Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-32

you couldn't be more wrong.

This 'Kalgoorlie Contract' - the only way AVL get involved is to import V electrolyte, import a pre-made battery and on-sell it.

The announcement states the vanadium is to be sourced and processed in WA. The electrolyte will be coming from WA, noting the 33MWh facilty in Perth isn't big enough, which surprise surprise WA Labor have thought of. "A re-elected Cook Labor Government will also work with the private sector to create opportunities for local battery manufacturing in Kalgoorlie to create additional ongoing local jobs."

Isn't it supposed to go online in 2027?You think AVL will be mining V by 2027? Based on what?
I asked the company in October last year and they advised a 12-18 month start to commencement of construction. The project will likely take around 12 months to construct. That takes us to the H1 2027 for commencement of mining.

You don't have unfettered EPA permitting - and it doesn't cover half the intended site.
As previously stated it is simple to amend an approved EPA application to change pit size and locations, providing other details (water, gas, annual production etc.) remain unchanged. A key part of the OFS was to amend this application, and it has been submitted now that the appeal has been finalised.

With the Green Energy Major Project Announcement last week, AVL now have access to lead agencies (including the EPA) to streamline approvals pathways. Tenindewa is before the WAPC for rezoning and does not require EPA assessment. I would anticipate this to be resolved by EOFY.

You haven't satisfied the NT water clause and until you do, you can do NOTHING onsite for 12 months after they sign their acceptance.
You have incorrectly read the appeals conveners recommendations. There is no condition for 12 months after signed acceptance for any clause.

The DWER CEO and Yugunga-Nya Native Title AboriginalCorporation must be supplied with a report 12 months prior to groundwater abstraction commencing, however, only approval from the DWER CEO is required.



For construction works, the appeal found the DWER CEO and Yugunga-Nya Native Title AboriginalCorporation need to be provided a report 12 months prior to construction commencing, however, neither party it required to provide their approval.

To make it simple, for extraction, construction, and borewater usage, the added condition is that the CEO's sign off is conditional on the applicable reports being provided to the Yugunga-Nya Native Title AboriginalCorporation 12 months prior to these activities. Nothing is stated about receiving approval or endorsement.

Read both the original EPA report and the appeals letter in conjunction:
https://www.epa.wa.gov.au/sites/default/files/EPA_Report/**anintha%20Vanadium%20Project_Final%20EPA%20assessment%20report.pdf

https://oac-prod-appealsconvenor.powerappsportals.com/_portal/modal-form-template-path/1f8c9f08-b07f-437c-a5a2-7c8cfc9acbe3?id=46f2509e-27ae-ef11-b8e8-00224895a46a&entityformid=f8ed8efb-0e85-ee11-8179-000d3ae17509&languagecode=1033

You don't have unfettered Tenindewa permitting as you still need to do the environmental studies on the impact on properties AVL "forgot" to include in the submission.
AVL made errors with the number of properties and proximity. There was an ABC article about it. It is a poor look and the company made a mistake. However, this isn't part of the EPA application, it is part of the land planning application that was approved by Geraldton City Council (Step 16 of 18) and the application (and necessary updates) are now before the WAPC (Step 17 of 18). They are a lead agency so have a WA Gov directive to prioritise AVL's application and provide technical advice to bring the application to a point of compliance.

You don't have finance.You have no offtakes.Vanadium is in the toilet and completely uneconomical to mine.

Read company announcements and you will see that their are discussions for offtake occuring in 4 states, as well as finance from public and private sectors. Once EPA is approved and a timeline locked in this will all be announced.

I have previously posted about the vanadium price, currently the price is at the bottom of the cost curve, less than 20% of producers are making money. With 20GWh of VFBs under construction in China (150-200,000 tonnes V205 or 150-200% of annual production) and another 20GWh announced, this will eat up stockpiles (approx. 15,000t) and annual drop off from the steel industry (around 40,000t per annum V2O5).

QED