 115 million global traders.
By debuting across multiple top-tier platforms, xU3O8 ensures broad accessibility and liquidity for investors:
- KuCoin – With over 41 million users in 200+ countries, KuCoin offers a full suite of trading services—spot, margin, options, and futures. As a technology-first exchange focused on accessibility, KuCoin shares xU3O8’s mission to dismantle traditional investment barriers.
- MEXC – Founded in 2018, MEXC serves 36 million users globally and has seen explosive 2024 growth: 143 percent increase in spot trading and 118 percent in futures. Its intuitive platform makes crypto trading “simple, accessible, and rewarding,” mirroring xU3O8’s goal of democratizing uranium investment.
- Gate.io – Ranked among the top 3 global crypto exchanges by real trading volume, Gate.io boasts 32 million users and supports over 3,600 digital assets. With institutional-grade security and a commitment to 100 percent reserve holdings, Gate.io provides the infrastructure essential for tokenized commodity trading.
Company Highlights
- Uranium.io is a pioneering platform for buying and selling uranium, providing direct ownership of physical uranium via a blockchain-powered token xU3O8.
- Built on Etherlink, powered by Tezos technology, enabling transparency, low fees, energy efficiency and programmable compliance.
- FCA-regulated digital asset custodian, Archax, holds physical uranium in trust on behalf of token holders.
- Physical supply is brokered by Curzon Uranium, a trusted uranium trading and logistics partner with deep industry roots and over $1 billion in uranium trades.
- The uranium bought on the platform is physically stored at a regulated depository owned and operated by Cameco, one of the world’s leading global uranium providers/converters.
- Global 24/7 market access offering fractionalized and direct uranium exposure with real-time settlement and cross-border accessibility.
- Capitalizing on nuclear energy’s role in clean energy transition and the financialization of critical minerals.
- The company has launched the xU3O8 token across three of the world’s leading cryptocurrency exchanges: KuCoin, MEXC, and Gate.io.
Technology Platform
Uranium.io is built on a secure, decentralized technology stack that integrates blockchain infrastructure, digital asset custody, and real-world commodity supply — delivering unprecedented access and transparency to the uranium market. The platform bridges traditional commodities trading with Web3 innovation, allowing users to seamlessly acquire, hold and trade physical uranium via xU3O8 tokens.
Blockchain Infrastructure: Etherlink, Powered by Tezos
At the heart of xU3O8’s digital asset engine is the Tezos blockchain, a highly secure, energy-efficient and self-amending Layer 1 protocol. Tezos is uniquely suited to power real-world asset tokenization due to its low transaction costs and energy efficiency; on-chain governance and smart contract flexibility; and enterprise-grade security and decentralization.
Tezos’ track record with real-world assets, including tokenized real estate and art, positions it as an ideal foundation for the secure, scalable digitization of uranium ownership.
Digital Custody: Archax
To ensure that each xU3O8 token is backed with physical uranium, uranium.io is supported by Archax, a London-based, digital asset custodian and exchange regulated by the Financial Conduct Authority. Archax provides regulated asset custody, KYC/AML-compliant onboarding, and real-time asset reconciliation.
Archax brings institutional-grade governance and accountability to the storage and oversight of physical uranium, ensuring that investor holdings are not just theoretical but physically secured.
Physical Supply: Curzon Uranium
Access to physical uranium is facilitated by its partnership with Curzon Uranium, a specialized uranium trading and logistics firm. Curzon acts as the platform’s uranium provider, sourcing, purchasing and delivering uranium from trusted upstream suppliers to secure storage.
Curzon’s decades of experience in uranium procurement adds physical credibility and market depth to the xU3O8 ecosystem — making the platform more than just a digital asset project, but a fully integrated uranium trading platform.
Physical uranium storage: Cameco
The physical uranium ore concentrate (U3O8) is securely stored at a regulated storage facility, operated by Cameco, one of the three globally recognized uranium conversion and storage providers. For transparency, Proof of Reserves is always available on the website and is updated with monthly statements from Cameco.
Together, Tezos, Archax and Curzon Uranium form the digital, custodial and physical backbone of the uranium.io platform. This trio of technologies and partnerships ensures a secure, compliant and efficient path for investors to gain physical uranium exposure — fractionalized, tokenized and tradable 24/7 on a global scale.
Investor Insight
In an increasingly eco-conscious global market, Carbonxt presents a compelling investment case, leveraging a growing addressable market driven by strategic partnerships and regulatory changes that are set to drive demand for activated carbon through 2029.
Overview
Activated carbon, derived from materials like wood, coconut husks and coal, is a critical tool for filtering contaminants from air and water. Its effectiveness comes from a unique oxidation process that creates a vast network of microscopic pores, dramatically increasing surface area. This versatility makes activated carbon essential across industries, including healthcare, agriculture, oil and gas, food processing, and environmental remediation.
For large-scale industrial applications, activated carbon is available in powdered, pelletized and granular forms, with prices ranging from US$2,000 to US$6,000 per ton – presenting a significant and growing market opportunity.
Carbonxt Group (ASX:CG1) is positioned to capitalize on this demand. As an innovative manufacturer of custom activated carbon, Carbonxt has expanded its production footprint in the United States through a joint venture with Kentucky Carbon Processing, forming NewCarbon. This partnership enhances the company’s gross margins and improves access to high-quality raw materials.
A key driver of Carbonxt’s growth is its newly commissioned Inez Power Activated Carbon Plant in Kentucky, which focuses on liquid-phase applications, particularly for PFAS water treatment – a segment twice the size of the air-phase market. PFAS, known as “forever chemicals,” are persistent in the environment and linked to a range of health risks including cancer and developmental disorders.
The EPA’s 2024 National Primary Drinking Water Regulations and federal infrastructure funding are accelerating the need for advanced PFAS treatment solutions. Carbonxt’s premium-grade granular and pelletized activated carbon is designed to meet this demand, enabling US water utilities to achieve compliance and improve water quality.
With more than 50,000 water utilities across the US, including 4,000 serving populations greater than 10,000, Carbonxt is strategically positioned to supply this rapidly expanding market segment and compete with incumbent providers.
In addition to theKentucky facility, Carbonxt operates two other US-based plants: the Black Birch Powdered Activated Carbon Facility in Georgia, and the Arden Hills Pelletization Plant in Minnesota. These three sites have a combined production capacity of 13,500 tons per annum, with an expansion pathway to 43,500 tons by 2027.
Company Highlights
- Environmental Market Opportunity: Carbonxt operates in the US activated carbon market valued at over US$1 billion, with its products addressing both air and water-phase applications. Regulatory changes, including the EPA’s 2024 NPDWR for PFAS – are expected to triple market size in the next five years to more than US$2 billion.
- Cutting-edge Manufacturing Footprint: The company now operates three US-based production plants with a combined current capacity of 13,500 tons and a path to expand this to 43,500 tons by 2027.
- NewCarbon JV Strength: The strategic partnership with Kentucky Carbon Processing through the NewCarbon JV is enabling the successful commissioning of the Inez Power AC plant in Kentucky. The plant positions Carbonxt as a premium supplier in the PFAS-focused water treatment market.
- Product Differentiation: Carbonxt produces powdered, pelletized and granular activated carbon. Notably, its Inez carbon achieved a 99 percent PFOA removal rate, surpassing competitors in early trials. Meanwhile, its PAC products are non-brominated, reducing corrosiveness and improving plant safety.
- Strong Demand Outlook: Tightening federal and state regulations on mercury and PFAS emissions are accelerating the adoption of Carbonxt's technologies. Water utilities in more than 11 US states have adopted enforceable PFAS limits, with others expected to follow.
Core Product
High-performance Activated Carbon
Carbonxt designs and manufactures high-performance activated carbon products for customers in the industrial, utility and municipal sectors. The company's product range includes powdered, pelletized and granular activated carbon, engineered for optimal efficiency in air purification and water treatment. Carbonxt’s non-brominated, oxidizing formulations are non-corrosive and maintain performance throughout their lifecycle, reducing plant wear and lowering operational costs.
Although listed in Australia, Carbonxt’s operations are focused in the United States, with production based out of three strategically located facilities. These enable Carbonxt to meet rising US demand for clean technology solutions in compliance-driven industries.
A major catalyst for growth is the newly commissioned Inez Power Activated Carbon Plant in Kentucky, developed through Carbonxt’s joint venture with Kentucky Carbon Processing (NewCarbon). The facility produces granular and pelletized activated carbon targeting the liquid-phase water treatment market, particularly PFAS removal. This segment is expected to drive a larger share of Carbonxt’s future revenue mix, with early product samples showing 99 percent PFOA removal and 92 percent geosmin removal – outperforming leading competitors.
Highlights:
- Strong Market Outlook: Demand for activated carbon – especially for PFAS treatment and industrial air control – continues to rise amid tightening EPA regulations and state-level mandates.
- Pricing Trends: Average pricing for granular activated carbon in municipal bids has risen steadily, with recent public tenders ranging from US$2.34 to US$2.57/lb.
- Looking Up: Carbonxt’s H1 FY25 gross margin rose to 49 percent, up from 44 percent in H1 FY24, driven by higher product pricing and cost efficiency at its Georgia and Minnesota plants.
- Market Momentum: Early samples from the Kentucky plant have been well received by target customers. The company is actively negotiating offtake agreements with several large US water utilities.
- Use Cases:
- Powdered Activated Carbon – For mercury, acid gas and flue gas removal in coal-fired power stations, cement plants and industrial incinerators. Products include MatsPAC, AquaPAC and CEMPAC.
- Pelletized Activated Carbon – Used for VOC and hydrogen sulphide removal from air and gas streams. Tailored for emissions-heavy industries and energy applications.
- Granular Activated Carbon (GAC) – Designed for PFAS, taste and odor removal in municipal drinking water systems. Developed at the Inez plant with superior performance metrics.
- Contract Agreements: In 2025, Carbonxt secured a US$4.3 million purchase order from Wisconsin Public Service for activated carbon supply. The company also extended a four-year supply agreement with Reworld Waste, valued at approximately AU$6 million per annum, for premium powdered activated carbon products.
Production Facilities
Carbonxt operates three U.S.-based production facilities, each specializing in a key segment of the activated carbon market.
Inez Power Activated Carbon Plant (Kentucky)
Carbonxt’s newest and most advanced facility, Inez has reached full mechanical completion and is currently in the commissioning phase. It produces granular and pelletized activated carbon, specifically formulated for PFAS removal and drinking water treatment. Early product samples have demonstrated 99 percent PFOA removal efficiency and 92 percent geosmin removal, outperforming key competitors. The plant’s initial capacity of 6,000 tons will scale to 10,000 tons, positioning Carbonxt as a premium GAC supplier in the North American water treatment market.
Black Birch Powdered Activated Carbon Facility (Georgia)
This facility manufactures wood-based powdered activated carbon, supporting industrial applications including mercury and flue gas control. It produces specialized products such as MatsPAC, AquaPAC and CEMPAC, with an annual capacity of 6,000 tons, expandable to 10,000 tons. Cost-reduction initiatives at this site have contributed to Carbonxt’s improved gross margins in FY25.
Arden Hills Pelletization Plant (Minnesota)
Focused on pelletized wood and lignite-based carbons, Arden Hills supplies products like NAQ-ACP and CTC-ACP, used in mercury removal, tolling arrangements and VOC capture. The facility currently operates at 7,500 tons per annum.
Capacity Expansion Outlook
Combined, Carbonxt’s facilities currently operate at 13,500 tons of annual production, with an established path to expand to 43,500 tons by 2027. The diverse geographic locations provide resilience against weather disruptions and ensure uninterrupted supply across markets.
Management Team
David Mazyck – President, NewCarbon and Director of Technology
Dr. David Mazyck is a world-leading expert on activated carbon (AC) and its applications including mercury capture. He has developed AC products for major multinational AC manufacturers and has regularly consulted them on technical issues. Mazyck is the former chairman of the Activated Carbon Standards Committee for the American Waterworks Association and has developed products for NASA.
He received his PhD in environmental engineering from Penn State University, where he also earned a PhD minor in fuel science.
Matthew Driscoll - Chairman
Matthew Driscoll has significant experience across several industries, including online technologies, financial services, fintech, cleantech, property and resources. He has more than 30 years’ experience in capital markets and the financial services industry and is an accomplished company director in roles across listed and private companies.
He has significant experience in international business growth, mergers and acquisitions, equity and debt raisings and building strategic alliances. His current directorships include NED Energy Technologies, NED Blina Minerals, NED Eco Systems, and NED Smoke Alarms Holdings.
Warren Murphy - Managing Director
Warren Murphy has led a large number of acquisitions and financings across the energy, resources and infrastructure sectors. This includes the development of over 2,000 MW of Greenfields power stations and the acquisition of over 3,000 MW of generation assets.
He was co-head of the Australian Infrastructure & Project Finance Group and Head of Energy at Babcock & Brown based in the Sydney office and led the development of Babcock & Brown’s energy sector capability in Australia and New Zealand, including the founding of Infigen Energy and its unlisted predecessor, Global Wind Partner, where he served as a director from inception until June 2009.
Murphy was also a director of the ASX-listed Alinta and Sydney Gas, as well as the unlisted Coogee Resources.
Nicholas Andrews – Independent Director
Nicholas Andrews has held the role of executive chairman and CEO at Magontec (ASX:MGL), an established business in the global magnesium sector. He is a member of the executive committee and serves on the board of the International Magnesium Association. Prior to his executive career, Andrews held several senior roles in the financial services sector across both investment management and investment banking.
Investor Insight
NextSource Materials is an emerging leader in the global battery materials sector, backed by a world-class graphite resource and proven technology to produce high-performance anode material. With a focus on full vertical integration, the company is strategically positioned to supply critical materials essential to the global clean energy transition.
Overview
NextSource Materials (TSX:NEXT,OTCQB:NSRCF) is a Canadian-based battery materials development company focused on becoming a vertically integrated global supplier of critical minerals essential to the global clean energy transition. The company’s strategy spans the full value chain – from mining and upgrading high-quality flake graphite to producing advanced battery anode materials – positioning it as a key supplier to the rapidly growing electric vehicle (EV) and renewable energy storage markets.
NextSource’s core asset is the Molo graphite mine in Madagascar, one of the largest and highest-grade flake graphite deposits in the world. Commencing production in October 2024, the Molo mine has a resource base of more than 153 million tonnes and the exclusive source of NextSource’s trademarked SuperFlake® graphite.
Complementing the Molo graphite mine is the company’s downstream expansion through battery anode facilities (BAFs), which will convert its proprietary SuperFlake® graphite into spherical purified graphite (SPG) and coated SPG (CSPG), enabling direct supply to global battery and automotive manufacturers outside traditional Asian supply chains.
Global demand for flake graphite, valued at US$3.12 billion in 2024, is forecast to grow to US$5.48 billion by 2034, driven by a 6.1 percent CAGR. This growth is primarily fueled by the expansion of lithium-ion battery manufacturing for EVs and renewable energy systems, where graphite remains the dominant material used in battery anodes.
NextSource also owns the Green Giant vanadium project, an advanced-stage and strategically significant vanadium asset located near the Molo mine. With a large, sediment-hosted deposit suited for vanadium redox flow batteries (VRFBs), Green Giant provides additional exposure to the grid-scale energy storage market – a rapidly emerging segment of the clean energy landscape.
NextSource has assembled an impressive leadership team with a proven track record in mine operations and building shareholder value. With long-term offtake agreements in place, a scalable mine-to-anode business model, and strategic backing from Vision Blue Resources, led by former Xstrata CEO Sir Mick Davis, NextSource is positioned to deliver significant value as a secure and sustainable supplier of critical battery materials.
Company Highlights
- Molo Graphite Project: The Molo graphite project in Madagascar is among the world’s largest and highest-quality graphite resources and is the exclusive source of SuperFlake® graphite.
- First Commercial Shipments Completed: SuperFlake® shipments have been to multiple end-users and approved for high-demand applications for flake graphite, including battery anodes, refractory and graphite foils for fire retardants and consumer electronics.
- Long-term Offtake Agreements: One of the few graphite producers globally to secure long-term sales agreements with tier one partners, including a 20,000 tpa agreement with a leading Japanese trader that supplies intermediate anode material to the Japanese market, and a 35,000 tpa agreement with thyssenkrupp Materials Trading GmbH for SuperFlake® graphite concentrate.
- Mine Expansion Planned: With anticipated volume demands expected to quickly outgrow its Phase 1 volume capacity, NextSource updated its operational strategy to utilize Phase 1 for campaign production to focus on development of its Phase 2 mine expansion.
- Downstream Value-add Expansion: The company is executing a phased rollout of battery anode facilities to produce spherical purified graphite and coated SPG at commercial scale. These facilities will supply high-performance anode material directly to battery and automotive manufacturers outside traditional Asian supply chains.
- Strategic Shareholder Support: Vision Blue Resources, a battery materials investment fund led by former Xstrata CEO Sir Mick Davis, is NextSource’s corner-stone shareholder. Sir Mick Davis also serves as NextSource’s chairman, bringing decades of mine development and operational leadership to the company.
- Vanadium Exposure: NextSource also holds the Green Giant vanadium project in Madagascar, an advanced-stage NI 43-101 resource and one of the world’s largest known sedimentary vanadium (V2O5) deposits.
Key Projects
Molo Graphite Mine and Project
NextSource’s flagship Molo graphite project ranks as one of the largest-known and highest-quality flake graphite deposits in the world. The property spans more than 62.5 hectares, sits in the Tulear region of Southwestern Madagascar, and is located 11.5 kilometers east of the town of Fotadrevo. Phase 1 of the mine is currently in operation.
NextSource has superior flake size distribution and well above the global average. The Molo asset is relatively unique for having almost 50 percent premium-priced large and jumbo flake graphite and can achieve up to 97 percent carbon purity with simple flotation alone. Molo SuperFlake® has been verified by end-users and meets or exceeds all criteria for the top demand markets for flake graphite; anode material for lithium-ion batteries, refractories, graphite foils and graphene inks.
Project Highlights
Geological and Resource Overview:
- Measured and indicated resources: 100.37 million tonnes (Mt) at 6.3 percent total graphitic carbon (C), based on a 2 percent C cut-off.
- Proven and probable reserves: 53.75 Mt at 6.2 percent C, based on a 3 percent C cut-off, including 21.33 Mt proven and 32.41 Mt probable.
- Over 300 km of continuous surface graphite mineralization has been delineated, enabling flexible, demand-driven production scale-up.
- The resource base supports more than 100 years of mine life at 17,000 tpa and 25+ years at 150,000 tpa production levels.
Operational Status:
- Phase 1 operations commenced production in October 2024, with the first commercial shipments of SuperFlake® graphite concentrate delivered to customers in Germany and the US in early 2025.
- In May 2025, NextSource transitioned Phase 1 to campaign production in order to preserve capital and prioritize the larger Phase 2 expansion, which is now the operational focus.
- Nameplate capacity for Phase 1 is 17,000 tpa, with modular Phase 2 plans targeting up to 150,000 tpa production capacity.
Strategic Sales Agreements:
- A 35,000 tpa SuperFlake® graphite offtake agreement with thyssenkrupp Materials Trading GmbH.
- A 20,000 tpa agreement with a leading Japanese trader that supplies anode material to major OEM supply chains (Tesla, Toyota).
Battery Anode Facilities
NextSource’s BAFs are value-added processing plants designed to convert smaller flake graphite into high-performance anode material, an essential component of lithium-ion batteries used in electric vehicles.
Project Highlights
Technology and Product Focus:
- Using a proprietary and proven processing technology, licensed exclusively by NextSource and currently supplying major OEMs, the BAFs will produce spherical purified graphite (SPG) and coated SPG (CSPG) through a process verified within, and currently being used by, the Tesla and Toyota supply chains.
- The CSPG production process involves micronizing flake graphite, shaping it into spheres (spheroidization), purifying it and applying a hard carbon coating to enhance durability and performance in battery applications.
Pilot to Commercial Progression:
- A pilot BAF in Mauritius successfully validated NextSource’s processing technology and facilitated advanced product qualification with Tier 1 EV and battery manufacturers.
- In 2025, the company redirected its BAF expansion focus from Mauritius to the Middle East, identifying Saudi Arabia and the UAE as ideal first locations due to favorable permitting, infrastructure, and access to global EV markets.
Strategic Plans and Economic Advantages:
- NextSource’s established technical process gives it a competitive advantage by significantly reducing the time and cost required for R&D and qualification phases.
- The modular BAF rollout strategy supports flexible scaling, with additional facilities planned for North America, Europe, and Asia to meet growing OEM demand.
- Feedstock will be sourced primarily from the Molo Mine, with provisions for qualified third-party graphite as needed.
Green Giant Vanadium Project
The Green Giant vanadium project is a 100-percent-owned, advanced-stage exploration asset located in south-central Madagascar, approximately 15 kilometers from the Molo Graphite Mine. It is one of the world’s largest known vanadium deposits and a potential future growth driver for NextSource.
Project Highlights
Resource Profile:
- NI 43-101 compliant resource of approximately 60 million tonnes, grading an average of 0.7 percent vanadium pentoxide at a 0.5 percent cut-off.
- The deposit is sediment-hosted, a rare geological profile seen in only about 5% of vanadium occurrences, and favorable for producing high-purity vanadium compounds.
Strategic Importance:
- Vanadium is a key material in vanadium redox flow batteries (VRFBs), which are emerging as a critical solution for long-duration grid-scale energy storage—a necessary component of the transition to renewable power.
- With increasing global focus on decarbonizing power systems, Green Giant provides long-term optionality in a growing adjacent market.
Development Status:
- Over US$20 million has been invested in exploration and development since acquisition in 2007.
- While currently on hold to maintain focus on graphite and anode material commercialization, the project remains a strategic asset for future energy storage market expansion.
Management Team
Hanré Rossouw - President and Chief Executive Officer, Director
Hanré Rossouw joins NextSource from his role as executive director and chief financial officer of Sasol Limited with extensive experience in the global natural resources industry over the last 25 years. A British and South African national, Rossouw has held senior positions in leading global mining and investment companies where his roles involved business development, M&A, capital markets, asset management and growth optimization.
Craig Scherba - Chief Development Officer, Director
Craig Scherba brings extensive operational and geologic experience, having discovered both the Molo and Green Giant deposits. He currently heads up development of NextSource’s downstream OEM offtake strategy and plans.
Jaco Crouse - Chief Financial Officer
Jaco Crouse brings over 20 years of experience in the global natural resources sector, with expertise in M&A, capital markets and financial strategy. He held senior positions at Glencore and Xstrata.
Brent Nykoliation - EVP, Strategy and Corporate Affairs
Brent Nykoliation joined the senior management team at NextSource Materials as vice-president in 2007 and leads strategy and corporate affairs for the company. In addition, he oversees all communications with graphite customers, institutional investors and analysts for the company.
He brings over 20 years of senior management experience, having held marketing and strategic development positions with several Fortune 500 corporations in Canada.
Dr. Tilo Hauke - EVP, Downstream Operations
Dr. Tilo Hauke leads the development of the company’s BAFs, focused on producing commercial-scale graphite anode material for lithium-ion batteries used in electric vehicles. He previously spent two decades at SGL Carbon SE, a global leader in carbon and graphite products, holding senior roles including SVP of Fuel Cell Components and Group VP of Technology and Innovation.
Danniel Stokes - VP, Special Projects
Daniel Stokes spearheads the project management aspects of the company, with significant experience across a diverse portfolio of projects in mining, infrastructure and nuclear industries.
Markus Reichardt - VP, Sustainability
Markus Reichardt is responsible for driving the company’s safety, health, environment, social, climate change and quality performance and initiatives. He has a 25-year track record in operational, senior corporate and advisory roles in the resources, agricultural and renewables sectors across the developing world.
Jean Luc Marquetoux - Country Manager
Jean Luc Marquetoux brings nearly three decades of experience in mining and project development in Madagascar and brings deep regional and governmental expertise in Madagascar.
Board of Directors
Sir Mick Davis - Chairman
Sir Mick Davis is the CEO of Vision Blue Resources and a highly successful mining executive accredited with building Xstrata plc into one of the largest mining companies in the world before its acquisition by Glencore plc.
Ian Pearce – Director
Ian Pearce is the former CEO of Xstrata Nickel, and was the former COO of Falconbridge Limited, which was acquired by Xstrata Plc in 2006. Xstrata Plc’s acquisition of Falconbridge was one of the largest mining takeovers globally and one of the largest takeover bids in Canadian history.
Brett Whalen — Director
Brett 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, Whalen was directly involved in completing approximately $2 billion in M&A deals and helped raise over $10 billion in capital for resource sector companies.
Christopher Kruba - Director
Christopher Kruba is vice-president and legal counsel to Nostrum Capital Corporation and several related corporations that are part of the Toldo Group.
Martina Buchhauser - Director
Martina Buchhauser is a globally recognized leader in the automotive industry, with deep expertise in sustainable mobility and the transition to low-carbon, responsible business practices. Her executive career includes senior roles in global procurement and supply chain management at General Motors, MAN, BMW, and most recently Volvo Cars.
