Australian Vanadium Limited · ASX:AVL
Australian Vanadium — 2026 International Symposium on Vanadium and Vanadium Flow Batteries
18 slides from Australian Vanadium's conference presentation, Oct 15, 2026
Slide 1: Vanadium's next frontier
rsonal use only Vanadium’s next frontier New markets. New applications. Global partnerships. 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing, China October 2026 ASX:AVL
Slide 2: Compliance & Cautionary Forward-looking Statements
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.
Slide 3: The vanadium-VFB flywheel
The vanadium-VFB flywheel Industrial scale-up KEY DRIVERS rsonal use only China has successfully industrialised VFB Energy policy technology and manufacturing LDES and storage technology diversification Electrification High purity supply Bankable projects, Hot climates Growing market. expanding use
Slide 4: China's VFB scale-up has unlocked a global opportunity
China’s VFB scale-up has unlocked a global opportunity International deployment can increasingly draw on an established technology and manufacturing base rsonal use only BEFORE NOW Technology scale-up → Demonstrated large-scale systems Manufacturing development → Established industrial supply chains
Slide 5: Large VFB projects now span multiple markets
Large VFB projects now span multiple markets • Over 8GWh of VFBs in operation globally, with a further 44GW of 2026 – Example Projects projects either in construction or announced4 rsonal use only • If fully deployed, the Flexbase, Hunter VFB and Kalgoorlie VBESS would S: Switzerland – 2.1GWh repres
Slide 6: Continued focus on competitiveness and bankability
Continued focus on competitiveness and bankability will remain critical to the flywheel rsonal use only COMPETITIVE SYSTEM COST MATURING BANKABILITY Manufacturing scale, design and delivered installation Including risk allocation, performance guarantees, cost to match project requirements building s
Slide 7: Electrolyte leasing – another potential accelerator of VFB adoption
Electrolyte leasing – another potential accelerator of VFB adoption Initial Capex ($/MWh) rsonal use only • Electrolyte leasing: deployed at utility-scale in China3 and capable of converting electrolyte component, estimated at 40 -50% of VFB capex, into opex4 – a similar Electrolyte leasing model co
Slide 8: VFBs' unique attributes offer competitive advantages in key emerging markets
VFBs’ unique attributes offer competitive advantages in key emerging markets VFBs’ advantages over established BESS technology – including duration, no thermal runaway rsonal use only risk, minimal degradation and full depth of discharge – position this technology for use in key emerging BESS use ca
Slide 9: The case for new upstream supply
The case for new upstream supply: a single utility-scale VFB BESS would create significant demand for vanadium rsonal use only 50 MW/ 4kt c.1.7% 500 MWh VFB BESS ~ V2O5 demand1 ~ Of global V2O5 supply2 “Western Australia, of itself, is going to have a strong demand for vanadium as part of our domest
Slide 10: Three value platforms, one integrated strategy
Three value platforms, one integrated strategy Upstream Midstream Downstream rsonal use only Vanadium Mining Vanadium Electrolyte Utility-scale and Processing Manufacture BESS Solutions Asset Australian Vanadium Project Electrolyte manufacturing facility VSUN Energy (100% AVL) AVL High-grade project
Slide 11: Value Platform 1: VSUN Energy and Lumina
Value Platform 1: VSUN Energy and Lumina Proposed build-own-operate (BOO) BESS platform Examples of Australian BOO BESS platforms1 rsonal use only Company Establishment year Ba Design: develop battery, customise to projects and secure financial resources Build: source, manufacture, assemble, site in
Slide 12: Value Platform 2: Electrolyte manufacturing and V-NOMAD
Value Platform 2: Electrolyte manufacturing and V-NOMAD Established foundation Operational WA electrolyte manufacturing facility, rsonal use only established technical expertise and ongoing product qualification and engagement with multiple OEMs.1 V-NOMAD A scalable vanadium electrolyte manufacturin
Slide 13: Value Platform 3: The Australian Vanadium Project
Value Platform 3: The Australian Vanadium Project Advancing readiness through the cycle rsonal use only A world-class asset located in Western Australia, a Tier-1 mining jurisdiction Proposed open-pit mining with a conventional magnetite concentrator process Global vanadium MRE of 395.4Mt at 0.77% V
Slide 14: AVL's integrated capability positioned for VFB deployment
AVL’s integrated capability positioned for VFB deployment Value Platform 1 – VFB solution: VSUN Energy’s experience from Horizon Power project 1 and AVL’s Lumina rsonal use only architecture2 provide expandable VFB solutions for utility- scale BESS projects in hot climate and remote locations Value
Slide 15: Investment proposition: positioned for value creation
Investment proposition: positioned for value creation rsonal use only Three platforms, Positioned for one integrated Developing VFB Delivering a large-scale VFB Vanadium – vanadium value opportunity distinctive deployments demand tailwinds chain pipeline business model High local content, Vanadium d
Slide 16: Vanadium's next frontier
Vanadium’s next frontier Practical areas for AVL and international partners to explore collaboration: rsonal use only VANADIUM SUPPLY AND PROCESSING China has industrialised Product qualification · offtake · industrial partnerships · potential investment VFB technology. Australia is emerging as INTE
Slide 17: rsonal use only
rsonal use only +61 (08) 9321 5594 info@avl.au www.avl.au Level 2, 50 Kings Park Road, West Perth, Western Australia 6005 Australian Vanadium Limited | ASX: AVL
Slide 18: Mineral Resource Estimate
Mineral Resource Estimate Zone Category Mt V 2 O5 % Fe % TiO2 % SiO 2 % Al2O3 % rsonal use only Measured 30.6 1.14 46.3 12.9 7.4 6.2 HG Indicated 74.8 1.11 47.5 12.6 7.0 5.7 Inferred 67.9 1.06 45.3 12.1 9.0 6.6 Subtotal 173.2 1.09 46.5 12.5 7.8 6.1 Indicated 61.8 0.55 26.1 7.1 26.6 16.3 LG Inferred
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