#1Australian VANADIUM LIMITED An Australian Vanadium Leader March 2024 ASX:AVL#2Australian VANADIUM LIMITED Compliance & Cautionary Forward-looking Statements The views expressed in this Presentation contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. ASX Listing Rules 5.19 and 5.23 ASX Listing Rule 5.19 The information in this Presentation relating to production targets, or forecast financial information derived from a production target, is extracted from the announcement titled "Bankable Feasibility Study for the Australian Vanadium Project" released to the ASX on 6 April 2022 which is available on the Company's website www.avl.au. The Company confirms that all material assumptions underpinning the production target, or the forecast financial information derived from a production target, in the original market announcement continue to apply and have not materially changed. ASX Listing Rule 5.23 The information in this Presentation relating to exploration results and mineral resource and ore reserve estimates for the Australian Vanadium Project is extracted from the announcement titled "Bankable Feasibility Study for the Australian Vanadium Project" released to the ASX on 6 April 2022 which is available on the Company's website www.avl.au and Technology Metals Australia (formerly ASX: TMT) announcements of 5 August 2022 and 7 November 2022 which are available on TMT's website www.tmtlimited.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and that all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the competent person's findings are presented have not been materially modified from the original market announcements. Forward Looking Statements This Presentation may contain certain forward-looking statements with respect to matters including but not limited to the financial condition, results of operations and business of AVL and certain of the plans and objectives of AVL with respect to these items. These forward-looking statements are not historical facts but rather are based on AVL's current expectations, estimates and projections about the industry in which AVL operates and its beliefs and assumptions. Words such as "anticipates," "considers," "expects," "intends," "plans," "believes," "seeks," "estimates", "guidance" and similar expressions are intended to identify forward looking statements and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, particularly those risks or uncertainties inherent in the industry in which AVL operates. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the control of AVL, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Such risks include, but are not limited to resource risk, metal price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the countries and states in which we sell our product to, and government regulation and judicial outcomes. For more detailed discussion of such risks and other factors, see the Company's Annual Reports, as well as the Company's other filings. AVL cautions shareholders and prospective shareholders not to place undue reliance on these forward- looking statements, which relate only to events as of the date on which the statements are made. Corporate Presentation | March 2024 | ASX:AVL 2#3Australian VANADIUM LIMITED Australian Vanadium Limited (AVL) - An Australian Vanadium Leader 23 A leading Australian vanadium company with a world class asset located in Western Australia, a Tier-1 mining jurisdiction AVL has a major vanadium resource in a market dominated by Russia, China and South Africa Recent merger consolidates two adjoining projects across one orebody, providing opportunity to realise significant synergies Optimised Feasibility Study (OFS) underway, aimed at creating one project, with superior economics Demand for vanadium predicted to grow, driven by need for long duration energy storage to enable decarbonisation Installation of vanadium flow battery (VFB) technology accelerating. Chinese VFB vanadium demand in 2025 is anticipated to be more than 11 times AVL's annual production Corporate Presentation | March 2024 | ASX:AVL 3#4The Australian Vanadium Project 4#5Australian Vanadium Project Project Overview Vanadium, titanium, magnetite orebody located on tenements wholly owned by AVL, providing a significant, scalable project Simple open pit mining with standard magnetite concentrator process Potential for processing plant close to major port, providing opportunity for lower cost energy, water, labour and services Known processing technology capable of reducing project risk Corporate Presentation | March 2024 | ASX:AVL WESTERN AUSTRALIA AUSTRALIA to Carnarvon North West Coastal Highway Northampton Mullewa Geraldton (Port) PROCESSING PLANT MINE AND CONCENTRATOR Australian VANADIUM LIMITED Meekatharra Cue to Newman Australian VANADIUM LIMITED Sandstone Mt Magnet Yalgoo Great Northern Highway ELECTROLYTE PLANT (PERTH) 430kms to Perth ✓to Perth N 50km 100km 5#6Australian VANADIUM LIMITED Post merger: Delivering synergies Aim: To deliver the same volume of 6,270 MTV* per year, whilst optimising capital and operating costs, in addition to maximising project value + 1031 - Areas of project integration focus . • · Optimise orebody utilisation Improve concentrate quality Enhance processing steps Confirm most economic vanadium, titanium and magnetite products Other project activities ⚫ Finalise project debt, grant and equity finance • Confirm best offtake strategy • Conclude approvals Deepen our relationships and develop partnerships with Traditional Owners and the local communities * MTV is Metric Tonnes of Vanadium - 6,270 MTV is equivalent to 11,200 tonnes of V205 Corporate Presentation | March 2024 | ASX:AVL • QQQ Deliverables Resolve preferred project pathway • Complete combined Mineral Resource • Publish integrated OFS • Deliver final investment decision 6#7Australian VANADIUM LIMITED Merger unlocks the orebody Opportunity to maximise economic return through access to high-grade areas of the orebody, which previously straddled the two projects 7 025 000mN 655 000mE 660 000mE Meekatharra -40km 665 000mE 670 000mE -7020 000mN -7015 000mN N 5 kilometres M51/883 (AVL) Gabanintha MGA 1994 Zone 50 Australian M51/897 (AVL) VANADIUM LIMITED THE AUSTRALIAN VANADIUM PROJECT AT GABANINTHA AVL MINING LEASES February 2024 Corporate Presentation | March 2024 | ASX:AVL Meekatharra- Sandstone Road High Grade Mineralisation Domain over TMI Image M51/878 (AVL) M51/ 884 (AVL) 675 000mE Australian Vanadium Limited Mining Leases Australian Vanadium Limited ML Application Total Magnetic Intensity Contiguous orebody • Prior to the merger, TMT owned tenements at the northern end of the orebody and a significant, small block at the southern end of the orebody, which was surrounded by AVL's tenements, constraining development Merger delivered 17km of strike for high-grade massive magnetite domain Allows for efficient mine infrastructure layout design Grade benefits • Potential higher vanadium, titanium and iron grades in southern part of the orebody, now unconstrained, offers opportunity to improve economics Shallower depth of weathering in unconstrained southern part of the orebody delivers potential for simpler, cost- effective concentrator design OFS can now test all scenarios over the unconstrained orebody to best optimise economics 7#8Australian VANADIUM LIMITED Optimised Feasibility Study focuses on realising economic benefits Concept: Unrestrained use of orebody delivers opportunity to improve concentrate, delivering improved capital expenditure (CapEx) and operating expenditure (OpEx) for better project economics • • CapEx Processing: Potential for smaller concentrator and processing plant with similar vanadium output Infrastructure: Potential to reduce scale of power and water infrastructure Simplification: Low silica ore offers opportunity to further simplify flowsheet • • OpEx Mining: Mine schedule optimisation may reduce material movement and mining costs Grade & Recovery: Higher vanadium and lower silica grade in concentrate has potential to reduce operating costs via lower reagent, energy, power and water consumption Coproducts: Opportunity to increase iron grade above 60% and opportunity to improve ilmenite grade has the potential to increase coproduct credit contributions Bankable Feasibility Study (BFS) metrics (prior to merger and optimisation): AVL conducted a BFS in April 2022¹ with the following metrics: Annual Production 11,200t V₂05 Pre-production CapEx US$435M C1 OpEx US$4.43/lbv₂05 Mine life 25 years The aim for the OFS is to improve on these metrics 1: Information within this slide as detailed in ASX Announcement "Bankable Feasibility Study for Australian Vanadium Project" dated 6 April 2022. All material assumptions underpinning the production target and forecast financial information derived from a production target continue to apply and have not materially changed Corporate Presentation | March 2024 | ASX:AVL 8#9Progressing the project to production Australian VANADIUM LIMITED wwwwww Delivered BFS completed (pre-merger basis) Mining Leases approved Completion of large-scale process plant pilot programs Board and management team established for project execution ☑ Australian government grant agreement for up to $49 million executed 1.2GL pa water licence for proposed processing plant granted Merger to deliver project synergies Next steps Project Integration Offtake Combined Mineral Resource update (April target) Project development strategy update (CY24Q2 target) Publish integrated Optimised Feasibility Study (OFS) Approvals Progress approvals including EPA and Traditional Owner agreement Finalise permitting of proposed Tenindewa processing hub site Secure bankable vanadium offtake including option for project finance Secure iron titanium coproduct offtake agreements Secure ilmenite offtake agreements Finance Progress discussions with Government debt and export finance agencies Additional grant milestone payments Deliver final investment decision Corporate Presentation | March 2024 | ASX:AVL 9#10Vanadium Market 10#11Strong vanadium market fundamentals 23 85% of vanadium supply sourced from China, Russia and South Africa Market Supply¹ Acceleration in demand growth of vanadium flow batteries (VFBs) Long-term average price for commodity grade V₂05 of US$12/lb4 Vanadium classified as critical mineral in US, EU, Japan, China & Australia Vanadium Pentoxide Production Costs (US$/lb) 1, 2, 3 3% 8% 6% 5% 17% 61% ■China ■Russia South Africa ■Brazil ■ USA Other Total global supply ~120MTV per annum $10 $9 Primary Co-production Cost of production (US$/lb V205) A H H H ↳ I LA LA LA LA $4 $3 $5 $7 $6 $8 0 Secondary Stone coal 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Australian VANADIUM LIMITED Steep cost curve driven by multiple production routes Australian VANADIUM LIMITED Notes: 1. Source - US based vanadium specialist: TTP Squared, Inc. 2. Source - Project Blue, June 2023. 3. AVL predicted price from BFS ASX announcement dated 6 April 2022. 4. TTP Squared, Inc (inflated to 2023$) Corporate Presentation | March 2024 | ASX:AVL 11#12Australian VANADIUM LIMITED Vanadium demand Global emission reduction is driving increased demand for vanadium across a range of end markets Demand drivers 2022 Demand 2030 Demand Steel Growing focus on decarbonisation is seeing increased levels of vanadium in steel manufacturing to deliver Tools Ships Construction Industry stronger, lighter steel 50% 93% Critical Minerals 3D Printing Aerospace Industry Chemical Uses Energy Storage Vanadium has been classified by a number of economies as a critical mineral, with increasing demand from aerospace industry Contribution from energy supply creating 50% intermittent renewable 7% vsun energy Vanadium Flow Batteries Standalone Power EV Charging demand for long duration energy storage Stations Source: Vanitec and Wood Mackenzie Corporate Presentation | March 2024 | ASX:AVL 12#13MTV 350,000 Vanadium production and consumption forecast Supply deficit predicted to grow from 2024 onwards Australian VANADIUM LIMITED 300,000 250,000 200,000 150,000 100,000 50,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023e Steel and specialty chemicals Corporate Presentation | March 2024 | ASX:AVL Energy storage Supply 2024e 312,000 MTV 174,633 2025e 2026e 2027e 2028e 2029e 2030e 01 Supply forecast includes growth from existing primary and secondary sources 02 Increased supply almost covers steel demand only 03 Predicted growth in VFB market demand requires 90% more vanadium supply than steel market in 2030 Source: 1. US based vanadium specialist: TTP Squared, Inc. 13#14Australian VANADIUM LIMITED Growing need for long duration energy storage (LDES) of 4 to 12 hour+ LDES provides greater flexibility of storage and aids the growth in delivery of variable renewable energy (VRE) = Growing requirement for energy storage with long lifespan and limited degradation in performance Vanadium flow batteries (VFB) are currently the most technologically advanced LDES technology LDES market will be valued at US$223B in 20441 2035 %VRE in electricity generation¹ Region 2023 CAGR Germany 27% 75% 8% California 25% 63% 7% Texas 26% 51% 5% China 13%2 25%3 8% Chinese VFB growth4 US$30bn of LDES capacity in construction or operation² From 2024-2044, the annual installation of LDES technologies is forecast to increase at a CAGR of 48%¹ Source: 1: IDTechEx 2: https://www.energy-storage.news/wood-mackenzie-investment-pours-in-for- long-duration-energy-storage-but-scale-remains-challenge/ Corporate Presentation | March 2024 | ASX:AVL GWh 12086420 2023 2024 2025 Chinese VFB demand in 2025 will consume 11x AVL'S annual production of 11,200t V205 which is equivalent to ~1GWh per annum Source: 1: IDTechEx 2: Climate Energy Finance 3: https://www.reuters.com/sustainability/climate- energy/numbers-behind-chinas-renewable-energy-boom-2023-11-15/. Target is for 2030. 4: Ferro Alloy Net 14#15What is a vanadium flow battery (VFB)? • • • . A VFB is made up of two tanks filled with vanadium electrolyte fluid The electrolyte acts as cathode and anode, tank size determines capacity Vanadium electrolyte contains 145g of high-purity V205 per litre Invented over 40 years ago and commercialised at very large scale Economic: offers compelling cost of storage for applications where greater than 4 hours of storage is required Positive Electrolyte Corporate Presentation | March 2024 | ASX:AVL V4+ V5+ Electrolyte Tank Australian VANADIUM LIMITED Electrolyte Tank V3+ Electrode Membrane Electrode Pump Pump Power Source Load V²+ Negative Electrolyte 15#16Australian VANADIUM LIMITED Vanadium flow batteries - technical and economic merit Improving VFB technology driving an increase from MWh to GWh scale projects Megawatt (MW) or Gigawatt (GW) describes the power output of the battery. MWh or GWh are the energy capacity, described in hours, or how long the power can be delivered for. Long duration competitive techno- economics >4h Non-flammable making it one of the most stable battery chemistries 100% depth of discharge with multiple daily cycles Select VFB manufacturers and installed capacity SUMITOMO ELECTRIC INVINITY ENERGY SYSTEMS 130 MWh 75 MWh Lifespan over 25 years with little to no degradation in Easy to scale power and energy separately performance over time Well proven at MWh scale and moving towards GWh scale Pictured: Invinity Energy Systems 200kW/800kWh VFB, Perth, UK. Installation data in table taken from company websites. Corporate Presentation | March 2024 | ASX:AVL cellcube 融科储能 RONGKE POWER 75 MWh 559 MWh 16#17Global VFB roll-out led by China - increasing in scale to GWh VFB proven technology with over 200 operational batteries globally At least 45 countries have VFBS operating or under construction 120 Global VFB projects Australian VANADIUM LIMITED 87 Announced VFB projects China accelerating roll out with over 52 VFBs under construction or approved 600MWh average battery size in Chinese VFB pipeline 100 GWh 80 60 60 60 40 40 208 VFBs in operations 51 VFBs under construction 0 Operational Under construction Announced Source: Vanitec China launching grid scale rollout with VFBs forecast to reach 15-20% of Recent announcements from China indicate the potential for 180 GWh of VFB deployment by 2030, installed battery storage by requiring 1.4 million tonnes 2025 of V205 20 20 Source: FerroAlloy Net Corporate Presentation | March 2024 | ASX:AVL 17#18VFB gigafactories being built in China Australian VANADIUM LIMITED Manufacturing of VFBS and electrolyte at scale Date Company • China is building gigawatt capacity in manufacture of VFBS and vanadium electrolyte Gigafactory manufacturing capacity per year Total tonnes of V205 required per year January 2023 Shanghai Electric Energy Storage Technology 1GWh 9,890t Development of vanadium gigafactory industry in China to support roll out of VFB storage The strategy is similar to lithium-ion battery gigafactories in the early 2020s Gigafactory demand will drive demand for vanadium In 2023 over 25GWh per annum of manufacturing capacity was added, equating to 207,690t of annual vanadium demand AVL's project to deliver 11,200t per annum, roughly 5% of the gigafactory demand added in 2023 February 2023 Beijing Xingchen New Energy 12GWh 118,680t February 2023 Linyuan Group 4GWh 39,560t Chengde Xinxin Energy March 2023 1GWh 9,890t Storage Technology China Vanadium Energy April 2023 Storage (Hubei) and 4GWh 39,560t Shanghai Electric CNC Huineng and CRRC September 2023 2GWh 19,780t Zhuzhou Electric November 2023 Shaanxi Jutai 1GWh 9,890t Total 25GWh 207,690t Source: Vanitec Corporate Presentation | March 2024 | ASX:AVL 18#19Future Optionality 19#20Vertical integration - pit to battery 3月 Vanadium Mining Vanadium Processing Vanadium Electrolyte Manufacture Australian VANADIUM LIMITED Corporate Presentation | March 2024 | ASX:AVL Australian VANADIUM LIMITED WA Battery Assembly and Manufacture Battery Installation and Maintenance vsun energy 20#21Vanadium electrolyte manufacture AVL has completed the construction of a vanadium electrolyte manufacturing facility in Perth, Western Australia . Co-funded with Australian Government grant funding • 33MWh per annum energy storage equivalent of vanadium electrolyte production • First production completed in 2024 Samples to be tested by VFB manufacturers Demonstrates AVL's technical capabilities • Delivers product into a growing demand market and allows for an extended qualification period for our material Ensures AVL remains relevant and engaged with all downstream aspects of the vanadium and VFB markets through its 'pit to battery' strategy Corporate Presentation | March 2024 | ASX:AVL 120-TK-2 295 Australian VANADIUM LIMITED 00000 0000000 000000 00000000 000000000 0000000 flexicon Pictured: AVL's Vanadium Electrolyte Facility official opening by Australian Government Minister for Resources and Northern Australia Hon. Madeleine King MP alongside Non-Executive Director Anna Sudlow, Chair Cliff Lawrenson, CEO Graham Arvidson and Non-Executive Director Miriam Stanborough AM 21 221#22VSUN Energy VSUN Energy was launched by AVL in 2016 to grow the VFB market in Australia Facilitating the developing Australian VFB market . VSUN Energy utilises VFB technology from a wide variety of global OEMs including Invinity Energy Systems, CellCube, Sumitomo and VFlow Tech. INVINITY • . VSUN Energy is actively engaged in the sale and delivery of VFB storage technology in Australia. The development of a local Australian VFB market will deliver domestic demand for the potential vanadium supply from the Australian Vanadium Project and vanadium electrolyte supply from AVL's manufacturing facility Current projects Horizon Power - 78kW/220kWh pilot project in Kununurra, WA • IGO - supply and installation of an 80kW/300kWh VFB at Nova Nickel Operation • Water Corporation - successful completion of trial of a 5kW/30kWh VFB • • Victoria supply and installation of a 20kW/80kWh VFB Manufacture of a prototype residential 5kW/15kWh VFB • Tender applications up to 50MWh Corporate Presentation | March 2024 | ASX:AVL vsun energy Australian VANADIUM LIMITED Owned by the HORIZON people of WA POWER vsun energy reystragalicion.com vsunenergy 22 22#23Investment Summary 23#24Investment thesis Australian VANADIUM LIMITED V 23 Australian Vanadium Project Advanced project, 25+ year mine life with OFS to drive enhanced project economics Growing vanadium fundamentals VFB demand growth accelerating to support increasing renewable energy generation Advancing funding strategies Project proposed to be funded by debt, grants, equity and offtake, with discussions well progressed Long-term optionality Vanadium electrolyte manufacturing capacity and VSUN Energy battery capabilities to leverage and support VFB market growth Corporate Presentation | March 2024 | ASX:AVL 24#25Appendices 25#26Improved funding capability Potential project funding mix Commercial banks $49M Australian Government grant secured Equity market investors Government funding bodies (i.e. EFA, NAIF, CEFC etc.) International Export Finance Companies Corporate Presentation | March 2024 | ASX:AVL Other grant funding RESOURCE CAPITAL FUNDS, RCF is a leading mining sector focused private equity fund with an 18% ownership in AVL Offtake Australian VANADIUM LIMITED 26#27Sustainable and reusable VFB electrolyte liquid does not degrade, a significant advantage of the technology • Like in many battery types, a "cross-over" effect occurs within VFB cells over their lifetime • "Cross-over" effect involves material from one pole (anode) moving to the other pole (cathode) Although electrolyte still crosses over, as the materials are the same on both sides there's no blockage or coverage issue like other battery technologies • Electrolyte that crosses over is reused on the other side, preventing degradation of the electrolyte in VFB technology cellcube Source: CellCube Corporate Presentation | March 2024 | ASX:AVL cellcube Australian VANADIUM LIMITED 27#28VFB has lowest costs for long discharge times Li-ion closed architecture VFB Scalable architecture Source: CellCube 4 Energy 1 Power SA A SA A 00 +A A A A +A EA $ $ 0000 $ A +A EA +A A A $ $ $ A A 000000 い Power components must be added to achieve longer duration → creates costs although the power is not needed 4 hrs 8 hrs 12' hrs The longer the duration, the lower the $/MWh Energy Power Corporate Presentation | March 2024 | ASX:AVL A A Australian VANADIUM LIMITED Limited scalability Power and energy in fixed ratio - longer duration costs become relatively high Duration increased by adding power and energy . A LA LA A A A SA A A A LA No additional power components needed → no additional costs SA • Scalable system Power and energy are independent from each other - so, longer discharge times become cheaper with vanadium flow batteries Discharge duration increased by adding vanadium electrolyte 28#29Lithium - case study Lithium demand 2015 Lithium demand 1,200 5% 12% 1,000 29% 800 5% 6% 8% Rechargeable Battery ■ Greases Polymer ■ Other 35% ■ Glass & Ceramics ■ Powders Air Treatment 600 400 200 2016 2017 2018 2019 ■Other Battery Australian VANADIUM LIMITED Relative mine production 1400 1200 1000 800 600 400 200 0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 -Lithium Pre electrification, batteries were a small part of global lithium demand Since 2016, lithium battery demand has grown at a CAGR of ~40% Lithium and vanadium displayed similar supply fundamentals until battery thematic emerged in 2016 Source: Wood Mackenzie Corporate Presentation | March 2024 | ASX:AVL Vanadium 29 29#30ESG in action +0000³ Australian VANADIUM LIMITED • • Renewable energy strategy Ability to produce ethical, low carbon vanadium product, expecting to be 50% lower carbon intensity per unit of vanadium than existing co-production vanadium producers¹ Use of solar and/or wind generation Use of VFBS for energy storage Community relationships • Workforce participation and business opportunities for Yugunga- Nya People Traditional Owners . Regional Engagement Manager based in Geraldton • Sponsorship of awards and scholarships at Central Regional TAFE • Mullewa and Meekatharra community sponsorships Governance Developing ESG reporting structure aligned to the developing ISSB framework through application of SASB, TCFD and GRI reporting structures • Experienced and competent Board of Directors Long term engagement with Environmental Protection Agency E22 Corporate Presentation | March 2024 | ASX:AVL Indigi 1. Source: AVL internal benchmarking, public information from co-producers 30#31Board Australian VANADIUM LIMITED Cliff Lawrenson Chair Experienced Chair and extensive executive career in resources, energy, infrastructure and investment banking Daniel Harris Non-Executive Director Over 40 years of global vanadium experience, including processing and operation Miriam Stanborough Non-Executive Director Over 20 years of experience in the mineral processing industry across a range of commodities Peter Watson Non-Executive Director Chemical engineer, with 40 years of experience in senior technical, project and management roles, in addition to corporate experience running ASX-listed companies Anna Sudlow Non-Executive Director Corporate finance executive with experience in the mining and resources sectors across a range of commodities and jurisdictions Jo Gaines Non-Executive Director Stakeholder engagement and corporate affairs experience across State and Federal Government. Policy development and a focus on People and Culture. Corporate Presentation | March 2024 | ASX:AVL 31#32Executive Team International vanadium expertise - track record in project execution and operations Australian VANADIUM LIMITED Graham Arvidson Chief Executive Officer 18 years of experience in the mineral sector experience spans vanadium and lithium project development and operations Todd Richardson Chief Operating Officer Over 20 years of experience in the vanadium sector and an expert in vanadium process design, commissioning and operations Louis Mostert Chief Legal and Commercial Officer 20 years of experience in project contracting and finance, corporate advisory, mergers and acquisitions Tom Plant Chief Financial Officer 30 years of experience in various corporate and commercial roles. Strong background in debt and equity funding solutions, investment evaluation and corporate transactions Ross Jennings Chief Safety and People Officer Over 18 years of experience in the mining industry and has worked in leadership roles across operations, health, safety and emergency response Flormirza Cabalteja Executive General Manager Project Delivery - Downstream 16 years of experience in operations and design/commissioning in the minerals sector for nickel, cobalt, vanadium and ammonium phosphate-based fertilizers Ian Prentice Executive Integration Over 30 years of experience in the global mining industry, spanning exploration, development and open cut and underground mining. Corporate Presentation | March 2024 | ASX:AVL 32#33Australian VANADIUM LIMITED Gabanintha North Mineral Resource Estimate (original TMT Resource) Gabanintha Mineral Resource as at 7th November 2022 Classification Material Mt V₂O5% Fe % Al2O3 % SiO2 % TiO2 % LOI % P% S% Measured Massive 5.1 1.1 46.9 5.7 8.4 12.1 -0.2 0.01 0.3 Measured Disseminated 1.1 0.8 36.4 7.9 19.6 9.0 0.5 0.01 0.2 Measured Massive + disseminated 6.2 1.0 45.0 6.1 10.4 11.6 -0.1 0.01 0.3 Indicated Massive 19.5 1.1 48.9 5.2 6.2 12.8 -0.1 0.01 0.2 Indicated Disseminated 16.7 0.6 27.3 13.3 26.7 7.0 3.0 0.03 0.2 Indicated Massive + disseminated 36.2 0.9 38.9 8.9 15.7 10.1 1.3 0.02 0.2 Inferred Massive 36.5 1.1 46.7 6.0 8.3 12.3 0.4 0.01 0.2 Inferred Disseminated 36.9 0.5 26.6 12.9 27.6 6.9 3.4 0.03 0.3 Inferred Total Massive + disseminated Massive + disseminated 73.4 0.8 36.6 9.5 18.0 9.6 1.9 0.02 0.3 115.8 0.8 37.8 9.1 16.9 9.9 1.6 0.02 0.2 Notes: The Mineral Resource was estimated within constraining wireframe solids using a nominal 0.9% V₂Os lower cut-off grade for the massive magnetite zone and using a nominal 0.4% V₂Os lower cut-off grade for the banded and disseminated magnetite mineralisation zones. The Mineral Resource is quoted from all classified blocks within these wireframe solids above a lower cut-off grade of 0.4% V₂Os. Differences may occur due to rounding. Source: TMT ASX Announcement dated 7 November 2022 'MTMP Global Mineral Resource Upgrade Delivers 26% Increase to Measured and Indicated Resource' Corporate Presentation | March 2024 | ASX:AVL 33#34Gabanintha North Ore Reserve (original TMT Reserve) Australian VANADIUM LIMITED Gabanintha Ore Reserve at August 2022 Reserve Category Proven Probable Total Tonnes (Mt) V₂O5 (%) Rec. V₂O5 (M lb) 1.1 0.95 18.1 27.5 0.89 369.4 28.6 0.91 Note: Quantities have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding Gabanintha Mineral Resource of Base Metals as at 26th March 2019 Classification Inferred 387.5 Tonnage (Mt) Co (ppm) Ni (ppm) Cu (ppm) 15.7 230 830 200 Source: TMT ASX Announcement dated 5 August 2022 'MTMP Mine Life Increased to 25 Years - Maiden Ilmenite Reserve and Production Profile' Corporate Presentation | March 2024 | ASX:AVL 34#35Geology & Mining: Gabanintha South Resource Table (original AVL Resource) Australian VANADIUM LIMITED Domains Category Mt V205 % Fe % TiO2 % SiO2% Al2O3 % LOI % Measured 11.3 1.14 43.8 13.0 9.2 7.5 3.7 Indicated 27.5 1.10 45.4 12.5 8.5 6.5 2.9 HG 10 Inferred 56.8 1.04 44.6 11.9 9.4 6.9 3.3 Subtotal 95.6 1.07 44.7 12.2 9.1 6.8 3.2 Measured Indicated 54.9 0.50 24.9 6.8 27.6 17.1 7.9 LG 2-5 Inferred 73.6 0.48 25.0 6.4 28.7 15.4 6.6 Subtotal 128.5 0.49 24.9 6.6 28.2 16.1 7.2 Measured Indicated Trans 6-8 Inferred 14.9 0.66 29.0 7.8 24.5 15.1 7.8 Subtotal 14.9 0.66 29.0 7.8 24.5 15.1 7.8 Measured 11.3 1.14 43.8 13.0 9.2 7.5 3.7 Indicated 82.4 0.70 31.7 8.7 21.2 13.5 6.2 Total Inferred 145.3 0.71 33.0 8.7 20.7 12.0 5.4 Subtotal 239.0 0.73 33.1 8.9 20.4 12.3 5.6 Note: Mineral Resource estimate by domain and resource classification using a nominal 0.4% V205 wireframed cut-off for low grade and nominal 0.7% V205 wireframed cut-off for high grade (total numbers may not add up due to rounding) Corporate Presentation | March 2024 | ASX:AVL 35#36Geology & Mining: Gabanintha South Ore Reserve Table¹ (original AVL Reserve) Australian VANADIUM LIMITED The updated Ore Reserve for the Australian Vanadium Project 2022 Bankable Feasibility Study is detailed in the table below Ore Reserve Proved Probable Total Ore Mt V205% Fe2O3% TiO2% SiO2% LOI% 10.5 1.11 61.6 12.8 9.5 3.7 V205 production kt 70.9 Ore Reserve Waste Mt 238.5 20.4 1.07 63.4 12.2 9.2 3.0 152.9 Total Material 269.4 30.9 1.09 62.8 12.4 9.3 3.2 223.8 Strip Ratio 7.7 The Ore Reserves and Inferred Resources utilised for the life of mine (LOM) schedule for the Australian Vanadium Project 2022 Bankable Feasibility Study, inclusive of the Ore Reserve above, is detailed in the table below. Ore Reserve Mt V205% Fe2O3% TiO2% SiO2% LOI% V205 production kt Proved 10.5 1.11 61.6 12.8 9.5 3.7 70.9 Ore Reserve Waste Mt 296.5 Probable 20.4 1.07 63.4 12.2 9.2 3.0 152.9 Total Material 335.7 Inferred Resources 8.2 1.04 63.4 12.0 9.2 3.1 57.6 Strip Ratio 7.6 Total Ore 39.2 1.08 62.9 12.3 9.3 3.2 281.4 The Ore Reserve for the Australian Vanadium Project 2022 Bankable Feasibility Study was developed by Orelogy Consulting Pty Ltd. The economic evaluation of the Project in this presentation is underpinned by Reserves and Inferred Resources comprising: The Ore Reserve including both Proved and Probable classified material • • Additional Inferred Mineral Resources comprising approximately 20.5% of the proposed process plant feed material 1. Note: Tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers might not add due to rounding Corporate Presentation | March 2024 | ASX:AVL 36#37Australian Yarrabubba Mineral Resource Estimate (original TMT Resource) VANADIUM LIMITED Yarrabubba Mineral Resources as at 7th November 2022 Classification Material Mt V₂O= % Fe % Al2O3 % SiO2 % TiO2 % LOI % P% 5% Measured Massive 4.4 1.1 48.1 5.5 7.3 12.4 -0.4 0.01 0.3 Measured Disseminated 1.5 0.6 30.0 10.8 23.4 7.7 2.5 0.01 0.2 Measured Massive + disseminated 5.9 1.0 43.5 6.8 11.4 11.2 0.3 0.01 0.3 Indicated Massive 8.0 1.1 48.1 5.4 7.1 12.5 0.0 0.01 0.3 Indicated Disseminated 6.9 0.6 28.4 12.5 25.2 7.2 2.6 0.02 0.3 Indicated Massive + disseminated 14.9 0.9 39.0 8.7 15.5 10.0 1.2 0.01 0.3 Inferred Massive 5.7 1.1 47.4 5.6 7.8 12.3 0.1 0.01 0.3 Inferred Disseminated 11.4 0.6 27.9 12.6 25.8 7.2 2.0 0.02 0.3 Inferred Massive + disseminated 17.1 0.8 34.4 10.3 19.8 8.9 1.4 0.02 0.3 Total Massive + disseminated 37.9 0.8 37.6 5 9.1 16.8 9.7 1.1 0.01 0.3 Notes: The Mineral Resource was estimated within constraining wireframe solids using a nominal 0.9% V₂Os lower cut-off grade for the massive magnetite zone and using a nominal 0.4% V₂Os lower cut-off grade for the banded and disseminated magnetite mineralisation zones. The Mineral Resource is quoted from all classified blocks within these wireframe solids above a lower cut-off grade of 0.4% V₂Os. Differences may occur due to round For further information, refer to ASX Announcement 7 November 2022. Source: TMT ASX Announcement dated 7 November 2022 'MTMP Global Mineral Resource Upgrade Delivers 26% Increase to Measured and Indicated Resource' Corporate Presentation | March 2024 | ASX:AVL 37#38Yarrabubba Ore Reserve (original TMT Reserve) Australian VANADIUM LIMITED Yarrabubba Ore Reserve at August 2022 Category Tonnes (Mt) V205 (%) TiO2 (%) Rec. V₂O5 (M lb) Rec. TiO2 (kt) Proven Probable Total 15.88 15.88 0.87 10.0 0.87 10.0 202.7 1,132.6 202.7 1,132.6 Note: Quantities have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding Source: TMT ASX Announcement dated 5 August 2022 'MTMP Mine Life Increased to 25 Years - Maiden Ilmenite Reserve and Production Profile' Corporate Presentation | March 2024 | ASX:AVL 38#39Australian VANADIUM LIMITED +61 (08) 9321 5594 [email protected] Level 2, 50 Kings Park Road, West Perth, Western Australia 6005 Australian Vanadium Limited | ASX: AVL f www.avl.au in