Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-6

For ease of reference with respect to future news;

… “during the quarter AVL has done extensive work on:

• finalising a new mineral resource estimate for the combined project which is expected to be completed shortly;
• proactively pursuing potential equity and debt funders for the combined project, including continued engagement with agencies such as the Northern Australia Infrastructure Facility (NAIF) and Export Finance Australia (EFA);
• maximising the benefits from the $49 million government grant received from the Commonwealth7 and exploring further scope to utilise other grant opportunities;
• seeking commitments with potential offtake clients for vanadium, ilmenite and iron titanium products from the combined project; • conducting extensive work to progress environmental approvals for the combined project;
• continuing to develop our strong relationship with the Traditional Owners of the lands on which the project will be developed;
• completing other regulatory and permitting requirements; and
• developing a sustainability strategy that ensures positive outcomes for the environment and the community.”