Novonix announces completion of due diligence for Axon Graphite interests

Novonix announced that due diligence has been satisfactorily completed for both Novonix and Lithium Energy to contribute their natural graphite exploration interests into a new company, Axon Graphite. As previously announced, Novonix has agreed to divest MD South Tenements, its wholly owned subsidiary that holds the Mount Dromedary natural graphite exploration interests, to Axon Graphite, a subsidiary of LEL. LEL will contribute its interest in its Burke and Corella graphite projects to Axon pursuant to the agreement. As consideration for the transaction, Novonix will receive shares in Axon, which the parties intend to list on the Australian Securities Exchange. The transaction is subject to the completion of the proposed initial public offering of Axon, and receipt of approval for the admission of Axon to the ASX. This announcement has been authorized for release by Novonix chairman, Admiral Robert Natter.