Ann: Pilot Testing Delivers Uplift in Vanadium Extraction, page-2

PELLET ROAST PILOT TESTING DELIVERS
UPLIFT IN VANADIUM EXTRACTION
Advanced roast leach flowsheet development achieves exceptional vanadium leach extraction of up
to 94.7%
KEY POINTS
• Pilot scale roast and leach testing confirms the exceptional vanadium extraction achieved
during bench scale testing.
• 93.3% average extraction, an 8% relative improvement on the PFS basis.
• Use of well-established Grate Kiln technology demonstrates energy efficiency and
adaptability for vanadium roasting.
• Downstream hydrometallurgical pilot program underway to finalise AVL’s processing
flowsheet.
• AVL continues to innovate using well known industrial processing techniques, improving
on the traditional vanadium salt roast processing techniques as it moves to deliver the
Australian Vanadium Project near Meekatharra in Western Australia.
• A key focus driving innovation is AVL’s objective to deliver a bankable feasibility study
with an operating cost that can withstand the cyclical lows of the vanadium market.



"Proposed primary vanadium projects are effectively competing against existing operations which
have their plant assets essentially paid off, allowing them to operate in sub-US$6.00/lb V2O5 markets
for extended periods. This emphasises the need to innovate, de-risk and improve on current
operating processes, which frames AVL’s objectives.
AVL has used the COVID-19 period to review the feasibility study and funding pathway, with a gap
analysis having been undertaken by a recognised external consultant. Advice is being summarised
into an action plan that is being finalised for Board approval. The focus is on the delivery of an
externally reviewed Bankable Feasibility Study that is finance ready. The Company will release more
details on the report findings, as well as key 3rd party appointments, in due course."