Vulcan Energy Secures Funding for Lionheart Project

Vulcan Energy Resources Limited has secured a €2.2 billion financing package to fund its Phase One Lionheart Project in Germany's Upper Rhine Valley. This project is set to produce 24,000 tonnes of lithium hydroxide monohydrate annually, powering around 500,000 electric vehicles, while generating 275 GWh of renewable power and 560 GWh of heat per year for local consumption.

Key developments this quarter included the completion of a fully underwritten institutional placement and the formation of a supply agreement with Glencore for up to 44,000 tonnes of lithium. Vulcan also began construction at its Geothermal-Lithium Extraction Plant site and secured all necessary construction permits.

The quarter saw important progress in geothermal and lithium drilling, alongside robust financial outcomes, setting the stage for Vulcan's transition from development to execution. Vulcan's Managing Director emphasized the project's significance as Europe’s first domestic sustainable lithium value chain.