Mr. Craig Scherba reports

NEXTSOURCE ANNOUNCES PRICING OF OVERNIGHT MARKETED OFFERING

NextSource Materials Inc. has priced its previously announced overnight marketed public offering. Pursuant to the offering, NextSource will issue 30,303,500 common shares of the company at a price of $1.65 per share for gross proceeds of approximately $50-million. The offering is being conducted through a syndicate of underwriters co-led by Cormark Securities Inc. and BMO Capital Markets.

In addition, the company has granted the underwriters an option to purchase up to an additional 15 per cent of the number of shares issued under the offering on the same terms exercisable at any time up to 30 days following the closing of the offering, for market stabilization purposes and to cover overallotments, if any.

Vision Blue Resources Ltd. has confirmed its intention to participate in the offering to maintain its pro rata ownership in the company. Closing of the offering is expected to occur on or about Aug. 1, 2023, and is subject to regulatory approval, including that of the Toronto Stock Exchange.

The net proceeds of the offering are intended to be used by the company to advance and complete construction of a battery anode facility in Mauritius and other matters as to be described in the prospectus (as defined below).

The securities to be issued under the offering will be offered by way of a final short form prospectus in each of the provinces of Canada, other than Quebec, and may be offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws, and certain other jurisdictions outside of Canada and the United States.

About NextSource Materials Inc.

NextSource Materials 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 Molo graphite mine has begun production and is expected to ramp up to its phase 1 nameplate capacity of 17,000 tonnes per annum of graphite concentrate over a period of up to three months.

The company has announced plans to build the first of several battery anode facilities (BAF) in Mauritius, which will be capable of producing coated, spheronized and purified graphite (CSPG).

We seek Safe Harbor.