Vulcan receives initial strategic funding for Lionheart Project

Vulcan receives initial strategic funding for Lionheart Project

Vulcan Energy (ASX: VUL, FSE: VUL, Vulcan or the Company) is pleased to announce that first strategic drawdown conditions have been met on its €2.2bn ($3.9bn) funding package1 for the Lionheart lithium and geothermal energy project (Lionheart) following achievement of Financial Close in late May2, with initial equity funds received by the Company from its strategic equity partners.
 

Located in the Upper Rhine Valley Brine Field between Germany and France, Lionheart - Vulcan’s first phase of production - is a lighthouse project for Europe’s energy and critical raw material resilience. Lionheart involves the construction of an integrated lithium and renewable energy project targeting production capacity of 24,000 tonnes of lithium hydroxide monohydrate (LHM), enough for ca. 500,000 electric vehicle batteries per annum, with a co-product of 275 GWh of renewable power and 560 GWh of heat per annum for local consumers, over an estimated 30-year project life3.
 

Receipt of the equity funds is in accordance with the Company’s earlier guidance and demonstrates that Vulcan’s delivery of Lionheart continues to progress on track per the project execution plan. Further drawdowns will continue based on ongoing satisfaction of conditions, as is customary for such financing arrangements.
 

Vulcan’s Managing Director and Chief Executive Officer, Cris Moreno, commented:
"The receipt of the first strategic equity funds is a significant milestone following Financial Close and demonstrates the continued momentum of Lionheart. We are pleased to see our strategic partners progressing their investment commitments as planned, providing further validation of the project and our execution strategy.

Lionheart is on track, with project funding being drawn in line with our construction schedule and capital requirements. We look forward to continuing to advance the project as we work towards delivering sustainable domestic lithium production and renewable energy generation for Europe."

<ENDS>

For and on behalf of the Board

Daniel Tydde | Company Secretary

Further information

Jeremy McManus | Head of Investor Relations | jmcmanus@v-er.eu | +61 422 000 675

Judith Buchan | Head of Corporate Communications | jbuchan@v-er.eu | +61 411 597 326

1 Refer to Vulcan ASX announcement titled “€2,200 million (A$3,929 million) financing package secured to fully fund Vulcan Energy’s Phase One Lionheart Project” dated 3rd December 2025

2 Refer to Vulcan ASX announcement titled ‘Vulcan’s funding package for Lionheart reaches Financial Close’ dated 28 May 2026. 
3 Based on the Phase One Lionheart production target capacity of 24kt p.a. from Bridging Engineering Study ASX announcement 16th November 2023 and Vulcan internal estimated average EV battery size and chemistry in Europe; refer to the Competent Person Statement within this announcement. Refer to the Key Risks in Appendix 3 of the Investor Presentation dated 3 December 2025 regarding the risks associated with resource exploration and development projects.

About Vulcan Energy

Disclaimer

Some of the statements appearing in this announcement may be in the nature of forward-looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Vulcan operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward- looking statement. No forward-looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Vulcan’s control.

Vulcan does not undertake any obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Vulcan, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement.

This announcement is not an offer, invitation or recommendation to subscribe for, or purchase securities by Vulcan. Nor does this announcement constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision.

Competent Person Statement

The information in this announcement that relates to estimates of Mineral Resources and Ore Reserves is extracted from the Bridging Engineering Study Results announcement on 16 November 2023 (Bridging Study Announcement) and the Future Phase Pipeline – Mannheim Resources Growth announcement on 9 July 20254, both of which are available to view on Vulcan's website at http://v-er.eu. Vulcan confirms that in respect of the estimates of Mineral Resources and Ore Reserves included in this announcement:

a) it is not aware of any new information or data that materially affects the information included in the original market announcement, and that all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed;

and

b) the form and context in which the Competent Persons' findings are presented in this announcement have not been materially modified from the original market announcement.

The information in this announcement that relates to Exploration Results is extracted from the “Positive start to Phase One Lionheart Project field development” announcement on 19 November 2025 which is available to view on http://v-er.eu 20 Vulcan's website at http://v-er.eu. Vulcan confirms, that in respect of the Exploration Results included in this announcement: a) it is not aware of any new information or data that materially affects the information included in the original market announcement, and that all material assumptions and technical parameters underpinning the Exploration Results in the original market announcement continue to apply and have not materially changed; and b) the form and context in which the Competent Persons' findings are presented in this announcement have not been materially modified from the original market announcement.

Production Targets and Forecast Financial Information

The information in this announcement that relates to production targets is extracted from the Bridging Study Announcement. Vulcan confirms that all material assumptions underpinning the production targets included in the original market announcement continue to apply and have not materially changed.

This announcement contains forecast financial information (including forecast financial information derived from the Company's production targets). This forecast financial information is based on the material assumptions set out in (or referred to in) slide 39 of the Company's ASX announcement titled "Financing and FID presentation" released on 3 December 2025 (Investor Presentation) and the Independent Expert Report included as section 17 to the ASX announcement titled "Information Memorandum" released on 11 December 2024 (Information Memorandum), both of which are available to view on Vulcan's website at http://v-er.eu. Vulcan confirms that those assumptions set out in the ASX announcements referred to above (for the avoidance of doubt, having regard to the extent to which the assumptions referred to in the Information Memorandum have been modified by the updated information set out in (or referred to in) slide 39 of the Investor Presentation) continue to apply and have not materially changed.

The Company believes that it has a reasonable basis for making the forward-looking statements in this announcement (including with respect to forecast financial information).

4 The Mannheim Announcement relates solely to the lithium brine Resource estimation for the Mannheim sector.