Reported Earnings • Mar 16
First half 2026 earnings released: AU$0.012 loss per share (vs AU$0.018 loss in 1H 2025) First half 2026 results: AU$0.012 loss per share (improved from AU$0.018 loss in 1H 2025). Net loss: AU$3.75m (loss narrowed 38% from 1H 2025). Revenue is forecast to grow 113% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Mar 12
Australian Vanadium Limited has completed a Follow-on Equity Offering in the amount of AUD 7.500151 million. Australian Vanadium Limited has completed a Follow-on Equity Offering in the amount of AUD 7.500151 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 28,846,736
Price\Range: AUD 0.26
Discount Per Security: AUD 0.0156
Transaction Features: Subsequent Direct Listing New Risk • Feb 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$31m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$31m free cash flow). Revenue is less than US$1m (AU$624k revenue, or US$442k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$20m net loss in 3 years). Market cap is less than US$100m (AU$97.1m market cap, or US$68.8m). New Risk • Nov 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$3.47m (US$2.24m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (AU$624k revenue, or US$403k). Market cap is less than US$10m (AU$3.47m market cap, or US$2.24m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$31m). Currently unprofitable and not forecast to become profitable over next 3 years (AU$20m net loss in 3 years). Share price has been volatile over the past 3 months (18% average weekly change). Breakeven Date Change • Oct 01
No longer forecast to breakeven The analyst covering Australian Vanadium no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of AU$15.9m in 2028. New forecast suggests the company will make a loss of AU$20.1m in 2028. New Risk • Sep 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$11k revenue, or US$7.2k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$25m). Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (AU$16m net loss in 3 years). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$86.3m market cap, or US$56.6m). Announcement • Sep 25
Australian Vanadium Limited, Annual General Meeting, Nov 20, 2025 Australian Vanadium Limited, Annual General Meeting, Nov 20, 2025. Price Target Changed • Aug 21
Price target increased by 7.8% to AU$0.06 Up from AU$0.056, the current price target is provided by 1 analyst. New target price is 445% above last closing price of AU$0.011. Stock is down 24% over the past year. The company is forecast to post a net loss per share of AU$0.0011 next year compared to a net loss per share of AU$0.0024 last year. Price Target Changed • Jul 31
Price target increased by 7.8% to AU$0.06 Up from AU$0.056, the current price target is provided by 1 analyst. New target price is 500% above last closing price of AU$0.01. Stock is down 38% over the past year. The company is forecast to post a net loss per share of AU$0.0011 next year compared to a net loss per share of AU$0.0024 last year. Price Target Changed • May 03
Price target increased by 7.8% to AU$0.06 Up from AU$0.056, the current price target is provided by 1 analyst. New target price is 445% above last closing price of AU$0.011. Stock is down 21% over the past year. The company is forecast to post a net loss per share of AU$0.0011 next year compared to a net loss per share of AU$0.0024 last year. New Risk • Mar 19
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$25m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$11k revenue, or US$7.0k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$25m). Currently unprofitable and not forecast to become profitable over next 3 years (AU$16m net loss in 3 years). Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (AU$103.6m market cap, or US$65.9m). Price Target Changed • Mar 04
Price target decreased by 28% to AU$0.06 Down from AU$0.083, the current price target is provided by 1 analyst. New target price is 400% above last closing price of AU$0.012. Stock is down 33% over the past year. The company is forecast to post a net loss per share of AU$0.001 next year compared to a net loss per share of AU$0.0024 last year. New Risk • Dec 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$27m free cash flow). Shareholders have been substantially diluted in the past year (74% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$31m net loss in 3 years). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$120.9m market cap, or US$75.2m). New Risk • Sep 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 35% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$28m free cash flow). Earnings are forecast to decline by an average of 35% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (AU$29m net loss in 3 years). Market cap is less than US$100m (AU$120.9m market cap, or US$83.6m). New Risk • Sep 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$28m free cash flow). Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (AU$21m net loss in 3 years). Market cap is less than US$100m (AU$120.9m market cap, or US$83.1m). Announcement • Sep 24
Australian Vanadium Limited, Annual General Meeting, Nov 21, 2024 Australian Vanadium Limited, Annual General Meeting, Nov 21, 2024. New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$28m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$28m free cash flow). Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$21m net loss in 3 years). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$129.2m market cap, or US$86.2m). New Risk • Apr 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 27% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 27% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$28m). Currently unprofitable and not forecast to become profitable over next 2 years (AU$14m net loss in 2 years). Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$120.5m market cap, or US$78.7m). New Risk • Mar 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$28m free cash flow). Earnings have declined by 18% per year over the past 5 years. Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$137.7m market cap, or US$90.0m). Announcement • Feb 03
Australian Vanadium Limited (ASX:AVL) completed the acquisition of Technology Metals Australia Limited (ASX:TMT) from Resource Capital Fund VII L.P., a fund managed by RCF Management, LLC and others. Australian Vanadium Limited (ASX:AVL) entered into a scheme of arrangement to acquire Technology Metals Australia Limited (ASX:TMT) from Resource Capital Fund VII L.P., a fund managed by RCF Management, LLC and others for AUD 84.4 million on September 23, 2023. TMT Shareholders will receive 12 AVL Shares for every TMT Share held on the Scheme record date. This implies an offer price of AUD 0.324 per TMT Share based on AVL’s last close price of AUD 0.027. AVL Board to be complemented with the addition of Jo Gaines as a Non-Executive Director. Ian Prentice to join AVL’s executive management team and will be initially focused on the integration of the two adjoining projects. All directors on the TMT Board other than the AVL nominees will resign. Post-acquisition, existing AVL shareholders will hold 58% of the combined group and existing TMT Shareholders will hold 42% of the combined group. Under the Scheme Implementation Deed, a liquidated amount (or break fee) of AUD 839,900 may become payable by AVL to TMT in certain circumstances. In addition, a liquidated amount (or break fee) of AUD 839,900 may become payable by TMT to AVL in certain circumstances. The combined group will continue to trade as Australian Vanadium Limited on the ASX. The transaction is subject to approval being obtained from TMT Shareholders, court approval, AVL raising at least AUD 15 million under the Placement, the Independent Expert issues an Independent Expert’s Report and other conditions customary for a transaction of this nature. The Scheme is unanimously recommended by the TMT Board. The transaction is expected to close by January / February 2024. Macquarie Capital acted as financial adviser and Christian Owen of Corrs Chambers Westgarth acted as legal adviser to Australian Vanadium. Sternship Advisers and Argonaut PCF acted as financial advisers and James Nicholls of DLA Piper acted as legal adviser to TMT. Automic Pty Ltd acted as Registry to Technology Metals Australia.
Australian Vanadium Limited (ASX:AVL) completed the acquisition of Technology Metals Australia Limited (ASX:TMT) from Resource Capital Fund VII L.P., a fund managed by RCF Management, LLC and others on February 1, 2024, New Risk • Feb 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 97% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$17m free cash flow). Earnings have declined by 11% per year over the past 5 years. Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Revenue is less than US$1m (AU$31k revenue, or US$20k). Announcement • Sep 29
Australian Vanadium Limited, Annual General Meeting, Nov 16, 2023 Australian Vanadium Limited, Annual General Meeting, Nov 16, 2023. Reported Earnings • Sep 28
Full year 2023 earnings released: AU$0.002 loss per share (vs AU$0.001 loss in FY 2022) Full year 2023 results: AU$0.002 loss per share (further deteriorated from AU$0.001 loss in FY 2022). Net loss: AU$7.24m (loss widened 44% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Announcement • Sep 26
Australian Vanadium Limited (ASX:AVL) entered into a scheme of arrangement to acquire Technology Metals Australia Limited (ASX:TMT) from Resource Capital Fund VII L.P., a fund managed by RCF Management, LLC and others for AUD 83.7 million. Australian Vanadium Limited (ASX:AVL) entered into a scheme of arrangement to acquire Technology Metals Australia Limited (ASX:TMT) from Resource Capital Fund VII L.P., a fund managed by RCF Management, LLC and others for AUD 83.7 million on September 23, 2023. TMT Shareholders will receive 12 AVL Shares for every TMT Share held on the Scheme record date. This implies an offer price of AUD 0.324 per TMT Share based on AVL’s last close price of AUD 0.027. AVL Board to be complemented with the addition of Jo Gaines as a Non-Executive Director. Ian Prentice to join AVL’s executive management team and will be initially focused on the integration of the two adjoining projects. All directors on the TMT Board other than the AVL nominees will resign. Post-acquisition, existing AVL shareholders will hold 58% of the combined group and existing TMT Shareholders will hold 42% of the combined group. Under the Scheme Implementation Deed, a liquidated amount (or break fee) of AUD 839,900 may become payable by AVL to TMT in certain circumstances. In addition, a liquidated amount (or break fee) of AUD 839,900 may become payable by TMT to AVL in certain circumstances. The combined group will continue to trade as Australian Vanadium Limited on the ASX. The transaction is subject to approval being obtained from TMT Shareholders, court approval, AVL raising at least AUD 15 million under the Placement, the Independent Expert issues an Independent Expert’s Report and other conditions customary for a transaction of this nature. The Scheme is unanimously recommended by the TMT Board. The transaction is expected to close by January / February 2024. Macquarie Capital acted as financial adviser and Christian Owen of Corrs Chambers Westgarth acted as legal adviser to Australian Vanadium. Sternship Advisers and Argonaut PCF acted as financial advisers and James Nicholls of DLA Piper acted as legal adviser to TMT. Automic Pty Ltd acted as Registry to Technology Metals Australia. New Risk • Sep 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. Revenue is less than US$1m (AU$38k revenue, or US$25k). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (9.7% increase in shares outstanding). Market cap is less than US$100m (AU$117.9m market cap, or US$75.7m). Announcement • Sep 25
Australian Vanadium Limited Announces Management Changes Australian Vanadium Limited and Technology Metals Australia Limited have agreed to merge via a proposed Scheme of Arrangement (Scheme), under which AVL will acquire 100% of the TMT Shares on issue. AVL Board to be complemented with the addition of Ms Jo Gaines as a Non-Executive Director. Mr. Ian Prentice to join AVL's executive management team and will be initially focused on the integration of the two adjoining projects. New Risk • Sep 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. Revenue is less than US$1m (AU$38k revenue, or US$24k). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (AU$126.6m market cap, or US$80.7m). Announcement • Jul 04
Vincent Algar, Managing Director to Retire from the Board of Australian Vanadium Limited Effective July 14, 2023 Australian Vanadium Limited announces that Managing Director, Mr. Vincent Algar, will retire from the Board of the Company on 14 July 2023. He will continue in a transition role for the next few months, as the Company continues to develop the Australian Vanadium Project ("the Project"). Announcement • Jun 03
Australian Vanadium Limited Appoints Anna Sudlow to the Board as Non-Executive Director Australian Vanadium Limited announced that it has appointed Ms Anna Sudlow to the AVL Board as Non-Executive Director with effect from 1 June 2023. Ms Sudlow is a corporate finance executive with experience in the mining and resources sectors across a range of commodities and jurisdictions. She holds a Bachelor of Commerce, is a Certified Practising Accountant (CPA) and holds a Master of Business Administration (MBA). Ms Sudlow has held senior roles at Woodside Energy and Paladin Energy and has experience in strategy, capital management and funding, commercial analysis, business development, risk and financial reporting and governance. Ms Sudlow is currently the CFO of Paladin Energy Limited. Announcement • May 17
Australian Vanadium Limited Announces Chief Financial Officer Changes Australian Vanadium Limited announced that it has appointed Mr. Tom Plant as Chief Financial Officer (CFO) of the Company with effect from 6th June 2023. Mr. Plant is a seasoned finance executive, with almost 30 years of experience in various corporate and commercial roles. He has a strong background in debt and equity funding solutions, investment evaluation and corporate transactions. Mr. Plant's experience in these areas will complement the existing capabilities in the AVL team as it progresses the Australian Vanadium Project. Mr. Plant most recently served as interim CFO at Leo Lithium Limited the developer of the Goulamina Lithium Project in Mali and prior to that, CFO of Firefinch Limited Previous roles have included ten years at global mineral sands and rare earths producer Iluka Resources and various positions in investment banking and professional services with Macquarie Group, Dresdner Kleinwort Wasserstein and Arthur Andersen. Mr. Plant is a Chartered Accountant (CAANZ) and holds an MBA from INSEAD, an MSc (Mineral Economics) from Curtin University, a Bachelor of Commerce from The University of Western Australia and a Graduate Diploma of Applied Corporate Governance and Risk Management from the Governance Institute of Australia. Interim CFO, Ms. Liesl Strachan, will continue to work within the Company on the development of the finance function. Announcement • Feb 16
Australian Vanadium Limited Appoints Louis Mostert as Chief Legal and Commercial Officer and Joint Company Secretary Australian Vanadium Limited announced that it has appointed Louis Mostert as Chief Legal and Commercial Officer and Joint Company Secretary of thecompany, effective from 14 February 2023. Mr. Mostert has been providing specialist advice to the Company on a consultancy basis for the pasttwo years and has proved himself to be a valued member of the AVL team. He is a highly experienced general counsel and chartered company secretary, with previous executive experience. He brings to AVL leadership expertise gained in various industries, including international ASX-100and FTSE-100 resources, engineering and construction businesses and a top-tier national law firm. Mr. Mostert has over 20 years of experience in similar roles and brings a depth of knowledge in project contracting and finance, corporate advisory, mergers and acquisitions, insurance management, dispute resolution, work health and safety, employment and industrial relations, intellectual property, corporate governance and compliance. Mr. Mostert graduated from the University of Western Australia with a Bachelor of Engineering (Hons) and a Bachelor of Laws (Hons) and has a Diploma of Applied Corporate Governance from the Governance Institute of Australia. He is admitted as a barrister and solicitor of the Supreme Court of Western Australia, a Fellow of the Chartered Institute of Secretaries, a Fellow of the Governance Institute of Australia and a Member of the Institute of Company Directors. Mr. Neville Bassett will continue as Joint Company Secretary alongside Mr. Mostert. Announcement • Feb 15
Australian Vanadium Limited Announces Board Appointments Australian Vanadium Limited announce that it has appointed Ms Miriam Stanborough and Mr. Peter Watson to the AVL Board as Non-Executive Directors with effect from 13th February 2023. Executive Director Mr. Leslie Ingraham has advised his intention to resign from the Board in due course, as part of the restructure. Ms Stanborough is a chemical engineer with over 20 years of experience in the mineral processing industry across a range of commodities. She has held senior roles at Monadelphous, Iluka Resources, Alcoa and WMC Resources. Her skill base spans innovation and technology, technical development, production management, project management, business improvement and people and culture. Ms Stanborough is currently a Non-Executive Director of Pilbara Minerals Limited, BCI Minerals Limited, Chair of the Minerals Research Institute of Western Australia (MRIWA), Deputy Chair of the Northern Agricultural Catchments Council and a Director of Scouts WA. Mr. Watson is also a chemical engineer, with 40 years of experience in senior technical, project and management roles, in addition to corporate experience running ASX-listed companies. He has significant board-level experience, particularly regarding safety, governance, financial reporting, risk management and strategy. Mr. Watson is currently a Non-Executive Director of Paladin Energy Ltd, New Century Resources and Strandline Resources Limited. Recent Insider Transactions Derivative • Jan 06
Technical Director & Director exercised options to buy AU$580k worth of stock. On the 3rd of January, Daniel Harris exercised options to buy 20m shares at a strike price of around AU$0.025, costing a total of AU$500k. This transaction amounted to 800% of their direct individual holding at the time of the trade. Since June 2022, Daniel has owned 2.50m shares directly. Company insiders have collectively bought AU$3.0m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Dec 23
MD & Director exercised options to buy AU$1.2m worth of stock. On the 21st of December, Vincent Algar exercised options to buy 48m shares at a strike price of around AU$0.024, costing a total of AU$1.2m. This transaction amounted to 626% of their direct individual holding at the time of the trade. Since June 2022, Vincent has owned 7.66m shares directly. Company insiders have collectively bought AU$2.5m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Dec 20
Australian Vanadium Limited Announces Diamond Results for Coates Nickel-Copper-PGA Project Australian Vanadium Limited announced assay results from the diamond core portion of the April - May 2022 drill program at the Coates Mafic Intrusive Complex near Wundowie, 80km NE of Perth in Western Australia. Drilling followed a successful SkyTEM Airborne Electromagnetic (AEM) survey which identified three conductors, with the largest having a strike length of 1,900 metres, located parallel to a magnetic high, topographic low on the project. Figure 1 shows the location of the AVL Coates Mafic Intrusive Complex Project within the emerging Western Yilgarn Nickel-Copper-PGE province. An 11-hole program of Reverse Circulation (RC) pre-collar and diamond tail drilling was undertaken, with all pre-collars completed for 840.6 metres of RC. Partial completion of the diamond drilling portion of the project was achieved, with 169.6 metres of diamond coring over three holes. Two diamond tails were finished and one abandoned before the full planned depth, due to drilling equipment issues. An additional nine diamond tails are required to complete the stratigraphic fence, including re-drilling of the hole that was abandoned. The drill line remains open and the Programme of Work (PoW) approval remains active. Drilling of the diamond tail portion of the program will be completed pending sale of the project to MGM, subject to its successful listing on the Australian Securities Exchange (ASX)1. AVL will maintain a significant shareholding in MGM upon listing. The MGM prospectus is currently undergoing final due diligence before being lodged with the ASX. The drilling at Coates Project was co-funded through the WA Government's Exploration Incentive Scheme (EIS). The grant was for up to $112,500, representing half of the cost of the program. The drill program was designed to provide a stratigraphic section through the Coates Mafic Intrusion within AVL's tenure, allowing for lithological and geochemical studies and focussing on nickel- copper-PGE prospectivity. The results from the SkyTEM survey and drill assay results, strongly support the validity of completing the drill program designed to test mafic - ultramafic stratigraphy. Despite being stopped early due to technical drilling issues, the program as completed to date provides a significant section of geochemical samples from the drill holes. Importantly, the diamond core available to the CSIRO Nickel Indicator Study of the Coates Mafic Complex extends information 350 to 500 metres further northeast into the intrusion than any previous historical drilling,4 approaching the zone of the SkyTEM conductors and surface Ni, Pt and Cr anomalism previously identified.5 Samples of core from these 2022 drill holes are currently with CSIRO to facilitate this study. Other historical diamond core from the 1970s being utilised for the CSIRO study is restricted to the magnetite gabbro portion of the deposit which was drilled extensively for vanadium mineralisation by Garrick Agnew Pty Ltd. and Mt Dempster Mining. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Cliff Lawrenson was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 25
Australian Vanadium Limited Announces Resource Development Drill Program Completed Australian Vanadium Limited announced that a diamond drill program and reverse circulation (RC) drilling of a significant program of works has been completed at the Australian Vanadium Project ("the Project") at Gabanintha, south of Meekatharra. AVL's Bankable Feasibility Study (BFS) focused on the Project's high-grade vanadium horizon at the Gabanintha orebody. The recently completed drilling infills the high-grade vanadium horizon in resource blocks 50, and 60. Ore from these blocks are in the current mine plan and scheduled to beextracted at the start of the mining schedule as outlined in the BFS. The drilling completed also greatly improves the resolution of data in block 70, the southernmost block of the current mineral resource and presently excluded from BFS. Drilling results in 2020 and metallurgical work in 2021 identified increased vanadium concentrate grades and iron titanium (FeTi) coproduct grades in the southern blocks. This recently completed drill program (Figure 1) infills drill lines to a spacing of 70m by 30m in the top 100m vertically of early mine-life BFS pit optimisations in block 60 and 50. This is the same drill density which currently supports the Measured Mineral Resource category in northern blocks 15 and 20. Infill drilling to 140m by 30m spacing elsewhere supports an increase of the Mineral Resource to Indicated category in areas of current Inferred Mineral Resource. The initial mining pit at the Project is currently scheduled to commence in block 60. The new data will further improve the mining schedule optimisation and has the potential to increase project value, while providing excellent definition of expected ore geometry and grades, and anticipated concentrate grades. Additional drill core now available through the southern blocks will be used to provide sample for whole rock mineralogy studies, further characterising deportment of iron, vanadium and titanium in the high-grade vanadium domain. Further variability testwork is planned, using both core samples and RC samples. The location of the Project, with Mineral Resource and entire deposit block numbering is shown in Figure 2. Drill holes completed are shown in Figure 3, which also demonstrates the position of the 2022 RC and diamond drilling relative to the BFS pit optimisations, and the current block 70 pit optimisation which is currently excluded from the Mine Schedule. Announcement • Oct 17
Australian Vanadium Limited Appoints Graham Arvidson as Chief Executive Officer Australian Vanadium Limited announced that it has appointed Graham Arvidson as Chief Executive Officer (CEO) of the Company. Graham will work alongside Managing Director Vincent Algar and Chief Operating Officer (COO) Todd Richardson to progress the Australian Vanadium Project through the final stages of development and into production. Mr. Arvidson brings additional business leadership skills, project development and vanadium acumen to AVL, further strengthening AVL's industry leading team. His appointment is an important step in enabling AVL's vision of developing and operating the Australian Vanadium Project and becoming a world leader in the vanadium market. Mr. Arvidson brings proven project development expertise, a deep Western Australian project development network specific to mining, commercial acumen borne of managing contracts from both the client and contractor side and extensive project management experience in tendering, negotiation, conforming and managing O&M, EPC, EPCM, EPC-O, and BOO forms of project delivery. Graham is a passionate industry advocate for best practice in project development and operations and supports these causes through frequent guest lecturing at industry bodies and at the University of Western Australia, speaking as an industry practitioner on the topics of best practice in Project Management, Operational Excellence and the evolving lithium sector. During the past four years, through his executive role at Primero Group, Graham has led lithium operations to achieve excellence in production, safety and quality, while providing industry leading project development and due diligence services to clients across the Australian and North American lithium sectors for clients including Pilbara Minerals, Tianqi Lithium, Altura Mining, Alita Resources, Galaxy Resources and Core Lithium. This deep understanding of what it takes to rapidly develop and successfully operate new mines in an emerging sector like lithium, coupled with his upstream and downstream operational experience in vanadium, gives Graham unique insights to leverage opportunities and avoid pitfalls in the vanadium sector as it evolves to meet the changing needs of industry. Announcement • Sep 21
Australian Vanadium Limited, Annual General Meeting, Nov 14, 2022 Australian Vanadium Limited, Annual General Meeting, Nov 14, 2022. Agenda: Annual General Meeting. Announcement • Sep 15
Australian Vanadium Limited Announces Results at Coates Ni-Cu-PGE Project Confirm Prospectivity Australian Vanadium Limited announced assay results from the RC component of the April - May 2022 drill program at the Coates Mafic Intrusive Complex near Wundowie, 80km NE of Perth in Western Australia. Drilling followed a successful SkyTEM Airborne Electromagnetic (AEM) survey which identified three conductors, with the larger having a strike length of 1,900 metres2 located parallel to a magnetic high, topographic low on the Project. An 11-hole program of Reverse Circulation (RC) pre-collar and diamond tail drilling was undertaken, with all pre-collars completed for 840.6 metres of RC. Partial completion of the diamond drilling portion of the project was achieved, with 169.6 metres of diamond coring over three holes. Two diamond tails were finished and one abandoned before the full planned depth, due to drilling equipment issues. An additional nine diamond tails are required to complete the stratigraphic fence, including re-drilling of the hole that was abandoned. The drill line remains open and the Programme of Work (PoW) approval remains active. Drilling of the diamond tail portion of the program will be completed pending sale of the project to MGM, subject to its successful listing on the Australian Securities Exchange. AVL will maintain a significant shareholding in MGM. The MGM prospectus is undergoing final due diligence before being lodged with the ASX. The drilling at Coates Project was co-funded through the WA Government's Exploration Incentive Scheme (EIS)4. The grant was for up to $112,500, representing half of the cost of the program. The drill program is designed to provide a stratigraphic section through the Coates Mafic Intrusion within AVL's tenure, allowing for lithological and geochemical studies and focussing on nickel-copper-PGE prospectivity. The results from the SkyTEM survey and now RC assay results strongly supports the validity of completing the drill program designed to test mafic ultramafic stratigraphy. Despite being stopped early due to technical drilling issues, the program as completed to date provides a significant section of geochemical samples from the RC components of the drill holes. Importantly, the diamond core available to the CSIRO Nickel Indicator Study of the Coates Mafic Complex extends information 350 to 500 metres further northeast into the intrusion than any previous historical drilling5,approaching the zone of the SkyTEM conductors and surface Ni, Pt and Cr anomalism previously identified6. Samples of core from these 2022 drill holes are currently with CSIRO to facilitate this study. Other historical diamond core from the 1970s being utilised for the CSIRO study is restricted to the magnetite gabbro portion of the deposit which was drilled extensively for vanadium mineralisation by Garrick Agnew Pty Ltd. and Mt Dempster Mining. DRILL RESULTS: Reverse Circulation Results: Assays for the eleven pre-collars were submitted in June 2022 for analysis. The results have now been returned and loaded to the Company database. The location of the drill collars relative to the magnetite gabbro (modelled from the historical dataset) and the conductors defined in the SkyTEM survey completed in 2021 are shown in Figure 2 below. Elevated copper, nickel and/or palladium and platinum was intersected in four of the RC pre-collars, holes being 22CRC007, 22CRD008, 22CRC009 and 22CRD011. Most anomalous results are: 22CRC007 10 m @ 0.13% Cu, 493ppm Ni, 39ppb Pd and 21ppb Pt from 64m; Including 7m @ 0.14% Cu, 544ppm Ni, 43ppb Pd and 23ppb Pt from 67m; 22CRC007 1m @ 700ppm Ni, 40ppb Pd and 40ppb Pt from 55m; 22CRD008 6m @ 358ppm Ni, 54ppb Pd and 41ppb Pt from 11m; 22CRC009 6m @ 0.12% Cu and 525ppm Ni from 38m; 22CRD011 1m @ 45ppb Pd and 45ppb Pt from 66m; 22CRD011 1m @ 60ppb Pd and 55ppb Pt from 81m. The RC assay results for the magnetite gabbro portion of the layered intrusion also strongly support: the historical dataset, drilled to define a historical (non JORC 2012 compliant) vanadium-titanium resource in the 1970s. The drilling validates the existing interpretation of the extent of the vanadium mineralisation within the magnetite gabbro and extends the vanadium-bearing laterite unit from hole 22CRC001 through to 22CRC006, a section width of 360 metres. Best vanadium titanium intercepts from the recent drilling include: 22CRC001 11m at 0.90% V2O5 and 9.6% TiO2 from 0m Laterite; 22CRC002 6m at 0.86% V2O5 and 15.1% TiO2 from 0m Laterite; 22CRC002 33m at 0.49% V2O5 and 8.4% TiO2 from 6m Laterite; 22CRC002 34m at 0.43% V2O5 and 5.9% TiO2 from 41m Fresh Rock; 22CRC005 - 9m at 1.11% V2O5 and 8.5% TiO2 from 0m Laterite. Announcement • Jun 08
Australian Vanadium Limited Announces Partial Completion of A Drill Program At Its AVL Tenure in the Coates Mafic Intrusive Complex Near Wundowie, 80Km NE of Perth in Western Australia Australian Vanadium Limited announced partial completion of a drill program at its AVL tenure in the Coates Mafic Intrusive Complex near Wundowie, 80km NE of Perth in Western Australia. Drilling followed a successful SkyTEM Airborne Electromagnetic (AEM) survey which identified three conductors, with the largest having a strike length of 1,900 metres. An 11 hole program of Reverse Circulation (RC) pre-collar and diamond tail drilling was undertaken, with all pre-collars completed for 840.6 metres of RC. Partial completion of the diamond drilling portion of the project was achieved, with 169.6 metres of diamond coring over three holes and cessation of the program early due to budget limitations. Two diamond tails were finished and one abandoned before the full planned depth, due to bogged rods. An additional nine diamond tails are required to complete the stratigraphic fence, including re-drilling of the hole that was abandoned. The drill line remains open and the Programme of Work (PoW) approval remains active. Drilling of the diamond tail portion of the program will be completed pending sale of the project to Mining Green Metals (MGM), subject to its successful listing on the Australian Securities Exchange (ASX)3. The drilling at Coates Project was co-funded through the WA Government's Exploration Incentive Scheme (EIS)4. The grant was for up to $112,500, representing half of the cost of the program. The drill program is designed to provide a stratigraphic section through the Coates Mafic Intrusion within AVL's tenure, allowing for lithological and geochemical studies and focussing on nickel-copper-PGE prospectivity. The results from the SkyTEM survey strongly supported the validity of the drill program design to test mafic - ultramafic stratigraphy. Despite being stopped early due to budget limitations, the program as completed to date provides a significant section of geochemical samples in the percussion components of the drill holes. Importantly, the diamond core now available for the Australian Government's Commonwealth Scientific and Industrial Research Organisation (CSIRO) Nickel Indicator Study of the Coates Mafic Complex extends 350 to 500 metres further northeast into the intrusion and approaching the zone of the SkyTEM and surface Ni, Pt and Cr anomalism previously identified5. Other historical diamond core from the 1970s being utilised for the CSIRO study is restricted to the magnetite gabbro portion of the deposit which was drilled extensively for vanadium mineralisation by Garrick Agnew Pty Ltd. and Mt Dempster Mining. RC samples are being dispatched to a commercial laboratory this week and processing of the core, including logging, cutting and sampling, with submission of samples to the laboratory, is planned during June. Announcement • Apr 27
Australian Vanadium Limited Lodges International Patent Application for Vanadium Processing Circuit Australian Vanadium Limited advised that it has filed an international patent application for its unique vanadium processing route. The patent application's International Application Number is PCT/AU2022/050315. The international patent application follows on from the provisional application filed in April 2021 and includes updated details generated during the BFS piloting in 2021. It is anticipated that the patent application and patent once granted will help to provide protection for the Company and its shareholders for the unique and efficient processing design. The inclusion of a saleable iron-titanium coproduct (FeTi coproduct) also contributes to the uniqueness of this process. The basis for the patent application is the specific sequence of beneficiation, pyrometallurgy and hydrometallurgy that combine to produce a high purity vanadium product with exceptional recoveries. Progress since provisional patent application submission The previous submission of the provisional application established a priority date for the invention of April 2021. After the provisional patent submission, a global search of the databases of international patent authorities was conducted by Wrays Patent and Trademark Attorneys. With a focus on existing patents in the field of vanadium ore processing and extraction, the search results confirmed the uniqueness of AVL's beneficiation and extraction processes and the need for the protection a patent can provide for the Company's IP. This process was necessary to fulfil one of AVL's objectives, which is to protect the Company's inventions as they will be applied in the development of the Project and to facilitate licensing of the beneficiation and extraction technology to other vanadium producers who are developing their own extraction capabilities. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Chairman Cliff Lawrenson was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 06
Australian Vanadium Limited Announces Bankable Feasibility Study for Australian Vanadium Project The Australian Vanadium Project consists of 15 tenements covering 200 sq km and held 100% by Australian Vanadium Limited, an Australian company listed on the Australian Securities Exchange . Mining Lease M51/878 has been granted for a period of 21 years and covers 87% of the Mineral Resource, with the balance of the Inferred Mineral Resource located on E51/843, overlain by Mining Lease Application MLA51/897, owned 100% by AVL. The Project is based on a proposed open cut mine of the Vanadium Titanium Magnetite orebody, a crushing, milling and beneficiation (CMB) plant and a vanadium processing plant. Concentrate produced at the CMB will be transported to a vanadium processing plant located near Geraldton, for final conversion to high quality vanadium pentoxide, for sale or further conversion and use in steel and energy storage, catalyst, chemical and defence applications. The coastal processing plant location is a key strategic differentiator to all current global primary vanadium producers, utilising the unique gas, road and port infrastructure of the world class mining region of mid-western Western Australia . The current Project Mine Plan utilises 27% Measured Resources, 52% Indicated Resources and 21% Inferred Resources. The Measured and Indicated material has been assessed separately and has been classified as a 2012 JORC Ore Reserve. As with the 2020 PFS Update5, the 2022 BFS mine plan utilises the lower strip ratio southern pits to reduce total mining requirements in the early years. However, the requirement to feed the CMB plant with ore that delivers a relatively consistent recovery and associated mass yield requires that a feed blending strategy is applied and so multiple mining areas are open. Hence the strip ratio increases through Year 6 to Year 8 as the high strip ratio pits come on line. AVL is currently undertaking regulatory approvals work to allow for the delivery of the Project. On 15th March 2021, AVL submitted a referral to the EPA for proposed mining and beneficiation operations. On 14th April 2021 the EPA determined to assess the Project pending additional information. All additional requested information has been compiled and will be submitted upon completion of the BFS. Concurrently, AVL will also submit a referral for the processing plant site at Tenindewa. Announcement • Dec 13
Australian Vanadium Limited Announces High Purity 99.5% V2o5 Produced in Final Phase Work for BFS Australian Vanadium Limited announced that it has produced high-purity 99.5% V2O5 marketing samples in the final stage of metallurgical testing for the bankable feasibility study (BFS). The V2O5 was recovered from leach solutions generated in AVL's recent hydrometallurgy pilot program1 via the ammonium metavanadate (AMV) process. This work in turn followed the pyrometallurgy pilot runs conducted at Metso Outotec's Dansville facilities in the USA2 and the beneficiation pilot program conducted at ALS Metallurgy in Perth3. The feed materials for this sequence of pilot programs comprised two composites of drill core, designed to be indicative of the average first five years of production and life of mine production4. A sample of V2O5, alongside AVL's pelletised vanadium concentrate and a sample of ore is shown in Figure 1. The AMV precipitation process was selected over other options due to its applicability to high-purity leach solutions, such as those generated in AVL's pilot program. It is conducted at ambient temperature, near-neutral pH and has simple process control requirements. Silica is removed beforehand by a well-established method known as "desilication", achieved by the addition of aluminium sulfate to the leach solution, leading to selective silica precipitation and removal. The final metallurgical process is to heat the AMV precipitate at 650°C to convert it to high-purity V2O5. The suite of assays for the V2O5 product is shown in Table 1. The V2O5 generated in this pilot program meets market specifications for the production of high- strength steel alloys. The high purity achieved for this product simplifies continuing work with AVL's research partners in the CRC-P to further increase the product purity for the battery industry. This will lead to the design of an ultra-high purity process to feed AVL's future electrolyte plant, for which a grant was awarded through the Federal Government's Modern Manufacturing Initiative5. Supply and quality of V2O5 are critical for the development of the vanadium redox flow battery (VRFB) market which is expected to grow rapidly in coming years. Estimates vary between 27,000 tonnes V2O5 per annum by 2030 from Roskill and 44,000 tonnes V2O5 per annum by 2025 from TTP Squared, the latter approximately 15% of the expected global vanadium market in 2025. AVL intends to produce 11,000 tonnes of V2O5 per annum, with a portion dedicated to the battery market. AVL has signed MOUs with a number of VRFB manufacturers such as CellCube, E22 and VFlow Tech to help meet demand. This work concludes the metallurgical testwork program for the BFS. The work was partly funded by the Australian Government's Cooperative Research Centre Projects scheme. Work under this scheme is continuing outside the BFS on programs such as downstream electrolyte production and value-adding to process waste streams. Announcement • Aug 24
Australian Vanadium Limited announced that it has received AUD 8.7 million in funding Australian Vanadium Limited announced a private placement of 348,000,000 common shares at a price of AUD 0.025 per share for gross proceeds of AUD 8,700,000 on August 24, 2021. The company also issued 25,000,000 options in the transaction. The transaction includes participation from both existing and new investors including sophisticated and professional investors. Each option can be exercised into one common share of the company at an exercise price of AUD 0.025 each on or before December 18, 2022. The remaining options will be subject to shareholder approval. The company will issue further issue 25,000,000 options under the transaction. The transaction is expected to close August 27, 2021. The transaction was oversubscribed. Announcement • Jun 09
Australian Vanadium Limited Announces Highly Successful Completion of the First Stage of A Two-Stage Pilot-Scale Water Leach Process for the Australian Vanadium Project Australian Vanadium Limited announced that the highly successful completion of the first stage of a two-stage pilot-scale water leach process for the Australian Vanadium Project (the Project). This is a significant milestone in the final pilot testwork program that will allow the Company to conclude its final processing designs, mass balances and detailed costings for the BFS. The scaled pilot testing comprised an 80°C drum leach which simulated the water leaching of hot, quenched vanadium bearing pellets that emerge from the salt-roast process. Primary leach liquors are being retained for final ammonium poly vanadate (APV) and V2O5 precipitation (material to be used for customer testing), the leach residues generated from this process have now been transferred to leach columns to simulate the final extraction operation in a second and final static water leach stage. The feed for this pilot leach testwork was generated in the recent pyrometallurgy pilot campaign in 2020-20211, which in turn came from the crushing, milling and beneficiation pilot plant run in 2019. Two parcels of ore were trialled in these previous runs, designed to represent both the first five years of production (Y0-5) and the life-of-mine (LOM). The pelletised and roasted concentrates from these two ore parcels were tested in the pilot leach circuit. Most of the test sample was from the Y0-5 ore parcel, which is of more immediate importance for the startup of the planned operation. Announcement • Apr 29
Australian Vanadium Limited Provides Co-Operative Research Centre Vanadium Project Update Australian Vanadium Limited provided an update on activities relating to the Co-operative Research Centre Project (CRC-P) entitled "Production of 99.95% Pure Vanadium Pentoxide and Vanadium Electrolytes". In February 2020, AVL was awarded a CRC-P grant of $1.25 million by the Australian Federal Government through a competitive award process. This formed part of a $4.9 million project to complement feasibility work focusing on the development of AVL's 100% owned Australian Vanadium Project at Gabanintha (the Project). Up to the end of February 2021, AVL has received $823,370 in grant payments. Partner and in-kind AVL expenditures reported to 31 December 2020 and as forecast to 31 March 2021 are $2,042,461. Milestone Updates: AVL's CRC-P is organised into six sub-projects, or milestones. Four critical milestones are aligned with the bankable feasibility study (BFS), and these have been the focus of AVL's work over the past year. Two other milestones are for work not related to the BFS, such as investigations into vanadium electrolyte production and recovery from low grade ores. Overview of the Milestones: Milestone 1 involved a pilot-scale optimisation of the salt-roast process for AVL's concentrate, with vanadium extractions of up to 94.9% achieved. This technical achievement sets the AVL Project apart from its competitors, where typical extraction rates are between 80 and 85%. The pilot plant production at Metso's pyrometallurgical facilities in the USA demonstrated the applicability of the Grate Kiln process for vanadium titano-magnetite (VTM) ores. In this process, a VTM concentrate is initially pelletised with reagents, allowing for improved mass transfer during roasting and substantially reducing overall energy requirements. The pellets are fed to a travelling grate furnace where they are progressively dried and heated, before directly entering the rotary kiln. The work demonstrated the effectiveness of established commercial heating profiles. Milestone 2 is an ongoing study focusing on the hydrometallurgical aspects of producing a high purity vanadium product. The work has established the feasibility of the ammonium polyvanadate (APV) precipitation process over the ammonium metavanadate process (AMV). Although both routes are currently in operation at existing facilities, AVL has shown that APV offers a high purity, low-cost precipitation alternative that matches AVL's goal of minimising waste products. A final marketing sample generation program will be taking place in the June quarter as part of final parameter validation of the BFS hydrometallurgical circuit. Milestone 3 is a benchscale investigation of the downstream production of vanadium electrolyte for batteries. This milestone will provide further data as a lead-in to AVL's proposed electrolyte pilot plant. An application for a grant through the federal government's Modern Manufacturing Initiative has been lodged, complementary to the CRC-P activity, aimed at the construction of a commercial vanadium electrolyte plant. Milestone 4 concerns the recovery of vanadium from low-grade ore. This represents significant potential upside for the overall Project, by assessing ways to efficiently recover additional vanadium units hosted in the Project's low-grade Resources which are currently excluded from the Project's processing schedule. Opportunities for extracting vanadium from surface scree will also be investigated. This sub-project is yet to commence and the Curtin University research team will be involved. Milestone 5 is an exciting study of the viability of processes that add value to co-product and waste streams. The main co-product stream for AVL's process is the iron-titanium concentrate that remains after high-value vanadium extraction. The FeTi concentrate has an average grade of Fe 55%, TiO2 14% over the life of mine. Approximately 900,000 tonnes will be generated per year as per the updated PFS released by the Company6 and is suitable for direct sale to blast furnace customers. Alternatively, the FeTi, coproduct is an ideal high-value source of iron and titanium that can be upgraded through a reduction-roast process. Benchscale testwork as part of this CRC-P has shown that Fe grades of up to 66% can be achieved using coal as a reductant. The higher grade of iron results from the progressive reduction of iron oxides (by removal of oxygen) towards the metallic form (100% Fe). This transition is clearly visible in the image below and is highly encouraging for future work. Also visible in the image is free rutile, a titanium oxide mineral. Further work is underway to investigate alternative reductants such as green hydrogen and the subsequent separation of iron and titanium. Milestone 6 is an ongoing investigation of the change in the metallurgical response to variations in ore character. The key factors investigated are the degree of oxidation (classed as fresh, transitional and oxide ore), magnetic susceptibility, the grade of iron, vanadium and silica. It is anticipated that this work will aid in mine scheduling and the selection of ore to optimise mine to mill operation over the life of the Project. Results of this work are currently being finalised. The CRC-P grant was awarded to AVL in January 2020. The project partners include ANSTO, Amec Foster Wheeler Australia Pty Ltd, (Wood), Ammtec Unit Trust (ALS) and Curtin University. The project is due for completion in June 2023 and will continue to run alongside the development of the Project. Announcement • Mar 11
Australian Vanadium Limited Announces Final Pyrometallurgy Results Confirm Vanadium Extraction Australian Vanadium Limited announced that pilot scale pyrometallurgical testwork at the Metso testing facilities in the US has been completed and reported. The testwork comprised detailed testing and optimisation work on pelletised concentrates produced by AVL's 30 tonne Crushing, Milling and Beneficiation (CMB) testwork program. The pyrometallurgical work has confirmed the initial successful pilot test results announced in July 20201 and is a significant step towards the Company's goal to design, build and operate the world's lowest cost primary vanadium operation which will be located in Western Australia's Mid-West region. The concentrates used as feed for the pyrometallurgical test program were generated during AVL's CMB pilot testwork in 2019. An early years (Y0-5) blend typical of the average of the first five years of forecast production and a later scheduled average blend (LOM) were campaigned separately. Vanadium recovery from the CMB circuit was exceptional, at 69% for Y0-5 and 76% for LOM, reflecting the unique characteristics of the AVL Gabanintha orebody. The concentrate grades achieved at the target particle grind size P80 of 75 µm were similar. Albeit the concentrates have similar chemistry they differ in mineralogy. Hematite is the dominant iron mineral in the Y0-5 concentrate whereas magnetite is dominant in LOM concentrate. These minerals are both hosts for vanadium and behave differently in the roast-leach process. Roasting testwork was centred around optimising process conditions for each of these two blends. LOM magnetite rich pellets showed a marginally lower, but more consistent and repeatable vanadium roast-leach extraction, averaging 92% at the selected roast temperature. LOM blend material provided more than 9% higher vanadium recovery from the CMB circuit compared to the Y0-5 blend, more than offsetting its slightly lower roast performance. The concentrates used for the pilot work were generated in the CMB pilot program and are impressively low in impurities. Silica, for example, was at 1.83% SiO2 (0.86% Si) in the Y0-5 concentrate and 1.68% SiO2 (0.79% Si) in the LOM concentrate. The objective for the pyrometallurgical roast is to maximise vanadium solubilisation and minimise extraction of silicon and aluminium present in the concentrate. This ensures a high-quality vanadium product. AVL has previously reported that for Y0-5 only 4.2% silicon and almost no aluminium3 extraction occurred. This trend continued for the LOM concentrates with only 3.8% silicon extraction and again almost no aluminium. The overall vanadium recovery forecast for the entire process is regarded as exceptional due to a combination of favourable ore characteristics and significant technical development by AVL. Announcement • Dec 04
Australian Vanadium Limited Signs Strategic Offtake Memorandum of Understanding with U.S. Vanadium LLC Australian Vanadium Limited has signed a non-binding Memorandum of Understanding (MOU) with U.S. Vanadium LLC (USV) in relation to offtake from the Australian Vanadium Project. USV produces and sells a range of specialty vanadium chemicals, including the world's highest-purity vanadium pentoxide (V2O5) at 99.6%, which is produced at its Hot Springs, Arkansas facility. The MOU sets a framework for progression to a possible formal and binding agreement before AVL's Project Final Investment Decision (FID). The MOU outlines an offtake proposal for USV to acquire of 2,000 tonnes of V2O5 per annum from AVL. This represents 20% of AVL's planned annual production. USV has a manufacturing facility in Hot Springs, Arkansas which has a role in providing vanadium products as part of the US Defense Industrial Base, contributing to the national security of the United States. Mark A. Smith serves as CEO and Chairman of USV and is the former CEO of vanadium- producer Largo Resources. Daniel Harris is a Director of both USV and AVL and has more than 40 years of experience in the vanadium industry. Terry Perles, a USV Director, is a well-respected global vanadium market expert with over 30 years in the industry. AVL's offtake strategy is globally diversified. The Company recognises China's dominant role in vanadium production and consumption, as well as the increasing need for supply chain certainty by non-Chinese consumers of critical metals such as vanadium. The MOU with USV is non-binding in nature and contemplates commercial agreements to be negotiated on an arms-length basis. Key terms of the agreement are: The MOU is non-binding. A formal and binding agreement may be finalised by the one-year anniversary of the MOU's execution on 1st December 2020. The MOU can be terminated or extended by either party with written notice if the binding agreement has not been finalised within one year. The Parties agree to use commercially reasonable efforts to negotiate in good faith to enter into an offtake agreement for 2,000 metric tonnes of V2O5. Each party must pay its own costs in relation to the MOU and any offtake agreements contemplated by the MOU. Announcement • Nov 25
Australian Vanadium Limited Announces Board Changes Australian Vanadium Limited, at its AGM held on November 25, 2020, announced that Non-Executive Chairman Mr. Brenton Lewis has stepped down as Chairman and resigned from the Board. Mr. Cliff Lawrenson, who was appointed as a director on 12 October 2020, assumes the role of Non-Executive Chairman. Announcement • Oct 12
Australian Vanadium Limited Renews Board Structure Australian Vanadium Limited announced that Non-Executive Chairman Brenton Lewis plans to retire at the November Annual General Meeting. As part of the Company’s ongoing board renewal process, AVL announced the appointment of highly regarded and experienced industry professional Mr. Cliff Lawrenson as Non-Executive Director and Non-Executive Chairman-elect. Mr. Lawrenson is currently Non-Executive Chairman of Paladin Energy Ltd. and Caspin Resources Limited which is expected to list shortly. Mr. Lawrenson is also Non-Executive Chairman of privately owned Pacific Energy Limited and Onsite Rental Group. Announcement • Sep 26
Australian Vanadium Limited announced that it expects to receive AUD 5 million in funding Australian Vanadium Limited (ASX:AVL) announced a private placement of 357,142,857 common shares at a price of AUD 0.014 per share for gross proceeds of AUD 5,000,000 on September 25, 2020. The company will issue free option for every two shares. Each option will have an exercise price of AUD 0.025 per share for a period of two years from the date of issue. The transaction will include participation from sophisticated and institutional investors including existing shareholders and new investors. The transaction is expected to close on September 29, 2020. Announcement • Sep 24
Australian Vanadium Limited Enlarges Ground Position at Coates Nickel-Copper-PGE Project Australian Vanadium Limited announced applications for two new exploration licences at the Coates Project near Wundowie. AVL is collaborating with Lithium Australia NL and Mercator Metals Pty Ltd. for exploration. The combined tenements and applications of the Coates Project now cover 111.6km2 of a southern extension of similar mafic-ultramafic rocks to the sequence that is host to the recent nickel-copper-PGE Julimar Project discovery by Chalice Gold Mines Limited. The new tenement applications add 52.6km2 of area, to the east and north of the existing tenement group, covering chrome anomalism in pisolite geochemistry to the east and extending land holding north of a Pt and Pd anomaly identified from bottom of hole geochemistry drill holes reported by LIT. The Coates Project hosts a vanadium-titanium magnetite deposit (VTM) previously explored exclusively for vanadium mineralisation. An extensive digitalisation and interpretation of historical data strongly supports the analogous geological nature to nearby base metal PGE discoveries. The companies are collaborating to explore for nickel, base metals, gold and platinum group elements (PGEs) at the Coates Project. Among the rarest metals on earth, PGEs comprise ruthenium, rhodium, palladium, osmium, iridium, and platinum which are elements with high melting points, corrosion resistance and catalytic qualities. Details of the new tenement applications are as follows: Tenement application E70/5589 covers possible extensions of the mafic complex to the east of E70/4924 (AVL granted tenement). Tenement application E70/5588 to the north of Mercator Metals Pty Ltd. retention licence (R70/59) extends land holding north of Pt and Pd anomalism in bottom of hole samples from drilling reported by LIT. AVL's new tenement applications strengthen the collaborative landholdings of AVL, LIT and Mercator at the Coates Project from 59km2 to 111.6km2. The new tenement application E70/5588 extends the collaborative land holding by AVL, LIT and Mercator northwards of where Pt and Pd anomalism has been identified in bottom of hole samples reported by LIT1 in short vacuum holes drilled for bauxite exploration. This anomaly could be significantly larger than currently defined, as the elevated Pt and Pd values extend to the edge of the current sampling. The state-wide GSWA aeromagnetics show elevated magnetism in the new tenement application that is most likely caused by mafic-ultramafic rocks, extending through to a significant magnetic high in ground held by Chalice Gold Mines, as part of their regional tenement package that encompasses land considered prospective for Julimar Project style rocks. The Coates Project is largely covered by laterite and recent sediments and for this reason the extent of the prospective mafic rocks is poorly understood. New tenement application E70/5589 covers possible extensions of the Coates Mafic Complex to the east of E70/4924. Methods for the best way to determine bedrock geology beneath recent cover (laterite, slope and drainage sediments) is under evaluation by AVL. 
