An anonymous director reports

NEXTSOURCE ANNOUNCES APPOINTMENT OF MARTINA BUCHHAUSER TO THE BOARD AND RESULTS OF 2023 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

NextSource Materials Inc. has appointed Martina Buchhauser to the board of directors and has released results of the annual and special meeting of shareholders held virtually at 9 a.m. Toronto, Ont., Canada, on Dec. 5, 2023.

Ms. Buchhauser is a global leader with a profound knowledge of the automotive industry and its shift toward 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 adviser of H&Z Management Consulting and is a non-executive director on several company boards.

AGM results

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

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

NOMINEE                       FOR            AGAINST

Sir Mick Davis      99.8 per cent       0.2 per cent   
Ms. Buchhauser      99.8 per cent       0.2 per cent   
Christopher Kruba   99.8 per cent       0.2 per cent   
Ian Pearce          99.9 per cent       0.1 per cent   
Craig Scherba       99.8 per cent       0.2 per cent   
Brett Whalen        99.8 per cent       0.2 per cent   

• Reappointment of auditor. The company's shareholders approved the reappointment of MNP LLP, chartered professional accountants, as the company's auditor for the fiscal year ending June 30, 2024, and that the board of directors is authorized to fix its remuneration. The following table sets forth the voting results with respect to the reappointment of MNP LLP.

FOR                    AGAINST

98.9 per cent     1.1 per cent   

• Reapproval of LTIP plan. The company's shareholders reapproved the company's long-term incentive plan (LTIP), all unallocated awards under the LTIP plan, and authorization to grant awards to acquire up to 10 per cent of the issued and outstanding common shares in the capital of the company from time to time in accordance with the terms of the LTIP plan until Dec. 5, 2026. The following table sets forth the voting results with respect to the reapproval of the LTIP plan.

FOR                 AGAINST

97.3 per cent  2.7 per cent

The board of directors fixed Oct. 24, 2023, as the record date for the meeting. A total of 155,574,507 common shares were entitled to vote at the meeting. A total of 93,499,181 common shares equivalent to 60.1 per cent of the common shares entitled to vote were represented in person or by proxy. A total of 2,977,659 of the common shares represented by proxy were not voted.

About NextSource Materials Inc.

NextSource Materials 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.

We seek Safe Harbor.