# AVL: AVL and Tyfast to Evaluate Vanadium for Heavy-Duty Batteries Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03149935 Publisher: asx Original announcement: 2026-10-07T22:15:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-07T23:23:21.348Z Atlas analysis updated: 2026-10-07T23:23:21.348Z - Company: Australian Vanadium Limited - Ticker: AVL - Exchange: ASX - Region: Unavailable - Primary commodity: Vanadium - Secondary commodities: Iron ore, Titanium, Silicon, Aluminum - Document categories: Agreement transaction, Resource update - Extracted: 2026-10-07 23:23:22 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Australian Vanadium Limited has signed a non-binding MOU with US-based Tyfast Energy Corp to evaluate AVL's vanadium oxide products for use in Tyfast's lithium vanadium oxide \(LVO\) anode technology. The collaboration aims to explore technical qualification and potential future offtake arrangements for heavy-duty battery applications in mining, trucking, and defence. Reasoning: The MOU with Tyfast opens a significant new market for vanadium in heavy-duty lithium-ion batteries, complementing existing VFB and steel markets, though it remains non-binding. - Positive factor: Strategic expansion into lithium-ion battery market - Positive factor: Potential for high-purity vanadium product demand - Positive factor: Alignment with US defence sector applications - Positive factor: Diversification of vanadium demand beyond VFB and steel - Negative factor: MOU is non-binding - Negative factor: No minimum supply or financial commitments agreed Facts used in scoring: 27 ## Classification and evidence **Nearology Play** Polarity: neutral Story-specific tag Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The MOU focuses on evaluating AVL's vanadium for use in Tyfast's technology, positioning the project for new markets. Evidence · text > The collaboration provides AVL with an opportunity to participate in an emerging market for vanadium ## Extracted facts Stored fact records: 27. Some facts used in scoring do not have a stored record. ## Resource Estimates (27) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-0) Australian Vanadium Project · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: vanadium - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:8cd74b6b0769a7dc8423 - Deposit or zone: HG #### Resource Data - Category: measured - Tonnes: 30600000 - Grade: 1.14 - Grade Unit: % V2O5 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 30.6 Context: 30.6 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-1) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:8cd74b6b0769a7dc8423 - Deposit or zone: HG #### Resource Data - Category: measured - Tonnes: 30600000 - Grade: 46.3 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 46.3 Context: 30.6 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-2) Australian Vanadium Project · titanium Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: titanium - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:8cd74b6b0769a7dc8423 - Deposit or zone: HG #### Resource Data - Category: measured - Tonnes: 30600000 - Grade: 12.9 - Grade Unit: % TiO2 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 12.9 Context: 30.6 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-3) Australian Vanadium Project · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: vanadium - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:f73713315bacf4d4e8fe - Deposit or zone: HG #### Resource Data - Category: indicated - Tonnes: 74800000 - Grade: 1.11 - Grade Unit: % V2O5 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 1.11 Context: 74.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-4) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:f73713315bacf4d4e8fe - Deposit or zone: HG #### Resource Data - Category: indicated - Tonnes: 74800000 - Grade: 47.5 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 47.5 Context: 74.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-5) Australian Vanadium Project · titanium Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: titanium - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:f73713315bacf4d4e8fe - Deposit or zone: HG #### Resource Data - Category: indicated - Tonnes: 74800000 - Grade: 12.6 - Grade Unit: % TiO2 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 12.6 Context: 74.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-6) Australian Vanadium Project · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: vanadium - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9dfa4a3d911259a1629d - Deposit or zone: HG #### Resource Data - Category: inferred - Tonnes: 67900000 - Grade: 1.06 - Grade Unit: % V2O5 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 1.06 Context: 67.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-7) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9dfa4a3d911259a1629d - Deposit or zone: HG #### Resource Data - Category: inferred - Tonnes: 67900000 - Grade: 45.3 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 45.3 Context: 67.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-8) Australian Vanadium Project · titanium Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: titanium - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9dfa4a3d911259a1629d - Deposit or zone: HG #### Resource Data - Category: inferred - Tonnes: 67900000 - Grade: 12.1 - Grade Unit: % TiO2 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 12.1 Context: 67.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-9) Australian Vanadium Project · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: vanadium - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9dc28ba93ae4ba5ee311 - Deposit or zone: LG #### Resource Data - Category: indicated - Tonnes: 61800000 - Grade: 0.55 - Grade Unit: % V2O5 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 0.55 Context: 61.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-10) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9dc28ba93ae4ba5ee311 - Deposit or zone: LG #### Resource Data - Category: indicated - Tonnes: 61800000 - Grade: 26.1 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 26.1 Context: 61.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-11) Australian Vanadium Project · titanium Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: titanium - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9dc28ba93ae4ba5ee311 - Deposit or zone: LG #### Resource Data - Category: indicated - Tonnes: 61800000 - Grade: 7.1 - Grade Unit: % TiO2 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 7.1 Context: 61.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-12) Australian Vanadium Project · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: vanadium - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:a1efb80ff8f7ffe0eb74 - Deposit or zone: LG #### Resource Data - Category: inferred - Tonnes: 142500000 - Grade: 0.48 - Grade Unit: % V2O5 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 0.48 Context: 142.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-13) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:a1efb80ff8f7ffe0eb74 - Deposit or zone: LG #### Resource Data - Category: inferred - Tonnes: 142500000 - Grade: 24.9 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 24.9 Context: 142.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-14) Australian Vanadium Project · titanium Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: titanium - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:a1efb80ff8f7ffe0eb74 - Deposit or zone: LG #### Resource Data - Category: inferred - Tonnes: 142500000 - Grade: 6.6 - Grade Unit: % TiO2 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 6.6 Context: 142.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-15) Australian Vanadium Project · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: vanadium - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:c1fcfd369e736b8618f1 - Deposit or zone: Transported #### Resource Data - Category: inferred - Tonnes: 17900000 - Grade: 0.65 - Grade Unit: % V2O5 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 0.65 Context: 17.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-16) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:c1fcfd369e736b8618f1 - Deposit or zone: Transported #### Resource Data - Category: inferred - Tonnes: 17900000 - Grade: 31 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 31.0 Context: 17.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-17) Australian Vanadium Project · titanium Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: titanium - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:c1fcfd369e736b8618f1 - Deposit or zone: Transported #### Resource Data - Category: inferred - Tonnes: 17900000 - Grade: 7.3 - Grade Unit: % TiO2 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. Evidence · table > 7.3 Context: 17.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-18) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:8cd74b6b0769a7dc8423 - Deposit or zone: HG - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 30600000 - Grade: 46.3 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 46.3 Context: 30.6 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-19) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:f73713315bacf4d4e8fe - Deposit or zone: HG - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 74800000 - Grade: 47.5 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 47.5 Context: 74.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-20) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9dfa4a3d911259a1629d - Deposit or zone: HG - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 67900000 - Grade: 45.3 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 45.3 Context: 67.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-21) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9dc28ba93ae4ba5ee311 - Deposit or zone: LG - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 61800000 - Grade: 26.1 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 26.1 Context: 61.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-22) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:a1efb80ff8f7ffe0eb74 - Deposit or zone: LG - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 142500000 - Grade: 24.9 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 24.9 Context: 142.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-23) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:c1fcfd369e736b8618f1 - Deposit or zone: Transported - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 17900000 - Grade: 31 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 31.0 Context: 17.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-24) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:4a9c2c302005559a4f3a - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 30600000 - Grade: 46.3 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 46.3 Context: 30.6 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-25) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:28f23fdd74895de8b424 - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 136600000 - Grade: 37.8 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 37.8 Context: 136.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/avl-avl-and-tyfast-to-evaluate-vanadium-for-heavy-duty-batteries--564878c2-eea5-4858-9269-e361690b5ee6#fact-resource-facts-26) Australian Vanadium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Australian Vanadium Project - Commodity: iron\_ore - Ticker: AVL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:e434af3f2d4b8dcdf25b - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 228200000 - Grade: 31.4 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Historical resource data restated from May 2024 announcement. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 31.4 Context: 228.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.