New Mining Licence Application Extends The Australian Vanadium Project

AVL extends its footprint and future of the Australian Vanadium Project at Gabanintha with a Mining Licence application covering southern Mineral Resource fault blocks

• New Mining Licence Application (MLA 51/890) submitted over southern fault blocks
• MLA 51/890 contains Inferred Resources in fault blocks 60 and 70 with:
  • Total Mineral Resource of 27.5 Mt 0.76% V₂O₅;
  • Including high grade massive magnetite zone of 14.8 Mt at 0.99% V₂O₅; and
  • 3D Magnetic Inversion model showing additional strike of 500m with potential for further high-quality resources pending drilling
• Previous drill results in southern fault blocks returned high-grade vanadium with only minor weathering, implying high magnetic recoveries and concentrate quality
• Application provides flexibility for future infrastructure works and further optimisation of the Australian Vanadium Project mine-life
• New MLA 51/890 (south) complements existing MLA 51/878 (north) securing maximum strike availability of the Gabanintha vanadium deposit to AVL
• MLA 51/878 remains the basis of the Company’s Bankable Feasibility Studies.