NextSource Materials Inc. announced it has finalized a binding agreement ("the Partnership") to construct and operate a value-added, battery anode facility ("BAF") to produce spheronized and purified graphite ("SPG") required in lithium-ion batteries for electric vehicle ("EV") and hybrid vehicle ("HEV") applications. The Partnership is exclusive to NextSource and pairs the Company with two well-established and leading companies that process and supply SPG to leading Japanese anode and battery makers, who in turn supply the Tesla supply chain and other major automotive companies ("OEMs"). This three-way Partnership will provide NextSource with a complete, turn-key anode facility that is an exact duplicate of the facility that is currently processing value-added spheronized and purified graphite for lithium-ion batteries by one of current suppliers to Tesla and other international OEMs. Commissioning of the BAF is targeted for Fourth Quarter 2022 and will be located proximal to key demand markets for graphite anode material. South Africa, Europe and North America are the jurisdictions currently being considered for the location of the facility.