materials. At the same time, we updated the market on the expected timing for commencement of mass production of battery-grade anode material for Panasonic Energy, which is now anticipated in the second half of 2027, reflecting the rigorous qualification processes required for anode grade synthetic graphite for EVs and battery energy storage systems.
In July, NOVONIX strengthened its financial position through the execution of a funding agreement with Yorkville Advisors that provided access to US$100 million in convertible debentures, through multiple tranches drawn during the second half of 2025.
During the year, the Company completed the sale of its Mt Dromedary natural graphite project and more recently also entered into a binding term sheet for the proposed divestment of its NOVONIX Battery Technology Solutions business.
These two actions show a sharpened focus by NOVONIX on its core strategy of developing and scaling synthetic graphite production in the United Sates. This focus will continue to enable the Company to concentrate its resources on a single, high-priority opportunity aligned with evolving supply chain and policy dynamics. The proposed BTS transaction remains subject to final documentation and customary conditions precedent.
At the corporate level, we strengthened our leadership team with the appointment of Mike O’Kronley as Chief Executive Officer and Managing Director, Kimberly Heimert as Chief Legal and Risk Officer, and Dwayne Johnson as Chief Operating Officer, supporting the next phase of operational execution.
While the Company has made solid progress, we continue to operate in a complex and evolving environment. The qualification of battery-grade materials, the scaling of advanced manufacturing processes, and broader market dynamics remain key areas of focus.
Notwithstanding these challenges, NOVONIX remains well positioned, with advanced technology, strategic customer engagement, and a clear focus on establishing a United States domestic supply of anode grade synthetic graphite.
Also, I would like to thank Nick Liveris, who has taken the decision to retire from our Board, effective at the conclusion of this AGM, to focus on his other commitments. Nick was previously the Company’s Chief Financial Officer and its first full-time employee, transitioning to a non-executive Director in 2024. We thank Nick for his significant contribution to the Company and wish him all the best in his future endeavours.
The Board remains sharply focused on disciplined execution of the Company’s strategy and on delivering long-term value to shareholders.
1029 West 19th Street, Chattanooga, TN 37408, USA | novonixgroup.com
