Vanadium Resource Development Drill Program Completed

Southern block drilling completed to support updated Mineral Resource and classification upgrades for first five years of planned mining at the Australian Vanadium Project.

• 7,283 metres of Reverse Circulation drilling completed at the Australian Vanadium Project during September and October 2022.
• 5 metres of diamond drilling completed during August 2022.
• Reverse Circulation program infills previous drilling in southern blocks 50, 60 and 70 to underpin updated Mineral Resource with increased classification level.
• Programs provide characterisation material to evaluate expected increases in processed iron and vanadium concentrate grade from the southern blocks.
• Updated Mineral Resource Estimate scheduled for early 2023 which will be used in updated Mine Schedule targeting highest possible V₂O₅ recovery in concentrate early in the mine life.
• Recent work programs[1] identified:
• Vanadium concentrate grades of up to 1.51% V₂O₅, confirming near surface opportunities for improving vanadium concentrate grades and recoveries.
• Iron grades in fresh magnetic concentrate of up to 61.0% Fe identified in beneficiation of historical core samples in southern ore blocks, demonstrating potential to improve value of AVL’s FeTi coproduct grade.
• Verification of vanadium concentrate grades greater than 1.39% V₂O₅ used in AVL’s Bankable Feasibility Study[2] in the early years of production can contribute positively to project economics.

[1] See ASX Announcement dated 21^st September 2021 ‘AVL Prepares for Vanadium Project Growth Opportunity’

[2] See ASX Announcement dated 6th April 2022 ‘Bankable Feasibility Study for the Australian Vanadium Project’