Australian Vanadium (AVL) Q4 2025 TU earnings summary

Executive summary

• Advanced Phase 2 of the Optimised Feasibility Study (OFS) for the Australian Vanadium Project, consolidating engineering deliverables and refining project cost structure.

• Progressed key environmental approvals and monitoring at Gabanintha and Tenindewa sites.

• Expanded stakeholder engagement, hosting visits from government officials and industry partners to the vanadium electrolyte manufacturing facility.

• Continued development of Project Lumina, targeting scalable, utility-scale vanadium flow battery (VFB) energy storage solutions.

• Maintained a vertically integrated 'pit-to-battery' strategy, spanning mining, electrolyte production, and downstream energy storage deployment.

Financial highlights

• Cash position at 30 June 2025 was $11.5 million, including $5.1 million in Federal grant funds and $0.5 million restricted cash.

• Net cash outflow from operating activities for the quarter was $1.27 million, with staff and admin costs as primary drivers.

• Net cash outflow from investing activities totaled $4.32 million, mainly for project development and Project Lumina.

• Received $1.59 million R&D tax refund for 2023/24, supporting eligible activities.

• Federal Government grant funding received to date totals $24.5 million out of a $49 million commitment.

Outlook and guidance

• OFS Phase 2 completion expected in Q3 CY2025, informing execution and capital cost refinement.

• Project Lumina aims for a final investment decision on utility-scale VFB BESS deployment in Q3 CY2025.

• Ongoing focus on expanding vanadium electrolyte manufacturing to meet anticipated demand from Project Lumina and other large-scale opportunities.

• Positioned to pursue WA Government's proposed 500MWh VFB project in Kalgoorlie and other multi-state opportunities.