Mineral Resource Update at the Australian Vanadium Project

Total Resource raises to 239 Million Tonnes (Mt) at 0.73% V₂O₅. Combined Measured and Indicated High-Grade Resource increases to 38.8Mt at 1.11% V₂O_5, supporting a long mine life and BFS economics

• Higher tonnages modelled at the Australian Vanadium Project as a result of analysis of new rock density information.
• Total vanadium Mineral Resource increases by 14.8% to 239Mt at 0.73% V₂O₅ comprising:
  • Measured: 11.3Mt at 1.14% V₂O₅,
  • Indicated: 82.4Mt at 0.70% V₂O₅, and
  • Inferred: 145.3Mt at 0.71% V₂O₅.
• High-grade vanadium zone tonnage increases 8.6% to 95.6Mt at 1.07% V₂O₅ comprising:
  • Measured: 3Mt at 1.14% V₂O₅,
  • Indicated: 27.5Mt at 1.10% V₂O_5, and
  • Inferred: 56.8Mt at 1.04% V₂O
• AVL focused on generating and increasing de-risked and large resource base to support the Australian Vanadium Project development.
• New Mineral Resource allows update to BFS mine optimisation and scheduling.