Australian Vanadium (AVL) Q2 2026 TU earnings summary

Executive summary

• Advanced Phase 2 of the Optimised Feasibility Study for the Australian Vanadium Project, with engineering, cost estimation, and financial modelling nearing completion and final delivery targeted for Q1 CY2026.

• Achieved key regulatory milestones, including section 45C and 43A approvals under the Environmental Protection Act, and submitted a revised Environmental Review Document post-quarter.

• Progressed expansion planning for vanadium electrolyte manufacturing in Perth, aligning with anticipated demand and government-backed projects.

• Advanced Project Lumina, a scalable, turnkey vanadium flow battery (VFB) energy storage system, and positioned to participate in the $150 million Kalgoorlie VBESS project EOI.

• Strengthened financial position with $4.9 million received from the Federal Government's MMI-C Grant and $2.55 million from the R&D Tax Incentive, bringing total MMI-C receipts to $29.4 million.

Financial highlights

• Cash position at 31 December 2025 was $18.1 million, including $4.9 million in grant funds and $0.5 million in restricted cash.

• Net cash inflow from operating activities for the quarter was $5.1 million, driven by $7.5 million in grants and tax incentives.

• Net cash outflow from investing activities was $5.6 million, mainly due to merger-related stamp duty and ongoing feasibility study investment.

• Net cash inflow from financing activities totaled $14.0 million, reflecting full drawdown of a US$10 million secured loan facility.

Outlook and guidance

• Finalisation of the Optimised Feasibility Study and updated Mineral Resource Estimate expected in Q1 CY2026.

• Stage One EOI for the Kalgoorlie VBESS project open until 30 January 2026, with Stage Two and preferred proponent selection anticipated in early to mid-2026.

• Additional grant funding applications submitted, with outcomes expected in 2026.