Drilling Update from AVL’s Vanadium Project

Highlights:

• Metallurgical diamond drilling program for collection of pilot processing test material advancing ahead of schedule
• Controlled drilling has collected over 17 tonnes of massive magnetite, utilising 1,227m of drilled core and providing significant time and cost savings
• Nine tonnes of the planned thirty tonnes of sample has arrived in Perth for processing
• Program is focused on development area in northern 2km of total 11.5km of AVL held deposit strike
• Drilling confirming detailed geological model, proving depth extension and deposit thickness
• New data to include resource extension drilling in southern area of PFS pit development area
• Mineral Resource upgrade to follow the end of drilling, expected April 2019
• Pilot metallurgical test program to commence in April 2019
• Other DFS engineering and environmental approvals ongoing
• Revised Project timeline targeting 2021 production start, subject to finance