NextSource Materials Business Summary

NextSource Materials Inc. (NSRCF) operates as a vertically integrated battery materials developer, generating revenue through the extraction of high-quality flake graphite and the downstream production of value-added anode active materials (AAM). The company’s primary business segments are Mine Development, centered on its 100%-owned Molo Graphite Mine in Madagascar, and Battery Anode Facility (BAF) Development, which focuses on a global rollout of processing plants to produce coated, spheronized, and purified graphite (CSPG). As of February 2026, the company is transitioning from Phase 1 campaign production at Molo to an industry-scale Phase 2 expansion while advancing its first commercial BAF in Abu Dhabi, UAE, supported by binding offtake agreements with Mitsubishi Chemical Corporation. NextSource competes directly with established graphite producers and developers such as Syrah Resources, Northern Graphite, Nouveau Monde Graphite, and Talga Group, distinguishing itself through its proprietary "SuperFlake" brand and a supply chain entirely independent of Chinese processing, specifically targeting the North American and European electric vehicle (EV) markets. The leadership team is anchored by President and CEO Hanré Rossouw, a seasoned natural resources executive who previously served as CFO of Sasol Limited and Royal Bafokeng Platinum. He is supported by Chief Development Officer Craig Scherba, a professional geologist credited with the discovery of the Molo deposit, and CFO Marthinus (Jaco) Crouse, whose pedigree includes senior financial roles at Xstrata and Glencore. Technical operations are led by Dr. Tilo Hauke, Executive Vice President of Downstream Operations, who brings 20 years of experience from SGL Carbon, and Nick Miller, Acting EVP of Operations, formerly of Rio Tinto and ArcelorMittal. The company’s strategic direction is heavily influenced by Chairman Sir Mick Davis, the former CEO of Xstrata and founder of Vision Blue Resources, which remains the company’s largest shareholder with an approximate 47.5% stake as of early 2026.