Ann: CBM Pilot Study Confirms High Vanadium Recoveries, page-2

PILOT STUDY PROGRAMME CONFIRMS HIGH VANADIUM RECOVERIES AND CONCENTRATE QUALITY
DFS pilot test results verify multiple positive outcomes for crushing, milling and beneficiation circuit (CMB) design for The Australian Vanadium Project in Western Australia.

KEY POINTS

• Rigorous pilot-scale test work has validated an optimised beneficiation flowsheet.
• Test work focused on processing of two likely ore feed blends, representative of the average life-of-mine and the first five years of forecast process feed.
• Findings confirm the Project’s high vanadium recoveries and consistent excellent concentrate qualities. ➢ Concentrate generated from life-of-mine average feed blend achieved 76% vanadium recovery, at a grade of 1.37% V2O5 and 1.68% SiO2.
➢ Year 0-5 pilot testing achieved 69% vanadium recovery to concentrate at 1.39% V2O5 and 1.83% SiO2.

• High vanadium recovery and low silica content represent unique value opportunities for AVL in ongoing economic studies.
• Pilot work for roasting; water leaching and high purity vanadium extraction underway with partners Metso, ALS and ANSTO to define final processing circuit design for the Project.
• AVL’s rigorous approach to test work significantly reduces future risk, by ensuring the process will work as intended when built at full scale, increasing attractiveness to potential Project investors.

Decent enough Ann, probably muted what with all going on in the world....