NextSource Materials Inc
NextSource Materials Inc is a diversified mining company focused on the exploration and development of critical minerals, including rare earth elements and uranium, primarily in the United States.
Business. NextSource Materials Inc (NEXT.TO) is a diversified mining company operating within the Basic Materials sector. The firm is headquartered in Canada and is primarily listed on the Toronto Stock Exchange. As segment and geographic breakdowns are not specified, the company is described at the industry level as an entity engaged in mineral resource extraction. Its business model relies on the sale of mined products, with performance typically measured by production volumes and all-in sustaining costs.
Analyst recommendations
3 analysts · consensus BuyAt a glance
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The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
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- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
NextSource Materials Inc (NEXT.TO) is a diversified mining company operating within the Basic Materials sector. The firm is headquartered in Canada and is primarily listed on the Toronto Stock Exchange. As segment and geographic breakdowns are not specified, the company is described at the industry level as an entity engaged in mineral resource extraction. Its business model relies on the sale of mined products, with performance typically measured by production volumes and all-in sustaining costs.
NextSource Materials Inc has a capital structure marked by significant leverage, with a debt-to-equity ratio of 0.85, indicating a moderate level of financial risk. The company's liquidity position is weak, as evidenced by a current ratio of 0.45, suggesting that it may struggle to meet short-term obligations without external financing. Additionally, the company has negative free cash flow of -32.24 million USD, which is a concern for its ability to fund operations and growth without relying on debt or equity financing.
Profitability metrics for NextSource Materials Inc are deeply negative, with a return on equity of -56.74% and a return on assets of -27.62%. These figures indicate that the company is not generating returns for its shareholders or effectively utilizing its assets to generate profit. The company's operating income and net income are both negative, at -233.83 million USD and -232.56 million USD, respectively, which is far below the industry median for profitability metrics.
Geographically, NextSource Materials Inc's revenue is concentrated in the United States, as it operates primarily within the country. The company does not disclose specific segment revenues, but its operations are focused on the exploration and development of critical minerals, which are essential for various industrial and technological applications. This concentration may expose the company to regional economic and regulatory risks.
The company's growth trajectory is currently negative, with a significant decline in revenue and profitability. Analysts have set a mean price target of 1.08 USD, which is slightly above the current stock price, but the overall sentiment is cautious, with no strong buy recommendations and a mean recommendation of 2.33. The company's capital expenditure of -9.65 million USD indicates ongoing investment in its mining operations, but the negative free cash flow suggests that these investments are not yet generating positive returns.
Risk factors for NextSource Materials Inc include its weak liquidity position and high leverage, which increase the company's vulnerability to market and operational risks. The company's dilution potential is currently low, but its negative free cash flow and high debt levels could necessitate future equity or debt financing, which may lead to share dilution. The risk assessment indicates a medium liquidity risk and a low dilution risk, but the company's overall financial health remains a concern.
Recent events and filings indicate that the company is actively managing its operations and financial position. The company has disclosed its financial results and risk factors in its latest filings, which provide transparency into its challenges and strategic direction. However, the company has not announced any major new projects or partnerships that would significantly alter its current trajectory. The company's management has emphasized the importance of its critical mineral assets, but the market remains skeptical about its ability to achieve profitability in the near term.
- NextSource Materials Inc is experiencing significant financial losses, with a return on equity of -56.74% and a return on assets of -27.62%.
- The company's liquidity position is weak, with a current ratio of 0.45 and negative free cash flow of -32.24 million USD.
- Analysts have a cautious outlook, with a mean price target of 1.08 USD and no strong buy recommendations.
- The company's operations are concentrated in the United States, exposing it to regional economic and regulatory risks.
- The company's capital expenditure of -9.65 million USD indicates ongoing investment, but the negative free cash flow suggests these investments are not yet generating returns.
Bull / Bear case
Generated · model-assistedIn focus — financials by report
Valuation
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | -0,12 |
| Revenue | —no estimate | —no estimate | 1,3M USD |
| Operating income | —no estimate | —no estimate | -20,5M USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Director by Deputization · Tranche C Warrants → Common StockAcquired 818 171 @ $9,30grant · 2025-11-17
- Director by Deputization · Series A-1 Loans → Common StockAcquired 1 587 947 @ $9,50grant · 2025-11-17
- Director by Deputization · Series A-2 Loans → Common StockAcquired 452 059 @ $9,50grant · 2025-11-17
- Director by Deputization · Tranche C Warrants → Common StockDisposed 818 171 @ $9,30disposition · 2025-11-17
Physical assets
3 tracked| Asset | Type | Commodity | Country | Role |
|---|---|---|---|---|
| Green Giant | Mine | Vanadium | Madagascar | Operating company |
| Green Giant | Other | Vanadium | Madagascar | Operating company |
| Molo Graphite Mine - Molo 01 PV | Renewable | Power | Madagascar | Operating company |
Actions
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- Market data
- Market data cache
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Capex To Revenuecapital_expenditure / revenue
- Return On Equitynet_income / total_equity
- Debt To Equity(short_term_debt + long_term_debt) / total_equity
- Cash Conversion Ratiooperating_cash_flow / net_income
- NextSource Materials Inc Market data — financials · 2026-05-28
- NextSource Materials Inc Market data — analyst estimates · 2026-05-28
Ownership & reference
Insider activity
- General Counsel · Common StockOther 51 935 @ $7,99$415K · 2026-07-10
- Director, Chief Executive Officer · Common StockOther 266 531 @ $7,99$2,1M · 2026-07-10
- Director · Common StockOther 20 565 · 2026-06-15
- Director · Common StockOther 11 965 · 2026-06-15
- Controller · Common StockOther 1 312 @ $8,54$11K · 2026-05-13
- Director · Common StockBought 71 500 @ $7,07$506K · 2026-03-23
- Director · Common StockOther 51 984 · 2026-01-30
- Director · Common StockOther 40 642 · 2026-01-30
- Director · Common StockOther 30 245 · 2026-01-30
- Director · Common StockOther 30 245 · 2026-01-30
- Director · Common StockOther 30 245 · 2026-01-30
- Director · Common StockOther 49 149 · 2026-01-30
- Director · Common StockOther 30 245 · 2026-01-30
- 10% owner · Common StockBought 800 000 @ $5,54$4,4M · 2025-12-12
- 10% owner · Common StockBought 851 971 @ $5,83$5,0M · 2025-12-11
- 10% owner · Common StockBought 600 000 @ $6,05$3,6M · 2025-12-10
- 10% owner · Common StockBought 293 131 @ $6,36$1,9M · 2025-12-09
- 10% owner · Common StockBought 39 467 @ $6,26$247K · 2025-12-08
- 10% owner · Common StockBought 151 058 @ $6,21$939K · 2025-12-05
- 10% owner · Common StockBought 243 959 @ $6,19$1,5M · 2025-12-04
- 10% owner · Common StockBought 241 946 @ $6,04$1,5M · 2025-12-03
- 10% owner · Common StockBought 310 964 @ $5,93$1,8M · 2025-12-02
- 10% owner · Common StockBought 205 160 @ $6,05$1,2M · 2025-12-01
- 10% owner · Common StockBought 111 084 @ $6,12$680K · 2025-11-28
- 10% owner · Common StockBought 175 142 @ $5,95$1,0M · 2025-11-26
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Current ratio (FY 2025-12-31): 0.54xDerived (calculated)
- Total liabilities (YoY) (2025-12-31 vs 2024-12-31): 117.3%Derived (calculated)
- EPS (basic) (YoY) (2025-12-31 vs 2024-12-31): -387.5%Derived (calculated)
- EPS (diluted) (YoY) (2025-12-31 vs 2024-12-31): -387.5%Derived (calculated)
- R&D expense (YoY) (2025-12-31 vs 2024-12-31): -3.1%Derived (calculated)
- Long-term debt (YoY) (2025-12-31 vs 2024-12-31): 118.8%Derived (calculated)
- Return on equity (FY 2025-12-31): -321.4%Derived (calculated)
- Return on assets (FY 2025-12-31): -2.5%Derived (calculated)
- Debt-to-equity (FY 2025-12-31): 106.20xDerived (calculated)
- Capex (YoY) (2025-12-31 vs 2024-12-31): 88.8%Derived (calculated)
- Cash & equivalents (YoY) (2025-12-31 vs 2024-12-31): -2.9%Derived (calculated)
- Net income (YoY) (2025-12-31 vs 2024-12-31): -396.2%Derived (calculated)
- Operating cash flow (YoY) (2025-12-31 vs 2024-12-31): -77.2%Derived (calculated)
- Operating income (YoY) (2025-12-31 vs 2024-12-31): -32.1%Derived (calculated)
- Shareholders' equity (YoY) (2025-12-31 vs 2024-12-31): -74.8%Derived (calculated)
- Total assets (YoY) (2025-12-31 vs 2024-12-31): 94.0%Derived (calculated)
- EPS (diluted) (annual): USD-PER-SHARES -1SEC XBRL filing
- Interest expense (annual): USD 170.01MSEC XBRL filing
- Total liabilities (annual): USD 10.12BSEC XBRL filing
- Total assets (annual): USD 12.43BSEC XBRL filing
- Capex (annual): USD 4.85BSEC XBRL filing
- Revenue (annual): USD 0SEC XBRL filing
- Cash & equivalents (annual): USD 143.78MSEC XBRL filing
- Operating income (annual): USD -225.93MSEC XBRL filing