Vulcan Energy Resources Ltd. · ASX:VUL
Vulcan Energy Resources — Investor Presentation (February 2026)
32 slides from Vulcan Energy Resources's investor presentation, Feb 2, 2026
Slide 1: Corporate Presentation February 2026
For personal use only Corporate Presentation February 2026 DETERMINED FOR A BETTER TOMORROW ASX/FSE: VUL CLIMATE CHAMPION | DETERMINED | INSPIRING
Slide 2: Disclaimer
DISCLAIMER Disclaimer, acknowledgement and agreement. Vulcan, to the maximum extent permitted by law, expressly excludes and disclaims all liability (including, without limitation, any liability arising out of fault or negligence on the part of any person) for any direct, indirect, consequential or
Slide 3: Corporate snapshot
INTEGRATED LITHIUM AND RENEWABLE ENERGY COMPANY Corporate snapshot For personal use only Financing secured and in construction, commercial production of fully domestically-produced European ASX/FSE Prime lithium hydroxide scheduled for 2028, supplying the European EV and battery markets VUL Standard
Slide 4: Strategy to deliver value and growth
STRATEGY TO DELIVER VALUE AND GROWTH Empowering a carbon-neutral future by producing low cost, sustainable lithium for Europe For personal use only Strategic Pillars Secure & Maintain Deliver Phase Deliver Growth Differentiate Through Deliver on Financial One Lionheart Strong Sustainability Commitme
Slide 5: Integrated brine-to-battery solution
INTEGRATED BRINE-TO-BATTERY SOLUTION Renewable energy driving sustainable lithium production. Financing secured and in construction. First production, 2028 Phase One Lionheart 275GWh power LiCl concentrate for 24,000tpa production 560GWh heat1 24,000tpa LHM equivalent LHM1 Well Geothermal and Lithiu
Slide 6: Vulcan's Phase One Lionheart Project
VULCAN'S PHASE ONE LIONHEART PROJECT Low cost, sustainable integrated lithium and energy production from Europe, for Europe For personal use only 2 4 3 1 1 Operating Insheim geothermal power plant and wells 2 Operating Landau well site and LEOP 4 G-LEP – Option agreement signed to secure site 3 Schl
Slide 7: Phase One Lionheart: the numbers
Phase One Lionheart: the numbers1 €1,838m 15.6% €20,456/t LHM Pre-tax unlevered IRR Average 10-year LHM For personal use only Pre-tax NPV8 realised price Vulcan’s Phase One Lionheart Project 13.7% €1,152m €566m intends to produce baseload Post-tax NPV8 Post-tax unlevered IRR Average revenue p.a. geo
Slide 8: Phase One Lionheart is a European lighthouse project
PHASE ONE LIONHEART IS A EUROPEAN LIGHTHOUSE PROJECT €1.4bn (A$2.5bn) 1 strategic financing support from German, European and international government-backed institutions German government support. Lionheart is a strategic project for Europe • €100m State grant funding for geothermal energy generati
Slide 9: Future phases – design one, build many
FUTURE PHASES – DESIGN ONE, BUILD MANY Frankfurt A blueprint for Vulcan's future phases to support Europe's energy transition Multiple phases: Höchst CLP • Geothermal and LEP replicated in Ludwigshafen1 Downstream LHM production Future Permitted for capacity beyond For personal use only Phase • BASF
Slide 10: Investment highlights
INVESTMENT HIGHLIGHTS Low cost, sustainable and optimally positioned for EU market • Financing secured and under construction For personal use only Phase One Lionheart financed with construction underway • Near-term production First commercial lithium hydroxide production targeted for 2028 • Europea
Slide 11: A transformational time for Vulcan
A TRANSFORMATIONAL TIME FOR VULCAN €2.2bn financing secured, fully funding Phase One Lionheart to first cash flow, construction is underway For personal use only Lithium offtake Outstanding Attractive cost Phase One Lionheart Strong ESG agreements provide government curve position financing secured2
Slide 12: Lithium demand and offtake
Lithium demand For personal use only and offtake ASX/FSE: VUL 12
Slide 13: Powering ahead: Europe's battery projects on the rise
POWERING AHEAD: EUROPE’S BATTERY PROJECTS ON THE RISE Vulcan vital to secure fully domestic supply of lithium chemicals from Europe, for Europe • The European battery industry is robust and # Owner Status O p e r a t i n g cell plants European Cell (LHS) a n d C A M # Owner Status p l a n t s ( R HS
Slide 14: EV and battery growth – both globally and in the EU
EV AND BATTERY GROWTH – BOTH GLOBALLY AND IN THE EU Lithium supply forced to scale rapidly in the short term to match EV / battery growth • EV sales increased globally by +20% and +33% in Europe in 20251,2 EV sales growth to 2025 YTD1,2 EV sales (million units) • EV sales currently make up about 1:4
Slide 15: Supplying the European auto industry
SUPPLYING THE EUROPEAN AUTO INDUSTRY Fully contracted Phase One lithium production provides pricing support1 • Low counterparty risk: high quality European-focused offtake partners confirmed for Phase One Lionheart For personal use only • Long term relationships: binding, take-or-pay contracts with
Slide 16: Low-cost lithium production
LOW-COST LITHIUM PRODUCTION Vulcan is targeting low-cost production through its high-grade brine resource and highly efficient VULSORB® A-DLE technology Global projected 2035 lithium C1 cost curve unweighted supply (US$/t LCE, real 2024 terms) 1 For personal use only 25,000 Brine (Legacy) Mica Integ
Slide 17: Positioned to deliver lithium product flexibility
POSITIONED TO DELIVER LITHIUM PRODUCT FLEXIBILITY Vulcan has the capability to produce different lithium products3, depending on future client needs Project Lionheart will produce lithium hydroxide from the Central Lithium Plant, however it has flexibility to switch between hydroxide and carbonate p
Slide 18: Phase One Lionheart Progress update
Phase One For personal use only Lionheart Progress update ASX/FSE: VUL 18
Slide 19: Construction commenced – fast start
CONSTRUCTION COMMENCED – FAST START With project financing secured, construction has commenced For personal use only Ground-breaking at Lithium Extraction Plant site Earthworks at Lithium Extraction Plant site LSC-1 during recent successful well production test Power line re-routing underway at LEP
Slide 20: Phase One field development: highly positive start
PHASE ONE FIELD DEVELOPMENT: HIGHLY POSITIVE START Fifth well has confirmed and exceeded main sub-surface assumptions in Phase One Lionheart1 • Strong production flow test performance Multi-step production well confirmed pressure (PI) values in the For personal use only range of 2.1 and 2.5l/s/bar.
Slide 21: Phase One Lionheart development timeline
PHASE ONE LIONHEART DEVELOPMENT TIMELINE All major permits received to start construction1, with first production targeted to commence in 2028 Drilling Production well drilling For personal use only Construction of Inter-connected pipeline and power (ICPP) Infrastructure and 110kV Substation Geother
Slide 22: Phase One Lionheart contract partners
PHASE ONE LIONHEART CONTRACT PARTNERS Well established, highly credentialled project development and offtake partners 1 Phase One Lionheart 275GWh power LiCl concentrate for 24,000tpa production 560GWh heat2 24,000tpa LHM equivalent LHM2 2. Well 3. Geothermal 4. Lithium Extraction Plant 5. Central L
Slide 23: Management & Board of Directors
MANAGEMENT & BOARD OF DIRECTORS Major project, technical and finance experience at Board and Executive level Executive Directors For personal use only Dr Francis Wedin Cris Moreno Felicity Gooding Executive Chair, Founder Managing Director and Group CEO Executive Director and Group CFO 18+ years’ ex
Slide 24: Future Vulcan
Future Vulcan For personal use only ASX/FSE: VUL 24 NOT FOR RELEASE TO U.S. WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Slide 25: Beyond Phase One Lionheart – multiple growth levers
BEYOND PHASE ONE LIONHEART – MULTIPLE GROWTH LEVERS With proprietary VULSORB® A-DLE technology and drilling capability through Vercana, Vulcan plans to rapidly develop subsequent phases, replicating Phase One Lionheart1 TM Phases Two, Three, ++ For personal use only • Using VULSORB® to unlock low-co
Slide 26: VULTEC – unlocking low-cost A-DLE lithium with VULSORB
VULTEC – UNLOCKING LOW-COST A-DLE LITHIUM WITH VULSORB® Opportunity to grow VULSORBtechnology business – a high-performance bankable A-DLE technology offering several sustainability benefits in a growing lithium brine market For personal use only High performance Commercially Environmentally Favoura
Slide 27: Vercana – a strategic asset for geothermal projects
VERCANA – A STRATEGIC ASSET FOR GEOTHERMAL PROJECTS Strategically placed to address the vast geothermal capacity build out in Germany VERCANA drill rigs V10 and V20 • Vercana being in-house improves Vulcan’s control of Phase One Lionheart timeline delivery, in addition to any subsequent phases For p
Slide 28: Financing secured, construction started, growth ahead
FINANCING SECURED1, CONSTRUCTION STARTED, GROWTH AHEAD €2.2bn in project financing secured by Vulcan for construction of Phase One, future phases also in development Central Lithium Vulcan aims to produce baseload geothermal Rhine Plant Resource power, and carbon-neutral lithium for batteries, River
Slide 29: Appendix - Disclaimer
APPENDIX 1 - DISCLAIMER No investment or financial product advice. This Presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, or a recommendation to acquire Vulcan Shares, nor does it constitute, and is not i
Slide 30: Appendix - Disclaimer cont.
APPENDIX 1 - DISCLAIMER CONT. Ore Reserves and Mineral Resources Reporting. It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore R
Slide 31: Appendix - Disclaimer cont.
APPENDIX 1 - DISCLAIMER CONT. Financial data. All monetary values expressed as "$" or "A$" in this Presentation are in Australian dollars, unless stated otherwise. All monetary values expressed as EUR or € in this Presentation are in Euros, unless stated otherwise. All monetary values expressed as "
Slide 32: Appendix – LCA assumptions
APPENDIX 2 – LCA ASSUMPTIONS All foreground data for the ISO compliant Life Cycle Assessment (LCA) is sourced from Vulcan’s 2023 Bridging Engineering Study. The process design is assumed to be fully electrified. No fossil fuels are directly burned on site in the lithium production process. All backg
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