NOVONIX Announces Sale of Mt Dromedary Natural Graphite Project for AUD $2 Million

Brisbane, Australia, September 25, 2025 - NOVONIX Limited (NASDAQ: NVX, ASX: NVX) (“NOVONIX” or the “Company”), a leading battery materials and technology company, announced today the sale of its wholly-owned subsidiary, MD South Tenements Pty Ltd (MDCo), holder of contractual interests in the Mt Dromedary Natural Graphite Project in Queensland, in consideration of AUD $2 million cash pursuant to a Share Sale and Purchase Agreement (dated September 24, 2025) with Lithium Energy Limited (ASX: LEL).

Lithium Energy has also repaid AUD $250,000 advanced by NOVONIX under an ‘IPO Funding Deed’ with Axon Graphite, being NOVONIX’s contribution towards 50% of the IPO related costs incurred by Axon Graphite.

“With the sale of the Mt Dromedary asset, we will be focusing our efforts on the production of synthetic graphite, which uses petroleum coke as a feedstock. Synthetic graphite is the preferred anode material for lithium-ion batteries due to improved cycle life and charge rate performance,” said Mike O’Kronley, CEO of NOVONIX. “As we expand manufacturing in Chattanooga, Tennessee, we are directing our resources toward delivering the most advanced synthetic graphite project in the United States.”

NOVONIX will begin shipping commercial-grade synthetic graphite from its Riverside facility later this year with mass production starting next year for its lead customer, Panasonic. The start of commercial production will mark a critical milestone for the Company as it continues to establish and build a domestic supply chain for synthetic graphite in North America. Synthetic graphite makes up roughly 74% of the global battery‑grade anode material market, with the remainder supplied by natural graphite and other anode materials, including graphite‑silicon.1

NOVONIX’s Riverside facility is poised to become the first large-scale production site dedicated to high-performance synthetic graphite for the battery, defense, and industrial sectors in North America. To meet increasing customer demand, the Company previously announced plans for its second synthetic graphite manufacturing plant, also in Chattanooga, Tennessee, known as the

Enterprise South location. Together, these facilities will give NOVONIX a total production capacity of over 50,000 tonnes per year.

This announcement has been authorised for release by Ron Edmonds, Chairman.

About NOVONIX
NOVONIX is a leading battery technology company revolutionizing the global lithium-ion battery industry with innovative, sustainable technologies, high-performance materials, and more efficient production methods. The Company manufactures industry-leading battery cell testing equipment, is growing its high-performance synthetic graphite material manufacturing operations, and has developed a patented all-dry, zero-waste cathode synthesis process. Through advanced R&D capabilities, proprietary technology, and strategic partnerships, NOVONIX has gained a prominent position in the electric vehicle and energy storage systems battery industry and is powering a cleaner energy future.

To learn more, visit us at www.novonixgroup.com or on LinkedIn and X.

For NOVONIX Limited
Scott Espenshade, ir@novonixgroup.com (investors)
Stephanie Reid, media@novonixgroup.com (media)

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This communication contains forward-looking statements about the Company and the industry in which we operate. Forward-looking statements can generally be identified by use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or other similar expressions. Examples of forward-looking statements in this communication include, among others, statements we make regarding our anticipated production and shipping timelines, plans to build a new production facility, and our anticipated production capacity at each of our Riverside and planned Enterprise South facilities.

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