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ASX ANNOUNCEMENT Australian VANADIUM LIMITED 25TH OCTOBER 2021 QUARTERLY ACTIVITIES REPORT Period ending 30th September 2021 HIGHLIGHTS Corporate • • • Completion of successful $ 8.7M placement with institutional and sophisticated investors . In July , as detailed in the June quarterly report , AVL was awarded a $ 3.69M Australian Government Modern Manufacturing Initiatives ( MMI ) Grant in a competitive process for downstream vanadium processing , including : O High - purity vanadium pentoxide processing circuit Building and operating a commercial vanadium electrolyte plant in WA Manufacture of residential and stand - alone power systems in WA $ 1,622,806 received as an initial payment for the MMI Grant . Structured finance specialist HCF International appointed , in partnership with Grant Thornton Australia , to secure funding to support the development of the Australian Vanadium Project . Successful completion of ESG gap analysis by global consultancy Advisian , demonstrating that AVL is performing well relative to its stage of development . Australian Vanadium Project , Meekatharra , WA • • • Globally significant combined roast / leach overall vanadium extraction of 92 % confirmed . New test data has identified potential for increased vanadium resources and higher Feti coproduct grades in southern blocks . Licence signed with U.S. Vanadium LLC for high purity vanadium oxide supply and vanadium electrolyte manufacturing technology . Primero appointed to undertake Early Contractor Involvement for the building of AVL's vanadium electrolyte manufacturing plant . Nickel , copper , gold , PGE and additional critical metals collaborative drilling exploration commenced at Gabanintha . • Bankable Feasibility Study nearing completion . Coates Ni PGE Project , Northam District , WA • • Nickel , chrome , copper and PGE soil anomalies confirm prospectivity . Significant airborne electromagnetic conductor identified at Coates for follow up drilling using pre - approved EIS funding . 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