NOVONIX Ltd — Investor Presentation 2021

Jun 1, 2021

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NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

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. 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.

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.

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. The Company has based such statements on its current expectations and projections about future events and trends that it believes may affect its 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 the forward-looking information. Such factors include, among others, regulatory developments in the United States, Australia and other jurisdictions, the continuation of the Company’s partnership with the Research Group of Dr. Mark Obrovac at Dalhousie University for the development of the Company’s technology, the Company’s ability to scale-up production of its anode or cathode materials and the Company’s ability to attract and retain key management and technology personnel. Forward-looking statements are not guarantees of future performance or outcomes and that 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. The Company disclaims any obligation to update any forward-looking statements made in this Presentation to reflect events or circumstances after its date or to reflect new information or the occurrence of unanticipated events, except as required by law.

Industry and Market Data

This Presentation contains estimates and information concerning the Company’s industry and business, including estimated market size and projected growth rates of the markets for the Company’s products. Unless otherwise expressly stated, this industry, business, market, and other information was obtained from reports, research surveys, studies and similar data prepared by third parties, industry, and general publications, government data and similar sources. Although management believes that the third-party market position, market opportunity and market size data included in this Presentation are reliable, it has not independently verified the accuracy or completeness of this third-party data. Further, such information involves a number of assumptions and limitations. For example, certain of these publications, studies and reports were published before the COVID-19 pandemic and therefore do not reflect any impact of COVID-19 on any specific market or globally. These and other such factors 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.

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ASX: NVX

OTCQX: NVNXF

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Dr. Chris Burns Nick Liveris
CEO CFO
• Group CEO of NOVONIX after formerly serving as COO of NOVONIX Ltd, • Previously served as operational CFO for NOVONIX Anode Materials and
CEO of BTS and CEO of NOVONIX Anode Materials NOVONIX BTS and VP Business Development for the NOVONIX group
• Co-developed the breakthrough Ultra-High-Precision-Coulometry • Over 10 years of experience in Investment Banking and Management
(UHPC) technology with Dr. Jeff Dahn Consulting
• Co-founded NOVONIX Battery Technology Solutions in Canada in 2013 • Previously a Senior Engagement Manager at McKinsey leading
transformation programs for automotive and manufacturing companies
• Manages research partnership with Dalhousie University
• Previously an Analyst at Merrill Lynch focused on the transportation
• Former Senior Research Engineer with TESLA sector
Education Education
St. Francis Xavier University Dalhousie University Dalhousie University University of Michigan University of Pennsylvania
BSc. Physics MSc. Physics Ph.D. Physics B.A. Economics MBA
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St. Francis Xavier University Dalhousie University Dalhousie University BSc. Physics MSc. Physics Ph.D. Physics

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NOVONIX Overview

NOVONIX is a leader in battery development and material technology. We develop and supply what we believe to be the most accurate battery testing technology in the world. We are the only qualified US-based supplier of battery-grade synthetic graphite anode material.

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Better Performance, Longer Life, Lower Cost
Only Qualified US-Based Developing New Applications
Most Accurate Battery Testing
Supplier of Synthetic Graphite and Partnerships
Technology
Anode Material
Cathode Materials
Battery Technology Solutions Anode Materials
ASX: NVX OTCQX: NVNXF
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22 Dec 2020: Expanded collaboration with Samsung to 26 Feb 2021: Completion of utilize the next generation 19 Jan 2021: Leading 12 Feb 2021: NOVONIX entered ASX equity raise of A$115m to technology being developed researcher, Dr. Jeff Dahn into a new five year research support growth of NOVONIX with Harper International, with appointed as Chief Scientific sponsorship agreement with Anode Materials with an deliveries set to commence in Advisor, effective July 2021 Mark Obrovac’s Research Group additional ~A$16m from the second half of 2021 of Dalhousie University directors

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December 2020

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22 Dec 2020: Strategic alliance announced with US-based Harper International to develop specialized furnace technology to enhance NOVONIX’s synthetic graphite manufacturing process

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21 Jan 2021: NOVONIX Anode Materials selected to receive US $5.57mm grant from the US Department of Energy

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19 Feb 2021: Emera and NOVONIX partner on innovative residential energy storage technology

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Today

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Apr 2021: Completed installation of first Generation 2 furnace system built by Harper under our strategic partnership program and initiated build of first Gen 3 furnace

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Leadership Team
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Technical Advisors
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Dr. Jeff Dahn Dr. Mark Obrovac Chief Scientific Advisor[(1)] Sponsored Researcher

Dr Chris Burns Nick Liveris Rashda Buttar Suzanne Yeates Group CEO Group CFO SVP & General Counsel Financial Controller & Co Secretary

Board of Directors

Tony Bellas Chairman & Non-Executive Director

Greg Baynton Non-Executive Director

Robert Cooper Non-Executive Director

Andrew N. Liveris AO Non-Executive Director

Trevor St Baker AO Admiral Robert J. Natter Non-Executive Director Executive Director

Key leadership and technical experience:

1. Appointment effective July 1, 2021

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Battery Technology Solutions
Primary Focus
Specialty Battery Battery Cell and Pack
Battery Raw Battery Material
Materials Production EV & ESS OEMs
Materials Refining
Anode Materials Energy Storage Partnership
Cathode Materials
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Customers Represented Globally Across Key End-markets

End Market Key Customers[(1)]

Auto and ESS OEMs

EV Battery manufacturers Consumer Electronics & Medical Devices Research institutions

1. Several major auto OEMs, materials companies and consumer electric customers not disclosed for confidentiality reasons.

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Better Performance, Longer Life, Lower Cost

We develop and supply what we believe is the most accurate battery testing technology in the world

Our proprietary process technology and capabilities across the value chain drive innovation and commercial opportunities

We are the only qualified US-based supplier of battery-grade synthetic graphite anode material and are fully-funded for our Phase 1 expansion

Our offerings are directly compatible with today’s installed and planned battery manufacturing technology

Demand for our technologies is underpinned by strong growth in EV sales and energy storage demand over the next decade and beyond

We have a global tier 1 customer base across multiple end markets

Our leadership team is highly credentialed, continuing to successfully execute our growth agenda

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Estimated Battery Cell Demand by End Market

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Estimated Battery Cell Demand by End Market
•
Efforts to decarbonize the global
2,500
economy have accelerated in recent 2,430
years, supported by government
regulations, technological innovation, 2,087
corporate actions and environmentally 2,000
conscious consumers
1,753
•
An increasing number of national and
1,500 1,465
local governments have enacted
emissions targets and instituted 1,187
incentives for companies and 979
1,000
consumers
761
•
Announcements and investments 599
500 446
geared at decarbonizing the global
332
economy as well as advancements of 239
lithium-ion batteries are expected to
drive continued EV and ESS demand 0
growth 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
EV ESS Portable Electronics
GWh
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Source: Benchmark Mineral Intelligence Q1 2021 Report.

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Estimated Global Vehicle Sales

(in millions)

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120
112
109 110
107
104 105
102
100 96 96 97
94 93 92
90
86
81
80
60
40
28%
20
11%
4%
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
EV Sold Non-EV Sold EV Penetration Rate
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Source: Benchmark Mineral Intelligence Q1 2021 Report.

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1,928

EV Estimated Demand by Sub Segment

2,000 1,800 1,600 1,400 1,200 1,000

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1,631
1,362
1,135
902
800 751
563
600
443
400
312
223
200 149
0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Passenger BEV Passenger PH EV Commercial BEV Commercial PH EV Other
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Source: Benchmark Mineral Intelligence Q1 2021 Report.

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Government Improved Range Reduction Range of Regulation And Infrastructure In Costs Offerings Battery technology continues An increasing number of to improve the range of EVs, national and local governments Technological advancements New and incumbent OEMs are while new EV infrastructure have enacted emissions targets have continued to make EVs releasing a wide range of (e.g. charging stations) is being and instituted incentives for more affordable passenger and commercial EVs built out, making EVs more companies and consumers practical

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• Targeting ending ICE sales in 2030 and double EV subsidies in post-COVID stimulus efforts • Proposal to end ICE by 2040, launch €8bn auto stimulus package, targeting electrification • Proposal to end ICE sales by 2040 • Proposal to end ICE sales by 2035 • Proposal to end ICE sales by 2035 • Proposal to end ICE sales by 2030 • Proposal to end ICE sales by 2030

• Target 20% penetration of EV sales by 2025 • Target 30% penetration of EV sales by 2030 • Target 30% penetration of EV sales by 2030 • Target 30% penetration of EV sales by 2030 • Target 30% penetration of EV sales by 2030 • Target 30% penetration of EV sales by 2040, Quebec targeting 100% zero emissions by 2050 • Currently, 24 states and D.C. have established economy-wide greenhouse gas emissions targets

Source: Benchmark Mineral Intelligence Q1 2021 Report and Center for Climate and Energy Solutions data as of 4.14.2021.

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Tariffs on Synthetic Graphite

American Mineral Security Act

Biden Infrastructure Plan

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In May 2019, the US announced an increase on Chinese graphite import tariffs as well as other materials from 10% to 25%. China responded by introducing 10% import tariff on flake graphite and synthetic graphite.

Congress proposed new legislation in July 2020 that would identify critical minerals, ensure timely surveying of domestic deposits, cut down on unnecessary permitting delays to produce them, and invest in R&D of alternatives. Synthetic graphite was specifically identified as a critical mineral.

President Biden’s currently proposed $1.7bn infrastructure plan includes significant support for the EV industry with funding to provide further support and investment in the domestic supply chain for raw materials, parts, and factory retooling as well as to support American workers to make batteries and EVs. It also contains funds to support the target of achieving 500k charging stations nationwide by 2030.

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Source: Roskill, US Government, and Government Technology.

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Lithium-ion Battery Cell Price Forecast ($ / kWh)[1]

Battery Cost Comparison ($/ kWh)

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$300 $290 Illustrative Materials Costs Split
Nickel
26%
250 Other
$230 42% Lithium
13%
200 $120 Graphite
$180 Manganese Cobalt
10%
$104.44 1% 8%
$155 100 $95.61
$90.83 $90.68
150
$135 $30.20
$125 $117 $115 80 $27.94 $27.24 $30.49
$105
$101
$97 $95
100 $91 60
40
$74.24
$67.67
50 $63.59 $60.19
20
0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 NCM 622 NCA NCM 811 LFP
Bill of Materials Manufacturing Cost
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Declining costs are expected to help drive adoption of electric vehicles

Source: Benchmark Mineral Intelligence (4/23/21)

(1) Assuming flat future raw material prices, excludes module and pack costs, figures account for top 80% of producers by scale only

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• 50% of global sales to be passenger EV by 2030 • 33% of portfolio to be passenger EV by 2025 • 25 New Energy Vehicles (NEV) by 2025, including BEVs, PHEVs, & FCVs • Will electrify entire Mercedes portfolio, taking the total passenger and commercial EV’s to 50 by 2022 • 5 passenger EVs and plans to have a total of 11 commercial EVs • Announced $22bn EV investment through 2025, all electric passenger vehicles in Europe by 2030 • Committed to 30 new global EVs by 2025, all electric passenger vehicles by 2035 • Two-thirds of all sales to be EV sales by 2030 • Fully electric vehicle lineup by 2040 • 6 passenger EV models by 2025 • 100% of all-new vehicle offering in key markets to be electric by 2030 • 100% of vehicles offered by 2025 will be electric • Continuing to expand lineup with Model Y and commercial semi truck • Goal is to have 40% of new vehicles sales to be EV by 2025, and 70% by 2030 • Investing €35bn into EV, expecting 70 all-electric passenger and commercial models by 2030 • Plans to sell only EVs by 2030 • Expects to be all electric passenger vehicles by 2025 • Every new model launched until 2025 will offer an “electrified variant”

New Auto OEMs • Expected start of production in Q2 2022, 150k vehicles by 2026 • Expected start of production in Q4 2021, 107k vehicles by 2024 • Expects to delivery ~20k vehicles in Q1 2021 • Expects production of full-size premium EV SUVs in 2022 • Announces plans for the start of production for Percept in Q4 2020 • Completed first 5 BEV prototypes, delivery of first BEV expected in Q4 2021 • Anticipates production to start in Q4 2021, 4 vehicle designs in market by 2023 • Expects run rate production of >500k by 2030 and 251k deliveries in 2026 • Anticipate start of production Q4 2022, expects 225K vehicles in 2025

Source: Company filings, investor presentations, company websites, CNBC, Forbes, AutoNews, NY Times. Statements are extracts of statements relating to the expectations of or regarding other companies.

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Vehicle to Grid Provides Two Key Advantages

Enables fleets and individuals to reduce cost of ownership by charging at non-peak times and discharging to buildings or selling to grid at peak times

Ability to provide power to buildings or national grids during peak hours provides stability to grids

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V2G Unit
AC/DC Electric Vehicle
Bi-directional
Inverter
High Voltage
Battery
Control Unit
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Grid
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Several Key EV OEMS Have Announced V2G Plans

• All VW MEB-based electric cars will be V2G capable beginning in 2022, includes cars from Audi, Skoda, and Seat-Cupra

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•
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• Currently testing DC-Wallbox with bi-directional DC charging stations in Germany

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• Integrating vehicle-to-grid technology in electrical architecture of Model 3

• Tesla’s system could power up to 22kW at any one moment – more than enough to power the dryer, dishwasher, heater or A/C.

• Currently conducting V2G project “i-rEzEPT”, utilizing Nissan LEAF and temporary storage systems to power homes

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• Produces the Nissan Leaf, the only mass production EV on the market with bi-directional capability

Source: CleanTechnica, The Driven, and Bloomberg.

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Cathode Market Share by Chemistry

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2020
1%
11%
20% 44%
24%
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2025 2030
3% 5%
8% 2% 2%
6%
17%
16%
67%
74%
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Lithium Nickel Cobalt Manganese Oxide (NCM)

Lithium Iron Phosphate (LFP) Lithium Cobalt Oxide (LCO) Lithium Nickel Cobalt Aluminum (NCA) Other[1]

Anode Market Share by Material Type

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2020
4%
96%
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2025
6%
94%
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2030
10%
90%
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Graphite (Natural & Synthetic) Other

Source: Benchmark Mineral Intelligence Q1 2021 Report

(1) Other Includes lithium manganese nickel oxide (LMNO) and lithium ion manganese oxide (LMO) batteries

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Graphite Anode Demand (Kt)

Cathode Material Demand (Kt)

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3,000
2,570
2,500 CAGR:19.4%
2,000
1,500
CAGR: 32.8%
1,058
1,000
500
256
0
2020 2025 2030
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4,000
3,658
3,500
CAGR: 20.2%
3,000
2,500
2,000
1,460
1,500 CAGR: 31.9%
1,000
500 365
0
2020 2025 2030
Cobalt Lithium Nickel
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Lithium ion battery demand is projected to increase demand >10x through 2030

Source: Benchmark Mineral Intelligence (4/23/21)

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NOVONIX Operations and Technology

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Battery Technology Solutions
Testing Design Prototyping
Technology accelerates R&D from years to weeks
Developing New Applications and Partnerships
Anode Materials
Cathode Materials
Energy storage partnership
Conditional Sales Agreement Non-binding MOU
in North America
First supplier of US-made high-capacity long-life synthetic (Exclusive in battery technology)
graphite anode material
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Battery Technology Solutions serves as the pillar for innovation across the NOVONIX ecosystem, creating a positive feedback loop to drive technological advancement and deliver best-in-class products and services for customers

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February 2021

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Recent News

NOVONIX – BTS (HQ) Bedford and Dartmouth, NS Canada Employees – 39 (as of May 31)

• New facility recently secured in Halifax dedicated to developing our cathode materials business

• BTS now includes >55,000 sqft in Bedford and Dartmouth, Nova Scotia

NOVONIX – Anode Materials Chattanooga, TN USA Employees – 29 (as of May 31)

• Expanded NAM footprint to 120,000 sqft as of May 1, 2021

• Significantly progressed site selection process for expansion to 10,000 tpa of total NAM production capacity

• Continued engineering and planning work for 30,000 tpa expansion plant to support 2025 NAM production targets

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The Million-Mile Battery is expected to require four critical elements that NOVONIX develops:

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Advanced R&D Long-life Long-life
Long-life Cathodes
Testing Anodes Electrolytes
Product Capability
Battery Technology Solutions Anode Materials Cathode Materials Electrolyte
Providing advanced
Developed and Demonstrated
development, testing Under development
Status currently scaling performance
and prototyping IP filed
production IP being filed
solutions
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has four critical elements in-house

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Demonstrated and Projected Performance Predicted to Exceed 1 Million Miles[(1)]

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0 500,000 1,000,000
Equivalent Driving Miles
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SC NCM622 / NOVONIX Anode Material + Adv. Electrolyte SC NCM622 / Gr + Adv. Electrolyte SC NCM622 / Gr

NCM622 / Gr (Commercially Available Reference Materials)

• 40°C full depth of discharge cycling

• Assumed 330 mile range

• Projection lines shown for guidance

• Data based on internal measurements taken as part of verificiation process.

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New Technologies to
Continue to Drive
Longer Battery Life
and Lower Cost
Life Long Cathode
Energy Storage
Materials and
Sales of NOVONIX Advanced Electrolyte Technology
Life Long Synthetic System
Graphite Materials
expected to begin in
Differential Thermal
2021
Analysis (DTA)
High Precision R&D Technology
Charger (HPC)
R&D Acceleration
Technology
2014 Today Future
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Battery Technology Solutions (BTS) provides cutting edge technology that is highly sought after for R&D services to create the next gen battery — potentially accelerating R&D from years to weeks with proprietary technology

Technology R&D Services (in-house) High Precision Cycler Differential Thermal Materials Development Cell Design and Cell Testing (HPC) Analysis (DTA) and Characterization Prototyping Enables quick reliable Measures composition Analytical Pouch and cylindrical Diagnostic tools and predictions of battery evolution over time Materials Lab cell manufacturing pilot performance testing lifetime line

Battery Technology Solutions’ positioning places at the forefront of the battery technology industry

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High Precision Coulometry (“HPC”) Cyclers

NOVONIX HPC CE Measurement vs. Competitors

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can measure Columbic Efficiency extremely precisely

Spread in Commercial Cells

Only HPC can clearly differentiate commercial cells

Delivering Precise CE Values

• Accurate CE values require extremely precise current and voltage sourcing and measurements

• NOVONIX HPC’s significantly tighter current setpoints provides higher resolution and accuracy relative to the competition

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Differentiating Commercial Cells

• Clean HPC data that show spread in commercial cells – only HPC can differentiate these cells

• This test took less than 18 days to complete, but results were clear almost immediately

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			• CE measurements taken on the same 8-9
			cells on Neware, Maccor, Biologic, and
			NOVONIX HPC battery testing systems under identical conditions (40°C, 2.8V -
	Neware Maccor NOVONIX Biologic		4.0V, 200mA (~C/15)) • Scatter points are individual cycle data for all 8-9 cells on each tester • Range is shown as 2x standard deviation
			System Error Bar
			NOVONIX +/- 0.00004 40 ppm
			Maccor +/- 0.00146 1450 ppm
			Biologic +/- 0.00196 1960 ppm
			Neware +/- 0.00519 5190 ppm

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LG 21700
Sony 18650
Molicel 21700
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More accurate and precise CE measurements enable battery researchers to differentiate key performance indicators more rapidly than is possible with competing technologies

HPC Cycler Output – Electrolyte Additive Development Example

HPC can be used as a tool to speed up design processes - below a cell design stayed fixed while the electrolyte additives (~2% of electrolyte) were changed

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CE Measurement – 24 Cycles

CE Measurement – Variability

CE Measurement – Long Term Cycle Life Testing

Clear differences emerge in CE performance based on changes to the choice of electrolyte additive within 24 cycles due to high accuracy of test

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Output shows clear statistically significant performance predictions between electrolyte additive types

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CE measurement predicted norm discharge capacity performance differences between additive types in a long-term test

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NCM622/Gr Electrolyte 1
NCM622/Gr Electrolyte 2
NCM622/Gr Electrolyte 3
NCM622/Gr Electrolyte 4
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The CE at the end of cycling shows a clear prediction of relative performance in weeks rather than months of standard cycling

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How to determine the amount of liquid in a sealed object? Think about melting ice…

1. Temperature of ice increases up to 0°C (melting point)

2. Ice-water mixture stays at 0°C until all ice has been melted

3. Water begins increasing in temperature

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Small Sample
Large Sample
Melting
Temperature
Salt can lower melting point
Time
Temperature
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• Temperature versus time profile of melting a sample

• Energy used in phase change from solid to liquid at melting point

• Larger plateau indicates larger mass of material

• Temperature of plateau can be used to identify the material melting at that point

• System temperature

• Reference (inert sample, no electrolyte) temperature

• Test sample temperature

Plot the difference between test and reference to highlight the phase changes

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Differential Thermal Analysis (DTA)

NOVONIX DTA System

Differential Thermal Analysis (“DTA”) – Provides non-destructive measurements of changes to battery electrolyte composition over time DTA Output – Thermal Signature Measurements

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DTA Thermal Signature Measurements

Performance Varying Performance Varying Performance Varying Salt Concentration Solvent Concentration Electrolyte Mass 1.2M LiPF6 EC:EMC 3:7 1.2M LiPF6 EC:EMC 2:8 (5653) 1.1M LiPF6 EC:EMC 3:7 1.2M LiPF6 EC:EMC 3:7 (6948) 1.0M LiPF6 EC:EMC 3:7 1.2M LiPF6 EC:EMC 35:65 (7749)

NOVONIX DTA Key Differentiating Features

• During battery operation, there can be substantial changes to the liquid electrolyte. NOVONIX DTA System utilizes an in-situ, nondestructive technique to measure and monitor the evolution of liquid electrolytes over the lifetime of a battery

• The lithium-ion DTA system has the ability to quantify reactions in a non-destructive manner to monitor and understand battery failure. It is an integral part of monitoring how each liquid electrolyte has evolved during the lifetime of a battery

Measurements can be performed throughout the lifetime of a lithium-ion cell and users can better understand the electrolyte evolution and can make informed conclusions about the state of health of the battery

• ’s Differential Thermal Analysis (“DTA”) System equips users with the ability to reliably measure battery performance to make informed decisions on the optimal lithium ion battery chemistries for specific applications

Source: All information and data sourced from Alvatek Research

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NOVONIX’s Competitive Advantage

We deliver the performance required

• Improved coulombic efficiency and cycle life compared to industry leading materials

• We are globally competitive on cost • Re-engineered product and process • Globally competitive energy input

We guarantee safety

• Highest purity in the market

• • No metal contaminants We are the green alternative • Low emission energy sources • No chemical purification • Lower energy consumption We are the only qualified US-based manufacturer of anode material • Geographic supply diversification • No geographic limitation

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Key Customer Decision Drivers for Graphite Anode Material

Key Performance Measures Why Important? Natural Synthetic Mid Grade Synthetic High Grade	Anode Materials
Capacity (mAh/g) Increases Battery Energy Density 360-365 340–350 350–360	350-360
1st Cycle Efficiency (%) Increases Battery Energy Density 90-91 91-93 93-94	94-96
Cycle Life Longer cycle life extends the useful life of the battery, which is critical for Electric Vehicles and Energy Storage Systems Low Medium High	V. High
Cost Structure Need to lower $/kWh of energy storage for EV and energy storage system markets $$ $$ $$$$	$$
Safety / Purity / Quality High safety and reliability are critical aspects for EV and energy storage system batteries Low Medium High	V. High
Emissions and Chemicals Batteries support sustainability, but the input materials must also be made in an environmentally friendly manner High High High	V. Low

Source: Data based on internal measurements taken as part of verificiation process.

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is the leader in key performance measure shown

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•
NOVONIX offers improved Coulombic Efficiency (CE)
compared to industry leading materials (including a
Tesla Tesla Model S cell used as a reference benchmark)
Improved Synthetic
Columbic Natural • CE measures the electrochemical stability of the
Efficiency (CE) [(1)] materials in the battery
•
The higher the CE, the longer the battery life
•
NOVONIX offers improved capacity retention compared
to industry leading materials (including a Tesla Model S
cell used as a reference benchmark) as expected from
Improved
higher coulombic efficiency
Capacity Synthetic
Retention [(1)] Tesla •
Better capacity retention means less range loss over
Natural time for an electric vehicle
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1. Data based on internal measurements taken as part of verificiation process.

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Anode Materials

• NOVONIX Anode Materials was established in March 2017 to commercialize the company’s anode material for the EV and energy storage markets

• Anode materials are one of the most significant components of the battery cell and define overall performance, reliability and cycle life

• Materials were developed by leveraging industry knowledge and market insights gained through activities in NOVONIX’s BTS business

• NOVONIX Anode Materials are manufactured with a proprietary process that focuses on lower environmental footprint and delivering high performance graphite anode materials at lower cost

• NOVONIX has access to well priced needle coke (raw material) within the U.S., which is the core global coke supplier, including relationships with suppliers such as Phillips 66

Traditional Synthetic Graphite Manufacturing Process

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NOVONIX Manufacturing Process Advantages

• Improved emissions

• Fewer steps

• Better product performance

• Streamlined process

• Higher energy efficiency • Lower cost

is the only qualified U.S.-based producer of battery-grade synthetic anode material

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Energy Efficiency

Processing Time

Emissions Control

Atmospheric Control

Product Quality Throughput/Scalability

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Acheson Furnace

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Length-Wise Graphitization Furnace

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Induction Furnace

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DOE Project Team Goals

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Anode Materials
World Leader in World-wide Leader in
State of the Art Anode
Petroleum Coke High Temperature
Materials Processing
Production Furnaces
• • •
Houston, TX Buffalo, NY Chattanooga, TN
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  - First Qualified US Supplier of Synthetic Graphite to Tier 1 Cell Manufacturer

• •

• Multiple US and Global Expertise in High Production Sites Temperature Furnace Technology

• Strategic Alliance Between NOVONIX and Harper

First-in-the-world production scale graphitization furnace technology

• Developing valuable IP

• Highly scalable manufacturing process

• USA-made premium synthetic graphite for lithium-ion batteries

will contribute US$5.92M over the project duration First “Generation 3” furnace system will be deployed at NOVONIX in 2021

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Inputs Process Outputs

• Clean sources

• •

• Clean sources Proprietary technology means Negligible emissions, less than - Carbon free resources fewer processing steps and less alternatives represent 50% energy input energy consumption •

   - Longer lasting batteries
  

  • No chemical purification

• Renewables represent 15% energy input

• Circular use of oil-gas byproducts and carbon offsetting

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SAMSUNG Conditional Supply Agreement and R&D Collaboration

• Supply of 500 tons of synthetic graphite anode material commencing 2[nd] half 2021 (subject to SAMSUNG’s required quality assurance processes)

SANYO Commercial Collaboration

• Non-binding MOU to assess anode materials and supply for EV and ESS following positive test results in Japan

• Working toward longer term supply agreement

• Conditional on supplier audit and QA

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Source: (1) Avicenne Energy 2020.

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Sources & Uses

Sources(1)	A$ million
Institutional Placement	115
Total	A$115
Uses	A$ million
A. NOVONIX Anode Materials	95
B. Research & Development	10
C. Corporate Costs & International Growth Opportunities	10
Total	A$115

Use of Offer Proceeds

A. NOVONIX Anode Materials

• Capex and working capital to scale production to 10,000tpa

• Includes new site expansion and equipment coming online over the next 24 months, as well as working capital associated with increased production levels

• Increased scale is expected to enhance offering to customers that may have minimum contracting volume requirements

• Future equity funding requirements expected to reduce significantly, with access to debt funding alternatives as the business scales

B. Research & Development

• Two year development program for NOVONIX Cathode Materials, with focus on scaling up process technology; demonstrating commercial performance compared to industry standards through a pilot line with in-house testing capabilities; and continuing to bolster IP portfolio

• Expansion of Professor Obrovac’s team at Dalhousie University to focus on other continued technology programs (silicon, lithium-metal / solid state and beyond lithium-ion)

• Expect to leverage Canadian government (state and local) support in these R&D funding initiatives

C. Corporate Costs & International Growth Opportunities

• Working capital associated with further growth initiatives

• Pursue global growth initiatives including expansion, partnerships and licensing

is well-funded to pursue its current growth objectives with cash balance of A$131mm as of March 31, 2021

(1) Excludes funds raised Conditional Placements. Funds raised via Conditional Placements will further strengthen R&D investment and the ability to pursue international growth opportunities.

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Phased Growth Plan For NOVONIX Anode Materials
Phase 3 (Large Scale)
150K Tonne / Yr(1)
Volume /
tonnage phased
Phase 2 (Medium Scale)
growth
40K Tonne / Yr (1)
Phase 1 (Current Ramp-up)
10K Tonne / Yr(1)
2023 2025 2030
2020 2025 2030
Anode Materials Anode Materials Anode Materials
NOVONIX’s
annual production volume would annual production volume would annual production volume would
illustrative
(2) equate to: equate to: equate to:
scale plan
~181K ~727K ~2.7mm
per year per year per year
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NOVONIX’s
illustrative
(2)
scale plan
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(1) Company expectations, which may or may not materialize. (2) Assumes 55kg of graphite per EV.

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With multiple patent applications filed, NOVONIX’s Dry Particle Microgranulation (DPMG) technology delivers higher yields at lower costs

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Input Material In-Process Product
Graphite
Materials
100% Yield (recovery of waste fines to high value product) | Relatively lower cost | Flexible precursor inputs
Input Material Polycrystaline Product Single Crystal Product
Or
Cathode
Materials
10µm 10µm
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100% Yield (recovery of waste fines to high value product) | No water waste | Relatively lower cost | High Nickel cathode materials

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• Estimated total cathode material demand to increase from 365Kt in 2020 to 3,658Kt in 2030

• The most widely used precursor synthesis process (CSTR) is complex, wasteful and costly

• NOVONIX’s Dry-Particle Microgranulation utilizes dry syntheses to produce high nickel materials at a significantly lower cost

• Current Precursor Synthesis Process NOVONIX DPMG

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waste
waste metal
agitator
water carbonates
RAW MATERIALS
CoSO4 CTSR RAW MATERIALS
MnSO4 95°C metal oxides,
GRINDING
or carbonates
NiSO4
water PHASE
SEPARATOR
temperature control
pH CONTROL/ solids DPMG DPMG
CHELATING AGENTS fines
Na2CO3 WASHING
NH4OH water and
FILTERING
water CLASSIFYING
GRINDING
and
Li2CO3 CLASSIFIYING DRYING
SINTERING
FURNACE
DEAGGLOM- NCM
ERATION
MIXER – 1
MIXER – 2
MIXER – 3
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Source: Benchmark Mineral Intelligence (4/23/21)

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NOVONIX DPMG SC NCM622 Commercial SC NCM622
4.5
4.5
4.0
4.0
3.5
3.5
3.0
3.0
2.5
2.5
2.0
2.0
0 50 100 150 200
0 50 100 150 200
Capacity (mAh/g) Capacity (mAh/g)
Potential (V) Potential (V)
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’s Cathode material, synthesized using DPMG technology, shows similar capacity, first cycle efficiency and low polarization of commercial grade material with lower cost

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Current Funding
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Current Status
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Next Steps
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• NOVONIX is funding $8.5 million for DPMG commercialization:

• $3.5 million for integration / deployment of DPMG technology into NOVONIX’s cathode materials, driving higher yield, less waste, higher performance and higher margins

• $5.0 million for commercialization of DPMG technology to make high-performance longlife cathode materials including comprehensive testing at pilot scale and development of full-scale processing capability

• Pilot scale demonstration

• Optimizing conditions for different particles:

• High nickel and cobalt free materials

• Coatings / dopants for performance improvement

• Continuing to file new patents on IP around DPMG inventions and findings

• Collaboration with technology partners and customers as well as evaluation of commercialization options including licensing, partnering and greenfield development

• 10 tonne per year capable demonstration line by 2022

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Investment Highlights

Developer and supplier of the most accurate battery testing technology in the world, providing leading customer and industry insight

Proprietary processes and in-house capability across the value chain driving innovation and commercial opportunities

Only qualified US-based supplier of battery grade synthetic graphite anode material, with longer cycle life at lower costs a key driver for industry adoption

Offerings are directly compatible with today’s installed and planned battery manufacturing technology

Demand for technologies underpinned by strong growth in EV sales and energy storage demand over the next decade and beyond

Global tier 1 customer base across multiple end markets

Highly credentialed leadership team, continuing to successfully execute our growth agenda

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Our Goals for the Future of NOVONIX

At the forefront of product innovation and development, leveraging NOVONIX Battery Technology Solutions’ leading insight into the battery development and material technology ecosystem

Technology leader throughout the EV battery and energy storage supply chain and continuous expansion into new applications

NOVONIX Anode Materials production capacity scaled to meet the growing demands of our customers

Develop NOVONIX Cathode Materials into an industry leader in cathode technology supported by our propriety DPMG process

Highly developed IP with leading market positions

Highly profitable with strong cash flow generation, enabling continued pursuit of profitable, high-growth opportunities

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10 µm

Graphite SC-622 Graphite SC 622

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Strategic Investors & Partnerships

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Investing in the electrification of transport
Better Better Better
EV Batteries EV Chargers EV Charger Networks
The St Baker Energy Innovation Fund invested $10 million (in form of convertible notes) in January 2019 to enable to acquire a
controlling interest in PUREgraphite and $3.4 million (via loan) in March 2020 to support SAMSUNG SDI contract
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Note: The St Baker Energy Innovation Fund is a related party to Trevor St Baker.

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Harper Company Overview

• Harper International (Buffalo, New York) is a global leader in complete thermal processing solutions and technical services essential for the production of advanced materials

• From concept to commercialization and research scale to full production line operations, Harper produces cutting edge innovative furnace designs for worldwide markers

• Harper specializes in processing materials at high temperatures up to 3000°C and in non-ambient atmospheres

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Harper Partnership Overview

• In December 2020, entered into a strategic alliance with Harper to develop specialized furnace technology intended to enhance the company’s synthetic graphite manufacturing process

• In this alliance, Harper has developed, and will continue to develop, systems that are proprietary to in the lithium-ion battery field

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Emera Technologies Company Overview

• Emera Technologies is a wholly-owned subsidiary of Emera Inc. with a dedicated and nimble team focused on developing new ways to deliver renewable energy to customers

• Headquartered in Tampa, Florida, the team engages experts, research organizations and technology leaders to capitalize on the disruptive challenges and innovation opportunities in today’s energy industry

• Emera Technologies developed BlockEnergy, the first utilityowned business model delivering a distributed energy solution to new residential communities

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• Emera Partnership Overview

• In February 2021, announced its partnership with Emera Technologies to develop residential battery pack systems to support microgrids that provide solar power directly to homes

• Over the past year, the and Emera teams collaborated to develop a battery pack including innovative designs, custom manufacturing and control systems to support the Emera Technologies’ BlockEnergy microgrid currently being implemented in a new residential community in the U.S.

• We believe that the collaboration to manufacture specialized packs with Emera offers the potential for future opportunities for specialized packs across North America

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