NextSource Materials Continues to Strengthen Management Team, Appoints Industry Veteran to Head Up Global Anode Expansion

TORONTO, August 12, 2024 - Nextsource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") is pleased to announce the further strengthening of its management team to support the next phase of the Company's global growth strategy with the appointment of Dr. Tilo Hauke as Executive Vice President of Downstream Operations, effective October 1^st, 2024.

Dr. Hauke joins NextSource from FREYR Battery, a US and Norway-based lithium-ion battery cell developer, where he was Executive Vice President Supply Chain Management. Prior to FREYR Battery, Dr. Hauke spent 20 years at SGL Carbon SE, a European company that is one of the world's leading manufacturers of carbon & graphite products. At SGL Carbon, he held various senior leadership positions including Senior Vice President, Business Line Fuel Cell Components and Group Vice President, Technology and Innovation.

At NextSource, Dr. Hauke will oversee the Company's strategy to construct multiple Battery Anode Facilities (BAFs) for the production of commercial scale graphite anode material for lithium-ion batteries used in electric vehicles. The Company's planned series of BAFs will be strategically located globally and leverage NextSource's exclusive access to proprietary anode processing technology for the supply of anode active material to major EV automotive companies.

President and CEO, Craig Scherba, commented:

"I am delighted to welcome Tilo to NextSource to lead our global anode strategy as the Company advances to becoming a vertically integrated large-scale producer of value-added graphite products. We are excited by the huge scale of the opportunity presented by this rapidly growing market and the contribution Tilo can make to NextSource's objective of becoming an integrated, global supplier of critical battery and technology materials."

Dr. Hauke holds a Ph.D. in solid state physics from the University of Halle-Wittenberg and an MBA from the University of Augsburg/Pittsburgh.

About NextSource Materials Inc.

NextSource Materials Inc. is a battery materials development 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, with Phase 1 mine operations currently being optimized to reach its nameplate production capacity of 17,000 tpa of graphite concentrate.

The Company is also developing a significant downstream graphite value-add business through the staged rollout of Battery Anode Facilities capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, outside of existing Asian supply chains, in a fully transparent and traceable manner.

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

Investors: Brent Nykoliation Executive Vice President +1.416.364.4911 brent@nextsourcematerials.com

Media: Michael Oke/Andy Mills +44 207 321 0000 nextsource@aura-financial.com

CAUTIONARY NOTE

This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward looking statements and information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements include any statements regarding, among others, timing of on-site construction including the processing plant, process improvements and mine plant adjustments as well as production estimates and timing thereof, the rollout of Battery Anode Facilities including the capabilities and the timing thereof. These statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive there from. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.

SOURCE: NextSource Materials Inc.