New Drilling Starts at The Australian Vanadium Project

AVL targeting significant mine life extensions with new programmes of resource infill drilling.

Key Points:

• A new 2000m RC infill drilling programme has started at The Australian Vanadium Projectto further define and add value to the high-grade vanadium magnetite zone by:
  • Focusing on shallow infill drilling over southern portion of the Inferred Resource base;
  • Low cost conversion of current Inferred Resources to Indicated Resources;
  • Providing opportunity and flexibility for DFS scheduling; and
  • Potential to significantly increase current 17-year planned life or scale of the Project.
• Mineral Resource update underway to incorporate results from earlier 2018 and 2019 drillprogrammes.
• Drilling is complementary to existing Feasibility Study and approval activities.
• Increasing project life identified as a key factor in offtake and funding discussions.