AVL Tests Confirm Potential for Significant Iron By-Product

Target by-product quality achieved through initial benchscale testwork.

Key Points:

• The Australian Vanadium Project testwork proves potential for generation of an iron and titanium rich calcine by-product.
• Benchscale testing by Australian Vanadium Limited has successfully upgraded the calcine iron content from 54% Fe to an average of 66% Fe.
• Calcine grading >62% Fe could be sold into the global iron ore market.
• Calcine sales could add significant additional revenue over the life of the project.
• Testing is underway to separate titanium from the high-grade iron calcine to further improve product quality.