Announcement PDF Annual Report 24 Acknowledgement of Country We acknowledge the Mayi and Mitakoodi people who are the Traditional owners and custodians of the land on which our project and tenements are located, and pay our respects to Indigenous Elders past, present and emerging. About this Report Contents This report is a reflection of the company’s achievements during this time, and provides details on our strategic direction, leadership, and key partnerships contributing to our success. Company Overview Our Strategy 2024 Highlights 4 4 5 Letters to Shareholders Chairman’s letter Chief Executive Officer’s Letter 8 8 9 Directors’ Report Remuneration Report 10 23 Financial Report Auditor’s Report 32 51 We are pleased to provide you the Critical Minerals Group (CMG) Annual Report for FY24. All statutory reporting has been included in this report, including CMG’s Audited Financial Statements. If you have any questions relating to this report, please contact us via info@criticalmineralsgroup.com.au. Our Reporting Suite ESG Report Annual Report 24 Annual Report Leading the way in the renewable energy transition 24 ESG Report Our Head Office Level 4, Gold Tower, 10 Eagle Street Brisbane, QLD 4000, Australia ABN: 91 652 994 726 ASX: CMG Email: info@criticalmineralsgroup.com.au Phone: (07) 5555 5077 Website: www.criticalmineralsgroup.com.au Annual Report FY24 3 Company Overview Our Strategy Critical Minerals Group’s (‘CMG’ or the ‘Company’) organisational purpose is to support global communities through an energy transition that will deliver a more responsible and sustainable future. We do this by acquiring and developing vanadium and associated critical mineral deposits that support our downstream manufacturing of high purity vanadium battery products (vanadium electrolyte). As energy markets across the globe shift towards wind, solar and geothermal production, the need for reliable energy storage is also increasing. Added to the Critical Minerals list in 2022, Vanadium is a large contributor to the renewable energy transition. Vanadium is the key component of Vanadium Redox Flow Batteries (VRFB’s), the only proven stable, reliable, and cost-effective long term battery storage solution. CMG is focused on developing a secure value chain from the resource to the refined high purity vanadium electrolyte to support our customers and partners in contributing meaningfully to the renewable energy transition. Purpose Vision To support global communities through an energy transition that will deliver a more sustainable and responsible future. To be known as the leading high quality manufacturer of Vanadium battery products for the energy storage market and deliver responsible and robust returns. 4 criticalmineralsgroup.com CMG’s operations are inherently linked to ESG, as the work we undertake manufacturing vanadium battery products contributes meaningfully to the energy storage market. Our strategy is guided by three strategic pillars; to provide a secure and efficient supply, to add value through downstream manufacturing, to prioritise sustainable delivery and in doing so always maintaining a market leading position through innovation, strategic partnerships and strong leadership. Objectives Premium Producer Delivering high purity Vanadium to manufacture Electrolyte for batteries with no rejections. Responsible Upholding a quality ESG standard whilst establishing operations using renewable energy, engaging traditional owner and local communities to help deliver an Australian made manufactured outcome. Robust Returns Delivering returns through downstream manufacturing of vanadium electrolyte and enabling the extraction of adjacent minerals (HPA, Mo) within the resource. Our Strategic Pillars Secure Efficient Supply Downstream Value Creative Sustainable Delivery ᴑ Develop and Operate ᴑ Market strategy Electrolyte, HPA ᴑ Install Solar farm with vanadium battery ᴑ Strategic partnerships in vanadium battery value chain ᴑ Integration of traditional owner services ᴑ Optimal Mining Operation Approvals ᴑ Develop secondary product stream – HPA, other by-products ᴑ Downstream manufacturing of vanadium electrolyte ᴑ Uphold ESG policy and reporting framework Market Leading Strong Leadership Strategic Partnerships Innovation Annual Report FY24 5 Company Overview CMG is a Brisbane based company developing a vanadium mine and processing operation in the Julia Creek region of North Queensland and a vanadium electrolyte manufacturing facility in Brisbane. We aspire to be a leading Australian Vanadium battery product manufacturing company and our strategy is deeply aligned with the ongoing global energy transition and the opportunities it presents. CMG was founded on our outlook for a global shift to decarbonisation and electrification, which is firmly underpinned by our business strategy and ESG principles. We’re focused on vanadium as an essential critical mineral required for energy storage to support the energy transition. The rising standard of living of a growing global population is expected to continue to drive demand for vanadium and other critical minerals for years to come. This demand for critical minerals will help the world transition through the decarbonisation and electrification phase and CMG is well-positioned to meet this new economy mineral demand as the world turns towards a more renewable future. CMG aims to drive value through the establishment of a key part of the value chain for the development of vanadium flow batteries. With the secure long-term supply of vanadium pentoxide from the vanadium tenements CMG are developing in North Queensland and the construction of a downstream manufacturing facility to produce vanadium electrolyte, CMG are well positioned to take advantage of the growing demand for long duration battery installations domestically and internationally. 2024 Highlights $2m QLD Govt Grant 100% Resource Upgrade Attracted Strategic Investment 6 Criticalmineralsgroup.com Commenced Feasibility Study HPA Technology License 2 additional EPM’s Approved Our Critical Minerals 4 Vanadium Tenements CMG’s Lindfield project is located in Julia Creek, North-West QLD. In this tenement we have conducted a successful drilling program, and a positive scoping study. Our pilot plant test work is being conducted on the core extracted from the Lindfield tenement. CMG has 3 other tenements within a 40km radius of Lindfield which are also prospective for vanadium, alumina and molybdenum. These include Whinmoor (EPM28631), Lindfield North (EPM28635) and Lara Downs (EPM28636). Our copper tenements are currently the subject of a farm-in agreement with True North Copper Limited (ASX announcement 7 December 2023). Partnerships Annual Report FY24 7 Letters to Shareholders Chairman’s Letter Dear Shareholders, Welcome to the Annual Report for the year ended 30 June 2024 for Critical Minerals Group Limited (Company). The Company began the year strongly with the appointment of Scott Winter to the position of CEO and Managing Director. This was a strategic appointment for CMG, leveraging Mr Winter’s extensive experience as a mining engineer and C-suite executive to clearly define the Company’s future strategy and exploration program. Under Mr Winter’s leadership, the Company has achieved significant progress during this reporting period, positioning itself as one of the key proponents in the Vanadium market. Critical to the success of CMG was the development of a new strategy for CMG, one that clearly outlined the purpose, vision, objectives and strategic pillars for the business. With the implementation of this strategy CMG has clearly positioned itself to be a leading manufacturer of vanadium electrolyte for the growing energy storage market and will achieve this through both the development of the Linfield project producing vanadium pentoxide and building a manufacturing facility to produce vanadium electrolyte. The team achieved a number of key milestones through the year that have added both value to the company and de risked the project delivery. Following a successful drill program completed in 2023 and rewarding Scoping Study for the Lindfield Project, CMG were able to announce a 96% upgrade to the Mineral Resource Estimate (MRE) to 713 mt. With the success of the metallurgical testing the company engaged Sedgman Prudentia to commence the next phase of feasibility studies. We are also proud to be a growing part of the local community in Julia Creek and have commenced background environmental and social studies necessary to progress the development approvals for the Lindfield Project. We are encouraged by the significant support the region and the broader vanadium industry has received through both the private sector as well as the government departments. The formation of the Critical Minerals Office in Townsville which is dedicated to supporting the critical minerals industry and the vanadium proponents in particular is a terrific sign of support and has already started to benefit CMG. On a macro level CMG has continued to refine the investigation into the broader market and supply demand dynamics both domestically and internationally. The growth projections off the back of the advanced implementation of renewable energy projects is significant and CMG is positioned well to supply into this growing market. On the back of this demand for vanadium electrolyte for VRFB’s, CMG has progressed the establishment of the vanadium electrolyte business. As we look to the 2025 financial year, the outlook for Critical Minerals Group is bright. There are exciting projects coming up, including the development of our Vanadium Electrolyte Demonstration Facility in partnership with the Queensland Government. I would like to recognise the hard work of the Board and Management team and would like to thank shareholders for their support to date and look forward with excitement to continuing to advance the Company’s projects during the year. Yours sincerely, Alan Broome, AM Chairman 8 criticalmineralsgroup.com Chief Executive Officer’s Letter Dear Shareholders, With the support of the board, management team and our strategic partners, CMG has had a successful and rewarding year. It has been a year of alignment, progress and amongst other significant achievements a year where we have been able to set a course for CMG and de-risk key elements of the project development. In the early part of the year, we carried out a review of the business, the industry, and the broader market to inform the development of the CMG Strategy. With a purpose to support global communities through an energy transition and a vision to be a leading manufacturer of high-quality vanadium battery products and delivering responsible and robust returns, we were able to develop three key strategic pillars to guide the business activities. These include ᴑ Secure and efficient supply ᴑ Downstream value creation ᴑ Sustainable delivery CMG has been further developing these strategies and the associated activities to achieve our objectives. The review highlighted the terrific opportunities that lay ahead for CMG because of the energy transition occurring both domestically and across the globe. CMG’s strategy captures that opportunity and will enable the business to secure the necessary customers and supporting partners to deliver the robust returns CMG is setting out to achieve. We are also encouraged by the tangible support that we are seeing towards early-stage vanadium proponents. The establishment of the Critical Minerals Office in Townsville and the vanadium proponents working group are two examples where CMG can benefit. These both provide an avenue for key development issues, or challenges that proponents are facing to be raised and addressed both across industry and in the government departments. Following on from the completion of a successful drilling program and scoping study at the end of 2023, CMG announced a 96% increase to the Lindfield Project’s Mineral Resource Estimate (MRE). The upgraded MRE increases the size of the resource to 713mt of which 72% is located within 20m of surface, and notably includes Molybdenum in addition to the already identified Vanadium and High-Purity Alumina. This outstanding result is a testament to the technical team and our partners, and we look forward to progressing additional opportunities. During the financial year, CMG was also granted additional exploration permits for a further two vanadium tenements within 35km of the Lindfield project. The tenements will form our Lindfield North and Lara Downs project and will benefit from the learnings and results of our exploration in the region to date. Works programs have been defined and approved for both the Lindfield North and Lara Downs projects and will guide CMG’s exploration of the new tenements in the coming years. Crucially, in March 2024 CMG awarded a contract to Sedgman Pty Ltd under which Sedgman will complete a definitive feasibility study. This is a key partnership for Critical Minerals Group, and we will benefit from the experience and depth of knowledge Sedgman provide. Work on the feasibility studies has commenced, and we expect the completion of this work to be a major milestone in FY25. The company is well placed to continue the achievements in the coming year and hopes to progress the environmental studies necessary to progress the development application submission, the pilot plant in support of the finalisation of the pre-feasibility study and the commencement of the vanadium electrolyte manufacturing business with the support of the Queensland government. Thank you to all the support of our working partners, shareholders, and other related stakeholders. We are proud of what we have achieved and look forward to the challenges that lie ahead of us. Yours sincerely, Scott Winter Managing Director & Chief Executive Officer Annual Report FY24 9 Directors’ Report Contents Group Projects Company Activities Environment, Social and Governance Information on Directors Remuneration Report Directors’ Declaration Auditor’s Independence Declaration 10 criticalmineralsgroup.com 12 17 18 20 23 29 30 Your directors present their report on Critical Minerals Group Limited (the Company) and its controlled entities (the “Group”), for the financial year ended 30 June 2024 (FY24). Directors and Company Secretary The names of the directors in office at any time during, or since the end of, FY24 are: Alan Broome, AM William Scott Winter Appointed: 10 July 2023 Art Malone Steven Kovac Stuart McClure Scott Drelincourt Resigned: 10 July 2023 Directors continue or were in office from the start of FY24 to the date of this report unless otherwise stated. Adam Gallagher was appointed Company Secretary with effect from 31 August 2023. Prior to Adam, Toni Myers was the Company Secretary. Review of Operations and Principle Activities This Directors’ Report contains a review of the Group’s operations, including information on exploration activity and results, financial position, strategies, and projects of the Group for FY24. During FY24, the Company successfully completed a placement of 11,333,333 ordinary shares at $0.15 per shares raising $1.7 million before costs. The funds were raised from sophisticated and professional investors. The Group’s financial position, financial performance, and use of funds information for FY24 is provided in the financial statements that follows this Directors’ Report. The Group incurred a loss of $1,796,908 for FY24, resulting from administration expenses, professional and consulting fees and employee costs. The company, as an early stage development company, has no operating revenue. The performance of the Group, in the Directors’ opinion, is based on the success of the exploration and development activities and the acquisition of mining interests by the Group The Company is pleased to provide an update on exploration and development activities completed during FY24. The Company is transitioning from an exploration company and is now focused on developing critical minerals projects. The Group was formed to identify, secure, acquire and develop critical mineral resource tenements in proven regions in Australia. The group is building its position in the vanadium market, holding 4 tenements in North-West Queensland near the town of Julia Creek. Among these tenements is its flagship Lindfield Project, as well as the Whinmoor Project, the Lara Downs Project, and the Lindfield North Project. The Group further holds tenements for the Figtree Creek Project and Lorena Surrounds Project, both exciting greenfield copper-gold projects near the Queensland town of Cloncurry that support the Group’s focus on critical mineral opportunities. Annual Report FY24 11 Directors’ Report Group Projects Project Name Tenement Status Date Granted Expires Area Location Target minerals Interest Lindfield Project EPM 27872 Granted 07/12/21 06/12/26 92 sub-blocks 30km Northeast of Julia Creek Vanadium 100% Lindfield North Project EPM 28636 Granted 31/05/24 30/05/29 36 sub-blocks 65km North of Julia Creek Vanadium 100% Lara Downs Project EPM 28635 Granted 30/05/24 29/05/29 118 sub-blocks 60km Northwest of Julia Creek Vanadium 100% Whinmoor Project EPM 28631 Granted 23/01/23 22/01/28 100 sub-blocks 60km North of Julia Creek Vanadium 100% Figtree Creek Project EPM 27998 Granted 27/10/22 26/10/27 22 sub-blocks 10km SouthSoutheast of Cloncurry Copper 100% Lorena Surrounds Project EPM 27999 Granted 27/10/22 26/10/27 16 sub-blocks 15km East of Cloncurry Copper 100% Image 1: Map of the Group’s projects. Source: Queensland Government, GeoResGlobe, Available at: https://georesglobe.information.qld.gov.au 12 criticalmineralsgroup.com Lindfield Project (EPM 27872) A 598645 E 7739153 N 165 Z LIND003 LIND007 LIND006 LIND013 LIND014 (southeast) Soil (15m) (25m) Weathering (24m) A’ 160m Z 140m Z ALLARU FORMATION 120m Z TLBA (30m) (30m) TLBB (35m) 100m Z TLBD TLBE WALLUMBILLA FORMATION 80m Z 603764 E 7734379 N 75 Z 7736000 N 600000 E 7738000 N (18m) (18m) Surface TLBA TLBB TLBD ALLARU FORMATION QCJC134 Soil 603078 E 7734706 N 165 Z LIND016R LIND020 (south) QCJC240 LIND023 LIND024 (north) LIND003 B 602000 E LIND018 The Lindfield Project is considered highly prospective for Vanadium, High Purity Alumina (HPA), and Molybdenum. The Lindfield Project area is characterised by the presence of the Toolebuc Formation, Allaru Mudstone and quaternary sediments. On 20 September 2023, the Company announced the commencement of its second drilling programme at the Lindfield Project. The drilling program aimed to increase the geological confidence of the deposit, with the intention of upgrading the resource as well as generate material for future pilot scale metallurgical testing. (northeast) LF029 The Lindfield Project comprises Queensland exploration permit for mining (EPM) 27872 and comprises 92 subblocks covering 295km². The Lindfield Project is located approximately 30km northeast of the township of Julia Creek. The project area lies close to main infrastructure facilities and is intersected by the Flinders Highway and the Great Northern Railway Line at the southern end of the tenement. 160m Z 140m Z 120m Z Weathering (21m) (21m) (30m) (30m) (36m) B’ 100m Z WALLUMBILLA FORMATION 80m Z 603078 E 7727706 N 75 Z 772800 N 7730000 N 7732000 N 7734000 N Image 3: Cross section of the Lindfield Project Resource as reported in the Company’s ASX announcement dated 10 May 2024 615000 600000 7740000 7740000 Indicative Open-cut Pit Footprint EPM 27872 Pond Process Plant Process Water Dam Pit Dewatering Dam Raw Water Dam Tailings Storage Facility Northern Infrastructure Area Co-located Infrastructure Corridor 7720000 7720000 Southern Infrastructure Area ISA LINE Image 2: Drill hole program completed at the Lindfield Project in September/October 2023 The Company released results on 10 May 2024, which reported a significant upgrade in the Mineral Resources Estimate at the Lindfield Project. The Lindfield Project Mineral Resources Estimate was upgraded by John T. Boyd Mining and Geological Consultants of Brisbane. The new MRE of 713 Mt at 0.32% V2O5, 3.4% Al2O3 and 130 g/t Mo includes Indicated Resource of 491 Mt at 0.32% V2O5 representing a significant increase in mineralised material (up 96%). ± Kilometres GDA2020 MGA Zone 54 5 LEGEND Project Exploration Permit for Minerals Boundary (EPM) Railway Road Key Project Components Indicative Surface Disturbance Footprint Indicative Open-cut Boundary Indicative Supporting Infrastructure Footprint Inidicative Out-of-pit Waste Emplacement Indicative Processing Infrastructure Indicative Water Management Infrastructure 615000 0 600000 CMG-23-01-IAS_202D FLINDERS HIGHWAY Source: MEC Mining (2024); QLD Spatial Services (2024) Orthophoto: Esri, Maxar, Earthstar Geographics, and the GIS User Community LINDFIELD VANADIUM PROJECT Indicative General Arrangement Image 4: Lindfield Vanadium Project: Indicative General Arrangement Figure 2 Annual Report FY24 13 Directors’ Report Group Projects Table 1. Updated Lindfield Project Vanadium, High Purity Alumina and Molybdenum Mineral Resource Summary announced 10 May 2024. Resource Category Domain Mass (Mt) V2O5 wt% AI2O3 Mo g/t Indicated Weathered 261 0.30 3.1 110 Fresh 230 0.34 3.8 160 Weathered 61 0.32 3.5 110 Fresh 161 0.31 3.5 150 713 0.32 3.4 130 Inferred Total wt% Table 2. New Lindfield Project In Situ Mineral Resources Estimate Categories announced 10 May 2024 In Situ Mineral Resource (Mt at V2O5 wt%) Horizon Indicated Inferred Total TLBA 259 at 0.22% 120 at 0.23% 378 at 0.22% TLBB 152 at 0.48 63 at 0.45% 214 at 0.47% TLBC - - - TLBD 80 at 0.33% 40 at 0.35% 120 at 0.34% TLBE - - - Total 491 at 0.32% 222 at 0.31% 713 at 0.32% Table 3. In Situ Mineral Resource – Overburden Depth announced 10 May 2024 In Situ Mineral Resource (Mt at V2O5 wt%) Overburden Depth Indicated Inferred Total 0 m - 10 m 205 at 0.33% 51 at 0.33% 256 at 0.33% 10 m - 20 m 220 at 0.31% 42 at 0.30% 262 at 0.31% 20 m - 30 m 65 at 0.32% 129 at 0.31% 195 at 0.31% 30 m - 40 m - - - Total 491 at 0.32% 222 at 0.31% 713 at 0.32% 14 criticalmineralsgroup.com In November 2023, the company announced the successful completion of the scoping study for the Lindfield Project. The key outcomes from the Scoping Study included: Whinmoor Project (EPM 28631) ᴑ a conclusion that the Lindfield Vanadium Project has both the technical and financial attributes to develop a 4 million tonne per annum run of mine (ROM) vanadium mine producing vanadium pentoxide, The Whinmoor Project intends to extend exploration by previous explorers and known extensions to Vanadium mineralisation in the Company’s Lindfield Project. ᴑ A long mine life, viable IRR (post tax) and a compelling positive NPV, ᴑ HPA and molybdenum have been confirmed as potential products which could provide future upside for the project, Site and regional infrastructure and utilities are available to support the development of the vanadium mine Metallurgical test work on oxidised core continued throughout the year following the completion of the Scoping Study to support further refinement of the process and beneficiation flowsheet for vanadium. Additional test-work was also carried out to further optimise the extraction and the potential for HPA production and molybdenum extraction from the mineralised zone. The results of both programs were used to develop the pilot plant test work plan and support the ongoing pre-feasibility study. On 14 March 2024, the Company announced the commencement of the pre-feasibility study, with the award of the work package to Sedgman. Sedgman are supported in this work by Sedgman Prudentia to carry out the processing elements and MEC Mining to develop the appropriate mine plan, schedule and perform optimisation studies. The Whinmoor Project consists of 100 sub-blocks covering 320 km². The Whinmoor Project is located 60km north of Julia Creek. As the focus of the Company has been on the Lindfield Project, no substantive exploration activities and no field work have been undertaken at the Whinmoor Project however a desktop review of all historical drilling and geological data within the tenement was completed and the proposed drilling program was agreed upon internally. Timing of the proposed drilling is yet to be confirmed. Lara Downs Project (EPM 28635) During FY23, the Group applied for EPM 28635 in relation to the Lara Downs Project and on 5th June 2024 the Company announced this had been granted. The Lara Downs Project consists of 118 sub-blocks covering 378 km². The Lara Downs Project is located 60km northwest of Julia Creek. The Lara Downs Project intends to extend exploration by previous explorers and known extensions to Vanadium mineralisation in the Company’s Lindfield Project. No substantive exploration activities were undertaken, and no field work has been undertaken as the Lara Downs Project was still in the application phase for much of the reporting period. A review of the historical drilling and geology is planned for Q1 FY25. The Group will continue to advance the Lindfield Project through the completion of the feasibility studies, further refinement of the process flow sheet with additional metallurgical testing and conduct further metallurgy test work with a larger scale pilot plant. Annual Report FY24 15 Directors’ Report Group Projects Lindfield North Project (EPM 28636) During FY23, the Group applied for EPM 28636 in relation to the Lindfield North Project and on 5th June 2024 the Company announced this had been granted. The Lindfield North Project consists of 36 sub-blocks covering 115 km². The Lindfield North Project is located 65km north of Julia Creek and directly adjacent to the Lindfield Project. The Lindfield North Project intends to extend exploration by previous explorers and known extensions to Vanadium mineralisation in the Company’s Lindfield Project. No substantive exploration activities were undertaken, and no field work has been undertaken as the Lindfield North Project was still in the application phase for much of the reporting period. A review of the historical drilling and geology is planned for Q1 FY25. Figtree Creek Project (EPM 27998) The Figtree Creek Project consists of 22 sub-blocks covering 70km². The Figtree Creek Project is located approximately 10 km southeast of the township of Cloncurry and is 5km from the main infrastructure corridor of the Flinders Highway and the Great Northern Railway line. The Figtree Creek Project is considered prospective for iron oxide copper and gold mineralisation based on historical surface sampling, local structural geology with similar rock types and structures present in the Figtree Creek Project area to that of the Great Australian Mine style of copper-gold mineralisation (which is just 3km north of the project) and electromagnetic anomalies identified. As the Company’s focus has been on the Lindfield Project during FY24, no substantive exploration activities and no field work has been undertaken at the Figtree Creek Project. On 7 December 2023, the Company announced the execution of a non-binding term sheet for a farm-in agreement with True North Copper Limited for both the Figtree Pocket and Lorena Surrounds tenements. Lorena Surrounds Project (EPM 27999) The Lorena Surrounds Project consists of 16 sub-blocks covering 51km². The Lorena Surrounds Project is located 15km east of Cloncurry and intersects 16 criticalmineralsgroup.com main infrastructure of the Flinders Highway and Great Northern Rail Line at the southern end of the tenement. The Lorena Surrounds Project is considered prospective for iron oxide copper and gold mineralisation based on historical drilling, local structural geology and electromagnetic anomalies identified. As the focus of the Company has been on the Lindfield Project, no substantive exploration activities and no field work have been undertaken at the Lorena Surrounds Project. On 7 December 2023, the Company announced the execution of a non-binding term sheet for a farm-in agreement with True North Copper Limited for both the Figtree Pocket and Lorena Surrounds tenements. Competent Person Statements The information in this report that relates to the exploration results, exploration targets and mineral resources was first reported by the Company in the Company’s Prospectus dated 25 May 2022 and ASX announcements dated 22 February 2023, 13 March 2023, 16 May 2023, 10 May 2024. The Company confirms that it is not aware of any new information or data that materially affects the exploration results, exploration targets and mineral resources and that all material assumptions and technical parameters underpinning these continue to apply and have not materially changed. Vanadium Electrolyte Manufacturing The Company is also progressing development of a demonstration vanadium electrolyte manufacturing facility in South-East Queensland as a first step in the longer-term development of downstream value-add opportunities for products from the proposed development of the Lindfield Project. CMG applied for a grant with the QLD Treasury to support the development and was conditionally awarded $2 million in funding to be matched by CMG in the development. During FY24, CMG carried out a market review for VRFB’s and Vanadium Electrolyte domestically and internationally, and developed a business plan that supports the facility in South-East Queensland. CMG expects to begin development and construction of the facility in 2025. Company Activities Significant Changes in the State of A