NextSource Materials Inc 6-K, filed Aug 19, 2021
NextSource Materials Inc. (NSRCF)
6-K
2021-08-19
For: 2021-08-18
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Added on
April 12, 2026
About this 6-K
NextSource Materials Inc filed this 6-K on August 19, 2021.
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the
month of August,
2021
Commission
File Number 000-51151
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NEXTSOURCE MATERIALS INC.
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(Translation
of registrant’s name into English)
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1940-130 King Street West Toronto, Ontario, Canada M5X
2A2
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(Address
of principal executive office)
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Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F
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Form
20-F
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☒
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Form
40-F
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☐
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(1):
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Yes
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☐
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No
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☒
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(7):
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Yes
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☐
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No
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☒
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Exhibits
Press release dated
August 18, 2021.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Dated:
August 18, 2021
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NEXTSOURCE MATERIALS INC.
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/s/
Marc Johnson
Marc
Johnson
Chief
Financial Officer
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Exhibit 99.1
Mine Construction on Schedule for NextSource Materials
Molo Graphite Project in Madagascar
NEWS RELEASE – TORONTO, August 18,
2021
NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRCF)
(“NextSource” or the “Company”) is pleased
to announce that its mine construction schedule is on track and on
budget for its Molo Graphite Project in Madagascar.
Progress
development highlights include:
●
Construction is on
track, with all major equipment fabricated and ready to be received
by the EPC
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Overall project
progress exceeds 25% completion
●
Personnel have been
mobilized to site in Madagascar
●
Site works are on
schedule to commence in Q3/Q4 2021
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Plant equipment
installation at site is on schedule to begin in Q1/Q2
2022
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Mine is fully
funded and on schedule to commission in Q2 2022
The
Company’s engineering, procurement, and construction
management (“EPCM”) contractor, Erudite Strategies
Ltd., reports that the attrition and ball mills, crushers,
flotation columns, screeners, feeders, mixing tanks, bagging and
drying systems have been fabricated and are ready for assembly.
These comprise the major components of the Molo mine processing
plant.
This
equipment will shortly be received by the Company’s
engineering, procurement, and construction (“EPC”)
firm, in order to begin assembling the modules. The EPC firm
specializes in the design, engineering, construction and assembly
of fully modular processing plants, and is the reason that the
Company’s Molo mine is able to have a very low mine capital
cost (“CAPEX”) versus its competition and can reach the
commissioning stage inside of 12 months from initiation of
construction.
Company
personnel have been mobilized to Madagascar to begin preparations
for site works, which are on schedule to commence in Q3/Q4 2021.
Plant equipment is on track to be delivered to site in Q1 2022,
with plant equipment module installation at site on schedule to
begin in Q1/Q2 2022.
The
various challenges associated with the construction of a mine
during a global pandemic have been mitigated through the
fabrication and assembly of the processing plant as a modular,
‘turn-key’ facility. This construction philosophy has
enabled small, nimble technical teams to work on their components
of the Molo mine in isolation, while minimizing the personnel and
time required throughout the construction process.
Fully Funded to Production
Phase 1
of NextSource’s Molo Graphite Project is fully funded and is
expected to be the next graphite mine to enter production outside
of China. The Company does not require any more money to reach
commissioning, which is on schedule for Q2 2022, after receiving
US$29.5 million in funding from its strategic investor, Vision Blue
Resources (“Vision Blue”) in May 2021. Founded by Sir
Mick Davis, Vision Blue is NextSource’s largest shareholder
and is a private investment company with a focus on metals and
minerals linked to the clean energy revolution.
As
outlined in the Company’s 2019 Feasibility Study
(“FS”), Phase 1 of the Molo Graphite Mine is estimated
to cost US$25 million, including working capital. Production
capacity is expected to be approximately 17,000 tpa of
SuperFlake® graphite concentrate with FOB operating costs of
US$566 per tonne.
Craig Scherba, CEO of NextSource Materials commented,
“Constructing a mine during
‘normal’ times is fraught with challenges, and these
challenges are exacerbated in the midst of a global pandemic. The
construction philosophy we have adopted has mitigated these
challenges, and the project is on-track due to the extremely hard
work and perseverance of the various people involved. Their hard
work and flexibility in adapting to ever-changing circumstances
have been instrumental to date and to bringing the mine to
fruition.
ABOUT NEXTSOURCE MATERIALS INC.
NextSource
Materials Inc. is a strategic materials development company based
in Toronto, Canada that is intent on becoming a fully integrated,
global supplier of critical battery and technology materials needed
to power the sustainable energy revolution. The Company’s
Molo graphite project in Madagascar is fully funded to production
and is one of the largest known and highest-quality graphite
deposits globally, and the only one with SuperFlake®
graphite.
NextSource
Materials is listed on the Toronto Stock Exchange (TSX) under the
symbol “NEXT” and on the OTCQB under the symbol
“NSRCF".
ABOUT SUPERFLAKE® GRAPHITE
Independent
testing by various third-party end users of flake graphite
confirmed that NextSource’s SuperFlake® graphite meets
or exceeds quality requirements for all major end-markets for
natural flake graphite. The major end-markets are refractories,
anode material for lithium-ion batteries, specialty graphite foils
used as essential components in the chemical, aeronautical and
fire-retardant industries, and graphene in high-end ink and
substrate applications.
SuperFlake®
graphite concentrate can achieve 98% carbon (C) purity with
flotation, has excellent thermal expansion, can be easily upgraded
to 99.97% purity (battery grade), contains minimal deleterious
substances and has high crystallinity.
SuperFlake®
graphite concentrate has excellent flake size distribution that is
well above the global average, with 46.4 percent being classified
as +80 (large), +65 (extra large) and +48 (jumbo) mesh in flake
size. Specifically, 23.6 percent of SuperFlake® graphite
concentrate is +48 mesh and greater in size.
SuperFlake®
is a registered trademark in Canada, the United States, Japan,
South Korea, U.K. and the European Union. These key jurisdictions
represent the top demand markets for flake graphite and the
locations where NextSource intends to sell its SuperFlake®
graphite and anode material.
Safe Harbour: 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; the successful and on-budget
construction of the Molo Graphite mine, estimated future production
from the Molo Graphite Project, completion of any technical studies
and expansion of the Molo Graphite Project, any and all other
economic and technical studies, graphite prices, project economics,
permitting, the development timeline and the graphite market. All
such forward looking statements are based on assumptions and
analyses made by management based on their experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors they believe are
appropriate in the circumstances. However, these statements are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected including, but not limited to, unexpected changes
in laws, rules or regulations, or their enforcement by applicable
authorities; the failure of other parties to perform as agreed;
social or labour unrest; changes in commodity prices; unexpected
failure or inadequacy of infrastructure and the failure of ongoing
and contemplated studies to deliver anticipated results or results
that would justify and support continued studies, development or
operations.. 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.