Ann: Appointment of Directors - Daniel Akerson and Ron Edmonds, page-15

I dont think that there will be substantial $$ with the pilot line for the Cathode division in terms of selling product. More a R&D hub that can demonstrate a commercial tonnage for future customers.

All indicators over the years is that Novonix intends to lease this technology/IP to major cathode producers. This is very low CAPEX on Novonix behalf.

I still think regularly back to Elon Musk's Battery Day in 2020 to his cathode presentation. He was very light on for details exactly how it would work (the process he described was almost exactly what NVX technology looks like) , then a few months later, his R&D partner Professor Jeff Dahn joins Novonix as Chief Scientific Adviser while signing another 5 years with Tesla. There has to be more behind the scenes that the general public have been told here.

Besides all that, we have Canadian province Primier visiting the grand opening of our cathode plant in Nova Scotia in a few weels.

We all know what happened last time big wigs turned up to Big Blue. Maybe we will see Canada help fund a cathode plant?

Still early days and many assumptions still to go unchecked for a while.