Exhibit 4.4





THIS WARRANT
CERTIFICATE, AND THE COMMON SHARES EVIDENCED HEREBY, WILL BE VOID AND OF NO VALUE UNLESS EXERCISED ON OR BEFORE 5:00 P.M. (EASTERN
TIME) ON August 17, 2020.



UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE DECEMBER 18, 2018.



NEXTSOURCE
MATERIALS INC.

a corporation incorporated under the laws
of Canada
and having its registered office at 1001-145 Wellington Street West, Toronto, Ontario, M5J 1H8



|CERTIFICATE | 2018-08-###                                                                                                                                                                                               
|----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|WARRANTS    | XXXX                                                                                                                                                                                                      
|            | Each whole Warrant entitling the holder to acquire one common share of NextSource Materials Inc., subject to adjustment as set forth herein, in accordance with the terms and conditions set forth herein.





WARRANT
CERTIFICATE



THIS IS TO CERTIFY THAT for value
received [INVESTOR NAME](the “Holder”) is the registered holder of the number of Warrants stated above (each
a “Warrant” and collectively, the “Warrants”) and is entitled for each whole Warrant represented hereby
to purchase one (1) fully paid and non-assessable common share, subject to adjustment as hereinafter provided (each a “Share”
and collectively the “Shares”), in the capital of the NextSource Materials Inc. (the “Corporation”), at
any time and from time to time from the date of issue hereof up to and including 5:00 p.m. (Eastern Time) on August 17, 2020
(the “Expiry Time”), at a price per Share equal to $0.10 per Warrant, subject to adjustment as hereinafter provided
(the “Exercise Price”), upon and subject to the following terms and conditions.





TERMS AND CONDITIONS



| | 1. | The Warrants represented by this Warrant Certificate may not be exercised in the United States
or by or on behalf of a U.S. Person nor will the Shares be registered or delivered to an address in the United States, unless an
exemption from registration is available under, the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”),
and the applicable securities laws of any U.S. state is available. The Warrants represented by this Warrant Certificate may not
be transferred to, or for the benefit of, a transferee in the United States or a U.S. Person, unless an exemption from registration
is available under, the U.S. Securities Act. As used herein, the terms “United States” and “U.S. Person”
have the meanings ascribed to them in Regulation S under the U.S. Securities Act.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The Warrants
represented by this Warrant Certificate and the Shares issuable upon exercise of these Warrants are subject to certain resale restrictions
under applicable securities legislation. The Holder is advised to seek professional advice as to applicable resale restrictions.



The certificates
representing the Shares, if any, issued prior to the date that is 4 months and a day from August 17, 2018shall bear, in
addition to any other legends required by applicable laws, the following legend:





[Warrant Certificate]


- 2 -




“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE DECEMBER 18, 2018.”



And if applicable
under the policies of the TSX, the additional legend as follows:



“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, THE SAID SECURITIES
CANNOT BE TRADED THROUGH THE FACILITIES OF THE TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING
SUCH SECURITIES IS NOT “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON TSX”.



At any time
and from time to time at or prior to the Expiry Time (the “Exercise Period”), the Holder may exercise all or any number
of whole Warrants represented hereby, upon delivering to the Corporation at its principal office noted above, this Warrant Certificate,
together with a duly completed and executed subscription notice in the form attached hereto (the “Subscription Notice”)
evidencing the election of the Holder to exercise the number of Warrants set forth in the Subscription Notice (which shall not
be greater than the number of Warrants represented by this Warrant Certificate) and a certified cheque, money order or bank draft
payable to the Corporation for the aggregate Exercise Price of all Warrants being exercised. If the Holder is not exercising all
Warrants represented by this Warrant Certificate, the Holder shall be entitled to receive, without charge, a new Warrant Certificate
representing the number of Warrants which is the difference between the number of Warrants represented by the then original Warrant
Certificate and the number of Warrants being so exercised.



| | 2. | The Holder shall be deemed to have become the holder of record of Shares on the date (the “Exercise
Date”) on which the Corporation has received a duly completed Subscription Notice, delivery of the Warrant Certificate and
payment of the full aggregate Exercise Price in respect of the Warrants being exercised pursuant to such Subscription Notice; provided,
however, that if such date is not a business day in the City of Toronto, Ontario (a “Business Day”) then the Shares
shall be deemed to have been issued and the Holder shall be deemed to have become the holder of record of the Shares on the next
following Business Day. Within five Business Days of the Exercise Date, the Corporation shall issue and deliver (or cause to be
delivered) to the Holder, by registered mail or pre-paid courier to his, her or its address specified in the register of the Corporation,
one or more certificates for the appropriate number of issued and outstanding Shares to which the Holder is entitled pursuant to
the exercise of Warrants.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | The Corporation covenants and agrees that, until the Expiry Time, while any of the Warrants represented
by this Warrant Certificate shall be outstanding, it shall reserve and there shall remain unissued out of its authorized capital
a sufficient number of Shares to satisfy the right of purchase herein provided, as such right of purchase may be adjusted pursuant
to Sections 4 and 5 of this Warrant Certificate. The Corporation represents and warrants that all Shares which shall be issued
upon the exercise of the right to purchase herein provided for, upon payment of the aggregate Exercise Price at which Shares may
at that time be purchased pursuant to the provisions hereof, shall be issued as fully paid and non-assessable shares and the holders
thereof shall not be liable to the Corporation or its creditors in respect thereof. The Corporation further represents and warrants
that this Warrant Certificate is a legal, valid and binding obligation of the Corporation, enforceable against the Corporation
in accordance with its terms, provided that enforcement thereof may be limited by laws effecting creditors’ rights generally
and that specific performance and other equitable remedies may only be granted in the discretion of a court of competent jurisdiction.
The Corporation covenants that it will make all requisite filings under applicable laws in connection with the exercise of the
Warrants and issue of Shares.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------






- 3 -




| | 4. | The Exercise Price (and the number of Shares purchasable upon exercise) shall be subject to adjustment
from time to time in the events and in the manner provided as follows:
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | Share Reorganization. If during the Exercise Period, the Corporation shall:
| | --- | ---------------------------------------------------------------------------



| | (i) | issue common shares or securities exchangeable for or convertible into common shares to holders
of all or substantially all of its then outstanding common shares by way of stock dividend or other distribution, or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | subdivide, re-divide or change its outstanding common shares into a greater number of common shares,
or
| | ---- | -------------------------------------------------------------------------------------------------------



| | (iii) | consolidate, reduce or combine its outstanding Shares into a lesser number of common shares,
| | ----- | --------------------------------------------------------------------------------------------



(any of such events in these paragraphs
(i), (ii) and (iii) being a “Share Reorganization”), then the Exercise Price shall be adjusted as of the effective
date or record date, as the case may be, at which the holders of common shares are determined for the purpose of the Share Reorganization
by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the numerator
of which shall be the number of common shares outstanding on such effective date or record date before giving effect to such Share
Reorganization and the denominator of which shall be the number of common shares outstanding as of the effective date or record
date after giving effect to such Share Reorganization (including, in the case where securities exchangeable for or convertible
into common shares are distributed, the number of common shares that would have been outstanding had such securities been fully
exchanged for or converted into common shares on such record date or effective date). From and after any adjustment of the Exercise
Price pursuant to this Section 4(a), the number of Shares purchasable pursuant to this Warrant Certificate shall be adjusted contemporaneously
with the adjustment of the Exercise Price by multiplying the number of Shares then otherwise purchasable on the exercise thereof
by a fraction, the numerator of which shall be the Exercise Price in effect immediately prior to the adjustment and the denominator
of which shall be the Exercise Price resulting from such adjustment.



| | (b) | Rights Offering. If and whenever during the Exercise Period the Corporation shall fix a
record date for the issue or distribution of rights, options or warrants to all or substantially all of the holders of common shares
under which such holders are entitled, during a period expiring not more than 45 days after the record date for such issue to subscribe
for or purchase common shares or securities exchangeable for or convertible into common shares at a price per share to the holder
(or having a conversion price or exchange price per common share) of less than 95% of the Current Market Price (as defined in Section
5 hereof) for the common shares on such record date (any of such events being called a “Rights Offering”), then the
Exercise Price shall be adjusted effective immediately after the record date for the Rights Offering to a price determined by multiplying
the Exercise Price in effect on such record date by a fraction:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the numerator of which shall be the aggregate of:
| | --- | -------------------------------------------------






- 4 -




| | (A) | the number of common shares outstanding as of the record date for the Rights Offering, and
| | --- | ------------------------------------------------------------------------------------------



| | (B) | a number determined by dividing either
| | --- | --------------------------------------



| | I. | the product of the number of common shares offered under the Rights Offering and the price at which
such common shares are offered,
| | -- | -----------------------------------------------------------------------------------------------------------------------------------



or, as the
case may be,



| | II. | the product of the exchange or conversion price per share of such securities offered and the maximum
number of common shares for or into which the securities so offered pursuant to the Rights Offering may be exchanged or converted,
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



by the Current Market Price of
the common shares as of the record date for the Rights Offering; and



| | (ii) | the denominator of which shall be the aggregate of the number of common shares outstanding on such
record date after giving effect to the Rights Offering and including the number of common shares offered pursuant to the Rights
Offering (including shares issuable upon exercise of the rights, warrants or options under the Rights Offering or upon the exercise
of the exchange or conversion rights contained in such exchangeable or convertible securities under the Rights Offering).
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Any common shares owned by or held
for the account of the Corporation shall be deemed not to be outstanding for the purpose of any such calculation. To the extent
that such Rights Offering is not so made or any such rights, options or warrants are not exercised prior to the expiration thereof,
the Exercise Price shall then be readjusted to the Exercise Price which would then be in effect if such record date had not been
fixed or if such expired rights, options or warrants had not been issued. From and after any adjustment of the Exercise Price pursuant
to this Section 4(b), the number of Shares purchasable pursuant to this Warrant Certificate shall be adjusted contemporaneously
with the adjustment of the Exercise Price by multiplying the number of Shares then otherwise purchasable on the exercise thereof
by a fraction, the numerator of which shall be the Exercise Price in effect immediately prior to the adjustment and the denominator
of which shall be the Exercise Price resulting from such adjustment.



| | (c) | Special Distribution. If and whenever during the Exercise Period the Corporation shall issue
or distribute to all or to substantially all the holders of the common shares:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | securities of the Corporation including shares, rights, options or warrants to acquire shares of
any class or securities exchangeable for or convertible into or exchangeable into any such shares, or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | any cash, property or other assets or evidences of its indebtedness,
| | ---- | --------------------------------------------------------------------



and if such issuance or distribution
does not constitute a Share Reorganization or a Rights Offering (any of such non-excluded events being herein called a “Special
Distribution”), the Exercise Price shall be adjusted immediately after the record date for the Special Distribution so that
it shall equal the price determined by multiplying the Exercise Price in effect on such record date by a fraction:






- 5 -




(i)       the
numerator of which shall be the difference between:



| | (A) | the amount obtained by multiplying the number of common shares outstanding on such record date
by the Current Market Price of the common shares on such record date, and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | the fair value (as determined by the directors of the Corporation) to the holders of such common
shares of such Special Distribution; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the denominator of which shall be the total number of common shares outstanding on such record
date multiplied by such Current Market Price of the common shares on such record date.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Any common shares owned by or held
for the account of the Corporation shall be deemed not to be outstanding for the purpose of any such computation. To the extent
that such Special Distribution is not so made or any such rights, options or warrants are not exercised prior to the expiration
thereof, the Exercise Price shall then be readjusted to the Exercise Price which would then be in effect if such record date had
not been fixed or if such expired rights, options or warrants had not been issued. From and after any adjustment of the Exercise
Price pursuant to this Section 4(c), the number of Shares purchasable pursuant to this Warrant Certificate shall be adjusted contemporaneously
with the adjustment of the Exercise Price by multiplying the number of Shares then otherwise purchasable on the exercise thereof
by a fraction, the numerator of which shall be the Exercise Price in effect immediately prior to the adjustment and the denominator
of which shall be the Exercise Price resulting from such adjustment.



| | (d) | Capital Reorganization. If and whenever during the Exercise Period there shall be a reclassification
or redesignation of common shares at any time outstanding or a change of the common shares into other shares or into other securities
or any other capital reorganization (other than a Share Reorganization), or a consolidation, amalgamation, arrangement or merger
of the Corporation with or into any other corporation or other entity (other than a consolidation, amalgamation, arrangement or
merger which does not result in any reclassification or redesignation of the outstanding common shares or a change of the common
shares into other securities), or a transfer of the undertaking or assets of the Corporation as an entirety or substantially as
an entirety to another corporation or other entity (any of such events being herein called a “Capital Reorganization”),
the Holder, where he, she or it has not exercised the right of subscription and purchase under this Warrant Certificate prior to
the effective date or record date, as the case may be, of such Capital Reorganization, shall be entitled to receive, and shall
accept upon the exercise of such right for the same aggregate consideration, in lieu of the number of Shares to which such Holder
was theretofore entitled upon such exercise, the kind and aggregate number of shares, other securities or other property which
such holder would have been entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, he
had been the registered holder of the number of Shares to which such holder was theretofore entitled to subscribe for and purchase;
provided however, that no such Capital Reorganization shall be carried into effect unless all necessary steps shall have been taken
by the Corporation to so entitle the Holder. If determined appropriate by the board of directors of the Corporation, acting reasonably
and in good faith, and subject to the prior written approval of the principal Canadian stock exchange or over-the-counter market
on which the common shares are then listed or quoted for trading if required by such stock exchange or over-the-counter market,
appropriate adjustments shall be made as a result of any such Capital Reorganization in the application of the provisions set forth
in this Section 4 with respect to the rights and interests thereafter of the Holder to the end that the provisions set forth in
this Section 4 shall thereafter correspondingly be made applicable as nearly as may reasonably be possible in relation to any shares,
other securities or other property thereafter deliverable upon the exercise of any Warrant. Any such adjustments shall be made
by and set forth in terms and conditions supplemental hereto approved by the board of directors of the Corporation, acting reasonably
and in good faith.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------






- 6 -




| | (e) | If and whenever at any time after the date hereof and prior to the Expiry Time, the Corporation
takes any action affecting its common shares to which the foregoing provisions of this Section 4, in the opinion of the board of
directors of the Corporation, acting reasonably and in good faith, are not strictly applicable, or if strictly applicable would
not fairly adjust the rights of the Holder against dilution in accordance with the intent and purposes thereof, or would otherwise
materially affect the rights of the Holder hereunder, then the Corporation shall execute and deliver to the Holder an amendment
hereto providing for an adjustment in the application of such provisions so as to adjust such rights as aforesaid in such a manner
as the board of directors of the Corporation may determine to be equitable in the circumstances, acting reasonably and in good
faith. The failure of the taking of action by the board of directors of the Corporation to so provide for any adjustment on or
prior to the effective date of any action or occurrence giving rise to such state of facts will be conclusive evidence, absent
manifest error, that the board of directors has determined that it is equitable to make no adjustment in the circumstances.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | The following rules and procedures shall be applicable to the adjustments made pursuant to Section
4:
| | -- | -----------------------------------------------------------------------------------------------------



| | (a) | The adjustments provided for in Section 4 are cumulative and shall be made successively whenever
an event referred to therein shall occur, and shall, in the case of adjustments to the Exercise Price be computed to the nearest
one-tenth of one cent subject to the following paragraphs of this Section 5.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | No adjustment in the Exercise Price shall be required unless such adjustment would result in a
change of at least 1% in the prevailing Exercise Price and no adjustment shall be made in the number of Shares purchasable upon
exercise of this Warrant Certificate unless it would result in a change of at least one one-hundredth of a Share; provided, however,
that any adjustments which, except for the provisions of this Section 5(b) would otherwise have been required to be made, shall
be carried forward and taken into account in any subsequent adjustment.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | No adjustment in the Exercise Price or in the number of Shares purchasable upon exercise of Warrants
shall be made in respect of any event described in Section 4, other than the events referred to in Sections 4(a)(ii) and (iii),
if the Holder is entitled to participate in such event on the same terms, mutatis mutandis,as if it had exercised its Warrants
prior to or on the effective date or record date, as the case may be, of such event. The terms of the participation of the Holder
in such event shall be subject to the prior written approval, if applicable, of the principal Canadian stock exchange or over-the-counter
market on which the Shares are then listed or quoted for trading.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------






- 7 -




| | (d) | No adjustment in the Exercise Price shall be made pursuant to Section 4 in respect of the issue
from time to time:
| | --- | ------------------------------------------------------------------------------------------------------------------



| | (i) | of Shares purchasable on exercise of the Warrants represented by this Warrant Certificate;
| | --- | ------------------------------------------------------------------------------------------



| | (ii) | of common shares to holders of common shares who exercise an option or election to receive substantially
equivalent dividends in common shares in lieu of receiving a cash dividend pursuant to a dividend reinvestment plan or similar
plan adopted by the Corporation in accordance with the requirements of the principal Canadian stock exchange or over-the-counter
market on which the common shares are then listed or quoted for trading and applicable securities laws; or
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | of common shares pursuant to any stock option, stock option plan, stock purchase plan or benefit
plan in force at the date hereof for directors, officers, employees or consultants of the Corporation, as such option or plan is
amended or superseded from time to time in accordance with the requirements of the principal Canadian stock exchange or over-the-counter
market on which the common shares are then listed or quoted for trading and applicable securities laws, and such other stock option,
stock option plan or stock purchase plan as may be adopted by the Corporation in accordance with the requirements of the principal
Canadian stock exchange or over-the-counter market on which the common shares are then listed or quoted for trading and applicable
securities laws;
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



and any such issue shall be deemed
not to be a Share Reorganization or Capital Reorganization.



| | (e) | If the Corporation shall set a record date to determine the holders of the common shares for the
purpose of entitling them to receive any dividend or distribution or any subscription or purchase rights and shall, thereafter
and before the distribution to such shareholders of any such dividend, distribution or subscription or purchase rights, legally
abandon its plan to pay or deliver such dividend, distribution or subscription or purchase rights, then no adjustment in the Exercise
Price or the number of Shares purchasable upon exercise of any Warrant shall be required by reason of the setting of such record
date.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | As a condition precedent to the taking of any action which would require any adjustment in any
of the subscription rights pursuant to this Warrant Certificate, including the Exercise Price and the number or class of shares
or other securities which are to be received upon the exercise thereof, the Corporation shall take any corporate action which may,
in the opinion of counsel, be necessary in order that the Corporation have unissued and reserved Shares in its authorized capital,
and may validly and legally issue as fully paid and non-assessable all the shares or other securities which the Holder of such
Warrant Certificate is entitled to receive on the full exercise thereof in accordance with the provisions hereof.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | For the purposes of this Warrant Certificate, “Current Market Price” of a common share
at any date shall be calculated as the price per share equal to the weighted average price at which the common shares have traded
in the principal Canadian stock exchange or, if the common shares are not listed, the over-the-counter market, on which the common
shares are then listed or posted for trading during the 20 consecutive trading days ending not more than five trading days immediately
prior to such date as reported by such exchange or market in which the common shares are then trading or quoted. If the common
shares are not then traded in the over-the-counter market or on a recognized Canadian stock exchange, the Current Market Price
of the common shares shall be the fair market value of the common shares as determined in good faith by a nationally or internationally
recognized and independent investment dealer, investment banker or firm of chartered accountants.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------






- 8 -




| | (h) | In the absence of a resolution of the board of directors of the Corporation fixing a record date
for any dividend or distribution referred to in Section 4(a)(i) or any Rights Offering or Special Distribution, the Corporation
shall be deemed to have fixed as the record date therefore the date on which such dividend or distribution, Rights Offering or
Special Distribution is effected.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Any question that at any time or from time to time arises with respect to the amount of any adjustment
to the Exercise Price or other adjustments pursuant to Section 4 shall be conclusively determined by a firm of independent chartered
accountants and shall be binding upon the Corporation and the Holder, absent manifest error. Notwithstanding the foregoing, such
determination shall be subject to the prior written approval of the principal Canadian stock exchange or over-the-counter market
on which the common shares are then listed or quoted for trading if required by such stock exchange or over-the-counter market.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6. | On the happening of each and every such event set out in Section 4, the applicable provisions of
this Warrant Certificate, including the Exercise Price, shall, ipso facto,be deemed to be amended accordingly and the Corporation
shall take all necessary action so as to comply with such provisions as so amended.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7. | In any case in which Section 4 shall require that an adjustment shall be effective immediately
after a record date for an event referred to herein, the Corporation may defer, until the occurrence of such an event:
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | issuing to the holder of any Warrant exercised after such record date and before the occurrence
of such event, the additional Shares issuable upon such exercise by reason of the adjustment required by such event, and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | delivering to such holder any distributions declared with respect to such additional Shares after
such Exercise Date and before such event;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------



provided, however, that the Corporation
shall deliver or cause to be delivered to such holder, an appropriate instrument evidencing such holder’s right, upon the
occurrence of the event requiring the adjustment, to an adjustment in the Exercise Price and/or the number of Shares purchasable
on the exercise of any Warrant and to such distributions declared with respect to any additional Shares issuable on the exercise
of any Warrant.



| | 8. | At least 21 days prior to the effective date or record date, as the case may be, of any event which
requires or might require adjustment in any of the subscription rights pursuant to this Warrant Certificate, including the Exercise
Price and the number of Shares which are purchasable upon the exercise thereof, or such longer period of notice as the Corporation
shall be required to provide holders of Shares in respect of any such event, the Corporation shall notify the Holder of the particulars
of such event and, if determinable, the required adjustment and the computation of such adjustment. In case any adjustment for
which such notice has been given is not then determinable, the Corporation shall promptly after such adjustment is determinable
notify the Holder of the adjustment and the computation of such adjustment.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------






- 9 -




| | 9. | The Corporation shall maintain or cause to be maintained a register of holders in which shall be
entered the names and addresses of the holders of the Warrants and of the number of Warrants held by them.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10. | Where the Holder is entitled to receive on the exercise or partial exercise of its Warrants a fraction
of a Share, such right may only be exercised in respect of such fraction in combination with another Warrant or Warrants which
in the aggregate entitle the Holder to receive a whole number of Shares. If a Holder is not able to, or elects not to, combine
Warrants so as to be entitled to acquire a whole number of Shares, the Holder may not exercise the right to acquire a fractional
Share, and, does not have the right to receive a cash equivalent in lieu thereof.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11. | Subject as herein provided, all or any of the rights conferred upon the Holder by the terms hereof
may be enforced by the Holder by appropriate legal proceedings.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12. | The registered Holder of this Warrant Certificate may at any time up to and including the Expiry
Time, upon the surrender hereof to the Corporation at its principal office, exchange this Warrant Certificate for one or more Warrant
Certificates entitling the Holder to subscribe in the aggregate for the same number of Shares as is expressed in this Warrant Certificate.
Any Warrant Certificate tendered for exchange shall be surrendered to the Corporation and cancelled.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13. | If this Warrant Certificate becomes stolen, lost, mutilated or destroyed, the Corporation shall,
on such terms as it may in its discretion acting reasonably impose, issue and deliver to the Holder a new Warrant Certificate of
like denomination, tenor and date as the Warrant Certificate so stolen, lost, mutilated or destroyed.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14. | Nothing contained herein shall confer any right upon the Holder hereof or any other person to subscribe
for or purchase any Shares of the Corporation at any time subsequent to the Expiry Time. After the Expiry Time this Warrant Certificate
and all rights hereunder shall be void and of no value.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15. | Except as expressly set out herein, the holding of this Warrant Certificate shall not constitute
a Holder hereof, a holder of Shares nor entitle it to any right or interest in respect thereof.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 16. | Unless herein otherwise expressly provided, any notice to be given hereunder to the Holder shall
be deemed to be validly given if such notice is given by personal delivery or registered mail to the attention of the Holder at
its registered address recorded in the registers maintained by the Corporation. Any notice so given shall be deemed to be validly
given, if delivered personally, on the day of delivery and if sent by post or other means, on the fifth Business Day next following
the sending thereof. In determining under any provision hereof the date when notice of any event must be given, the date of giving
notice shall be included and the date of the event shall be excluded.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 17. | This Warrant Certificate and the Warrants represented hereby are not transferable and are not assignable
until the date that is 4 months and a day from August 17, 2018.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18. | Time is of the essence hereof.
| | --- | ------------------------------



| | 19. | This Warrant Certificate is binding upon the Corporation and its successors and assigns.
| | --- | ----------------------------------------------------------------------------------------



| | 20. | The laws of the Province of Ontario and the federal laws of Canada applicable shall govern this
Warrant Certificate and the Warrants represented hereby therein. References to “$” is a reference to Canadian dollars.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------






- 10 -




IN WITNESS WHEREOF this Warrant
Certificate has been executed on behalf of NextSource Materials Inc. as of August 17, 2018



| | NEXTSOURCE MATERIALS INC.
| | -------------------------
| |                          
| | Per:                     
| |                          





















subscription
notice





|TO: |  | NextSource Materials Inc.,      
|--- |  | --------------------------------
|    |  | 1001-145 Wellington Street West,
|    |  | Toronto, Ontario, M5J 1H8       



Terms used herein but not otherwise defined
have the meanings ascribed thereto in the attached Warrant Certificate.



The undersigned registered Holder of the
attached Warrant Certificate, hereby:



| | (a) | subscribes for ___________________________ Shares at a price per of $0.10 per Share (or such adjusted
price which may be in effect under the provisions of the Warrant Certificate) and in payment of the exercise price encloses a certified
cheque, bank draft or money order in lawful money of Canada payable to the order of NextSource Materials Inc. or its successor
corporation; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | delivers herewith the above-mentioned Warrant Certificate entitling the undersigned to subscribe
for the above-mentioned number of Shares;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------



in each case in accordance
with the terms and conditions set out in the attached Warrant Certificate.



The Holder hereby certifies
that the undersigned is not a U.S. Person or a person in the United States and is not acquiring any of the Shares hereby subscribed
for the account or benefit of a U.S. Person or a person in the United States, and none of the persons listed in paragraph (b) above
is a U.S. Person or a person in the United States. For purposes hereof the terms “United States” and “U.S. Person”
shall have the meanings ascribed to them in Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities
Act”).



Share certificates will not be registered
or delivered to an address in the United States without an opinion of counsel to the effect that the Shares have been registered
under the U.S. Securities Act or an exemption from registration is available.



The Shares purchased hereunder will either
settle in definitive certificates or will be deposited electronically with CDS Clearing and Depository Services Inc. (“CDS”)
through the book-based system administered by CDS. If the Shares are deposited electronically with CDS, the Subscriber will not
be entitled to receive definitive certificates or other instruments from the Issuer or CDS representing their interest in the securities
purchased hereunder. The Subscriber will receive only a customer confirmation from the registered dealer who is a CDS participant
and from or through whom the securities hereunder are purchased against payment of the Subscription Amount.



The Subscriber hereby provides the registration
and delivery instructions below in connection with the definitive certificates or electronic settlement of the Shares being purchased
hereunder:



[Subscription Notice]













|Share
    Certificate Registration Instructions:                                                                                                                                                                                                                              |                      | Share
    Certificate Delivery Instructions:     
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------- | -------------------------------------------------
|                                                                                                                                                                                                                                                                              |                      |                                                  
|(Registration Name)                                                                                                                                                                                                                                                           |                      | (Delivery Name)                                  
|                                                                                                                                                                                                                                                                              |                      |                                                  
|(Account Reference / Number, if applicable)                                                                                                                                                                                                                                   |                      | (Account Reference / Number, if applicable)      
|                                                                                                                                                                                                                                                                              |                      |                                                  
|                                                                                                                                                                                                                                                                              |                      |                                                  
|                                                                                                                                                                                                                                                                              |                      |                                                  
|(Registration Mailing Address, including Postal Code)                                                                                                                                                                                                                         |                      | (Delivery Mailing Address, including Postal Code)
|                                                                                                                                                                                                                                                                              |                      |                                                  
|(Contact Name)                                                                                                                                                                                                                                                                |                      | (Contact Name)                                   
|                                                                                                                                                                                                                                                                              |                      |                                                  
|(Contact Telephone Number)                                                                                                                                                                                                                                                    | (Contact Fax Number) |                                                  
|                                                                                                                                                                                                                                                                              |                      |                                                  
|(Please print full name in which share certificates and warrant certificates are to be issued. If any of the Shares are to be issued to a person or persons other than the Holder, the Holder must pay to the Corporation all requisite taxes or other governmental charges.) |                      |                                                  







|DATED this _________ day of _____________________, 20__ .
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[Subscription
Notice]

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