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Investor Presentation February 2026 World’s Largest Graphene Producer TSX: GRA OTCQX: NNXPF
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This presentation contains express or implied forward-looking statements, which are based on current expectations of management. These statements relate to, among other things, our expectations regarding management’s plans, objectives, and strategies. All statements other than statements of historical fact could be considered forward-looking, including, but not limited to, any projections of financial information; any statements about historical results that may suggest trends in our business and results of operations; any statements of the plans, strat- egies and objectives of management for future operations, including the timing, funding and construction of planned manufacturing facilities and sales offices; any statements of expectation or belief regarding future events, potential markets or applications, the sizes of addressable markets, expected technology developments, strategic partnerships and collaborations, or enforceability of our intellectual property rights; any statements about the projected or expected economic or other benefits of our products compared to petroleum-derived equivalents, future sales and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of risks, assumptions and uncertainties, many of which involve factors or circumstances that are beyond our control. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur and the timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Trademarks Our trademarks may not be copied, imitated or used, in whole or in part, without our prior written permission. Other trademarks, registered trademarks or logos, company names or logos displayed in this presentation are the property of their owners. FORWARD-LOOKING STATEMENTS 1 TSX: GRA - OTCQX: NNXPF
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NANOXPLORE AT A GLANCE 2 “Blue chip customers” We pride ourselves on the quality & consistency of our branded powder Advanced material company founded in 2011 production plants 12 ~375 employees Strong IP portfolio & Know-how through years of R&D development Amongst the Largest Graphene Producer** Amongst the Lowest Cost Producer ~33%share ** certified 1 2 3 Volvo Paccar Ford Daimler CPChem Club Car Caterpillar GE END MARKET SECTORS Wind Energy Agriculture Transportation Building, Construction & Industrial Other TSX: GRA - OTCQX: NNXPF * Trailing Twelve Months ** The Graphene Batteries Market report by Roni Peleg and Ron Mertens: June 2024 - IDTechEx Research, Dr. Richard Collins: Is the Tipping Point for Graphene Commercialization Approaching? 1 Certified since September 4, 2020 2 Certified since March 8, 2019 3 Certified since August 12, 2021 Total Liquidity $40.1 million Cash $30.1 million Market Cap $445 million 10 Feb. TTM* Revenue $113.2 million Long Term Debt $13.9 million 1% 3%1% 73% 22%
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3 GRAPHENE’S PROPERTIES PRESENT OPPORTUNITIES FOR MASS ADOPTION Since its discovery in 2004, graphene continues to amaze scientists and researchers of the superlative properties the material exhibits. Hailed as a “wonder material”, graphene is renowned for its durability, sustainabil- ity, with a range of current and potential applications. Graphene has a potential to disrupt many industrial applications in particular CarbonBlack. Graphene Nobel Prize TSX: GRA - OTCQX: NNXPF * Based on carbon black emission intensity of 3 versus emission intensity of 0.4 for graphene production Based on Carbonzero study - www.carbonzero.ca Per tonne of graphene, 0.4–0.5 tonnes of CO₂ are emitted versus to 3 tonnes of CO₂ per tonne of Carbon Black produced. Carbon Black production comes from petroleum-based chemical feedstocks. Loading factor must also be considered: graphene requires only 0.5–3% versus 3–25% for Carbon Black. THIN & LIGHTWEIGHT HIGH THERMAL CONDUCTIVITY 200X STRONGER THAN STEEL HIGH ELECTRICAL CONDUCTIVITY Due to the strong carbon-carbon bonds CLEAN TECHNOLOGY No petroleum-based material Conducts heat & electricity better than copper Million times thinner than a piece of paper & lighter than feather 2010 2010 ˜80% Carbon footprint vs. Carbon Black *
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1 Our hypothesis is based on data collected from the global graphene market and our competitors 99 45 9 12 7 1511 GRAPHENE MANUFACTURING BATTERY USE IN APPLICATION GRAPHENE MANUFACTURING BATTERY USE IN APPLICATION As of April 30, 2025 - includes VoltaXplore’s Patents 4 INTELLECTUAL PROPERTY (IP) PORTFOLIO AND STRATEGY TSX: GRA - OTCQX: NNXPF (1) In-House IP Development: Extensive record of in-house IP development, fostering a culture of creativity and innovation to ensure that our IP remains dynamic and relevant in a rapidly evolving materials and battery market. (2) Robust Patent Portfolio : Robust and extensive patent portfolio that protects our cutting-edge technologies and processes related to graphene and anode materials and battery cell design and manufacturing. We believe that we are one of the most cost-efficient graphene producer 1 for both wet and dry production. Furthermore, our patent portfolio includes strong silicon/ graphene patents with robust battery energy density and life cycle performance that works well both in liquid and solid-state batteries. GRANTED PATENTS PENDING PATENTS66 33 NANOXPLORE’S IP STRATEGY PATENTS & PATENT APPLICATIONS THE PATENT OFFICE LONDON
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55 NANOXPLORE’S PRODUCT PORTFOLIO TSX: GRA - OTCQX: NNXPF GRAPHENE-ENHANCED SOLUTIONS GRAPHENE POWDER (INDUSTRIAL GRADE) ADVANCED BATTERY CELLS Graphene Technology Platform Graphene-enhanced composite SMC Graphene- masterbatches Graphene- enhanced recycled plastic compounds High-Power Cells High-Energy Cells GrapheneBlackTM Wet-process graphene GrapheneBlack xGnPTM Dry-process graphene Conductive Graphene
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6 TSX: GRA - OTCQX: NNXPF WET-PROCESS GRAPHENE VERSUS DRY-PROCESS GRAPHENE 40% lower than wet-processed Enables Carbon Black replacement Lowest global producer Fully Dry ExfoliationWet (water-based) Exfoliation Limits Carbon Black replacements Lubricity, Thermal Conductivity Lubricants, Drilling and Cutting Fluids, Composites Plastics, Foam, Films & Energy Storage Not in the near term Modular approach to capacity: ~$20M over the next 12 to 18 months Electrical Conductivity, Barrier Properties, UV, EMI Shielding MANUFACTURING COST KEY PROPERTIES IMPROVEMENT COLOR DIFFERENTIATOR CAPEX KEY MARKETS EXFOLIATION PROCESS Expect shorter sales cycle times • Clear understanding of graphene properties for different applications • Offer right graphene grade based on end customer’s needs Wet Processed- D P rocessedry-
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TSX: GRA - OTCQX: NNXPF CAPEX GROWTH PLAN BY FOCUS MARKET 7 5Y PLAN 1 $25-30M 10M lbs/annum New leased site $2.2M $80M$5M 700 tpa* (1 mill) Existing leased facility N/A 200,000 sqft St-Clotilde QC/ Statesville NCGreater Montreal, QC Spring 2026 2025 45% 25% G D raphene Processedry INVESTMENT1,2 SITE TYPE CAPACITY ADDITION COMMISSIONING IRR1,2 LOCATION FACILITY SIZE REVENUE (Est.) Enhanced G SMC raphene Of which $3M will remain over the next quarter 1 See appendix for assumptions 2 Non-IFRS measure see page 3 of the Appendix and also refer to non-IFRS measures disclosure in MD&A 4,000 tpa 5,000 10,000 15,000 GRAPHENE CAPACITY EXPANSION PLAN Current Due to risk profile of CSPG project management strategically decided to terminate this $100M initiative by April 20261,000 tpa Capacity will grow in line with customer demand
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8 TSX: GRA - OTCQX: NNXPF THE EVOLUTION OF A LEADING GRAPHENE PRODUCER • De-risked • Established low-cost, high-volume graphene production • Understanding of graphene proper- ties and applications • Successful introduction of graphene in composite products • Commercialization of high-volume powder sales • Introduction of new grades of graphene, opening untapped markets THE SET -UP 2017-2022 2023-2027 • Benefit from our investments • Expanding into new markets • Expansion of manufacturing capacity aligned with demand 2027+ GROWTH & POSITIVE YIELDING RESULTS EARL Y COMMERCIAL SUCCESS TECHNOLOGY VALIDATION OUR PLAN OUR VISION PHASE 2PHASE 1 PHASE 3
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CAPITALIZING ON NANOXPLORE’S FIRST MOVER ADVANTAGE 9 500 450 400 350 300 250 200 150 100 50 0 NanoXplore Competitor 4 (Canadian) Competitor 5 (Australia) Competitor 2 (Australia) Competitor 3 (European) As of 28 March 2024 Competitor 1 is a private company; therefore, we do not have a valuation MARKET CAP - CAD Millions 4500 4000 3500 3000 2500 2000 1500 1000 500 0 NanoXplore Competitor 1 (Asian) Competitor 3 (European) Competitor 2 (Australia) Competitor 4 (Canadian) Competitor 5 (Australia) GRAPHENE PRODUCTION CAPACITY TONS PER ANNUM TSX: GRA - OTCQX: NNXPF The combination of our graphene production capacity with our financial strength makes NanoXplore an industry leader and a strategic partner for any major OEM within the transportation or industrial sector
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* Based on Fortune Business Insight https://www.fortunebusinessinsights.com/industry-reports/carbon-black-market-101718 1 This reflects the management's opinion based on market prices TSX: GRA - OTCQX: NNXPF EXPANDING OUR GRAPHENE ADDRESSABLE MARKET 10 Investment initiative to unlock a new manufacturing processes 10% addressable properties 60% addressable due to 40% reduction in production cost1 & properties REVENUES IMPACTING FY2026 Wet Process Dry Process REVENUES STARTING TO IMPACT FY2027 The Global Carbon Black Market was Valued at $27B in 2023*
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11 TSX: GRA - OTCQX: NNXPF GRAPHENE-ENHANCED COMPOSITE GROWTH MOVING UP IN THE VALUE CHAIN WITH EXISTING AND NEW CUSTOMERS • Booked incremental revenue with existing and new customers (reference chart below) • Expansion of graphene-enhanced composite products • Available capacity for further expansion 2027 2028 20292026 INCREMENTAL BUSINESS AWARDED (CAD $000s) $30,000 $40,000 $50,000 $20,000 $10,000 _ Club Car Volvo 1 Volvo 3 Volvo 4 Volvo 5Volvo 2
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Quarterly Key Developments TOTAL REVENUES $27.6M • • Rebounded from Q1 trough. CP Chem and Club Car contributed to the sequential revenue improvement, while transportation customer volumes stabilized. INHIBITORS: 12 TSX: GRA - OTCQX: NNXPF • • Gross margin expanded from Q1 due to: INHIBITORS: ADJUSTED EBITDA1,2 $0.181M Higher revenues Positive contribution from powder sales and Club Car volumes, leveraging overheads. Advanced Materials, Plastics & Composites segment 1 Non-IFRS measure see page 3 of the Appendix and also refer to non-IFRS measures disclosure in MD&A 2 See annex for IFRS equivalent graphics - page 4 & 5 of the Appendix FQ2 2026 CORPORATE HIGHLIGHTS Graphene Sales Activities We have signed a significant supply agree- ment with Chevron Phillips Chemical. This multi-year supply contract is to provide Tribograf TM, a proprietary carbon product and have already commenced deliveries under this agreement. Graphene Enhanced SMC For our Graphene Enhanced Solutions overall demand stabilized from our two largest customers, while new contracts started contributing in our fiscal Q2. As part of our 5-year strategic plan, our U.S. expansion is completed with the installation and commissioning of equipment. Start of production with Club Car at our Statesville plant has begun, contributing to our fiscal Q2 revenues. TTM TOTAL REVENUES (in $000s) $80,000 $100,000 $60,000 $20,000 $40,000 $0 $120,000 $140,000 $160,000 1Q263Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2Q26 TTM ADJUSTED EBITDA (in $000s)1,2 -$4,000 -$2,000 $0 $2,000 $4,000 $6,000 $8,000 2Q263Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Battery cells Advanced Materials TTM ADJUSTED GROSS PROFIT MARGIN1,2 18.5% 19.0% 19.5% 20.0% 20.5% 21.0% 21.5% 22.0% 22.5% 18.0% 23% $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 2Q263Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 22.3% 21.7% 21.7% 22.1% 21.3% 21.8% 21.1% 20.2%
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Nima Moghimian Chief Technology Officer Over a decade of leadership in advanced materials and battery innovation; Since joining NanoXplore in 2015, has overseen R&D, product development, IP strategy, regulatory affairs, and product certification, while guiding VoltaXplore’s technology and IP since its inception; Serves as a Director on the Board of PRIMA Québec; Holds a Ph.D. in Mechanical Engineering, an M.Sc. in Nanotechnology, and a B.A.Sc. in Materials Science and Engineering. Rocco Marinaccio Chief Executive Officer Over 26 years of leadership experience in manufacturing, operations, sales, HR, and global supply chain management; Industry expertise spanning automotive, industrial, and advanced materials sectors; Led the execution and scale-up of a world-class Graphene manufacturing facility, as well as multiple acquisitions and integrations of key sites; Previously spent over 20 years at Martinrea International in Mexico, the U.S., and Canada, holding senior roles including VP of the Flexible Manufacturing Group. Pedro Azevedo Chief Financial Officer Extensive experience in manufacturing and operations, as well as M&A; Former CFO of Tarkett Sports, a division of publicly traded global manufacturing company Tarkett S.A.; Occupied a variety of positions starting from a cost accountant to different corporate controller functions. Pierre-Yves Terrisse Vice-President of Corporate Development Over 25 years of experience in finance and capital markets; As a financial analyst, specialized in the technology and industrial sectors for over a decade; Transitioned to investment banking and M&A, providing guidance to both public and privates companies as well as offering strategic insights to institutional investors; Served as Managing Director Investment Banking at Industrial Alliance Capital Markets (IACM); Previously held the position of Managing Director Institutional Sales at Echelon Wealth Partners for 10 years. LEADERSHIP TEAM 13 TSX: GRA - OTCQX: NNXPF
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REASONS TO INVEST IN NANOXPLORE 14 TSX: GRA - OTCQX: NNXPF First major powder contract signed Graphene Sales Cycle Shortened due Global scale with leadership continuity Strong margin and earnings leverage Large and visible graphene-enhanced solutions pipeline Multi-year supply agreement with Chevron Phillips Chemical establishes commercial validation for powder and supports meaning- ful volume growth $40M+ of incremental booked graphene-en- hanced composite business starting in Q2 FY2026 with expansion at Statesville site to customers in advanced testing phases, showing promising results Powder sales typically carry 50%+ incremental gross margin with minimal added opex, positioning EBITDA to scale significantly Largest graphene producer globally (4,000 tpa capacity, with plans of significant expan- sion), backed by a strong leadership team as the founder transi- tions to Vice Chair and new CEO takes over
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APPENDIX
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ASSUMPTIONS & RISKS 5 YEARS STRATEGIC PLAN 1/5 Dry-process graphene is being developed as a new graphene grade to address new markets. This new grade will have different subgrades in terms of particle size and purity which will create products with varying price points. Each new module will have a production capacity between 500T and 1000T depending on product. Our assumption currently is to have 1 production module and utilise a blended capacity of 700T based on our assumption of volumes for each product. Prices will be based on the product and will generally be ~40% lower than our wet process graphene selling prices. Revenue assumption is based on our estimation of the sales volume of each different product multiplied by its estimated selling price. Revenue Assumptions While risks of not achieving the expected revenues are numerous, the Corporation sees these as the main risks: > Delay in customer acquisition causing delay in ramp-up > Longer customer testing processes > Lower volumes than expected Major risks This new module will be installed at our Thimens facility in available space. Total investment includes equipment cost, installation and commissioning costs until normal operations start. Investment IRR is based on the expected net annual cash flows discounted at 10% over a period of 10 years with a 3% inflation assumption. IRR calculation Financing for project is being made from cash on hand. Financing G D raphene Processedry
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ASSUMPTIONS & RISKS 5 YEARS STRATEGIC PLAN Demand from our customers for SMC parts is in excess of our capacity to produce which indicates a continued market shift towards composite materials and more specifically SMC. Capacity to produce SMC parts for the commercial vehicle market in North America is limited with only a few large manu- facturers, including the Corporation. The capacity being added with this initiative is smaller than the expected demand into the future and as such the Corporation expects to fully sell the added capacity over the course of 3 years. Production capacity will allow for the production of 80,000 truck parts at an average of $750USD per part. Revenue Assumptions While risks of not achieving the expected revenues are numerous, the Corporation sees these as the main risks: > Inability to increase sales with existing customers or to attract new customers > Shift to other composite production processes Major risks Sum of all capital expenditures expected for the investment. The investment amount does not take into consideration sunk costs or costs already occurring in the Corporation that may be reaffected to execute the project, startup operational costs, nor working capital needed for normal operations. Investment IRR is based on the expected net annual cash flows discounted at 10.0% (based on expected external financing interest rates) over a period of 10 years, with a 3% inflation assumption. IRR calculation Financing for project fully secured by RBC credit agreement through available equipment leasing and revolving credit line. Financing Enhanced G SMC raphene 2/5
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NON-IFRS MEASURES 3/5 The information contained in this presentation was prepared using results and financial information determined under IFRS. However, the Corporation considers certain non-IFRS financial measures as useful additional information in measuring the financial performance and condition of the Corporation. These measures, which the Corporation believes are widely used by investors, securities analysts and other interested parties in evaluating the Corporation’s performance, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to financial measures deter- mined in accordance with IFRS. Non-IFRS measures include "Adjusted EBITDA” and “Adjusted gross margin”.
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ANNUAL IFRS EQUIVALENT 4/5 GROSS PROFIT MARGIN ($000s) NET LOSS ($000s) -8% -10% -12% -14% -16% -18% (18,000) (16,000) (14,000) (12,000) (10,000) (8,000) (6,000) (4,000) (2,000) -20% -6% -4% -2% 0% 2020 2021 2022 2023 2024 2025 -17.7% -13.3% -10.4% -16.8% -9.1% -7.6% Loss % of SalesNet Loss $ GROSS PROFIT MARGIN 12% 10% 8% 6% 4% 2% 5,000 10,000 15,000 20,000 25,000 0% 14% 16% 18% 2020 2021 2022 2023 2024 2025 10.7% 5.1% 4.4% 12.6% 16.1% 16.9% Gross Margin %Gross Profit $
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QUARTERLY IFRS EQUIVALENT 5/5 TTM GROSS PROFIT MARGIN ($000s)TTM GROSS PROFIT MARGIN 16.0% 15.5% 15.0% 14.5% 14.0% 13.5% $5,000 $0 $10,000 $15,000 $20,000 $25,000 13.0% 16.5% 17.0% 17.5% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 16.1% 17.0% 17.1% 16.9% 15.7% 14.8% 16.5% 15.2% NET LOSS ($000s) -$1,000 -$1,500 -$2,000 -$2,500 -$3,000 -$3,500 -$4,000 -$500 $0 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 TTM NET LOSS ($000s) (6,000) (8,000) (10,000) (12,000) (4,000) (2,000) 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Advanced Materials, Plastics & CompositesBattery Materials
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4500 Thimens Blvd, Montreal, QC H4R 2P2 www.nanoxplore.ca TSX: GRA | OTCQX: NNXPF Follow us