Ann: Update on Sale of Coates and Nowthanna Hill Projects, page-12

The reply I received from my emai l sent asking, why was we not informed of this sale?.

Thank you for your email. The sale of Coates and Nowthanna Hill projects was first announced to the
market on 11^th May 2022

https://app.sharelinktechnologies.com/announcement/asx/dfd870d1d17f1999510ad34ae9bb0017

AVL’s focus is firmly on the Australian Vanadium Project and downstream opportunities in the battery market. Coates and Nowthanna Hill are secondary projects that the company doesn’t have the time or funds to give the proper attention these projects require.

AVL retains an 11.24% shareholding in MG1, meaning that any progress by MG1 can be realised by AVL.

AVL shareholders also have the opportunity to participate in the IPO if they wish and can buy shares and attaching options. Please review the prospectus for more information.

Many thanks,

	Sam
1	Samantha McGahan Marketing Manager