Exhibit 11









CODE OF ETHICS AND BUSINESS CONDUCT



1.Introduction



| | 1. | The
                                         Board of Directors of NextSource Materials Inc. (together with its subsidiaries, the
                                         "Company") has adopted this Code of Ethics and Business Conduct (the "Code")
                                         in order to:
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| | a. | promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts
of interest;
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| | b. | promote full, fair, accurate, timely and understandable disclosure in reports and documents that
the Company files with, or submits to, the Ontario Securities Commisssion (the "OSC") and in other public communications
made by the Company;
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| | c. | promote compliance with applicable governmental laws, rules and regulations;
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| | d. | promote the protection of Company assets, including corporate opportunities and confidential information;
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| | e. | promote fair dealing practices;
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| | f. | deter wrongdoing; and
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| | g. | ensure accountability for adherence to the Code.
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| | 2. | All
                                         directors, officers and employees are required to be familiar with the Code, comply with
                                         its provisions and report any suspected violations as described below in Section 10,
                                         Reporting and Enforcement.
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2.Honest and Ethical Conduct



| | 1. | The
                                         Company's policy is to promote high standards of integrity by conducting its affairs
                                         honestly and ethically.
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| | 2. | Each
                                         director, officer and employee must act with integrity and observe the highest ethical
                                         standards of business conduct in his or her dealings with the Company's customers, suppliers,
                                         partners, service providers, competitors, employees and anyone else with whom he or she
                                         has contact in the course of performing his or her job.
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3.Conflicts of Interest



| | 1. | A
                                         conflict of interest occurs when an individual's private interest (or the interest of
                                         a member of his or her family) interferes, or even appears to interfere, with the interests
                                         of the Company as a whole. A conflict of interest can arise when an employee, officer
                                         or director (or a member of his or her family) takes actions or has interests that may
                                         make it difficult to perform his or her work for the Company objectively and effectively.
                                         Conflicts of interest also arise when an employee, officer or director (or a member of
                                         his or her family) receives improper personal benefits as a result of his or her position
                                         in the Company.
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| | 2. | Loans
                                         by the Company to, or guarantees by the Company of obligations of, employees or their
                                         family members are of special concern and could constitute improper personal benefits
                                         to the recipients of such loans or guarantees, depending on the facts and circumstances.
                                         Loans by the Company to, or guarantees by the Company of obligations of, any director
                                         or executive officer are expressly prohibited.
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| | 3. | Whether
                                         or not a conflict of interest exists or will exist can be unclear. Conflicts of interest
                                         should be avoided unless specifically authorized as described in Section 3.4.
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| | 4. | Persons
                                         other than directors and executive officers who have questions about a potential conflict
                                         of interest or who become aware of an actual or potential conflict should discuss the
                                         matter with, and seek a determination and prior authorization or approval from, their
                                         supervisor or the Chief Financial Officer. A supervisor may not authorize or approve
                                         conflict of interest matters or make determinations as to whether a problematic conflict
                                         of interest exists without first providing the Chief Financial Officer with a written
                                         description of the activity and seeking the Chief Financial Officer's written approval.
                                         If the supervisor is himself involved in the potential or actual conflict, the matter
                                         should instead be discussed directly with the Chief Financial Officer.
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| | 5. | Directors
                                         and executive officers must seek determinations and prior authorizations or approvals
                                         of potential conflicts of interest exclusively from the Audit Committee.
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4.Compliance



| | 1. | Employees,
                                         officers and directors should comply, both in letter and spirit, with all applicable
                                         laws, rules and regulations in the cities, states and countries in which the Company
                                         operates.
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| | 2. | Although
                                         not all employees, officers and directors are expected to know the details of all applicable
                                         laws, rules and regulations, it is important to know enough to determine when to seek
                                         advice from appropriate personnel. Questions about compliance should be addressed to
                                         the Legal Department.
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| | 3. | No
                                         director, officer or employee may purchase or sell any Company securities while in possession
                                         of material non-public information regarding the Company, nor may any director, officer
                                         or employee purchase or sell another company's securities while in possession of material
                                         non-public information regarding that company. It is against Company policies and illegal
                                         for any director, officer or employee to use material non-public information regarding
                                         the Company or any other company to:
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| | a. | obtain profit for himself or herself; or
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| | b. | directly or indirectly "tip" others who might make an investment decision on the basis
of that information.
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5.Disclosure



| | 1. | The
                                         Company's periodic reports and other documents filed with the OSC, including all financial
                                         statements and other financial information, must comply with applicable securities laws
                                         and OSC rules.
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| | 2. | Each
                                         director, officer and employee who contributes in any way to the preparation or verification
                                         of the Company's financial statements and other financial information must ensure that
                                         the Company's books, records and accounts are accurately maintained. Each director, officer
                                         and employee must cooperate fully with the Company's accounting and internal audit departments,
                                         as well as the Company's independent public accountants and counsel.
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| | 3. | Each
                                         director, officer and employee who is involved in the Company's disclosure process must:
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| | a. | be familiar with and comply with the Company's disclosure controls and procedures and its internal
control over financial reporting; and
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| | b. | take all necessary steps to ensure that all filings with the OSC and all other public communications
about the financial and business condition of the Company provide full, fair, accurate, timely and understandable disclosure.
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6.Protection and Proper Use of Company Assets



| | 1. | All
                                         directors, officers and employees should protect the Company's assets and ensure their
                                         efficient use. Theft, carelessness and waste have a direct impact on the Company's profitability
                                         and are prohibited.
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| | 2. | All
                                         Company assets should be used only for legitimate business purposes. Any suspected incident
                                         of fraud or theft should be reported for investigation immediately.
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| | 3. | The
                                         obligation to protect Company assets includes the Company's proprietary information.
                                         Proprietary information includes intellectual property such as trade secrets, patents,
                                         trademarks, and copyrights, as well as business and marketing plans, engineering and
                                         manufacturing ideas, designs, databases, records and any non-public financial data or
                                         reports. Unauthorized use or distribution of this information is prohibited and could
                                         also be illegal and result in civil or criminal penalties.
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7.Corporate Opportunities



All
directors, officers and employees owe a duty to the Company to advance its interests when the opportunity arises. Directors, officers
and employees are prohibited from taking for themselves personally (or for the benefit of friends or family members) opportunities
that are discovered through the use of Company assets, property, information or position. Directors, officers and employees may
not use Company assets, property, information or position for personal gain (including gain of friends or family members). In
addition, no director, officer or employee may compete with the Company.



8.Confidentiality



Directors,
officers and employees must maintain the confidentiality of information entrusted to them by the Company or by its customers,
suppliers or partners, except when disclosure is expressly authorized or is required or permitted by law. Confidential information
includes all non-public information (regardless of its source) that might be of use to the Company's competitors or harmful to
the Company or its customers, suppliers or partners if disclosed.



9.Fair Dealing



Each
director, officer and employee must deal fairly with the Company's customers, suppliers, partners, service providers, competitors,
employees and anyone else with whom he or she has contact in the course of performing his or her job. No director, officer or
employee may take unfair advantage of anyone through manipulation, concealment, abuse or privileged information, misrepresentation
of facts or any other unfair dealing practice.



10.Reporting and Enforcement



10.1Reporting and Investigation of Violations.



| | (a) | Actions prohibited by this Code involving directors or executive officers must be reported to the
Audit Committee.
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| | (b) | Actions prohibited by this Code involving anyone other than a director or executive officer must
be reported to the reporting person's supervisor or the Chief Financial Officer.
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| | (c) | After receiving a report of an alleged prohibited action, the Audit Committee, the relevant supervisor
or the Chief Financial Officer must promptly take all appropriate actions necessary to investigate.
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| | (d) | All directors, officers and employees are expected to cooperate in any internal investigation of
misconduct.
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10.2Enforcement.



| | (a) | The Company must ensure prompt and consistent action against violations of this Code.
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| | (b) | If, after investigating a report of an alleged prohibited action by a director or executive officer,
the Audit Committee determines that a violation of this Code has occurred, the Audit Committee will report such determination to
the Board of Directors.
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| | (c) | If, after investigating a report of an alleged prohibited action by any other person, the relevant
supervisor or the Chief Financial Officer determines that a violation of this Code has occurred, the supervisor or the Chief Financial
Officer will report such determination to the General Counsel or other designated compliance officer.
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| | (d) | Upon receipt of a determination that there has been a violation of this Code, the Board of Directors
or the General Counsel (or other designated compliance officer) will take such preventative or disciplinary action as it deems
appropriate, including, but not limited to, reassignment, demotion, dismissal and, in the event of criminal conduct or other serious
violations of the law, notification of appropriate governmental authorities.
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10.3Waivers.



| | (a) | Each of the Board of Directors (in the case of a violation by a director or executive officer)
and the General Counsel or other designated compliance officer (in the case of a violation by any other person) may, in its discretion,
waive any violation of this Code.
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| | (b) | Any waiver for a director or an executive officer shall be disclosed as required by OSC rules.
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10.4Prohibition on Retaliation.



| | (a) | The Company does not tolerate acts of retaliation against any director, officer or employee who
makes a good faith report of known or suspected acts of misconduct or other violations of this Code.
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