NextSource Materials Signs Agreement for the Supply of Graphite Fines as Additional Source of Feedstock for its Battery Anode Facility in Abu Dhabi

About this update from Nextsource Materials Inc

TORONTO, ON / ACCESS Newswire / March 2, 2026 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") announces that it has entered into a binding agreement (the "Agreement") with Syrah Resources Limited ("Syrah") for the supply of natural graphite fines for NextSource's planned battery anode facility ("BAF") in Abu Dhabi, United Arab Emirates ("UAE"). Under the terms of the Agreement, NextSource will source a minimum of approximately 34,000 tonnes and up to 68,000 tonnes of natural graphite fines in total over a seven-year period, with annual committed and optioned volumes subject to specific conditions precedent being satisfied. These conditions include the commencement of commercial production at NextSource's BAF in the UAE and successful qualification and final approval of the use of Syrah's graphite by NextSource and it's downstream offtake customer. Pricing is expected to be determined quarterly and by referencing an independently reported natural graphite fines price index, with adjustments for product grade and shipping costs. If the conditions have not been satisfied or waived by December 31, 2026, Syrah may terminate the Agreement without liability. If the conditions have not been satisfied or waived by December 31, 2027, NextSource may terminate the Agreement without liability. Strategic Rationale This Agreement forms part of NextSource's broader supply chain strategy to establish diversified feedstock sources for its planned downstream anode facilities. The Company believes this approach, taking into account feedstock from its Molo Graphite Mine in Madagascar ("Molo"), both derisks operations and enhances operational flexibility to support the ramp-up and potential expansion of the UAE BAF. The Company has been stockpiling SuperFlake® concentrate from Molo and has ample inventory to fulfil the volumes of anode active material ("AAM") required under its binding offtake with Mitsubishi Chemical well into 2028. The Mitsubishi Chemical offtake agreement is for the supply of approximately 9,000 tonnes per annum ("tpa") of AAM over a multi-year period. NextSource continues to evaluate other third-party feedstock sources while prioritizing the use of SuperFlake® graphite concentrate from Molo as the primary and pre...

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