Vulcan Energy Resources Ltd. · ASX:VUL
Vulcan Energy Resources — Investor Presentation (September 2026)
24 slides from Vulcan Energy Resources's investor presentation, Sep 3, 2026
Slide 1: Introducing Phase 2: Project Ludwig
For personal use only ASX/FSE: VUL Introducing Phase 2: Project Ludwig DETERMINED FOR A BETTER TOMORROW CLIMATE CHAMPION | DETERMINED | INSPIRING1 1 FO-0762 V 1
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: You must read the following before continuing The information contained in this presentation (Presentation) has been prepared by Vulcan Energy Resources Ltd (Vulcan or the Company). This Presentation is for informational purposes only and is not an offer of securities for sale
Slide 3: Disclaimer (cont)
DISCLAIMER (CONT) Forward-looking statements. General: This Presentation contains certain forward-looking statements. Often, but not always, forward-looking statements may be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "target", "prop
Slide 4: Disclaimer (cont)
DISCLAIMER (CONT) Financial data. All monetary values expressed as EUR or € in this Presentation are in Euros, unless stated otherwise. All monetary values expressed as "US$" in this Presentation are in US dollars, unless stated otherwise. The assumed exchange rate to convert Euros into US dollars (
Slide 5: Phase One delivers a repeatable development platform for growth
PHASE ONE DELIVERS A REPEATABLE DEVELOPMENT PLATFORM FOR GROWTH For personal use only Project Lionheart Integrated Cost Position Technology Delivery Sustainability World leading integrated geothermal energy and Lowest quartile Bankable inhouse lithium Funded and in Sustainability driven battery-grad
Slide 6: Introducing Phase Two: Project Ludwig
Frankfurt Phase 1: Lionheart Downstream INTRODUCING PHASE TWO: PROJECT LUDWIG Lithium hydroxide production Delivering Vulcan’s growth strategy: design one, build many Globally significant sub-surface geothermal-lithium brine asset. Phase 2: Project Ludwig Tier one resource For personal use only
Slide 7: Vulcan strategic plan: delivering on our promises and potential
VULCAN STRATEGIC PLAN: DELIVERING ON OUR PROMISES AND POTENTIAL Lionheart is a blueprint for future phases – Lionheart develops only 15% of resources in the portfolio1 100,000 • Replicating Lionheart for future development phases at lower cost FUTURE PHASES – DESIGN ONE, BUILD MANY2 For personal use
Slide 8: Vulcan's sustainable growth model
VULCAN’S SUSTAINABLE GROWTH MODEL1 Asset-level financing strategy to grow shareholder value across the Group For personal use only 86%2 Targeting lithium carbonate, Sells lithium hydroxide, renewable heat sales 14% KfW renewable heat & power German Federal Raw Materials Fund2 PFS Released Under Stra
Slide 9: Development building blocks in place for Ludwig success
DEVELOPMENT BUILDING BLOCKS IN PLACE FOR LUDWIG SUCCESS Blueprint from Phase 1 directly applies to Phase 2 - capitalising on very significant pre-investment, IP, resources and derisking For personal use only Proprietary, in-house, high-performance A-DLE technology and team Fully de-risked and de
Slide 10: Project Ludwig – blueprint to drive low operating cost
PROJECT LUDWIG – BLUEPRINT TO DRIVE LOW OPERATING COST Integrated geothermal and lithium For personal use only production facility 5 x well sites Interconnected pipelines 28 wells Cooled reinjected brine Hot lithium-rich brine
Slide 11: Project Ludwig overview – integrated upstream & downstream
PROJECT LUDWIG OVERVIEW – INTEGRATED UPSTREAM & DOWNSTREAM Integration of lithium extraction and lithium chemical plants drive capital efficiency Well Integrated Pipeline & Power Energy Storage Lithium extraction and conversion plant sites (ICPP) up to transfer point (TP) For personal use only Local
Slide 12: Sub-surface resource update
SUB-SURFACE RESOURCE UPDATE5 Phase 2 targets the same Buntsandstein reservoir unit and same field development plan blueprint. For personal use only Project Ludwig production forecast utilises only “Indicated Mineral Resources” with total recovery = 517kt Li₂CO₃(30yrs) 1 Lithium Mineral Resources 202
Slide 13: Integrated lithium plant design
INTEGRATED LITHIUM PLANT DESIGN Capital efficiencies, engineered into Project Ludwig For personal use only One integrated site for the entire extraction, conversion and refining process to battery grade product. Conversion to Li2CO3 using simple, industry-standard process and equipment, with integra
Slide 14: Project Ludwig PFS numbers
Project Ludwig PFS numbers5,6 €2,607m1 25.0% €20,588/t LCE Pre-tax NPV8 Pre-tax unlevered IRR Real 2026 €563m For personal use only €1,727m 20.2% Annual average nominal Post-tax NPV8 Post-tax unlevered IRR revenue €4,101/t LCE3 €1,261m2 LCE production cost, 73% CAPEX lowest quartile Average EBITDA m
Slide 15: Ludwig PFS: key outcomes
LUDWIG PFS: KEY OUTCOMES12 Project Ludwig PFS shows ~ 15% less estimated Capex than Project Lionheart and delivering stronger returns Project Ludwig1,2,3 Lionheart1,2,3 Ludwig indicative comparison to Economic Metrics (€) Product: Lithium Hydroxide Monohydrate Lionheart Doubling annual targeted lith
Slide 16: Ludwig PFS: key outcomes cont'd - slide disclaimers
LUDWIG PFS: KEY OUTCOMES CONT’D - SLIDE 15 DISCLAIMERS Note 1: Project Ludwig economic metrics are based on the 2026 Pre-Feasibility Study (PFS) on the assumptions set out in this announcement, while Phase One Lionheart metrics are based on the material assumptions set out or referred to in slide 39
Slide 17: Project Ludwig capex summary
PROJECT LUDWIG CAPEX SUMMARY1 Project Ludwig PFS shows ~15% CAPEX reduction relative to Project Lionheart2 INTEGRATED PROJECT For personal use only ENERGY LITHIUM Geothermal Lithium Extraction Plant Lithium Chemical Plant Interconnected Direct Development Costs Pipelines (16%), €177m Lithium Extract
Slide 18: Lionheart and Ludwig in bottom 10% of global lithium cost curve
LIONHEART AND LUDWIG IN BOTTOM 10% OF GLOBAL LITHIUM COST CURVE Targeting low-cost production through naturally preheated, low-impurity brine resource and efficient VULSORB® A-DLE technology For personal use only Global projected 2035 lithium C1 cost curve unweighted supply (US$/t LCE, real 2026 ter
Slide 19: Lithium carbonate provides full product suite flexibility
LITHIUM CARBONATE PROVIDES FULL PRODUCT SUITE FLEXIBILITY A-DLE enables high purity LiCl intermediate, which enables final product flexibility Vulcan Energy – Market Driven Customer need: For personal use only Nickel-Cobalt-Manganese (NCM) Battery Lithium Hydroxide1, ~40% Predominant chemistry for w
Slide 20: Rapid European battery and lithium demand growth
RAPID EUROPEAN BATTERY AND LITHIUM DEMAND GROWTH Perfect timing for Vulcan with insufficient European supply coupled with EV sales growth and regulation on domestic resilience (‘Made in Europe’) make Vulcan’s growth plan critical for Europe and its investors July 26 YoY growth of New Car Battery ele
Slide 21: Project Ludwig - next steps
PROJECT LUDWIG - NEXT STEPS PFS Phase 2 PFS (complete) For personal use only Strategic Equity Strategic equity investment partnering process at asset level Seismic Complete 3D seismic acquisition campaign for Project Ludwig area Drilling Complete drilling of first appraisal wells in Project Ludwig a
Slide 22: Summary: strategy to deliver value and growth
SUMMARY: STRATEGY TO DELIVER VALUE AND GROWTH1 Supporting a low carbon future by producing low cost, sustainable lithium for Europe For personal use only Strategic Pillars Maintain Financial Deliver Phase Differentiate Through Deliver on Deliver Growth Sustainability One Lionheart Strong Sustainabil
Slide 23: Appendix
For personal use only Appendix ASX/FSE: VUL 23
Slide 24: Project Ludwig PFS key financial assumptions
PROJECT LUDWIG PFS KEY FINANCIAL ASSUMPTIONS Assumption Units Project Ludwig Lithium Carbonate Price (real 2026) € /t Li₂CO₃ 20,588 For personal use only Long-term Inflation Rate % p. a 2.0 Exchange rate (EUR/USD) - 1/1.15 Discount Rate (nominal) % 8.0 Combined Tax Rate % 25.425 Development CAPEX Co
Vulcan Energy Resources — Investor Presentation (September 2026) on 6ix