UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2024

NOVONIX LIMITED

(Translation of registrant’s name into English)

Level 38

71 Eagle Street

Brisbane, QLD 4000 Australia

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20‑F or Form 40‑F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

EXHIBIT INDEX

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 23, 2024

EXHIBIT 99.1

NOVONIX LIMITED

ABN 54 157 690 830

HALF-YEAR FINANCIAL REPORT FOR THE PERIOD ENDED

JUNE 30, 2024

NOVONIX Limited ("Company" or “the Group”) is a leading battery technology company revolutionizing the global lithium-ion battery industry with innovative, sustainable technologies, high-performance materials, and more efficient production methods. The Company manufactures industry-leading battery cell testing equipment, is growing its high-performance synthetic graphite anode material manufacturing operations, and has developed an all-dry, zero-waste cathode synthesis process with potentially significant cost savings and waste reduction compared to the conventional wet production process. Through advanced R&D capabilities, proprietary technology, and strategic partnerships, NOVONIX has gained a prominent position in the electric vehicle (“EV”) and energy storage systems (“ESS”) battery industry and is powering a cleaner energy future.

Our vision is to provide revolutionary clean energy solutions to the battery industry. Therefore, we are focused on the development of materials and technologies that support key ESG criteria in the field of battery materials and technologies, including: longer life batteries, higher energy efficiency, reduced chemical usage, reduced waste generation, and cleaner power inputs. This effort is rooted in the Company’s core values of curiosity, collaboration, and commitment that support social impact and embody NOVONIX’s approach to corporate responsibility.

NOVONIX's Anode Materials division (“NAM”) manufactures high-performance synthetic graphite anode materials used to make lithium-ion batteries that power electric vehicles, energy storage systems, personal electronics, and medical devices. NOVONIX’s Battery Technology Solutions division (“BTS”) focuses on innovative battery research and development, along with providing advanced battery testing equipment and services on a global scale. BTS provides unique visibility across the battery value chain and allows the Company to continue to be an industry leader, delivering materials and technologies to support high-performance and cost-effective battery development.

Half-Year Results

During the six months ended June 30, 2024, NOVONIX had a loss of $28.7 million compared to a $28.1 million loss in the same period in 2023. Cash and cash equivalents was $47.1 million as of June 30, 2024, compared to $78.7 million as of December 31, 2023. Net assets over the six-month period ended June 30, 2024, declined $25.9 million to $158.1 million, principally due to the reduction in cash and cash equivalents. Total revenue decreased 30% to $2.7 million for the six months ended June 30, 2024, compared to the six months ended June 30, 2023, for both hardware and services sales. The decline in hardware sales is due to customer slowdown in the broader EV market during the first half of the year. Whereas service sales declined due to the conclusion of certain long-term projects.

KEY HIGHLIGHTS

For the six months ended June 30, 2024, NOVONIX executed against its long-term strategic initiatives and 2024 focus items which includes maintaining industry-leading R&D efforts for battery materials, scaling operations and remaining on track to deliver commercial production, executing Tier 1 customer agreements and securing financing to scale operations. NOVONIX also announced key strategic partnerships, progressed

installation of equipment and operational knowledge through furnace operations, was selected to receive a U.S. investment tax credit and explored opportunities for our cathode business to create long-term shareholder value.

Additional key highlights during the half-year were:

NOVONIX OVERVIEW

As an industry leader, NOVONIX is at the forefront of building a synthetic graphite supply chain in North America through its product innovation and intellectual property development in battery materials and technology. Despite a slowdown in growth in the global demand for high-performance battery materials and technology in 2024, numerous industry analysts’ long-term forecasts still foresee double-digit growth in EVs globally and the need for electric storage systems as the world grapples with increasing energy supply and demand imbalances, and global governments’ growing desire for domestic battery supply chains.

The Company has built a team of top talent with the experience to drive innovation in the battery materials industry and believes it has the next generation technology needed to support the rapidly growing EV and ESS markets in North America. NOVONIX is focused on scaling its production capacity of synthetic graphite to meet the growing demands of its current and future customers from its facility in Chattanooga, Tennessee. The Company has already recognized significant technological and operational milestones and remains on track to have 3,000 tonnes per annum (“tpa”) of capacity at year-end 2024 and commence commercial production in 2025 to support its supply agreement with Panasonic Energy and KORE Power, Inc. ("KORE Power"). The Company has also progressed its patented all-dry, zero-waste cathode technology with a 10 tpa pilot line to provide product samples to potential customers.

The U.S. Government has passed legislation and taken other actions that support electrification efforts, expanding EV adoption, and building localized supply chains. In May 2024, the U.S. Trade Representative (“USTR”) removed the waivers on Section 301 tariffs, reinstating a 25% tariff on synthetic graphite imports from China effective June 15, 2024. NOVONIX also is uniquely positioned to benefit from U.S. government funding opportunities offered through the Inflation Reduction Act of 2022 (the “IRA”) and the Bipartisan Infrastructure Law (“BIL”), which, together with the USTR decision, aim to advance domestic processing of critical materials. We remain actively engaged with the U.S. and Canadian governments to support their efforts to localize battery supply chains to meet the growing demand for battery materials.

NOVONIX remains focused on developing improved and sustainable technologies, pursuing strategic partnerships with leading international companies, and enhancing its intellectual property pipeline that will position the Company at the forefront of next-generation battery technology. NOVONIX's technology, products and processes have been well received and are being tested by current and potential battery sector customers. The Company is in regular dialogue with tier one cell manufacturers and automotive manufacturers to supply critical materials for their proposed battery factories. To date, NOVONIX has executed a supply agreement with Panasonic Energy for a four-year term from 2025 to 2028 with a 10,000 tonne commitment to support Panasonic Energy’s North American operations and with KORE POWER as their exclusive supplier of graphite anode material for its planned gigafactory in Arizona. In May 2024, NOVONIX signed a testing and development agreement (“TDA”) with PowerCo SE (“PowerCo”) to develop, test and analyze synthetic graphite anode materials customized to meet PowerCo’s specifications and, if successful, advance towards a supply agreement. Previously in June 2023, NOVONIX entered into a joint development agreement ("JDA") with LG Energy Solution (“LGES”) and issued $30 million unsecured convertible loan notes to LGES. The JDA is intended to lead to the option for LGES to purchase up to 50,000 tonnes of the anode material from NOVONIX over a 10-year period from the start of mass production.

Growth Strategies

NOVONIX’s leadership is focused on the successful execution of its operational strategic road map with the objective of maximizing shareholder value through the pursuit of profitable, high-growth opportunities and the generation of strong cash flow. The Company’s key strategies include:

Operational Structure at a Glance

The Company manufactures industry-leading battery cell testing equipment in Canada and is growing its high-performance synthetic graphite anode material manufacturing operations in the U.S.. Through advanced R&D capabilities, proprietary technology, and strategic partnerships, NOVONIX has gained a prominent position in battery materials for the electric vehicle and energy storage solutions battery industry and is powering a cleaner energy future.

NOVONIX’s synergistic business groups, as depicted below, are integral to the Company’s operating structure, business development, and future strategy.

 

NOVONIX invests in intellectual property for key materials technologies, including anode and cathode materials, that we believe will enhance the performance of long-life EV and ESS applications. NAM, our anode materials division located in Chattanooga, Tennessee, USA, manufactures high-performance

synthetic graphite anode materials used to make lithium-ion batteries that power electric vehicles, energy storage system, personal electronics, and medical devices. BTS, based in Halifax, Nova Scotia, Canada, has a full cell pilot line and extensive cell testing capabilities, and works with tier one customers across the battery value chain. BTS has established an all-dry, zero-waste cathode synthesis pilot line aligned with NOVONIX's mission to develop innovative, sustainable technologies and high-performance materials and provide to provide revolutionary clean energy solutions to the battery industry.

As part of the investment in intellectual property, NOVONIX continues its collaboration with Chief Scientific Advisor Dr. Jeff Dahn and the group led by Dr. Mark Obrovac, a leading battery materials innovator, at Dalhousie University. Pursuant to the terms of the collaborative research agreement with Dalhousie University, NOVONIX exclusively owns the rights to all intellectual property developed within Dr. Obrovac's research group without any ongoing obligations to Dalhousie University.

Inaugural Sustainability Report

NOVONIX continues to prioritize its environmental, social, and governance (“ESG”) policies and reporting. The Company recognizes that ESG considerations have a material impact on its business and stakeholders. The Company is committed to operating a profitable, ethical, and sustainable business and is actively articulating and developing an ESG program aligned with its core values. The Company released its inaugural Sustainability Report in the first quarter of 2024.

NOVONIX was recognized in Times Square (NY) by Nasdaq, trading home of American Depository Receipts, for issuance of the inaugural Sustainability Report.

NOVONIX’s Sustainability Report emphasizes the steps taken to develop its ESG program, including the formation of an ESG Committee and the establishment of ESG priorities consistent with the Company’s core values, business strategy, and commitment to sustainability. The report also outlines NOVONIX’s strategies and initiatives for advancing its ESG program further, taking into account the interests of key stakeholders such as shareholders, customers, employees, regulators, suppliers, and local communities. The Sustainability Report presents the Company’s achievements to date, its plans moving forward, and the framework established to facilitate continuing progress. The report highlights the Company’s:

As NOVONIX advances its ESG program, it intends to continue its transparency regarding its performance, progress, and engagement with its key stakeholders. To access NOVONIX’s inaugural Sustainability Report, please visit the Sustainability page of the website: 2023 Sustainability Report.

NOVONIX ANODE MATERIALS

NOVONIX Anode Materials (NAM) manufactures high-performance synthetic graphite anode materials used to make lithium-ion batteries that power electric vehicles, energy storage systems, personal electronics, and medical devices. NOVONIX continues to install and commission additional production equipment in its 400,000+ square-foot Riverside facility in Chattanooga, Tennessee, the planned site for expansion up to 20,000 tpa of production capacity. With plans to reach an initial capacity of 3,000 tpa of production capacity by the end of 2024, NOVONIX is executing to achieve the key milestones to be able to start production for its current supply agreements with Panasonic Energy and KORE Power and is continuing development of materials under a Joint Research and Development Agreement with LGES. Additionally, NAM has continued progress on its planning for a new 30,000 tpa greenfield facility, including its site selection, environmental review, plant layout, and engineering design. The Company’s long-term objective is to achieve a total production capacity of at least 150,000 tpa in North America.

Customer Progress

A significant focus of management during the first half of 2024 was the advancement of NOVONIX's customer partnerships, including those announced with Panasonic Energy and PowerCo. NAM currently produces anode materials to support customer qualification programs at both its anode materials pilot plant and at Riverside, which can produce synthetic graphite at mass production quantities. This is an integral step to qualify active anode materials for long-term supply contracts with these and other potential customers. Our customer offtake and development agreements, including those with Panasonic Energy, KORE Power, LGES and PowerCo, reflect our proactive approach to working jointly with our customer to meet their unique materials specifications and support our ability to finance our growth. The Company continues to work with other tier one battery manufacturers as well as several automotive manufacturers. NAM strives to produce the highest performance synthetic graphite for powering the battery materials industry's growth with lower carbon emissions.

As a prominent provider of battery cells, Panasonic Energy is actively increasing its production of EV batteries in North America to meet growing demand, while simultaneously boosting the proportion of locally sourced materials. In North America, Panasonic Energy has developed relationships with Tesla, Honda, Toyota, Mazda, Subaru, Ford, and Lucid to supply EV batteries. Panasonic Energy is committed to establishing a sustainable supply chain and aims to achieve a 50% reduction in the carbon footprint of its entire lithium-ion battery supply chain for EVs by 2031 compared to 2022 levels. Collaboration between NOVONIX and Panasonic Energy commenced in 2019, following the signing of a memorandum of understanding with subsidiary Sanyo Electric Co., Ltd. As Panasonic Energy expands its cell manufacturing

presence in North America, NOVONIX’s product development and sampling efforts are tailored to meet the specific product requirements of Panasonic Energy’s U.S. plants.

In February 2024, NOVONIX announced the signing of a binding supply agreement for high-performance synthetic graphite anode material to be supplied to Panasonic Energy’s North American operations from NOVONIX’s Riverside facility. Under the supply agreement, Panasonic Energy has agreed to purchase at least 10,000 tonnes of anode material for use in their U.S. plants over the term of 2025-2028. The mutually agreed pricing structure incorporates a mechanism for adjusting the price in response to significant changes in NOVONIX’s raw material costs.

In May 2024, NOVONIX entered into the TDA with PowerCo SE, a battery cell company established by the Volkswagen Group in 2022 to spearhead global battery cell production with a collective capacity of up to 200 GWh/year. This collaborative effort will see NOVONIX engage in the development, testing, and analysis of synthetic graphite anode materials customized to meet PowerCo’s specifications. Upon the successful conclusion of designated development tasks outlined in the TDA, NOVONIX and PowerCo may proceed to negotiate a supply agreement for the developed products. The TDA holds the potential for future collaboration between NOVONIX and PowerCo, with a particular focus on addressing the needs of PowerCo’s St. Thomas facility in Ontario, Canada. This collaboration aims to reinforce the development of the North American battery materials supply chain.

Financing Support

NOVONIX has sought to take advantage of the programs being provided by the U.S. government to support its efforts to build large scale manufacturing of anode materials to supply OEMs and Tier 1 Cell Manufacturers that are building manufacturing facilities for the EV and ESS battery markets. Through the Riverside facility, NOVONIX has been selected to receive a US$100 million grant from the Department of Energy (“DOE”) Manufacturing & Energy Supply Chains (“MESC”) and a US$103 section 48C Investment Tax Credit (“48C tax credit”). NOVONIX has also applied for an Advanced Technology Vehicles Manufacturing Program (“ATVM”) loan with the DOE Loan Programs Office (“LPO”) for a new production facility that targets an initial 30,000 tpa capacity. The Company also believes there are certain qualification criteria in programs such as the section 30D Clean Vehicle Tax Credits (“30D”) that provide support by mandating increased percentages of critical minerals come from the U.S. and countries with certain trade agreements. An EV is not eligible for the section 30D Credit if any of its battery components or specified critical minerals are supplied by a foreign entity of concern (FEOC), including graphite in 2027.

A significant milestone achieved in March 2024 was the announcement of NOVONIX being chosen to receive a US$103 million tax credit recommended by the DOE under the Qualifying Advanced Energy Project Allocation Program (the “48C program”). This support is expected to aid in the funding of the production of essential battery materials at its Riverside facility. Originally established under the American Recovery and Reinvestment Act of 2009, the 48C tax credit received renewed backing through an additional US$10 billion in funding under the IRA. Under the IRA, qualifying advanced energy projects can monetize their credits by selling them for cash, in addition to using them to offset income tax liability. However, the full realization of this tax credit hinges upon meeting the requirements outlined in Section 48C of the Internal Revenue Code, as well as the operational and employment plans specified in the application to the Internal Revenue Service. The Company has a two-year window to fulfill these prerequisites and claim the 48C tax credit.

Given the competitive nature of the 48C program, with numerous applications submitted, NOVONIX is proud to be selected as one of the initial beneficiaries. The Company remains eligible for the Section 45X Production Tax Credit (“45X PTC”), which, if claimed, would provide a ten-percent tax credit on eligible production expenses at both Riverside and the new production facility. NOVONIX would only be eligible to claim either the 48C tax credit or the 45X PTC at any facility and continues to evaluate the merits of both opportunities.

Being selected for the 48C tax credit is the latest example of NOVONIX’s continued support from the U.S. government to deliver the mission of building a sustainable North American supply chain for critical battery materials. 

NOVONIX’s senior leadership team highlighted the support from the DOE Office of MESC at the Riverside facility in Chattanooga, Tennessee

In November 2023, NOVONIX secured a US$100 million grant from the DOE Office of MESC to enhance domestic production of high-performance synthetic graphite anode materials at the Riverside facility in Chattanooga, Tennessee. During the first quarter, NOVONIX began submitting reimbursement requests to the DOE Office of MESC for investments made at its Riverside facility and received $1.1 million in reimbursements during the six months ended June 30, 2024.

NOVONIX continues to pursue funding support through the DOE LPO ATVM Program. In late 2022, NOVONIX formally submitted its application for a loan under the ATVM program. The loan, if received, could contribute a large component of the funding needed for the Company’s current expansion plans for NAM’s growth. In 2024, NOVONIX has continued to progress its loan application with DOE LPO.

We believe that additional funding beyond the existing cash balances as of June 30, 2024, and forecasted inflows from customers, will be required in the twelve months from the date of approval of these financial statements as disclosed in Note 1 to the financial statements.

Development Progress towards Commercial Production

During the six months ended June 30, 2024, NAM continued production campaigns providing confidence and validated the performance of its Generation 3 furnace systems both in reaching operational production targets for the equipment as well as the product produced meeting its required specifications.

NOVONIX also announced the completion of an independent engineering assessment of the Company's Riverside production facility by Hatch Ltd, a global engineering and consulting firm. The assessment considered various topics including the evaluation of operations, project execution, and financial model assumptions as well as the graphite market, production technology, environmental considerations, feedstock, and supply agreements. With the independent engineering review completed, NOVONIX remains on track for its initial 3,000 tpa of commercial production capacity at the Riverside facility by the end of 2024 with all primary production equipment in place or on order for this initial production capacity.

The Company also updated its previously disclosed estimates for production economics to account for the completion of the engineering assessment and the potential positive impact of the DOE MESC grant and the 48C tax credit. The production economics, set forth in the figure below, reflect the Company’s expectations when the Riverside facility reaches its targeted capacity of 20,000 tpa.

Other highlights of the half-year the Company progressed engineering work to support key production objectives:

Additional highlights and updates from the first half include:

NOVONIX BATTERY TECHNOLOGY SOLUTIONS

NOVONIX Battery Technology Solutions provides battery R&D services and manufactures what we believe to be the most accurate lithium-ion battery cell test equipment in the world. This equipment is now used by leading battery makers, researchers, and equipment manufacturers including Panasonic, LG, Samsung SDI, and SK Innovation, and numerous consumer electronics and automotive Original Equipment

Manufacturers (“OEMs”). The BTS division significantly expanded R&D capabilities through direct investment in and through a long-term partnership agreement with Dalhousie University.

During the six months ended June 30, 2024, BTS made improvements to its hardware offerings, including thermal chambers, which provide higher current ranges, remote temperature control, and new cell form factors such as 4680 cylindrical cells.

Total revenue decreased 30% to $2.7 million for the six months ended June 30, 2024, compared to the six months ended June 30, 2023, for both hardware and services sales. The decline in hardware sales is due to customer slowdown in the broader EV market during the first half of the year, whereas service sales declined due to the conclusion of certain long-term projects. The Company continues to fortify its pipeline and is poised for continued success in the coming six-month period.

Note: Six months ended revenue figures have not been audited.

Additional notable highlights from the half-year at BTS include:

Cathode Pilot Line

NOVONIX has continued its investment in the intellectual property associated with its all-dry, zero-waste cathode synthesis technology. The 10 tpa pilot line has reinforced the viability of the Company's cathode materials and technology for manufacturing purposes and continued to supply samples to prospective customers and partners.

The Company previously announced the successful commission of its 10 tpa cathode pilot line in July 2023. The cathode pilot line’s first product, a mid-nickel grade of single-crystal cathode material (“NMC622"), was produced using NOVONIX’s patented, all-dry, zero-waste synthesis technology, matches the performance of leading cathode materials from existing suppliers in full-cell testing. NOVONIX is using the pilot line to further demonstrate the manufacturability of the Company’s long-life cathode materials and technology, including high-nickel (e.g., NMC811) and cobalt-free materials, along with their performance in industrial format lithium-ion cells.

The technology – and the innovations resulting from it – are transformational for the battery industry by decreasing processing complexity which should result in a substantial reduction in costs and waste (e.g., elimination of sodium sulphate) in the cathode manufacturing process.

NOVONIX announced the receipt of a patent for its all-dry, zero-waste cathode synthesis technology in Japan. This patent furthers NOVONIX’s position as a leading provider of innovative technologies serving the electric vehicle and energy storage sectors by utilizing its all-dry, zero-waste cathode processing to produce high-quality, single-crystal NMC powders. The Company currently has 10 families of cathode process patent applications in various stages of examination across different jurisdictions.

During the second quarter, the Company commissioned its final piece of pilot equipment to enhance its materials synthesis capabilities. Progress continued on the development of mid- and high-nickel grades of single crystal powder (including NMC622, NMC631, NMC811, NMC90/5/5, and the cobalt-free series of NMC powders). Additional equipment was added to the analytical laboratory to more thoroughly qualify cathode variants and understand their electrochemical performance more fundamentally prior to sampling to tier-1 partners. Classes of high-nickel NMC materials are undergoing full-cell performance testing in industrial format lithium-ion cells utilizing the capabilities of BTS.

This progress and the positive performance results seen below enable the Company to advance plans to scale to larger test samples and accelerate commercial discussions with potential partners and customers. The Company continues its commercial and strategic discussions with tier-1 cathode manufacturers, cell manufacturers, and OEMs, regarding the Company’s cathode materials and technology and providing product samples to certain potential customers from the 10 tpa pilot line.

In June, NOVONIX’s all-dry, zero-waste cathode synthesis technology was recognized by Reuters Global Energy Transition Awards winning the R&D Achievement category.

NOVONIX 13.5 m long pilot roller hearth kiln (RHK).

Cathode Cycle Performance Similar to Commercial Material

During the second quarter of 2024, BTS also engaged with multiple established and potential upstream and downstream (CAM) material suppliers as well as OEMs. These engagements have led to material sampling and evaluation with favourable results leading to potentially deeper collaboration agreements.

MOUNT DROMEDARY

NOVONIX negotiated and announced a definitive agreement under which its wholly owned subsidiary, MD South Tenements Pty Ltd, which holds the Mount Dromedary natural graphite exploration interests, will be divested to Axon Graphite Limited (“Axon”), a subsidiary of Lithium Energy Limited (“LEL”). LEL will contribute its interest in its Burke and Corella graphite projects to Axon pursuant to the agreement.

NOVONIX’s Mt. Dromedary project is a high-grade natural flake graphite deposit (refer Annexure A in the 2 April 2024 news release) and is adjacent to LEL’s Burke interests located 125km north of Cloncurry in northwest Queensland in a well-established mining region with access to an export hub. LEL’s Corella interests are located 40km west of Cloncurry.

The intention is to undertake an Initial Public Offering (“IPO”) to list Axon Graphite (“Axon”) on the Australian Securities Exchange (“ASX”) with each NOVONIX and LEL retaining equal residual shareholdings in Axon. The IPO will aim to raise a minimum of A$15 million and up to A$25 million at an issue price of $0.20 per share. The proposed IPO will include a priority offer to both eligible NOVONIX and eligible LEL shareholders, as well as a public offer to other new investors. The Axon proposed IPO is expected to be completed in the second half of 2024.

In the second quarter, NOVONIX announced that due diligence has been satisfactorily completed for both NOVONIX and Lithium Energy Limited to contribute their natural graphite exploration interests into Axon and continue the proposed IPO process.

Upon successful completion of the IPO and depending on the amount raised in the IPO, each of NOVONIX and LEL will retain between 22.22% and 28.57% of Axon with the remaining shares to be held by investors in the IPO. The shares held by each of NOVONIX and LEL will likely be held in escrow for a period of 24 months.

NOVONIX’s Mt. Dromedary project is a high-grade natural flake graphite deposit (refer Annexure A) and is adjacent to LEL’s Burke interests located 125km north of Cloncurry in northwest Queensland in a well-established mining region with access to an export hub. LEL’s Corella interests are located 40km west of Cloncurry.

TENEMENT LIST

END OF REVIEW OF OPERATIONS AND ACTIVITIES

DIRECTORS’ REPORT

FOR THE HALF-YEAR ENDED JUNE 30, 2024

Your directors present their report on NOVONIX Limited (referred to hereafter as the ‘consolidated entity’ or the Company) for the half-year ended June 30, 2024.

DIRECTORS

The following persons were directors of NOVONIX Limited during the whole of the half-year and up to the date of this report, unless otherwise stated:

Admiral Robert Natter, USN Ret.

Tony Bellas

Sharan Burrows, AC (appointed February 28, 2024)

Ron Edmonds

Andrew Liveris (ceased April 17, 2024)

Jean Oelwang

Suresh Vaidyanathan

PRINCIPAL ACTIVITIES

During the six-month period, the principal activities of the Company included investment in scalability efforts to increase production capacity of anode materials, commercialisation of the Company’s cathode technology and expansion of cell assembly and testing capabilities.

REVIEW OF OPERATIONS

The loss for the consolidated entity after providing for income tax amounted to $28,710,957 (2023: $28,098,747).

Information on the operations and financial position of the Company and its business strategies and prospects are set out in the review of operations and activities on pages 2-16 of this interim report.

SUBSEQUENT EVENTS OCCURRING AFTER THE BALANCE SHEET DATE

Since the end of the half-year period, the Company has issued 319,569 ordinary shares on the vesting of performance rights, and 3,415,759 ordinary shares on the exercise of options.

No other matters or circumstances have arisen since June 30, 2024, that have significantly affected, or may significantly affect, the operations of the consolidated entity, the results of those operations or the state of affairs of the consolidated entity in future financial years.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

There were no significant changes in the state of affairs of the consolidated entity during the financial half-year.

AUDITOR’S REVIEW REPORT

The attached half-year financial report for the period ended 30 June 2024 contains an independent auditor’s review report which highlights the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern. For further information, refer to Note 1 to the financial statements, together with the auditor’s review report.

AUDITOR’S INDEPENDENCE DECLARATION

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on the following page.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

Robert Natter

Chairman

August 22, 2024

Brisbane

Auditor’s Independence Declaration

As lead auditor for the review of NOVONIX Limited for the half-year ended 30 June 2024, I declare that to the best of my knowledge and belief, there have been:

This declaration is in respect of NOVONIX Limited and the entities it controlled during the period.

Partner Brisbane

PricewaterhouseCoopers 22 August 2024

NOVONIX LIMITED

ABN 54 157 690 830

HALF-YEAR FINANCIAL REPORT FOR THE PERIOD ENDED

JUNE 30, 2024

CONTENTS

NOVONIX LIMITED

ABN 54 157 690 830

Half-year financial report

General information

The financial statements are consolidated financial statements for the Group consisting of NOVONIX Limited and its subsidiaries.

The financial statements are presented in US dollars.

NOVONIX Limited is a Group limited by shares, incorporated and domiciled in Australia.

All press releases, financial reports and other information are available at our website: www.novonixgroup.com.

A description of the nature of the Group's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on August 22, 2024.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED JUNE 30, 2024

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

CONSOLIDATED BALANCE SHEET

AS AT JUNE 30, 2024

CONSOLIDATED BALANCE SHEET

AS AT JUNE 30, 2024 (CONTINUED)

The above consolidated balance sheet should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF-YEAR ENDED JUNE 30, 2024

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE HALF-YEAR ENDED JUNE 30, 2024

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED JUNE 30, 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED JUNE 30, 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED JUNE 30, 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED JUNE 30, 2024