Investor Presentaiton

Australian 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

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