Nextsource Materials Inc (NSRCF)

[sweetdwilly]

On January 11, 2022, the Company announced the Molo Phase 1 processing plant (the "Processing Plant"), which was fully fabricated and constructed at an offshore facility, had successfully passed Factory Acceptance Testing and final verification. The Processing Plant has since been dismantled, packaged and is now ready to be shipped to the mine site.

Due to Madagascar's ongoing COVID-19 travel restrictions, and recent cyclone activity impacting the eastern seaboard of the country, the commencement of earthworks and civil work at the mine site has been delayed and commissioning of the Molo Phase 1 process plant is now targeted for Q3, 2022.

Phase 1 of the Molo Graphite Mine is fully funded and when commissioned, Molo will become one of the few operating graphite mines outside of China.

The Company has not yet made a production decision in respect of Phase 2. The Company expects that it will assess the results of a definitive feasibility study before making a production decision in respect of Phase 2.