NOVONIX Ltd — Capital/Financing Update 2021

Mar 3, 2021

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NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES

SHARE PURCHASE PLAN DEFERRAL

NOVONIX Limited (ASX:NVX) (NOVONIX or "the Company") announced on 26 February 2021 that it had completed the A$115m placement of new fully paid ordinary shares to institutional and sophisticated investors ( Institutional Placement ), which was announced by NOVONIX on 25 February 2021.

NOVONIX also announced on 25 February 2021 that it would offer eligible shareholders the opportunity to acquire additional shares under a Share Purchase Plan ( SPP ).

Following significant fluctuation in the NOVONIX share price since the announcement of the SPP, the NOVONIX Board has determined that it would be in the interests of shareholders to defer the SPP until the NOVONIX share price stabilises.

When and if the SPP proceeds, the key terms and conditions will remain unchanged. In particular:

• The record date will continue to be 7:00pm (Sydney time) on Wednesday 24 February 2021.

• The issue price for each share issued under the SPP will be A$2.90, being the Institutional Placement price.

• The amount sought to be raised under the SPP is still expected to be A$15m (although depending on the level of demand under the SPP, NOVONIX may decide to scale back applications, or raise an amount higher than A$15m, in its absolute discretion).

The opening and closing dates for the SPP will change. NOVONIX will let shareholders know these dates once they have been decided.

The Board reserves the right to not proceed with the SPP if it considers it inappropriate to do so.

This announcement has been authorised for release by Tony Bellas, Chairman.

NOVONIX Limited (ASX: NVX) ACN 157 690 830 GPO Box 525 Brisbane Qld 4001 AUSTRALIA

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ABOUT NOVONIX

NOVONIX LIMITED (ASX: NOVONIX) is an integrated developer and supplier of high-performance materials, equipment and services for the global lithium-ion battery industry with operations in the USA and Canada and sales in more than 14 countries.

NOVONIX's mission is to support the global deployment of lithium-ion battery technologies for a cleaner energy future.

For any questions, please contact IR@novonixgroup.com

IMPORTANT DISCLAIMER

This announcement has been prepared for publication in Australia and may not be released or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws.

NOVONIX Limited (ASX: NVX) ACN 157 690 830 GPO Box 525 Brisbane Qld 4001 AUSTRALIA