NextSource Materials Expands Funding Facility for UAE Anode Development

NextSource Materials Inc. has announced an increase in its drawdown credit facility with Vision Blue Resources Limited, extending it by an additional US$10 million. This expansion supports the development of the company's battery anode facility in the United Arab Emirates. The additional funding from Vision Blue enhances financial flexibility, facilitating further technical progress and investor negotiations.

The credit facility, initially valued at up to US$20 million, now has the potential to reach US$30 million. With the new tranche set at US$5 million, interest accrues at 15% per annum, and the loan remains repayable on demand. Vision Blue holds a 47.68% stake in NextSource, making this a related party transaction. The facility was approved by the board, excluding Vision Blue's director, Sir Mick Davis.