Communicators

-          Largest Lithium Resource in Europe increases in size

-          Increase in confidence, reduction of risk in the upstream of Phase One, in advance of upcoming Bridging Study completion and start of financing

September 29, 2023 - Vulcan Energy Resources Limited (Vulcan; ASX: VUL, FSE: VUL, the Company), the renewable energy and carbon neutral lithium company, is pleased to provide a Mineral Resources update for its Zero Carbon Lithium™ Project in the Upper Rhine Valley Brine Field (URVBF), Germany, towards the ongoing Bridging Study for its Phase One development, which is approaching completion.

Highlights:

-          New, streamlined sub-surface work has incorporated:

• New well data from production well workover at Insheim.
• New 3D seismic data for better modelling of the reservoir.
• Advanced reservoir engineering and scenario modelling to deliver optimised Field Development Plan (FDP).
• Updated Phase One FDP which includes increased focus around the core, existing production/re-injection wells in the Insheim-Landau-Rift area (designated “Lionheart”), and removal of higher risk step-out zone from Phase One plans. Provides flexibility to cater for different risk and opportunities which could see improved CAPEX, recovery and injectivity.
• Corresponding reduction of upstream risk, with one production centre instead of two, and around existing production infrastructure.

-          Already the largest lithium Resource in Europe1, Vulcan’s URVBF lithium Resource has increased to 27.7 million tonnes of contained Lithium Carbonate Equivalent (Mt LCE) @ 175 mg/L, from 26.6Mt LCE @ 174 mg/L, to reflect a larger resource in the Phase One Lionheart area.

-          Vulcan’s URVBF area now comprises 11.2 Mt LCE @ 179 mg/L Li of Measured and Indicated Resource, of which 4.16 Mt LCE @ 181mg/l Li is in the Phase One Lionheart area, and 2.11 Mt LCE is now in the Measured category.

-          The Phase One Bridging Study will be completed in November, after which Phase One financing will formally commence, with Vulcan seeking project-level strategic equity and debt, in line with successful market sounding conducted during 2023. Several key value improvements not identified in the DFS from February have been identified (Figure 1), including driving further economies of scale through reduction of the planned two Lithium Extraction Plants (LEPs) and two geothermal power plants, to one central LEP and geothermal power plant with unchanged 24 ktpa lithium hydroxide equivalent capacity.

Please find the full press release under the following link:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02718351-6A1171152?access_token=83ff96335c2d45a094df02a206a39ff4

Contact

Level 2

267 St Georges Terrace

Perth WA 6000 Australia

08 6331 6156

Vulcan Energie Ressourcen GmbH

Amalienbadstraße 41 Bau 53

76227 Karlsruhe

1 According to public, JORC-compliant data. Refer Vulcan Zero Carbon Lithium™ Project Phase One DFS results and Resources-Reserves update https://www.investi.com.au/api/announcements/vul/e617fca6-6d4.pdf 2022/02/13 (DFS Presentation)