The revised measured, indicated and inferred vanadium resource is 175.5 million tonnes at 0.77% vanadium pentoxide, including a distinct massive magnetite high-grade zone of 93.6Mt at 1% vanadium pentoxide, and is broadly in line with the previous estimate.

AVL also declared a maiden inferred resource of 12.5Mt at 206 parts per million cobalt, 659ppm nickel and 222ppm copper.

The addition of a cobalt, nickel and copper resource follows bench-scale test work and generation of sulphide flotation concentrates containing 3.8-6.3% base metals, including 1.54-2.02% cobalt, 1.36-2.58% nickel and 0.82-1.7% copper.

AVL is nearing the completion of a prefeasibility study for Gabanintha and said the potential sale of base metals by-products would increase revenue.

"This important revision to the Gabanintha resource further de-risks the foundations on which we can build an outstanding Australian project," AVL managing director Vincent Algar said.

"We have developed a unique understanding of the deposit, and our very strong vanadium team will enable us to utilise this knowledge as we advance the project. Our timing in respect to supplying the rising vanadium market looks to be ideal.

"We will develop the metallurgical and economic aspects of the project in our PFS, looking to include the needs of potential steel industry offtake and that of the rapidly emerging vanadium redox flow battery industry."

Shares in AVL were 2.5% higher at 4.1c, valuing the company at around $65 million.