Quarterly Activities/Appendix 5B Cash Flow Report

• Optimised Feasibility Study (OFS) completed key metallurgical testwork.
• Continued progress on environmental approvals for Gabanintha and Tenindewa.
• Submitted Stage Two EOI proposal for Kalgoorlie VBESS project.
• Advanced electrolyte leasing model for VFB deployments.
• Strengthened international engagement with Japan, U.S., and Canada.

Australian Vanadium Ltd (AVL) has made significant progress in various aspects of its operations, including the Optimised Feasibility Study (OFS) for its Australian Vanadium Project, which involved key metallurgical testwork. AVL also continued to progress environmental approvals for its Gabanintha and Tenindewa projects. Additionally, AVL submitted its Stage Two EOI proposal for the Kalgoorlie VBESS project. In the midstream sector, AVL advanced its electrolyte leasing model to support the deployment of vanadium flow batteries in Australia. AVL also strengthened its international engagement, hosting representatives from Japan's Ministry of Economy, Trade and Industry and participating in Project Blue's Critical Materials Conference in the U.S. Furthermore, AVL welcomed representatives from the Ontario Teachers' Pension Plan to its vanadium electrolyte manufacturing facility in Perth.