EQS-News: Vulcan Energy Resources Limited
/ Key word(s): Quarterly / Interim Statement
Quarterly Activities Report for the period ending 31 December 2025 Pivotal quarter for Vulcan Energy after securing a comprehensive financing package to fund its Phase One Lionheart Project in Germany's Upper Rhine Valley Brine Field (URVBF).
Vulcan Energy Resources Limited (ASX: VUL) (Vulcan Energy or the Company) delivered the financing package to support a positive Financial Investment Decision (FID) for the Phase One Lionheart Project (the Project or Phase One Lionheart) in the quarter ending 31 December 2025. Phase One 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 life[1].
Highlights from the Quarter
Subsequent events
Managing Director and CEO, Cris Moreno, commented: "Q4 2025 represents the most transformational period in Vulcan's history. Securing the financing package - which includes one of the largest public funding packages for a strategic raw material project globally - has allowed the Company to transition from development stage into execution mode, with construction having commenced in December 2025. A lighthouse critical raw materials project for Europe, Lionheart aims to deliver Europe's first fully domestic and sustainable lithium value chain. "Separately, we achieved several complementary milestones, including the addition of Glencore as an offtake partner, positive drilling results, secured building permits, and signed key supply contracts. "2026 is shaping up to be another successful year for the Company. We remain committed to creating long-term value and look forward to providing our shareholders with progress over the coming period."
Sustainability Health and safety
Environmental, social and governance
Phase One Lionheart execution The Company reported significant operational and commercial progress during the reporting period. It announced a positive FID by the Board in December, backed by a €2.2 billion ($3.9 billion) financing package to fund the construction and development of Phase One, together with strong drilling performance and positive subsurface results from the LSC-1 vertical well and LSC-1a sidetrack, and start of construction at its upstream G-LEP.
Production well sites
Figure 1: Schleidberg well site near Landau, Germany Integrated Geothermal-Lithium Extraction Plant: G-LEP
Figure 2 & 3: Concrete slabs as foundations for the duct pipes and start of installing the duct pipes (1.4m diameter) ICPP in December 2025
Geothermal power plant
Figure 4: Infraserv Park Höchst, Frankfurt Contracts and procurement
Future phases Ongoing discussions relating to future phase licence regions continued throughout the reporting period in addition to the following: Mannheim, Germany
Ludwigshafen, BASF joint project, Germany
Ortenau, Germany
Gravimetry and magnetic survey
Finance
Optimisation plants
Additional ASX Disclosure Information ASX Listing Rule 5.3.2: Development expenditure during the Quarter was €14.9m. Expenditure predominately related to the Phase One area Schleidberg production wellsite drilling (€7.9m), preparatory works for the construction of the CLP (€2.7m) and LEP (€2.2m), and construction of a high-voltage (110 kV) substation facility (€1.2m). ASX Listing Rule 5.3.3: No licences were acquired or disposed of 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 €306,000. This is comprised of an allocation of the Managing Director remuneration of €54,000, Group Chief Financial Officer and Executive Director remuneration of €81,000, Executive Chair remuneration of €97,000 and Non-Executive Director fees of €74,000. Payments to related parties of the Company and their associates during the quarter per section 6.2 of Appendix 5B total €43,000. 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.
Table 1: Vulcan's integrated lithium and renewable energy project licence table[2]
Mineral Resources and Ore Reserves During the Quarter, there was no change to Vulcan's Mineral Resource or Ore Reserve.
For and on behalf of the Board Daniel Tydde | Company Secretary
Media Judith Buchan | Head of Corporate Communications | 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. Located in the Upper Rhine Valley Brine Field bordering Germany and France, Phase One Lionheart is a tier-one global lithium project and Resource. Harnessing natural heat to produce lithium from sub-surface brines and to power conversion to battery quality material and using its in-house industry-leading technology VULSORB, Vulcan is building a local, low-cost source of carbon neutral lithium for European electric vehicle batteries. For more information, please go to https://v-er.eu/ 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.
The information in this announcement that relates to estimates of Mineral Resources and Ore Reserves is extracted from the Bridging Engineering Study Results announcement released on 16 November 2023 (Bridging Study Announcement) and the Future Phase Pipeline - Mannheim Resources Growth announcement released on 9 July 2025, 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 Successful Production Testing of First New Lionheart Well announcement released on 21 January 2026 and the Positive start to Phase One Lionheart Project field development announcement released on 19 November 2025, both of which are available to view on 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.
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) the Independent Expert Report included as section 17 to the Information Memorandum announcement released on 11 December 2024 and the Financing and FID announcement released on 3 December 2025, 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 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).
[1] 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 and the Key Risks in Appendix 3 of the Investor Presentation dated 3 December 2025 regarding the risks associated with resource exploration and development projects. [2] Vulcan's licences as at the date of this report, unless otherwise noted, with the licences of Phase One shaded in grey. 03.02.2026 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 Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate BSX |
| EQS News ID: | 2270828 |
| End of News | EQS News Service |
2270828 03.02.2026 CET/CEST




