In the second half of the year, we moved to 100 percent ownership of the PUREgraphite operation in
As well, PUREgraphite relocated operations from the pilot scale facility to a larger facility in
To support these operations, the company recruited more specialist personnel with experience and expertise in materials processing involving management of extreme temperature furnaces and specialist milling, shaping and coating of anode materials.
At this time, we are on track to be able to produce up to 500 tonnes per annum of advanced anode material and have a pathway to again double that capacity through modular plant increments.
The strategic significance of these initiatives is that
At the Novonix Battery Testing Services operation in
Integral to the Haifax operation is our small scale battery manufacturing line that allows us to manufacture and test prototype batteries for our customers and also test our own prototype batteries in a much shorter R&D cycle than our competitors.
We continue to work on our electrolyte development capability at the facility in
Importantly, a number of the world's major manufacturers of lithium ion rechargeable batteries for the electric vehicle (EV) and energy storage systems (ESS) markets are now in advanced testing of our anode materials. More recently, we commenced advanced discussions with some of these companies for the potential to supply their manufacturing operations, particularly those in
In relation to our graphite mining project at Mt Dromedary north of Cloncurry in
The development of the Mt Dromedary graphite mine will not occur in the short to medium term given the tonnage of natural graphite required by the PUREgraphite business is unlikely to be sufficient to warrant the development of the mine in that timeframe. As well, a significant portion of graphite used by PUREgraphite will be synthetic graphite, and the natural graphite required at this time can be more effectively sourced from other natural graphite producers.
The Mt Dromedary asset remains a strategic asset for the Group, however, the Directors determined that it is appropriate for the carrying value of the asset to reflect the exploration and evaluation expenditure incurred since acquisition, and to write off all the acquisition related costs which relate to the minority interest acquired by the Group on
As I have stated on previous occasions, our strategic priority right now is to develop the most advanced, highest performing and lowest cost anode materials available in the market.
Growth in the market for electric vehicles (EVs) and for energy storage for households and electricity grids is steadily gaining momentum.
Our key goal remains unchanged - to become a supplier of choice of advanced anode materials and other battery chemistries for this exponentially growing industry.
In terms of the negotiations with potential customers, they are progressing very well, although we have been constrained on the form of the arrangements we enter with them to avoid the conflict created by customer confidentiality requirements and the continuous disclosure requirements of the ASX.
The Board and management of
To view the AGM Presentation, please visit:
https://abnnewswire.net/lnk/505839JR
About
Contact:
Executive Director
Phone: +61-414-970-566
Email: greg@novonixgroup.com
Managing Director
Phone: +61-438-173-330
Email: phil@novonixgroup.com
Website: www.novonixgroup.com
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