NextSource Materials Inc. (TSX:NEXT, OTCQB:NSRCF) told investors it has agreed with Mitsubishi Chemical Corporation to extend the timetable tied to their multi-year anode active material offtake, giving the battery materials group more time to hit key build-and-startup milestones for its planned UAE Battery Anode Facility.
The companies said the extension runs through July 31, 2027 and leaves the commercial foundations intact. That includes the 9,000 tonnes per annum AAM volume, existing commitments and the established pricing framework.
NextSource said the revised schedule provides added flexibility to satisfy the financing, construction, commissioning and first production milestones for the UAE facility.
It also pointed to its recently completed C$25 million public offering as supporting detailed engineering, site development and the project financing process.
Under the broader arrangement announced in August 2025, NextSource is set to supply intermediate AAM to Mitsubishi’s plant in Japan, where Mitsubishi would produce final AAM for a major automotive OEM’s EV battery cell manufacturing facilities in North America.
NextSource said it is working toward a targeted Final Investment Decision by the end of March 2026.