AUSTRALIAN VANADIUM LIMITED — Share Issue/Capital Change 2021

Aug 2, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

AUSTRALIAN VANADIUM LIMITED

Date of this announcement

Tuesday August 03, 2021

The +securities the subject of this notification are:

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+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Performance Rights	35,116,525	30/07/2021
to be confirmed

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

AUSTRALIAN VANADIUM LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

90116221740

1.3 ASX issuer code

AVL

1.4 The announcement is

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New announcement

1.5 Date of this announcement

3/8/2021

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Part 2 - Issue details

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2.1 The +securities the subject of this notification are:

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+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

ASX +security code New class - code to be confirmed	+Security description Performance Rights
+Security type	ISIN code
Other

Date the +securities the subject of this notification were issued 30/7/2021

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Were any of the +securities issued to +key management personnel (KMP) or an +associate? Yes

Provide details of the KMP or +associates being issued +securities. Name of KMP Name of registered holder Number of +securities Todd Richardson Todd Richardson 7,500,000

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms https://www.asx.com.au/asxpdf/20201026/pdf/44p3nr0lfb15tf.pdf

Any other information the entity wishes to provide about the +securities the subject of this notification

5,808,562 performance rights vest on continuous employment, as defined in the Plan, from the date of grant until 31 December 2021.

• 2,250,000 performance rights vest on completion of a bankable feasibility on the Australian Vanadium Project. 7,686,087 performance rights vest on the company achieving a share price of at least $0.025 VWAP over 20 consecutive trading days on which the company's shares have actually traded. 7,686,088 performance rights vest on the company achieving a share price of at least $0.03 VWAP over 20 consecutive trading days on which the company's shares have actually traded. 7,686,088 performance rights vest on the company achieving a share price of at least $0.04 VWAP over 20 consecutive trading days on which the company's shares have actually traded. 4,000,000 performance rights vest on the company achieving a share price of at least $0.05 VWAP over 20 consecutive trading days on which the company's shares have actually traded.

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Issue details

Number of +securities 5,808,262 Number of +securities 2,250,000 Number of +securities 7,686,087 Number of +securities 7,686,088

Number of +securities 7,686,088

Number of +securities

4,000,000

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
AVL : ORDINARY FULLY PAID	2,931,158,814
AVLOA : OPTION EXPIRING 18-DEC-2022	186,071,428

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
AVLAB : PERFORMANCE RIGHTS	124,000,000
AVLAC : OPTION EXPIRING 30-SEP-2020 EX 2C	111,449,273
AVLAQ : ORDINARY PARTLY PAID TO 0.01C, 3.89C UNPAID	80,000,000
New class - code to be confirmed : Performance Rights	35,116,525

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? Yes

5.1a Select the number of the applicable exception in Listing Rule 7.2

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