NextSource Materials Provides Clarification on a Prior News Release

About this update from Nextsource Materials Inc

NextSource Materials Provides Clarification on a Prior News Release TORONTO, ON / ACCESS Newswire / June 30, 2026 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") issued a press release on October 1, 2025 (the "Press Release") announcing the completion and positive results of a Technical and Economic Study (the "Study") on the construction of a proposed 30,000 tpa capacity Battery Anode Facility ("BAF") located in the Industrial City of Abu Dhabi in the United Arab Emirates ("UAE").The Press Release prepared by the Company included information drawn from the Study, which was completed, reviewed and approved by Stantec, a global engineering services provider, which produced both a capital and operating cost estimate to the standards and guidelines of the American Association of Cost Engineers International. The Press Release contained information from the Study relating to production estimates, forecasted revenues, NPV, IRR, and EBITDA that extended out to the estimated 33 year operation life of the BAF (the "Long Term Forecasted Information").The Company issued the press release and disclosed the results of the Study, including the Long Term Forecasted Information, to give readers the elements of the financial analysis that the Company relied on in deciding to advance the BAF in the UAE.Staff of the Ontario Securities Commission have noted that under section 4A.8 of Companion Policy 51-102CP to National Instrument 51-102 Continuous Disclosure Obligations, forward looking financial information should cover a period for which the information can be reasonably estimated and, in many cases, that time period should not go beyond the end of the reporting issuer's next fiscal year. As set out above, the Long Term Forecasted Information in the Press Release extended beyond this period.Accordingly, to align the Company's disclosure with the requirements of NI 51-102, the Company is retracting the Long Term Forecasted Information in the Press Release and advises investors not to rely on the Long Term Forecasted Information made by the Company in the Press Release to guide them in their investment decisions.The Company advises that, other than the delayed workstream in progressing the BAF in the UAE as a result of the ongoing conflict in the Middle East, there has been no negative development affecting the Long Term Forecasted Info...

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