Australian Vanadium (AVL) H2 2024 earnings summary

Executive summary

• Completed merger with Technology Metals Australia Limited, consolidating adjoining projects into one of the world's largest vanadium development projects.

• Advanced the Optimised Feasibility Study (OFS) for the integrated project, including updated mineral resource estimates and selection of processing plant location.

• Commissioned Western Australia's first vanadium electrolyte manufacturing facility, producing battery-grade electrolyte.

• Expanded downstream activities through VSUN Energy, including pilot projects with Horizon Power and IGO Nova Nickel.

• Maintained a strong safety record with zero recordable injuries and no regulatory environmental incidents.

Financial highlights

• Reported after-tax loss of $15.2 million for FY2024, compared to a $7.2 million loss in FY2023.

• Cash and cash equivalents at 30 June 2024 were $36.4 million, up from $26.9 million at 30 June 2023.

• Net working capital (excluding grant liability) was $28.7 million at year-end, compared to $23.4 million in the prior year.

• Completed a $15.7 million institutional placement and received $14.7 million in government grant funding during the year.

• Capitalised $11.1 million in exploration and evaluation expenditure; wrote off $2.9 million related to superseded development pathways.

Outlook and guidance

• OFS second phase underway, targeting completion and new Ore Reserve announcement in calendar year 2025.

• Focus on securing funding, offtake agreements, and environmental approvals to progress the Australian Vanadium Project to production.

• Continued expansion of VSUN Energy's downstream battery business and pursuit of strategic partnerships.

• Positioned to benefit from increasing demand for long-duration energy storage and government support for battery minerals.