Vulcan Energy Resources Ltd. · ASX:VUL
Vulcan Energy Resources — Investor Presentation (December 2025)
91 slides from Vulcan Energy Resources's investor presentation, Dec 3, 2025
Slide 1: Financing Secured & Final Investment Decision
Phase One Lionheart Financing Secured & DETERMINED FOR A Final Investment Decision December 2025 BETTER TOMORROW ASX/FSE: VUL NOT FOR RELEASE TO U.S. WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: You must read the following before continuing Not for release or distribution in the United States. 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, V
Slide 3: Disclaimer
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 New Shares, nor does it constitute, and is not intended to consti
Slide 4: Disclaimer: Ore Reserves and Mineral Resources Reporting
DISCLAIMER 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 Reserves ("JORC Code"
Slide 5: Disclaimer
DISCLAIMER The Limited Parties do not accept any fiduciary, agency, custodial or other legal obligations to, or any fiduciary, agency, custodial or other legal relationship with, any investor or potential investor or shareholder of Vulcan, in connection with the Offer, the New Shares or otherwise. B
Slide 6: Disclaimer: Disclosure
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 7: Disclaimer: Production Targets and Forecast Financial Information
DISCLAIMER Production Targets and Forecast Financial Information The information in this announcement that relates to production targets is extracted from the Bridging Study Announcement. Vulcan confirms that all material assumptions underpinning the production targets included in the original marke
Slide 8: Corporate Snapshot
CORPORATE SNAPSHOT Empowering a carbon neutral future through an integrated lithium and renewable energy business ASX/FSE Prime VUL Standard Integrated Lithium & Renewable Energy Technology Drilling Shares on issue 234m A$ € TM Market Capitalisation1,2 1,437m 805 Cash2,3 34m 19m Phase Dr Francis Wed
Slide 9: Integrated Brine-to-Battery Solution
INTEGRATED BRINE-TO-BATTERY SOLUTION Renewable energy driving sustainable lithium production Phase One Lionheart 275GWh power LiCl concentrate for 24,000tpa production 560GWh heat1 24,000tpa LHM equivalent LHM1 2. Well 3. Geothermal 4. Lithium Extraction Plant 5. Central Lithium Plant Electric sites
Slide 10: Phase One Lionheart Project Highlights
PHASE ONE LIONHEART PROJECT HIGHLIGHTS Secured financing enables a Final Investment Decision on the project Lithium offtake Attractive cost Phase One Lionheart Outstanding Strong ESG agreements provide curve position financing secured6 government credentials robust foundation2 support6 Leading Europ
Slide 11: A Snapshot: Phase One Lionheart in Figures
A SNAPSHOT Phase One Lionheart in figures1 €1,838m 15.6% €20,456/t LHM Pre-tax NPV8 Pre-tax unlevered IRR Average 10-year LHM 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. geothermal energ
Slide 12: 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 • €100m State grant funding for geothermal energy generation government • €104m Federal grant funding for lithium producti
Slide 13: Future Phases – Integrated Lithium and Renewable Energy
FUTURE PHASES – INTEGRATED LITHIUM AND RENEWABLE Frankfurt ENERGY A blueprint for Vulcan's future phases1 to support Europe's energy transition Phases ++ downstream Industrie-Park Höchst • Phase Two planned to replicate Phase One Lionheart capacity1,2: Geothermal and Downstream LHM production LEP fa
Slide 14: Phase One Lionheart Financing
Phase One Lionheart Financing ASX/FSE: VUL 14 NOT FOR RELEASE TO U.S. WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Slide 15: Phase One Lionheart – Uses of Funds
PHASE ONE LIONHEART – USES OF FUNDS €2,200m (A$3,929m1) estimated total expenditure required to develop Phase One Lionheart • Phase One Lionheart capital expenditure: Funding Requirements €m1 A$m1 • €397m - Construction of the integrated Geothermal and Lithium Extraction Plant; Phase One Lionheart C
Slide 16: Phase One Lionheart – Sources of Funds
PHASE ONE LIONHEART – SOURCES OF FUNDS Comprehensive financing package of €2,200m to fully fund1 the development of Phase One Lionheart to first cash flow A Debt financing • €1,339m senior debt funding provided by a syndicate of 13 financial institutions, comprising €1,185m Base and D Underwritten e
Slide 17: Phase One Lionheart – Financing Structure
PHASE ONE LIONHEART – FINANCING STRUCTURE Phase One Lionheart financing package comprises debt, government grants, strategic investments and public market equity capital across Vulcan’s corporate structure1 Phase One Lionheart sources of equity financing Simplified pro forma Vulcan corporate structu
Slide 18: A Debt Financing Package Signed
A DEBT FINANCING PACKAGE SIGNED EIB cornerstone was instrumental in crowding in other ECAs and commercial banks Facility Total (€m) Major EIB and ECA support Commercial banks Direct lending: EIB (€250m), EDC (€200m)1, EFA (€120m)2 and EIFO3 (€100m) 670 ECA-Covered4 373 Commercial Base 34 Commercial
Slide 19: B Government Grants Awarded
B GOVERNMENT GRANTS AWARDED Vulcan has received strong funding support from German Federal and State Governments Overview of government grants Supportive German Government entities • Geothermal energy production – €100m from Germany’s Federal Ministry of Economic Affairs and Climate Action (announce
Slide 20: C1 Raw Materials Fund Investment in Vulcan's German Operations
C1 RAW MATERIALS FUND INVESTMENT IN VULCAN’S GERMAN OPERATIONS €150m equity investment in Vulcan’s German platform demonstrates confidence in Phase One Lionheart and future Vulcan growth • Represents the first capital deployment from KfW’s Raw Materials Fund, a €1bn endowment established in October
Slide 21: C2 Project Equity Contribution by a Highly Credentialled Consortium
C2 PROJECT EQUITY CONTRIBUTION BY A HIGHLY CREDENTIALLED CONSORTIUM €133m1 project equity investment demonstrating strong support for Phase One Lionheart project economics €39m1 investment €67m1 investment €28m1 investment • Extensive experience in designing, financing and • Long-standing record in
Slide 22: Strategic Partnership with HOCHTIEF/ACS
STRATEGIC PARTNERSHIP WITH HOCHTIEF/ ACS €169m investment and project support from a leading global engineering, construction and technology conglomerate Multi-faceted project participation by HOCHTIEF, a majority owned subsidiary of ACS ✓ HOCHTIEF to increase its ownership up to 15.7%1, becoming Vu
Slide 23: D Equity Raising – Summary
D EQUITY RAISING – SUMMARY1 • Institutional placement (“Placement”) in combination with a 1-for-1.128 accelerated non-renounceable entitlement offer (“Entitlement Offer”), comprising the issue of up to 269 million new fully paid ordinary shares (“New Shares”) to raise up to €603 million (A$1.08 bill
Slide 24: Equity Raising – Sources of Funds
EQUITY RAISING – SOURCES OF FUNDS Equity Raising is structured as a placement and 1-for-1.128 accelerated non-renounceable entitlement offer Underwritten Component of Equity Raising Equity Raising Sources A$m3 €m • The underwritten A$943m (€528m) component of the Equity Raising, in 1 Institutional P
Slide 25: Indicative Equity Raising Timetable
INDICATIVE EQUITY RAISING TIMETABLE Event Time (AEDT)/Date1 Time (CET)/Date1 Trading halt commences on ASX By 10:00am, Wednesday, 3 December 2025 By 12:00am, Wednesday, 3 December 2025 Announcement of the Equity Raising & Placement and Institutional By 10:00am, Wednesday, 3 December 2025 By 12:00am,
Slide 26: Lithium Demand and Offtake
Lithium Demand and Offtake ASX/FSE: VUL 26 NOT FOR RELEASE TO U.S. WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Slide 27: Powering Ahead: Europe's Battery Projects on the Rise
POWERING AHEAD: EUROPE’S BATTERY PROJECTS ON THE RISE Vulcan vital to secure fully domestic supply of lithium chemicals from Europe, for Europe • The European battery industry is robust and # Owner Status O p e r a t i n g cell plants European Cell (LHS) a n d C A M # Owner Status p l a n t s ( R HS
Slide 28: EV and Battery Growth – Both Globally and in the EU
EV AND BATTERY GROWTH – BOTH GLOBALLY AND IN THE EU Lithium supply forced to scale rapidly in the short term to match EV / battery growth EV sales growth to September 2025 YTD1,2 • EVsales in thefirst eight monthsof 2025havegrownby+26% globally andby+32%inEurope1,2 EV sales (million units) Global 14
Slide 29: Supplying the European Auto Industry
SUPPLYING THE OPEAN AUTO INDUSTRY Fully contracted Phase One lithium production provides pricing support1 • Low counterparty risk: high quality European-focused offtake partners confirmed for Phase One Lionheart • Long term relationships: binding, take-or-pay contracts with certain pricing mechanism
Slide 30: Vulcan Sits in the Lowest Quartile of the Global Lithium Cost Curve
VULCAN SITS IN THE LOWEST QUARTILE OF THE GLOBAL LITHIUM COST CURVE Vulcan is targeting a low cost of production through its high-grade brine resource and highly efficient VULSORB® A-DLE technology Global projected 2035 lithium C1 cost curve unweighted supply (US$/t LCE, real 2024 terms) 1 25,000 Br
Slide 31: Phase One Lionheart Project Update
Phase One Lionheart Project Update ASX/FSE: VUL 31 NOT FOR RELEASE TO U.S. WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Slide 32: Europe's First Domestic Resource to LHM Supply Chain Is Proven
EUROPE’S FIRST DOMESTIC RESOURCE TO LHM SUPPLY CHAIN IS PROVEN LEOP and CLEOP have produced battery-quality LHM to date with first samples sent to offtake partners CLEOP - Central Lithium Electrolysis Optimisation Plant – Frankfurt • Battery-quality LHM confirmed in January 2025, only 10 weeks after
Slide 33: Phase One Field Development Update
PHASE ONE FIELD DEVELOPMENT UPDATE Fifth well has confirmed main sub-surface assumptions in Phase One Lionheart1 • Safe, efficient, and on-schedule drilling performance by Vercana, 100% owned by Vulcan • Strengthened confidence in Phase One Lionheart sub-surface assumptions • Lithium grade, temperat
Slide 34: Vulcan's Phase One Lionheart Project
VULCAN'S PHASE ONE LIONHEART PROJECT Low cost, sustainable integrated lithium and energy production from Europe, for Europe 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 Schleidberg – Vulcan’s thi
Slide 35: 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 36: Major Project Contracts
MAJOR PROJECT CONTRACTS Experienced project partners1 with extensive capabilities to successfully deliver Phase One Lionheart Improved scope definition: delivered through Process technology partnerships: Flowsheet Robust agreement terms: Include negotiations leading up to signing of each integration
Slide 37: 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 Construction of Inter-connected pipeline and power (ICPP) Infrastructure and 110kV Substation Geothermal Power Plant Organi
Slide 38: Phase One Lionheart Capital Expenditure Breakdown
PHASE ONE LIONHEART CAPITAL EXPENDITURE BREAKDOWN Capital expenditure budget of €1,476m1 to deliver the complete Phase One Lionheart Project CAPEX spend by activity and profile (€m) 337 1,476 397 Inter-connected Organic 122 11 257 pipeline and Rankine 101 Drilling Well sites power Cycle plant 250 €2
Slide 39: Phase One Lionheart Economics
PHASE ONE LIONHEART ECONOMICS Robust, high margin project fundamentals • The final signed offtake agreements and Phase One Lionheart financing Estimated Phase One Lionheart economics for FID Case package generate robust estimated Phase One Lionheart project economics (100% basis)1,2 • Vulcan has app
Slide 40: Sustainability Excellence: A Key Requirement
SUSTAINABILITY EXCELLENCE: A KEY REQUIREMENT Greenhouse gas emissions intensity of lithium chemicals production in 2030 Life Cycle Assessment (LCA) studies verify that Phase One Lionheart is expected to produce lithium with the smallest CO2 footprint per tonne of LCE compared to lithium producers wo
Slide 41: Future Vulcan
Future Vulcan ASX/FSE: VUL 41 NOT FOR RELEASE TO U.S. WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Slide 42: 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, ++ • Using VULSORB® to unlock low-cost A-DLE lithium globa
Slide 43: VULTEC – Unlocking Low-Cost A-DLE Lithium with VULSORB
VULTEC – UNLOCKING LOW-COST A-DLE LITHIUM WITH VULSORB® Opportunity to grow VULSORB® technology business – a high-performance bankable A-DLE technology offering several sustainability benefits in a growing lithium brine market High performance Commercially Environmentally Favourable market Western-o
Slide 44: 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 • Geo
Slide 45: Closing
Closing CLIMATE CHAMPION DETERMINED INSPIRING ASX/FSE: VUL NOT FOR RELEASE TO U.S. WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Slide 46: Phase One Financing Secured, Strong Growth Ahead
PHASE ONE FINANCING SECURED1, STRONG GROWTH AHEAD Over €500m raised by Vulcan to date for investment in technology, infrastructure, study and development activities Central Lithium Vulcan aims to produce baseload geothermal Rhine Plant Resource power, and carbon-neutral lithium for batteries, River
Slide 47: Appendices
APPENDICES NOT FOR RELEASE TO U.S. WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Slide 48: Appendix 1 – Glossary
APPENDIX 1 – GLOSSARY Term Definition A$ Australian dollars A-DLE Adsorption direct lithium extraction ANREO Accelerated non-renounceable entitlement offer ASX Australian Securities Exchange bn Billion CAGR Compound annual growth rate CAPEX Capital expenditure CLEOP Central Lithium Electrolysis Opti
Slide 49: Appendix 1 – Glossary
APPENDIX 1 – GLOSSARY Term Definition EU European Union EV Electric vehicle FID Final investment decision FID Case Phase One Lionheart project economics and assumptions that informed the Vulcan Board Phase One Lionheart FID FSE Frankfurt Stock Exchange GWh Gigawatt hours HCL Hydrochloric acid HPPL H
Slide 50: Appendix 1 – Glossary
APPENDIX 1 – GLOSSARY Term Definition m Million Mt Million tonnes NPV Net present value OPEX Operating expenditure p.a. Per annum Phase One Lionheart Vulcan’s Lionheart project aiming to produce 24kt p.a. LHM from geothermal brine in the Rhine Valley ORC Organic Rankine Cycle Vulcan Vulcan Energy Re
Slide 51: Appendix 2 – International Offer Restrictions
APPENDIX 2 – INTERNATIONAL OFFER RESTRICTIONS This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company 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
Slide 52: Appendix 2 – International Offer Restrictions
APPENDIX 2 – INTERNATIONAL OFFER RESTRICTIONS European Union This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New Shares be offered for sale, in the European U
Slide 53: Appendix 2 – International Offer Restrictions
APPENDIX 2 – INTERNATIONAL OFFER RESTRICTIONS Switzerland The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing
Slide 54: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Vulcan Energy Investor Presentation Key Risk Factors There are various risks associated with an investment in New Shares or Vulcan generally, as with any securities market investment. This section summarises those key risks. Potential investors should consider whether an inves
Slide 55: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Further, the Company cannot assure that any lithium and/or geothermal energy can be commercially extracted from Vulcan Group's property interests. The exploration and development of lithium and geothermal deposits involves a high degree of technical, operational, commercial an
Slide 56: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 1.3 Lithium prices are subject to unpredictable fluctuations, driven in part by changes in the balance of global supply and demand as well as international, economic and geopolitical trends and developments. Any material decrease or significant volatility in the price of or de
Slide 57: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Vulcan Group has not yet completed a definitive feasibility study with respect to any future phases of the Project, and, accordingly, there is even less certainty regarding the expected exploration, development and operational costs associated with the targeted production leve
Slide 58: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 1.6 Any increase in the production of LHM and lithium carbonate from current or new competitors in the lithium markets could adversely affect prices or Vulcan Group's competitive position. New and existing companies globally have significantly increased the supply of LHM and l
Slide 59: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Vulcan Group's business in its current phase is sensitive to geopolitical developments, changes and updates of trade policy and developments of defence and security policy of the U.S., Russia, China and other countries. Vulcan Group's business is reliant on the availability, s
Slide 60: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 2. BUSINESS RISKS 2.1 Vulcan Group intends to begin construction of the Project and associated activities following completion of its financing package for the Project, which will give rise to a number of project delivery risks which could have a material impact on Vulcan Grou
Slide 61: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS The successful execution of material contracts is critical to the development, construction, and operation of the Project. The Company’s ability to implement its business strategy and deliver the Project as planned depends on the effective performance and management of key con
Slide 62: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Any of the above risks could have a material adverse effect on Vulcan Group’s business, prospects, financial condition, and results of operations. While the Company seeks to mitigate these risks through robust contract management and due diligence, not all risks can be elimina
Slide 63: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Vulcan Group is attempting to develop a new type of operation, involving direct extraction of lithium from heated brines. Whilst the Company is using existing technologies or technologies with commercial analogues, the Company believes this combination of processes is commerci
Slide 64: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Estimates of the tonnes, grade and overall mineral content of the resources in Vulcan Group's wider project areas are not precise calculations, but are based on interpretation of samples from sparse brine sampling at on and off-property wells, with the exception of the Phase O
Slide 65: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 2.6 There is no guarantee that Vulcan Group will be able maintain or achieve carbon neutrality. Changes in applicable regulation, market standards or methodologies for emissions accounting (including Scope 1, Scope 2 and Scope 3) may also affect Vulcan Group’s ability to claim
Slide 66: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 2.8 Vulcan Group's projects may face opposition from relevant stakeholders, which may result in delays, additional costs, discontinuation of construction or operations and uncertainty. Whilst Vulcan believes it has strong local stakeholder support in its Phase One area, geothe
Slide 67: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS The lithium offtake agreements entered into by Vulcan Group generally contain termination rights in favour of the counterparty in the event that Vulcan Group fails to secure project finance, to commence commercial production or to produce the agreed-upon quantities of lithium
Slide 68: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Vulcan Group has entered into binding agreements with KfW, Siemens Financial Services, HOCHTIEF and Demeter to participate as project-level equity financiers for the Project, as outlined in the Investor Presentation. The underlying investment agreements provide for various upf
Slide 69: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 2.11 Vulcan Group will be dependent on third-party suppliers and contractors for various services and products as well as on transportation channels and other infrastructure required for its business operations. During development and construction and continuing once the Phase
Slide 70: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 2.14 Vulcan Group may lose its directors or other key personnel or may be unable to recruit or retain qualified personnel for key positions. Without such directors or key personnel Vulcan Group may not be able to successfully manage, develop and operate its business. Vulcan Gr
Slide 71: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Beyond the previously mentioned topics of talent retention and recruitment (see section "2.14 Vulcan Group may lose its directors or other key personnel or may be unable to recruit or retain qualified personnel for key positions. Without such directors or key personnel Vulcan
Slide 72: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS As the successful implementation of the Project is both a commercial goal of the Company as well as critical for Vulcan Group’s ambition to implement the world's first carbon neutral integrated lithium hydroxide production project, any failure or significant delay by Vulcan Gr
Slide 73: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 2.19 Vulcan Group may fail to maintain the integrity of its IT systems and successfully protect them against potential cyber-attacks, security breaches or other instances of intentional or unintentional disruption. Vulcan Group uses, collects and stores multiple types of data
Slide 74: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Vulcan Group has also secured €204m in non-dilutive German government grants (refer to the Company's ASX Announcements "Receipt of 100m funding from German Federal Ministry" dated 12 November 2024 and "104m ($186m) grants approved by German governments" dated 23 July 2025) ("G
Slide 75: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Any additional equity financing (whether at the Company level or the project level) may be dilutive to the Company's shareholders, and additional debt financing, if available at acceptable terms or at all, may involve restrictive covenants or other limitations on financing and
Slide 76: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 3.4 Vulcan Group is exposed to foreign currency exchange risks. Since the change of its presentational currency to euro, the translational exchange rate risk mainly relates to cash held by Vulcan Group in Australian dollars. Vulcan Group expects approximately 30% of offtake re
Slide 77: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS In addition, effective internal controls are necessary for Vulcan Group to provide accurate and reliable financial reports. However, an internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives
Slide 78: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS In addition, on 13 January 2023, authorities in Denmark, Germany, the Netherlands, Norway and Sweden submitted to ECHA a proposal for the restriction of per- and polyfluoroalkyl substances aimed at reducing such substances' emissions into the environment which was subject to p
Slide 79: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 5. LEGAL AND TAX RISKS 5.1 Vulcan Group is exposed to risks from potential future litigation and other legal and regulatory actions and risks, and could incur significant liabilities and substantial legal fees. Vulcan Group's business activities entail many novel features and
Slide 80: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 5.3 Vulcan Group is currently subject to the tax laws and regulations of Australia, Germany and France. Its tax burden may change as a consequence of current or future tax assessments or court proceedings in connection with changes in domestic or foreign tax laws and double ta
Slide 81: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 6. RISKS RELATED TO THE NEW SHARES, THE ADMISSION TO TRADING AND THE OFFER 6.1 Future share issues could lead to a substantial dilution of shareholders' interests in the Company and their voting rights and may adversely affect the market price of the New Shares. Following comp
Slide 82: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS • changes in Vulcan Group's implementation of strategy and failure to implement its exploration and production goals within the envisaged timeframe; • increases in the Company's financing costs; • increases in the Company’s Project development costs or delays to the Project; •
Slide 83: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 6.3 The Joint Lead Managers may terminate the Underwriting Agreement (in accordance with its terms) before the allotment of the New Shares under the Offer and the Company may therefore not be able to issue any or all of the New Shares pursuant to the Offer and, accordingly, wi
Slide 84: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS 6.6 The Company is incorporated in Australia and, as a result, it may not be possible for shareholders to enforce civil liability provisions of the securities laws of other countries, including for example the United States, against the Company, its Directors or officers. The
Slide 85: Appendix 4 – Phase One Lionheart Economic Assumptions
APPENDIX 4 – PHASE ONE LIONHEART ECONOMIC ASSUMPTIONS All material assumptions underpinning the forecast financial information set out on slide 39 of this Presentation, (which describes the “FID Case” economics for Phase One Lionheart of the Lionheart Project), except to the extent modified by the u
Slide 86: Appendix 5: European Lithium Projects Peer Comparison References
APPENDIX 5: EUROPEAN LITHIUM PROJECTS PEER COMPARISON REFERENCES 1 Company Ticker Project Stage Resource Resources Resource Contained Information Source (Country) Category (Mt) Grade LCE (Mt) (Li2O) European Cinovec Lithium Measured, Metals ASX: EMH / Cinovec Lithium Project Update Project DFS under
Slide 87: Appendix 6 – Underwriting Agreement Summary
APPENDIX 6 – UNDERWRITING AGREEMENT SUMMARY Vulcan has entered into an underwriting agreement with the Joint Lead Managers, under which the Joint Lead Managers have agreed to act as joint lead managers, bookrunners and underwriters in connection with the Offer ("Underwriting Agreement"), subject to
Slide 88: Appendix 6 – Underwriting Agreement Summary
APPENDIX 6 – UNDERWRITING AGREEMENT SUMMARY • ASX withdraws, revokes or amends any ASX Waiver, such that completion of the Offer is not able to occur in the manner contemplated by the Underwriting Agreement; • the S&P/ASX 200 Index is at any time during the period from the date of the Underwriting A
Slide 89: Appendix 6 – Underwriting Agreement Summary
APPENDIX 6 – UNDERWRITING AGREEMENT SUMMARY • the Joint Lead Managers have reasonable grounds to believe that one or more of the following events: (a)has or is likely to have a material adverse effect on the marketing, success or settlement of the Offer, the willingness of persons to subscribe for N
Slide 90: Appendix 6 – Underwriting Agreement Summary
APPENDIX 6 – UNDERWRITING AGREEMENT SUMMARY • a general moratorium on commercial banking activities in Australia, the United States, Germany or the United Kingdom, is declared by the relevant central banking authority in any of those countries, or there is a material disruption in commercial banking
Slide 91: Appendix 7 – LCA Assumptions
APPENDIX 7 – 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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