Australian Vanadium (AVL) Q4 2026 TU earnings summary

Executive summary

• Advanced Optimised Feasibility Study (OFS) for the Australian Vanadium Project, including key metallurgical testwork and project configuration refinement.

• Progressed environmental and heritage approvals for Gabanintha and Tenindewa, with ongoing stakeholder engagement.

• Strengthened international engagement with government and industry stakeholders in Australia, Japan, Canada, and the U.S. to support vanadium supply chains and energy storage opportunities.

• Continued development of a vertically integrated vanadium value chain, spanning mining, electrolyte manufacturing, and utility-scale energy storage solutions.

Financial highlights

• Cash position of $17.9 million as at 30 June 2026, including $2.6 million in government grant funds and $0.5 million in restricted cash.

• Net cash outflows from operating activities for the quarter totaled $2.2 million, with $1.2 million in staff costs and $0.8 million in administration and corporate expenses.

• Net cash outflow from investing activities was $1.4 million, primarily for advancing the OFS.

• Payments to related parties and associates totaled $286k for the quarter.

Outlook and guidance

• Focus remains on finalizing the OFS, securing regulatory approvals, and advancing project financing and execution planning.

• Continued development of high-purity vanadium products for critical minerals supply chains, with eligibility for further U.S. Defense Industrial Base Consortium consideration.

• Ongoing expansion of vanadium electrolyte manufacturing and downstream energy storage project pipeline, including participation in the Kalgoorlie VBESS project EOI process.