Australian Vanadium (AVL) Q3 2026 earnings summary

Executive summary

• Advanced the Optimised Feasibility Study (OFS), expanding scope to assess high purity vanadium for aerospace, defence, and advanced manufacturing applications.

• Progressed environmental approvals with submission of a revised Environmental Review Document, supporting regulatory compliance.

• Developed V-NOMAD™ electrolyte production platform to reduce costs and support gigawatt-hour scale vanadium flow battery (VFB) deployment.

• Submitted Expression of Interest for the 50MW/500MWh Kalgoorlie VBESS project, highlighting vertically integrated supply chain.

• Entered pre-bid agreement with Sumitomo Electric to strengthen Kalgoorlie VBESS project bid.

Financial highlights

• Completed $7.5 million institutional placement to support integrated strategy, with participation from Resource Capital Funds.

• Cash position of $21.5 million as at 31 March 2026, including $3.4 million in grant funds and $0.5 million restricted cash.

• Net cash outflow from operating activities for the quarter was $2.4 million; investing outflow was $1.3 million; financing inflow was $7.0 million.

• Estimated 5.8 quarters of funding available based on current cash and outgoings.

Outlook and guidance

• OFS completion expected in H2 CY2026, incorporating high purity vanadium integration.

• Anticipates strengthening vanadium market conditions in 2026 as supply and demand rebalance.

• Targeting deployment of V-NOMAD™ platform at Kalgoorlie VBESS project, aligning with government objectives for localised value chains.

• Ongoing international engagement to expand partnerships and offtake opportunities.