• Optimised Feasibility Study for Australian Vanadium Project progressing
• Vanadium electrolyte qualification with global manufacturers advancing
• Utility-scale vanadium flow battery energy storage system development on track

Australian Vanadium Ltd has reported on its quarterly activities, with key highlights including the continued advancement of the Optimised Feasibility Study for the Australian Vanadium Project, progress in vanadium electrolyte qualification with global manufacturers, and the development of a utility-scale vanadium flow battery energy storage system. The company has made strong progress on the Optimised Feasibility Study, with a detailed mine schedule and basis of design now established. Engineering and cost estimation work is ongoing, with completion of this phase expected in Q3 CY2025. The company has also secured environmental approvals for the Gabanintha Vanadium Project, which is part of the Australian Vanadium Project, and has been granted Green Energy Major Project status by the Western Australian Government. In the midstream business, the company continues to advance qualification efforts with leading vanadium flow battery manufacturers, with multiple rounds of electrolyte samples provided and a pilot-scale sample prepared for comprehensive testing. The company has also awarded a services contract to define options for electrolyte production expansion to match the anticipated downstream demand. In the downstream business, the company's wholly owned subsidiary, VSUN Energy, continues to progress the development of Project Lumina, a cost-effective, scalable, turnkey, utility-scale battery energy storage system using vanadium flow battery technology. The design of the Project Lumina VFB BESS is focused on enabling simple and low capital intensity future expansion, and the company's analysis indicates that the Levelised Cost of Storage for a 100MW 8-hour / 800MWh VFB BESS remains competitive with similar lithium-ion BESS products currently in the market.

The company anticipates that the Critical Minerals Production Tax Incentive (CMPTI) and changes to the vanadium royalty rate in Western Australia will significantly strengthen the Australian Vanadium Project's overall potential and bankability, and further incentivise and support the company's vertical integration strategy.