NextSource Materials anticipates that its shares will begin trading on the Toronto Stock Exchange (TSX) and the U.S OTC Market Group (OTCQB) under the new name and ticker symbols upon the opening of the markets on 24 April 2017.
The company is expected to shortly complete the detailed engineering study on its Molo graphite project, the new brand identity signifies an important shift in the evolution of the company from an exploration-stage company into a mine-development company.
The name change was approved by stockholders at the annual general meeting of the stockholders of the company held on 19 December 2016 and has been conditionally approved by the TSX.
As part of the rebrand, a newly designed corporate website will launch on 24 April to coincide with the commencement of the company’s common shares trading under the new ticker symbol “NEXT” on the TSX. The new domain name will be www.nextsourcematerials.com
The company’s decision to change its name to NextSource Materials was done firstly, to better reflect the evolution of the company from an exploration-stage company into a mine-development company.
Secondly, it is to better reflect the company’s 100%-ownership of completely separate and stand-alone graphite and vanadium deposits, both of which the company considers as strategic “energy minerals” for batteries for the electric vehicle and large-scale energy storage markets.
The global quest to efficiently harness renewable energy into a battery has been described as the “holy grail” of energy storage and the growth opportunities for efficient energy storage systems are substantial.
The company has always believed in the market demand for both graphite and vanadium, as these “energy” minerals are key materials in battery chemistries for large-scale energy storage systems.
This was evident in 2010 when the company put the development activities of its Green Giant vanadium project on hold to focus its efforts exclusively on advancing the Molo graphite project based on the high-growth demand forecasts for flake graphite and on the lower capital and operating costs required to bring a flake graphite mine into production as compared to a vanadium mine.
Although the development of the Molo graphite project into a mine will remain the primary focus of the company, it continues to believe strongly in the market potential of vanadium redox flow batteries, a leading technology for large-scale megawatt energy storage systems.
In particular, it believes in the off-take potential for a high-purity vanadium pentoxide concentrate from its Green Giant vanadium project, which is a key precursor material to produce the electrolyte that powers a vanadium redox flow battery.
Serendipitously, the two main material inputs in a vanadium redox flow battery are vanadium and flake graphite.
As such, the new name NextSource Materials exemplifies the company’s ambitious goal of providing the next source of strategic battery materials that will change the world.