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 C$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 Corporation 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, multi-year offtake agreement with Mitsubishi to be the exclusive supplier of AAM to a major OEM for the North American EV market. NextSource will produce and supply intermediate AAM to Mitsubishi’s Japan plant where 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 onwards.