Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

3 Quarters cash left at current spend. Some redundancies to reduce discretionary expenditure.

Lots of good news at the front of the announcement:

Electrolyte expansion options: AVL awarded a services agreement to a 3rd party to defineoptions for electrolyte production expansion to match the production levels contemplated byProject Lumina and the utility scale VFB BESS opportunities under consideration by VSUNEnergy

Market development: VSUN Energy explored various opportunities for possibleimplementation of VFB BESS projects in the Australian energy market. Post quarter end,VSUN Energy submitted two formal expressions of interest to supply and install a total ofmore than 1.2 GWh of storage

Progress on environmental approvals has continued alongside the OFS. AVL has submitted anamendment to its second EPA referral to reflect the integrated Australian Vanadium Project design.The updated Environmental Review Document is expected to be submitted in the coming monthsand will mark a significant milestone in the approvals process.

The Company continues to progress through the advanced stages of permitting and approvals for
the Tenindewa site, on which the Project’s processing plant facility is proposed to be located.
Baseline environmental studies at Tenindewa also advanced during the quarter. Long-term noise
and air quality monitoring commenced, with data to be collected over a 12-month period to support
secondary approvals. As part of the 5C Extraction Licence for water under the Department of Water
and Environmental Regulation dated 25 July 2023, a water monitoring program was awarded to
Yamatji Water, a majority owned Yamatji Nation business. Yamatji Water will utilise local personnel
in Geraldton, which includes Yamatji trainees, to conduct baseline monitoring of sub-surface aquifers
in accordance with the Company’s operating strategy.