Slide 1: Equity Raising Presentation
Equity Raising Presentation May 2023 1
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: You must read the following before continuing Not for release to US wire services or distribution in the United States, save as set out below. The information contained in this presentation ("Presentation") has been prepared by Vulcan Energy Resources Ltd ("Vulcan" or the "Comp
Slide 3: Disclaimer
DISCLAIMER The distribution of this Presentation (including any electronic copy of this Presentation) outside Australia may be restricted by law. Persons who come into possession of this Presentation should observe any such restrictions, as any non-compliance could contravene applicable securities l
Slide 4: Disclaimer
DISCLAIMER Any such forward-looking statements, opinions and estimates in this Presentation (including any statements about market and industry trends) are based on assumptions and contingencies, all of which are subject to change without notice, and may ultimately prove to be materially incorrect.
Slide 5: Disclaimer
DISCLAIMER Disclaimer No party other than Vulcan has authorised or caused the issue, lodgement, submission, dispatch or provision of this Presentation, or takes any responsibility for, or makes or purports to make, any statements, representations or undertakings in this Presentation. None of the joi
Slide 6: Disclaimer
DISCLAIMER Financial data All monetary values expressed as "quot; or "Aquot; 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 "USquot; in this Present
Slide 7: Disclaimer
DISCLAIMER Disclosure Each Joint Lead Manager, together with its respective affiliates and related bodies corporate, is a full service financial institution engaged in various activities, which may include trading, financing, financial advisory, investment management, investment research, principal
Slide 8: Investment Highlights - 1
INVESTMENT HIGHLIGHTS - 1 • Aiming to become the world’s first integrated lithium chemicals and renewable energy producer with net zero greenhouse gas Zero Carbon Lithium™ Company1: a emissions. unique value proposition. • Vulcan's Zero Carbon Lithium™ Project aims to supply Europe with enough lithi
Slide 9: Investment Highlights - 2
INVESTMENT HIGHLIGHTS - 2 • Well advanced – DFS completed for Phase One integrated project, in bridging phase toward ordering commercial long lead items. Substantially de-risked; • Three years of lithium extraction and piloting testwork successfully completed on producing wells. piloting completed,
Slide 10: Zero Carbon Lithium Project - Phase One DFS Highlights
ZERO CARBON LITHIUM™ PROJECT - PHASE ONE DFS Two revenue streams, HIGHLIGHTS one common goal: decarbonisation Two integrated revenue streams – lithium & renewable energy1 PHASE ONE INTEGRATED PROJECT Decarbonise the auto industry and energy supply in EU Lithium: 24Ktpa LHM2 Renewable energy: >300GWh
Slide 11: I. Equity Raising
VULCAN ENERGY W ZERO CARBON LITHIUM™ I. Equity Raising
Slide 12: Equity Raising Overview
I. EQUITY RAISING EQUITY RAISING OVERVIEW Vulcan is conducting an underwritten institutional placement to raise €66 million (A$109 million)1 • Underwritten single tranche placement to sophisticated, professional, experienced and institutional investors to raise gross proceeds of €66 million (A$109 m
Slide 13: Sources and Uses of Funds
I. EQUITY RAISING SOURCES AND USES OF FUNDS Placement Proceeds, together with existing cash, are intended to be used to progress Sources of funds A$m €m2 Vulcan’s integrated renewable energy and lithium project execution strategy in line with the recently published DFS development plan1. Placement p
Slide 14: Indicative Equity Raising Timetable
I. EQUITY RAISING INDICATIVE EQUITY RAISING TIMETABLE Event Time (AEST) / Date¹ Trading halt 9.00am, Thursday 4 May 2023 Launch of Placement 9.00am, Thursday 4 May 2023 TradingBinary halt lifted Cycle and recommencement of trading on ASX Central 10.00am, Friday 5 May 2023 1. Geothermal Plant Settlem
Slide 15: II. Introduction
VULCAN ENERGY W ZERO CARBON LITHIUM™ ll. INTRODUCTION
Slide 16: Who Are We?
II. INTRODUCTION 1. WHO ARE WE? Vulcan is aiming to become the world’s first integrated lithium chemicals and renewable energy producer with net zero greenhouse gas emissions. Company created in 2018 Offices in Perth, Australia, Karlsruhe and Augsburg, Germany Dual listed on ASX and Frankfurt Stock
Slide 17: Our Targets
II. INTRODUCTION 2. OUR TARGETS4 Vulcan’s unique Zero Carbon Lithium™ Project We are aiming to become the world’s first aims to produce both renewable geothermal integrated lithium chemicals and renewable energy energy, and lithium hydroxide for Electric Vehicle producer with net zero greenhouse gas
Slide 18: Our Achievements to Date
II. INTRODUCTION 3. OUR ACHIEVEMENTS TO DATE Became a commercial renewable energy producer Stellantis becomes first automaker to invest equity in a lithium Lithium company: $76m Successful in-house extraction test investment into Vulcan development of Vulcan Energy Resources Ltd. Founded privately a
Slide 19: Why Do We Need Lithium in Europe?
II. INTRODUCTION 4. WHY DO WE NEED LITHIUM IN EUROPE? The market • EU targets new cars to be 100% electric by 20351 Vulcan has offtake agreements • 1,400GWh li-ion battery manufacturing estimated capacity by 20302 for EV with some of the largest battery, transition cathode and EV producers in • Pred
Slide 20: Why Do We Need Carbon Neutral Lithium Supply?
II. INTRODUCTION 5. WHY DO WE NEED CARBON NEUTRAL LITHIUM SUPPLY? ‘Reducing carbon footprint is not just reducing vehicle emissions while they are being operated, but also from the company's resource extraction and production processes through to the end of the vehicle's life cycle’.1 ‘We work in pa
Slide 21: Why Do We Need Geothermal Renewable Energy in Europe?
II. INTRODUCTION 6. WHY DO WE NEED GEOTHERMAL RENEWABLE ENERGY IN EUROPE? The market • EU to be climate neutral by 2050. Germany to be fully renewable by 20351 • EU wants to develop local sources of energy2 The crisis • Dual crises: Ukraine war and climate crisis • EU is now sourcing gas from Norway
Slide 22: Policy Tailwinds in Vulcan's Favour
II. INTRODUCTION 7. POLICY TAILWINDS IN VULCAN’S FAVOUR The recently released Critical Raw Materials1 and Net Zero Industry Acts2 present a strong focus on fast-tracking the Critical permitting process Raw Materials and funding Act for technologies of relevance to the strategic autonomy of the EU ec
Slide 23: What Do We Want to Build?
II. INTRODUCTION 8. WHAT DO WE WANT TO BUILD? Phase 300GWh power LiCl concentrate for 24,000tpa one 250GWh heat 24,000tpa LHM equivalent LHM 2. 3. 4. 5. Well Geothermal Plant Lithium Extraction Central Lithium sites Plant (LEP) Plant (CLP) Renewable heat and Lithium chloride Lithium hydroxide Hot Li
Slide 24: III. Zero Carbon Lithium Project
III. ZERO CARBON LITHIUM™ PROJECT 24
Slide 25: Phase One Upstream-Downstream Integrated Production Structure
III. THE PROJECT SPV2: downstream CLP PHASE ONE UPSTREAM-DOWNSTREAM Frankfurt 24Ktpa LHM INTEGRATED PRODUCTION STRUCTURE Phase One: expanding upstream capacity, SPV1: upstream G-LEP, building downstream wells, resource. LiCl and energy production Increasing the number of production/re-injection well
Slide 26: The Upstream Resource
III. THE PROJECT 1. THE UPSTREAM Höchst Chemical Park: Central Lithium Plant planned location Frankfurt Legend RESOURCE Production license Access to the license through ✓ Vulcan’s Upper Rhine Valley Brine Field (URVBF), a brine offtake consisting of 16 licenses for a total area of >1,500 Lithium and
Slide 27: Phase One Area
III. THE PROJECT 1. PHASE ONE AREA Höchst Chemical Park: Central Lithium Plant planned location Frankfurt Legend Production license Access to the license through a brine offtake Phase One Downstream Lithium and CLP geothermal license ✓ Phased growth approach, starting from core of field where Vulcan
Slide 28: Increasing Upstream Brine Production
III. THE PROJECT 2. INCREASING UPSTREAM BRINE PRODUCTION Well-known area • >1,000 oil & gas and 24 deep geothermal wells already completed in the URVBF. • In our Phase One project area, 4 deep geothermal wells have been in operation for more than 10 years. In-house expertise, team and assets • Vulca
Slide 29: Long Life, Sustainable Upstream Production Modelled
III. THE PROJECT 2. LONG LIFE, SUSTAINABLE UPSTREAM PRODUCTION MODELLED State-of-the art reservoir management principles from O&G industry • Lithium dilution at the well sites modelled over 30 years and remains above cut-off, with only ~1.6% annual grade decrease. • Production levels could be increa
Slide 30: Increasing Renewable Energy Production
III. THE PROJECT 3. INCREASING RENEWABLE ENERGY PRODUCTION Long established industry with strong growth potential • Geothermal energy: 16GW of power & 107GW of heat capacity deployed worldwide¹ • There are currently 36 geothermal plants operating in Germany, 42 active projects (c. 84 wells), and the
Slide 31: Lithium Extraction: Proven, Sustainable Methods, In-House IP
III. THE PROJECT 4. LITHIUM EXTRACTION: PROVEN, SUSTAINABLE METHODS, IN-HOUSE IP Commercially proven methods, combined. Testwork phase complete ✓ Vulcan is using sorption to extract lithium; invented in the ‘70s and used commercially worldwide since 1996, including by top 5 producer Livent and multi
Slide 32: Building New Lithium Extraction Plant (LEP)
III. THE PROJECT 4. BUILDING NEW LITHIUM EXTRACTION PLANT (LEP) Phase One commercial: sorption-type LEP • To be constructed next to new Phase One geothermal plant • Total targeted capacity to be 24,000tpa LHM equivalent in LiCl form1 • From the LEP, LiCl concentrate solution will be trucked to the C
Slide 33: Lithium Processing: Proven, Sustainable Methods
III. THE PROCESS 5. LITHIUM PROCESSING: PROVEN, SUSTAINABLE METHODS Proven chlor-alkali type process, sustainable inputs, no fossil fuels • Vulcan to use the electrolysis process to convert lithium chloride into lithium hydroxide. Electrolysis produces very pure lithium hydroxide product, important
Slide 34: Building New Central Lithium Plant (CLP)
III. THE PROJECT 5. BUILDING NEW CENTRAL LITHIUM PLANT (CLP) Commercial CLP • CLP planned to be located in Frankfurt (Höchst Industrial Park). Close to 100,000sqm secured. • Targeted 24,000tpa LHM capacity with space for further modular expansion. • Conversion of LiCl to battery grade LHM using elec
Slide 35: Experienced Team Ready to Deliver
III. THE PROJECT 6. EXPERIENCED TEAM READY TO DELIVER Founder of Zero Carbon Deputy CEO 20+ years’ major energy and MD-CEO Lithium™ Project. Extensive Cris chemicals project execution Dr. Francis lithium and climate tech Moreno experience Wedin industry executive experience CORE FUNCTIONS SUPPORT FU
Slide 36: Target Project Timeline – Phase One
III. THE PROJECT 7. TARGET PROJECT TIMELINE – PHASE ONE 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DFS Publication Bridging Phase Start of procurement phase Detailed Engineering Start of EPC contract awards Strategic equity funding process Debt funding process Ongoing piloti
Slide 37: IV. Economics and Financing
IV. ECONOMICS AND FINANCING 37
Slide 38: Phase One Project Value Flows
IV. ECONOMICS & FINANCING 1. PHASE ONE PROJECT VALUE FLOWS VUL Lithium hydroxide SPV1 SPV2 2. 3. 4. 5. Well Geothermal Plant Lithium Extraction Central Lithium sites Plant (LEP) Plant (CLP) Renewable heat and Hot Li-rich brine transferred to the brine sorption plant Lithium chloride Cold Li- poor br
Slide 39: CAPEX Breakdown
IV. ECONOMICS & FINANCING 2. CAPEX BREAKDOWN1 VUL Phase 1 estimated CAPEX: €1,496M €1,174M €322M SPV1 SPV2 2. 3. 4. 5. Well Geothermal Plant Lithium Extraction Central Lithium sites Plant (LEP) Plant (CLP) €657M €517M €322M 1. Resource • CAPEX includes renewable energy generation, lithium extraction
Slide 40: Global Cost Curve LHM – Projected 2025
IV. ECONOMICS & FINANCING 3. GLOBAL COST CURVE LHM – PROJECTED 2025 Vulcan’s Zero Carbon Lithium™ Project has the potential to be one of the lowest cost integrated LHM projects in the world. Lithium hydroxide delivered costs - 2025 ($/tonne, ddp Rotterdam) Vulcan Energy $4,5771 €4,359 1Projected cos
Slide 41: Strategic Supply Partner Contracts
IV. ECONOMICS & FINANCING 4. STRATEGIC SUPPLY PARTNER CONTRACTS • High quality of European-focused offtake partners. • Average EUR 30,283/t price used by Vulcan over 20 year period, Lithium hydroxide price forecasts1 - €/t 40,000 from a basket of fixed, floor-ceiling and fully floating price mechani
Slide 42: Target Revenues – 20Y Average
IV. ECONOMICS & FINANCING 5. TARGET REVENUES – 20Y AVERAGE1 SPV1 SPV2 SPV1 SPV2 Geothermal LEP CLP Phase 1 Heat 3% HCl HCl 2% 1% NaOCl 0% NaOCl Power 0% Heat 13% 3% Power 10% LHM 86% LiCl LHM 84% 98% €537M/a €616M/a €709M/a* 1 Vulcan Energy’s Phase One DFS, 13 February 2023. * Consolidated revenue.
Slide 43: Target Project Economics
IV. ECONOMICS & FINANCING 6. TARGET PROJECT ECONOMICS¹ SPV1 SPV2 SPV1 SPV2 Geothermal LEP CLP Phase 1 Revenues €M/a 538 622 709 Net Op. Cash Flow €M/a 339 96 436 NPV pre-tax m€ 3,026 886 3,912 NPV post-tax m€ 1,996 566 2,561 IRR before Tax 34.0% 35.2% 34.2% IRR after Tax 25.9% 25.9% 25.9% Payback in
Slide 44: Phase One Proposed Financing Strategy and Progress Update
IV. ECONOMICS & FINANCING 7. PHASE ONE PROPOSED FINANCING STRATEGY AND PROGRESS UPDATE • Debt market sounding exercise completed with SPV1 SPV2 positive feedback from banks and ECAs. • Government backed 2. 3. 4. 5. ECAs from France, Italy Well Geothermal Plant Lithium Extraction Central Lithium and
Slide 45: V. Environment, Social, Governance
V. ENVIRONMENT, SOCIAL, GOVERNANCE 45
Slide 46: Aiming for Lowest CO2 Footprint in the Lithium Industry
V. ESG 1. AIMING FOR LOWEST CO2 FOOTPRINT IN THE LITHIUM INDUSTRY • Vulcan is developing the first and only net zero carbon, zero fossil fuels lithium project in the world1 • Globally significant decarbonisation opportunity through Vulcan’s Zero Carbon Lithium™ Project Zero Carbon Lithium™ Emissions
Slide 47: Aiming for Lowest Water and Land Footprint in Lithium Industry
V. ESG 2. AIMING FOR LOWEST WATER AND LAND FOOTPRINT IN LITHIUM INDUSTRY Engineered to have industry-leading environmental performance: our core mission Hard rock mining ~60% of world lithium production Per tonne of LHM produced1, 2 Evaporation ponds ~40% of world lithium production ca. 450t 3,124m²
Slide 48: Other Leading ESG Credentials
V. ESG 3. OTHER LEADING ESG CREDENTIALS Low ESG Risk Rating from 9,5kT CO2 avoided from ESG linked KPIs including Sustainalytics (01/2023) renewable energy generated individual and shared targets First amongst peers and in at NatürLich Insheim in 2022. the 2nd quartile Chemicals Industry Partnership
Slide 49: Permitting Progress on Track
V. ESG 4. PERMITTING PROGRESS ON TRACK Exploration license 1 Licenses Production license 2 Pre-EIA 3 Main operation plan (one well site, all wells) Mining authority Production/Re-injection wells Special operating plan: Well pad Special operating plan: Drilling Secure land 4 Permitting progress Drill
Slide 50: Societal Acceptance
V. ESG 5. SOCIETAL ACCEPTANCE 1 The Project is developed in cooperation with local communities, as Vulcan directly engages with them to understand and meet their needs. Vulcan is doing a substantial amount of work to consult as well as educate the public through: 4 2 Info-Centres have been set up
Slide 51: VI. Conclusion
VULCAN ENERGY W ZERO CARBON LITHIUM™ VI. CONCLUSION
Slide 52: Short Term Objectives: An Exciting Year Ahead
VI. CONCLUSION 1. SHORT TERM OBJECTIVES: AN EXCITING YEAR AHEAD Operational readiness 01 Optimisation plants to commence for operational readiness in 2025 Permits 01 Relevant permits in line with development timeline 01 Increase brine production Start drilling of new production/re-injection wells in
Slide 53: Key Takeaways
VI. CONCLUSION 2. KEY TAKEAWAYS • The first integrated renewable energy, lithium extraction and lithium hydroxide refining project development, seeking to supply the battery electric vehicle industry from Europe, for Europe. • World-leading sustainability credentials: engineered specifically to be w
Slide 54: Appendices
APPENDICES 54
Slide 55: Appendix 1: Board of Directors
APPENDIX 1: BOARD OF DIRECTORS Dr. Francis Wedin Managing Director & CEO Gavin Rezos Ranya Alkadamani Chair Non-Executive Director Founder of Vulcan Zero Carbon Lithium™ Project. Lithium Executive Chair/CEO positions of three companies that grew from Founder of Impact Group International. A communic
Slide 56: Appendix 2: Share Price and Capital Structure
APPENDIX 2: SHARE PRICE AND CAPITAL STRUCTURE ASX : VUL Shares on Issue 143,435,301 Performance Shares 91,174 Performance Rights 8,382,801 Market Capitalisation at $6.16 ~$884m (undiluted as at 3 May 2023 ) Cash Position (as at 31 Mar 2023) €112M Top 20 Shareholders ~61% Management (undiluted) ~17%
Slide 57: Appendix 3: The Zero Carbon Lithium Project: A Circular Process
APPENDIX 3: THE ZERO CARBON LITHIUM™ PROJECT: A CIRCULAR PROCESS Lithium hydroxide Phase One distributed Downstream CLP: “SPV2” to EU customers CLP in Central Frankfurt- Electric 6 Lithium Hoechst Mobility Plant converting LiCl to LHM Renewable electricity Lithium chloride and/or heat sold to transp
Slide 58: Appendix 4: Energy Balance: Net Positive Producer of Renewable Energy
APPENDIX 4: ENERGY BALANCE: NET POSITIVE PRODUCER OF RENEWABLE ENERGY¹ Geothermal Lithium Geothermal LEP CLP Phase One MW 40 30 20 10 - Taro ORC Taro ORC Taro Pumps & Piping Lionheart LEP Lionheart ORC* Lionheart Pumps & Piping Taro LEP SPV1 Power Heat production SPV1 SPV2 Power Phase 1 Power Lionhe
Slide 59: Appendix 5: Integrated Project Delivery Model
APPENDIX 5: INTEGRATED PROJECT DELIVERY MODEL Strategy moving towards project execution and delivery model Phase One Phase One Phase One Organisation & Governance Delivery Wells Model ICPP ORC LEP CLP Site GLEP Executive Project SteerCo Integrated Owner Vulcan Schedule EPCM Contractor EPC Contractor
Slide 60: Appendix 6: Permitting Process
APPENDIX 6:PERMITTING PROCESS EXTERNAL ASSESSMENTS MAIN PERMITS specific species Ground survey BBergG (Federal Mining Act), BauGB (Building Act), GEG (Building Energy Act), BImSchG (Fed. Immission Ctrl. Act) GEOTHERMAL ENERGY protection assessment (saP) Exploration License (geothermal and lithium) (
Slide 61: Appendix 7: Phase One Production Study and Reserves
APPENDIX 7: PHASE ONE PRODUCTION STUDY AND RESERVES ▪ Detailed reservoir engineering and production simulation study conducted to achieve maximum “sweep” of lithium across the field. ▪ Planned well placement and brine flow rates optimised for sustainable lithium production over a long project life.
Slide 62: Appendix 8: Upper Rhine Valley Brine Field: Mineral Resource
APPENDIX 8: UPPER RHINE VALLEY BRINE FIELD: MINERAL RESOURCE Note 1: Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. Licence Reservoir Classification GRV km3 Avg. NTG Avg. Avg. Li Elemental Li LCE3 Note 2: The weights are reported in metric tonnes (1,000 kg or
Slide 63: Appendix 9: DLE/DLS Projects and Assets - References
APPENDIX 9: DLE/DLS PROJECTS AND ASSETS - REFERENCES Livent https://s22.q4cdn.com/453302215/files/doc_presentations/2022/2022.11-Livent-Investor-Presentation.pdf https://www.linkedin.com/pulse/from-catamarca-qinghai-commercial-scale-direct-lithium-alex-grant/ Lanke Lithium http://www.asianmetal.com/
Slide 64: Appendix 11: Financial Definitions
APPENDIX 11: FINANCIAL DEFINITIONS • CAPEX = Capital Expenditure in tangible and intangible assets • EBIT = Earnings before interest and taxes • EBITDA = Earnings before interest, taxes, depreciation and amortisation • IRR = Internal Rate of Return • Net Income (EAT) = Earnings after tax • NPV = Net
Slide 65: Appendix 12: DFS Model Assumptions and Parameters
APPENDIX 12: DFS MODEL Input Lionheart Taro ASSUMPTIONS AND PARAMETERS Number of production wells per area 8 5 Key inputs and outputs of model Average Flow rate (l/s) 69 per well General Average Flow rate (l/s) 600 300 General and economics FX EUR/USD 1.05 Li grade (mg/l) at SOP 181 181 NPV discount
Slide 66: Appendix 13: International Offer Restrictions
APPENDIX 13: INTERNATIONAL OFFER RESTRICTIONS This document does not constitute an offer of New Shares in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia
Slide 67: Appendix 13: International Offer Restrictions
APPENDIX 13: INTERNATIONAL OFFER RESTRICTIONS Cayman Islands No offer or invitation to subscribe for New Shares may be made to the public in the Cayman Islands or in any manner that would constitute carrying on business in the Cayman Islands. European Economic Area This document has been prepared on
Slide 68: Appendix 13: International Offer Restrictions
APPENDIX 13: INTERNATIONAL OFFER RESTRICTIONS Hong Kong WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission
Slide 69: Appendix 13: International Offer Restrictions
APPENDIX 13: INTERNATIONAL OFFER RESTRICTIONS Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or ma
Slide 70: Appendix 13: International Offer Restrictions
APPENDIX 13: INTERNATIONAL OFFER RESTRICTIONS UAE This document does not constitute a public offer of securities in the United Arab Emirates and the New Shares may not be offered or sold, directly or indirectly, to the public in the UAE. Neither this document nor the New Shares have been approved by
Slide 71: Appendix 13: International Offer Restrictions
APPENDIX 13: INTERNATIONAL OFFER RESTRICTIONS United States This document is for informational purposes only and is not an offer of securities for sale in the United States of America, its territories or possessions, any state of the United States or the District of Columbia (collectively, the "Unit
Slide 72: Appendix 14: Summary of Placement Agreement
APPENDIX 14: SUMMARY OF PLACEMENT AGREEMENT Vulcan has entered into a placement agreement with Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795) and Canaccord Genuity (Australia) Limited (ABN 19 075 071 466) (the "Joint Lead Managers"), under which the Joint Lead Managers have agreed t
Slide 73: Appendix 14: Summary of Placement Agreement
APPENDIX 14: SUMMARY OF PLACEMENT AGREEMENT • the listing agreement entered into between Vulcan and BofA Securities Europe SA dated on or about the date of the Placement Agreement (the "Listing Agreement"): • has terminated (or an event has occurred which entitles a party to terminate the Listing Ag
Slide 74: Appendix 14: Summary of Placement Agreement
APPENDIX 14: SUMMARY OF PLACEMENT AGREEMENT • ASX makes any official statement to any person, or indicates to Vulcan or the Joint Lead Managers that (a) it will not grant official quotation of the New Shares before 9.30 am on 15 May 2023 or if such approval is granted, the approval is withdrawn or q