NextSource Materials Inc 6-K, filed Nov 23, 2021
NextSource Materials Inc. (NSRCF)
6-K
2021-11-23
For: 2021-11-23
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Added on
April 12, 2026
About this 6-K
NextSource Materials Inc filed this 6-K on November 23, 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
period ended November 23,
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
NextSource
Materials Inc. Press Release dated November 23,
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:
November 23, 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
NextSource Materials Awards Contract to Power its Molo Graphite
Mine
in Madagascar with Hybridized Solar-Thermal Energy
NEWS RELEASE –
TORONTO, November 23,
2021
NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRCF)
(“NextSource” or the “Company”)
announces it has awarded a power supply contract to
independent power producer CrossBoundary Energy (“CBE”)
for the long-term supply of solar and thermal generation to power
the operations of its Molo graphite mine in Madagascar. The
contract is for a 20-year term and has been designed to scale with
the production output of the Molo mine, where delivery of power
will increase in lockstep with all future expansion capacity
requirements.
A
subsidiary of CBE in Madagascar is developing the project and will
build, own, and operate the Molo hybrid energy power plant
(“hybrid plant”) at no capital cost to NextSource. It
will be located adjacent to the Molo mine site and is expected to
be operational at the same time as the Molo mine is expected to
commission in Q2 of 2022. Through this contract, NextSource will
initially be able to source up to one third of the Molo
mine’s total electricity needs from renewable solar energy.
NextSource and CBE are committed to optimizing the solar component
throughout the contract to increase the percentage of renewable
energy to a majority.
The
renewable energy services provided by CBE will be supplied
exclusively to NextSource and provide guaranteed energy cost
savings. This rate will lower expected energy costs on a
per kWh basis versus the expected cost per kWh rate based on
thermal power alone, as modeled in the Company’s 2019 Molo
Feasibility Study.
The
hybrid plant will contribute significantly towards
NextSource’s adherence to its environmental, social, and
governance principles. It will also achieve the Company’s
broader initiative to reduce its environmental footprint through
the deployment of renewable energy infrastructure to reduce
emissions and work toward its goal of a carbon neutral energy
system.
"We are pleased to select CrossBoundary Energy to supply hybrid
power for our Molo graphite mine, which delivers on our commitment
to reduce emissions and move towards more sustainable
operations,” said NextSource President & CEO Craig
Scherba. “Deployment of
clean, renewable and sustainable power sources to reduce emissions
is a cornerstone of our operational strategy and will reduce our
expected energy costs over the life of our
project.”
The
hybrid energy power plant will comprise a 2.5MW solar PV energy
system (solar plant), a 1MWh battery energy storage system (BESS)
and a 3.3MW thermal energy system (diesel generators) that will
supply all the electricity requirements for the Molo mine and
processing plant. The thermal energy system will be used in
combination with the solar plant and BESS to provide uninterrupted
power supply and ensure 100% power availability to the
mine.
Matthew
Fredericks, Head of Mining at CrossBoundary Energy stated,
“We worked closely with the
NextSource Materials team to design a custom solar hybrid solution
for the Molo graphite facility. This power system will reduce the
mine’s total cost of electricity, lowering its all-in
sustaining costs, as well as minimizing its carbon emissions. CBE
is proud to be awarded this second project opportunity in
Madagascar and honoured for NextSource Materials’ selection
of our flexible, collaborative approach to sustainable energy
solutions for African mines.”
CrossBoundary
Energy is Africa’s leading supplier of clean electricity for
businesses. CBE has a proven track record delivering complex
commercial-industrial power solutions across Africa for corporates
including Unilever, Diageo, Heineken, and Actis. Earlier this year,
the company announced two additional hybrid renewable energy
projects, the first for Rio Tinto’s QMM ilmenite operation in
Madagascar, and the second for Eramet’s mineral sands mine,
Grande Cote Operations (GCO), in Senegal. In total, CBE is now
delivering 40MW of solar and wind generation and 20MWh of battery
energy storage capacity for African mines.
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 one of the
largest known and highest-quality graphite deposits globally, and
the only one with SuperFlake® graphite. Construction of
Phase 1 of the Molo Project is underway, with commissioning
expected in Q2 2022.
NextSource
Materials is listed on the Toronto Stock Exchange (TSX) under the
symbol “NEXT” and on the OTCQB under the symbol
“NSRCF".
ABOUT CROSSBOUNDARY ENERGY
CrossBoundary
Energy was launched by the CrossBoundary Group in 2015 as
Sub-Saharan Africa's first provider of fully financed
commercial-industrial solar solutions.
It
currently operates in over 10 African countries and has a portfolio
of over $100M of renewable energy infrastructure projects across
the continent. CBE’s customers include leading local
manufacturers and multinational corporates such as Diageo, Eramet,
Heineken, Rio Tinto, and Unilever.
CrossBoundary
Energy is funded by ARCH Emerging Markets Partners' Africa
Renewable Power Fund (ARCH ARPF).
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 Project, the inclusion of
Hybridized Solar-Thermal Energy via an agreement with a PPA,
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.