Vulcan Energy Resources (VUL) Corporate presentation summary

Market context and strategic importance

• Lithium is critical for Europe's energy transition, but the region is chronically under-supplied and heavily reliant on imports, with less than 1% of global lithium production sourced domestically.

• European battery and EV demand is surging, driven by strong growth in electric vehicle sales and significant investments in the EV ecosystem.

• Asian companies are increasingly entering the European EV market, intensifying the need for local lithium supply and resilient supply chains.

Project Lionheart overview

• Project Lionheart is a fully funded, integrated lithium chemicals and renewable energy project in central Europe, targeting 24ktpa lithium chemicals, 275 GWh power, and 560 GWh heat annually over 30 years.

• The project leverages a globally significant geothermal-lithium brine resource, with a total resource of 29.1Mt LCE and proven and probable reserves supporting long-term production.

• Construction is underway, with major milestones achieved including financial close, positive FID, and commencement of civil works at key sites.

Financials and funding

• Lionheart is one of the few lithium projects globally that is fully funded, with a €2.2 billion financing package comprising debt, equity, and government grants.

• Institutional equity, strategic project equity, and significant public-backed funding, including €354m from the German government, underpin the project.

• Estimated post-tax NPV is €1,152m, with a post-tax unlevered IRR of 13.7% and an average EBITDA margin of 75%.