Quarterly Activities/Appendix 5B Cash Flow Report

• Optimised Feasibility Study for Australian Vanadium Project progressing with key milestones achieved
• Regulatory approvals advancing, including development approval for processing facility
• Vanadium electrolyte manufacturing facility expanding to meet anticipated demand
• Downstream energy storage subsidiary VSUN Energy advancing utility-scale vanadium flow battery projects

Australian Vanadium Limited provided an update on its quarterly activities, highlighting progress across its vertically integrated 'pit-to-battery' strategy. The company achieved significant milestones in the Optimised Feasibility Study for the Australian Vanadium Project, including completion of key engineering deliverables and advancing financial modelling. Regulatory approvals also progressed, with the Western Australian Planning Commission granting development approval for the processing facility and the Environmental Protection Authority continuing to assess amendments to the project's Environmental Review Document. In the midstream, AVL advanced commercial and technical engagement with vanadium flow battery (VFB) original equipment manufacturers to qualify its electrolyte products, and completed preliminary design work to expand its electrolyte manufacturing capacity. Downstream, the company's subsidiary VSUN Energy continued to advance the design and development of Project Lumina, a cost-effective, scalable, turnkey, utility-scale VFB energy storage system tailored for Australia's energy markets. VSUN Energy also pursued multiple utility-scale VFB opportunities across five Australian states, including preparatory work for potential participation in the Western Australian Government's proposed 50 MW / 10-hour (500 MWh) vanadium battery energy storage system project in Kalgoorlie.

AVL is driving disciplined progress across every stage of its vertically integrated vanadium strategy. The company is dedicated to ensuring it is well positioned to play a leading role in Australia's long-duration energy storage future, leveraging its integrated model from mining and processing through to electrolyte production and energy storage deployment.