# NextSource Materials Announces Updated Feasibility Study Results for Molo Mine Expansion to 150k tpa of SuperFlake\(R\) Graphite Concentrate Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d Original source: https://money.tmx.com/en/quote/NEXT/news/7501523320743351/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e Publisher: tmx Original announcement: 2026-07-27T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: NextSource Materials Inc. - Ticker: NEXT - Exchange: TSX - Region: Madagascar - Primary commodity: Graphite - Secondary commodities: None reported - Document categories: Resource update, Metallurgy - Extracted: 2026-09-12 14:31:48 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary NextSource Materials announced positive results from an updated Feasibility Study for its Molo Graphite Mine expansion in Madagascar, targeting 150,000 tonnes per annum of SuperFlake® graphite concentrate over a 37-year life of mine. The study reports a pre-tax NPV of US$402.5 million and a pre-tax IRR of 21.0%, with a high overall graphite recovery of 92.0%. However, the company highlighted a new regulatory risk from the Government of Madagascar regarding a potential minimum 10% non-dilutable State participation, which could materially impact the project's economics. Reasoning: The updated Feasibility Study confirms the strong economic viability and technical robustness of expanding the Molo Graphite Mine to 150 ktpa, supported by high recovery and substantial resources/reserves. However, new regulatory risks in Madagascar regarding State participation introduce material uncertainty and potential adverse effects on the project's economics, tempering the overall positive outlook. - Positive factor: Positive economic metrics \(NPV, IRR\) from the Feasibility Study - Positive factor: Significant increase in production capacity to 150 ktpa - Positive factor: High overall graphite recovery of 92.0% - Positive factor: Substantial Measured and Indicated Mineral Resources and Proven and Probable Reserves - Positive factor: Feasibility Study prepared by independent consultants and Qualified Persons - Positive factor: Staged expansion approach designed to reduce operating risk and financing costs - Negative factor: Significant regulatory risk from the Government of Madagascar regarding potential minimum 10% non-dilutable State participation - Negative factor: Potential material adverse effect on project economics due to free-carried State interest - Negative factor: Uncertainty regarding timing and implementation of expansion due to regulatory changes - Negative factor: Inferred material \(2,520 kt\) included in the Life of Mine production schedule, which carries lower confidence Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 18 ## Classification and evidence **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The document reports 'Measured Mineral Resources of 23.51 Mt at 6.31% Cg.', indicating the highest confidence category for a portion of the resource. Evidence · text > Measured Mineral Resources of 23.51 Mt at 6.31% Cg. **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The document reports 'Indicated Mineral Resources of 76.75 Mt at 6.25% Cg.', indicating a reasonable level of geological confidence for a significant portion of the resource. Evidence · text > Indicated Mineral Resources of 76.75 Mt at 6.25% Cg. **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports 'Proven Reserves Total 21,356 kt' at 6.39% Cg, indicating a high-confidence, economically viable reserve. Evidence · table > 21,356 Context: Proven Reserves **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports 'Probable Reserves Total 61,228 kt' at 6.23% Cg, indicating an economically viable reserve with good confidence. Evidence · table > 61,228 Context: Probable Reserves **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The release explicitly states that 'Scientific and technical information presented in this press release was reviewed and approved by the following Qualified Persons as defined under NI 43-101'. Evidence · text > Scientific and technical information presented in this press release was reviewed and approved by the following Qualified Persons as defined under NI 43-101 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource and reserve estimates are stated to be prepared by 'Qualified Persons as defined under NI 43-101'. Evidence · text > Qualified Persons as defined under NI 43-101 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The document clearly states cut-off grades for different material types, such as 'Low-Grade' Resources at 2% Cg and 'High-Grade' Resources at 4% Cg, and a Reserve cut-off grade of 3% Cg. Evidence · text > "Low-Grade" Resources are stated at a cut-off grade of 2% Cg. \(5\) "High-Grade" Resources are stated at a cut-off grade of 4% Cg. \(7\) Assumes a Reserve cut-off grade of 3% Cg has been applied **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces 'Updated Feasibility Study Results' which includes updated Mineral Resource and Reserve Estimates. Evidence · text > Updated Feasibility Study Results **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The document is an 'updated Technical Feasibility Study', which is equivalent to a Definitive Feasibility Study \(DFS\) and supports project development. Evidence · text > updated Technical Feasibility Study **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The document reports 'Inferred Mineral Resources of 40.91 Mt at 5.78% Cg.', which is a speculative category with limited geological confidence. Evidence · text > Inferred Mineral Resources of 40.91 Mt at 5.78% Cg. **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: The Life of Mine production schedule includes 2,520 kt of inferred material, which has lower confidence and can dilute the overall resource quality. Evidence · text > Over the life of the mine, 2,520 kt \(4.5% of the total ore tonnes in the ROM production schedule\) of inferred material above this cut-off has been included in the life of mine production schedule. **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The overall graphitic carbon recovery into the final concentrate is reported as 92.0%, which is an exceptional recovery for graphite flotation. Evidence · text > The overall graphitic carbon recovery into the final concentrate is 92.0% **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The metallurgical test work included 'a bulk sample/pilot plant program', indicating a high level of test maturity. Evidence · text > a bulk sample/pilot plant program **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: The metallurgical program included 'metallurgical optimization and variability program', suggesting testing across different ore characteristics. Evidence · text > metallurgical optimization and variability program **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The document refers to 'processing operation' and 'processing modules' to produce 'concentrate', implying a conventional mill-based processing route like flotation. Evidence · text > processing operation ## Extracted facts Stored fact records: 18. Some facts used in scoring do not have a stored record. ## Resource Estimates (13) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-resource-facts-0) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Resource scope - Estimate type: resource - Effective date: 2025-03-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Keith Wilson, Damian Pianta, Jeremy Tape, Greg Gold, Philip John Hancox, Desmond Subramani, Oliver Peters, Clive Brown, Andreas Savvas, Alkie Marais - Resource group id: resource:305617c0ee14310bf758 - Material type: Low-Grade - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 13025000 - Grade: 4.64 - Grade Unit: % Cg - Contained Metal: 604 - Contained Unit: kt - Cutoff Grade: 2 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2025-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The Measured Low-Grade resource provides high confidence tonnage and grade, contributing positively to the project's economic viability, despite the regulatory uncertainty. - Positive factor: High confidence Measured category - Positive factor: Good grade for graphite - Positive factor: Supports mine plan - Negative factor: Regulatory risk in Madagascar Evidence · table > 4.64 Context: 13,025 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-resource-facts-1) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Resource scope - Estimate type: resource - Effective date: 2025-03-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Keith Wilson, Damian Pianta, Jeremy Tape, Greg Gold, Philip John Hancox, Desmond Subramani, Oliver Peters, Clive Brown, Andreas Savvas, Alkie Marais - Resource group id: resource:f70cd64abe634629656d - Material type: High-Grade - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 10480000 - Grade: 8.4 - Grade Unit: % Cg - Contained Metal: 880 - Contained Unit: kt - Cutoff Grade: 4 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2025-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The Measured High-Grade resource represents a significant, high-quality component of the project, enhancing its economic potential despite the regulatory risks. - Positive factor: High confidence Measured category - Positive factor: Excellent high-grade graphite - Positive factor: Supports mine plan - Negative factor: Regulatory risk in Madagascar Evidence · table > 8.40 Context: 10,480 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-resource-facts-2) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Resource scope - Estimate type: resource - Effective date: 2025-03-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Keith Wilson, Damian Pianta, Jeremy Tape, Greg Gold, Philip John Hancox, Desmond Subramani, Oliver Peters, Clive Brown, Andreas Savvas, Alkie Marais - Resource group id: resource:3ef09cfd61ebf444236e - Material type: Total - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 23505000 - Grade: 6.31 - Grade Unit: % Cg - Contained Metal: 1484 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The total Measured resource provides a strong foundation for the project, indicating a high level of geological confidence and economic potential, despite external regulatory challenges. - Positive factor: Substantial Measured resource base - Positive factor: Good average grade for graphite - Positive factor: High confidence category - Negative factor: Regulatory risk in Madagascar Evidence · table > 6.31 Context: 23,505 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-resource-facts-3) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Resource scope - Estimate type: resource - Effective date: 2025-03-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Keith Wilson, Damian Pianta, Jeremy Tape, Greg Gold, Philip John Hancox, Desmond Subramani, Oliver Peters, Clive Brown, Andreas Savvas, Alkie Marais - Resource group id: resource:6b958b4e09d4c401f3b9 - Material type: Low-Grade - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 39539000 - Grade: 4.73 - Grade Unit: % Cg - Contained Metal: 1871 - Contained Unit: kt - Cutoff Grade: 2 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2025-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The Indicated Low-Grade resource adds significant tonnage with good confidence, supporting the project's long-term potential, though with inherent risks of the category and jurisdiction. - Positive factor: Indicated resource category provides good geological confidence - Positive factor: Good grade for graphite - Negative factor: Lower confidence than Measured resources - Negative factor: Regulatory risk in Madagascar Evidence · table > 4.73 Context: 39,539 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-resource-facts-4) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Resource scope - Estimate type: resource - Effective date: 2025-03-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Keith Wilson, Damian Pianta, Jeremy Tape, Greg Gold, Philip John Hancox, Desmond Subramani, Oliver Peters, Clive Brown, Andreas Savvas, Alkie Marais - Resource group id: resource:3b0b3452a19bea68752e - Material type: High-Grade - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 37207000 - Grade: 7.86 - Grade Unit: % Cg - Contained Metal: 2925 - Contained Unit: kt - Cutoff Grade: 4 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2025-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The Indicated High-Grade resource significantly contributes to the project's overall value, offering substantial high-quality material with good geological confidence, despite the regulatory environment. - Positive factor: Indicated resource category provides good geological confidence - Positive factor: High-grade graphite material - Negative factor: Lower confidence than Measured resources - Negative factor: Regulatory risk in Madagascar Evidence · table > 7.86 Context: 37,207 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-resource-facts-5) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Resource scope - Estimate type: resource - Effective date: 2025-03-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Keith Wilson, Damian Pianta, Jeremy Tape, Greg Gold, Philip John Hancox, Desmond Subramani, Oliver Peters, Clive Brown, Andreas Savvas, Alkie Marais - Resource group id: resource:07154073b726a2c2fc67 - Material type: Total - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 76746000 - Grade: 6.25 - Grade Unit: % Cg - Contained Metal: 4796 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The total Indicated resource provides a significant and well-defined portion of the project's mineral inventory, supporting future development plans, despite the regulatory risks. - Positive factor: Substantial Indicated resource base - Positive factor: Good average grade for graphite - Positive factor: Good geological confidence - Negative factor: Regulatory risk in Madagascar Evidence · table > 6.25 Context: 76,746 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-resource-facts-6) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Resource scope - Estimate type: resource - Effective date: 2025-03-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Keith Wilson, Damian Pianta, Jeremy Tape, Greg Gold, Philip John Hancox, Desmond Subramani, Oliver Peters, Clive Brown, Andreas Savvas, Alkie Marais - Resource group id: resource:9e9d7d67a4968622bbda - Material type: Total Measured + Indicated - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 100250000 - Grade: 6.26 - Grade Unit: % Cg - Contained Metal: 6280 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The combined Measured and Indicated resource represents a robust and substantial mineral inventory, providing a strong basis for the project's expansion and long-term operations, despite the regulatory uncertainties. - Positive factor: Very large Measured and Indicated resource base - Positive factor: Good average grade for graphite - Positive factor: High geological confidence for economic studies - Negative factor: Regulatory risk in Madagascar Evidence · table > 6.26 Context: 100,250 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-resource-facts-7) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Resource scope - Estimate type: resource - Effective date: 2025-03-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Keith Wilson, Damian Pianta, Jeremy Tape, Greg Gold, Philip John Hancox, Desmond Subramani, Oliver Peters, Clive Brown, Andreas Savvas, Alkie Marais - Resource group id: resource:50f3ad34f4fac2f8a4da - Material type: Low-Grade - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 24233000 - Grade: 4.46 - Grade Unit: % Cg - Contained Metal: 1081 - Contained Unit: kt - Cutoff Grade: 2 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2025-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The Inferred Low-Grade resource provides exploration upside but requires further drilling to upgrade confidence, and its inclusion in the LOM production schedule introduces risk. - Positive factor: Adds potential for future resource conversion - Positive factor: Good grade for graphite - Negative factor: Inferred category has lowest confidence - Negative factor: Cannot be used for economic studies without further drilling - Negative factor: Regulatory risk in Madagascar Evidence · table > 4.46 Context: 24,233 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-resource-facts-8) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Resource scope - Estimate type: resource - Effective date: 2025-03-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Keith Wilson, Damian Pianta, Jeremy Tape, Greg Gold, Philip John Hancox, Desmond Subramani, Oliver Peters, Clive Brown, Andreas Savvas, Alkie Marais - Resource group id: resource:a8b6bddf970aa89b0710 - Material type: High-Grade - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 16681000 - Grade: 7.7 - Grade Unit: % Cg - Contained Metal: 1285 - Contained Unit: kt - Cutoff Grade: 4 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2025-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The Inferred High-Grade resource represents significant future potential but requires further de-risking through additional drilling and is subject to regulatory uncertainties. - Positive factor: High-grade material offers significant upside potential - Positive factor: Adds potential for future resource conversion - Negative factor: Inferred category has lowest confidence - Negative factor: Cannot be used for economic studies without further drilling - Negative factor: Regulatory risk in Madagascar Evidence · table > 7.70 Context: 16,681 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-resource-facts-9) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Resource scope - Estimate type: resource - Effective date: 2025-03-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Keith Wilson, Damian Pianta, Jeremy Tape, Greg Gold, Philip John Hancox, Desmond Subramani, Oliver Peters, Clive Brown, Andreas Savvas, Alkie Marais - Resource group id: resource:2a3cb6267b910da1470d - Material type: Total - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 40914000 - Grade: 5.78 - Grade Unit: % Cg - Contained Metal: 2366 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The total Inferred resource provides substantial future potential but its low confidence category and inclusion in the LOM production schedule represent a notable risk, compounded by regulatory uncertainties. - Positive factor: Adds significant potential tonnage for future growth - Positive factor: Good average grade for graphite - Negative factor: Inferred category has lowest confidence and cannot support economic studies - Negative factor: Inclusion of inferred material in LOM production schedule adds risk - Negative factor: Regulatory risk in Madagascar Evidence · table > 5.78 Context: 40,914 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-resource-facts-10) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Resource scope - Estimate type: reserve - Effective date: 2025-03-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Keith Wilson, Damian Pianta, Jeremy Tape, Greg Gold, Philip John Hancox, Desmond Subramani, Oliver Peters, Clive Brown, Andreas Savvas, Alkie Marais - Resource group id: resource:76eeb9ae240fc0a29e1e - Material type: Total - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 21356000 - Grade: 6.39 - Grade Unit: % Cg - Contained Metal: 1365 - Contained Unit: kt - Cutoff Grade: 3 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2025-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The Proven Reserve represents a highly confident and economically viable portion of the project, providing a strong basis for financing and development, despite the regulatory risks. - Positive factor: Highest confidence Proven Reserve category - Positive factor: Good grade for graphite - Positive factor: Demonstrates economic viability - Negative factor: Regulatory risk in Madagascar Evidence · table > 6.39 Context: 21,356 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-resource-facts-11) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Resource scope - Estimate type: reserve - Effective date: 2025-03-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Keith Wilson, Damian Pianta, Jeremy Tape, Greg Gold, Philip John Hancox, Desmond Subramani, Oliver Peters, Clive Brown, Andreas Savvas, Alkie Marais - Resource group id: resource:78ca30c20fd62c5fd245 - Material type: Total - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 61228000 - Grade: 6.23 - Grade Unit: % Cg - Contained Metal: 3815 - Contained Unit: kt - Cutoff Grade: 3 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2025-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The Probable Reserve adds substantial economically viable material, providing a strong basis for the project's expansion and long-term operations, despite the regulatory risks. - Positive factor: High confidence Probable Reserve category - Positive factor: Good grade for graphite - Positive factor: Demonstrates economic viability - Negative factor: Regulatory risk in Madagascar Evidence · table > 6.23 Context: 61,228 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-resource-facts-12) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Resource scope - Estimate type: reserve - Effective date: 2025-03-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Keith Wilson, Damian Pianta, Jeremy Tape, Greg Gold, Philip John Hancox, Desmond Subramani, Oliver Peters, Clive Brown, Andreas Savvas, Alkie Marais - Resource group id: resource:4813fe801c2d955d44eb - Material type: Total - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 82584000 - Grade: 6.27 - Grade Unit: % Cg - Contained Metal: 5181 - Contained Unit: kt - Cutoff Grade: 3 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2025-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The total Reserve estimate confirms a large, economically viable portion of the project, providing a strong foundation for the planned expansion, despite the regulatory risks. - Positive factor: Substantial total Reserve base - Positive factor: Good average grade for graphite - Positive factor: Demonstrates overall economic viability - Negative factor: Regulatory risk in Madagascar Evidence · table > 6.27 Context: 82,584 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (5) ### pilot plant [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-metallurgical-facts-13) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: flotation - Sample: overall graphitic carbon #### Recovery - Recovery: 92 % - Recovery Basis: actual\_test - Head Grade: 6.27 - Head Grade Unit: % Cg - Conc. Grade: 97 - Conc. Grade Unit: % Cg - Mass Pull: 5.9 % #### Lab - Laboratory: SGS Canada Metallurgical Services Inc. - Consultant: Stantec Consulting International Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The high overall graphite recovery of 92.0% from pilot plant testwork is a strong positive, indicating efficient processing and supporting the project's economic viability, despite external regulatory risks. - Positive factor: Exceptional graphite recovery for the processing route - Positive factor: Pilot scale testwork provides high confidence - Positive factor: High concentrate grade achieved - Negative factor: Regulatory risk in Madagascar Evidence · table > 92.0% Context: Recovery: Cg \(% wt:wt\) #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-metallurgical-facts-14) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: flotation - Sample: +50 mesh product #### Recovery - Recovery Basis: unspecified - Conc. Grade: 97.1 - Conc. Grade Unit: % Cg #### Lab - Laboratory: SGS Canada Metallurgical Services Inc. - Consultant: Stantec Consulting International Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The high concentrate grade for the +50 mesh product indicates a valuable, high-quality graphite product, enhancing marketability despite regulatory uncertainties. - Positive factor: High concentrate grade for large flake graphite - Positive factor: Supports premium product sales - Negative factor: Regulatory risk in Madagascar Evidence · table > 97.1 Context: +50 mesh #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-metallurgical-facts-15) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: flotation - Sample: -50 to +80 mesh product #### Recovery - Recovery Basis: unspecified - Conc. Grade: 96.9 - Conc. Grade Unit: % Cg #### Lab - Laboratory: SGS Canada Metallurgical Services Inc. - Consultant: Stantec Consulting International Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The high concentrate grade for the -50 to +80 mesh product indicates a valuable, high-quality graphite product, enhancing marketability despite regulatory uncertainties. - Positive factor: High concentrate grade for medium flake graphite - Positive factor: Supports premium product sales - Negative factor: Regulatory risk in Madagascar Evidence · table > 96.9 Context: -50 to +80 mesh #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-metallurgical-facts-16) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: flotation - Sample: -80 to +100 mesh product #### Recovery - Recovery Basis: unspecified - Conc. Grade: 97.4 - Conc. Grade Unit: % Cg #### Lab - Laboratory: SGS Canada Metallurgical Services Inc. - Consultant: Stantec Consulting International Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The high concentrate grade for the -80 to +100 mesh product indicates a valuable, high-quality graphite product, enhancing marketability despite regulatory uncertainties. - Positive factor: High concentrate grade for fine flake graphite - Positive factor: Supports premium product sales - Negative factor: Regulatory risk in Madagascar Evidence · table > 97.4 Context: -80 to +100 mesh #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-extractions.minestarters.com/news/nextsource-materials-announces-updated-feasibility-study-results-for-molo-mine-e--09df0262-6acd-4d2e-b814-25a6a71d1b5d#fact-metallurgical-facts-17) Molo Graphite Mine Project · graphite #### Identity - Project: Molo Graphite Mine Project - Commodity: graphite - Region: madagascar - Reported Region: Madagascar - Ticker: NEXT #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: flotation - Sample: -100 mesh product #### Recovery - Recovery Basis: unspecified - Conc. Grade: 97.8 - Conc. Grade Unit: % Cg #### Lab - Laboratory: SGS Canada Metallurgical Services Inc. - Consultant: Stantec Consulting International Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: The high concentrate grade for the -100 mesh product indicates a valuable, high-quality graphite product, enhancing marketability despite regulatory uncertainties. - Positive factor: High concentrate grade for fine flake graphite - Positive factor: Supports premium product sales - Negative factor: Regulatory risk in Madagascar Evidence · table > 97.8 Context: -100 mesh #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.