Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-17

Here is what I expect to unfold.

BIF grant approval, minimum USD $100,000,000, first round funding from October.

Novonix with current balance, plus the grant will have approximately AUD $350,000,000 moving forward after October this year.

Big Blue is now ready for full fit out after renovations and to meet the Kore Power supply contract obligations. Scale up progression will now start to build momentum.

Next site selection underway, this should align with next customer (tier 1), once locked in options for future funding will likely be US DOE Loan Program. Novonix has the cash to scale and keep the lights on until revenue starts coming in over the next 2-3 years with the scale to 40,000TPA. With high grade SG that is produced state side, expected to sell for upwards of USD $20,000 per tonne, possibly more, Novonix will be looking promising after 2025 targets for future borrowing power for NAM and NCM divisions.

Additionally, UK plans should start to become public IMO.

UK is starting their own ramp of EV supply chains. Humber Refinery, which can support upwards of 80-90kTPA of anode feed stock supply, which currently is being shipped to China for processing. That will not meet the UKs net zero goals moving forward, I am still expecting to see progression on this front within the next 12 months.

Still a lot of moving parts to pull together, but its all happening.