• Progressed Optimised Feasibility Study, including expanded scope to assess high purity vanadium capabilities
• Welcomed revised vanadium royalty framework in Western Australia
• Advancing development of V-NOMAD™ electrolyte production technology platform

Australian Vanadium Ltd (AVL) reported significant progress across its vertically integrated 'pit to battery' vanadium supply chain strategy during the quarter ended 31 March 2026. Upstream, the company advanced its Optimised Feasibility Study (OFS) for the Australian Vanadium Project, incorporating completed engineering work, regulatory compliance, stakeholder feedback, and execution planning. The scope of the OFS has been expanded to assess high purity vanadium oxide production capabilities to address evolving demand in specialist applications such as aerospace, defence, and advanced manufacturing. AVL also welcomed the Western Australian Government's revised vanadium royalty framework, which provides greater policy certainty for vanadium producers and supports downstream processing and electrolyte manufacturing activities. Midstream, AVL continued to progress the development of its V-NOMAD™ electrolyte production technology platform, aimed at reducing the delivered cost of vanadium electrolyte for gigawatt-hour scale vanadium flow battery (VFB) applications. Downstream, AVL's wholly owned subsidiary, VSUN Energy, submitted an Expression of Interest for the Kalgoorlie Vanadium Battery Energy Storage System (VBESS) project, highlighting the company's vertically integrated capabilities. AVL also entered into a pre-bid agreement with Sumitomo Electric to combine their respective strengths and strengthen the bid for the Kalgoorlie VBESS project. At the corporate level, AVL completed a $7.5 million placement to institutional investors, including Resource Capital Funds, to support the advancement of its integrated strategy across upstream, midstream, and downstream activities.

AVL remains well positioned to capitalize on the growing demand for long-duration energy storage and to play a meaningful role in the global energy transition.