TORONTO, ON / ACCESS Newswire / January 7, 2026 / NextSource Materials Inc. (TSX:NEXT) ("NextSource" or the "Company") is pleased to announce that the first shipment of equipment for its proposed Battery Anode Facility ("BAF") has arrived in Abu Dhabi in the United Arab Emirates ("UAE"), marking a significant milestone in advancing the Company's downstream valueadd strategy. The shipment consists of longlead items for anode processing which the Company has previously procured. ...

Company Overview - NextDecade Corporation is an energy infrastructure developer focusing on LNG export and carbon capture solutions, leveraging its Rio Grande LNG terminal to meet the increasing global demand for cleaner energy and emissions reduction [7][11]. Recent Transaction - Hanwha Aerospace Co. Ltd. acquired 1,651,971 shares of NextDecade Corporation on December 11 and 12, 2025, for a total of $9,399,378.49 at an average price of $5.69 per share, representing 3.90% of Hanwha's total holdings prior to the trade [5][8]. - This acquisition accounted for 6.67% of Hanwha Aerospace's direct holdings before the transaction, indicating a strategic investment into direct ownership [2]. Ownership Structure - Post-transaction, Hanwha Aerospace's direct holdings increased to 26,420,222 shares, while indirect holdings through Hanwha Ocean LLC remained at 17,536,369 shares, maintaining a diversified ownership profile [3]. Market Context - The acquisition occurred when NextDecade shares were priced at $5.69, close to a recent low of $5.46, with the stock down 16.46% over the past year, suggesting an opportunistic investment amid market weakness [1]. Strategic Implications - The recent share purchase appears to be more about securing a potential LNG supply rather than anticipating immediate stock price appreciation, as NextDecade has not reported any revenue and incurred $180 million in operating expenses in the first nine months of 2025 [9][10].

It has not been a smooth ride for natural gas liquefier NextDecade Corporation ( NEXT ), whose shares have declined 24.22% year-over-year (YoY) and 33.46% year-to-date (YTD). However, what caught my eye is that the company has been growing its cash reserves atI have more than five years experience in the financial industry. I focus mostly in the commodities, foreign exchange and cryptocurrencies. I also write on general issues like equity research, economics and geopolitics.Fellow contributor Crispus Nyaga ...

It engages in development activities related to the liquefaction and sale of LNG, as well as carbon capture and storage projects for industrial clients.NextDecade develops liquefied natural gas (LNG) export infrastructure and carbon capture and storage (CCS) projects, with a focus on the Rio Grande LNG terminal in Texas.What is the significance of the unchanged indirect holdings reported in the filing? Indirect holdings of 17,536,369 shares, attributed to Hanwha Ocean LLC, were not affected by this transact ...

Core Insights - NextDecade Corporation (NEXT) is advancing its Rio Grande LNG project by initiating the pre-filing process with the Federal Energy Regulatory Commission (FERC) for a sixth liquefaction train and an additional marine berth, with a full application expected in 2026 [1] Expansion Plans - The Rio Grande LNG facility in Brownsville, Texas, is undergoing rapid expansion with five liquefaction trains under construction, the first of which is expected to be completed by 2027, and all trains targeted to be operational by the early 2030s. The site has the potential to double its capacity, positioning NEXT for long-term growth in global LNG markets [2] Train 5 Development - NextDecade has secured a positive final investment decision for Train 5, which is fully financed and moving forward with Bechtel Energy. Train 5 will add approximately 6 million tons per annum (MTPA) of LNG capacity, supported by long-term agreements with major buyers such as JERA, EQT Corporation, and ConocoPhillips, with commercial deliveries anticipated in the first half of 2031. The total project cost for Train 5 and its associated infrastructure is estimated at $6.7 billion [3] Future Capacity and Strategy - With the development of Trains 6-8 and the initiation of the FERC pre-filing for Train 6, NextDecade aims to deliver reliable, lower-carbon LNG to global markets, increasing its total potential liquefaction capacity to 48 MTPA. As permitting and construction progress, NEXT is positioning the Rio Grande LNG as one of the largest and most flexible LNG export hubs in North America [4]

Core Viewpoint - NextDecade Corp has initiated the U.S. regulatory pre-filing process to expand its Rio Grande liquefied natural gas project by adding a sixth liquefaction unit and an additional marine berth [1] Company Summary - NextDecade Corp is actively pursuing regulatory approval for the expansion of its liquefied natural gas project in Texas, indicating a strategic move to enhance its production capacity and operational capabilities [1] Industry Summary - The liquefied natural gas sector is witnessing growth as companies like NextDecade Corp seek to increase their infrastructure to meet rising demand for LNG, reflecting a broader trend in the energy market [1]

Core Insights - NextDecade Corporation has made significant progress in its development and financing activities, particularly with the positive Final Investment Decisions (FIDs) for Train 4 and Train 5 at the Rio Grande LNG Facility, which are expected to enhance the company's liquefaction capacity and cash flow generation [2][3][7]. Development and Construction - As of September 2025, the overall project completion for Trains 1 and 2 at the Rio Grande LNG Facility is 55.9%, with engineering at 95.0%, procurement at 88.8%, and construction at 29.8% [3]. - Train 3 is 33.4% complete, with engineering at 70.8%, procurement at 67.2%, and construction at 4.5% [3]. - Train 4 has an expected LNG production capacity of approximately 6 million tonnes per annum (MTPA) and total project costs of about $6.7 billion, with substantial completion anticipated in the second half of 2030 [3]. - Train 5 also has an expected capacity of 6 MTPA, with similar project costs and a completion target in the first half of 2031 [3]. Strategic and Commercial Developments - In September 2025, NextDecade announced a 20-year LNG Sale and Purchase Agreement (SPA) with EQT Corporation for 1.5 MTPA from Train 5 and another SPA with ConocoPhillips for 1.0 MTPA from the same train [7]. - The company is advancing the permitting process for additional liquefaction capacity with Trains 6 through 8, which are expected to add approximately 18 MTPA to the total capacity [13][14]. Financial Overview - NextDecade closed approximately $6.7 billion in project financing for Train 4, which includes commitments from various financial partners and a senior secured bank credit facility [7]. - For Train 5, a similar financing structure was established, with total project costs also around $6.7 billion [7]. - The company holds significant equity interests in the joint ventures for Trains 4 and 5, entitling it to a substantial share of cash distributions during operations [12]. Regulatory and Environmental - The Federal Energy Regulatory Commission (FERC) issued a final supplemental Environmental Impact Statement for the first five liquefaction trains, reaffirming authorization for their construction and operation [7].

Project Completion and Capacity - The overall project completion percentage for Trains 1 and 2 at the Rio Grande LNG Facility is 55.9%, with engineering at 95.0% complete, procurement at 88.8% complete, and construction at 29.8% complete[92]. - Train 4 has an expected LNG production capacity of approximately 6 million tonnes per annum (MTPA) and total project costs are expected to be around $6.7 billion, with substantial completion guaranteed in the second half of 2030[92]. - Train 5 also has an expected LNG production capacity of approximately 6 MTPA, with total project costs expected to be around $6.7 billion and guaranteed substantial completion in the first half of 2031[92]. - Trains 6 through 8 are expected to increase the Company's total liquefaction capacity by approximately 18 MTPA once constructed[92]. - The total expected capital costs for Phase 1, including Trains 4 and 5, are estimated to be approximately $18.0 billion and $6.7 billion respectively[105][106]. - The total estimated cost for Phase 1 is $18.0 billion, which includes EPC costs, owner's costs, and contingencies[122]. Sales and Purchase Agreements - A 20-year LNG Sale and Purchase Agreement (SPA) with Saudi Aramco for 1.2 MTPA from Train 4 has been established, with pricing indexed to Henry Hub[92]. - TotalEnergies has entered into a 20-year LNG SPA for 1.5 MTPA from Train 4, also indexed to Henry Hub[92]. - JERA has a 20-year LNG SPA for 2.0 MTPA from Train 5, with pricing indexed to Henry Hub[92]. - The company has entered into long-term SPAs for approximately 25.3 MTPA of LNG from Trains 1 through 5, with an average term of 19.5 years and expected annual fixed fees totaling approximately $3.0 billion[101][102]. Financial Commitments and Capital - The Company terminated $250 million of commitments under its working capital facility, reducing outstanding commitments to $250 million and expected to save approximately $2 million annually in related commitment fees[92]. - The Super Holdings Loan was increased by $50 million to a total of $225 million, with interest at 12.0% and maturing on December 31, 2030[93]. - Phase 1 LLC secured approximately $6.2 billion in equity capital commitments and entered into senior secured non-recourse bank credit facilities totaling $11.6 billion for the Rio Grande LNG Facility[122]. - Train 4 LLC obtained approximately $2.8 billion in equity capital commitments and a senior secured non-recourse bank credit facility of approximately $3.9 billion, with total costs estimated at $6.7 billion[124]. - Train 5 LLC secured approximately $2.6 billion in equity capital commitments and a senior secured non-recourse bank credit facility of approximately $3.6 billion, also with total costs estimated at $6.7 billion[125]. Cash Flow and Financial Performance - Cash used in operating activities for the nine months ended September 30, 2025, increased by approximately $62.1 million compared to the same period in 2024, primarily due to higher pre-operational expenditures[132]. - Cash used in investing activities for the nine months ended September 30, 2025, increased by approximately $1.0 billion compared to the same period in 2024, mainly due to construction expenditures[133]. - Cash provided by financing activities for the nine months ended September 30, 2025, increased by approximately $1.4 billion compared to the same period in 2024, driven by an increase in equity commitment receipts[134]. - The net loss attributable to common stockholders for the three months ended September 30, 2025, was approximately $109.5 million, a decrease from $123.2 million in the same period in 2024[135]. - The net loss attributable to common stockholders for the nine months ended September 30, 2025, was approximately $259.2 million, compared to $127.4 million in the same period in 2024, reflecting an increase of approximately $131.7 million[136]. Operational Updates - The Rio Grande LNG Facility is located on approximately 1,000 acres of land, with 15,000 feet of frontage on the Brownsville Ship Channel, benefiting from proximity to abundant natural gas resources in the Permian[95]. - As of September 2025, construction progress on Phase 1 is ahead of schedule, with significant advancements in piping fabrication and structural steel erection[99]. - The commercial operation date for the first liquefaction train at the Rio Grande LNG Facility is expected in late 2027[130]. Risk Management and Sourcing Strategy - The company is executing a diversified natural gas sourcing strategy to mitigate risk across multiple contracts and pricing hubs[108]. - The company has entered into agreements for natural gas transportation to the Rio Grande LNG Facility, enhancing flexibility and access to competitively priced feedstock[109].

Core Thesis - NextDecade Corporation (NEXT) is positioned for potential upside due to recent positive developments, including the final investment decision (FID) for Rio Grande LNG Train 4 and expectations for Train 5's FID before November 15 [2][4] Financial Performance - As of October 2nd, NEXT's share price was $6.55, with trailing and forward P/E ratios at 40.83 [1] Recent Developments - The company secured a 1.5 MTPA, 20-year sale and purchase agreement (SPA) with EQT, which is crucial for its growth strategy [2] - The LNG sector is experiencing accelerated expansion, highlighted by Sempra's Port Arthur Phase 2 FID, indicating a favorable market environment for NEXT [2][4] Market Sentiment - There is a confluence of project de-risking, commercial agreements, and significant insider buying, which could lead to a material repricing of market expectations for NEXT [3][4] - Shares are currently trading in the mid-$7 range, with potential catalysts including Train 5 financing announcements and additional SPAs [3] Investment Opportunity - NEXT is seen as a compelling investment opportunity for those looking to gain exposure to the U.S. LNG market, supported by tangible near-term triggers and structural backing [4] - Despite the volatility typical of mid-cap LNG developers, the combination of insider conviction and new FIDs creates a favorable environment for upward price momentum [4]

Core Insights - NextDecade Corporation has achieved a positive final investment decision (FID) for Train 5 at the Rio Grande LNG project, marking a significant milestone for the company [1][3] - The company has successfully closed financial transactions to fully fund Train 5 and issued a notice to proceed to Bechtel Energy Inc. for the engineering, procurement, and construction contract [1][3] - Train 5 is expected to have a production capacity of approximately 6 million tonnes per annum (MTPA), contributing to a total expected capacity of around 30 MTPA at the Rio Grande LNG project [2] Financial and Operational Highlights - The total expected costs for Train 5 and its related infrastructure are approximately $6.7 billion, which includes various costs such as EPC costs, owner's costs, contingencies, and financing fees [3] - Train 5 is commercially supported by 4.5 MTPA of 20-year LNG Sale and Purchase Agreements with customers including JERA, EQT Corporation, and ConocoPhillips [2][3] - The anticipated date for substantial completion and first commercial delivery under the Train 5 LNG SPAs is expected in the first half of 2031 [3]