Vulcan Energy Resources Ltd. · ASX:VUL
Vulcan Energy Resources — Shareholder Meeting (May 2026)
32 slides from Vulcan Energy Resources's shareholder meeting presentation, May 28, 2026
Slide 1: Annual General Meeting
For personal use only Annual General Meeting 28 May 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
For personal use only The next producer of lithium for the battery industry.
Slide 4: Introducing Vulcan
INTRODUCING VULCAN Integrated lithium chemicals and renewable energy from the same source, in the same place, with no fossil fuels For personal use only Tier one resource Globally significant sub-surface geothermal-lithium brine asset in central Europe. Naturally heated with low impurities supports
Slide 5: Corporate Snapshot
CORPORATE SNAPSHOT Funded Lionheart production with strong institutional shareholder base and aligned strategic partners $AUD VUL 12 Month Share Price & Trading Volume Millions For personal use only ASX/FSE Prime Standard VUL 7.00 16 6.50 6.00 14 5.50 12 Shares on issue ~478m 5.00 4.50 10 4.00 A$ €
Slide 6: Project Lionheart
For personal use only Project Lionheart ASX/FSE: VUL 6
Slide 7: For personal use only
Frankfurt Hoechst – lithium chemicals For personal use only Germany 40% LiCl concentrate Lithium transport, ~130km Chemical Plant Project Ludwigshafen Geothermal Lionheart Plant Mannheim Lithium Landau - lithium Extraction and green heat Plant Well Site Brine Pipelines France
Slide 8: 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 For personal use only TM Operational sites Lithium Rich Brine Production Pipelines & Power Lithi
Slide 9: Lionheart: the numbers
Lionheart: the numbers1 €1,838m 15.6% €20,456/t LHM Pre-tax NPV8 Pre-tax unlevered IRR Average 10-year LHM realised price For personal use only Vulcan’s funding package for Lionheart 13.7% €566m €1,152m has reached Financial Close. Post-tax NPV8 Post-tax unlevered IRR Average revenue p.a. Lionheart
Slide 10: 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 For personal use
Slide 11: 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 • Low counterparty risk: high quality European-focused offtake partners confirmed for Phase One Lionheart For personal use only • Long t
Slide 12: Lionheart Is a European Lighthouse Project
LIONHEART IS A EUROPEAN LIGHTHOUSE PROJECT € 2.2Bn Lionheart financing package1 - significant strategic support and contractor alignment Dec 2025 Financing Significant German Government Support – Grants / package signed and FID For personal use only Strategic Equity Debt Institutional equity €1,185m
Slide 13: Construction Commenced – Fast Start Achieved!
CONSTRUCTION COMMENCED – FAST START ACHIEVED! Execution plan in motion – upstream site preparations for civil work and downstream groundbreaking For personal use only Construction at the integrated geothermal and lithium Groundbreaking at lithium chemical site in Frankfurt extraction site near Landa
Slide 14: Construction Commenced Cont'd
For personal use only CONSTRUCTION COMMENCED CONT’D From left to right - relocation of the 110kV overhead power lines, underground power cables to replace overhead and drainage works at the integrated geothermal and lithium extraction site near Landau. Far right - concrete cellars for the new well p
Slide 15: Lithium market
For personal use only Lithium market ASX/FSE: VUL
Slide 16: Electrification Rising Rapidly, Creating Strong Growth in Lithium
ELECTRIFICATION RISING RAPIDLY, CREATING STRONG GROWTH IN LITHIUM BEV sales surged +22% year on year in 2025 & BESS trajectory follows a similar trend Global BEV car sales 2018-2040 Global utility scale BESS cumulative capacity 2018-2040 For personal use only 90 2,500 Actuals Actuals 80 Forecast For
Slide 17: 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 localize supply chain as per requirements For personal use only
Slide 18: Insufficient Supply. Rising Prices
INSUFFICIENT SUPPLY. RISING PRICES Lowest inventories since 2024, deepening structural deficits forecast and prices at 2026 highs (rising on small deficits) Refined lithium product price (US$/t) Forecast market balance dynamics use only 200 25,000 +130% 150 23,000 21,000 100 19,000 50 For personal 1
Slide 19: Europe Needs Much but Produces Little – Vulcan Poised
EUROPE NEEDS MUCH 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 For personal
Slide 20: 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) For personal use only Quartile: Lithium Hydr
Slide 21: Future Vulcan
For personal use only Future Vulcan ASX/FSE: VUL 21
Slide 22: 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 global resource relates to Lionheart Multiple phases: Lithium chemicals plant • Geothermal and LEP replicated in Ludwigshafen1 Downstream LHM production For personal use only Future • BASF
Slide 23: Phase 2: Coming Soon
PHASE 2: COMING SOON Design one, build many Focus on product flexibility For personal use only 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 developm
Slide 24: A Transformational Time for Vulcan
A TRANSFORMATIONAL TIME FOR VULCAN €2.2bn financing secured, funding Lionheart to production - construction is underway For personal use only Funded with team to Attractive costs2 Globally significant Outstanding Substantial growth Offtakes and lithium deliver construction1 project government potent
Slide 25: 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 For personal use only Strategic Pillars Maintain Financial Deliver Phase Differentiate Through Deliver on Deliver Growth Sustainability One Lionheart Strong Sustainability C
Slide 26: 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 27: 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 28: 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 29: 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 30: Lionheart Reserves
LIONHEART RESERVES Insheim, Landau South, Rift North Economic Reserves Quantity at Reserves / Classification Lithium grade Wellhead References Point For personal use only mg / I Li kt LCE Proved 181 318 Probable 181 252 Note: see Competent Person Statement contained in the Appendix 1. 30
Slide 31: 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 32: For personal use only
For personal use only Website: v-er.eu ASX/FSE: VUL
Vulcan Energy Resources — Shareholder Meeting (May 2026) on 6ix