Ann: Annual Report to shareholders, page-12

From the Annual Report

Page 61 shows ) $180,903 capital allocated for Primero’s Design & costing, presumably as part of Stage 1 of the build (ECI) which they have always called part of the “build” process per original award announcement below.

From AVL announcement 27/9/21 “VANADIUM ELECTROLYTE MANUFACTURING PLANT BUILD AWARDED TO PRIMERO Western Australian engineering group appointed to undertake Early Contractor Involvement”

They used the same wording “currently being built in Kwinana” in their 16/3/22 announcement “AVL AWARDED $49MILLION FEDERAL GOVERNMENT MANUFACTURING COLLABORATION GRANT AVL secures significant grant funding to create an Australian green fuelled vanadium industry.”



From AVL announcement 11/8/21 “AVL SECURES VANADIUM ELECTROLYTE MANUFACTURING TECHNOLOGY” “AVL signs agreement with U.S. Vanadium LLC for high purity vanadium oxide supply and technology licence.”

Therefore electrolyte plant needs to be completed before ~11/8/23, for this agreement to continue.

From https://www.pv-magazine-australia.com/2021/09/29/plans-for-australias-first-vanadium-electrolyte-manufacturing-facility-move-forward/ article date 21/9/21

Therefore electrolyte plant needs to be completed before ~31/3/24, for this condition to be met.

Current progress appears sufficient, but IMO announcement of the EPC contract finalisation, and its award would need to occur in the next few months to stay on track.