Australian Vanadium (AVL) H1 2026 earnings summary

Executive summary

• Advanced the Australian Vanadium Project with significant progress on feasibility, regulatory approvals, and integration post-merger with Technology Metals Australia.

• Commissioned a vanadium electrolyte manufacturing facility in Perth, supporting domestic supply chain ambitions.

• Expanded downstream activities through VSUN Energy, focusing on utility-scale vanadium flow battery (VFB) deployment and industry partnerships.

• Maintained a strong sustainability focus, achieving zero recordable injuries and no reportable environmental incidents.

Financial highlights

• After-tax loss of $3.7 million for the half-year ended 31 December 2025, improved from a $6.1 million loss in the prior year.

• Net cash outflows: $5.0 million from operations, $2.0 million from investing; net cash inflow of $13.7 million from financing.

• Cash and cash equivalents of $18.1 million as at 31 December 2025, up from $11.5 million at 30 June 2025.

• Net working capital (excluding grant liability) of $17.1 million at period end.

Outlook and guidance

• Completion of the Optimised Feasibility Study (OFS) for the Australian Vanadium Project now targeted for H2 2026, with expanded scope for high-purity vanadium products.

• Project's critical path to financing and construction remains driven by regulatory approvals.

• Ongoing participation in major energy storage projects, including the Kalgoorlie VBESS, with further tender stages expected in 2026.