NOVONIX : CEO Presentation

April 2026

Presentation to the Annual General Meeting

NOVONIX Overview

Strategic Relationships Why NOVONIX?

Tier 1 Customer* Agreements
Technology Agreements C Strategic Investors
U.S. Federal Government Supporters

• Most advanced producer of synthetic graphite in North America and one of the only U.S.-based companies commercializing a domestic alternative

• We are production ready and preparing to deliver a qualifying mass production sample to our lead customer, Panasonic Energy, in 2026

• Feedstock Advantage - Strategic partnership with Phillips 66, ensuring a stable, domestic raw material supply chain and reducing waste

• Proprietary furnace technology far superior to traditional graphitization processes, with lower energy usage and environmental impact and does not depend on any Chinese equipment, IP, or know-how

• Proudly headquartered in Chattanooga, Tennessee

* Agreements require final product qualification.

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The Battery Market

Projected North American Graphite Demand (k tonnes)

1,099

1,085

1,015

954

893

Synthetic Graphite is 83%

of the AAM market in 2026

822

721

602

489

398

331

243 282

143 177 183 186 212

20

23

35

57

92

Natural Graphite

Synthetic Graphite

Source: Benchmark Mineral Intelligence, Ǫ1 2026 Anode Demand Forecast (lithium-ion Chemistry)

Graphite is essential to every lithium-ion battery and critical for power grid stability, defense systems, and advanced manufacturing

• Defense applications

• Automotive batteries

• Energy storage solutions

• Aerospace

• Telecommunications

• Medical devices

• Consumer electronics

  • Synthetic graphite is the preferred anode material, due to improved cycle life and charge rate performance

  • 100% US-based supply chain vs. natural graphite which is ~99% foreign mined - No mines required

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Acheson furnace (used in China to synthesize graphite) exhausting smoke and gasses.

Chinese Concentration

• China is the world's largest producer and exporter of synthetic graphite with ~GG% produced in China or by Chinese-controlled companies1

• On December 1, 2023, China imposed export controls on certain graphite products and further tightened these controls in December 20242 and again in October 20253

• Synthetic graphite is designated on the U.S. Geological Survey's Critical Minerals List, underscoring its economic and national security importance

• Dependence on concentrated synthetic graphite supply presents a significant risk to U.S. energy / defense, and global supply security

• Current methods for manufacturing Synthetic Graphite cannot be permitted in countries with environmental standards

  1. Benchmark Minerals Intelligence Synthetic Graphite Supply Demand and Price Forecast Ǫ1 - 2026

  2. https://source.benchmarkminerals.com/article/china-tightens-graphite-export-controls-to-the-us

  3. Some of these controls (particularly for "legacy" contracts) are relaxed until November 2026

  ASX: NVX | Nasdaq: NVX

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  45X Production Tax Credits

  $35/kWh of

  Cells

  $10/kWh for

  Packs

  
  
  

  • 2025 average cell price ~$74/kWh1and ~$108/kWh for packs

  • 45X tax credits are critical to profitable cell manufacturing in the U.S. as they can earn $35/kWh credit (47% of the price)

  • Continued qualification for 45X requires an increasing % of the total material costs to originate from non-PFE2sources

    45X Eligibility Requires an Increasing % of Total

    Material Costs to Come From Non-PFEs

    80%

    85%

    85%

    85%

    65%

    70%

    2027

    2028

    2029

    2030

    2031

    2032

    Cost Drivers for Battery Cells

    Cathode Active Materials 40%

Electrolyte, Separator, Other 38%

Graphite Anode 22%

Predominantly Chinese Manufacturing Becomes crucial to hitting

% Non-PFE Targets

1. 2025 BloombergNEF battery pack and cell price survey

2. Prohibited Foreign Entities (PFEs) under OBBBA defined to be China, Russia, Iran, North Korea

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The NOVONIX

Difference

Synthetic Graphite Know-How Gained Over 10 Years of IP Development

• Outside of China, there is no established synthetic graphite processing knowledge-base that covers defining and measuring specifications, purpose-built equipment, and material formulations

• NOVONIX has spent the last decade developing these capabilities alongside customers to achieve the performance demanded by EV and ESS applications

  Divestitures Aimed at Aligning Capital with Strategic Focus

  Battery Technology Solutions

• Announced pending divestiture of Battery Technology Services (BTS) division in Feb'26

• BTS was not receiving resources needed to meet growth objectives

• Cathode materials business is at an early stage which will require additional investments for product development (NVX retains 15% ownership)

  Mount Dromedary

• Divested mining rights in northern Ǫueensland in Sept'25

• Natural Graphite market share is shrinking relative to Synthetic Graphite; NOVONIX does not have the mining know-how, technology, or resources required to be a mining company

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NOVONIX has invested ~$200M in the buildout of Chattanooga operations with ~1,400 tonnes of existing annualized capacity installed

Raw Coke Processing

Grinding G Shaping Mills

Agglomeration (Installation in Progress)

Graphitization Furnace (Mk 5)

Graphitization Furnace (Mk 3 G 4)

Blending G Finishing

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Input Material

Coke

Electric Heat

up to 3,000 °C

Output Material

Graphite

Performance Metrics	Acheson	NOVONIX
CO2Emissions	> 20 kg CO2/kg Graphite	< 9 kg CO2/kg Graphite
Energy Usage	15 kWh/kg Conversion	< 8 kWh/kg Conversion
Production Cycle	~30 Days for Production (Batch)	< 2 Days for Production (Continuious)
Graphitization Yield	~50% Target Material	> 90% Target Material
Insulating Carbon Utilization	3.5 kg Insulation/kg Graphite	< 0.5 kg Insulation/kg Graphite

NOVONIX's proprietary graphitization technology delivers materially lower emissions at the process

and product level, supporting both regulatory compliance and OEM decarbonization strategies

Graphite Synthesis

Crystallization of carbon to ideal structure for lithium-ion storage

Thermal

purification to

> GG.G8% carbon

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A +/- 3-year sampling timeline with significant resource obligations between customers C suppliers creates highly "sticky" commercial partnerships

Opportunity/Lead Collection

Initial Opportunity Engagement

Technical Validation

GTGCs and Supply Agreement Development

Market Opportunity Identification Project Pipeline

3 - 6 Months

EU CELL

Specification to Product Alignment Value Proposition Evaluations

6 - 12 Months

Customer - Specifications and Battery Product Needs

Initial A-Samples C Measurement Alignment 2 - 6 Months

Customer - Physical Properties and Coin Cells/Single Layer Pouch

Iterative A-Sample Validation: "spec-in" 4 - G Months

Customer - Physical Properties and Additional Cell Testing

Pilot B-Sample Validation

6 - 12 Months

Customer -Larger Scale Cell Production and Advanced Testing

Mass Production C-Sample

Binding Supply Agreements

G - 18 Months

Final Mass Production D-Sample after C validation

Customer - Mass Scale Cell Production and Factory Acceptance Testing before Purchase Order submission

TIER 2 CELL MFG - B

+++

MFG - A

DEFENSE CELL MFG - B

DEFENSE CELL MFG - A

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TOP 5 EV OEM - C

10

TOP 5 EV/CELL MFG - B

TIER 1 CELL MFG - C

TIER 1 CELL MFG - A

3

INDUSTRIAL GRAPHITE - C

EU CELL MFG - B

TIER 1 CELL MFG - B

INDUSTRIAL GRAPHITE - B

INDUSTRIAL GRAPHITE - A

TOP 5 EV/CELL MFG - A

TIER 2 CELL

MFG - A

• Synthetic graphite for anode active material is highly specialized and critical to overall battery performance

• Understanding needs, specifications, and performance in specific battery designs is critical to meet customer needs and earn business

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Customer Volumes1, 2

180,000

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

-

2026 2027 2028

2029

2030

2031

Secured Offtake Volumes (assumed to renew)

In-Discussion Customer Demand

1. Contracted volumes shown require product qualification and are growth dependent on customer

   plans and capital availability. NVX will add production lines at facilities to generally align with contracted volumes

2. The volumes shown are management's annual estimates of the offtakes for PowerCo and Panasonic

Customers with Binding Offtakes*

Tonnes Per Annum (TPA)

1. year commitment totaling 10,000 tonnes following successful qualification

2. year commitment for a minimum of 32,000 tonnes starting in 2027

• Continuing discussions with other Tier 1 cell manufacturers and OEMs expected to lead to additional contracted volumes of synthetic graphite

• Currently sampling to 15 current and potential customers

* Agreements require final product qualification.

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Looking Forward

• Current expansion plan to 50kTpa contemplates two separate locations in Chattanooga, Tennessee NRS and NES

• This investigation allows the 50kTpa expansion to be done on one site (one project)

• Capital savings could be as much as > $200m, along with > millions / year in operational synergies

  NOVONIX

  Enterprise South (NES) Layout

  NOVONIX

  Riverside (NRS)

  Layout

  Land Acquisition Under Investigation

  NOVONIX Riverside Facility

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  Scaling Operations to Deliver Production Volumes
  Securing Financing to Further Scale Operations
  Growing Customer Order Book

  • Refine and test production parameters to fully meet EV customer mass production sampling requirements

  • Leverage Riverside engineering to progress further phases of expansion

  • Align future investment in capacity expansion with customer demand

  • Attract additional strategic capital to continue Riverside build out, optimizing for term flexibility and capital cost

  • Continue to invest alongside $100M CMEI grant funds to scale Riverside production

  • Progress the $754M Conditionally Committed Loan from DOE EDF for future capacity expansion

  • Build on successful technical collaboration, pursuing additional supply agreements to allocate future capacity

  • Continue to refine product portfolio to align with latest customer technology expectations within the synthetic graphite AAM sphere

  • Progress industrial / defense customer discussions following successful delivery of mass-produced sample of industrial grade material

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  Operations

  1029 West 19th Street

  Chattanooga, Tennessee USA, 37408

  353 Corporate Place

  Chattanooga, Tennessee USA, 37419

  
  
  Corporate

  • Mike O'Kronley, CEO

  • Robert Long, CFO

  • Dwayne Johnson, COO

  • Kimberly Heimert, CLRO

  • Suzanne Yeates, Secretary

Investor Relations: [e-mail] Media Relations: [e-mail] NOVONIX Limited (ASX:NVX)

ACN 157 690 830

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