AUSTRALIAN VANADIUM LIMITED — Capital/Financing Update 2014

Mar 20, 2014

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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

21 March 2014

Dear Option Holder

NOTICE TO OPTIONHOLDERS — NON-RENOUNCEABLE RIGHTS ISSUE

The Directors of Yellow Rock Resources Limited (Company) are pleased to advise that on 28 February 2014 they announced to ASX that the Company will undertake a pro-rata nonrenounceable rights issue of fully paid ordinary shares in the capital of the Company (New Shares) on the basis of one (1) New Share and one (1) free attaching option for every one (1) existing share held at the record date which is 28 March 2014 (Record Date).

As an Option Holder, you are entitled to participate in the rights issue only if you exercise your existing (vested and capable of being exercised) options prior to the record date selected by the Company for determining entitlements to participate in the rights issue, being 5:00pm WST on 28 March 2014 (Record Date).

For further information, contact our office on (08) 9227 6300 or by email to yrrinfo@yellowrock.com.au

Yours faithfully,

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Sydney Chesson Chairman