Australian Vanadium : Equity Raising Presentation

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Equity Raising

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Presentation

MAY 2022

ASX:AVL

Not for release to US wire services or distribution in the United States

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Summary information

The following notice and disclaimer applies to this Presentation. You are advised to read this "Important Information and Dis claimer" carefully before reading or making any other use of this Presentation or

any information contained in this Presentation. By reviewing or retaining these materials, or attending or participating in this Presentation, you acknowledge and represent that you have read, understood

and accepted the terms of this "Important Information and Disclaimer".

This Presentation contains summary information about the Company and its associated entities and their activities current as at the date of this Presentation. This Presentation is for information purposes

only. The information in this Presentation is of a general background nature and does not purport to be complete, nor does it contain all the information which prospective investors would require to evaluate

an investment in the Company, nor does it contain all the information which would be required in a prospectus or product disclosure statement prepared in accordance with the Corporations Act 2001 (Cth)

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(Corporations Act). The Company is not responsible for updating, nor undertakes to update, this Presentation. This Presentation should be read in conjunction with the Company's most recent financial

report and other periodic and continuous disclosure announcements which are available at https://www.australianvanadium.com.au/or at www.asx.com.au. The information in this Presentation is based on

the Company's own information and estimates and has not been independently verified.

The equity raise to which this Presentation relates (Equity Raise or Offer) comprises a placement (Placement) of new fully paid ordinary shares in the Company (New Shares) and an offer of New Shares

to eligible shareholders under a share purchase plan (Share Purchase Plan). The Placement and Share Purchase Plan are not underwritten.

Not an offer

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This Presentation is for information purposes only and is not, and should not be considered as, an offer or an invitation to acquire shares in the Company or any other financial products and does not and will

not form any part of any contract for the acquisition of shares in connection with the Offer. Neither this Presentation nor any of its contents will form the basis of any contract or commitment.

This Presentation is not a prospectus, product disclosure statement or any other offering document under Australian law or the law of any other jurisdiction (and will not be lodged with the Australian

Securities and Investments Commission (ASIC) or any foreign regulator).

This Presentation may not be released to US wire services or distributed in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 and may not be

offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. The distribution of this

Presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this Presentation should observe any such restrictions as any non-

compliance could contravene applicable securities laws. Please refer to the section of this document headed "International Offer Restrictions" for more information. This Presentation must not be disclosed to

any other party and does not carry any right of publication. Neither this Presentation nor any of its contents may be reproduced or used for any purpose without the prior written consent of the Company.

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Shares. It does not constitute legal, accounting or tax advice. This Presentation, and the information contained within it does not take into account the investment objectives, financial situation or particular needs of any

recipient. Before making an investment decision, you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent

professional advice that you deem necessary or appropriate before taking any action based on the information contained in this Presentation. The Company is not licensed to provide financial product advice. Cooling-

off rights do not apply to the acquisition of New Shares.

Investment risk

An investment in the Company's shares is subject to investment and other known and unknown risks, some of which are beyond the control of the Company, including possible loss of income and capital invested. See

the "Key Risks" section of this Presentation for further details about some of those risks. The Company does not guarantee any particular rate of return or the performance of the Company, nor does it guarantee the

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repayment of capital from the Company or any particular tax treatment.

Effect of rounding

Unless otherwise stated, all dollar values are in Australian dollars ($). A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding.

Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. All references to financial years appearing in this Presentation are to the financial year ended on 30 June of

the indicated year, unless stated otherwise.

Past performance

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Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance, including future share price performance.

Historical information in this Presentation relating to the Company is information that has been released to the market. The historical information is presented in an abbreviated form insofar as it does not include all

presentation and disclosures, statements or comparative information as required by the Australian Accounting Standards (AAS) and other mandatory professional reporting requirements applicable to general purpose

financial reports prepared in accordance with the Corporations Act. For further information, please see past announcements released to the Australian Securities Exchange (ASX).

Future performance

This Presentation contains certain "forward looking statements" which involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors

associated with the mining industry, many of which are outside the control of, change without notice, and may be unknown to the Company. Statements as to timetable and outcome of the Equity Raise, use of funds,

and statements about the plans and strategies of the Company are forward looking statements, as are statements about market and industry trends, which are based on interpretation of market conditions. Forward

looking statements can generally be identified by the use of forward looking words such as "anticipate", "expect", "likely", "propose", "will", "intend", "should", "could", "may", "believe", "forecast", "estimate", "target",

"outlook", "guidance" and other similar expressions within the meaning of securities laws of applicable jurisdictions and include, but are not limited to, the future performance of the Company and the outcome and

effects of the Equity Raise and use of proceeds.

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conditions and regulations.

Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements, and should rely on their own independent enquiries, investigations and advice regarding

information contained in this Presentation. Any reliance by a reader on the information contained in this Presentation is wholly at the reader's own risk.

To the maximum extent permitted by law or any relevant listing rules of the ASX, the Company and its related bodies corporate and affiliates and their respective directors, officers, employees, advisors, agents

and intermediaries disclaim any obligation or undertaking to disseminate any updates or revisions to the information in this Presentation to reflect any change in expectations in relation to any forward looking

statements or any such change in events, conditions or circumstances on which any such statements were based.

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Financial data

Investors should be aware that this Presentation contains certain financial information and measures that are "non IFRS financial information" under Regulatory Guide 230: 'Disclosing non IFRS financial

information' published by ASIC, and are not recognised under AAS and International Financial Reporting Standards (IFRS). The non IFRS financial information financial measures do not have a standardised

meaning prescribed by the applicable AAS or IFRS, and therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other

financial measures determined in accordance with the applicable AAS or IFRS. Although the Company believes the non-IFRS financial information and financial measures provide useful information to users in

measuring the financial performance and condition of the Company, investors are cautioned not to place undue reliance on any non-IFRS financial information or financial measures included in this

Presentation.

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Investors should further note that this Presentation contains pro forma and historical financial information. The pro forma and historical financial information provided in this Presentation is for illustrative

purposes only and should not be relied upon as, and is not represented as, being indicative of the Company's future financial condition and/or performance.

Disclaimer

The Lead Manager and the advisers to the Company listed in the accompanying ASX announcement, together with each of their respective related bodies corporate, shareholders or affiliates and each of their

(and their related bodies corporate, shareholders' or affiliates') respective officers, directors, partners, employees, affiliates, agents or advisers (each a Limited Party) have not authorised, permitted or caused

the issue, lodgement, submission, dispatch or provision of this Presentation and do not make or purport to make any statement in this Presentation and there is no statement in this Presentation which is based

on any statement by a Limited Party. The Limited Parties have not independently verified the information contained in this Presentation and take no responsibility for any part of this Presentation or the Equity

Raise.

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The Limited Parties may rely on information provided by or on behalf of investors in connection with managing and conducting the Equity Raise and without having independently verified that information and

the Limited Parties do not assume any responsibility for the accuracy or completeness of that information.

To the maximum extent permitted by law, no representation or warranty, express or implied, is made by the Company, its related bodies corporate, any of their respective officers, directors, employees, agents

or advisers, nor any Limited Party, as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation.

To the maximum extent permitted by law, the Company, its related bodies corporate, their respective officers, directors, employees, agents or advisers, and each Limited Party, expressly disclaim any and all

liability, including, without limitation, any liability arising out of fault or negligence, for any direct, indirect, consequential or contingent loss or damage arising from the use of information contained in this

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Presentation. Statements made in this Presentation are made only at the date of the Presentation. The Company is under no obligation to update this Presentation. The information in this Presentation remains

subject to change by the Company without notice.

Determination of eligibility of investors for the purposes of the Equity Raise will be by reference to a number of matters, including legal and regulatory requirements, logistical and registry constraints and the

discretion of the Company and the Lead Manager. Each of the Company, the Lead Manager and their respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and

agents disclaim any duty or liability (including for negligence) in respect of that determination and the exercise or otherwise of that discretion, to the maximum extent permitted by law. See the "International

Offer Restrictions" section of this Presentation for further information.

The Lead Manager may have interests in the securities of the Company, including by providing investment banking services to the Company. Further, the Lead Manager may act as a market maker or buy or

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sell those securities or associated derivatives as principal or agent. The Lead Manager may receive fees for acting in its capacity as lead manager and bookrunner to the Equity Raise.

This Presentation has been prepared by the Company. No party other than the Company has authorised or caused the issue of this Presentation, or takes responsibility for, or makes any statements,

representations or undertakings in this Presentation.

Acceptance

By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation you acknowledge and agree to the terms set out in this "Important Information and Disclaimer".

Authorised to release to the ASX by the Board of Directors of Australian Vanadium Limited.

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