AUSTRALIAN VANADIUM LIMITED — AGM Information 2020

Nov 24, 2020

AGM Presentation

25[th] November 2020

ASX: AVL

Disclaimer

The views expressed in this presentation contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information.

Competent Person References

Competent Person Statement – Mineral Resource Estimation The information in this presentation that relates to Mineral Resources is based on and fairly represents information compiled by Mr Lauritz Barnes, (Consultant with Trepanier Pty Ltd) and Mr Brian Davis (Consultant with Geologica Pty Ltd). Mr Barnes and Mr Davis are members of the Australasian Institute of Mining and Metallurgy and Mr Davis is a member of the Australian Institute of Geoscientists and both have sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Specifically, Mr Barnes is the Competent Person for the estimation and Mr Davis is the Competent Person for the database, geological model and site visits. Mr Barnes and Mr Davis consent to the inclusion in this presentation of the matters based on their information in the form and context in which they appear.

Competent Person Statement – Metallurgical Results The information in this presentation that relates to Metallurgical Results is based on information compiled by independent consulting metallurgist, Brian McNab (CP. B.Sc Extractive Metallurgy). Mr McNab is a member of the Australasian Institute of Mining and Metallurgy. Mr McNab is employed by Wood Mining and Metals. Mr McNab has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr McNab consents to the inclusion in the presentation of the matters based on the information made available to him, in the form and context in which it appears.

The information is extracted from the announcement entitled “Total Vanadium Resource at The Australian Vanadium Project Rises to 208 Million Tonnes” released to ASX on 4[th] March 2020 and is available on the Company’s website at australianvanadium.com.au.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the competent person’s findings are presented has not been materially modified from the original market announcement.

Forward Looking Statements

This presentation may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to Resource risk, metal price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the countries and states in which we sell our product to, and government regulation and judicial outcomes. For more detailed discussion of such risks and other factors, see the Company’s Annual Reports, as well as the Company’s other filings. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any “forward looking statement” to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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Corporate Overview

Corporate Overview

• ‣ Strong technical and commercial team

Australian Vanadium Limited (ASX: AVL) is an emerging vanadium producer

• ‣ High quality deposit

• ‣ Building ability to deliver through all vanadium price cycles

• ‣ Moving directly from completed PFS to BFS

• ‣ Federal Major Project Status

• ‣ Western Australian Lead Agency Status

Focused on developing The Australian Vanadium Project at Gabanintha in Western Australia

• ‣ Vanadium is recognised as a critical steel and alloy mineral and a battery mineral by the Australian Government

• ‣ Subsidiary VSUN Energy promotes vanadium redox flow batteries for renewable energy storage, a vanadium supply growth market

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Corporate Overview

KEY STATISTICS (24/11/20)	KEY STATISTICS (24/11/20)
Ordinary Shares on Issue	2.85b
Share Price	A$0.013
Average Daily Traded Volume	5,104,912
Market Cap (Undiluted)	A$37m
Cash	~A$8
Shareholders	7,181

SHAREHOLDER SPLIT

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Remaining
Top 200,
Holders, 55.34%
44.66%
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MAJOR SHAREHOLDERS

1 2 3 4 5
	JP Morgan Nominees Australia Pty Ltd
	Southland Snipe SF
	HSBC Custody Nominees (Australia) Ltd
	1215 Capital Pty Ltd
	Citicorp Nominees Pty Ltd

Top 200

Remaining Holders

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AVL provides a globally unique investment opportunity in a key critical and battery metal

“

AVL is developing one of the highest-grade vanadium projects currently underway in the world. Our aim is to become a low-cost producer, able to withstand long-term commodity price cycles.

Managing Director Vincent Algar

Overview

High quality vanadium deposit

• ‣ Vanadium titanium magnetite (VTM) with massive high-grade zone 87.9Mt at 1.06% V2O5

Feasibility study status

• ‣ Detailed Pre-Feasibility study update nearing completion based on two site layout

• ‣ Feasibility studies proceeding direct to bankable level to ensure financing success

• ‣ Detailed pilot on 30t sample nearing completion. Crucial to de-risk for success

Focus on innovation

• ‣ $1.1m CRC-P grant for vanadium research centred on high purity products and process

• ‣ Innovations developed in PFS include option studies to reduce Opex and Capex (eg processing plant location, sale of Fe-Ti coproduct)

Unique points of difference

• ‣ Experienced vanadium team; unique mineral resource and metallurgical characteristics; proven processing path

Government support

• ‣ Federal Major Project Status and State Lead Agency, strong global focus on battery and critical mineral projects

Energy storage market

• ‣ Proven capability to produce high-purity V2O5 suitable for vanadium redox flow batteries (VRFBs) and production of electrolyte

• ‣ Dedicated subsidiary VSUN Energy focused on growing the Australian energy storage market

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Corporate Overview Experienced Team

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Vincent Algar Managing Director

Geologist with over 25 years’ experience in the mining industry spanning underground and open cut mining operations, greenfields exploration, project development and mining services. Significant experience in the management of publicly listed companies.

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Chief Operating Officer

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Non-Executive Director

Over 10 years experience chairing public and private companies post extensive executive career in resources, energy, infrastructure and investment banking. Currently Non-Executive Chair of Paladin Energy (ASX: PDN), Caspin Resources (ASX:CPN) and privately owned Pacific Energy and Onsite Rental Group.

Leslie Ingraham Executive Director

Has been in private business for over 30 years and has worked successfully as a consultant for private companies and public companies listed on the ASX. Core competencies are in corporate advisory, investor relations, capital raising, prospecting and exploration, building long lasting relationships with high end investors in Australia and overseas.

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Daniel Harris Technical Director

Over 40 years of global vanadium experience including processing and operation. Recent roles include interim CEO and Managing Director at Atlas Iron; Chief Executive & Operating Officer at Atlantic; Vice President & Head of Vanadium Assets at Evraz Group; and Managing Director at Vametco Alloys. Currently Director of US Vanadium LLC.

Brenton Lewis Chairman

A senior academic having spent the past 20 years in the tertiary education sector. Has held management positions including Head of Department and Head of Post Graduate Studies and chaired Boards of management in both academia and community organisations.

Vanadium Markets

Vanadium Markets

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PRIMARY Steel

EMERGING

Accounts for 90% of current global vanadium consumption.

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Vanadium electrolyte in vanadium redox flow batteries (VRFBs)

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ADDITIONAL

Ti and Chemical

4% of vanadium consumption each, with significant potential for growth (super alloys, 3D printing, etc).

Vanadium can be used in the cathode of Li-ion batteries .

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Sustainability

Steel

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Using vanadium microalloyed steel can result in a reduction of the total global carbon footprint by as much as 0.385%* due to:

• Increased strength of steel resulting in less steel required

• Less steel required means less manufacturing of steel, with related energy use and carbon emission reduction

• Reduction in use of concrete with associated lowering of embodied carbon and energy use

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Energy Storage
•
VRFBs enable the use of more generated renewable energy
•
Use of VRFBs results in reduced emissions from diesel generator emissions or
fossil fuel generation
•
Reuse of vanadium electrolyte, either in batteries or the steel market
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• Punching Above its Weight: Life Cycle Energy Accounting and Environmental Assessment of Vanadium Microalloying in Reinforcement Bar Steel by

• Pranav Pradeep Kumar, David A Santos, Erick J Braham, Diane G Sellers, Sarbajit Banerjee and Manish K Dixit

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Vanadium Markets Growth in Global Consumption

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Total expected vanadium Annual global
consumption in 2020 is consumption predicted
104,000 to grow to
Mt (V metal equivalent) >135,000
Mt by 2025
Demand for vanadium in AVL’s current projected
batteries could grow to production is
25,000 5,600
Mt by 2030 Mt per annum
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Vanadium Markets Vanadium Price

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Source: Metals Bulletin publication

Long-Term Price

Long-term average price for commodity grade V2O5 is $8.86/lb (inflated to 2017 USD)

• ‣ High purity V2O5 is typically sold at a premium to the commodity price

Vanadium Market Analysis

• ‣ According to respected market commentator Terry Perles, consumption of vanadium has started to rise above production globally

• ‣ Historically China has only once been a net importer of vanadium, in Q1 2004

Prices Negotiated Privately

Vanadium doesn’t trade on the open market - sellers and buyers negotiate prices privately for contracts and spot purchases

• ‣ London Metal Bulletin Fastmarkets (Europe)

• ‣ Ryan’s Notes (US) weekly spot prices

• ‣ Growing consumption in China is having a huge impact on its export capability

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The Australian Vanadium Project

The Australian Vanadium Project PFS Project Metrics*

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TOTAL RESOURCE

HIGH-GRADE ZONE 87.9 Mt @ 1.06% V2O5

208 Mt @ 0.74% V2O5

OPEX CAPEX US$4.15/lb V2O5 US$354M

INITIAL MINE LIFE RESOURCE 17 years

V2O5 PRODUCTION

22.5 Mlbs per annum

LOM AVERAGE RECOVERY 64.1% vanadium

LOM GRADE CONCENTRATE 1.37% V O 2 5

QUALITY RESOURCE

LOW OPEX AND CAPEX

LONG MINE LIFE

EFFICIENT PROCESS

• See ASX announcement dated 19[th] December 2018 ‘Gabanintha Pre-Feasibility Study and Maiden Ore Reserve’

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Global Tier 1 Mining Location in Western Australia Post PFS study considering unique coastal vanadium processing of vanadium Access to globally competitive natural gas supply

Project Location

The Australian Vanadium Project Resource Summary

The Australian Vanadium Project

• ‣ Located in Western Australia, approximately 43kms south of mining town Meekatharra.

• ‣ Consists of 11 tenements covering 260km[2] held 100% by AVL.

• ‣ Mining Lease granted.

• ‣ High-grade, Bushveld-type VTM deposit drilled over 11km of AVL controlled strike with consistent geology.

• ‣ PFS initial mine life of 17 years, with significant ground for extension.

Mineral Resource

Total Resource 208Mt 0.74% V O 2 5

• ‣ Combined Measured and Indicated Resource 35.2Mt at 1.11% V O . 2 5

• ‣ Massive high-grade zone 87.9Mt at 1.06% V2O5 comprising 10.1Mt at 1.14% V2O5 Measured, 25.1Mt at 1.10% V O O 2 5 Indicated and 52.7Mt at 1.04% V2 5

• Inferred Resource.

• ‣ Total low-grade zones Resource 120.4Mt at 0.51% V2O5. ( see Mineral Resource table ).

The massive high-grade zone is the current focus of economic evaluation.

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The Australian Vanadium Project Resource Total Magnetic Intensity

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The Australian Vanadium Project Pit, Beneficiation and Processing Plant

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The AVL Innovation

The AVL Innovation

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CMB –
Crushing Milling
& Beneficiation
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Processing Plant
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The AVL Innovation

Innovative Proposed Project Layout

Coastal Processing

BFS focused on processing plant near coast offering significant opportunities.

• ‣ Proximity to gas pipeline infrastructure and associated low domestic gas prices.

• ‣ Ability to sell iron-titanium coproduct (up to 1Mtpa) through Geraldton Port.

• ‣ Opportunity for lowest quartile Opex over life.

• ‣ Existing road, rail, water and gas infrastructure.

• ‣ Available local workforce.

• ‣ Reduced Capex and water use at Project minesite.

• ‣ Strong government support.

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Startup Capex Reduction Opportunity

Coastal processing location allows option of two stage project delivery, improving attractiveness for Project investors.

The AVL Innovation

Hydrogen and renewable energy strategy

Hydrogen strategy

• Use of green hydrogen in ore reduction process.

• Offtake of ammonia from green hydrogen production for use in the final vanadium precipitation step of processing.

• Introducing green hydrogen into the natural gas feed for the processing plant.

• Powering minesite or haulage vehicles.

• Integrating hydrogen electrolysers in plant design, combined with VRFB technology.

Renewable energy strategy

• Use of solar and/or wind at the minesite and processing plant.

• Installation of VRFBs at both sites for energy storage and EV charging.

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• Powering minesite or haulage vehicles.

The Australian Vanadium Project

Federal and State Government Support

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Major Project Status

The Project has been awarded Major Project Status by the Federal Government in recognition of its national significance.

CRC-P Grant for Vanadium Research

Federal grant awarded for improving vanadium processing efficiency:

• ‣ Development of an ultra-high-purity production path.

• ‣ Extraction of valuable by-products including critical minerals (eg titanium).

• ‣ Increasing recoveries from mine to mill.

• ‣ Reduction of mining and processing waste products.

Lead Agency Status

• ‣ The Project was awarded Lead Agency Status by the Western Australian State Government.

• ‣ The Lead Agency for the Project is the Department of Mines, Industry, Regulation and Safety with the support of the Department of Jobs, Tourism, Science and Innovation.

• ‣ Principal Advisor appointed to assist with advice on key approvals and co-ordination across government agencies.

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Vanadium is both a critical mineral and a battery mineral – sought after by Australia, US, UK, EU and other major industrial countries

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The Australian Vanadium Project Broader State Economic Impact Analysis

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Employment Opportunities

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• ‣ During construction 500 jobs will be provided, 250 jobs at each of the two sites.

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• ‣ Once construction is complete there will be approximately 240 jobs in total , 120 jobs at each site with a further headcount in the corporate office based in Perth.

• ‣ Using a mining industry standard job multiplier of 4 , the estimated jobs for the entire project is about 3,000. A job multiplier measures the amount of direct and indirect jobs created in the region as a result of the primary operation.

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What makes AVL unique?

The superior geology of the Australian Vanadium Project deposit

AVL’s thorough understanding of the geometallurgical characteristics of its project resources, due to extensive and complete study work

Deposit size and strike length allowing for flexibility in mining and scheduling

Crushing, Milling and Beneficiation circuit design that minimises silica in concentrate

Innovative pyrometallurgical process which improves gas usage and vanadium extraction

AVL team’s extensive vanadium industry and processing, corporate experience

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Developing efficient process for producing highpurity battery, chemical and master alloy grade material

Determination to deliver thorough studies to attract partners and financiers and to minimise the risk of operational underperformance

VRFB market development through subsidiary VSUN Energy

LOI signed with world’s third largest vanadium producer

Project located in Western Australia, which is a Tier 1 mining jurisdiction

Location of processing plant closer to cheaper gas and local workforce near Port and infrastructure

Saleable iron co-products

Key Objectives to July 2021

Offtake

Agreements

Steel markets account for 90% of current global vanadium consumption Complete secured offtake for 100% of vanadium products

Feasibility Studies Completion of PFS Update

Completion of engineering and BFS level costing

Finance

Maintain strong financial position

Qualification with financiers for Project equity and debt and/or Joint Venture partnerships

Social Licence to Operate Finalise Mining Licence approvals Increase regional community engagement

Environmental Approval

Submission of environmental approval for Mine and CMB site Processing Site approval application

Government Support

Maintain strong Federal and State Government recognition and support

The Australian Vanadium Project Project Summary

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Completed
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Ongoing Priorities
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Planned
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• ✓ Exploration success – large high quality VTM resource

• ✓ Resource and Reserves for initial 17 year mine in PFS, significant potential for extension

• ✓ Completed PFS showing strong fundamentals through all price cycles

• ✓ CMB Pilot study (30t)

• ✓ MOU with first significant party regarding finance, offtake of vanadium oxides

• ‣ Completion of large-scale downstream processing pilot program and definitive process flow diagrams

• ‣ Environmental impact studies, water and submission to EPA

• ‣ Financing and resource bank engagement (partnerships, MOUs)

• ‣ Offtake agreements

• ‣ Mining schedule and financial model based on new Resource profile

• ‣ Updated PFS to form basis for BFS

• ‣ BFS completion

• ‣ Key funding partner selection and financial close

• ‣ Detailed design engineering completion

• ‣ Order long lead time equipment

• ‣ EPC/EPCM contract execution ‣ Construction, startup, commissioning and ramp up

• ✓ MOU with Westgold for life-ofmine water requirements

• ✓ Increased Project Resource

• ✓ Mining lease approval

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The Australian Vanadium Project Updated Resource Table

Material	JORC Resource Class Million Tonnes V2O5 % Fe % TiO2 % SiO2 % Al2O3 % LOI %
High Grade Low Grade Transported Total	Measured 10.1 1.14 43.9 13.0 9.2 7.5 3.9 Indicated 25.1 1.10 45.4 12.5 8.5 6.5 2.9 Inferred 52.7 1.04 44.6 11.9 9.4 6.9 3.3
	Subtotal – High Grade 87.9 1.06 44.7 12.2 9.2 6.8 3.2
	Indicated 44.5 0.51 25.0 6.8 27.4 17.0 7.9 Inferred 60.3 0.48 25.2 6.5 28.5 15.3 6.7
	Subtotal – Low Grade 104.8 0.49 25.1 6.6 28.0 16.1 7.2
	Inferred 15.6 0.65 28.4 7.7 24.9 15.4 7.9
	Subtotal – Transported 15.6 0.65 28.4 7.7 24.9 15.4 7.9
	Measured 10.1 1.14 43.9 13.0 9.2 7.5 3.7 Indicated 69.6 0.72 32.4 8.9 20.6 13.2 6.1 Inferred 128.5 0.73 33.5 8.8 20.2 11.9 5.4
	Total 208.2 0.74 33.6 9.0 19.8 12.1 5.6

Note : Mineral Resource estimate by domain and resource classification using a nominal 0.4% V2O5 wireframed cut-off for low grade and nominal 0.7% V2O5 wireframed cut-off for high grade (total numbers may not add up due to rounding).

VSUN Energy

VSUN Energy

A Renewable Energy Company

About VSUN Energy

• ‣ VSUN Energy is a renewable energy company focused on sale of vanadium redox flow batteries (VRFBs) for energy storage.

• ‣ VSUN Energy is AVL’s fully owned subsidiary, launched in 2016 to grow the VRFB market in Australia to increase the demand for vanadium in energy storage.

• ‣ VSUN Energy creates safe and reliable renewable energy storage solutions using vanadium redox flow battery (VRFB) technology.

• ‣ Vanadium redox flow batteries offer long duration energy storage and can provide smooth power delivery for over four hours.

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VSUN Energy

Why use the VRFB for energy storage?

• ‣ An energy battery, able to store large amounts of energy for later use

• ‣ Easy to scale by adding modules or introducing larger electrolyte tanks

• ‣ Lifespan of over 20 years with no degradation in performance over time and unlimited cycling

• ‣ Non-flammable, making it safer than other batteries on the market

• ‣ Can switch between charge and discharge instantaneously

• ‣ 100% depth of discharge with no lifetime capacity loss

• ‣ The vanadium electrolyte can be reused indefinitely

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VSUN Energy

Recent Sales and Available Products

Recent Sales

• ‣ 90kW/320kWh VRFB for a dairy in Meredith, Victoria.

• .

• ‣ 20kW/80kWh VRFB plus solar energy storage system for an orchard in Pakenham, Victoria.

• ‣ 5kW/30kWh standalone power system for an off-grid residential client in regional Western Australia.

Sizing

• ‣ VSUN Energy offers VRFBs ranging in size from 5kW through to hundreds of MW through partnerships with VRFB manufacturers around the world.

• ‣ The VRFBs come in 3 hour up to 10 hours of stored energy.

• ‣ Power and stored energy can be configured using multiple units.

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VSUN Energy Downstream revenue opportunities for AVL

Vanadium Electrolyte

Vanadium electrolyte (produced from high purity vanadium) is in short supply

• ‣ Low levels of investment in refining V2O5 and electrolyte production

• ‣ Investment needed in VRFB market development and electrolyte production increases

• ‣ 100MWh of energy storage uses 989t V2O5, with AVL’s annual production estimated at 10,000t V O 2 5 per annum

• ‣ Vanadium leasing is a revenue generating opportunity

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Coates Project

Coates Project Coates Mafic Complex

• ‣ Coates Mafic Complex is located approx. 29 km SE of the recent Ni-Cu-PGE Julimar Project discovery by Chalice Gold Mines (ASX: CHN) in a comparable rock sequence.

• ‣ Within AVL tenure, the mafic complex was explored in the 1960s and 70s for vanadium-titanium (V-Ti) hosted in an enriched laterite horizon at surface and the underlying magnetite-gabbro portion of a layered gabbro intrusion.

• ‣ Within Mercator and Lithium Australia (LIT) tenure, end of hole sampling of modern vacuum drillholes for bauxite in the NW portion of the tenement group returned anomalous platinum/palladium (PGEs)

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Coates Project PGE Geochemistry

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Coates Project Historical Drill Dataset

• ‣ Garrick Agnew Pty Ltd and Mt Dempster Mining Pty Ltd completed 385 percussion and diamond holes for nearly 18,000 metres of drilling during 1970 – 1975.

• ‣ Holes were assayed for select major elements. Sulphides were noted by the core logging geologists.

• ‣ AVL has digitally captured this dataset from publicly available reports. A geological model and dataset for all recorded sulphide occurrences has been constructed.

• ‣ Portions of drill core holes by Mt Dempster Mining Pty Ltd have been acquired by AVL. First base metal and PGE assays of quarter core are pending.

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Coates Project Historical Drill Dataset

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Coates Project Historical Drill Dataset

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Coates Project

Micro XRF Scans – CRD019

• ‣ Micro XRF scanning at Portable Spectral Services in West Perth was completed on three pieces of core from CRD019.

• ‣ The 100 micron (µm) scans (human hair = 80 µm) identified a more mafic phase of the gabbro (melagabbro) that contains magnetite > pyroxene / amphibole > ilmenite > sulphide adjacent to mesogabbro that has plagioclase > pyroxene / amphibole > magnetite > ilmenite > sulphide.

• ‣ While there are small amounts of disseminated sulphide throughout the magnetite gabbro unit, the sulphide abundance increases in the mela-gabbro unit.

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Coates Project

Micro XRF Scans – CRD019

• ‣ 4 µm scans on two copper bearing sulphides was completed, confirming the presence of chalcopyrite within pyrrhotite crystals.

• ‣ Elemental mapping and interpretation shows the surrounding minerals are amphibole with relict pyroxene centres, ilmenite, magnetite and titanite.

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Contact AVL

P +61 (08) 9321 5594 E info@australianvanadium.com.au

Level 1, 85 Havelock Street West Perth, Western Australia 6005

Australian Vanadium Limited | ASX: AVL

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australianvanadium.com.au

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