Australian Vanadium Limited has signed a Letter of Intent with Rizhao Steel Holding Group Co Limited for offtake of the iron titanium products to be produced from the Australian Vanadium Project. Australian Vanadium Limited plans to produce approximately 900,000 tonnes per annum of FeTi coproduct from the Australian Vanadium Project, in addition to approximately 11,200 tonnes per annum of vanadium pentoxide from its proposed mine and processing facility in the Mid West region of Western Australia. Third LOI with direct end user closely follows the first two LOIs, further validating Australian Vanadium Limited’s strategic vanadium processing plant location, close to Geraldton Port. Rizhao Steel is ranked at the world’s 26th and China’s 15th largest integrated steel producer and has an annual steel production of 15 million tonnes per annum from its mill. Rizhao Steel is China’s largest importer of titanium bearing concentrate. The Australian Vanadium Project is one of the most advanced vanadium projects currently being developed in the world. It was awarded Federal Major Project Status by the Australian Government in September 2019 in recognition of its national strategic significance and State Lead Agency Status by the Western Australian Government in April 2020 due to its importance as a battery and critical metal project. The Australian Vanadium Project consists of a high-grade V-Ti-Fe deposit located in the Murchison Province approximately 43kms south of the mining town of Meekatharra in Western Australia and 740km north-east of Perth and a processing plant located near the port city of Geraldton. The Project consists of 15 tenements covering approximately 200 square km and is held 100% by Australian Vanadium Limited.