AUSTRALIAN VANADIUM LIMITED — M&A Activity 2007

Nov 5, 2007

YELLOW ROCK RESOURCES LIMITED

ABN 90 116 221 740

5 November 2007

Companies Announcement Office ASX Limited 20 Bridge Street Sydney NSW 2000

Cabe Resources Limited acquisition

Yellow Rock Resources Limited refers to its prior announcements in relation to its takeover bid for the shares and options in Cabe Resources Limited.

Due to the fact that one of the conditions of the takeover bid is approval of the takeover by the Company’s shareholders at its AGM on 28 November 2007 the Company has today extended the offer period under the takeover bid to 30 November 2007.

In accordance with ASX Listing Rule 3.2 the Company provides the following information:

• 1 The percentage of securities in the bid class in which the bidder and the bidder’s associates had a relevant interest when the first of the offers was made was nil.

• 2 The percentage of securities in the bid class in which the bidder and the bidder’s associates have a relevant interest at the date of the extension is 100%.

Denis McInerney Chairman

Registered Office: 35 Great Eastern Highway, Rivervale, WA 6103 Telephone: (08) 9361 5400 Facsimile: (08) 9361 5900