By Robb M. Stewart

NextSource Materials Chief Financial Officer Jaco Crouse resigned after accepting a senior role with another organization, the Canadian battery materials company said Monday.

NextSource, whose Molo graphite project in Madagascar is estimated to be one of the largest known graphite resources globally, said it was working with Crouse to ensure an orderly handover. Cruse, who has been finance chief at the Toronto-based company since 2024, will remain employed for up to four months.

The company said it is searching for a new chief financial officer with help from external advisers.

NextSource on Monday said it has signed a binding agreement with Syrah Resources for the supply of natural graphite fines for its planned battery anode facility in Abu Dhabi, a move NextSource expects to reduce operational risk and support the ramp-up and potential expansion of the facility.

Under the terms of the agreement, NextSource will source a minimum of about 34,000 metric tons and up to 68,000 tons of natural graphite fines in total over a seven-year period, with annual committed and optional volumes subject to certain conditions being satisfied.

The company said pricing is expected to be determined quarterly and by referencing an independently reported natural graphite fines price index, with adjustments for product grade and shipping costs.

NextSource has been stockpiling concentrate from its Molo mine and said it has ample inventory to fulfil the volumes of anode active material needed under a binding offtake agreement with Mitsubishi Chemical well into 2028. The Mitsubishi agreement is for the supply of about 9,000 tons a year of anode active material over a multi-year period.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

March 02, 2026 09:19 ET (14:19 GMT)

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