Vulcan Energy Resources Ltd. · ASX:VUL
Vulcan Energy Resources — Investor Presentation (August 2026)
39 slides from Vulcan Energy Resources's investor presentation, August 2026
Slide 1: Corporate Presentation August 2026
Corporate Presentation August 2026 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: The next producer of lithium for the battery industry
The next producer of lithium for the battery industry
Slide 4: Critical Materials = European Security Issue
CRITICAL MATERIALS = EUROPEAN SECURITY ISSUE New supply critical to create resilient supply chains Europe’s lacks significant natural mineral endowment - innovation critical to create resilient supply chains Status Quo Gap VUL Solution • Lithium critical for energy • Upstream mines often high cost,
Slide 5: Introducing Vulcan
INTRODUCING VULCAN Integrated lithium chemicals and renewable energy. Carbon neutral from the same source, in the same place. Tier one resource Globally significant sub-surface geothermal-lithium brine asset in central Europe. Naturally heated with low impurities supports low-cost quartile productio
Slide 6: Corporate Snapshot
CORPORATE SNAPSHOT Funded Lionheart production with strong institutional shareholder base and aligned strategic partners Compelling value considering lithium peer group and capital invested $AUD VUL 12 Month Share Price & Trading Volume Millions ASX/FSE Prime Standard VUL 7.00 16 6.50 6.00 14 5.50 1
Slide 7: Management Team with Project Delivery Track Record
MANAGEMENT TEAM WITH PROJECT DELIVERY TRACK RECORD Team already in place with technical and finance experience to execute major project Executive Directors Dr Francis Wedin Cris Moreno Felicity Gooding Executive Chair, Founder Managing Director and Group CEO Executive Director and Group CFO 19+ year
Slide 8: Project Lionheart
Project Lionheart ASX/FSE: VUL 8
Slide 9: Frankfurt Hoechst }
oF Frankfurt Hoechst } lithi he Is ons " lithium chemicals Lithium chemical plant Geothermal power plant Lithium extraction plant Well head Hot lithium rich brine (for production) _ Cold depleted brine (for reinjection)
Slide 10: Integrated Brine-to-Battery Value Chain
INTEGRATED BRINE-TO-BATTERY VALUE CHAIN Segment Resource/Drilling Resource/Drilling Geothermal Geothermal&& Lithium Lithium Technology Technology Lithium Lithium Extraction Extraction Chemicals Chemicals TM Operational sites Lithium Rich Brine Production Pipelines & Power Lithium Depleted Brine Rein
Slide 11: Phase One – Lionheart - the numbers
Phase One – Lionheart - the numbers1 €1,838m 15.6% €20,456/t LHM Pre-tax NPV8 Pre-tax unlevered IRR Average 10-year LHM realised price Vulcan’s funding package for Lionheart €1,152m 13.7% €566m has reached Financial Close. Post-tax NPV8 Post-tax unlevered IRR Average revenue p.a. Lionheart is now on
Slide 12: Lithium Production at Bottom Quartile of Cost Curve
LITHIUM PRODUCTION AT BOTTOM QUARTILE OF COST CURVE Vulcan is targeting low-cost production through its high-grade, low-impurity brine resource and highly efficient VULSORB® A-DLE technology Global projected 2035 lithium C1 cost curve unweighted supply (US$/t LCE, real 2024 terms)1 25,000 Brine (Leg
Slide 13: Supplying the European Auto / Battery Industry
SUPPLYING THE EUROPEAN AUTO / BATTERY INDUSTRY Lionheart offtake committed for 10 years - contracts reflect ‘bankable’ status and provide downside pricing support1 Offtake terms insulate against short term lithium pricing / market volatility • Low counterparty risk: high quality European-focused off
Slide 14: Spot Price vs Realised Price: Lionheart's In-Built Pricing Protection
SPOT PRICE VS REALISED PRICE: LIONHEART’S IN-BUILT PRICING PROTECTION • VUL’s realised pricing has little correlation with short term volatility given offtake pricing protection in first 10yrs • Fixed and floor mechanisms enable positive realised earnings1 in various downside pricing environments •
Slide 15: Lionheart Is a European Lighthouse Project
LIONHEART IS A EUROPEAN LIGHTHOUSE PROJECT € 2.2Bn Lionheart financing package1 - significant strategic support and contractor alignment Significant German Dec 25 Financing package signed and Government Support – Grants / FID Strategic Equity May 26 Financial Close achieved EU and EIB support - Debt
Slide 16: Construction Commenced – Fast Start Achieved!
CONSTRUCTION COMMENCED – FAST START ACHIEVED! Execution plan in motion – site preparations and civil works in train Lionheart lithium extraction site (bottom half of the image) and geothermal power plant 3D render showing the future lithium extraction plant at Landau site (top right) in Landau. 16
Slide 17: Construction Commenced Cont'd
CONSTRUCTION COMMENCED CONT’D Activities underway across the Lionheart lithium supply chain and across Vulcan business segments First foundation concrete layers for the Lionheart ICPP crossing work in Insheim with Vercana rig Early bulk earthworks at the Frankfurt lithium chemical geothermal power p
Slide 18: Lionheart Targeted Milestones to First Production
Lionheart Targeted Milestones to First Production Proven ‘demonstration’ 1st new production well Commence civil works Mechanical completion Ramp up of commercial Upstream scale battery grade lithium completed (Jan 26) at Lithium Chemical at Lithium Extraction & production Field supply chain built
Slide 19: Leading the Way – ESG Highlights
LEADING THE WAY – ESG HIGHLIGHTS Winner of 2025 Australian Financial Sustainalytics Top Industry Vulcan’s process offers a faster, cleaner, and Review Performer with a 'Low Risk' more water-efficient alternative for lithium Sustainability Leaders ESG Rating Award for Resources, recovery compared to
Slide 20: Lithium Market and Offtake
Lithium market and offtake ASX/FSE: VUL
Slide 21: Global EV Sales Increasing Globally, Supported by Exceptional Sales Growth in Europe
GLOBAL EV SALES INCREASING GLOBALLY, SUPPORTED BY EXCEPTIONAL SALES GROWTH IN EUROPE Europe now gaining strong momentum which supports lithium demand Global BEV Passenger Car Sales, 2010-2025 July 26 YoY growth of New Car Registrations in European Top Markets 16M 14.0M 14M +27% vs 2024 12M Battery e
Slide 22: 2026: European EV Growth Is Being Supercharged by Asian Companies
2026: EUROPEAN EV GROWTH IS BEING SUPERCHARGED BY ASIAN COMPANIES Asian players entering the EV market, partnering with EU companies to localise supply chain as per requirements
Slide 23: Europe Needs Much Lithium but Produces Little – Vulcan Poised
EUROPE NEEDS MUCH LITHIUM BUT PRODUCES LITTLE – VULCAN POISED Europe accounts for 20% of lithium demand but produces <1% Energy independence/resilience driving €200 billion European commitments across EV ecosystem 3 Expected 2026 Production by region1 European supply-demand forecast (kt LCE)2 China
Slide 24: Direct Lithium Extraction (DLE): The Industry Choice
DIRECT LITHIUM EXTRACTION (DLE): THE INDUSTRY CHOICE Big investments in A-DLE – process accounts for >10%1 (and growing fast) of global production with ~30yr track record Vulcan Energy – Market Driven DLE delivers Lowest Cost Nickel-Cobalt-Manganese (NCM) Quartile: Lithium Hydroxide2, ~40% Predomina
Slide 25: Future Vulcan
Future Vulcan ASX/FSE: VUL 25
Slide 26: Future Phases – Design One, Build Many
FUTURE PHASES – DESIGN ONE, BUILD MANY Frankfurt A blueprint for Vulcan's future growth phases – only ~15%4 of total resource utilised for Lionheart Multiple phases: Lithium chemicals plant • Geothermal and LEP replicated in Ludwigshafen1 Downstream LHM production Future • BASF – 100% heat offtake p
Slide 27: Phase 2 Coming Soon: Targeting Growth
PHASE 2 COMING SOON: TARGETING GROWTH Design one, build many Focus on product flexibility Battery industry is fast moving, raw material suppliers Maximise synergies and lessons learnt from Lionheart to need to be flexible with market trends, Vulcan A-DLE deliver lower cost future phase development I
Slide 28: Vulcan's Sustainable Growth Model
VULCAN’S SUSTAINABLE GROWTH MODEL Asset-level financing strategy to grow shareholder value across the Group 86%1 Targeting lithium carbonate, Sells lithium hydroxide, renewable heat sales Germany Hold Co 14% KfW renewable heat & power (Vulcan Energie German Federal Raw Ressourcen GmbH) Materials Fun
Slide 29: A Transformational Time for Vulcan
A TRANSFORMATIONAL TIME FOR VULCAN Lionheart funded to production - construction is underway and VUL holds the key to lithium growth in Europe Funded with team to Attractive costs2 Globally significant Outstanding Substantial growth Offtakes and lithium deliver construction1 project government poten
Slide 30: Strategy to Deliver Value and Growth
STRATEGY TO DELIVER VALUE AND GROWTH1 Empowering a carbon-neutral future by producing low cost, sustainable lithium for Europe Strategic Pillars Maintain Financial Deliver Phase Differentiate Through Deliver on Deliver Growth Sustainability One Lionheart Strong Sustainability Commitments to Stakehol
Slide 31: Appendix 1 - Disclaimer
APPENDIX 1 - 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). Pursuant to ASX Listing Rule 15.5, Vulcan confirms that this Presentation has been
Slide 32: Appendix 1 – Disclaimer Cont.
APPENDIX 1 – DISCLAIMER CONT. 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
Slide 33: Appendix 1 - 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 34: Appendix 1 - 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 35: Appendix 2 – 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
Slide 36: Mineral Resource Statement
MINERAL RESOURCE STATEMENT Global Mineral Resources Statement Vulcan’s combined Upper Rhine Valley Project Lithium Brine Measured, Indicated and Inferred Mineral Resource estimates as at 31 December 2025 Licence/Area Reservoir Classification GRV km3 Avg. NTG (%) Avg. Phie (%) Avg. Li mg/L Elemental
Slide 37: Phase One Lionheart Reserves
PHASE ONE LIONHEART RESERVES Insheim, Landau South, Rift North Economic Reserves Quantity at Reserves / Classification Lithium grade Wellhead References Point mg / I Li kt LCE Proved 181 318 Probable 181 252 Note: see Competent Person Statement contained in the Appendix 1. 37
Slide 38: Notes to Mineral Resource Statement
NOTES TO MINERAL RESOURCE STATEMENT Global Mineral Resources statement Note 1: Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. Refer to the Competent Person Statement in this Report for further information. Note 2: The weights are reported in metric tonnes (1,
Slide 39: Website: v-er.eu
Website: v-er.eu ASX/FSE: VUL
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