• Firm commitments received from new and existing institutional, professional and sophisticated investors to raise $7.5 million
• Funds will support the Company's advancement of its vertically integrated 'pit to battery' strategy, including the Kalgoorlie battery project
• The Placement strengthens the institutional composition of AVL's share register

Australian Vanadium Limited (ASX: AVL) has received firm commitments from new and existing institutional, professional and sophisticated investors to subscribe for 28,846,736 new fully paid ordinary shares at $0.26 per share, raising $7.5 million (before costs). The placement was supported by strong demand from new institutional investors and ongoing support from AVL's major shareholder, RCF Private Equity Fund I L.P. The funds will be used to advance the Company's key development initiatives, including downstream VSUN Energy business development activities, midstream electrolyte capacity and strategy for the Kalgoorlie vanadium battery energy storage system (VBESS) project, and upstream activities at the Australian Vanadium Project. The placement will strengthen AVL's balance sheet and provide funding visibility as the company progresses the Kalgoorlie VBESS project, its collaboration with Sumitomo Electric, and other key milestones across the value chain. The placement was conducted via a bookbuild process and the company elected to accept $7.5 million, maintaining pricing discipline and limiting dilution while broadening institutional participation on the register.

The company reported approximately $18 million in cash as at 31 December 2025. The placement will provide an estimated pro-forma cash position of approximately $23 million (before costs), providing funding visibility through the next phase of key project milestones and strategic initiatives.