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NextSource Materials Executes Letter of Intent with Hanwa and JOGMEC for a US$30 Million Strategic Investment in UAE Battery Anode Facility
Highlights: Strategic Japanese investment and partnership achieved through an executed LOI ...
About this update from Nextsource Materials Inc
[{"type":"text","content":"NextSource Materials Executes Letter of Intent with Hanwa and JOGMEC for a US$30 Million Strategic Investment in UAE Battery Anode FacilityHighlights:Strategic Japanese investment and partnership achieved through an executed LOI with Hanwa Co., Ltd. (\"Hanwa\") and Japan Organization for Metals and Energy Security (\"JOGMEC\") for a potential project-level equity investment in the UAE Battery Anode Facility (\"BAF\") of up to US$30 million.Joint Investment Vehicle to be formed by Hanwa and JOGMEC for the purpose of acquiring a minority equity interest in the Company's UAE BAF at the project level.Significant advancement on the path to a Final Investment Decision (\"FID\") achieved as this LOI formalizes the previously announced Japanese strategic consortium and further reinforces the Company's momentum towards FID.Government-support provided by the participation of JOGMEC, a Japanese government agency, underscoring the importance of the UAE BAF in diversifying critical mineral supply chains for the Japanese battery industry.Exclusivity provided to Hanwa and JOGMEC to March, 31st 2026, aligning with the Company's planned FID by end Q1 2026. TORONTO, ON / ACCESS Newswire / February 3, 2026 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) (\"NextSource\" or the \"Company\") is pleased to announce that it has executed a letter of intent (\"LOI\") with Hanwa Co. Ltd. (\"Hanwa\"), one of Japan's leading trading companies, and Japan Organization for Metals and Energy Security (\"JOGMEC\"), a Japanese government agency, for a potential investment in Phase 1 of the Company's proposed Battery Anode Facility (\"BAF\") in the Industrial City of Abu Dhabi in the UAE.This LOI represents a key milestone in the Company's strategic financing process and underscores growing international interest in establishing diversified and secure battery anode supply chains.Under the terms outlined in the LOI, Hanwa and JOGMEC collectively are jointly considering a project-level investment of up to US$30 million through a special purpose vehicle jointly owned by the two parties. This investment is anticipated to represent up to 15% equity interest in the UAE BAF project company upon completion of the initial funding for Phase 1. The investment is contemplated to occur in one or more phases, subject to the negotiation and execution of definitive agreements...