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ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORT Period ending 31st March 2021 HIGHLIGHTS • Submission of vanadium processing patent application . Australian VANADIUM LIMITED 30TH APRIL 2021 • • • • • • Federal Government manufacturing grant application for downstream vanadium processing submitted . Final pyrometallurgical results confirm world leading vanadium extraction of up to 94.9 % . Co - operative Research Centre Project delivers key project milestones to support BFS . Environment Protection Authority referral submitted . EIS drilling grant funding awarded for Coates V - Ni - Cu - PGE - Au project SE of Chalice Mining's Julimar discovery Company set to complete externally reviewed Bankable Feasibility Study ( BFS ) focusing on dedicated vanadium pentoxide production for steel and battery industries . VSUN Energy • • Residential vanadium redox flow battery development underway with local design content . Increase in global VRFB uptake driving increased demand and new enquiries . Corporate • Advisian appointed to undertake ESG gap analysis . • $ 973,000 R & D refund received . • Cash at bank on 31st March 2021 was $ 6.15 million . Management comment During the March quarter , the Company confirmed its world - leading vanadium extraction achievement , as testwork at the Metso facilities in the US was completed . Establishing a processing flowsheet that can be scaled up successfully is a key method of de - risking the Australian Vanadium Project ( the Project ) . Due to the quality of the Company's work , a patent application for vanadium processing was submitted to protect Intellectual Property that AVL has developed as part of its successful pilot results . Australian Vanadium Limited Level 1 , 85 Havelock Street West Perth , WA 6005 Phone : +61 8 9321 5594 Fax : +61 8 6268 2699 Email : info@australianvanadium.com.au ASX : AVL FRA : JT7.F OTC : ATVVF ABN : 90 116 221 740