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V VULCAN ENERGY ZERO CARBON LITHIUM ™ Quarterly Activities Report March 2021 Highlights : Post March 2021 Quarter to Date of Reporting • • • The Company designed , built , commissioned , and is now operating a DLE Pilot Plant to demonstrate lithium extraction from geothermal brine . The team is focused on demonstrating pre - treatment and DLE processes , as well as the durability of the process over hundreds of cycles , which will feed into its Definitive Feasibility Study ( DFS ) . Former senior EY Global Renewables Partner Josephine Bush joined the Vulcan Board as a Non - Executive Director . Planned spin - off and IPO of non - core , Scandinavian battery metals projects into a new dedicated vehicle , named “ Kuniko Limited " . Binding agreement signed to acquire 100 % of geothermal surface consultancy company Global Engineering and Consulting GmbH . March 2021 Quarter • Zero Carbon Lithium ™ Project's Pre - Feasibility Study ( PFS ) demonstrated strong potential to develop a cutting edge , combined renewable energy and lithium hydroxide project , in the centre of Europe , with net zero carbon footprint . • • • Positive post - tax NPV¹ of € 2.25B ( full project , no phasing ) ; phased option shows € 700m NPV in Phase 1 and € 1.4B NPV in Phase 2 . Maiden Probable Ore Reserve of 1.12 Mt LCE at 181 mg / l Li across Ortenau and Taro licenses² . Projected to be one of the lowest OPEX lithium producers globally . Successful completion of $ 120m placement strongly supported by ESG - focused institutions , with Goldman Sachs and Canaccord Genuity acting as lead managers : strong cash position , fully funded to FID . Vulcan will be collaborating with DuPont Water Solutions , a leader in water filtration and purification , to test and scale up Direct Lithium Extraction ( DLE ) solutions . ASX Release 29 April 2021 ASX : VUL FRA : 6KO Fast Facts Issued Capital : 107,464,256 Market Cap ( @ $ 8.12 ) : $ 873m Highlights Zero Carbon Lithium ™ project Dual lithium chemicals- renewable energy project in Upper Rhine Valley of Germany , with zero carbon footprint . Europe's largest lithium resource . Located at the heart of the EU Li - ion battery industry . Fast - track development under way towards production . Corporate Directory Managing Director Dr Francis Wedin Chairman Gavin Rezos Non - Executive Director Ranya Alkadamani Non - Executive Director Annie Liu Non - Executive Director Dr Heidi Grön Non - Executive Director Josephine Bush CFO - Company Secretary Robert Ierace www.v-er.com info@v-er.eu @VulcanEnergyRes 18 % discount rate applied for lithium division & 6 % for geothermal energy division . 2 Refer ASX announcement 15 January 2021 . Contact Level 11 , Brookfield Place 125 St Georges Terrace Perth WA 6000 Australia 08 6189 8767 Vulcan Energie Resourcen GmbH Baischstr . 8 76133 Karlsruhe V