AUSTRALIAN VANADIUM LIMITED — Director's Dealing 2011

Dec 15, 2011

Appendix(3Y( Change(of(Director’s(Interest(Notice(

Rule%3.19A.2

Appendix(3Y(

Change(of(Director’s(Interest(Notice(

Information%or%documents%not%available%now%must%be%given%to%ASX%as%soon%as%available.%%Information%and% documents%given%to%ASX%become%ASX’s%property%and%may%be%made%public.%

Introduced 30/09/01 Amended 01/01/11

Name(of(entity(((((((((((((((((((((((((((((((((((((((((((((((Yellow(Rock(Resources ABN((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((90(116(221(740

We!(the!entity)!give!ASX!the!following!information!under!listing!rule!3.19A.2!and!as!agent!for! the!director!for!the!purposes!of!section!205G!of!the!Corporations!Act.!!!

NameofDirector	SydneyJamesChesson
Dateoflastnotice	11November2011

Part(1(I(Change(of(director’s(relevant(interests(in(securities

In%the%case%of%a%trust,%this%includes%interests%in%the%trust%made%available%by%the%responsible%entity%of%the%trust%

Note:!In!the!case!of!a!company,!interests!which!come!within!paragraph!(i)!of!the!definition!of!“notifiable!interest!of!a!director”!should!be! disclosed!in!this!part.!

Directorindirectinterest	Indirect
Natureofindirectinterest (includingregisteredholder) Note:Providedetailsofthecircumstancesgivingrisetotherelevant interest.	BeneficiaryofDutcoSuperfund– JadeGlenPtyLtdATFDutcoSuperfund
Dateofchange	6December2011
No.ofsecuritiesheldpriortochange	1,000,000
Class	Ordinary
Numberacquired	100,000
Numberdisposed	Nil
Value/Consideration Note: If consideration is nonZcash, provide details and estimated valuation	$0.013
No.ofsecuritiesheldafterchange	1,100,000

+!See!chapter!19!for!defined!terms.!

01/01/2011!

Appendix!3Y!!Page!1!

Appendix(3Y( Change(of(Director’s(Interest(Notice(

Nature(of(change(

On!Market!Trade!

Example:!onZmarket!trade,!offZmarket!trade,!exercise!of!options,!issue! of!securities!under!dividend!reinvestment!plan,!participation!in!buyZ back

Part(2(–(Change(of(director’s(interests(in(contracts(

Note:!In!the!case!of!a!company,!interests!which!come!within!paragraph!(ii)!of!the!definition!of!“notifiable!interest!of!a!director”!should!be! disclosed!in!this!part.

Detailofcontract	N/A
Natureofinterest	N/A
Nameofregisteredholder (ifissuedsecurities)	N/A
Dateofchange	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relationtowhichtheinteresthaschanged	N/A
Interestacquired	N/A
Interestdisposed	N/A
Value/Consideration Note: If consideration is nonZcash, provide details andanestimatedvaluation	N/A
Interestafterchange	N/A

Part(3(–([+] Closed(period(

Were the interests in the securities or contracts detailed above traded during a +closed period wherepriorwrittenclearancewasrequired?	N/A
Ifso,waspriorwrittenclearanceprovidedtoallow thetradetoproceedduringthisperiod?	N/A
If prior written clearance was provided, on what datewasthisprovided?	N/A

+!See!chapter!19!for!defined!terms.!

Appendix!3Y!Page!2!

01/01/2011!