EQS-News: Vulcan Energy Resources Limited
/ Key word(s): Quarterly / Interim Statement
Quarterly Activities Report for the period ending 30 September 2025 During the period ending 30 September 2025 (the Quarter), Vulcan Energy (Vulcan, ASX: VUL, FSE: VUL, the Company) continued the strong momentum of the first half of 2025 by achieving significant commercial and operational progress in advancing the execution of the Phase One Lionheart Project (the Project). The Project will have the capacity to produce 275 GWh of power, and 24,000 tonnes of LHM, enough for ca. 500,000 battery electric vehicles, per annum[1].
Highlights from the Quarter
Subsequent events
Managing Director and CEO, Cris Moreno, commented: "The September Quarter continued the strong momentum we have been steadily building over the past 12 months. Successes on project execution preparation were pleasing with the CLP permit now secured and approval to purchase the land at the site of our G-LEP granted. We also signed several major supply contracts, including those with NESI, and Turboden and ROM Technik, which is a credit to our team. "The granting of the TCTF funding was another particular highlight of the Quarter. Attracting the support of German federal and state governments is important to the future success of the Project at a financial level but also demonstrates the Project's position in Germany and broader Europe's energy transition. It reflects the significance of our contribution to Europe's critical raw materials supply chain resilience. "The remainder of the year is expected to be transformative for the Company, as we aim to finalise our financing package for Phase One, including execution of all remaining major supply contracts. We remain focused on delivering long-term value to our shareholders and look forward to providing further updates over the coming period."
Health and safety
Integrated renewable energy and lithium production
Well site preparation and rig readiness
Central Lithium Electrolysis Optimisation Plant (CLEOP)
Phase One project execution preparation
Commercial and financing
Mannheim, Germany
Ludwigshafen, BASF joint project, Germany
Ortenau, Germany
Environmental, Social and Governance (ESG) Climate risk assessment
Stakeholder engagement
Additional ASX Disclosure Information ASX Listing Rule 5.3.2: Development expenditure during the Quarter was €17.7m. Expenditure predominately related to the Phase One area Schleidberg production wellsite drilling (€11.6m), preparatory works for the construction of the Central Lithium Plant (€1.9m) and Lithium Extraction Plant (€2.3m), and refurbishment costs for Vulcan's V10 electric drill rig (€0.7m). ASX Listing Rule 5.3.3: During the Quarter, the Boccaleone licence expired and was not renewed. No licences were acquired during the Quarter. For further information see Table 1 below. ASX Listing Rule 5.3.5: Payments to related parties of the Company and their associates during the Quarter per section 6.1 of the Appendix 5B amounted to €274,000. This is comprised of an allocation of the Managing Director remuneration of €54,000, Group Chief Financial Officer and Executive Director remuneration of €80,000, Executive Chair remuneration of €96,000 and Non-Executive Director fees of €43,000. Payments to related parties of the Company and their associates during the quarter per section 6.2 of Appendix 5B total €44,000. This amount is an allocation of the Managing Director's remuneration for work done on activities associated with Vulcan's Phase One Lionheart Project. Please see the Remuneration Report in the 2024 Annual Report for further details on Directors' Remuneration.
Mineral Resources and Ore Reserves During the Quarter, Vulcan's total lithium brine Resource (Indicated and Inferred) for the Mannheim sector increased to 3,225kt LCE @155 mg/Li[7]. For further information please see Table 2 below, the Company's ASX announcement of 9 July 2025 and the Competent Person Statement in this report. Vulcan's Mineral Reserve estimates did not change during the Quarter. Vulcan also announced a large-scale, in place maiden geothermal Resource of 2,848 PJ (Indicated) and 10,539 PJ (Inferred) estimate for the Mannheim sector of which 171 PJ (Indicated) and 377 PJ (Inferred) are considered recoverable.
Table 2: Vulcan's combined Mineral Resource Estimates table
Note 1: Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. Refer to the Competent Person Statement in this Report for further information. Note 2: The weights are reported in metric tonnes (1,000 kg or 2,204.6 lbs). Numbers may not add up due to rounding of the resource value percentages. Note 3: Reservoir abbreviations: MUS - Muschelkalk Formation, BST - Buntsandstein Group; ROT Rotliegend Group; BM - Variscan Basement. Note 4: To describe the resource in terms of industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li2CO3, or Lithium Carbonate Equivalent (LCE). Note 5: NTG and Phie averages have been weighted to the thickness of the reservoir. Note 6: GRV refers to gross rock volume, also known as the aquifer volume. Note 7: Mineral Resources are considered to have reasonable prospects for eventual economic extraction under current and forecast lithium market pricing with application of Vulcan's A-DLE processing. Note 8: The values shown are an approximation and with globalised rounding of values in the presented summary table as per JORC guidelines, cannot be multiplied through to achieve the Mineral Resource estimated volumes shown above.
For and on behalf of the Board Daniel Tydde | Company Secretary
Media Judith Buchan, Communications Lead APAC | jbuchan@v-er.eu | +61 411 597 326 Please contact Vulcan's Legal Counsel Germany, Dr Meinhard Grodde, for matters relating to the Frankfurt Stock Exchange listing on mgrodde@v-er.eu About Vulcan Energy Vulcan Energy (ASX: VUL, FSE: VUL) is building the world's first carbon neutral, integrated lithium and renewable energy business to decarbonise battery production. Vulcan's Lionheart Project, located in the Upper Rhine Valley Brine Field bordering Germany and France, is the largest lithium resource in Europe[8] and a tier-one lithium project globally. Harnessing natural heat to produce lithium from sub-surface brines and to power conversion to battery grade material and using its in-house industry-leading technology VULSORB®, Vulcan is building a local, low-cost source of sustainable lithium for European electric vehicle batteries. For more information, please go to https://v-er.eu/
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.
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 and the Future Phase Pipeline - Mannheim Resources Growth announcement on 9 July 2025[9], 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:
The information in this announcement that relates to production targets (and the forecast financial information derived from such production targets) is extracted from the End of Validation review contained in the Prospectus released on 18 December 2024 which is available to view on Vulcan's website at http://v-er.eu. Vulcan confirms that all material assumptions underpinning the production targets (and the forecast financial information derived from such production targets) included in this announcement continue to apply and have not materially changed.
[1] Please refer to the risk factors contained in the 18 December 2024 (Prospectus) and Appendix 4 of the Equity Raise Presentation dated 11 December 2024 regarding the risks associated with resource exploration and development projects. Based on the Phase One production target capacity of 24ktpa from the Bridging Engineering Study (BES) Announcement 16 November 2023 and Vulcan internal estimated average EV battery size and chemistry in Europe. Please also refer to the Competent Person Statement. [2] An average AUD/EUR exchange rate of 0.57 has been used in this report. [3] The final amount is subject to Vulcan providing evidence of expenditure. [4] 'Clean Lithium for Battery Cell Production' is referred to as 'Sauberes Lithium für die Batteriezellfertigung' in Germany. [5] Vulcan's licences as at the date of this report, unless otherwise noted, with the licences of Phase One shaded in grey. [6] The Boccaleone licence expired during the reporting period and was not renewed. [7] This consists of the Indicated Resource increasing from 288kt LCE @ 153 mg/Li to 820kt LCE @ 155 mg/Li and the Inferred Resource increasing from 1,545kt LCE @ 153 mg/Li to 2,405kt LCE @ 155 mg/Li [8] On a lithium carbonate equivalent (LCE) basis, according to public information, as estimated and reported in accordance with the JORC Code 2012. See Appendix 4 of Vulcan's Equity Raise Presentation dated 11 December 2024 for comparison information. [9] The Mannheim Announcement relates solely to the lithium brine Resource estimation for the Mannheim sector. 22.10.2025 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Language: | English |
| Company: | Vulcan Energy Resources Limited |
| Unit 1, Level 11, 1 Spring Street | |
| WA 6000 Perth | |
| Australia | |
| E-mail: | dtydde@v-er.eu |
| Internet: | www.v-er.eu |
| ISIN: | AU0000066086 |
| WKN: | A2PV3A |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 2216864 |
| End of News | EQS News Service |
2216864 22.10.2025 CET/CEST
