Slide 1: AVL: unlocking Australia's vanadium advantage
AVL: unlocking Australia’s vanadium advantage Future Facing Commodities Conference Singapore, April 2025 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: Vanadium 101
Vanadium 101 Demand Supply Vanadium market demand is currently dominated by use Global vanadium market of 133,000 MTV* in 2024. Over in the steel industry, although its exposure to the energy 75% of global vanadium supply currently sourced from transition through vanadium flow batteries (VFBs) could
Slide 4: AVL is vertically integrated to generate value across the supply chain
AVL is vertically integrated to generate value across the supply chain Upstream Midstream Downstream Vanadium mining Vanadium electrolyte Utility scale vanadium and processing manufacture flow batteries AVL Asset Australian Vanadium Project Electrolyte manufacturing facility VSUN Energy High-grade p
Slide 5: An Australian VFB industry unlocks demand for vanadium
An Australian VFB industry unlocks demand for vanadium 5
Slide 6: Transitioning Australia's NEM will not happen without rapid growth in longer duration energy storage
Transitioning Australia’s NEM1 will not happen without rapid growth in longer duration energy storage Generation from renewable sources – NEM (%) Australia’s addressable market Renewable energy for VFB BESS generation is set to rapidly increase … 120 GWh by 2040 (excluding pumped hydro) Annual growt
Slide 7: Why VFB BESS is best positioned to meet demand for long duration storage
Why VFB BESS1 is best positioned to meet demand for long duration storage AVL targeting a high Zero >99% Proven level of local content to Thermal VFB commercial end- Nearly 20-year VFB deployment event risk – VFB is a of-life reuse and history of grid- 80% non-flammable connected VFB BESS recyclabil
Slide 8: VFB adoption in China is already at GWh scale
VFB adoption in China is already at GWh scale Australia has all the right ingredients to be a fast follower GWh - China Announced VFB projects VFBs under construction VFBs in operation Source: https://vanitec.org/vanadium/map and China Iron & Steel Research Institute Group (CISRI) VTC Workshop 23 Oc
Slide 9: Vanadium flow batteries are now proven at scale globally, gigafactory manufacturing capacity continues to expand
Vanadium flow batteries are now proven at scale globally, gigafactory manufacturing capacity continues to expand Announced Gigafactories Date Gigafactory Capacity Announced (per year) January 2023 1GWh February 2023 4GWh March 2023 1GWh April 2023 4GWh September 2023 2GWh November 2023 1GWh December
Slide 10: VSUN Energy – Advancing opportunities across five states
VSUN Energy – Advancing opportunities across five states Growing government support for LDES1 across Australia Western Australia – $150M funding for 50MW/500MWh 10-hour VFB BESS New South Wales – support for storage projects of at least 8 hours Federal Government support packages target 4-hour proje
Slide 11: AVL developing a utility scale vanadium flow battery – Project Lumina
AVL developing a utility scale vanadium flow battery for Australian conditions – Project Lumina1 Developing a Ability to capture Project Lumina deconstructed VFB downstream value Initial Partners • AVL launched a detailed A deconstructed VFB • Utilise proven cell stack • Secured key technology desig
Slide 12: Project Lumina: a turnkey VFB BESS architecture tailored for Australian build-own-operate delivery
Project Lumina: a turnkey VFB BESS architecture tailored for Australian build-own-operate delivery • Simple and scalable supply chain: vanadium, tanks, Control room pumps, piping, power stacks • Configuration optionality to meet specific land requirements • Utilisation of industry standard inverters
Slide 13: Matching duration to the market: Extending duration is as simple as adding tank capacity
Matching duration to the market: Extending duration is as simple as adding tank capacity 2 Hour Duration Switch yard 4 Hour Duration Transmission lines to grid network • Deconstructed approach to VFB BESS deployment allows for low capital intensity duration expansion • Future proofs the VFB Site Off
Slide 14: Funding framework and development timeframe
Funding framework and development timeframe Indicative project timeline Funding example The Melbourne Renewable Energy Hub will be one of Australia’s largest lithium-ion BESS projects with an initial capacity of 600MW/1600MWh. Project capital is expected to cost $1.2bn, supported by Project equity f
Slide 15: VFB strategy supported by the Australian Vanadium Project
VFB strategy supported by the Australian Vanadium Project 15
Slide 16: A single utility scale VFB BESS unlocks globally significant demand for vanadium
A single utility scale VFB BESS unlocks globally significant demand for vanadium 50MW/ 4kt c.1.7% 500MWh VFB BESS ~ V2O5 demand1 ~ Of global V2O5 supply2 1. AVL internal, utility scale VFB BESS modelling 2. TTP Squared, Inc – 2024 global vanadium market size 133,000 metric tonnes vanadium (equivalen
Slide 17: The world class Australian Vanadium Project is at the core of our vertical integration strategy
The world class Australian Vanadium Project is at the core of our vertical integration strategy A world class asset located in Western Australia, a Tier-1 mining jurisdiction Simple open pit mining with standard magnetite concentrator process Global vanadium MRE of 395.4Mt at 0.77% V2O5 including 10
Slide 18: Optimised Feasibility Study advancing the Australian Vanadium Project
Optimised Feasibility Study advancing the Australian Vanadium Project The first phase of the OFS1 for the Australian Vanadium Project (Project) delivered key outcomes to unlock further advancement of the project Location and Tenure of The Australian Vanadium Project showing fault block numbering2 Up
Slide 19: Significant deliverables in advancing the Australian Vanadium Project towards FID
Significant deliverables in advancing the Australian Vanadium Project towards FID Delivered Upcoming catalysts Bankable Feasibility Study (pre-merger basis)1 Complete integrated OFS9 targeting Q3 CY2025 Mining leases approved2 Progress approvals including full EPA approval and Traditional Owner agre
Slide 20: Conclusion and Investment Highlights
Conclusion and Investment Highlights 20
Slide 21: Vanadium: delivering positive economic outcomes for Western Australia
Vanadium: delivering positive economic outcomes for Western Australia Benefits for Western Australia Vanadium 1 Growing or improving industrial capability ✓ 2 Helping industry pursue value-adding opportunities ✓ 3 Improving economic diversity ✓ 4 Crowding-in private finance ✓ 5 Decarbonisation ✓ 6 C
Slide 22: Investment highlights
Investment highlights VFBs provide a Australia’s grid proven, economic continues to solution for utility Ability to capture Commercial World class transition to scale energy downstream partnerships in Australian renewables storage value place Vanadium Project • Increases the need • VFB rapid uptake
Slide 23: Appendix
Appendix up Mets
Slide 24: Upstream: Grant funding and approvals support
Upstream Grant funding and approvals support • AVL was awarded a $49 million grant under the Australian Government’s Modern Manufacturing Initiative Collaboration Stream (Grant)1 • The Grant enables AVL to pursue opportunities to minimise project execution risks through enhanced project definition,
Slide 25: Government support strongly aligned to AVL's full supply chain solution
Government support strongly aligned to AVL’s full supply chain solution Upstream Midstream Downstream Vanadium mining Electrolyte Utility scale vanadium and processing manufacture flow batteries Election Royalty of 2.5% on vanadium Net zero royalty on vanadium Pledged $150m to support Commitment pro
Slide 26: Midstream: Proven vanadium electrolyte manufacturing capacity
Midstream Proven vanadium electrolyte manufacturing capacity AVL built, owns and operates a manufacturing facility in Perth, Western Australia, producing vanadium electrolyte1 • 33MWh per annum energy storage equivalent of vanadium electrolyte production, with first production completed in 20242 • F
Slide 27: Downstream: VSUN Energy – engaging with mining and utility customers
Downstream VSUN Energy – engaging with mining and utility customers IGO Limited Horizon Power Nova Nickel Operation (Western Australia) Kununurra (Western Australia) Installation of a VFB to provide storage capacity to assist Horizon Power, a utility owned by the Western Australia carbon free electr
Slide 28: Mineral Resource Estimate
Mineral Resource Estimate Investor Presentation | April 2025 | ASX:AVL 28
Slide 29: www.avl.au
+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