Australian Vanadium (AVL) Q1 2026 TU earnings summary

Executive summary

• Advanced Phase 2 of the Optimised Feasibility Study for the Australian Vanadium Project, with key engineering deliverables completed and financial modelling underway, targeting completion in Q1 CY2026.

• Achieved major regulatory milestone with development approval for the Tenindewa processing facility; environmental approvals progressing.

• Extended land purchase option for the processing plant site, maintaining development flexibility.

• Progressed vanadium electrolyte manufacturing, including technical validation, cost refinement, and readiness for utility-scale production.

• Advanced Project Lumina, a scalable utility-scale VFB energy storage system, to financial investment decision readiness.

Financial highlights

• Cash position at 30 September 2025 was $4.6 million, including $1.2 million in grant funds and $0.5 million restricted cash; excludes post-quarter loan and grant receipts.

• Net cash outflow from operating activities for the quarter was $2.9 million, mainly staff and admin costs.

• Net cash outflow from investing activities was $3.9 million, primarily for feasibility study and project development.

• Received $4.9 million milestone payment under the Federal Government's Modern Manufacturing Initiative grant after quarter end, total grant receipts now $29.4 million.

Outlook and guidance

• Final phase of the Optimised Feasibility Study expected to complete in Q1 CY2026, with additional testing and optimisation to maximise project value.

• Positioned to participate in the Western Australian Government's proposed 50 MW/10-hour (500 MWh) Kalgoorlie VBESS project.

• Ongoing pursuit of utility-scale VFB opportunities across five Australian states.

• Additional grant funding applications underway to support vanadium and battery storage initiatives.