• Optimised Feasibility Study for Australian Vanadium Project nearing completion
• Vanadium electrolyte manufacturing capacity expansion underway
• Project Lumina development of utility-scale vanadium flow battery energy storage system progressing

Australian Vanadium Ltd (AVL) has provided an update on the progress of its vertically integrated 'pit-to-battery' strategy across its upstream, midstream and downstream operations during the quarter ended 30 June 2025. In the upstream, the Company continues to advance the development of the Australian Vanadium Project, with Phase 2 of the Optimised Feasibility Study (OFS) nearing completion. Key achievements include finalisation of concentrator and processing plant layouts, completion of mass balance and process design criteria, and delivery of updated haulage and logistics cost studies. Concurrently, AVL progressed primary approvals for the project, submitting an amendment to the Environmental Protection Authority and requesting a modification to the existing Ministerial Statement. In the midstream, AVL maintained active partnering with leading global vanadium flow battery (VFB) original equipment manufacturers to qualify its vanadium electrolyte. The Company also completed preliminary costing and design work for the expansion of its electrolyte manufacturing capacity, with a focus on evaluating deployment scenarios to support Project Lumina. Downstream, AVL's wholly owned subsidiary, VSUN Energy, continued to progress Project Lumina, the development of a cost-effective, scalable, turnkey, utility-scale battery energy storage system using VFB technology. Iterations to the Project Lumina design have resulted in a significant reduction in the levelised cost of storage to A$214/MWh (± 30%) for an 8-hour duration VFB BESS, making it competitive with similar capacity lithium-ion BESS products.

AVL remains focused on unlocking value across the entire vanadium supply chain, progressing Australia's energy security and decarbonisation goals through cost-effective, innovative, locally driven solutions backed by proven technology and growing government support.