AUSTRALIAN VANADIUM LIMITED — Capital/Financing Update 2012

Sep 24, 2012

Yellow Rock Resources Limited ABN 90 116 221 740 Address 420 Newcastle Street | West Perth | WA | 6005 Mailing Address PO Box 332 | Leederville | WA | 6903 web www.yellowrock.com.au p (08) 9227 6300 f (08) 9227 6400 e yrrinfo@yellowrock.com.au

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25 September 2012

Update on Partly Paid Shares.

ASX [YRR]. Web page: www.yellowrock.com.au

Yellow Rock Resources announced on 8 June 2012 that it had called up $800,000 against partly paid shares being $0.01 per share against 80 million Partly Paid Shares issued in accordance with the prospectus dated 9 November 2009.

Woolmaton Pty Ltd has proposed and Yellow Rock Resources has accepted that Woolmaton will pay on or before 30 November 2012 the full amount of the call of $325,000 in respect of the 32,500,000 Partly Paid Shares it holds.

The remainder of the holders (47,500,000) of Partly Paid Shares have failed to pay or make arrangements to pay the call made against the Partly Paid Shares. Yellow Rock Resources has instructed the preparation of legal proceedings against the defaulting holders of the Partly Paid Shares.

Yours sincerely,

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Sydney Chesson Chairman