CALIX LIMITED — Investor Presentation 2021

Dec 6, 2021

December 7, 2021

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Calix to Present at Canaccord Battery Technology Conference

Sydney, Australia | December 7, 2021 – Multi-award-winning Australian technology company Calix Limited (ASX: CXL) ( Calix or the Company ) is pleased to provide the investor presentation which the Company’s CEO, Phil Hodgson, will use during the Canaccord Charging Up Battery Conference today, 7[th] December 2021, at 10:15am AEST.

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Please reach out to your Canaccord Genuity representative for additional details.

This announcement has been authorised for release to the ASX by:-

Phil Hodgson Managing Director and CEO Calix Limited 9-11 Bridge Street Pymble NSW 2073 Ph +61 2 8199 7400

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About Calix

Calix is a team of dedicated people who are urgently developing great businesses, leveraging our patented technology, that deliver positive global impact.

The core technology is being used to develop more environmentally friendly solutions for water treatment, CO 2 mitigation, biotechnology, advanced batteries, and more sustainable mineral and chemical processing.

Calix develops its technology via a global network of research and development collaborations, including governments, research institutes and universities, some of world’s largest companies, and a growing customer base and distributor network for its commercialised products and processes.

Because there’s only one Earth – Mars is for Quitters.

Website: https://www.calix.global/ Twitter: @CalixLimited Youtube: CalixLimited

For more information:

Phil Hodgson Managing Director and CEO phodgson@calix.com.au +61 2 8199 7400

Darren Charles CFO and Company Secretary dcharles@calix.com.au +61 2 8199 7400

Simon Hinsley Investor Relations

simon@nwrcommunications.com.au +61 401 809 653

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1

Our core technology platform

A PATENTED PLATFORM TECHNOLOGY WITH 3 KEY FEATURES

CO 2 capture

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Renewable energy-ready

Chemical / Mineral Processing.

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When processing limestone, gas exhaust is high purity CO2

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Highly-active materials Highly porous “honeycomb” structure = more chemical- and/or bio-activity Mineral “Honeycomb”

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A new way to “heat stuff up”
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26 patent families covering core technology and applications >A$100m has been invested to date in developing the technology.

2

Our business opportunities and Environment, Social and Governance (“ESG”) tailwinds

MULTIPLE “SHOTS ON GOAL” ESG OPPORTUNITY USING THE ONE PATENTED CORE PLATFORM TECHNOLOGY

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CO Advanced
Water 2 Biotech Sustainable Processing
Mitigation Batteries
• Direct CO2 separation for • •
• Safe, environmentally friendly cement and lime – no • Safe, environmentally friendly Targeting safe, Targeting renewable-energy
environmentally friendly, more driven industrial processes
water treatment product theoretical energy penalty biotech product – multiple
recyclable, better performing •
Our • In-market since 2014 • Developing with €28m of EU applications batteries First license agreement
Business • Growing revenue engine for the business • Partnering with some of the funding •• Crop Protection – initial salesAnti-Foul Marine Coatings – • • Highly prospective early resultsSubstantial global battery • Several opportunities being executed- energy storagedeveloped – chemical
• Successful US acquisition 2019 largest cement and lime major trial underway development network industries
companies
Increasing concern wrt expensive
ESG Top economies, and cement Increasing concern wrt biocides Industrial processes coming under
Waste water discharge limits battery materials and their
companies, committing to net and their impact on the increasing pressure to identify
Issue becoming tougher recyclability, cost, safety and
zero CO2 by 2050 environment how they will electrify
provenance
The EU has banned one of the Recent Deloitte survey found
ESG Germany taken to court by the EU The price of CO2 – as measured by Tesla, VW, Stellantis targeting a
largest selling broad spectrum industrial manufacturers
for polluting European waterways the EU Emissions Trading Scheme return to simpler, cheaper, safer
Examples with P and N - has jumped ~10-fold in 4 years fungicides from Feb 2021 - chemistries for “people’s EV;s” targeting 45% overall
Mancozeb electrification by 2035
…
With significant thematic tailwinds, Calix’s business is very well positioned to benefit
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Opportunities to apply the Calix technology across the battery value chain

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Sustainable Processing

Advanced Batteries

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Processing of spodumene to produce lithium

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α-Spodumene
β-Spodumene
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The manufacture of advanced manganese oxide materials for lithium ion batteries

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Manganese
Carbonate
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Manganese Oxide
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Market opportunity – why are Li-Ion batteries of interest ?

THE LI ION BATTERY MARKET HAS GROWN VERY QUICKLY, AND IS PREDICTED TO ACCELERATE FURTHER…

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While there are varying predictions as to the growth of LiIon battery demand, there is consensus on two things…

• Growth will be driven by electric vehicles, with significant growing contribution from stationary storage

• Growth will be very fast over the next decade

The World Energy Outlook 2021 Report released by the International Energy Agency estimated the battery market would grow to around US$850 billion per annum by 2050, with over 3 billion electric vehicles predicted under their net-zero emissions scenario

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Why lower carbon foot-print lithium ?

GLOBAL CAR MANUFACTURERS TARGETING NET ZERO CO 2 INPUTS

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PLUG-IN ELECTRIC VEHICLE SALES IN EUROPE

New EU regulatory framework for Batteries* requirement to comply with maximum lifecycle carbon footprint thresholds (as of 1 July 2027)

by 1 January 2026, the creation of a battery passport

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BMW intends to use only materials that are produced using regenerative sources of electricity,

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Next Milestone Ambition 2039: The global Mercedes-Benz supply chain is becoming CO2 neutral

"For electric vehicle batteries and energy storage, the EU would need up to 18 times more lithium and 5 times more cobalt in 2030 , and almost 60 times more lithium and 15 times more cobalt in 2050

• Batteries https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/689337/EPRS_BRI(2021)689337_EN.pdf

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*2 European Parliament Economic and Social committee of the Regions: Critical Raw materials Resilience.

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Reduced CO 2 footprint lithium salt production

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Calix
Technology
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Up to 8x

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Targeted benefits of the Calix Technology to the spodumene industry

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• Higher value product produced on-site from fines
• Less shipping of waste
• Higher recovery from the ore body
• Can be renewable energy-powered
• Lower CO
2 foot-print product = competitive
advantage as carbon barriers are erected
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Calix Technology

An electric / renewably - powered Australian lithium process

DEVELOPING ON-SHORE, LOW CARBON PROCESSING OF SPODUMENE ORE FINES TO PRODUCE A LITHIUM SALT

Lithium Concentrate Demonstration plant

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How do lithium ion batteries work ?

AND WHY IS THE CATHODE SO IMPORTANT ?

Terminal Substrate (typically Aluminium) + Cathode Electrolyte Discharging Discharging Power Separator Li+ ions Electrons Electrolyte Charging Charging Anode

Terminal Substrate ~~_~~ (typically Copper)

The cathode, as the source of Li+ ions, is the main determiner of the capacity and voltage of the battery

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During charging , lithium (Li) ions flow from the cathode to the anode via an electrolyte, through a separator

During discharge , they flow back to the cathode, generating a flow of electrons from the anode into the external circuit (eg your phone, or car !) and back to the cathode also

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The cathode is also the most expensive component of a Lithium Ion battery – over ¼ of the cost ! – due to… 1.Materials

2. Energy

3. Capital

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What are the key operating properties of Li-Ion batteries?

SO FAR (!) HAS BEEN A TRADE-OFF BETWEEN ENERGY AND POWER…

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Developed Target
Battery
“Heaven”
(high energy,
high power, low
cost, safe)
Sodium / New Nickel
Magnesium Alkaline
(cost / safety) (low cost)
Nickel
Lithium
/Alkaline LMO, LFP, NMC, NCA
NiFe
NiMn Hybrids
Lead/Acid New
Supercapacitors
Super- (speed / energy)
Capacitors
“Ragone Curve” CoMnOx
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Power

(W/kg)

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• ➢ “energy” defines how much “fuel” is in the tank

• ➢ “power” defines how quickly the energy can be used, and replenished

• ➢ EV’s are driving development to push the Ragone Curve outward !

• ➢ But energy and power are not the only parameters of interest…

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Energy and power important, but so is cost, safety, and increasingly - the energy used to produce the battery…

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Energy and power important, but so is cost, safety, and increasingly - the
energy used to produce the battery…
Very Safe Unsafe
HOW THE TOP 4 CHEMISTRIES STACK UP…
Cathode Key Stability Voltage Specific Energy Typical Cost Cost / Energy Safety [1] Energy to
Chemistry Elements (V, vs Lithium) (Wh/kg) ($/kg) ($/kWh) Produce
Cathode [2]
NMC or NCM Ni, Mn, Co Good 3.8 140-180 20 – 28 30 – 43 135
NCA Ni, Co, Al Poor 3.8 80-220 23 – 30 30 – 40 TBC
LFP Fe, P Excellent 3.4 80-130 10 – 12 18 – 22 39 - 48
LMO Mn Poor 4.1 105-120 8 - 15 16 - 30 26
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• ➢ The first modern electric cars such as the first generation Nissan Leaf, used Lithium Manganese Oxide (LMO) cathodes because of low cost and good intrinsic safety, at the expense of lower capacity and lifetime (stability)

• ➢ Tesla has used Nickel Cobalt Aluminium (NCA) and a lot of other car-makers use Nickel Manganese Cobalt (NMC) due to higher energy densities, albeit at higher cost and safety concerns

• ➢ However, Tesla, Stellantis and VW are now targeting “people’s vehicles” EV’s with simpler manganese and iron chemistries - mainly driven by safety, cost and longevity

• ➢ ..and with the EU introducing carbon tariffs from 2023, the amount of energy used in producing batteries will also be important

• Source except for NCA: Avicenne Energy http://www.avicenne.com/pdf/Fort_Lauderdale_Tutorial_C_Pillot_March2015.pdf , NCA: assumed the same if not slightly worse than NMC https://batteryuniversity.com/learn/article/safety_of_lithium_ion_batteries

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1. CATHODE MATERIAL production energy consumption in mmBTU/T – “Material and Energy Flows in the Production of Cathode and Anode Materials for Li-Ion Batteries” – Argonne ANL/ESD-14/10 3. Stellantis EV Day https://www.stellantis.com/en/investors/events/ev-day-2021

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Why might Calix’s technology be suited to battery materials ?

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THE CALIX TECHNOLOGY ENABLES A SIMPLER, CHEAPER, LOWER ENERGY PRODUCTION ROUTE …

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Calix
Technology
“BATMn”
Can be
renewably
powered
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Sintering Sintering Li2CO3 Furnace Li(OH) Furnace (Solid) (Solution) 750[0] C 800[0] C Typically 20 hours* 2 hours (~56% of the Energy required (could reduce LMO energy to produce LMO) footprint by up to 40%)

Already at Commercial Scale 2000 Tpa, ~A$2m

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*Assumes solid state manufacturing route – “Estimating the Cost and Energy Demand for Producing Lithium Manganese Oxide for Li Ion Batteries” https://publications.anl.gov/anlpubs/2020/03/158938.pdf

Can we use cheaper, less pure materials ?

OUR EARLY TEST WORK HAS CONCENTRATED ON CHEAP, AGRICULTURAL, NON-BATTERY GRADE MANGANESE…

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Chemical Composition (weight %)	Chemical Composition (weight %)	Standards	Standards	Commercial LMO	Calix LMO	Calix LMO
		High Capacity1	High Power1	As tested	(washed)	(unwashed)
Main elements	Mn	58.0+ 2.0	57.5+ 2.0	59.5	58.2	56.3
	Li	4.2 + 0.4	4.1 + 4.0	3.97	3.84	3.76
Impurities	K	< 0.05	< 0.01	0.01	< 0.01	0.03
	Na	< 0.3	< 0.1	0.3	0.05	0.27
	Ca	< 0.03	< 0.03	0.02	0.32	0.78
	Fe	< 0.01	< 0.01	0.01	0.02	0.02
	Cu	< 0.005	< 0.005	0.0002	0.0018	0.0017
	S	-	< 0.167	0.5	0.31	0.91
	Mg	-	-	0.02	0.6	0.6

• ➢ Commercial LMO, and Chinese LMO Standards, show much lower concentrations in Ca, Fe, Cu and Mg impurities

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• ➢ Simply washing with water lowered some of the impurities (K, Na, Ca and S)

• ➢ And the performance ?....see next few slides !

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1. YS/T 677-2016, Lithium manganese oxide, People's Republic of China Nonferrous Metals Industry Standard

Can we make better performing materials ?

EARLY HALF-CELL RESULTS ON THE CALIX CATHODE CRYSTALS SHOW VERY ENCOURAGING PERFORMANCE

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“cracking the onion” – creating “Hierarchical Porous Onion” (HPO) nano-structures Calix is developing a high-performance, low-cost lithium manganese oxide (LMO) cathode technology based upon HPO crystal structures

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1
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The Calix LMO materials display a novel meso-porous onion structure similar to the best lab-scale, exotic nano-derived materials reported in the scientific literature.

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Single crystal commercial
Polycrystalline
LMO (best-in-class) commercial LMO
5µ
3µm
m
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The novel structure facilitates exceptional rate performance surpassing the performance of its commercially available competitors

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• 1 Li, Z., Feng, X., Mi, L. et al. Hierarchical porous onion-shaped LiMn2O4 as ultrahigh-rate cathode material for lithium ion batteries. Nano Res. 11, 4038–4048 (2018). * Specific energy and power presented on a per unit weight of the cathode active material (CAM) basis

• All results are from half-cell electrochemical discharge rate screening tests with CAM loadings of 0.5 mAh/cm[2]

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Full coin cells – significant performance longevity demonstrated

ADVANCED BATTERIES: LONG TERM STABILITY AT HIGH RATE DEMONSTRATED TO OVER 5500 CYCLES

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LMO | LTO full cells continue to show
very stable performance after > 5500
cycles with fast (15 minute)
charge/discharge
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Before cycling After cycling
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No observed decay in novel structure of Calix LMO following electrochemical cycling (high magnification, x-sectional images of cathode foils)

The development of high voltage, non-flammable, water tolerant electrolytes tailored to Calix electrode materials is underway through the CRC-P and storEnergy training

centre

Electrochemical test results continue to show that Calix’s LMO chemistries provide outstanding rate capability and stability in full cell over extended lifecycle testing

High magnification imaging shows that the unique mesoporous structure is preserved following cycling with no structural degradation

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https://onlinelibrary.wiley.com/doi/epdf/10.1002/aenm.202101422

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Commercial format – pouch cell prototypes

PROTOTYPING AND SCALE-UP OF COMMERCIAL FORMAT CELLS FEATURING CALIX LMO IS UNDERWAY

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Commercial LMO
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Calix LMO
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• Calix has engaged AMTE Power and its partners QinetiQ and MEP technologies to undertake prototyping and scale-up of commercial format pouch cells and battery packs exploiting Calix high performance LMO material

• The initial pouch cell design and prototyping programme which will inform the cell design specifications for the next stage of pouch cell production scale-up programme is underway – first phase has been completed and second phase is underway

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Single layered pouch (SLP) cell prepared by Qinetiq featuring Calix LMO cathode

• Prototype battery pack (2 kWh) being developed to commercial scale for demonstration of the first truly ‘Australian cathode’ in 2022

“Calix has developed an intriguing class of electrode materials with a truly unique structure. We’re excited to be working with Calix on the integration and demonstration of its LMO and future cathode chemistries into prototype battery pack for high power applications” Dr Mamdouh Abdelsalem, AMTE Power

Half-cell benchmarking tests of Calix LMO relative to a commercial competitor LMO as carried out by Qinetiq were consistent with Deakin’s results and show that the rate performance of Calix’s LMO is retained at commercially relevant coating formulations (>95wt% LMO) and active material areal loadings (2mAh/cm[2] )

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Our battery universe is broad, and expanding…

MULTIPLE DEVELOPMENT AND TRAINING PROGRAMS IN AUSTRALIA AND EUROPE…

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Progress since our March 2021 capital raise

ADVANCED BATTERIES: ACCELERATION PLANS – ON TRACK

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Key Challenge	Description		2021	2022	2023	2024
LMO Full Cell Performance	1. Commercially-relevant loadings of Cathode Active Material1 2. Long term 500-1000+ charge-discharge cycling performance	Complete
Field Trials	Demonstration of the technology in a commercially relevant format at real world/application specific conditions2	On Track
Scale-Up	Demonstrate electrochemical performance of materials produced in commercially relevant quantities (grams→kgs→tonnes) 1. Stage 1: Lab (grams)→pilot production (kgs) - underway 2. Stage 2: Pilot production (kgs)→Commercial demo (tonnes)	On Track On Track	Stage 1 Stage 2
Optimised / Combined / New Chemistries	1. Optimise LMO 2. Test new materials / chemistries	On Track	Iterative / On-going
Electrode / Electrolyte Optimisation	Experiment with different combinations to maximise cycling stability	On Track	Iterative / On-going

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1. 2 mAh/cm[2] 2. (1- 10 kWh)

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In Summary: Opportunities to apply the Calix technology across the battery value chain

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Sustainable Processing

Advanced Batteries

Processing of spodumene to produce lithium

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The manufacture of advanced manganese oxide materials for lithium ion batteries

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• ✓ Excellent test results on spodumene processing using Calix Technology

• ✓ May 2021: MOU with Pilbara Minerals Limited (ASX:PLS)

• ✓ Co-development of a “mid-stream” lithium chemicals refinery utilising the Calix Technology

• ✓ Phase 1: Scoping Study target late 2021 – WATCH THIS SPACE

• ✓ New LiMn O 2 4 cathodes formulated to multi-kg scale

• ✓ Significantly lower energy and carbon processing route than conventional LMO production

• ✓ Unique structure facilitates high-rate and performance stability

• ✓ Prototype battery pack (2 kW) being developed to commercial scale for demonstration of the first truly ‘Australian cathode’ in 2022

• ✓ Phase 2: If successful - JV formation target H1 2022 and FEED study

• ✓ Process flexibility – applicable to a wide range of electrode materials

• ✓ Phase 3: If successful Demonstration Plant JV target 2024

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Glossary

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Term Meaning	Term Meaning
Aluminium (Al)	Chemical element with the symbol Al
Anode	The negative electrode of a battery
BATMn	Calix’s core kiln technology – electrified – for battery and catalyst materials production
C, 2C, 4C, D	Charge rate, 1 C = charge in 1 hour, 2C charge in 30 min, 4C charge in 15 min etc. D is discharge – same metrics
Calcium (Ca)	Chemical element with the symbol Ca
Carbonation	The capture of carbon dioxide by contacting with lime (calcium oxide), to form limestone (calcium carbonate)
Cathode	The positive electrode of a battery
CO2	Carbon Dioxide
Copper (Cu)	Chemical element with the symbol Cu
Electrode	The material that stores the lithium ions in a charged (anode) or discharged (cathode) state in a lithium ion battery
Electrolyte	The medium that allows ions to move between the battery electrodes, via the separator
ESG	Environment, Social and Governance considerations
Fines	Small particles, which are usually very difficult to handle in kilns etc as they simply get blown out
Iron (Fe)	Chemical element with the symbol Fe
LFP	Lithium Iron Phosphate – a battery cathode material
LMO	Lithium Manganese Oxide – a battery cathode material
Lithium (Li)	Chemical element with the symbol Li
Lithium Concentrate / Lithium Salt /“Mid-Stream” Lithium	A form of lithium that is high in lithium content, to be shipped and utilised by battery producers
Lithium ion	The ionic form of lithium (Li+) – a positively charged atom of lithium
LTO	20 Lithium Titanium Oxide – a battery anode material

Glossary

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Term Meaning	Term Meaning
Manganese Carbonate (MnCO3)	Form of manganese used mainly in agriculture as a fertiliser supplement
Magnesium (Mg)	Chemical element with the symbol Mg
Manganese (Mn)	Chemical element with the symbol Mn
Nickel (Ni)	Chemical element with the symbol Ni
NCA	A battery cathode material made from nickel, aluminium and cobalt
NCM, or NMC	A battery cathode material made from nickel, manganese and cobalt
Potassium (K)	Chemical element with the symbol K
Separator	The barrier between the anode and the cathode that prevents them touching, inside the battery
Sodium (Na)	Chemical element with the symbol Na
Spodumene	A high lithium-containing ore, and the source of the majority of the world’s lithium supply
α-Spodumene	A tight Li-crystal formation, from which extraction of Li is difficult
β-Spodumene	A loose Li-crystal formation, from which extraction of Li is much easier than the alpha-form
Sulphur (S)	Chemical element with the symbol S
Tpa	Tonnes per annum
Wh / kWh	Watt-hours / kilowatt-hours - a measure of energy

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Managing Director & CEO phodgson@calix.global +61 2 8199 7400

CFO & Company Secretary dcharles@calix.global +61 2 8199 7400

Investor Relations +61 401 809 653

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