General discussion, page-25

Why build synthetic plants?

Lets see.

Novonix engagement with Minviro for full life cycle assessment, with initial testing showing 60% better efficiency/reduction of emissions than Chinese SG. Cost and environmental consideration over China is going to be favourable to Novonix as a local reliable supplier.

Almost every manufacturer wants to be able to move manufacturing reliance away from China. Look at Russia/Ukraine situation, then look at Taiwan.

Samsung has actively been moving as much reliance from China on a number of different ventures across their business ecosystems. Hence their interest in Novonix to be a reliable supplier of graphite moving forward.

The US is shaping up to be the largest EV manufacturing hub outside of China over the coming decade. Guess what, all them Lithium-ion batteries have graphite. Pretty simple supply vs demand.

There will be others chemistries coming online. But, hands down, 90% 2030 will still be using graphite as anode. Novonix's currently 150kTPA target for the US isn't even 10% of the market share.

Manufacturers are going to want to squeeze every $$ out of the current investment of billions being deployed in factories being built this decade. Even Toyota claim their SSB isn't commercially viable $$ wide at scale yet, they are also investing over a billion dollars to build a Lithium-ion battery plant in the US.

Your fixation on SSB replacing Lithium-ion by 2025, even by 2030 is not even a current risk to any battery stock this decade.