Ann: $14.7 Million Received from Federal Grant, page-17

There’s a lot inferred andcactually stated in Graham’s statement today:
, “AVL continues to work closely with the Australian Government and we are grateful to receive this second milestone payment. It is testament to the outstanding work being undertaken to progress the Australian Vanadium Project, which will benefit not only the Mid West region of Western Australia where the Project will operate, but Australia more broadly, as we continue to realise the onshore vanadium value chain from pit-to-battery that will support Australia's energy transition ambitions

“Our project is expected to create hundreds of jobs in mining and processing and will expand to battery manufacturing value chains around the country, as vanadium flow batteries are more widely adopted to meet the long duration energy storage requirements of renewable energy generation. We continue to collaborate with industry partners and look forward to sharing these developments as they advance.”

But time is moving on .

Was it October 2026 when the Indian contract to supply USV with vanadium runs out?
…a date to which the supply MOU with USV might have been formalised and timelined.
But AVL has already failed to meet that potential supply deadline, according to the EPA document (currently still under appeal) which expects that commercial production won’t begin until the fourth year after start of works.



And regarding a start date; after the EPA approval for Gãbanintha is finally stamped- what of the contractors?
Who will do the work? When will they be able to start …
In fact when will they even be tendered for ?
How long will it take to build the village that will hold them?

… So much project infrastructure and coordinating to get through before Madeleine King and various others are flown out to Meekatharra for the happy snap of ‘first shovels in the ground’.

But I guess that day will come .. next FY or maybe in FY’26
And USV will renew its’ Indian supply contract accordingly..
And by then VFBs are expected to be far more widely known and used which is not a bad thing for AVL…



Just a few thoughts on the fundamentals ..

And beyond all that, the other day I had the sense that one of the large-holding posters here….

(one of the few who has already gained by the fervid rigour and chants of the TMT email pressure group)

{not that I’m saying I feel the EPG was being used by big holders with low-priced shares who expected the extra ~16% to insulate them in the event of a post merger season such as we’re seeing } ​

…had held the ‘glass jar to the boardroom door’ when he started talking about it being about time AVL inked in a partner.
Nice that Graham is reiterating that theme eh what?


cheers