Ann: Iron-Titanium Co-Product Sale Opportunities - Retraction, page-2

Retraction – Iron-Titanium Co-Product Sale Opportunities

Australian Vanadium Ltd (“AVL” or “the Company” refers to the market release made
on 20 August 2020 titled “Iron-Titanium Co-Product Sale Opportunities”.

The Company retracts statements in the announcement in relation to the co-product
production target as the Company is no longer able to report the co-product
production target from the PFS on the basis that there has been a material change to
the assumptions underpinning that co-product production target, and accordingly
that information is retracted from the Announcement.

Investors should not rely on the statement pertaining to the co-product production
target as a basis for investment decision about AVL shares, which has since been
retracted.