Vulcan Energy Resources Ltd. · ASX:VUL
Vulcan Energy Resources — Investor Presentation (April 2026)
40 slides from Vulcan Energy Resources's investor presentation, Apr 30, 2026
Slide 1: Corporate Presentation
For personal use only Corporate Presentation 30 April 2026 DETERMINED FOR A BETTER TOMORROW 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: 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 For personal use only Status Quo Gap VUL Solution • Lithium critical for energy • Upstream m
Slide 4: Integrated Lithium and Renewable Energy Company
INTEGRATED LITHIUM AND RENEWABLE ENERGY COMPANY Strategically important project for Europe’s battery supply chain within short distance of customers Integrated lithium and renewable energy business in For personal use only • Central Europe to decarbonise battery supply chain • Future facing - driven
Slide 5: Corporate Snapshot
CORPORATE SNAPSHOT Funded to 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: 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 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 For personal use only Dr Francis Wedin Cris Moreno Felicity Gooding Executive Chair, Founder Managing Director and Group CEO Executive Director
Slide 8: 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 cost Globally significant Outstanding Leading Offtakes and lithium deliver construction2 curve position project government sust
Slide 9: Project Lionheart
For personal use only Project Lionheart ASX/FSE: VUL 9
Slide 10: Lionheart Overview
LIONHEART OVERVIEW Simple. Efficient. Integrated. For personal use only 10 This diagram is for illustrative purposes only. Features, distances, and locations are approximate and subject to change.
Slide 11: 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 cost Globally significant Outstanding Leading Offtakes and lithium deliver construction2 curve position project government sust
Slide 12: Lionheart: the numbers
Lionheart: the numbers1 €1,838m 15.6% €20,456/t LHM Pre-tax unlevered IRR Average 10-year LHM For personal use only Pre-tax NPV8 realised price Lionheart to produce geothermal €1,152m 13.7% €566m Post-tax NPV8 Post-tax unlevered IRR Average revenue p.a. energy and lithium from the same deep brine so
Slide 13: Lionheart Is a European Lighthouse Project
LIONHEART IS A EUROPEAN LIGHTHOUSE PROJECT € 2.2Bn Lionheart financing package1 - Significant strategic support from international government backed institutions and partners. For personal use only Significant German Government Support – Grants / Strategic Equity Debt Institutional equity €1,185m €5
Slide 14: Construction Commenced – Fast Start
CONSTRUCTION COMMENCED – FAST START Execution plan fully in motion with downstream groundbreaking event at the lithium chemical plant site For personal use only Construction at the integrated geothermal and lithium Groundbreaking at lithium chemical site in Frankfurt extraction site near Landau Prod
Slide 15: Lionheart Field Development: Highly Positive Start
LIONHEART FIELD DEVELOPMENT: HIGHLY POSITIVE START Fifth well has confirmed and exceeded main sub-surface assumptions in Lionheart1 • Strong production flow test performance For personal use only Supporting and exceeding the Field Development Plan (FDP) expectations, with all safety goals met. • Geo
Slide 16: Lionheart Development Timeline
LIONHEART DEVELOPMENT TIMELINE All major permits received to start construction1, with first lithium production targeted to commence in 2028 Drilling Production well drilling For personal use only Construction of Inter-connected pipeline and power (ICPP) Infrastructure and 110kV Substation Geotherma
Slide 17: Integrated Brine-to-Battery Solution
INTEGRATED BRINE-TO-BATTERY SOLUTION Renewable energy driving sustainable lithium production. Financing secured and in construction. First production, 2028 Well sites Geothermal and Lithium Extraction Plant Lithium Chemicals Plant For personal use only Renewable heat and brine transferred to the lit
Slide 18: Leading the Way – ESG Highlights
For personal use only LEADING THE WAY – ESG HIGHLIGHTS Winner of 2025 Vulcan’s process offers a faster, cleaner, and Sustainalytics Top Industry Australian Financial Review Performer with a 'Low Risk' more water-efficient alternative for lithium ESG Rating recovery compared to legacy methods. Sustai
Slide 19: Lithium Market and Offtake
For personal use only Lithium market and offtake ASX/FSE: VUL
Slide 20: Lithium Market Summary
LITHIUM MARKET SUMMARY Lithium supply forced to scale rapidly in the short term to match battery demand from EV and BESS sectors BESS expected to double over the next three years EV sales to 2025 (million units)3 • EV sales increased globally by +23% and +33% in Europe in For personal use only 20251
Slide 21: Electric Vehicles on Pathway to Dominance in Europe
ELECTRIC VEHICLES ON PATHWAY TO DOMINANCE IN EUROPE Major European automakers have seen considerable EV sales growth Major manufacturer's European EV sales (000' units)2 New vehicle registrations EU (millions)1 For personal use only 800 12 Stellantis BEV sales in 700 Germany3 +180% YoY for Jan-Feb 2
Slide 22: Battery Energy Storage Systems – Driving Lithium Demand
BATTERY ENERGY STORAGE SYSTEMS (BESS) – DRIVING LITHIUM DEMAND Renewables industry and AI data centre growth is generating significant lithium demand For personal use only Lithium demand by end-use (kt)1 & BESS as a proportion of demand 24% The BESS sector is emerging as one of the fastest- 2,000 Ot
Slide 23: 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$/t LCE, real 2024 terms) 1 For personal use
Slide 24: Supplying the European Auto / Battery Industry
SUPPLYING THE EUROPEAN AUTO / BATTERY INDUSTRY Lionheart offtake contracts reflect ‘bankable’ status and provide pricing support1 • Low counterparty risk: high quality European-focused offtake partners confirmed for Phase One Lionheart For personal use only • Long term relationships: binding, take-o
Slide 25: Positioned to Deliver Lithium Product Flexibility
POSITIONED TO DELIVER LITHIUM PRODUCT FLEXIBILITY Vulcan has the capability to produce different lithium products3, depending on future client needs Nickel-Cobalt-Manganese2 (NCM) 811 + Ni content ~12%, Europe, North America, South Korea, long-range (western demand is primarily for this chemistry) F
Slide 26: Vulcan in Strong Position to Supply Europe
VULCAN IN STRONG POSITION TO SUPPLY EUROPE Europe is scrambling to secure its lithium future, and Vulcan is leading the charge 2025 Production by region2 European supply-demand forecast (kt LCE) For personal use only China European lithium supply <1% 1,000 South & Central America Vulcan could accoun
Slide 27: European Battery Supply Chain Growth & Domestic Supply Rules
EUROPEAN BATTERY SUPPLY CHAIN GROWTH & DOMESTIC SUPPLY RULES Vulcan is primed to benefit from Europe’s rapidly growing battery industry and incoming local content legislation # Owner Status European Cell (LHS) a n d C A M # Owner Status O p e r a t i n g cell plants p l a n t s ( R HS) 1 O p e r a t
Slide 28: Lithium Market Moving Towards Deficit, Vulcan Is Primed
LITHIUM MARKET MOVING TOWARDS DEFICIT, VULCAN IS PRIMED The global lithium inventory is decreasing, EV, AI and BESS demand is growing rapidly and Vulcan is in the right place at the right time Lithium prices (US$/t RHS) and inventory (kt LHS)1 Global EV sales (m units) European EV sales (m units) Fo
Slide 29: Future Vulcan
For personal use only Future Vulcan ASX/FSE: VUL 29
Slide 30: Future Phases – Design One, Build Many
FUTURE PHASES – DESIGN ONE, BUILD MANY Frankfurt A blueprint for Vulcan's future growth phases – only ~16% of global resource relates to Lionheart Multiple phases: Lithium chemicals plant • Geothermal and LEP replicated in Ludwigshafen1 Future Downstream LHM production For personal use only Phase •
Slide 31: Beyond Lionheart – Multiple Growth Levers
BEYOND LIONHEART – MULTIPLE GROWTH LEVERS Opportunity to grow DLE technology business Strategic asset for geothermal projects in Germany TM For personal use only • Using VULSORB® to unlock low-cost A-DLE lithium globally • Enabling Vulcan’s initial three planned phases and any subsequent phases in V
Slide 32: Strategy to Deliver Value and Growth
STRATEGY TO DELIVER VALUE AND GROWTH Empowering a carbon-neutral future by producing low cost, sustainable lithium for Europe For personal use only Strategic Pillars Maintain Financial Deliver Phase Deliver Growth Differentiate Through Deliver on Sustainability One Lionheart Strong Sustainability Co
Slide 33: 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 34: 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 35: 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 36: Appendix – 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 37: 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 38: 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. 38
Slide 39: 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 40: For personal use only
For personal use only Website: v-er.eu ASX/FSE: VUL
Vulcan Energy Resources — Investor Presentation (April 2026) on 6ix