Third Letter of Intent for Iron Titanium Coproduct Offtake Sales

Rizhao Steel Holding Group Co. Limited confirms interest in AVL FeTi coproduct for blast furnace application

• AVL has signed a Letter of Intent (LOI) with Rizhao Steel Holding Group Co. Limited (Rizhao Steel) for offtake of the iron titanium (FeTi) coproduct to be produced from the Australian Vanadium Project.
• Rizhao Steel is ranked at the world’s 26^th and China’s 15^th largest integrated steel producer and has an annual steel production of 15mtpa from its mill.
• Rizhao Steel is China’s largest importer of titanium bearing concentrate.
• AVL plans to produce approximately 900,000 tonnes per annum (tpa) of FeTi coproduct from the Australian Vanadium Project, in addition to approximately 11,200 tpa of vanadium pentoxide from its proposed mine and processing facility in the Mid West region of Western Australia.
• Third LOI with direct end user closely follows the first two LOIs, further validating AVL’s strategic vanadium processing plant location, close to Geraldton Port.