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NextSource Materials Announces Final Investment Decision for UAE Battery Anode Facility
TORONTO, ON / ACCESS Newswire / May 12, 2026 / NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRCF) ("NextSource" or the "Company") is pleased to announce that it
About this update from Nextsource Materials Inc
[{"type":"text","content":" TORONTO, ON / ACCESS Newswire / May 12, 2026 / NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRCF) (\"NextSource\" or the \"Company\") is pleased to announce that it has approved a Final Investment Decision (\"FID\") on Phase 1 of its proposed Battery Anode Facility (\"BAF\") in the Industrial City of Abu Dhabi, UAE, marking a major milestone in the Company's strategy to become a fully integrated, global producer of graphite anode materials. The approval follows the successful completion of Front-End Engineering Design (\"FEED\"), which confirmed the robust economics and project configuration outlined in the October 2025 BAF Study. The FEED results provide strong technical validation of the project's design, capital profile, and operating parameters, reinforcing the Company's confidence in advancing the UAE BAF as its next phase of growth. Despite the conflict in the Middle East having inevitably delayed some work streams, proceeds from the Company's recent C$25 million LIFE offering were effectively deployed, enabling completion of the FEED Study, progression of the Molo Expansion Feasibility Study, and continued progress toward BAF project financing. The decision is underpinned by the ongoing momentum in the Company's financing process, including the proposed strategic investment from the Japanese consortium comprising Hanwa Co., Ltd. and the Japan Organization for Metals and Energy Security (JOGMEC), a Japanese government agency. The company is having continue constructive engagement with other equity investors, lenders and development finance institutions. The FID authorizes the Company to proceed into the pre-EPC mobilization phase, including finalization of the property agreements and approvals, awarding certain early works contracts, progressing environmental and permitting activities, and initiating long lead procurement for key equipment. This phase will also enable the commencement of equipment shipments from China and Mauritius, and the hiring of essential project personnel. NextSource will continue to advance the project through defined stage gates to mitigate ongoing global geopolitical and supply chain risks. As such, the FID is structured with defined conditions precedent and staged funding gates to ensure disciplined capital deployment in the current financing environment. This approach allows the Company to adva...