Vulcan Energy Resources (VUL) AGM 2026 presentation summary

Integrated project overview

• Producing lithium chemicals and renewable energy from geothermal brine in central Europe, with no fossil fuels involved.

• 29.1Mt LCE resource supports a 30-year project life, with Phase One (Lionheart) targeting 24ktpa lithium chemicals, 275 GWh power, and 560 GWh heat annually.

• €2.2 billion financing secured for Lionheart, with construction underway and offtake agreements in place.

• Project is strategically located near European battery and auto industry customers, enhancing supply chain resilience.

• Full product flexibility across lithium chemistries to meet evolving market needs.

Financials and funding

• Market capitalization at A$1.7bn, with €364.3m cash as of March 2026.

• €2.2bn Lionheart financing package includes €1,185m debt, €529m equity, and €204m government grants.

• Major institutional and strategic shareholders include HOCHTIEF, Van Eck, Bank Hapoalim, and Stellantis.

• Financial close achieved in May 2026, enabling full funding for construction and production ramp-up.

Project Lionheart specifics

• Integrated value chain from geothermal brine extraction to lithium chemical production.

• Utilizes proprietary VULSORBⓇ A-DLE technology for efficient, low-cost lithium extraction.

• Estimated C1 production cost at €3,588/t LHM, placing it in the lowest cost quartile globally.

• Phase One underpinned by 29.1Mt LCE resource, with proven and probable reserves for 30 years.