Australian Vanadium

Quarterly Activities/Appendix 5B Cash Flow Report

Australian Vanadium Limited (ASX: AVL, “the Company” or “AVL”) is pleased to present its Quarterly Report and Cash Flow Report.


HIGHLIGHTS

 

Australian Vanadium Project

 

The Company continues to progress activities to develop the Australian Vanadium Project which is located approximately 43 km south of Meekatharra in Western Australia.

 
  • $49 million Commonwealth Grant Agreement executed under the Modern Manufacturing Initiative – Manufacturing Collaboration Stream providing funding support for the Project.
  • $9.8 million Grant payment received, with a second milestone based payment of up to $14.7 million anticipated within FY24.
  • Technical desktop study completed by independent technical consultant Hatch, which was appointed to advise the Company and its lenders.
  • Processing plant site approvals progressed through the approval of a scheme amendment by the City of Greater Geraldton.
  • Environmental permitting progressed and site visit undertaken with representatives from the Environmental Protection Authority.
  • Results from infill drilling program to support a Mineral Resource Estimate update at the Project confirmed higher vanadium and iron ore grades.
 

Vanadium in energy storage

 
  • Post-quarter end, Western Australian regional energy provider Horizon Power signed an agreement to purchase its first vanadium flow battery from VSUN Energy.
 

Corporate

 
  • Vincent Algar retired as Managing Director.
  • Anna Sudlow appointed as Non-Executive Director.
  • Tom Plant appointed as Chief Financial Officer.
  • No lost time injuries or reportable environmental incidents recorded during the quarter.
  • Cash position of $27.2 million as at 30 June 2023, which includes receipt of the initial payment of $9.8 million under the Grant Agreement.
Management Comment

CEO, Graham Arvidson comments, “This was a landmark quarter where the AVL team, in collaboration with the Federal Government, ratified a $49 million Grant toward development of the Australian Vanadium Project. AVL received a $9.8 million payment under the Grant, providing an immediate financial benefit to progress project development and early works.

The Grant will continue to be a key enabler of broader project stakeholder support and inbound interest as we seek to optimise and finalise our financing and offtake arrangements. Discussions with other Government bodies continue as we seek to build upon the Grant support for development of a successful critical minerals ‘pit to battery’ vanadium processing hub in Australia.

The quarter also saw us further evolving our board and management team to be industry leading in depth of track record, vanadium experience and reputation for building and operating assets successfully. The team’s significant progress made during the quarter on permitting, financing, offtake, engineering and due diligence, combined with securing Grant funding, has bolstered our conviction that we are poised to become the world’s next low cost primary vanadium producer, with a target of first production in 2025.”


Click here for the full ASX Release

This article includes content from Australian Vanadium Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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