Announcement PDF Australian Vanadium Limited Level 2, 50 Kings Park Road West Perth, WA 6005 Phone: +61 8 9321 5594 Fax: +61 8 6268 2699 Email: info@avl.au ASX: AVL ABN: 90 116 221 740 ASX ANNOUNCEMENT 16 September 2026 AVL CONSOLIDATES PROJECT MINERAL RIGHTS AND DELIVERS FUTURE OPTIONALITY KEY POINTS • AVL consolidates ownership and control of mineral rights across key tenements within the Australian Vanadium Project, simplifying the Project’s development and operating framework. • The transaction removes split mineral-rights ownership and provides AVL with greater flexibility over future planning and potential by-product recovery. Australian Vanadium Limited (ASX: AVL, the Company or AVL) is pleased to announce it has entered into an agreement with Albright Metals Ltd (ASX: ABR, Albright) to consolidate ownership and control of certain mineral rights across the Australian Vanadium Project at Gabanintha, Western Australia (Transaction). The Company’s Chief Executive Officer, Graham Arvidson, comments, “This transaction provides a cleaner, more flexible ownership structure for development of the Australian Vanadium Project. “Our immediate focus remains the development of a globally significant vanadium operation. In addition to simplifying the operating framework, the transaction also preserves for AVL shareholders the potential value of additional minerals within the broader project area, including nickel, copper and gold”. Background In 2017, AVL entered into a Mineral Rights Sale Agreement (MRSA) with Albright (then Bryah Resources Limited). Under the MRSA, AVL granted Albright rights to explore for, mine and treat all minerals other than vanadium, uranium, cobalt, chromium, titanium, lithium, tantalum, manganese and iron ore, the rights to which were retained by AVL within the relevant tenements of the Australian Vanadium Project. In connection with the MRSA, the arrangement included a 0.75% Net Smelter Return royalty on those minerals in favour of AVL upon commencement of production.1 Key transaction terms Pursuant to the Transaction, AVL and Albright have agreed to terminate the MRSA and the associated royalty, with all of Albright’s rights and interests under the MRSA reverting to AVL. 1 See Australian Vanadium Limited (ASX: AVL) ASX announcement dated 16 October 2017, ‘Sale of Precious and Base Metal Rights Completed’ ASX: AVL | www.avl.au 2 In consideration, AVL will pay Albright $500,000 in cash, issue $1.25 million of AVL shares (where the issue price of the AVL shares will be the 20-day volume-weighted average price of AVL shares traded on the ASX ending on the trading day immediately preceding their issue)2 and assign to Albright AVL’s interest in a 0.75% net smelter return royalty over the Tumblegum South project.3 Albright will also withdraw its caveats over the relevant AVL tenements and provide AVL with the technical and other information it holds in relation to those tenements. The AVL shares issued to Albright will be subject to a customary orderly sale process. The Transaction is unconditional, with completion scheduled to occur two business days after the date of the Transaction, unless otherwise agreed by the parties. Strategic rationale The transaction simplifies the ownership structure of the Australian Vanadium Project and gives AVL greater control over how the mineral endowment may be developed over time and well as rights to additional minerals. In particular, consolidation of the rights is expected to: • remove split ownership of mineral rights across key project tenure; • provide AVL with greater flexibility to optimise future project configuration; • simplify the project’s tenure and mineral rights framework for financing, strategic partnerships and future development; and • while AVL’s current development case remains focused on vanadium, enable potential nickel, copper, gold and other mineral development opportunities to be assessed Base metals opportunity The reacquired rights include rights to nickel and copper within the Australian Vanadium Project area. AVL already holds the cobalt rights over the relevant tenure. Previous work undertaken in relation to the Project has identified nickel, copper and cobalt mineralisation and considered the potential for recovery of those metals in conjunction with the Project’s vanadium development.4 Reacquisition of the nickel and copper rights will allow AVL to consider any future recovery opportunities on an integrated basis as part of the broader development of the Australian Vanadium Project. AVL has not completed sufficient technical or economic studies to establish that recovery of nickel, copper, gold or other minerals associated with the acquired mineral rights would be commercially viable. No revenue, production or other economic benefit from the mineral rights is included in AVL’s current development case for the Australian Vanadium Project. Any future exploration or recovery of these minerals would be subject to further technical and economic assessment and applicable approvals. 2 Refer to Appendix 3B released shortly after this announcement for an estimation of the number of shares. The final number will depend on the VWAP calculation when completion occurs. 3 See Star Minerals Limited (ASX:SMS) dated 25 October 2021, ‘Acquisition Completion and Issue of Securities’ 4 See Australian Vanadium Limited (ASX: AVL) ASX announcement dated 6 April 2022, ‘Bankable Feasibility Study for the Australian Vanadium Project’ ASX: AVL | www.avl.au 3 Broader mineral optionality The reacquired mineral rights also extend to certain other minerals, including gold, providing AVL with broader long-term exploration optionality across its existing tenure. Albright has previously announced to ASX a number of gold exploration targets and gold intersections within the relevant tenements.5 Neither Albright nor AVL has established a gold Mineral Resource or an economic development case for gold within the Australian Vanadium Project area. For further information, please contact: Graham Arvidson, CEO +61 8 9321 5594 This announcement has been approved in accordance with the Company's published continuous disclosure policy and has been approved by the Board. 5 See Albright Metals Ltd (ASX: ABR) ASX announcements dated 19 October 2021, ‘Drilling confirms multiple structural gold targets at Gabanintha’ and dated 8 December 2021, ‘Gold target drilling completed at Gabanintha’ both of which contain competent person statements and the required JORC information. ASX: AVL | www.avl.au 4 ABOUT AUSTRALIAN VANADIUM LTD AVL is a resource company focused on vanadium, seeking to offer investors a unique exposure to all aspects of the vanadium value chain – from resource through to steel and energy storage opportunities. AVL is advancing the development of its world-class Australian Vanadium Project at Gabanintha. The Australian Vanadium Project is one of the most advanced vanadium projects being developed globally, with 395.4Mt at 0.77% vanadium pentoxide (V₂O₅), containing a high-grade zone of 173.2Mt at 1.09% V2O5, reported in compliance with the JORC Code 2012 (see ASX announcement dated 7 May 2024 ‘39% Increase in High Grade Measured and Indicated Mineral Resource’). VSUN Energy is AVL’s 100% owned renewable energy and energy storage subsidiary which is focused on developing the Australian market for VFBs for long duration energy storage. VSUN Energy was set up in 2016 and is widely respected for its VFB expertise. AVL’s vertical integration strategy incorporates processing vanadium to high purity, manufacturing vanadium electrolyte and working with VSUN Energy as it develops projects based on renewable energy generation and VFB energy storage. MINERAL RESOURCE ESTIMATE The Australian Vanadium Project – Mineral Resource estimate by domain and resource classification using a nominal 0.4% V2O5 wireframed cut-off for low-grade and nominal 0.7% V2O5 wireframed cut- off for high-grade (total numbers may not add up due to rounding). 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 ASX: AVL | www.avl.au 5 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 which 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 announcement, 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 announcement. Forward-Looking Statements Some statements in this announcement regarding estimates or future events are forward-looking statements. They include indications of, and guidance on, future matters. Forward-looking statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions. Forward-looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward-looking statements may be affected by a range of variables that could cause actual results to differ from estimated results and may cause AVL’s actual performance and financial results in future periods to materially differ from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include but are not limited to liabilities inherent in technology development, mine development and production, technology advancement, battery development, geological, mining and processing technical problems, skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rate, currency and interest fluctuations, various events which could disrupt operations a including labour stoppages, the ability to secure adequate financing and management’s ability to anticipate and manage the foregoing factors and risks. These and other factors should be considered carefully and readers should not place undue reliance on such forward- looking information. There can be no assurance that forward-looking statements will prove to be correct.