Vulcan is sturdily moving towards Zero Carbon Lithium production

Vulcan Energy Resources Limited is aiming to become the world’s first integrated lithium and renewable energy producer with a net zero carbon footprint. Vulcan’s unique Zero Carbon Lithium™ Project aims to produce both renewable geothermal energy and lithium hydroxide for electric vehicles, from the same deep brine source in the Upper Rhine Valley, Germany.

Company remains focused on delivering the Zero Carbon Lithium™ Project, targeting phase one lithium
production in 2024. Vulcan have already executed binding lithium offtake agreements with Tier One companies Volkswagen Group, Stellantis, Umicore and Renault Group, with the first five years of lithium production fully sold out,
and significant further demand received for future project expansions.

Company acquired an operational geothermal renewable energy power plant with confirmed lithium-in-brine
grades in the Upper Rhine Valley, Germany, establishing Vulcan as an operational renewable energy
business. Moreover, it signed a brine offtake agreement with a separate nearby operational geothermal plant. Combined, these provide a pathway to potentially increasing phase one lithium production plans from existing
geothermal operations.

Vulcan signed an agreement with Rhein Petroleum GmbH to purchase 3D seismic and drilling data to assist
with additional project generation, following strong customer demand for expansion of the Zero
Carbon Lithium™ business. Furthermore, company purchased two specialised electric drill rigs which can operate to the target depth required for deep geothermal renewable energy wells in the region. These are a strategic asset at a time when renewable energy production capacity and lithium production are critical for meeting Germany and
Europe’s climate targets.

Finally, head count increased to 115 across geothermal renewable energy and lithium battery chemicals
business units, with significant further growth expected over the coming 12 months.