Vulcan Energy Resources Ltd. · ASX:VUL
Vulcan Energy Resources — Corporate Update (October 2026)
32 slides from Vulcan Energy Resources's corporate update, Oct 30, 2026
Slide 1: Corporate Presentation Q4 2026
rsonal use only Corporate Presentation Q4 2026 ASX/FSE: VUL CLIMATE CHAMPION | DETERMINED | INSPIRING
Slide 2: Disclaimer
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). This Presentation is for informational purposes only and is not an offer of securities for sale
Slide 3: Disclaimer (cont)
DISCLAIMER (CONT) Forward-looking statements. General: This Presentation contains certain forward-looking statements. Often, but not always, forward-looking statements may be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "target", "prop
Slide 4: Disclaimer (cont)
DISCLAIMER (CONT) Financial data. All monetary values expressed as EUR or € in this Presentation are in Euros, unless stated otherwise. All monetary values expressed as "US$" in this Presentation are in US dollars, unless stated otherwise. The assumed exchange rate to convert Euros into US dollars (
Slide 5: We are Europe's lithium solution
rsonal use only We are Europe’s lithium solution
Slide 6: Introducing Vulcan
INTRODUCING VULCAN Integrated lithium chemicals and renewable geothermal energy from the same source, in the same place, across multiple projects Global Significance • Globally significant sub-surface geothermal-lithium rsonal use only brine asset in central Europe • Tier One Resource - 29.8Mt LCE A
Slide 7: Phase One Delivers a Repeatable Development Platform for Growth
PHASE ONE DELIVERS A REPEATABLE DEVELOPMENT PLATFORM FOR GROWTH1 rsonal use only Project Lionheart Under Construction Integrated Cost Position Technology Delivery Sustainability World leading integrated geothermal energy and Lowest quartile Bankable inhouse lithium In construction Sustainability dri
Slide 8: Corporate Snapshot
CORPORATE SNAPSHOT Strong institutional shareholder base, aligned strategic partners and compelling value considering lithium peer group and capital invested rsonal use only ASX/FSE Prime Standard VUL Shares on issue ~478m A$ € Market Capitalisation1,2 612m 373m Cash2,3 343.3m 209.4m HOCHTIEF 15.4%
Slide 9: Team with Project Delivery Track Record
TEAM WITH PROJECT DELIVERY TRACK RECORD Team already in place with technical and finance experience to execute major projects and growth strategy Directors rsonal use only Cris Moreno Felicity Gooding Angus Barker Josephine Bush Dr Heidi Grön Dr Günter Hilken Amanda Lacaze Roberto Gallardo Managing
Slide 10: Strong September Quarter Activity Progress
STRONG SEPTEMBER QUARTER ACTIVITY PROGRESS Lionheart on schedule and within budget. Vulcan progress across construction, operations, growth and funding Highlights Across Key Segments rsonal use only Lionheart continued to de-risk with field development 1 LIONHEART CONSTRUCTION advancing as expected,
Slide 11: Project Lionheart – Integrated renewable energy and lithium
rsonal use only Project Lionheart – Integrated renewable energy and lithium ASX/FSE: VUL 11
Slide 12: Lionheart Supply Chain
Lionheart Supply Chain rsonal use only
Slide 13: Integrated Brine-to-Battery Value Chain – Already in Production
INTEGRATED BRINE-TO-BATTERY VALUE CHAIN – ALREADY IN PRODUCTION Segment Resource/Drilling Resource/Drilling Geothermal Geothermal&& Lithium Lithium Technology Technology Lithium Lithium Extraction Extraction Chemicals Chemicals rsonal use only TM Operational sites Lithium Rich Brine Production Pipel
Slide 14: 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 rsonal use only 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. Lio
Slide 15: Construction Progressing to Plan
CONSTRUCTION PROGRESSING TO PLAN Execution plan in motion, activities underway across Lionheart rsonal use only Construction works at the fourth well site First foundation concrete layers for the Lionheart Early bulk earthworks at the Frankfurt lithium chemical geothermal power plant in Landau plant
Slide 16: Lionheart Targeted Milestones to First Production
Lionheart Targeted Milestones to First Production rsonal use only 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 sup
Slide 17: Project Ludwig
rsonal use only Project Ludwig ASX/FSE: VUL 17
Slide 18: Project Ludwig Overview – Integrated Upstream & Downstream
PROJECT LUDWIG OVERVIEW – INTEGRATED UPSTREAM & DOWNSTREAM Integration of lithium extraction and lithium chemical plants to drive capital efficiency Well Integrated Pipeline & Power Energy Storage Lithium extraction and conversion plant sites (ICPP) up to transfer point (TP) rsonal use only Local he
Slide 19: Integrated Lithium Plant Design
INTEGRATED LITHIUM PLANT DESIGN Capital efficiencies, engineered into Project Ludwig rsonal use only One integrated site for the entire extraction, conversion and refining process to battery grade product. Conversion to Li2CO3 using simple, industry-standard process and equipment, with integrated he
Slide 20: Lionheart and Ludwig in Bottom 10% of Global Lithium Cost Curve
LIONHEART AND LUDWIG IN BOTTOM 10% OF GLOBAL LITHIUM COST CURVE Targeting low-cost production through naturally preheated, low-impurity brine resource and efficient VULSORB® A-DLE technology rsonal use only Global projected 2035 lithium C1 cost curve unweighted supply (US$/t LCE, real 2026 terms)1 2
Slide 21: Lithium market and offtake
rsonal use only Lithium market and offtake ASX/FSE: VUL
Slide 22: Supplying the European Automotive and Battery Industries
SUPPLYING THE EUROPEAN AUTOMOTIVE AND BATTERY INDUSTRIES 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-f
Slide 23: Rapid European Battery and Lithium Demand Growth
RAPID EUROPEAN BATTERY AND LITHIUM DEMAND GROWTH Insufficient European supply coupled with EV sales growth and regulation on domestic resilience make Vulcan’s growth plan critical for Europe September 26 YoY growth of New Car Battery electric Plug-in hybrid rsonal use only Global passenger EV sales1
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) rsonal use only Quartile: Lithium Hydroxide2
Slide 25: Delivery
rsonal use only Delivery ASX/FSE: VUL 25
Slide 26: Summary: Strategy to Deliver Value and Growth
SUMMARY: STRATEGY TO DELIVER VALUE AND GROWTH1 Supporting the energy transition through the development of low cost lithium production and renewable geothermal energy in Europe rsonal use only Strategic Pillars Maintain Financial Deliver Phase Differentiate Through Deliver on Deliver Growth Sustaina
Slide 27: A Transformational Time for Vulcan
A TRANSFORMATIONAL TIME FOR VULCAN VUL holds the key to lithium growth in Europe with its repeatable development platform capable of delivering stronger returns and lower capital intensity across future phases rsonal use only Producing & Attractive costs1 Globally significant Outstanding Substantial
Slide 28: Appendix
rsonal use only Appendix ASX/FSE: VUL 28
Slide 29: Ludwig PFS: Key Outcomes Cont'd - Disclaimers
LUDWIG PFS: KEY OUTCOMES CONT’D - DISCLAIMERS Note 1: Project Ludwig economic metrics are based on the 2026 Pre-Feasibility Study (PFS) on the assumptions set out in this announcement, while Phase One Lionheart metrics are based on the material assumptions set out or referred to in slide 39 of the i
Slide 30: Global Mineral Resource Statement
GLOBAL MINERAL RESOURCE STATEMENT Vulcan’s combined Upper Rhine Valley Lithium Brine Measured, Indicated and Inferred Mineral Resource estimates as at September 2026 License Reservoir Classification GRV Avg. NTG Avg. Phie Avg. Li Elemental Li LCE rsonal use only km 3 % % mg/L kt kt MUS, BST, ROT, BM
Slide 31: Notes to Global Mineral Resource Statement
NOTES TO GLOBAL MINERAL RESOURCE STATEMENT Note 1: Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. Note 2: The weights are reported in metric tonnes (1,000 kg or 2,204.6 lbs). Numbers may not add up due to rounding of the resource value percentages. rsonal use
Slide 32: rsonal use only
rsonal use only Website: v-er.eu ASX/FSE: VUL
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