Shallow High-Grade Vanadium Intersections From Southern Infill Drilling

Excellent results include the two highest grade and width intersections at shallow depths reported by AVL to date, above 1.25% V2O5 through the consistent massive vanadium titanium horizon.

Key Points:

• Results received from 30 Reverse Circulation (RC) drill holes for 2,336 metres, conducted on Inferred Resource areas outside the current PFS mining schedule.
• Best drill intersections include:
  ➢ 22m at 1.25% V2O5 from 32m in 19RRC031, including 15m at 1.44% V2O5 from 37m
  ➢ 21m at 1.28% V2O5 from 39m in 19RRC015, including 14m at 1.42% V2O5 from 43m
  ➢ 18m at 1.24% V2O5 from 20m in 19RRC026, including 12m at 1.36% V2O5 from 22m
  ➢ 13m at 1.33% V2O5 from 36m in 19RRC034, including 10m at 1.40% V2O5 from 38m
  ➢ 18m at 1.14% V2O5 from 45m in 19RRC014, including 5m at 1.27% V2O5 from 51m
  ➢ 19m at 1.14% V2O5 from 24m in 19RRC029, including 3m at 1.33% V2O5 from 36m
• Shallow weathering and higher grades encountered will assist in the proposed magnetic recovery of high-quality magnetite concentrate.
• Strike extensive high-grade zones confirmed throughout the targeted areas.
• Programme strongly supporting goal to increase Project life by identifying low-cost, high grade, shallow, high recovery and low risk Resources.