Mr. Craig Scherba reports

NEXTSOURCE MATERIALS WELCOMES NEW PRESIDENT AND CEO HANRE ROSSOUW TO DELIVER NEXT PHASE OF GROWTH

Further to the announcement on May 28, 2024, Hanre Rossouw has officially begun his role as president and chief executive officer of NextSource Materials Inc. His tenure begins in Madagascar, where he will visit the Molo graphite mine operations as well as engage with the community and government as part of a structured leadership transition plan.

Also effective today, the former president and CEO, Craig Scherba, will continue as a director and transition to the newly created role of chief development officer to focus on developing strategy, managing offtake negotiations and expanding the company's OEM (original equipment manufacturer) relationships globally.

NextSource is at a pivotal point in its development, having recently shipped its first commercial consignment of SuperFlake graphite concentrate and generating its first income from sales to United States and European customers. The rapid advancement of its buildout strategy for battery anode facilities (BAF) and the bolstering of the management team through recent appointments further underscore the company's commitment to deliver on its next phase of growth.

NextSource is well positioned to realize its vision in becoming a responsible, sustainable battery materials company, with the key priority being the successful ramp-up of Molo and the acceleration of its planned series of BAFs that will be strategically located globally to supply anode active material to major EV (electric vehicle) automotive companies.

Mick Davis, chairman of NextSource, commented:

"On behalf of the board, I welcome Hanre to the role of president and CEO of NextSource Materials. The company is beginning to deliver on its potential to become a meaningful graphite producer serving global customers. I am confident that the expanded management team under Hanre's leadership have the capabilities to capitalise on the many downstream opportunities in the graphite supply chain.

"I also pay tribute to Craig Scherba for his leadership and vision in the building of NextSource Materials and I am delighted that he will continue as a director and part of the leadership team."

Mr. Rossouw, president and CEO, commented:

"I am delighted to lead the company during the next phase of its growth strategy. The vision to become a global leader in sustainable battery materials is unchanged, with the key priority being the successful ramp-up of Molo.

"NextSource can elevate Madagascar to be an important participant in the global sustainable energy transition which is why I am here meeting with the work force, senior leadership, host government and local community on the first day of my tenure. We will continue to collaborate closely with all our strategic partners to capture the benefits of our shared aspiration."

About Mr. Rossouw

Mr. Rossouw was appointed president and chief executive officer of NextSource, effective Nov. 1, 2024, and joined the board as a director from Sept. 1, 2024. Mr. Rossouw has extensive experience in the global natural resources industry gained over the last 25 years and joined NextSource from Sasol Ltd. where he was chief financial officer and executive director.

A British and South African national, Mr. Rossouw has held senior positions in leading global mining and investment companies where his roles involved business development, M&A (mergers and acquisitions), capital markets, asset management, and business optimization. Mr. Rossouw graduated from Oxford University with a master's degree in business administration and also holds a bachelor of engineering degree in chemical engineering and a bachelor of commerce (honours) degree in economics.

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 company's Molo graphite project in Madagascar is one of the largest known and highest-quality graphite resources globally and the only one with SuperFlake graphite. The Molo mine has begun production, with phase 1 mine operations currently being optimized to reach its nameplate production capacity of 17,000 tpa (tonnes per annum) 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.

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