Avalon Completes PEA: After-tax C$4.1 billion NPV (8%) and 48% IRR at its Thunder Bay Lithium Processing Facility, ON

Toronto, Ontario–(Newsfile Corp. – September 3, 2024) – Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) (“Avalon” or the “Company”)is pleased to announce the completion of a Preliminary Economic Assessment (“PEA”) for its lithium hydroxide processing facility project in Thunder Bay, Ontario, Canada (the Project or the “Lake Superior Lithium Project”).

The PEA prepared by DRA Americas Inc. demonstrates the project’s compelling economic viability. The PEA considers a design capacity for the annual production of 30,000 tons of battery-grade lithium hydroxide (LiOH). Unless otherwise stated, all dollar values ​​in this press release are expressed in Canadian dollars. (USD:CAD = 1.36).