Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-21

They are heavily expanding their workforce to cover R&D, Battery Pack manufacturing, Cathode and Anode scale up over 4 different facilities in two different countries. Yes costs are high, but they are building out what looks to be a top tier company from the ground up.

We will see Samsung SDI and Sanyo/ Panasonic place scaling orders by end of the year IMO once they are finished their validation of the Gen 3 materials. That will lock in 2-3 large players, and there is always the other manufacturers under NDAs that have been testing NAM.

We are still a few years off decent income, 10,000TPA will be online in 2023, with either Samsung SDI or Sanyo/ Panasonic placing an order, I believe we will see additional news of our third site to scale the next 30,000TPA facility by 2025. This will be the catalyst for SP re-rate IMO.

There could also be surprise announcements in regards to cathode scale up. The 10T demonstration line will be operational after October (start of US fiscal year). Who has Novonix been working with? Still on the fence with why Jeff Dahn is holding dual appointments with Tesla and Novonix. But, it really doesn't matter who they are working with, if it's viable at scale, it's the worlds cleanest method of current cathode manufacturing using DPMG and what price can you put on that?

There is a lot of work being done on multiple fronts and it cost money to make money, which hopefully is only a few years off with the NAM factory build out occurring now.