FORM 603 Corporations Act 2001 Section 671B Notice of initial substantial holder To: ACN: 1. Details of substantial holder Name: ACN: The holder became a substantial holder on: 2. Bryah Resources Limited 616 795 245 Australian Vanadium Limited 116 221 740 12 October 2017 Details of voting power The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate had a relevant interest in on the date the substantial holder became a substantial holder are as follows: Class of securities Fully paid ordinary shares 3. Number of securities Person’s votes Voting power 7,500,000 7,500,000 13.39% Details of relevant interests The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows: Holder of relevant interest Nature of relevant interest Class and number of securities Australian Vanadium Ltd Relevant interest pursuant to section 608(1) of Corporations Act 7,500,000 fully paid ordinary shares 4. Details of present registered holders The persons registered as holders of the securities referred to in paragraph 3 above are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder Class and number of securities Australian Vanadium Ltd Australian Vanadium Ltd Australian Vanadium Ltd 7,500,000 fully paid ordinary shares 5. Consideration The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial shareholder became a substantial holder is as follows: Holder of relevant interest Date of acquisition Consideration Cash Australian Vanadium Ltd 9 February 2017 Australian Vanadium Ltd 12 October 2017 Australian Vanadium Ltd 12 October 2017 Non-cash Vendor consideration for acquisition of exploration licence Vendor consideration for acquisition of mineral rights $500,000 Class and number of securities 2,000,000 fully paid ordinary shares 3,000,000 fully paid ordinary shares 2,500,000 fully paid ordinary shares 6. Associates The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows: Name and ACN (if applicable) Nature of association N/A 7. Addresses The addresses of persons named in this form are as follows: Name Address Australian Vanadium Ltd Level 1, 85 Havelock Street, West Perth, WA Signature Print name: Neville Bassett Capacity: Company Secretary Sign here: Date: 2 November 2017