NextSource Materials Extends Mitsubishi Chemical Offtake Agreement Timelines

About this update from Nextsource Materials Inc

TORONTO, ON / ACCESS Newswire / March 3, 2026 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") is pleased to announce that it has agreed with Mitsubishi Chemical Corporation to extend the timetable for the binding multi-year Offtake Agreement, announced on August 5th 2025. All core commercial terms of the 9,000 tonnes per annum Offtake Agreement of anode active material ("AAM") are unchanged, including volume commitments and the established pricing framework. The extension enables the Company with additional flexibility through July 31, 2027 to satisfy financing, construction, commissioning and first production milestones for its planned Battery Anode Facility ("BAF") in the United Arab Emirates ("UAE"). The Company's recently completed C$25 million public offering advances the completion of detailed engineering, site development and the project financing process for the UAE BAF. As previously announced, the Company is advancing toward a targeted Final Investment Decision for the UAE BAF by the end of this month. Mitsubishi Chemical Corporation is Japan's largest chemical company and a leading supplier of anode active material to original automotive equipment manufacturers (OEMs). As announced in August 2025, the Company entered into a binding, multi-year offtake agreement with Mitsubishi to be the exclusive supplier of AAM to a major OEM for the North American EV market. NextSource will produce and supply intermediate AAM to Mitsubishi's Japan plantwhere Mitsubishi will produce final AAM for the OEM's EV battery cell manufacturing facilities in North America. This partnership represents a major milestone for NextSource in its strategy to become one of very few vertically integrated graphite producers outside of Asia and capable of meeting the scale and quality requirements of OEM anode supply chains from 2027 onwards. About NextSource Materials Inc. NextSource Materials Inc. is a battery materials 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® ...

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