Australian Vanadium (AVL) Investor Presentation summary

Market opportunity and demand drivers

• Vanadium demand is dominated by steel but is rapidly diversifying into energy storage via vanadium flow batteries (VFBs), with battery demand forecast to rise from 1% of the market in 2019 to 9% in 2024 and 37% by 2027.

• Over 75% of global vanadium supply comes from China, Russia, and South Africa, highlighting supply concentration risks.

• Australia's transition to renewables is driving a need for long-duration energy storage, with an addressable VFB battery energy storage system (BESS) market of 120 GWh by 2040.

• Government support for long-duration storage is growing, with major funding and tenders in Western Australia, New South Wales, and at the federal level.

• A single 50MW/500MWh utility-scale VFB BESS could represent about 1.7% of global V2O5 supply, underscoring the scale of potential demand.

Vertical integration and project development

• The business is vertically integrated across mining, processing, electrolyte manufacturing, and downstream battery deployment.

• The Australian Vanadium Project is a high-grade, world-class asset in Western Australia, with a global mineral resource estimate of 395.4Mt at 0.77% V2O5.

• An optimised feasibility study is underway, with a 39% increase in high-grade measured and indicated resources and a preferred processing plant location selected.

• Significant milestones include a completed bankable feasibility study, mining leases, large-scale pilot programs, and up to $49 million in government grants.

• The project has received major project status, EPA approval, and is advancing toward a final investment decision targeted for Q3 2025.

Technology and competitive advantages

• VFB BESS offers non-flammable technology, long asset life (30+ years), high recyclability, and competitive levelised cost of storage compared to lithium-ion.

• VFB technology is proven at GWh scale globally, with 35GWh of announced gigafactory capacity and rapid adoption in China.

• The deconstructed VFB design allows for rapid deployment, low-cost duration extension, and high local content, tailored for Australian conditions.

• The electrolyte manufacturing facility in Perth is operational, with 33MWh per annum capacity and first production completed in 2024.

• AVL's VFBs have been deployed in commercial and utility projects, including for Horizon Power and IGO Limited.