Ann: NOVONIX Commissions Zero-Waste Cathode Pilot Line, page-14

Hit the nail on the head. Market hasn't cared for future earnings for a lot of months now - say a year.

Two realistic ways to look at this outcome. A) get frustrated, or B) see it as an opportunity to increase your position as a stock is progressively derisked.

Novonix are entering commercial negotiations for cathode supply just as an eye-watering number of gigafactories are scoping, designing and procuring in order to come online in ~2026. I don't love the NAM delays, but I love that cathode progress is happening at the right time to be part of the battery boom. Love it.

Side note. Bring on the enforcement of the chinese graphite import tariffs. I doubt the news will do much to the SP but it'll be another mega derisking event.