AVZ Minerals Limited (ASX: AVZ) ('AVZ' or 'Company') is pleased to provide an update on the recently convened DRC-Africa Business Forum and the signing of a pledge to develop a locally sourced battery minerals chain for the burgeoning EV market.

Hosted by the DRC Government in Kinshasa during the last two days (24-25 November) the DRC-Africa Business Forum was led by its Ministry of Industry and the United Nations Economic Commission for Africa (ECA), in collaboration with the African Export-Import Bank (Afreximbank), the African Development Bank (ADB), the Africa Finance Corporation (AFC), the Arab Bank for Economic Development in Africa (BADEA), the African Legal Support Facility (ALSF) and the United Nations Global Compact.

A key objective of the DRC-Africa Business Forum was to foster the development of a battery, electric vehicle and renewable energy industrial value chain and market in Africa.

The DRC Government's expected outcomes for the forum included: Identification of business opportunities to build regional value chains in the battery, electric vehicle and renewable energy sub-sectors within the DRC and other battery minerals producing countries in Africa; Clear enabling government policies for project developer and financiers including (i) the creation of a DRC Battery Council; (ii) a commitment to invest and build a battery minerals industry in the DRC and Articulated government support to facilitate investments in battery, electric vehicles and renewable energy value chains in the DRC and in Africa in general

Mr Serge Ngandu, Corporate Affairs Director for AVZ Minerals' subsidiary Dathcom Mining, presented AVZ's flagship Manono Lithium and Tin Project ('Manono Project') to delegates attending the first day of the DRC-Africa Business Forum. He also participated in a panel discussion with dignitaries from both the DRC and other African nations, including Heads of State and Captains of Industry. The Presidential discussion, which was led by His Excellency Mr. Felix Antoine Tshisekedi Tshilombo, President of the DRC, provided government leaders with a platform to demonstrate their commitment to and rationale for investing in the battery minerals industry in Africa and within the DRC.

Immediately following the Presidential discussion, the Congolese Government as well as the technical and financial partners such as CEA, AFC and BADEA signed commitments for the development of a battery minerals industry in the DRC. AVZ's wholly owned subsidiary AVZ International Pty Ltd was invited to execute this agreement, which was undertaken by Mr. Balthazar Tshiseke, the Deputy General Manager and Director of Dathcom

AVZ's Managing Director, Mr. Nigel Ferguson, said: 'The signing of this pledge provides a strong platform for the development of a battery minerals industry in the DRC which AVZ wholeheartedly supports, and is also an incredibly significant development as we enter the final stages of securing the Mining Licence and permits for the Manono Project.' 'The DRC and Africa is strategically positioned to play a pivotal role in the global transition to clean energy and decarbonisation and the Manono Project will greatly assist to improve the fortunes of the Congolese people, which AVZ Minerals is very supportive'. 'We are excited to be the only aspiring mining company that has been invited to join the newly formed DRC Battery Council which will be presided over by the President of the DRC and the Executive Secretary for the United Nations Economic Commission for Africa, along with a myriad of other significant organisations'

ABOUT DRC BATTERY COUNCIL (DBC)

The DRC Battery Council ('DBC') will be constituted as a public-private partnership that seeks to support the DRC government to ensure the outcomes and roadmap agreed upon at the DRC-Africa Business Forum are implemented, towards a battery value chain in the DRC and Africa that is transformative, sustainable, innovative, socially and environmentally responsible, and economically viable.

ABOUT MANONO LITHIUM AND TIN PROJECT

The Manono Project comprises PR13359, which covers 188km2 . The Manono Project is located 500km due north of Lubumbashi in the south of the DRC in central Africa. The project area can be accessed from Lubumbashi by a 1.5-hour flight or by road. The Roche Dure Mineral Resource of 400 million tonnes grading 1.65% Li2O, 715ppm Sn, 34ppm Ta is world-class in scale and grade. Reserves, to JORC 2012 standard, are quoted at 132Mt at 1.63% Li20. The Manono Project is strategically positioned as a clean, sustainable source of lithium for the EV battery value chain with industry leading ESG credentials and is forecast to be one of the lowest carbon emitting hard rock mines in the world.

Contact:

Mr. Jan de Jager

Tel: +61 8 6117 9397

Email: admin@avzminerals.com.au

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