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Lithium - 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

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