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ASX: AVL Vanadium’s next frontier New markets. New applications. Global partnerships. 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing, China October 2026
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22 The views expressed in this Presentation contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Compliance & Cautionary Forward-looking Statements Forward Looking Statements This Presentation may contain certain forward-looking statements with respect to matters including but not limited to the financial condition, results of operations and business of AVL and certain of the plans and objectives of AVL with respect to these items. These forward-looking statements are not historical facts but rather are based on AVL’s current expectations, estimates and projections about the industry in which AVL operates and its beliefs and assumptions. Words such as “anticipates”, “considers”, "expects”, "intends”, "plans”, "believes”, "seeks”, "estimates", "guidance" and similar expressions are intended to identify forward-looking statements and identify statements that involve risks and uncertainties. Such statements are subject to certain risks and uncertainties, particularly those risks or uncertainties inherent in the industry in which AVL operates. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the control of AVL, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Such risks include, but are not limited to resource risk, metal price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the countries and states in which AVL operates or sells its products to, and government regulation and judicial outcomes. For more detailed discussion of such risks and other factors, see the Company’s Annual Reports, as well as the Company’s other filings. AVL cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which relate only to events as of the date on which the statements are made. Market, industry and third-party data in this Presentation have been obtained from sources considered reliable, but have not been independently verified by AVL. ASX Listing Rule 5.23 The information in this announcement relating to mineral resource estimates for the Australian Vanadium Project is extracted from the announcement entitled ‘39% Increase in High Grade Measured and Indicated Mineral Resource’ released to the ASX on 7 May 2024. The relevant announcement is available on the Company's website www.avl.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and that all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the competent person's findings are presented have not been materially modified from the original market announcements. 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL
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3 The vanadium-VFB flywheel 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL Growing market. Stronger supply chain. Industrial scale-up China has successfully industrialised VFB technology and manufacturing Bankable projects, expanding use cases VFB demand from Australian / international projects and new use cases Growing vanadium demand Deployment strengthens the case for investment in supply High purity supply AVL and other developers prepare quality and cost capable assets to meet future demand KEY DRIVERS Energy policy LDES and storage technology diversification Electrification Hot climates High cycle applications AI data centres Commercial opportunity - increase compute Economics Scale up, leasing Whole of BESS approach
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4 China’s VFB scale-up has unlocked a global opportunity International deployment can increasingly draw on an established technology and manufacturing base 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL BEFORE NOW Technology scale-up Demonstrated large-scale systems→ Manufacturing development Established industrial supply chains→ Limited project experience Growing deployment and operating references→ Bespoke solutions Potential for repeatable global projects→ Next step is now underway: translate industrial maturity into bankable international projects
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55 Large VFB projects now span multiple markets 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL 0 10 20 30 40 50 60 Operational Construction Announced VFB (GWh) Global - 2024 Operational Construction Announced VFB (GWh) Global - 2025 Source: Vanitec • Over 8GWh of VFBs in operation globally, with a further 44GW of projects either in construction or announced 4 • If fully deployed, the Flexbase, Hunter VFB and Kalgoorlie VBESS would represent almost 12% of the estimated annual global vanadium oxide supply in new vanadium demand 5 S:Switzerland – 2.1GWh Project: Flexbase Technology Centre1 Status: in construction Use case: data centre Australia – 500MWh Project: Kalgoorlie VBESS 3 Status: targeting 2029 operation Use case: long duration, grid reliability Australia – 864MWh Project: Hunter VFB 2 Status: early development Use case: long duration, grid reliability 2026 – Example Projects 1. invinity.com/invinity-selected-to-design-gwh-scale-vfb-system/ 2. idemitsu.com.au/projects/ 3. wa.gov.au/organisation/energy-policy-wa/kalgoorlie-vanadium-battery-energy-storage-system-expression-of-interest- stage-two 4. vanitec.org/latest-from-vanitec/article/china-vanadium-market-enters-new-phase-as-energy-storage-drives-structural- transformation, 5 March 2025 and vanitec.org/latest-from-vanitec/article/steady-growth-in-chinas-new-energy-storage- capacity-over-44-million-kilowatts-now-operational 5. Based on aggregate stated project capacity of 3.464 GWh, AVL’s internal assumption of approximately 7.9 tonnes V₂O₅ per MWh and 2024 global supply of approximately 237 kt V₂O₅
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6 Continued focus on competitiveness and bankability will remain critical to the flywheel 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL COMPETITIVE SYSTEM COST Manufacturing scale, design and delivered installation cost to match project requirements MATURING BANKABILITY Including risk allocation, p erformance guarantees, building stronger operating references at flagship projects ELECTROLYTE FINANCING Leasing for potential to reduce upfront capital requirements INTERNATIONAL DELIVERY Standardised engineering architectures to match locality, local partners and service capability Growing the international VFB market requires collaboration across technology, finance and local supply chains
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77 Electrolyte leasing – another potential accelerator of VFB adoption 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL 323 323 ElectrolyteBalance of Plant Battery Module Battery Module Balance of Plant Initial Capex ($/MWh) LFP BESS1 VFB BESS2 1. Economic Regulation Authority Analysis, March 2026: https:// www.erawa.com.au/sites/default/files/2026-benchmark-reserve- capacity-prices-2028-29-capacity-year-final-determination.PDF 2. AVL - Internal capital cost estimate January 2026, ±30% – Utility-scale VFB BESS 3. RKP International – Unlock the potential – financial benefits, scalability, and success stories of vanadium electrolyte leasing 4. World Bank – Circular business model for vanadium use in energy storage https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099020324185517458 5. ASX announcement dated 31 March 2026, ‘ Development of vanadium electrolyte production technology ’ 6. ASX announcement dated 9 May 2025 ‘ Project Lumina confirms improved competitiveness ’ • Electrolyte leasing: deployed at utility-scale in China 3 and capable of converting electrolyte component, estimated at 40 -50% of VFB capex, into opex 4 – a similar leasing model could potentially be applied in Australia • AVL’s V-NOMAD platform: designed to reduce the delivered cost of electrolyte at utility scale 5 • VSUN Energy’s Lumina architecture: designed to improve the cost competitiveness of utility -scale VFB deployment in Australia 6 • Balance of plant ( BoP): commonality with lithium iron phosphate (LFP) BESS means LFP BESS BoP innovation has potential to translate into VFB BESS BoP innovation • Economies of scale: OEMs continue to scale production, enabling cost reductions • Stack innovation: OEMs continue to validate higher energy density solutions Indicative initial capital cost comparison for the assumed project configurations. AVL VFB estimate is based on internal January 2026 modelling at ±30%. The comparison is illustrative only and actual project costs will depend on project duration, configuration, location, procurement and financing assumptions.
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88 VFBs’ unique attributes offer competitive advantages in key emerging markets 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL AI data centres Remote site electrification Hot climates Saudi Arabia plans to deploy 48GWh of battery storage by 2030 to support a vision of securing 50% of its electricity from renewables.2 VFBs are ideal for hot climates given their ability to cycle efficiently at higher temperatures and the aqueous flow battery chemistry presents no thermal runaway risk. Rio Tinto estimates it will require 600– 700MW of renewable energy to displace the majority of gas use across its Pilbara power network – supported by large-scale BESS.1 AI data centres’ requirement for instantaneous backup power, over multiple cycles per day, with minimal degradation and high reliability may create a significant potential market for VFBs. The absence of thermal runaway risk and the ability to provide extended-duration storage may support VFB adoption in data-centre applications. 1. www.riotinto.com/en/news/stories/pilbara -renewable 2. www.energytrend.com/news/20250110-48972.html VFBs’ advantages over established BESS technology – including duration, no thermal runaway risk, minimal degradation and full depth of discharge – position this technology for use in key emerging BESS use cases
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99 The case for new upstream supply: a single utility-scale VFB BESS would create significant demand for vanadium 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL 1. Based on AVL internal modelling and the assumed electrolyte concentration and system configuration. Actual vanadium requirements will depend on system design and electrolyte specifications 2. TTP Squared, Inc – 2024 global vanadium market size 133,000 metric tonnes vanadium (equivalent to 237kt V 2O5) 3. https://www.businessnews.com.au/article/No -nickel-woes-for-vanadium-Cook 50 MW/ 500 MWh VFB BESS 4kt V2O5 demand1 c.1.7% Of global V2O5 supply2 ~ ~ “Western Australia, of itself, is going to have a strong demand for vanadium as part of our domestic market” 3 - Premier Hon Roger Cook MLA
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1010 Three value platforms, one integrated strategy Vanadium Mining and Processing Asset Australian Vanadium Project Electrolyte manufacturing facility VSUN Energy (100% AVL) AVL advantage High-grade project in Tier-1 jurisdiction – WA WA’s only established and operational electrolyte manufacturing facility Cost-competitive, utility-scale VFB storage solutions Status • Targeting completion of Optimised Feasibility Study (OFS) H2CY2026 1 • Current focus on finalising OFS and remaining approvals, while positioning for offtake and funding • Advancing qualification with multiple leading OEMs • Successfully deployed AVL electrolyte into operational VFB 2 • Advancing V-NOMAD , a platform designed to reduce delivered vanadium electrolyte cost for utility-scale VFB BESS projects3 • Commercial VFB BESS projects and Lumina architecture support VSUN Energy’s position in Australian VFB deployment 4 • VFB project for WA-based Horizon Power has exceeded client expectations in hot climate • Building pipeline of potential Australian and international opportunities5 Upstream Midstream Downstream Vanadium Electrolyte Manufacture Utility-scale BESS Solutions 1. See ASX announcement dated 19 February 2026, ‘OFS enhancement to address evolving high purity demand ’ 2. See ASX announcement dated 16 September 2024, ‘ Electrolyte Successfully Deployed in VFB for Horizon Power ’ 3. See ASX announcement dated 31 March 2026, ‘ Development of vanadium electrolyte production technology ’ 4. See ASX announcement dated 6 November 2024, ‘ Realising AVL's Utility-Scale Vanadium Flow Battery Strategy’ 5. See ASX announcement dated 27 July 2026, ‘AVL submits stage two proposal for Kalgoorlie VBESS’ and ASX announcement dated 4 August 2026, ‘Collaboration with Alcoa to evaluate vanadium flow battery application’ 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL
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1111 Value Platform 1: VSUN Energy and Lumina Proposed build-own-operate (BOO) BESS platform Examples of Australian BOO BESS platforms1 Company Establishment year 2021 2022 2024 Ba Design: develop battery, customise to projects and secure financial resources Contracted energy offtake Energy arbitrage Frequency control ancillary services Capacity markets Renewable energy integration (firming) Grid services Potential project revenue opportunities Own & Operate: operate and maintain assets VSUN Energy has taken strategic actions to position itself for VFB BESS deployment in Australia, differentiating through its VFB architecture (Lumina ), VFB project experience and AVL’s vanadium supply-chain capability (V-NOMAD and the Australian Vanadium Project). Positioned to target a growing pipeline of long-duration energy storage opportunities. Note: 1. Example operators are all currently utilising lithium -ion solutions 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL Build: source, manufacture, assemble, site installation & grid connection
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1212 Value Platform 2: Electrolyte manufacturing and V-NOMAD 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL Established foundation Operational WA electrolyte manufacturing facility, established technical expertise and ongoing product qualification and engagement with multiple OEMs. 1 V-NOMAD A scalable vanadium electrolyte manufacturing platform progressing towards potential commercial deployment. 2 Repeatable growth model Platform designed to manufacture electrolyte at or near battery projects, reduce delivered cost and support successive utility-scale deployments. 2 Australian market opportunities Pursuing Australian opportunities for commercial -scale V-NOMAD deployment for VSUN Energy and third -party customers. 3 International market opportunities Exploring potential applications with leading VFB technology providers to support projects in international markets. Conceptual render of AVL’s V -NOMAD relocatable electrolyte production 1. See ASX announcement dated 19 March 2024 ‘ Battery Ready Vanadium Electrolyte Produced ’ 2. See ASX announcement dated 31 March 2026 ‘ Development of Electrolyte Production Technology’ 3. See for example, ASX announcement dated 27 July 2026 ‘ AVL submits Stage Two Proposal for Kalgoorlie VBESS’ and ASX announcement dated 4 August 2026 ‘ Collaboration with Alcoa to evaluate Vanadium Flow Battery’
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131313 Value Platform 3: The Australian Vanadium Project Advancing readiness through the cycle 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL A world-class asset located in Western Australia, a Tier-1 mining jurisdiction Global vanadium MRE of 395.4Mt at 0.77% V2O5 including 104.5Mt at 1.12% V2O5 classified as Measured or Indicated1 Proposed open-pit mining with a conventional magnetite concentrator process Current focus on finalising remaining approvals, while progressing offtake and funding workstreams2 Optimised Feasibility Study nearing completion, aimed at optimising project with improved project economics2 1. ASX announcement dated 7 May 2024, ‘ 39% increase in HG Measured and Indicated Mineral Resource ’ 2. ASX announcement dated 19 February 2026, ‘ OFS Enhancement to Address Evolving High Purity Demand ’ Delivers local jobs and regional development Proposed location of Australian Vanadium Project
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141414 AVL’s integrated capability positioned for VFB deployment Value Platform 1 – VFB solution: VSUN Energy’s experience from Horizon Power project1 and AVL’s Lumina architecture2 provide expandable VFB solutions for utility- scale BESS projects in hot climate and remote locations Value Platform 2 – Electrolyte production: AVL’s established Perth-based electrolyte production capability,3 together with AVL’s V-NOMAD relocatable platform designed to produce electrolyte near battery projects4 Value Platform 3 – Australian vanadium resource: AVL’s Australian Vanadium Project provides an opportunity for WA- based production of high-purity vanadium oxides5 Government support: Federal Government grant support for projects7 and WA Government’s Green Energy Major Project status to support approvals outcomes8 Engagement with industry leaders: History of engagement with leading international technology providers and local delivery partners6 Conceptual render of a VFB BESS based on VSUN Energy’s Lumina battery architecture and AVL’s V-NOMAD relocatable electrolyte production platform 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL 1. ASX announcement dated 16 September 2024, ‘ Electrolyte Successfully Deployed in VFB for Horizon Power ’ 2. ASX announcement dated 9 May 2025 ‘ Project Lumina confirms improved competitiveness ’ 3. ASX announcement dated 19 March 2024 ‘ Battery Ready Vanadium Electrolyte Produced ’ 4. ASX announcement dated 31 March 2026 ‘ Development of Electrolyte Production Technology ’ 5. ASX announcement dated 19 February 2026, ‘OFS enhancement to address evolving high purity demand ’ 6. ASX announcements dated 9 December 2024 ‘ Key Appointments Support Vanadium Flow Battery Development’ and 16 February 2026 ‘Agreement with Sumitomo Electric - Kalgoorlie VBESS Project’ 7. ASX announcements dated 30 May 2023 ‘ $49 Million Government Grant Agreement Executed ’ and dated 22 July 2021 ‘AVL Awarded $3.69m Federal Government Manufacturing Grant 8. ASX announcement dated 29 January 2025, ‘ Green Energy Major Project Status Granted’
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1515 Investment proposition: positioned for value creation 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL Electrolyte leasing could reframe and accelerate adoption of VFBs as affordable infrastructure to enable Australia’s electrification Delivering a distinctive business model High local content, electrolyte production capability, leading technology and delivery partners, highly flexible architecture Positioned for large-scale VFB deployments Vanadium demand remains exposed to steel markets, with additional demand from VFBs and high- purity critical-minerals applications Vanadium – demand tailwinds Upstream mine, midstream electrolyte manufacturing and downstream VFB BESS deployment Three platforms , one integrated vanadium value chain Developing opportunities across grid-scale storage, industrial applications, remote locations, hot climates and data centres Developing VFB opportunity pipeline
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16 Vanadium’s next frontier Practical areas for AVL and international partners to explore collaboration: 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL VANADIUM SUPPLY AND PROCESSING Product qualification · offtake · industrial partnerships · potential investment INTERNATIONAL ELECTROLYTE MANUFACTURING Technology collaboration · scalable processing · transport cost reduction FLAGSHIP VFB PROJECTS & NEW APPLICATIONS OEM integration · engineering · financing · project development · AI power concepts NEW DEMAND | INVESTMENT | PARTNERSHIPS China has industrialised VFB technology. Australia is emerging as an important new market and supply chain partner. Together, we can accelerate global adoption.
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+61 (08) 9321 5594 info@avl.au Level 2, 50 Kings Park Road, West Perth, Western Australia 6005 Australian Vanadium Limited | ASX: AVL www.avl.au
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1818 Mineral Resource Estimate Zone Category Mt V2O5 % Fe % TiO2 % SiO2 % Al2O3 % HG Measured 30.6 1.14 46.3 12.9 7.4 6.2 Indicated 74.8 1.11 47.5 12.6 7.0 5.7 Inferred 67.9 1.06 45.3 12.1 9.0 6.6 Subtotal 173.2 1.09 46.5 12.5 7.8 6.1 LG Indicated 61.8 0.55 26.1 7.1 26.6 16.3 Inferred 142.5 0.48 24.9 6.6 28.9 15.2 Subtotal 204.3 0.50 25.3 6.8 28.2 15.5 Transported Inferred 17.9 0.65 31.0 7.3 24.1 14.4 Subtotal 17.9 0.65 31.0 7.3 24.1 14.4 Total Measured 30.6 1.13 46.3 12.9 7.4 6.2 Indicated 136.6 0.85 37.8 10.1 15.8 10.5 Inferred 228.2 0.66 31.4 8.3 22.6 12.6 Subtotal 395.4 0.77 34.8 9.3 19.1 11.4 Note: Totals may not add up due to rounding 2026 International Symposium on Vanadium and Vanadium Flow Batteries | Beijing | October 2026 | ASX:AVL