NOVONIX : First Quarter Operations Update presentation slides

Set for Growth

First Quarter Activities Report Update, April 2024

Important Notice and Disclaimers​

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
1Q24 QAR Update, April 2024	2

NOVONIX is Uniquely Positioned to Build the North American Supply Chain​

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
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Competitive Advantage Through Synergistic 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 and data solutions accelerate rapid advancements compared to industry standards
• Data solutions leverage 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

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Q1 Highlights - Momentum Towards Scaling, Production, and Commercialization

NOVONIX Anode Materials

• Signed a binding supply agreement with Panasonic Energy
• Selected to receive a US$103 million tax credit under the Qualifying Advanced Energy Project Allocation Program (the
  "48C tax credit")
• Submitted first grant reimbursement to US Department of Energy ("DOE"), office of Manufacturing and Energy Supply Chains
  ("MESC")
• Advanced engineering to support procurement of all additional primary production equipment to meet 2024 objectives and growth plans
• Continued progress towards DOE Advanced Vehicle Manufacturing loan

NOVONIX Battery Technology Solutions

• Progressed development of all-dry, zero- waste cathode synthesis technology with additional product workstreams
• Sampled different cathode product types to multiple potential customers and partners
• Continued development of data and analytics offering that will leverage artificial intelligence/machine learning models to enhance service capabilities
• Expanded European UHPC distribution network

Corporate

• Appointed Sharan Burrow AC to Board of Directors
• Negotiate agreement with Lithium Energy to combine natural graphite assets with the intent to take combined business public
• Released inaugural Sustainability Report
• Quarter end cash balance of
  US$62.2 million at March 31, 2024

ASX: NVX Nasdaq: NVX
1Q24 QAR Update, April 2024	5

Conditional Proposal - Mount Dromedary & Axon Graphite

World class, large-scale natural high-grade flake graphite project

• Conditional 50/50 Joint Venture with NVX "merging" Mount Dromedary asset in exchange for shares in LEL subsidiary, Axon Graphite
• Axon Graphite holds the Burke and Corella Tenements in Queensland
• Intend to list Axon Graphite on the ASX to raise new capital targeting between A$15 million - A$25 million

Axon's principal activities will include:

• Advancing the development of the Burke/Mt. Dromedary graphite projects;
• Advancing the exploration, evaluation and development of the Corella graphite project;
• Progressing the development of a vertically integrated Spherical Purified Graphite Battery Anode Material manufacturing facility in Queensland; and
• Investigating and potentially pursuing other prospective projects in the battery minerals sector both in Australia and abroad.

ASX: NVX Nasdaq: NVX
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Released Inaugural Sustainability Report Highlighting our ESG Priorities

NOVONIX ESG Commitment

Environmental

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

Top Priority ESG Topics

1 Workforce Health & Safety

6 Employee Engagement

2

Business Ethics

7 Air Quality

3 Energy Management

8 Waste & Hazardous Waste Mgmt.

4 Greenhouse Gas Emissions

9 Supply Chain Environmental Impact

5

Product Safety

10 Cybersecurity/Data Protection

Aligning our practices, policies, and operations with mission to provide revolutionary solutions to the battery industry.

ASX: NVX Nasdaq: NVX
1Q24 QAR Update, April 2024	7

Proprietary Process Technologies Leading the Clean Energy Transformation

Environmental Benefits of NOVONIX Technology

			Anode Technology			Cathode Technology
Inputs		▪	Clean power sources1		▪	Reduced power requirements
	▪	High purity input materials		▪	No reagents

NVX Lower Global Warming Potential than China

	25
material	20
15
/kg anode
10
kg CO₂e	5

▪ Proprietary furnace and process

			technology
Process	▪	Increased energy efficiency
		▪	No chemical purification
		▪ Support higher-performance
			lithium-ion batteries resulting in
			longer life
Outputs		▪	Negligible facility emissions
		▪	LCA2 demonstrated a ~60%
			global warming potential
			decrease

• Proprietary all-dry,zero-waste cathode synthesis technology
• Simplified processing requirements and flowsheet
• No sodium sulfate waste
• Eliminates process waste-water by ~65%
• Negligible facility emissions

0

China - Synthetic Graphite

China - Natural Graphite

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
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Panasonic Energy and NOVONIX Sign a Binding Supply Agreement

Panasonic Energy Kansas Facility Rendering

Panasonic Energy

Panasonic Energy

• Panasonic Energy is a leading developer of battery cell technology for EV and ESS batteries in the U.S.
• Panasonic Energy has developed relationships with Tesla, Honda, Toyota, Mazda, Subaru, Ford, and Lucid in North America to supply EV batteries
• Panasonic Energy plans to have ~200 GWh of gigafactories in North America
• NOVONIX and Panasonic Energy began working on product sampling and testing after signing MOU with subsidiary Sanyo Electric in 2019

Highlights of Agreement

• NOVONIX and Panasonic Energy sign binding supply agreement for high-performance synthetic graphite material to be supplied from NOVONIX's Riverside facility in Tennessee to support Panasonic Energy's North
  American operations
• Commencing in 2025, the agreement supports the purchase of 10K tonnes of synthetic graphite over 4 years and is subject to agreed upon milestones regarding final mass production qualification and timelines
• The agreement includes a pricing structure that incorporates a mechanism for price adjustments in response to significant changes in NOVONIX's raw material costs
• Inflation Reduction Act benefits both companies in building local supply chain:
• • NOVONIX - Advanced manufacturing of critical minerals and battery material
  • Panasonic Energy - Local manufacturing of battery cells

ASX: NVX Nasdaq: NVX
1Q24 QAR Update, April 2024	9

NOVONIX to Commission the First Large Scale Battery Grade Synthetic Graphite

Production Facility in North America

Riverside Facility Overview

• Purchased and opened Riverside facility in 2021, highlighted by a grand opening attended by US Secretary of Energy Jennifer Granholm
• Facility to scale to 20K tpa aligned with customer demand
• Progressed engineering to support procurement of additional primary production equipment to meet 2024 targets

Readiness for Commercial Production

Technology/Product

• NOVONIX is running regular Generation 3 Furnace production campaigns to optimize operational performance and support customer sampling programs
• Recent production campaigns validate furnace throughput, sustainability and demonstrate improving operating margin of ~23% to ~28% for Riverside

Customers Supply Agreements

• Supply Agreement with KORE Power to supports scaling to 12K tpa for their KOREplex facility
• Panasonic Energy signed binding supply agreement for 10K tonnes from 2025-2028

Financing

• NOVONIX was awarded a grant from MESC for US$100 million
• Selected to receive a US$103 million under the 48C tax credit
• • Qualifying advanced energy project credit can be monetized through its sale for cash
  • Company has a period of two years within which to satisfy the requirements and claim the tax credit

Riverside Facility in Chattanooga, Tennessee

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