• Optimised Feasibility Study progressing to improve project economics
• Secured key environmental approvals and Green Energy Major Project status
• Vanadium electrolyte qualification with global flow battery OEMs
• Launched Project Lumina to develop competitive utility-scale vanadium flow battery solutions

Australian Vanadium Ltd (AVL) reported significant progress across its vertically integrated 'pit-to-battery' strategy during the quarter ended 31 December 2024. In the upstream business, the company continued to advance the Optimised Feasibility Study for its Australian Vanadium Project, aimed at further improving project economics. The company also secured key environmental approvals and was granted Green Energy Major Project status, strengthening its ability to efficiently secure approvals and drive local job creation. In the midstream business, AVL continued the process of qualifying its vanadium electrolyte with several international vanadium flow battery (VFB) original equipment manufacturers, paving the way for future commercial sales. The company also hosted visits from the Prime Minister of Australia and the Premier of Western Australia at its vanadium electrolyte manufacturing facility. In the downstream business, AVL's wholly owned subsidiary VSUN Energy made significant progress on Project Lumina, an analysis to consider the potential competitiveness of VFB battery energy storage system (BESS) solutions. The outcome indicates the merits of a scalable, turnkey, utility-scale 100MW VFB BESS solution with a levelised cost of storage that is likely to be competitive with similarly sized lithium-ion BESS products. VSUN Energy also appointed key contractors, including leading EPC firms and the VFB technology provider CellCube, to support the development of Project Lumina. Additionally, VSUN Energy successfully commissioned and handed over a VFB BESS to Horizon Power in Western Australia, utilizing vanadium electrolyte manufactured by AVL.

AVL remains focused on completing Project Lumina development activities by mid-2025 to support its goal of being investment-ready for the delivery of turn-key competitive, utility-scale VFB BESS solutions to the Australian market. The company is well-positioned to pursue opportunities like the proposed 50MW vanadium battery in Kalgoorlie, Western Australia, with its vertically integrated vanadium strategy and the work being done on Project Lumina.