Ann: Change in substantial holding, page-34

For anyone thinking of investing in AVL..

Prominent global mining-focused alternative investment firm Resource Capital Funds (RCF) has shown further confidence in the battery minerals strategy of Australian Vanadium Ltd (ASX:AVL) through a significant recent on-market purchase of AVL shares.
Substantial holder Resource Capital Fund VII LP now holds 7.48% of the Western Australian vanadium project developer, up from 6.37% due to the May 4 on-market purchase.
AVL's share price has increased more than 11% over the past week, trading now at 4 cents per share.48.99 million shares boughtRCF acquired 48,990,151 AVL shares purchased on market with a value of $1,829,157, taking its holding to more than 326.548 million ordinary shares.
The May 4 purchase comes hot on the heels of RCF becoming a substantial holder on March 22, 2023, when the US-based resources investor acquired AVL shares valued at ~$8 million for a 5.35% stake.About RCFRCF partners with companies to build strong and sustainable businesses that strive to produce superior returns to all stakeholders.
It is organised around investment strategies aimed at providing capital throughout the development and capital structure risk spectrum.At the time of the initial investment, AVL chairman Cliff Lawrenson said: “AVL has been working to attract larger strategic and financial investors to its register as it progresses the Australian Vanadium Project.“We are delighted to welcome RCF as a substantial shareholder and we look forward to further developments on our register as we work towards securing funding for the project.”Murchison region investmentsThe Australian Vanadium Project is one of the most advanced vanadium projects being developed globally, with a resource of 239 million tonnes at 0.73% vanadium pentoxide (V₂O₅) and an ore reserve of 30.9 million tonnes at 1.09%.
Investments by RCF will also support AVL’s plans to develop a commercial vanadium electrolyte manufacturing facility in Western Australia to support its strategy to become a vertically integrated ‘pit to battery’ vanadium producer.