AUSTRALIAN VANADIUM LIMITED — Share Issue/Capital Change 2025

Oct 22, 2025

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

==> picture [21 x 22] intentionally omitted <==

Announcement Summary

Entity name

AUSTRALIAN VANADIUM LIMITED

Date of this announcement

Thursday October 23, 2025

The +securities the subject of this notification are:

+Securities issued as part of a transaction or transactions previously announced to the market in an Appendix 3B that are not quoted, and 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	Options expiring 23 October 2030	431,732,904	23/10/2025
to be confirmed

Refer to next page for full details of the announcement

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

1 / 6

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

==> picture [21 x 22] intentionally omitted <==

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 Registration number ABN 90116221740

1.3 ASX issuer code

AVL

1.4 The announcement is

New announcement

1.5 Date of this announcement

23/10/2025

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

2 / 6

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

==> picture [21 x 22] intentionally omitted <==

Part 2 - Issue details

2.1 The +securities the subject of this notification are:

+Securities issued as part of a transaction or transactions previously announced to the market in an Appendix 3B that are not quoted, and are not intended to be quoted, on ASX

Previous Appendix 3B details:

Announcement Date and	Announcement Title	Selected Appendix 3B to submit quotation
Time		request
30-Sep-2025 09:43	New - Proposed issue of securities -	A placement or other type of issue
	AVL

2.3a.2 Are there any further issues of +securities yet to take place to complete the transaction(s) referred to in the Appendix 3B?

No

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

3 / 6

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

==> picture [21 x 22] intentionally omitted <==

Part 3A - number and type of +securities the subject of this notification (existing class or new class) where issue has previously been notified to ASX in an Appendix 3B

Placement Details

ASX +security code and description new unquoted class of security

Date the +securities the subject of this notification were issued 23/10/2025 Any other information the entity wishes to provide about the +securities the subject of this notification

Issue details

Number of +securities 431,732,904 Were the +securities issued for a cash consideration? No

Please describe the consideration being provided for the +securities

Options issued pursuant to terms of Loan Facility Agreement. Refer ASX announcement dated 30 September 2025 titled "AVL Agrees US$10 Million Secured Loan Facility".

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

4 / 6

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

==> picture [21 x 22] intentionally omitted <==

Part 3C - number and type of +securities the subject of this notification (new class)

==> picture [495 x 238] intentionally omitted <==

----- Start of picture text -----

ASX +security code +Security description
New class - code to be confirmed Options expiring 23 October 2030
+Security type ISIN code
Options
Date the +securities the subject of this notification were issued
23/10/2025
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes
Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under
listing rule 6.1?
No
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being
issued.
Refer page 21 of Notice of Annual General Meeting
https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03013248
----- End of picture text -----

Options Details
+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.01390000	23/10/2030

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option

AVL : ORDINARY FULLY PAID

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

Issue details

Number of +securities

431,732,904

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

5 / 6

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

==> picture [21 x 22] intentionally omitted <==

Part 4 - +Securities on issue

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

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
AVL : ORDINARY FULLY PAID	8,634,658,076

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
AVLAS : PERFORMANCE RIGHTS	140,124,668
New class - code to be confirmed : Options expiring 23 October 2030	431,732,904

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

6 / 6