• Share consolidation of 25:1 proposed for shareholder approval
• Aims to enhance institutional investor appeal and improve trading quality
• No change to underlying shareholder value

Australian Vanadium Limited (ASX: AVL) proposes to consolidate its issued capital on a 25:1 basis, such that every twenty five (25) shares will be consolidated into one (1) share. The Share Consolidation is subject to receiving shareholder approval at the upcoming Annual General Meeting to be held on 20 November 2025. The Board considers the Share Consolidation to be in the best interest of shareholders as it is expected to create a more appropriate and effective capital structure, enhance institutional and general investor appeal, and improve trading quality. The Company currently has over 8 billion shares on issue, and the Share Consolidation will deliver a more customary number of shares. An increased nominal share price is expected to reduce percentage bid-ask spreads associated with low-denomination pricing, thereby improving order-book dynamics and reducing volatility. The Consolidation is a capital structure initiative only and does not involve any change to the Company's underlying assets, operations or strategy. Market capitalisation will be unchanged immediately following implementation, subject to customary market movements. The Share Consolidation applies equally to all shareholders and will not result in any change to the proportionate interests of shareholders (other than immaterial effects from rounding).