Vulcan Energy Records Significant Progress in Lithium Project

Vulcan Energy Resources Limited has reported significant progress in the first phase of its ambitious ZERO CARBON LITHIUM project in its quarterly activities report. In addition to successfully completing the Bridging Engineering Study, which confirms the low operating costs and the strength of the project, the company also initiated the debt and equity financing process. Under the leadership of BNP Paribas, and with positive signals from business and development banks as well as government-supported export credit agencies, the financial infrastructure for the project appears robust. Export Finance Australia indicated non-binding support with a commitment of 200 million AUD, and there are indications of further development support from Canada, Italy, and France. In addition to financial developments, Vulcan is also recording operational successes. In Germany, the city council of Landau has given the company the green light to begin construction of the first European geothermal and lithium extraction plant. The opening of the lithium extraction and optimization plant in Landau represents a decisive step in establishing a sustainable European lithium supply chain. The environmental and social impact assessment for Phase One of the project has been completed, confirming the project's sustainability and Vulcan's commitment to green financing. In terms of health, safety, environment, and quality, Vulcan has undergone a review and reporting process for 2023. Furthermore, indicators for safety culture and training programs have been established. In the production sector, the geothermal plant Natürlich Insheim generated 5,680 MWh of electricity from renewable energies. In addition, the district heating supply of Insheim is aimed to be powered by renewable energies by the end of 2025. Vulcan's LEOP has already invested 40 million EUR in domestic lithium production. With the help of the A-DLE adsorption process and the company's proprietary sorbent VULSORB®, Vulcan is strengthening its position in the global sustainable lithium production. While CLEOP began the lead-up of the main equipment, the company is aiming to start the first production of lithium chloride and then convert it into lithium hydroxide. Partners such as Stellantis, Volkswagen, Renault, Umicore, and LG Energy Solution are ready to test the lithium. Cris Moreno, Managing Director and CEO, emphasized the importance of the last quarter and the progress in project implementation that was achieved despite current market conditions.