Investor Presentaiton

Strong 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

View entire presentation