NOVONIX : Investor Presentation April 2024

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Set for Growth

Investor Presentation, April 2024

ASX: NVX Nasdaq: NVX

April 2024

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The information contained in this presentation (the "Presentation") has been prepared by NOVONIX Limited (ACN 157 690 830) ("the Company" or "NOVONIX") solely for information purposes and the Company is solely responsible for the contents of this Presentation. It is intended to be a summary of certain information relating to the Company as at the date of the Presentation and does not purport to be a complete description of NOVONIX or contain all the information necessary to make an investment decision. Accordingly, this Presentation is not intended to, and should not, form the basis for any investment, divestment or other financial decision with respect to the Company. Any reproduction or distribution of the Presentation, in whole or in part, or the disclosure of its contents, without prior consent of the Company, is prohibited.

Not an Offer

This Presentation does not constitute, nor does it form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities of the Company. This Presentation may not be used in connection with any offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the person making the offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. Any offering of securities will be made only by means of a registration statement (including a prospectus) filed with the U.S. Securities and Exchange Commission (the "SEC"), after such registration statement becomes effective, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements under the U.S. Securities Act of 1933, as amended. No such registration statement has become effective, as of the date of this Presentation.

Forward-Looking Statements

This Presentation contains forward-looking statements about the Company and the industry in which it operates. Forward-looking statements can generally be identified by use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," or other similar expressions. Examples of forward-looking statements in this presentation include, among others, statements we make regarding the performance of our Generation 3 Furnaces and their ability to meet customer specifications, and cost, throughput and sustainability targets, our increased production target and timing of commercial production of our Riverside facility, our ability to achieve profitability and sales price targets, the efforts and potential benefits of our working with the U.S. Department of Energy, ability to satisfy future capital needs, and the timing of our future site expansions. We have based such statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Such forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could affect our business and results are included in our filings with the U.S. Securities and Exchange Commission ("SEC"), including the Company's annual report on Form 20-F. Copies of these filings may be obtained by visiting our Investor Relations website at www.novonixgroup.com or the SEC's website at www.sec.gov. Forward-looking statements are not guarantees of future performance or outcomes, and actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this Presentation. Accordingly, recipients of this Presentation should not place undue reliance on forward-looking statements. Any forward-looking statement in this Presentation is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.

Industry and Market Data

This Presentation contains estimates and information concerning our industry and our business, including estimated market size and projected growth rates of the markets for our products. Unless otherwise expressly stated, we obtained this industry, business, market, and other information from reports, research surveys, studies and similar data prepared by third parties, industry, and general publications, government data and similar sources. This Presentation also includes certain information and data that is derived from internal research. While we believe that our internal research is reliable, such research has not been verified by any third party.

Estimates and information concerning our industry and our business involve a number of assumptions and limitations. Although we are responsible for all of the disclosure contained in this Presentation and we believe the third-party market position, market opportunity and market size data included in this Presentation are reliable, we have not independently verified the accuracy or completeness of this third-party data. Information that is based on projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate is necessarily subject to a high degree of uncertainty and risk due to a variety of factors, which could cause results to differ materially from those expressed in these publications and reports.

Trademarks, Service Marks and Trade Names

Throughout this Presentation, there are references to various trademarks, service marks and trade names that are used in the Company's business. "NOVONIX," the NOVONIX logo and other trademarks or service marks of NOVONIX appearing in this Presentation are the property of NOVONIX or its subsidiaries. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation are listed without the ® or symbol, as applicable, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their right thereto. All other trademarks, trade names and service marks appearing in this Presentation are the property of their respective owners.

ASX: NVX Nasdaq: NVX	2
April 2024

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Investment Highlights

Leading U.S. based battery materials and technology company with lower carbon footprint

Large and growing market for battery materials supported by localization efforts

Intellectual property portfolio for synthetic graphite manufacturing and all-dry,zero-waste NMC cathode synthesis

Battery Technology Solutions provides competitive advantage to accelerate innovation

Customer and government financing support paving a path to profitability as a sector leader

Riverside Facility in Tennessee

ASX: NVX Nasdaq: NVX	3
April 2024

CompetitiveLICK TO EDITAdvantageMASTERThroughTITLESynergisticSTYLE Operating Structure

• Leading domestic supplier of battery-grade synthetic graphite
• Large scale and sustainable production to advance North American battery supply chain
• Strategically positioned to accelerate clean energy transition through proprietary technology, advanced R&D and partnerships

• Develops industry leading lithium- ion battery testing equipment while providing R&D services
• In-housetesting technology & data solutions accelerate rapid advancements compared to industry standard
• Data solutions leverages AI
  and machine learning algorithms to predict cell performance and reliability more quickly and accurately

• Commercializing proprietary all- dry, zero-waste cathode synthesis technology
• Process technology minimizes environmental impact while producing high performance materials
• Pilot line producing samples with large-scale production of up to 10 tpa

ASX: NVX Nasdaq: NVX	4
April 2024

NOVONIX Proprietary Process Technologies Lead the

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Clean Energy Transformation

NOVONIX ESG Commitment

Environmental

Environmental Benefits of NOVONIX Technology

Anode Technology		Cathode Technology

Our mission is to develop innovative, sustainable technologies and high-performance materials to service the electric vehicle and energy storage industries

Social

The health, safety, and wellbeing of our employees and the communities we operate in are essential to NOVONIX's success and growth

Governance

NOVONIX believes corporate governance is central to its business objectives and a critical element contributing to the preservation of shareholder value

Inputs

Process

Outputs

• Clean power sources1
• High purity input materials
• Proprietary furnace and process technology
• Increased energy efficiency
• No chemical purification
• Support higher-performancelithium-ion batteries resulting in longer life
• Negligible facility emissions
• LCA2 demonstrated a ~60% decrease in global warming potential

• Reduced power requirements
• No reagents
• Proprietary all-dry,zero-waste cathode synthesis technology
• Simplified processing requirements and flowsheet
• No sodium sulfate waste
• Eliminates process waste- water
• Negligible facility emissions

1 - Tennessee Valley Authority, 2022 Sustainability Report notes 52% of power is from carbon-free sources.

2 - The Life Cycle Assessment (LCA) conducted by Minviro Ltd. demonstrated a ~60% decrease in global warming potential (GWP) relative to conventional anode grade synthetic graphite versus Chinese product.

ASX: NVX Nasdaq: NVX	5
April 2024

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Maintain Industry

Leading R&D Efforts for

Battery Materials

Scale Operations - On

Track to Deliver

Commercial Production

Secure Tier 1 Customers

Secure Financing to Scale

Operations

• Enhance BTS offerings for additional revenue and services
• Test high-nickel cathode materials from all-dry,zero-waste process in full-cell performance
• Advance artificial intelligence/machine learning models, products, and services
• Complete Riverside engineering to optimize facility and maximize capacity
• Installation of equipment to reach 3K tpa by year-end to support customer timelines
• Leverage Riverside engineering to progress Greenfield facility plans
• Pursue supply agreements with tier 1 OEMs and cell manufacturers
• Allocate remaining Riverside capacity through customer supply agreements
• Continue to allocate Greenfield facility capacity through customer agreements
• Invest in Riverside with receipt of MESC grant funds
• Monetize 48C tax credit to scale future production at Riverside facility
• Progress DOE Loan Program Office application for Greenfield facility, and work to monetize
• Attract strategic investment aligned with capacity ramp

ASX: NVX Nasdaq: NVX	6
April 2024

Battery Technology Solutions

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UHPC Hardware

Enables Quick Reliable

Predictions of Battery

Lifetime

UHPC

			R&D Services
	Materials Development		Cell Design and		Cell Testing
	and Characterization		Prototyping

Analytical	Pouch and cylindrical cell	Diagnostic tools and
materials lab	manufacturing pilot line	performance testing

Data Solutions

Customer Research & Development Services

Battery technology

insights driven by AI & advanced data analytics

NOVONIX Battery Technology Solutions (BTS) provides cutting edge technology that is highly sought after for R&D services to create the

next generation battery - potentially accelerating R&D from years to weeks with proprietary technology

ASX: NVX Nasdaq: NVX	8
April 2024

Cathode Materials

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Opportunity Overview

Current Process vs. NOVONIX Process

• Cathode material represents about 30% of the cost of a battery cell​
• In 2021 the global cathode market size value was US$19B, with a forecasted revenue of US$100B by 20301
• Current synthesis process is complex, produces water waste and is costly​
• Each tonne of cathode powder generates 15,000 liters of water waste2 and 1.6 tonnes of sodium sulphate waste1
• With multiple patent applications filed, cathode synthesis technology provides high nickel cathode materials with:​

Current Precursor Synthesis Process

RAW MATERIALS

CoSO4	- 1
MnSO4
MIXER
NiSO4
water

pH CONTROL/ CHELATING AGENTS

Na2CO3	2
NH4OH	-
MIXER
water
	- 3
Li2CO3	MIXER

		waste
agitator	waste	metal
water	carbonates
CTSR
95°C
	PHASE
	SEPARATOR
temperature control
	solids
water	WASHING
and
	FILTERING
GRINDING
and	DRYING
CLASSIFIYING

NOVONIX Process

RAW MATERIALS

GRINDING	metal oxides,
or carbonates
Dry
DPMG
Processing	fines
CLASSIFYING

	Higher yields at lower costs​	SINTERING
	No water waste​	FURNACE
	Flexible input materials​	DEAGGLOM- NMC
		ERATION

1. Benchmark Minerals, various Equity Research reports including Bernstein and JP Morgan and NOVONIX estimates
2. J.Power Sources: S. Ahmed, P.A. Nelson, K.G. Gallagher, N. Susarla, D.W. Dees. Cost and energy demand of producing nickel manganese cobalt cathode material for lithium ion batteries

ASX: NVX Nasdaq: NVX	10
April 2024