Slides
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1 1 Introducing Phase 2: Project Ludwig DETERMINED FOR A BETTER TOMORROW CLIMATE CHAMPION | DETERMINED | INSPIRING FO-0762 V 1 ASX/FSE: VUL
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2 2 2 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 in the United States of America, its territories or possessions, any state of the United States or the District of Columbia (collectively, the United States). This Presentation is not for use in the United States (other than in presentations to a limited number of "qualified institutional buyers" as defined in Rule 144A under the US Securities Act of 1933, as amended (the US Securities Act)) and may not be retransmitted, published, released or otherwise redistributed in or into the United States by any recipient hereof. The securities referred to herein have not been and will not be registered under the US Securities Act, or under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold, directly or indirectly, in or into the United States absent registration except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in accordance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offering of the securities referred to herein in the United States. Summary Information This Presentation contains summary information about Vulcan that is current as at the date of this Presentation (unless otherwise indicated). The information in this Presentation is general in nature, and does not purport to be complete. In particular, this Presentation does not contain all of the information that an investor may require in evaluating a possible investment in Vulcan Shares or in Vulcan generally, nor does it contain all information that would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act or any other law, and does not constitute, an invitation or offer of securities for subscription, purchase, or sale in any jurisdiction. In particular, this presentation does not constitute an invitation or offer of securities for subscription, purchase, or sale in any jurisdiction in which such an offer would be illegal. This Presentation has been prepared by Vulcan with due care, but no representation or warranty, express or implied, is provided in relation to the accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this Presentation by Vulcan or any Limited Party (defined below). Statements in this Presentation are made only as of the date of this Presentation, unless otherwise stated, and the information in this Presentation remains subject to change without notice. To the maximum extent permitted by law, Vulcan is not responsible for updating, and does not undertake to update, this Presentation. This Presentation should be read in conjunction with Vulcan's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au or the Company's website. Not an Offer This Presentation is not and should not be considered an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any securities in Vulcan. This Presentation has been made available for information purposes only and does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act, or any other offering document under Australian law or any other law (and will not be lodged with the Australian Securities and Investment Commission or any foreign regulator), and is not subject to the disclosure requirements affecting disclosure documents under Chapter 6D of the Corporations Act. This Presentation has been prepared for publication in Australia and does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Disclaimer, acknowledgement and agreement. Vulcan, to the maximum extent permitted by law, expressly excludes and disclaims all liability (including, without limitation, any liability arising out of fault or negligence on the part of any person) for any direct, indirect, consequential or contingent loss or damage, or any costs or expenses, arising from the use of this Presentation or its contents, or otherwise arising in connection with it. By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation, you acknowledge and agree to the terms set out in the "Disclaimer" sections of the Presentation. No investment or financial product advice. This Presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, or a recommendation to acquire Vulcan Shares, nor does it constitute, and is not intended to constitute, accounting, legal or tax advice. This Presentation does not, and will not, form any part of any contract for the acquisition of Vulcan Shares. This Presentation has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Before making an investment decision (including any investment in Vulcan Shares or Vulcan generally), prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs, and seek professional advice from their legal, financial, taxation or other independent adviser (having regard to the requirements of all relevant jurisdictions). DISCLAIMER FO-0762 V 1
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3 3 3 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", "propose", "anticipate", "continue", "outlook" and "guidance", or other similar words. By their nature, forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated, including those generally associated with the lithium industry and/or resources exploration companies. Any such forward-looking statements, opinions and estimates in this Presentation (including any statements about market and industry trends) are based on assumptions and contingencies, all of which are subject to change without notice, and may ultimately prove to be materially incorrect. Forward-looking statements are provided as a general guide only and should not be relied upon as, and are not, an indication or guarantee of future performance. Neither Vulcan nor any of its directors, officers, agents, consultants, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions, forward looking statements and conclusions contained in this Presentation. Production Targets: The information in this Presentation that relates to production targets for: (i) Project Ludwig is extracted from the “Positive Preliminary Feasibility Study (PFS) outlines Vulcan’s second German project showcasing repeatable development growth strategy” announcement on 2 September 2026 (Project Ludwig PFS Announcement); and (ii) Project Lionheart is extracted from the “Bridging Engineering Study Results” announcement on 16 November 2023. The above announcements are available to view on Vulcan's website at www.v-er.eu. Vulcan confirms that all material assumptions underpinning the production targets included in these announcements continue to apply and have not materially changed. Forecast Financial Information: This presentation contains forecast financial information (including forecast financial information derived from the Company's production targets). This forecast financial information is based on the material assumptions set out in (or referred to in): (i) in the case of Project Ludwig – the Project Ludwig PFS Announcement; and (ii) in the case of Project Lionheart - the Independent Expert Report included as section 17 to the “Information Memorandum” announcement on 11 December 2024 and the “Financing and FID presentation” announcement on 3 December 2025. The above announcements are available to view on Vulcan's website at www.v-er.eu. Vulcan confirms that the assumptions set out in these announcements continue to apply and have not materially changed. The company believes that it has a reasonable basis for making the forward-looking statements in this Presentation (including with respect to forecast financial information). Investment risks. As previously noted, an investment in Vulcan is subject to both known and unknown risks, some of which are beyond the control of Vulcan. Vulcan does not guarantee any particular return or its performance, nor does it guarantee any particular tax treatment. Prospective investors should have regard to the Previous Disclosures, when making their investment decision, and should make their own enquires and investigations regarding all information in this Presentation, including, but not limited to, the assumptions, uncertainties and contingencies that may affect Vulcan's future operations, and the impact that different future outcomes may have on Vulcan. Ore Reserves and Mineral Resources reporting. It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). Investors outside Australia should note that while ore reserve and mineral resource estimates of Vulcan in this Presentation comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) subpart 1300 of Regulation S-K under the US Securities Act of 1933, as amended (the "Securities Act"), which governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange Commission (“SEC”). Information contained in this Presentation describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws and investors are cautioned that there can be no assurance that the reserves and resources reported by the Company under the JORC Code would be the same had it prepared its reserve or resource estimates under the standards adopted under subpart 1300 of Regulation S-K. Technical information. Vulcan has carried out: (i) a preliminary feasibility study (PFS) for Project Ludwig, the results of which were announced to the ASX in the “Positive Preliminary Feasibility Study (PFS) outlines Vulcan’s second German project showcasing repeatable development growth strategy” announcement on 2 September 2026; and (ii) a definitive feasibility study (DFS) and bridging engineering study (Bridging Study) for the Lionheart Project, the results of which were announced to the ASX in the announcements “Phase 1 DFS Results” on 13 February 2023 and the “Bridging Engineering Study Results” announcement on 16 November 2023”. The above announcements are available to view on Vulcan's website at www.v-er.eu. This Presentation may include certain information relating to the PFS in relation to Project Ludwig, and the DFS and Bridging Study in relation to Project Lionheart. The PFS, DFS and Bridging Study are based on the material assumptions and parameters outlined in each respective announcement. While Vulcan considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the PFS, DFS or Bridging Study. This presentation may also include certain information relating to Future Phases projects. Vulcan has not yet carried out preliminary or definitive feasibility studies for Future Phases projects. DISCLAIMER (CONT) FO-0762 V 1
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4 4 4 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 (or vice versa) is shown in the footnote of the respective slide. In addition, prospective investors should be aware that financial data in this Presentation includes "non- IFRS financial information" under ASIC Regulatory Guide 230 'Disclosing non-IFRS financial information' published by ASIC and also 'non-GAAP financial measures' within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934. The non-IFRS financial measures do not have standardised meanings prescribed by Australian Accounting Standards and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards. Although Vulcan believes the non-IFRS financial information (and non-IFRS financial measures) provide useful information to readers of this Presentation, readers are cautioned not to place any undue reliance on any non-IFRS financial information (or non-IFRS financial measures). Similarly, non-GAAP financial measures do not have a standardised meaning prescribed by Australian Accounting Standards or International Financial Reporting Standards and therefore may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards or International Financial Reporting Standards. Although Vulcan believes that these non-GAAP financial measures provide useful information to readers of this Presentation, readers are cautioned not to place undue reliance on any such measures. Funding strategy. To achieve the range of outcomes indicated in the preliminary feasibility study for Project Ludwig, additional funding will be required. Investors should note that there is no certainty that Vulcan will be able to raise the amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to, or otherwise affect the value of, Vulcan’s existing shares. It is also possible that Vulcan could pursue other financing strategies such as a partial sale or joint venture of Project Ludwig. If it does, this could materially reduce Vulcan’s proportionate ownership of Project Ludwig. Effect of rounding. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. Competent Person Statement. The information in this presentation that relates to: (i) Mineral Resources and Geothermal Resources in relation to Project Ludwig is extracted from the “Positive Preliminary Feasibility Study (PFS) outlines Vulcan’s second German project showcasing repeatable development growth strategy” announcement on 2 September 2026; (ii) Mineral Resources and Ore Resources in relation to Project Lionheart and the Future Phases projects is extracted from the “Bridging Engineering Study Results” announcement on 16 November 2023 and the “Future Phase Pipeline – Mannheim Resources Growth” announcement on 9 July 2025; and (iii) Exploration Results is extracted for the “Positive start to Phase One Lionheart Project field development” announcement on 19 November 2025. The above announcements are available to view on Vulcan's website at www.v- er.eu. Vulcan confirms that, in respect of: (i) Mineral Resources and Geothermal Resources in relation to the Ludwig Project; (ii) Mineral Resources and Ore Reserves in relation to Project Lionheart and the Future Phases projects; and (iii) Exploration Results, included in this Presentation: a) it is not aware of any new information or data that materially affects the information included in the original market announcements, and that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed; and b) the form and context in which the Competent Persons' findings are presented in this Presentation have not been materially modified from the original market announcements. Industry data. Certain market and industry data used in connection with or referenced in this Presentation may have been obtained from public filings, research, surveys or studies made or conducted by third parties, including as published in industry-specific or general publications. Neither Vulcan nor its advisers, nor their respective representatives, have independently verified any such market or industry data. To the maximum extent permitted by law, each of these persons expressly disclaims any responsibility or liability in connection with such data. Acknowledgement and agreement. By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation, you acknowledge and agree to the terms set out in the "Disclaimer" sections of the Presentation DISCLAIMER (CONT) FO-0762 V 1
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5 5 PHASE ONE DELIVERS A REPEATABLE DEVELOPMENT PLATFORM FOR GROWTH World leading integrated geothermal energy and battery-grade lithium production Integrated Funded and in construction Delivery Lowest quartile production costs Cost Position Bankable inhouse lithium extraction technology Technology Sustainability driven Sustainability Note 1: Apart from the Project Ludwig PFS, Vulcan has not completed sufficient studies for future phases and there is no guarantee of Vulcan being able to replicate Phase One Lionheart on the same basis/metrics or at all and therefore these statements should be considered accordingly. Project Lionheart
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6 INTRODUCING PHASE TWO: PROJECT LUDWIG Delivering Vulcan’s growth strategy: design one, build many Tier one resource supports phased growth Globally significant sub-surface geothermal-lithium brine asset. Naturally heated with low impurities supports bottom quartile OPEX. Significant growth pipeline in ~2000km² license holding and 29.8 Mt LCE resource supports growth beyond Lionheart across brine field² Phase 1 clears the path… Phase 1 (Lionheart) targeting 24 ktpa lithium chemicals, 275 GWh of renewable power and 560 GWh of heat p.a. over 30-years3,6 FID taken following €2.2 billion finance package4 and in construction Extensive investment into technology, engineering and other learnings de-risks future phases ...for Phase 2: Project Ludwig 1 21.1 kt per annum lithium carbonate production, 3,125 GWh per annum co-heat production5 30-year Project Life. Total production = 517kt Li₂CO₃ sourced 100% from Indicated Resources. Accesses only 3.48 Mt LCE, 12% of Vulcan’s total global Resource across the Upper Rhine Valley Brine Field Product flexibility Full product flexibility across lithium chemistries, covers current and future applications Strategic tailwinds Strategically important project for Europe’s battery supply chain resilience within short distance of customers Strasbourg Integrated geothermal-lithium (Li2CO3) Upstream and downstream Phase 2: Project Ludwig Karlsruhe Vulcan head office and Vulcan Labs Lithium hydroxide production Phase 1: Lionheart Downstream Lithium chloride and energy production Phase 1: Lionheart Upstream Frankfurt Note(s): (1). Apart from the Project Ludwig PFS, Vulcan has not completed sufficient studies for future phases and there is no guarantee of Vulcan being able to replicate Project Lionheart on the same basis/metrics or at all and therefore these statements should be considered accordingly. Refer to Key Risks in Appendix 3 of the 3 December 2025 Investor Presentation regarding resource exploration and development project risks. (2). The 29.8Mt LCE total lithium Resource is comprised of 2.1Mt LCE of Measured Resource @ 181 mg/L, 10.2 Mt LCE of Indicated Resource @ 175 mg/L and 17.4Mt LCE of Inferred Resource @ 172mg/L. (3) Refer to ASX Announcement 3 December 2025 for full details of the FID. (4). Refer to Competent Person Statement and Resources and Reserves disclaimers. (5). See Mineral Resource Statement and Competent Person Statement in the disclaimer slides for Lionheart Mineral Resource Estimates contained within Landau Sued, Rift Nord and Insheim licenses. (6) Refer to the Production Target Disclaimer.
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7 Lionheart is a blueprint for future phases – Lionheart develops only 15% of resources in the portfolio1 • Replicating Lionheart for future development phases at lower cost and greater returns • Timely maturation of Tier 1 resources to optimally manage capital and people • Leveraging world class technology and engineering that unlocked Phase One Lionheart • Lionheart delivery remains the core focus – future phase development dovetails behind to keep growth pipeline full 0 20,000 40,000 60,000 80,000 100,000 2028 2033 2038 2043 2048 Annual Production LCE (t) PROJECT LIONHEART PROJECT LUDWIG POTENTIAL FUTURE PHASE POTENTIAL FUTURE PHASE Note(s) 1: See Mineral Resource Statement and the Competent Person Statement in the disclaimer slides for Lionheart Mineral Resource Estimates contained within Landau Sued, Rift Nord and Insheim licenses; Note 2: Illustrative only. Apart from the Project Ludwig PFS, Vulcan has not completed sufficient studies for future phases and there is no guarantee of Vulcan being able to replicate Phase One Lionheart on the same basis/metrics or at all and these statements should be considered and relied upon accordingly; see also forward-looking statement disclaimer. Refer to Key Risks in Appendix 3 of the 3 December 2025 Investor Presentation regarding resource exploration and development project risks. FUTURE PHASES – DESIGN ONE, BUILD MANY2 With this PFS, we continue to deliver on this plan VULCAN STRATEGIC PLAN: DELIVERING ON OUR PROMISES AND POTENTIAL
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8Note(s): 1. Apart from the Project Ludwig PFS, Vulcan has not completed sufficient studies for future phases and there is no guarantee of Vulcan being able to replicate Phase One Lionheart on the same basis/metrics or at all and these statements should be considered and relied upon accordingly. Refer also to the forward-looking disclaimer. (2) Refer to ASX announcement, 3 December 2025 (slide 20) for specifics relating to the (1) KFW investment to earn into 14% of the Vulcan German HoldCo and (2) Siemens, Hochtief and Demea earn into ~15% of Project Lionheart Co. (3) Refer to the Independent Expert Report included as section 17 to the “Information Memorandum” announcement on 11 December 2024 and the “Financing and FID presentation” announcement on 3 December 2025. 4. Refer to the Project Ludwig PFS Announcement. VULCAN’S SUSTAINABLE GROWTH MODEL1 Targeting lithium carbonate, renewable heat salesSells lithium hydroxide, renewable heat & power 86%2 Phase one (Project Lionheart Co) Phase two (Project Ludwig Co) Phase three, four (Future Phases) €TBD VULTEC 85%2 Currently 100% 100% 100% 100% 14% KfW German Federal Raw Materials Fund2 15% Siemens, Hochtief, Demea Minority asset-level strategic investor equity process to commence Provides commercially bankable lithium extraction technology Provides drilling services Asset-level financing strategy to grow shareholder value across the Group €1,152m Post-tax NPV8 €1,727m Post-tax NPV8 Under Construction PFS Released Strategic process under way
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DEVELOPMENT BUILDING BLOCKS IN PLACE FOR LUDWIG SUCCESS Blueprint from Phase 1 directly applies to Phase 2 - capitalising on very significant pre-investment, IP, resources and derisking Proprietary, in-house, high-performance A-DLE technology and team Fully de-risked and demonstrated after ca. €100m investment for Phase 1 (bankable technology), fully applicable to same process in Phase 2 Delivering European domestic supply chain In-house drilling company with two onshore, electric rigs representing ca. €60 million of investment Approx. 100 drillers operating V10 and V20 and drilling Project Lionheart wells Subsurface and field development learnings and efficiencies from Phase 1 to be driven into Phase 2 Engineering design completed for Phase 1 directly translates to Phase 2 saving cost and time In-house engineering and project execution teams in Germany to roll off Phase 1 into Phase 2 Same in-house permitting team from Phase 1 applying same permitting process and playbook to Phase 2 with same state authorities Note(s): 1. Apart from the Project Ludwig PFS, Vulcan has not completed sufficient studies for future phases and there is no guarantee of Vulcan being able to replicate Phase One Lionheart on the same basis/metrics or at all and these statements should be considered and relied upon accordingly. See also forward-looking statement disclaimer.
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PROJECT LUDWIG – BLUEPRINT TO DRIVE LOW OPERATING COST Interconnected pipelines Integrated geothermal and lithium production facility 5 x well sites Cooled reinjected brine Hot lithium-rich brine 28 wells
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11 11 11 Wells are drilled into the deep, hot, lithium-rich brine resource, which is pumped to the surface, followed by re-injection of brine. A closed loop, circular system Resource: 3 to 5km deep reservoir Local heat consumers Lithium Carbonate distributed to the EU market Lithium extraction and conversion plant Well sites Energy Storage Geothermal and lithium brine field resource PIPELINES ICPP PIPELINES Hot Li-rich brine for production Cold Li-poor brine for reinjection Renewable heat and brine transferred to transfer point (TP) Integrated Pipeline & Power (ICPP) up to transfer point (TP) One integrated site TM PROJECT LUDWIG OVERVIEW – INTEGRATED UPSTREAM & DOWNSTREAM Integration of lithium extraction and lithium chemical plants drive capital efficiency LiCl-rich brine A-DLE extraction LiCl eluate Concentration Refining Carbonation LiCl concentrate Crystallisation Drying & product load Li2CO3 Water recycle Battery Grade Li2CO3 Renewable heat internal process use Heat from brine Efficient integration of renewable heat into lithium production process TP
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12 Note(s): 1. Refer to the Project Ludwig PFS Announcement 2. As set out in the Bridging Engineering Study Results” announcement on 16 November 2023. 3. The 3.48Mt LCE Total Mineral Resource is comprised of 1.25 Mt LCE of Indicated Resource @ 155mg/L and 2.23 Mt LCE of Inferred Resource @155mg/L. 4. Refer to the Project Ludwig PFS Announcement for details of the material assumptions to the economic evaluation. 5. All figures on this slide represent estimated figures that have been rounded up or down to the nearest whole number except where otherwise noted. 6. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of further Measured and/or Indicated Mineral Resources . Production well design schematic in cross section and plan view SUB-SURFACE RESOURCE UPDATE5 Lithium Mineral Resources (Ludwig+Therese) (kt LCE) 2023 1,2 20261 Change Indicated 655 1251 +596 (91%) Inferred6 2128 2230 +102 (5%) TOTAL 2783 3481 +698 (25%) Maiden Geothermal Resources (Ludwig+Therese) (PJ) 2023 2026 1 Indicated n/a 193 Inferred6 n/a 295 TOTAL n/a 488 Project Ludwig production forecast utilises only “Indicated Mineral Resources” with total recovery = 517kt Li₂CO₃(30yrs) 1 Phase 2 targets the same Buntsandstein reservoir unit and same field development plan blueprint.
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13 Synergies with local heat consumers and low power requirement eliminates need for power generation. Conversion to Li2CO3 using simple, industry-standard process and equipment, with integrated heat source. One integrated site for the entire extraction, conversion and refining process to battery grade product. Capital efficiencies, engineered into Project Ludwig INTEGRATED LITHIUM PLANT DESIGN
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14 €2,607m1 Pre-tax NPV8 €1,727m Post-tax NPV8 25.0% Pre-tax unlevered IRR 20.2% Post-tax unlevered IRR €20,588/t LCE Real 2026 €563m Annual average nominal revenue €1,261m2 CAPEX 73% Average EBITDA margin 21.1kt LCE p.a 3,125GWh heat p.a Phase Two Ludwig capacity p.a. 3.48Mt LCE4 Project Mineral Resources. Total lithium resource in URGF of 29.8Mt LCE, globally significant 30 years Life of Project Project Ludwig PFS numbers5,6 TechnologyRenewable energy Lithium €4,101/t LCE3 LCE production cost, lowest quartile Note(s): 1. Net Present Value has been discounted on an 8% basis (NPV 8) to effective date of 2029 to align with timing of the proposed final investment decision date for Project Ludwig. 2. Deve lopment CAPEX is in real terms 2026 and includes 15% contingency. 3. C1 costs represent the direct operating costs of producing saleable lithium carbonate and exclude sustaining capital, depreciation, financing costs and taxes. 3. C1 costs are reported in real 2026 terms and include a 10% operating cost contingency for the life of the project. For further information, please refer to the Project Ludwig PFS announcement released on the same date as this presentation. 4. The 3.48Mt LCE Total Mineral Resource is comprised of 1.25 Mt LCE of Indicated Resource @ 155mg/L and 2.23 Mt LCE of Inferred Resource @155mg/L. Refer to table 3 of the Project Ludwig PFS announcement . 5. See the Competent Person Statement contained in the Disclaimer slides for further information. All figures on this slide represent estimated figures that have been rounded up or down to the nearest whole number except where otherwise noted. 6. Refer to the Project Ludwig PFS Announcement for details of the material assumptions to the economic evaluations.
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15 LUDWIG PFS: KEY OUTCOMES12 Project Ludwig PFS shows ~ 15% less estimated Capex than Project Lionheart and delivering stronger returns PRODUCTIONCOSTECONOMICS Economic Metrics (€) Project Ludwig1,2,3 Lionheart1,2,3 Ludwig indicative comparison to Lionheart Product: Lithium Carbonate (Li2CO3) Product: Lithium Hydroxide Monohydrate (LHM) Lithium Production Capacity4 (Battery-Grade) 21.1 kt/year Li2CO3 (517 kt life of project) 24.0 kt/year LHM (21.1 kt/year LCE) Equivalent Capacity Renewable Energy Production4 3,125 GWh/year (heat) (93,071 GWh life of Project) 275 GWh/year (electrical) + 560 GWh/year (heat) CAPEX at FID € 1,261 m (real 2026) € 1,476 m (real 2025) 15% lower development costs Capital intensity7 € 59,770 /t Li₂CO₃ € 61,500 /t LHM (€ 69,995 /t LCE) ~15% lower capital intensity on LCE basis C1 Cost / tonne4,8 (Life of Project) € 4,101 /t Li₂CO₃ € 3,588 /t LHM (€ 4,077 /t LCE) Comparable operating costs on LCE basis Annual Average Revenue4,9 (Life of Project) € 563 m/year € 566 m/year Comparable Revenue IRR pre-tax10 (unlevered) 25.0% 15.6% +9.4 percentage points IRR post-tax10 (unlevered) 20.2% 13.7% +6.5 percentage points NPV8 pre-tax11 € 2,607 m (@ FID 2029) € 1,838 m (@ FID 2025) NPV8 post-tax11 € 1,727 m (@ FID 2029) € 1,152 m (@ FID 2025) Notes 1-13: See Ludwig PFS: Key Outcomes cont’d - slide 15 disclaimers for full list of disclaimers relating to Ludwig PFS Key Outcomes. Note 14: Vulcan notes that Project Lionheart and Project Ludwig are at different stages of development and the economic modelling for each Project Lionheart and Project Ludwig are subject to separate financial assumptions as further detailed in the Project Ludwig PFS Announcement . Comparisons are provided to illustrate relative project characteristics and should be considered in the context of the different study assumptions and development stages of each project. Refer to the Project Ludwig PFS Announcement for further details. Higher post-tax NPV8 and IRR driven by capital efficiencies ~15% lower Capital Intensity target than Project Lionheart Doubling annual targeted lithium production and revenue profile
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16 LUDWIG PFS: KEY OUTCOMES CONT’D - SLIDE 15 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 investor presentation announced on 3 December 2025 and the independent expert report included as section 17 to the ASX announcement titled ‘Information Memorandum’ released on 11 December 2024 (Lionheart Financial Forecast Announcements). Refer to the Lionheart Financial Forecast Announcements for the detailed breakdown of the Phase One Lionheart economics and economic assumptions to the estimated Phase One Lionheart economics. Comparisons are provided to illustrate relative project characteristics and should be considered in the context of the different study assumptions and development stages of each project. Note 2: Economic metrics are presented assuming capital costs are funded on a 100% equity basis, with no financing costs assumed. IRR metrics are unlevered. Note 3: Production and cost comparisons are presented on an LCE (Lithium Carbon Equivalent) or LHM (Lithium Hydroxide Monohydrate) basis where applicable. Note 4: Design capacity of the plant. Note 5: Assuming FID is achieved in 2029. Note 6: Project Ludwig development CAPEX includes a 15% contingency. Note 7: Capital intensity is calculated as a ratio of Development Capex (with contingency) to plant capacity (tonnes). Note 8: C1 costs represent the direct operating costs of producing saleable lithium product and exclude sustaining capital, depreciation, financing costs and taxes. C1 costs are reported in real 2026 terms and include a 10% operating cost contingency for the life of the project. Note 9: Annual Average Revenue is on a nominal basis for the integrated Lithium and Geothermal Projects. For Project Ludwig total heat production includes some heat that is consumed internally. Annual average nominal heat revenue for Project Ludwig is approximately €42m/year. Note 10: Internal Rate of Return (IRR) values are unlevered and are presented for indicative comparison purposes only. Differences in IRR also reflect differing study assumptions, lithium products and project maturities. Note 11: Net Present Value discounted at 8% (NPV 8) values reflect different effective dates aligned with each project’s Final Investment Decision (Project Ludwig: assumed 2029; Phase One Lionheart: 2025). NPV8 values are presented for indicative comparison purposes only and should not be interpreted as a like-for-like valuation comparison. Differences in NPV8 also reflect differing study assumptions, lithium products and project maturities. Note 12: The above economic outcomes are based on the key financial assumptions summarised in Table 8 of the Vulcan Energy Project Ludwig PFS ASX announcement of the same date. Note 13: The Project Ludwig Production Target is supported by Indicated Lithium Mineral Resources, and the forecast financial information is principally driven by lithium recovery and lithium product revenues.
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17 PROJECT LUDWIG CAPEX SUMMARY1 Geothermal Lithium Extraction Plant Lithium Chemical Plant INTEGRATED PROJECT ENERGY LITHIUM Direct Development Costs • Geothermal Production (wells, sites, pipelines) = €615 million • Lithium Processing = €481 million • With 15% Contingency = €164 million Indirect Development Costs • Additional owners' costs = €126 million • Decommissioning costs = €63 million TOTAL CAPEX = €1.26B (real 2026 with 15% contingency) Project Ludwig PFS shows ~15% CAPEX reduction relative to Project Lionheart2 Costs real 2026 in Euros Note(s): 1. Refer to the Project Ludwig PFS Announcement. 2. Vulcan notes that Project Lionheart and Project Ludwig are at different stages of development and the economic modelling for each Project Lionheart and Project Ludwig are subject to separate financial assumptions as further detailed in the Project Ludwig PFS Announcement. Comparisons are provided to illustrate relative project characteristics and should be considered in the context of the different study assumptions and development stages of each project. Lithium Extraction + Heat Plant (29%), €324m Lithium Chemical Plant (14%), €157m 15% Contingency €164m Wells (26%), €283m Well sites (14%), €155m Interconnected Pipelines (16%), €177m
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18 Targeting low-cost production through naturally preheated, low-impurity brine resource and efficient VULSORB® A-DLE technology Vulcan‘s C1 cost sit in the lowest cost quartile for highly competitive supply – driven by A-DLE lithium recoveries, favourable brine chemistry, and low- cost energy: Ludwig - estimated at US$ 4,716/ t LCE or €4,101 /t LCE, real 2026 Lionheart - estimated at US$4,728/t LCE (€3,588/t or US$4,162/t LHM) 2 real 2025 Target Total Capacity (‘000 tonnes) (2035) Brine (DLE) Mica Spodumene Brine (Legacy) Sedimentary Other 2,0001,5001,000500 2,500 3,000 3,500 4,000 4,500 5,000 10,000 15,000 20,000 25,000 Project Ludwig Project Lionheart Global projected 2035 lithium C1 cost curve unweighted supply (US$/t LCE, real 2026 terms)1 Note(s): 1. Source: Benchmark Minerals Intelligence; excludes co -product credits from renewable heat, power and HCL; 2. Refer to slide 39 of the 3 December 2025 Investor Presentation, converted at US$1.16/€$1.00 LIONHEART AND LUDWIG IN BOTTOM 10% OF GLOBAL LITHIUM COST CURVE
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19 LITHIUM CARBONATE PROVIDES FULL PRODUCT SUITE FLEXIBILITY Lithium Iron Phosphate (LFP) Nickel-Cobalt-Manganese (NCM) Nickel-Cobalt-Aluminium (NCA) Others inc. LCO and SSB (LiCl precursor) Nickel-Cobalt-Manganese (NCM) Source: (1) Adamus Intelligence with percentages reflecting deployment in EV market in Q1 2025 , https://www.adamasintel.com/lithium -carbonate-hydroxide-deployment-regions-2023/?utm_source=chatgpt.com Battery Energy Storage (BESS) Customer need: Battery consumers increasingly requiring product flexibility DLE allows for product flexibility: LiCl intermediate Final product versatility inc. SSB Vulcan Energy – Market Driven Lithium Hydroxide1, ~40% Used for nickel-rich cathodes Lithium Carbonate1, ~60% Used for iron-based and lower-nickel cathodes Lithium Chloride Currently small market, future growth in solid state battery chemistries LiOH LiCl Predominant chemistry for western demand USA driving demand BESS, PHEVs, long-medium range EVs Battery chemistry for low-cost EVs, anticipated to dominate Chinese EV market Renewable energy, cloud and AI data centres Growth sector – chloride is a main precursor for solid state Phase 1 Project Lionheart (in construction) Phase 2 Project Ludwig (PFS) All phases Intermediate product Li2CO3 A-DLE enables high purity LiCl intermediate, which enables final product flexibility
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20 0 100 20 0 300 4 00 500 600 700 800 900 10 00 0 100 200 300 400 500 600 700 800 900 1,000 2028 2029 2030 2031 2032 2033 2034 2035 European Supply European Demand Targeted Phase One Supply Targeted Phase Two Supply RAPID EUROPEAN BATTERY AND LITHIUM DEMAND GROWTH Perfect timing for Vulcan with insufficient European supply coupled with EV sales growth and regulation on domestic resilience (‘Made in Europe’) make Vulcan’s growth plan critical for Europe and its investors Global BEV Passenger Car Sales, 2010-20251 July 26 YoY growth of New Car Registrations in European Top Markets2 0M 2M 4M 6M 8M 10M 12M 14M 16M 14.0M 11.0M 9.5M 7.3M 2.0M 330k +27% vs 2024 Note(s): 1. Source: Europe BEV Tracker, International Council on Clean Transportation, 2. Source: IEA Global EV Outlook 2026, Chart: Jan Rosenow, 3.Source Benchmark minerals intelligence data. Vulcan Energy targeted supply is based on Phase One Lionheart production target capacity from Vulcan’s Bridging Engineering Study Announcement 16 Nov 2023 of 24ktpa. Refer to Key Risks in 3 of the 3 Dec 2025 Investor Presentation regarding resource exploration and development projects. European supply-demand forecast (kt LCE)3 Market Share YoY Growth Market Share YoY Growth Germany 29.30% 62% 11.40% 13% France 35.00% 127% 5.90% -11% Italy 5.90% 25% 10.50% 46% Spain 10.50% 23% 14.20% 18% United Kingdom 27.40% 49% 14.60% 36% Battery electric vehicles Plug-in hybrid vehicles
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21 21 21 PROJECT LUDWIG - NEXT STEPS PFS Phase 2 PFS (complete) Strategic Equity Strategic equity investment partnering process at asset level Seismic Complete 3D seismic acquisition campaign for Project Ludwig area Drilling Complete drilling of first appraisal wells in Project Ludwig area DFS Complete Project Ludwig Definitive Feasibility Study (DFS) Commercial Offtake agreements: finalise lithium and heat offtake agreements Funding Secure funding: asset level equity for Phase 2, pursue public funding, complete debt funding process FID Vulcan Board to make Final Investment Decision (FID)
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22 Deliver Phase One Lionheart execution milestones Deliver HSE targets during construction Deliver capital efficiency improvement through future phase feasibility study Secure strategic asset level funding for Phase Two project development SUMMARY: STRATEGY TO DELIVER VALUE AND GROWTH1 2026 H2 Focus and Catalysts 5 Year Plan Strategic Pillars Supporting a low carbon future by producing low cost, sustainable lithium for Europe Maintain best- in-class HSE, ESG and regulatory performance Deliver world- class support services capability Deliver Lionheart on time, on budget and to nameplate capacity Establish A-DLE technology business to unlock lithium brines globally Future Phases development Maintain Financial Sustainability Deliver on Commitments to Stakeholders Differentiate Through Strong Sustainability Deliver Phase One Lionheart Deliver Growth Note(s): 1. Refer to disclaimer re Forward-looking statement. On track On track
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23 Appendix ASX/FSE: VUL
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24 Assumption Units Project Ludwig Lithium Carbonate Price (real 2026) € /t Li₂CO₃ 20,588 Long-term Inflation Rate % p. a 2.0 Exchange rate (EUR/USD) - 1/1.15 Discount Rate (nominal) % 8.0 Combined Tax Rate % 25.425 Development CAPEX Contingency % 15.0 Operating Cost Contingency % 10.0 Financial Basis - 100% equity, unlevered PROJECT LUDWIG PFS KEY FINANCIAL ASSUMPTIONS Note 1:The financial model has been prepared using nominal cash flows. Lithium carbonate prices, renewable heat prices and op erating costs are based on real 2026 values and are escalated by 2.0% per annum over the life of the Project. Future cash flows are discounted at a nominal rate of 8.0%. Note 2: Taxation assumptions comprise corporate income tax of 10.55% (from 2032 onward) and trade tax of 14.875%, resulting i n a combined tax rate of 25.425% Note 3:The pricing assumptions reflect the Company's current view of the long-term market in Europe and form the basis of the forecast financial information presented in this PFS. Pricing is consistent with Vulcan’s average forecast realised price for LHM in Project Lio nheart from European customers from binding offtakes over the first 10 years of production. This is also broadly consistent with spot prices at the d ate of PFS release, and long-term price forecast (real) from lithium analysts at Canaccord Genuity. Note 4: Refer to the Project Ludwig PFS announcement.