Mr. Brent Nykoliation reports

NEXTSOURCE MATERIALS EXTENDS MITSUBISHI CHEMICAL OFFTAKE AGREEMENT TIMELINES

NextSource Materials Inc. has agreed with Mitsubishi Chemical Corp. to extend the timetable for the binding multiyear offtake agreement, announced on Aug. 5, 2025. All core commercial terms of the 9,000-tonne-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 $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 Corp. 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, multiyear offtake agreement with Mitsubishi to be the exclusive supplier of AAM to a major OEM for the North American EV (electric vehicle) 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 onward.

About NextSource Materials Inc.

NextSource Materials 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 graphite. The Molo mine has begun production through phase 1 mine operations. NextSource's corporate presentation can be accessed and downloaded on-line.

The company is also developing a significant downstream graphite value-add business through the staged rollout of battery anode facilities (BAF) capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, in a fully transparent and traceable manner.

The company is now in the process of developing its first BAF in the UAE and has executed a multiyear offtake agreement for the supply of anode active material with Mitsubishi Chemical of Japan.

NextSource Materials is listed on the Toronto Stock Exchange under the symbol NEXT and on the OTCQB under the symbol NSRCF.

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