Interim report
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2026 Half Year Report 1 January – 30 June ABN: 38 624 223 132
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Board of Directors Dr Francis Wedin Executive Chair Mr Cris Moreno Managing Director and ìðÐå'ŘÐÆķĴðŒÐZŨÆÐī Ms Felicity Gooding Executive Director and :īďķĨ ìðÐå9ðĊĊÆðăZŨÆÐī Mr Angus Barker Deputy Chair and Lead Independent Director Ms Josephine Bush Independent Non-Executive Director Mr Roberto Gallardo Non-Executive Director Appointed 1 April 2026 Dr Heidi Grön Independent Non-Executive Director Dr Günter Hilken Independent Non-Executive Director Ms Amanda Lacaze Independent Non-Executive Director Appointed 17 August 2026 Company Secretary Mr Daniel Tydde tÐæðĮĴÐīÐÌZŨÆÐ Level 11, 1 Spring Street Perth WA 6000 +61 8 6331 6156 https://v-er.eu Stock Exchange Listing Australian Securities Exchange (ASX Code: VUL) Regulated market (Prime Standard) of the Frankfurt Stock Exchange (FSE Code: VUL) Auditors RSM Australia Partners Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 Solicitors Ashurst īďďāťÐăÌqăÆÐ}ďœÐīAA Level 10, St Georges Terrace Perth WA 6000 Bank Westpac Banking Corporation OÐŒÐăǣș īďďāťÐăÌqăÆÐș Tower Two 123 St Georges Terrace Perth WA 6000 Share Registry Automic Share Registry Level 5, 191 St Georges Terrace Perth WA 6000 1300 288 664 Corporate Directory CORPORATE DIRECTORY 2 | VULCAN ENERGY HALF YEAR REPORT 2026
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About Vulcan 4 Our product 4 Our location 5 Directors’ Report 6 Half Year 2026 milestones and developments 7 Operating review 8 Auditor’s Independence 15 Financial statements 16 Directors’ Declaration 47 Independent Auditor’s Review Report 48 Appendix 50 We acknowledge the traditional custodians of the land on which Vulcan’s Australian ďŨÆÐðĮĮðĴķĴÐÌșĴìÐìÌþķāUďďĊæī people. Vulcan recognises their continuing connection to this country and pays respect to elders, past and present. Vulcan operates principally in the Upper Rhine Valley of Germany and France, an area of rich cultural heritage and local peoples. Vulcan cherishes this cultural inheritance and takes all steps necessary to preserve and protect cultural heritage in its operations. Contents CONTENTS TÐĉÅÐīĮďåɁķăÆĊȸĮɁ ďīÌďå#ðīÐÆĴďīĮ during a site visit in February 2026. 3 | VULCAN ENERGY HALF YEAR REPORT 2026
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Vulcan Energy (ASX: VUL, FSE: VUL) is building the world’s ťīĮĴðĊĴÐæīĴÐÌăðĴìðķĉĊÌæÐďĴìÐīĉăīÐĊÐœÅăÐÐĊÐīæř business to decarbonise battery production. Located in the Upper Rhine Valley Brine Field between Germany and France, ķăÆĊȸĮťīĮĴĨìĮÐďåĨīďÌķÆĴðďĊșĴìÐOðďĊìÐīĴqīďþÐÆĴ ȧOðďĊìÐīĴȨșðĮăðæìĴìďķĮÐĨīďþÐÆĴåďī'ķīďĨÐȸĮÐĊÐīæřĊÌ critical raw materials resilience. Lithium is to be extracted from low impurity geothermal sub-surface brines using Vulcan’s industry-leading VULSORB® technology. Naturally heated, the brine powers production and conversion of lithium to battery-quality material by creating a renewable energy co-product for use in operations, with surplus sold into the local energy market. This integration, technology and favourable brine chemistry collectively enables one of the lowest-cost lithium operations globally. Extraction is only the starting point for Vulcan. Vulcan has reimagined mining using innovation to integrate and capture ĉďīÐďåĴìÐŒăķÐÆìðĊȘĨďĮðĴðŒÐ9ðĊăAĊŒÐĮĴĉÐĊĴ#ÐÆðĮðďĊ has been made on Lionheart, construction is underway, offtake is contracted and further phases of production, ðĊÆăķÌðĊæqīďþÐÆĴOķÌœðæșīÐðĊĨăĊĊðĊæȘ For more information, please go to https://v-er.eu About Vulcan ABOUT VULCAN | OUR PRODUCT Vulcan is building an integrated renewable energy and lithium production business using naturally heated lithium brine to power conversion into V-LiON™, Vulcan’s lithium chemicals product, and a core component in electric vehicle (EV) batteries. Lithium production is currently CO 2 intensive. V-LiON™ has been designed as a solution to this problem. Vulcan’s proprietary, high-performance lithium adsorbent technology, VULSORB®, combined with a renewable heat ĮďķīÆÐșăăďœĮåďīìðæìăřÐŨÆðÐĊĴșăďœÆďĮĴăðĴìðķĉĨīďÌķÆĴðďĊȘ Suitable for use in EV batteries, V-LiON™ is targeted to have the lowest carbon footprint of any lithium production globally. Lionheart aims to supply approximately 24,000 tonnes per annum of V-LiON™-branded LHM for Europe’s EV supply chain - enough for production of 500,000 EVs per annum - and supply approximately up to 560 GWh of renewable heat and up to 275 GWh of electricity annually 1. Vulcan’s planned ĊÐŘĴĨìĮÐďåĨīďÌķÆĴðďĊșqīďþÐÆĴOķÌœðæșðĉĮĴďĨīďÌķÆÐ a similar quantity of lithium chemicals in the form of lithium ÆīÅďĊĴÐșĴďæðŒÐĉŘðĉķĉÆķĮĴďĉÐīĨīďÌķÆĴŦÐŘðÅðăðĴřȘ Our product 1 Based on the Phase One Lionheart production target capacity of 24kt p.a. from Bridging Engineering Study ASX announcement 16th November 2023 and Vulcan internal estimated average EV battery size and chemistry in Europe; refer to the Competent Person Statement within this Report. Refer to the Key Risks in Appendix 3 of the Investor Presentation dated 3 December 2025 regarding the risks associated with resource exploration and development projects. ķăÆĊȸĮķĨĮĴīÐĉĨīďþÐÆĴīÐðĊÆăķÌðĊæĴìÐ Insheim Geothermal Power Plant. 4 | VULCAN ENERGY HALF YEAR REPORT 2026 4 | VULCAN ENERGY HALF YEAR REPORT 2026
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OUR LOCATION 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. Refer to the Project Ludwig PFS Announcement, the Bridging Engineering Study Announcement and the Mannheim Resources :īďœĴìĊĊďķĊÆÐĉÐĊĴȧÐÆìĮÌÐťĊÐÌðĊĴìÐ ďĉĨÐĴÐĊĴqÐīĮďĊĮȸwĴĴÐĉÐĊĴ contained in this Report) for details of the Mineral Resource estimates in relation to each the Lionheart. Ludwig and future phases projects respectively. The Upper Rhine Valley Brine Field (URVBF) is a brine-producing æÐďĴìÐīĉăťÐăÌœìðÆìÆďĊĴðĊĮæăďÅăăřĮðæĊðťÆĊĴĴðÐīďĊÐ ăðĴìðķĉīÐĮďķīÆÐȘķăÆĊȸĮĨīďþÐÆĴœðĴìðĊĴìÐt 9ðĊÆăķÌÐĮ a global total Resource Estimate of 29.8 million tonnes (Mt) of contained Lithium Carbonate Equivalent (LCE) 2. Vulcan’s Lionheart is located within the centre of the URVBF, where Vulcan now has six existing geothermal wells, four of which are in operation already, with plans underway to add more as part of the Lionheart development. AĊÌÌðĴðďĊĴďìðæìăðĴìðķĉæīÌÐĮșĴìÐt 9ȸĮæÐďĴìÐīĉăÅīðĊÐ reservoir generates baseload, renewable heat. The process of pumping brine to the surface at a geothermal plant generates heat which can be used by Vulcan or sold directly. Alternatively, the renewable heat can be used to produce electricity for consumption by the Company. OðÆÐĊÆÐīÐĮåďīķăÆĊȸĮ Phase One Lionheart qīďþÐÆĴĊÌÅÐřďĊÌ Overview map of ķăÆĊȸĮăðÆÐĊÆÐīÐĮðĊ ĴìÐĨĨÐītìðĊÐăăÐřȘ Industrie-Park Höchst Downstream LHM production Ability to expand to 3 phases Frankfurt Ludwigshafen Strasbourg Rhine River Rhine River FRANCE FRANCE GERMANY 20km GERMANY LEGEND Lithium and geothermal licence Production licence Primary producing Buntsandstein reservoir Secondary Rotliegend reservoir >ĘÆìĮĴAĊÌķĮĴīðăqīā Upstream Phase One Downstream Phase One Mannheim The location of the Company’s integrated lithium and īÐĊÐœÅăÐÐĊÐīæřĨīďþÐÆĴșðĊĴìÐìÐīĴďå'ķīďĨÐȸĮ automotive and battery industry, gives Lionheart the advantage of short transport distances to European product markets. Vulcan has a large geothermal and lithium licence holding in the URVBF over ca. 2,000km 2 of total licence area. }ìÐĮðæĊðťÆĊĴĮÆăÐďåķăÆĊȸĮtÐĮďķīÆÐÆīÐĴÐĮĊ ďĨĨďīĴķĊðĴřĴďĮðæĊðťÆĊĴăřæīďœĨīďÌķÆĴðďĊðĊĨìĮÐÌ ĉĊĊÐīÅÐřďĊÌOðďĊìÐīĴȘďīāĮīÐķĊÌÐīœřĴqīďþÐÆĴ Ludwig, Vulcan’s planned second phase of production, located to the north of Lionheart. Our location Karlsruhe Vulcan Germany ìÐÌďŨÆÐĊÌ Vulcan Labs 5 | VULCAN ENERGY HALF YEAR REPORT 2026
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The Directors present the condensed consolidated ťĊĊÆðăīÐĨďīĴďåĴìÐ:īďķĨÆďĊĮðĮĴðĊæďåķăÆĊĊÌðĴĮ controlled entities for the half year ended 30 June 2026 ĊÌĴìÐðĊÌÐĨÐĊÌÐĊĴķÌðĴďīȸĮīÐŒðÐœīÐĨďīĴĴìÐīÐďĊȘAĴ is recommended that the Directors’ Report be read in ÆďĊþķĊÆĴðďĊœðĴìĴìÐĊĊķăťĊĊÆðăĮĴĴÐĉÐĊĴĮåďīĴìÐ year ended 31 December 2025 and considered together with any public announcements made by the Company during the period and up to the date of this Report. Directors’ Report 3 Appointed 1 April 2026. 4 Appointed 17 August 2026. Directors The names of Directors ĴìĴìÐăÌďŨÆÐÌķīðĊæďī since the end of the half year and until the date of this Report are as follows. #ðīÐÆĴďīĮœÐīÐðĊďŨÆÐ for the entire period unless otherwise stated. Mr Angus Barker Deputy Chair and Lead Independent Director Dr Heidi Grön Independent Non-Executive Director Mr Cris Moreno Managing Director and ìðÐå'ŘÐÆķĴðŒÐZŨÆÐī Ms Josephine Bush Independent Non-Executive Director Dr Günter Hilken Independent Non-Executive Director Dr Francis Wedin Executive Chair Ms Felicity Gooding Executive Director and :īďķĨ ìðÐå9ðĊĊÆðăZŨÆÐī Mr Roberto Gallardo3 Non-Executive Director Ms Amanda Lacaze4 Independent Non-Executive Director DIRECTORS’ REPORT Directors 6 | VULCAN ENERGY HALF YEAR REPORT 2026
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Half Year 2026 milestones and developments HALF YEAR 2026 MILESTONES AND DEVELOPMENTS UďăďĮĴĴðĉÐðĊþķīðÐĮȧO}AĮȨīÐÆďīÌÐÌ during the reporting period. >Z >}A'9 ìðÐåwĴīĴÐæřZŨÆÐīĊÌ ATA :īďķĨ President and Executive Director, Roberto Gallardo, was appointed to the Vulcan Board of Directors. Well pad construction progressed at the next production well site. wðÐĉÐĊĮ:œĮœīÌÐÌĉþďīĮķĨĨăř agreement for Lionheart for the provision of engineering, automation, telecommunications, and building technology systems across the Vulcan value chain. Achieved Financial Close of the €2.2bn ($3.9bn) Lionheart strategic equity and ÌÐÅĴťĊĊÆðĊæīīĊæÐĉÐĊĴĮȘ wķÆÆÐĮĮåķăăřÌīðăăÐÌĴìÐťåĴìĊÌĮðŘĴìœÐăăĮðĊ the Lionheart Field Development Plan (FDP), œðĴìĴÐĮĴðĊæĮìďœðĊæĮĴīďĊæĨīďÌķÆĴðďĊŦďœ test performance and values for temperature, lithium grade and production potential all in line with expectations. Spud in of the seventh well in the Lionheart Field Development Plan commenced as planned. At the geothermal and lithium extraction plant, early bulk earthworks progressed including the completion of construction roads. The relocation of the 110kV overhead power line was also completed with new underground high voltage cable now in place. Commencement of construction works at the ďĉĨĊřȸĮăðĴìðķĉÆìÐĉðÆăĨăĊĴĴAĊåīĮÐīŒ AĊÌķĮĴīðăqīā>ĘÆìĮĴðĊ9īĊāåķīĴœĮĉīāÐÌ ÅřĊďŨÆðăæīďķĊÌÅīÐāðĊæÆÐīÐĉďĊřȘ First early bulk earthworks began alongside preparations for early civil site works. Construction of the interconnected pipeline ĊÌĨďœÐīȧA qqȨĨÆāæÐșÆďĊĊÐÆĴðĊæœÐăă infrastructure to the centralised geothermal and lithium extraction plant, progressed alongside procurement and engineering activities. All long ăÐÌĨīďÆķīÐĉÐĊĴðĴÐĉĮåďīĴìÐðĊðĴðăA qqĮÐÆĴðďĊĮ were ordered and all land required for the initial A qqĮÐÆĴðďĊĮœÐīÐĮÐÆķīÐÌåďīÆďĊĮĴīķÆĴðďĊȘ 7 | VULCAN ENERGY HALF YEAR REPORT 2026
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Operating review Health and safety }ìÐīÐœÐīÐĊďOďĮĴ}ðĉÐAĊþķīðÐĮȧO}AȨÌķīðĊæĴìÐĮðŘ months ended 30 June 2026, with strict adherence to health and safety protocols continuing to be a key priority for the Company. Resources and Reserves Vulcan’s lithium brine Mineral Resource estimates, as well as its Ore Reserve estimates, did not change during the reporting period, however, on completion ďåĴìÐqīďþÐÆĴOķÌœðæqīÐăðĉðĊīř9ÐĮðÅðăðĴřwĴķÌřďĊ 3 September 2026, the Mineral Resource increased. There was no change to the Company’s Ore Reserve estimate. See Appendix 1 for Vulcan’s combined TðĊÐīătÐĮďķīÆÐĊÌZīÐtÐĮÐīŒÐĴÅăÐĮȘɁ OPERATING REVIEW Health and Safety | Resources and Reserves 5 For further information, please refer to the ASX Announcements dated 3 September ǡǟǡǥșǦĊÌǨLķăřǡǟǡǤȘ9ďăăďœðĊæĴìÐīÐÆÐĊĴķĨÌĴÐĴďķăÆĊȸĮTðĊÐīătÐĮďķīÆÐ ĮĨīĴďåĴìÐqīďþÐÆĴOķÌœðæq9wșķăÆĊȸĮÆķīīÐĊĴĴďĴăTðĊÐīătÐĮďķīÆÐ is 29.8Mt LCE total lithium Resource, 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. This is an increase from the previous 29.1 Mt LCE total lithium Resource which was comprised of 2.1 Mt LCE of Measured Resource @ 181 mg/L, 9.7 Mt LCE of Indicated Resource @ 177 mg/L and 17.3 Mt LCE of Inferred Resource @174mg/L. Please also refer to the Competent Person Statement contained within this document. AĊåīĮĴīķÆĴķīÐĴķăÆĊȸĮAĊĮìÐðĉ Geothermal Power Plant. ǡǟÌīðăăðĊæīðæĴĴìÐwÆìăÐðÌÅÐīæœÐăăĮðĴÐȘ8 | VULCAN ENERGY HALF YEAR REPORT 2026
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Well site development Well pad construction and engineering activities commenced ĴĴìÐåďķīĴìĊÌĊÐŘĴĨīďÌķÆĴðďĊȥīÐȭðĊþÐÆĴðďĊœÐăăĮðĴÐåďī OðďĊìÐīĴåďăăďœðĊæÆďĊťīĉĴðďĊďåÆďĉĨăðĊÆÐœðĴìĴìÐ 'ĊŒðīďĊĉÐĊĴăĊÌwďÆðăÆĴðďĊqăĊȧ'wAȨȘwĴīķÆĴķīăĊÌ concrete works around the drilling cellars were completed along with excavation and levelling of the drainage basin in preparation for tower foundation structural works. Preparation activities also continued for mobilisation of the Company’s second drilling rig, V10, to the fourth well site in Q4 2026. OðďĊìÐīĴťÐăÌÌÐŒÐăďĨĉÐĊĴ Production/ re-injection wells ķăÆĊȸĮťåĴìĊÌĮðŘĴìœÐăăĮșāĊďœĊĮOw ȭǠĊÌOw ȭǡ respectively, were successfully drilled by Vercana, Vulcan’s 100% owned drilling subsidiary, during the reporting period. }ìÐťåĴìœÐăăȧOw ȭǠȨșœĮÌīðăăÐÌĮķÆÆÐĮĮåķăăřĴďĴďĴă ÌÐĨĴìďåǢșǥǠǥĉĊÌīÐÆďīÌÐÌĮĴīďĊæĨīďÌķÆĴðďĊŦďœĴÐĮĴ ĨÐīåďīĉĊÆÐșĊÌŦďœīĴÐĮĮķĉĨĴðďĊĮœÐīÐÆďĊťīĉÐÌœðĴì production test equipment operating at maximum capacity. 9ăďœīĴÐĨďĴÐĊĴðăăĮďāĊďœĊĮĨīďÌķÆĴðŒðĴřðĊÌÐŘȧqAȨș was measured between 2.1 and 2.5 l/s/bar. Lithium grade, temperature, reservoir quality and matrix permeability were ÆďĊťīĉÐÌĮĉÐÐĴðĊæďīÐŘÆÐÐÌðĊæ9#qĮĮķĉĨĴðďĊĮșĊÌ LSC-1 results were consistent with targets. The sixth well (LSC-2), was also drilled successfully to a total depth of 2,999m, with values for temperature, lithium grade and production potential all in line with range expectations for ĨīďþÐÆĴÅķðăÌȘOðĴìðķĉæīÌÐœĮĉÐĮķīÐÌĴǠǨǟȭǡǟǟĉæȥOș slightly exceeding Vulcan’s resource grade estimates for OðďĊìÐīĴșÅķĴœðĴìðĊīĊæÐÐŘĨÐÆĴĴðďĊĮȘqīďÌķÆĴðďĊŦďœīĴÐ ĮðĊÌðÆĴÐÌÅřĨīďÌķÆĴðŒðĴřðĊÌÐŘȧqAȨÆďĊťīĉÐÌɛǠȘǡăȥĮȥÅīȘ Well testing of LSC-1 and LSC-2 measured productivity ðĊÌÐŘȧqAȨĊÌĮĮďÆðĴÐÌŦďœīĴÐĨďĴÐĊĴðăŒăķÐĮœðĴìðĊďī ÅďŒÐĨīďþÐÆĴÐŘĨÐÆĴĴðďĊĮåďīÅďĴìœÐăăĮȘķăÆĊœðăăķĮÐ ŒīðďķĮīĴðťÆðăăðåĴďĨĴðďĊĮĴďďĨĴðĉðĮÐĨīÐĮĮķīÐÌīœÌďœĊ and production at each well, with higher or lower drawdown available depending on pump choice in each well, consistently ĉðĊĴðĊðĊæďŒÐīăăOðďĊìÐīĴťÐăÌŦďœīĴÐȘ Vulcan’s seventh well LSC-3 has commenced drilling and its eighth well LSC-4 will follow over the remainder of 2026, at the same well site location as LSC-1 and LSC-2. Interconnected Pipeline and Power (ICPP) }ìÐA qqðĮĊÐĴœďīāďåĨðĨÐăðĊÐĮĊÌÆÅăÐĮșĴīĊĮĨďīĴðĊæ lithium brine and industrial water from the well sites to the geothermal and lithium extraction facility, and back to the well ĮðĴÐĮåďīīÐȭðĊþÐÆĴðďĊȘ #ķīðĊæĴìÐīÐĨďīĴðĊæĨÐīðďÌșķăÆĊÆďĉĨăÐĴÐÌĉþďīīðăœř ĊÌīďÌÆīďĮĮðĊæĴďÆÆďĉĉďÌĴÐĴìÐA qqȘăăăďĊæăÐÌ OPERATING REVIEW OðďĊìÐīĴťÐăÌÌÐŒÐăďĨĉÐĊĴ|AĊĴÐīÆďĊĊÐÆĴÐÌqðĨÐăðĊÐĊÌqďœÐīȧA qqȨ ĨīďÆķīÐĉÐĊĴðĴÐĉĮåďīĴìÐðĊðĴðăA qqĮÐÆĴðďĊĮœÐīÐďīÌÐīÐÌ ĊÌăăăĊÌīÐĪķðīÐÌåďīĴìÐðĊðĴðăA qqĮÐÆĴðďĊĮ ǠĊÌ ǡ were secured for construction. }ìÐĨÐīĉðĴåďīĴìÐťīĮĴìðæìœřÆīďĮĮðĊæœĮĮÐÆķīÐÌșœðĴì the engineering for the second rail crossing submitted to the permitting authorities. Construction activity at the commercial Geothermal-Lithium Extraction Plant in Landau. 9 | VULCAN ENERGY HALF YEAR REPORT 2026
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Geothermal-Lithium Extraction Plant Lionheart’s combined geothermal and lithium extraction facility has been designed to produce both renewable geothermal energy and high-quality lithium chloride (LiCl) from deep geothermal brine. The commercial site, sitting on approximately ten hectares, is under construction in the Messegelände Südost industrial park in Landau. }ìÐĨăĊĴșœìðÆìðĮĴďÅÐÆďĊĊÐÆĴÐÌĴďĴìÐA qqșðĮăĮďÆăďĮÐ ĴďĊÐŘðĮĴðĊæœÐăăĮðĴÐðĊOĊÌķĴìĴìďķĮÐĮĴìÐťīĮĴďå Contracts and procurement Contracting and procurement activities progressed to plan ðĊÆăķÌðĊæĴìÐĨīðĉīřåÅīðÆĴďīÅÐðĊæĮÐăÐÆĴÐÌåďīĴìÐĉþďī lithium extraction vessels and pipe racks, and purchase orders completed for the fabrication of evaporators, preheaters and regenerator. Other The state of Rhineland-Palatinate granted a royalty exemption for lithium production in the State which will ÅÐĊÐťĴOðďĊìÐīĴȘ}ìÐīďřăĴřÐŘÐĉĨĴðďĊœðăăĨĨăřåďīĊ ðĊðĴðăťŒÐřÐīĮķĊĴðăǢǠ#ÐÆÐĉÅÐīǡǟǢǟĊÌðĮĮķÅþÐÆĴĴď īÐŒðÐœďĊÐřÐīĨīðďīȘ:ÐďĴìÐīĉăÐĊÐīæřðĮăĮďĮķÅþÐÆĴĴď similar State exemption which was established in 2009 and continues unchanged to the present day. }ìÐťīĮĴăðĴìðķĉĨīďÌķÆĴðďĊĨÐīĉðĴĴOðďĊìÐīĴœĮăĮď ðĮĮķÐÌÌķīðĊæĴìÐīÐĨďīĴðĊæĨÐīðďÌșœìðÆìðĮĴìÐťīĮĴĮķÆì licence to be granted in the URVBF and in the state of Rhineland-Palatinate. Site activities Construction works on the Lionheart geothermal and lithium extraction facilities covered several activities, including early bulk earthworks. This included the completion of fencing and construction roads and progressing the removal of topsoil. The relocation of the 110kV overhead power line was completed and new underground high voltage cable now in place. Engineering Hazard and operability studies (HAZOPs) were completed with piping and instrumentation diagrams and 3D engineering models updated. The plant engineering design as well as the engineering for the non-process buildings, the electrical and automation integration engineering, progressed during the reporting period. Vulcan’s existing geothermal plants to generate renewable district heating to the community. The second existing Vulcan æÐďĴìÐīĉăĨăĊĴĴAĊĮìÐðĉðĮåÐÌÅřďĨÐīĴðĊæœÐăăĮĊÌ produces renewable power that is sold to the grid. During the reporting period, both of Vulcan’s existing geothermal plants were shut down for maintenance and repair in readiness to have highly reliable operations come start of qīďþÐÆĴOðďĊìÐīĴȘ OPERATING REVIEW :ÐďĴìÐīĉăȭOðĴìðķĉ'ŘĴīÆĴðďĊqăĊĴ ÐīðăŒðÐœďåķăÆĊȸĮ:ÐďĴìÐīĉăĊÌOðĴìðķĉ'ŘĴīÆĴðďĊqăĊĴðĊOĊÌķȘ 10 | VULCAN ENERGY HALF YEAR REPORT 2026
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Lithium chemicals plant The lithium chemicals plant (also known as the Central Lithium Plant) will be the Company’s commercial downstream ăðĴìðķĉĨīďÆÐĮĮðĊæìķÅăďÆĴÐÌĴAĊåīĮÐīŒqīā>ĘÆìĮĴ ðĊ9īĊāåķīĴșďĊÐďå:ÐīĉĊřȸĮăīæÐĮĴĉþďīÆìÐĉðÆăĊÌ energy precincts. The plant will convert high-quality LiCl solution from the lithium extraction facility in Landau into battery quality lithium hydroxide monohydrate (LHM), supporting Europe’s push for locally sourced, low carbon battery materials. The Company has secured relevant permits to build and operate its lithium chemicals plant for Lionheart, with the facility available and permitted for future growth phases as required. Site activities Tendering for early bulk earthworks was completed over the reporting period, with work also commencing on site fencing, facilities, top-soil replacement, ordnance investigations, soil improvement and road construction. qīÐĨīĴďīřœďīāĮÅřĴìÐĮðĴÐďœĊÐīșAĊåīĮÐīŒșÆďĊĴðĊķÐÌœðĴì respect to high voltage power supply. Engineering Several key engineering items progressed during the reporting period, including design works for the 110kV substation, design of piling and foundations, and piping and instrumentation diagram activities. Progress was also made on the 3D model, tank farm, utilities building and truck station loading and unloading area, and early engineering and technical work for various scopes under ABB and Siemens frameworks were advanced. Contracts and procurement Pre-engineering purchase orders were placed with Siemens for work packages provided by sub-contractors including Main Telecom Contractor, Main Process Automation, and Building Technology. }ÐĊÌÐīðĊæĨīďÆÐĮĮÐĮåďīUďĊȭqīďÆÐĮĮAĊåīĮĴīķÆĴķīÐ buildings, emergency vent systems and cell house contracts also progressed during the period. The Company also issued multiple contracts associated œðĴìĴìÐăðĴìðķĉÆìÐĉðÆăåÆðăðĴřðĊÆăķÌðĊæĮðæĊðťÆĊĴ hydrochloric acid synthesis unit contract to Mersen, and ǠǠǟāĮķÅĮĴĴðďĊĊÌÆďďăðĊæĴďœÐīÆďĊĴīÆĴĮĴďAĊåīĮÐīŒȘ Other Commencement of construction works at the lithium ÆìÐĉðÆăĮĨăĊĴœĮĉīāÐÌÅřĊďŨÆðăæīďķĊÌÅīÐāðĊæ ceremony in April 2026. The ceremony was attended by the Minister-President of the state of Hesse, Boris Rhein, the Lord Mayor of Frankfurt am Main, Mike Josef, and other key æďŒÐīĊĉÐĊĴșťĊĊÆðăĊÌðĊÌķĮĴīřĮĴāÐìďăÌÐīĮȘ Technology High-quality 40%wt LiCl solution continued to be produced at the upstream optimisation plant and transferred to the ÌďœĊĮĴīÐĉďĨĴðĉðĮĴðďĊĨăĊĴĴAĊÌķĮĴīðăqīā>ĘÆìĮĴåďī the production of LHM. Both plants continued to be used for process optimisation and training of personnel. Vulcan’s partnership with VULSORB® technology licensee, EAU Lithium (subsidiary of Cosmos Exploration Limited), advanced during the reporting period with EAU Lithium committing to acquire one of Vulcan’s Adsorption-type Direct Lithium Extraction (A-DLE) pilot plants. Pursuant to Vulcan’s licence agreement with EAU Lithium, the pilot plant will be used to run trials on EAU’s Bolivian brine using VULSORB®. OPERATING REVIEW OðĴìðķĉÆìÐĉðÆăĮĨăĊĴ | Technology OwZt ɮÌĮďīĨĴðďĊÆďăķĉĊĮăďÆĴÐÌ at the upstream optimisation plant. 11 | VULCAN ENERGY HALF YEAR REPORT 2026
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Corporate Financing The Company achieved Financial Close of the €2.2bn ȧɄǢȘǨÅĊȨOðďĊìÐīĴĮĴīĴÐæðÆÐĪķðĴřĊÌÌÐÅĴťĊĊÆðĊæ arrangements 6 in May 2026. Following Financial Close, ĴìÐťĊĊÆðĊæĨÆāæÐÆĊĊďœÅÐÆÆÐĮĮÐÌĮķÅþÐÆĴĴď ďĊæďðĊæÆďĊÌðĴðďĊĮåďīÌīœÌďœĊȘ}ìÐťīĮĴĮĴīĴÐæðÆ equity contributions were received in July and August 2026, and further instalments are expected ahead of ťīĮĴÌÐÅĴÌīœÌďœĊðĊsǠǡǟǡǦȘ The Company’s closing cash plus deposits accessible after 90 days was €273.9m at 30 June 2026. This balance comprises the closing cash position of €193.9m plus €80.0m invested in high-interest term deposits with original maturities or notice periods exceeding 90 days. Consistent with accounting ĮĴĊÌīÌĮșĴìÐĮÐÅăĊÆÐĮīÐÆăĮĮðťÐÌĮďĴìÐī ťĊĊÆðăĮĮÐĴĮĊÌīÐÆďæĊðĮÐÌĮÆĮìďķĴŦďœĮåďī investing activities when the investments are made, however are accessible beyond the 90-day period. Board >Z >}A'9 ìðÐåwĴīĴÐæřZŨÆÐīĊÌ ATA :īďķĨ President and Executive Director, Roberto Gallardo, was appointed to the Vulcan Board of Directors. A civil engineer, Mr Gallardo has more than 30 years’ international experience in infrastructure investment, construction and business development across the Americas, Europe and Australia. Future phases Ongoing activities supporting future phase development were progressed, primarily related to a Phase Two Preliminary Feasibility Study (PFS) for a second phase of production (refer to ‘Events subsequent to the reporting period’ for further information). Mannheim, Germany – potential future phase of production The Company continues to advance plans to supply renewable baseload geothermal heat to stakeholders in the Mannheim region, while assessing the potential for integrated lithium production. }ìÐ ďĉĨĊřīÐÆÐðŒÐÌťīĮĴåĮĴȭĴīÆāīÐĮķăĴĮďåĴìÐ 3D seismic reprocessing currently being conducted ÅřðīðÌðÐĊ:īďķĨȘ}ìÐťīĮĴīÐĮķăĴĮĮìďœĮðæĊðťÆĊĴăř improved imaging quality and allow mapping of ÌÌðĴðďĊăĴīæÐĴåķăĴĮșœìðÆìÆďķăÌĊďĴÅÐðÌÐĊĴðťÐÌ ðĊĴìÐťīĮĴĨīďÆÐĮĮðĊæīÐĮķăĴĮȘ Funding-related workstreams also advanced, including engagement in relation to the federal BEW funding programme as a potential source of support åďīåķĴķīÐĨīďþÐÆĴÌÐŒÐăďĨĉÐĊĴȘ Regional work in Upper Rhine Valley Brine Field BellGeospace Ltd completed the gravimetry, magnetic and full sensor gravimetry gradiometric airborne survey over the Company’s entire German URVBF licence area in mid-May. The survey was designed to provide an enhanced regional overview of the geological and structural properties of the subsurface, to map fault structures in the subsurface over a large area, and to create an improved planning basis for further exploration activities. Survey data of the Ortenau licence and the Rhineland- Palatinate licences was successfully processed and ðĮÆķīīÐĊĴăřÅÐðĊæķĮÐÌåďīåďīœīÌĊÌþďðĊĴðĊŒÐīĮðďĊ modelling, while the processing of the survey data over the licences in Hessen was completed end of June 2026. OPERATING REVIEW ďīĨďīĴÐ| 9ķĴķīÐĨìĮÐĮ ǥ tÐåÐīĴďķăÆĊwĊĊďķĊÆÐĉÐĊĴĴðĴăÐÌȵɅǡșǡǟǟĉȧɄǢșǨǡǨĉȨťĊ ĊÆðĊæ ĨÆāæÐĮÐÆķīÐÌĴďåķăăřåķĊÌķăÆĊ'ĊÐīæřȸĮqìĮÐZĊÐOðďĊìÐīĴ Project” released on 3 December 2025. Independent Non-Executive Director Roberto Gallardo was appointed to the Board in April 2026. TÐĉÅÐīĮďåɁķăÆĊȸĮɁ ďīÌďå#ðīÐÆĴďīĮÌķīðĊæ a site visit in February 2026. 12 | VULCAN ENERGY HALF YEAR REPORT 2026
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Financial performance Vulcan produced a net loss after tax of €51.8m (June 2025: €30.7m) which included a foreign exchange loss of €12.7m 7 ȧLķĊÐǡǟǡǤȚæðĊďåɅǟȘǥĉȨșťĊĊÆÐÆďĮĴĮďåɅǠǠȘǧĉȧLķĊÐ 2025: €0.1m) and depreciation and amortisation of €10.0m (June 2025: €6.1m). Revenues of €2.3m (June 2025: €4.1m) were primarily generated on sales of electricity from the ďĉĨĊřȸĮAĊĮìÐðĉæÐďĴìÐīĉăĨăĊĴșĴďĴăăðĊæɅǠȘǦĉȧLķĊÐ 2025: €2.3m), as well as revenue of €0.2m (June 2025: €0.3m) generated from drilling labour hire company Comeback Personaldienstleistungen GmbH, and €0.3m (June 2025: €0.5m) from its drill rig refurbishment company, Vercana GmbH. Net assets of the Group decreased to €825.5m (Dec 2025: €856.9m) including cash balances of €193.9m (Dec 2025: ɅǤǠǦȘǧĉȨȘ}ìÐÌÐÆīÐĮÐðĊÆĮìðĮÌķÐĴďďķĴŦďœĮďåɅǧǟȘǟĉ invested in high-interest term deposits with original ĉĴķīðĴðÐĮďīĊďĴðÆÐĨÐīðďÌĮÐŘÆÐÐÌðĊæǨǟÌřĮĊÌÆăĮĮðťÐÌ ĮďĴìÐīťĊĊÆðăĮĮÐĴĮșðĊÌÌðĴðďĊĴďɅǢǨȘǦĉďåīÐĮĴīðÆĴÐÌ cash held as collateral for guarantees or otherwise restricted ķĊÌÐīĴìÐqīďþÐÆĴOðďĊìÐīĴťĊĊÆðĊæīīĊæÐĉÐĊĴĮȘ ĨðĴăÐŘĨÐĊÌðĴķīÐďķĴŦďœĮďåɅǠǥǧȘǟĉĨīðĉīðăřīÐăĴÐÌ ĴďĨīďæīÐĮĮðďĊďåĴìÐOðďĊìÐīĴqīďþÐÆĴșðĊÆăķÌðĊæĨřĉÐĊĴĮ for the supply and installation of the Organic Rankine Cycle power plant, Vercana drilling campaign and well services, ĊÌÌŒĊÆÐĊÌĉðăÐĮĴďĊÐĨřĉÐĊĴĮĴďĉþďīÆďĊĴīÆĴďīĮ for engineering, procurement and site-related development ÆĴðŒðĴðÐĮīÐăĴðĊæĴďĴìÐA qqș ÐĊĴīăOðĴìðķĉqăĊĴĊÌ OðĴìðķĉ'ŘĴīÆĴðďĊqăĊĴȘ'ŘĨÐĊÌðĴķīÐăĮďðĊÆăķÌÐÌĨīďþÐÆĴ engineering and procurement activities undertaken to support construction readiness at Lionheart. wðæĊðťÆĊĴÆìĊæÐĮðĊĴìÐĮĴĴÐďåååðīĮ }ìÐīÐœÐīÐĊďĮðæĊðťÆĊĴÆìĊæÐĮĴďĴìÐĮĴĴÐďåååðīĮďĴìÐī ĴìĊĴìďĮÐĊďĴÐÌÐăĮÐœìÐīÐðĊĴìðĮìăåřÐīťĊĊÆðăīÐĨďīĴȘ Events subsequent to the reporting period q9wåďīĊÐŘĴĨìĮÐďåĨīďÌķÆĴðďĊșqīďþÐÆĴOķÌœðæșĴ the Company’s Ludwig and Therese licence areas was īÐăÐĮÐÌďĊǢwÐĨĴÐĉÅÐīǡǟǡǥȘqīďþÐÆĴOķÌœðæœðăăÅÐĊ ðĊĴÐæīĴÐÌăðĴìðķĉÆìÐĉðÆăĊÌīÐĊÐœÅăÐìÐĴĨīďþÐÆĴðĊ the Ludwigshafen region of the Upper Rhine Valley Brine 9ðÐăÌș:ÐīĉĊřȘAĴœðăăÅķðăÌďĊăÐīĊðĊæĮĊÌÐŘĨÐīðÐĊÆÐåīďĉ ķăÆĊȸĮťīĮĴĨìĮÐșqīďþÐÆĴOðďĊìÐīĴșĴďÌīðŒÐðĉĨīďŒÐÌ ÆĨðĴăÐŨÆðÐĊÆřȘ}ìÐq9wðĮÐŒðÌÐĊÆÐĴìĴOðďĊìÐīĴðĮ a repeatable development platform capable of delivering stronger returns and lower capital intensity across future phases. Civil construction activities commenced at the Lionheart 30MW geothermal power plant site in Landau, Germany in late July, including preparation and construction of key foundations and concrete works for the power plant buildings and equipment, and building out road infrastructure. Ms Amanda Lacaze was appointed to the Company Board as ĊAĊÌÐĨÐĊÌÐĊĴUďĊȭ'ŘÐÆķĴðŒÐ#ðīÐÆĴďīșÐååÐÆĴðŒÐǠǦķæķĮĴ 2026. Ms Lacaze is one of Australia’s most respected mining and resources executives, well known for her leadership of OřĊĮtīÐ'īĴìĮȘAĊÌÌðĴðďĊĴďìÐīÌðīÐÆĴďīĮìðĨșTĮOƚРìĮăĮďþďðĊÐÌĴìÐ ďĉĨĊřȸĮķÌðĴștðĮāĊÌ'w: ďĉĉðĴĴÐÐȘ On 15 July 2026, the Group received the initial equity funding drawdown from its strategic investors under the €2.2 billion OðďĊìÐīĴqīďþÐÆĴťĊĊÆðĊæĨÆāæÐȘ}ìÐåķĊÌðĊæĮķĨĨďīĴĮ the ongoing development and construction of the Lionheart qīďþÐÆĴĊÌðĮÆďĊĮðÌÐīÐÌĊďĊȭÌþķĮĴðĊæÐŒÐĊĴåĴÐīĴìÐ reporting date. OPERATING REVIEW 9ķĴķīÐĨìĮÐĮ 7 This foreign exchange loss was non-cash and was offset by a gain in Other Comprehensive Income. ÐīðăðĉæÐďåķăÆĊȸĮķĨĮĴīÐĉOðďĊìÐīĴqīďþÐÆĴīÐðĊĴìÐOĊÌķīÐæðďĊȘ 13 | VULCAN ENERGY HALF YEAR REPORT 2026
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Auditor’s Declaration of Independence Auditor’s declaration of independence Section 307C of the Corporations Act 2001 requires our auditors, RSM Australia Partners, to ĨīďŒðÌÐĴìÐÌðīÐÆĴďīĮďåĴìÐ ďĉĨĊřœðĴìĊAĊÌÐĨÐĊÌÐĊÆÐ#ÐÆăīĴðďĊðĊīÐăĴðďĊĴďĴìÐīÐŒðÐœďåĴìÐìăåřÐīťĊĊÆðăīÐĨďīĴȘ }ìðĮAĊÌÐĨÐĊÌÐĊÆÐ#ÐÆăīĴðďĊðĮĮÐĴďķĴďĊĨæÐǠǤĊÌåďīĉĮĨīĴďåĴìðĮÌðīÐÆĴďīĮȸīÐĨďīĴåďīĴìÐìăåřÐīÐĊÌÐÌǢǟLķĊÐǡǟǡǥȘ Forward-looking statements This Half Year Report contains certain forward-looking statements. Often, but not always, forward-looking statements may ÅÐðÌÐĊĴðťÐÌÅřĴìÐķĮÐďååďīœīÌȭăďďāðĊæœďīÌĮĮķÆìĮȵĉřȶșȵœðăăȶșȵÐŘĨÐÆĴȶșȵðĊĴÐĊÌȶșȵĨăĊȶșȵÐĮĴðĉĴÐȶșȵĴīæÐĴȶșȵĨīďĨďĮÐȶș ȵĊĴðÆðĨĴÐȶșȵÆďĊĴðĊķÐȶșȵďķĴăďďāȶĊÌȵæķðÌĊÆÐȶșďīďĴìÐīĮðĉðăīœďīÌĮȘ řĴìÐðīĊĴķīÐșåďīœīÌȭăďďāðĊæĮĴĴÐĉÐĊĴĮðĊìÐīÐĊĴăř 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 Half Year Report (including any ĮĴĴÐĉÐĊĴĮÅďķĴĉīāÐĴĊÌðĊÌķĮĴīřĴīÐĊÌĮȨīÐÅĮÐÌďĊĮĮķĉĨĴðďĊĮĊÌÆďĊĴðĊæÐĊÆðÐĮșăăďåœìðÆìīÐĮķÅþÐÆĴĴďÆìĊæÐ 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 ðĴĮÌðīÐÆĴďīĮșďŨÆÐīĮșæÐĊĴĮșÆďĊĮķăĴĊĴĮșÐĉĨăďřÐÐĮďīÌŒðĮďīĮæðŒÐĊřīÐĨīÐĮÐĊĴĴðďĊďīœīīĊĴřșÐŘĨīÐĮĮďīðĉĨăðÐÌșĮĴď the fairness, accuracy, completeness or correctness of the information, opinions, forward looking statements and conclusions contained in this Half Year Report. This report is signed in accordance with a resolution of the Board of Directors made pursuant to Section 306(3) of the Corporations Act 2001. Dr Francis Wedin Executive Chair 9 September 2026 14 | VULCAN ENERGY HALF YEAR REPORT 2026
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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 www.rsm.com.au AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the financial report of Vulcan Energy Resources Limited for the half-year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (ii) any applicable code of professional conduct in relation to the review. RSM AUSTRALIA Perth, WA ALASDAIR WHYTE Dated: 9 September 2026 Partner AUDITOR’S INDEPENDENCE 15 | VULCAN ENERGY HALF YEAR REPORT 2026
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Financial Statements FINANCIAL STATEMENTS 16 | VULCAN ENERGY HALF YEAR REPORT 2026
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 30 JUNE 2026 6-months 6-months Note 30 Jun 26 30 Jun 25 €'000 €'000 Revenue from continuing operations 3 2,255 4,113 Other income 4 960 307 Raw materials and purchased services (5,443) (1,646) Employee benefit expenses 5 (8,313) (14,267) Depreciation and amortisation expenses (9,974) (6,126) Share-based payments expense 22 (856) (1,356) Other expenses (9,610) (12,951) Net foreign exchange (loss)/ gain (12,740) 624 Finance income 4,336 1,859 Finance costs 6 (11,768) (141) Loss before income tax for the period (51,153) (29,584) Income tax expense (683) (1,104) Loss after income tax for the period (51,836) (30,688) Other comprehensive income Items that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations 20,485 (7,044) Loss on cashflow hedge (686) - Items that will not be reclassified subsequently to profit or loss Revaluation of investments at fair value through other comprehensive income (353) (591) Total comprehensive loss for the period (net of tax) (32,390) (38,323) Total loss for the period attributable to Non-controlling interest 20 (1,436) - Owners of Vulcan Energy Resources Limited (50,400) (30,688) Total comprehensive loss for the period attributable to Non-controlling interest 20 (1,466) - Owners of Vulcan Energy Resources Limited (30,924) (38,323) Loss per share for the period attributable to the members Vulcan Energy Resources Limited: € € Basic loss per share (Euro) (0.11) (0.14) Diluted loss per share (Euro) (0.11) (0.14) The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the notes to the financial statements 17 | VULCAN ENERGY HALF YEAR REPORT 2026
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 Note 30 Jun 26 31 Dec 25 Assets €'000 €'000 Current assets Cash and cash equivalents 7 193,880 517,839 Trade and other receivables 8 29,729 5,492 Other financial assets 9 122,403 5,092 Inventories 585 338 Other current assets 2,163 - Total current assets 348,760 528,761 Non-current assets Financial assets at fair value through other comprehensive income 21 885 541 Exploration and evaluation expenditure 11 16,416 14,590 Other assets 10 56,905 38,307 Property, plant and equipment 12 479,422 322,817 Derivative financial assets 13 6,169 7,925 Right-of-use assets 30,527 30,199 Intangible assets 14 6,390 6,396 Deferred tax assets 85 7,475 Total non-current assets 596,799 428,250 Total Assets 945,559 957,011 Liabilities Current liabilities Trade and other payables 15 69,165 47,876 Contract liabilities 246 - Employee benefits 4,096 2,291 Lease liabilities 2,428 1,947 Income tax liabilities 1,696 337 Total current liabilities 77,631 52,451 Non-current liabilities Lease liabilities 28,238 28,665 Financial liabilities 13 1,563 - Provisions 16 12,643 11,965 Deferred tax liabilities - 6,984 Total non-current liabilities 42,444 47,614 Total Liabilities 120,075 100,065 Net Assets 825,484 856,946 Equity Share capital 18 1,024,082 1,024,010 Reserves 19 (107,293) 13,704 Accumulated losses (232,604) (180,768) Equity attributable to the owners of Vulcan Energy Resources Limited 684,185 856,946 Non-controlling interest 20 141,299 - Total Equity 825,484 856,946 The Consolidated Statement of Financial Position should be read in conjunction with the notes to the financial statements 18 | VULCAN ENERGY HALF YEAR REPORT 2026
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 30 JUNE 2026 Consolidated Issued capital Reserves Accumulated losses Non-controlling interest Total Equity €'000 €'000 €'000 €'000 €'000 At 1 Jan 26 1,024,010 13,704 (180,768) - 856,946 Loss for the period - - (50,400) (1,436) (51,836) Other comprehensive loss (note 19) - 19,829 - (30) 19,799 Revaluation of investments at fair value through other comprehensive income (note 19) - (353) - - (353) Total comprehensive loss for the period after tax - 19,476 (50,400) (1,466) (32,390) Transactions with owners in their capacity as owners: Issue of share capital 72 - - - 72 Recognition of non-controlling interest (note 20) - (141,329) (1,436) 142,765 - Share-based payments (note 22) - 856 - - 856 Balance at 30 Jun 26 1,024,082 (107,293) (232,604) 141,299 825,484 19 | VULCAN ENERGY HALF YEAR REPORT 2026
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONT.) Consolidated Issued capital Reserves Accumulated losses Non-controlling interest Total Equity €'000 €'000 €'000 €'000 €'000 At 1 Jan 25 453,643 9,083 (111,193) 19 351,552 Loss for the period - - (30,688) - (30,688) Other comprehensive loss - (7,635) - - (7,635) Total comprehensive loss for the period after tax - (7,635) (30,688) - (38,323) Transactions with owners in their capacity as owners: Issue of share capital 10,878 - - - 10,878 Share issue costs 443 - - - 443 Recognition of non-controlling interest (note 20) - - - (19) (19) Share-based payments (note 22) - 1,356 - - 1,356 Balance at 30 Jun 25 464,964 2,804 (141,881) - 325,887 The Consolidated Statement of Changes in Equity should be read in conjunction with the notes to the financial statements. 20 | VULCAN ENERGY HALF YEAR REPORT 2026
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CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 30 JUNE 2026 6-months 6-months 30 Jun 26 30 Jun 25 €'000 €'000 Cash flows from operating activities Receipts from customers (inclusive VAT) 2,390 4,117 Payments to suppliers and employees (19,559) (29,878) Interest received 3,480 1,501 Other income 312 - Interest paid (670) (141) Income taxes paid 270 - Net cash used in operating activities (13,777) (24,401) Cash flows from investing activities Payments for exploration and evaluation expenditure (802) (1,900) Payment for plant and equipment (167,982) (15,675) Payment to acquire subsidiary - (5,000) Loans provided to external parties - (601) (Payments for)/ receipts from financial assets (117,377) 516 Net cash used in investing activities (286,161) (22,660) Cash flows from financing activities Proceeds from issue of shares - 10,878 Share issue costs (2,783) (1,201) Lease repayments (979) (580) Financing costs (7,051) (4,111) Transaction costs related to loans and borrowings (17,066) Net cash (used in)/ provided by financing activities (27,879) 4,986 Net decrease in cash and cash equivalents (327,817) (42,075) Cash and cash equivalents at beginning of the period 517,839 97,054 Effect of exchange rate fluctuations 3,858 (6,218) Cash and cash equivalents at end of the period 193,880 48,761 The Consolidated Statement of Cash Flows should be read in conjunction with the notes to the financial statements. 21 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 SUMMARY OF MATERIAL ACCOUNTING POLICIES (a) Basis of Preparation These general purpose interim financial statements for the half-year ended 30 June 2026 have been prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134 “Interim Financial Reporting”. Compliance with AASB 134 ensures compliance with International Accounting Standard 34 “Interim Financial Reporting”. These general-purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these consolidated financial statements are to be read in conjunction with the annual report for the year ended 31 December 2025 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The consolidated financial statements are presented in Euros, which is Vulcan Energy Resources Limited’s presentation currency. The accounting policies adopted are consistent with those of the previous financial period and the corresponding interim reporting period. Additional accounting policies relevant to material transactions and balances recognised during the half-year are disclosed in the relevant notes to these financial statements. (b) New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board that are mandatory for the current reporting period. Any new or amended Accounting Standards or interpretations that are not yet mandatory have not been early adopted. (c) Significant Events During the half-year, the Group achieved Financial Close for the €2.2 billion Lionheart Project, a large-scale integrated lithium and renewable energy development l ocated in Germany's Upper Rhine Valley. The project is being funded through a combination of equity and debt financing, including investments from strategic partners, public market investors and government-supported funding initiatives. The Group's financing arrangements for the Lionheart Project contain customary project finance covenants and reserve account requirements. These arrangements do not affect the Group's control over the relevant subsidiaries and do not result in any material restrictions on the Group's ability to access the net assets of those subsidiaries at 30 June 2026. In December 2025, Kreditanstalt für Wiederaufbau ("KfW"), through the German Raw Materials Fund initiative, signed agreements to invest up to €150 million in Vulcan Energie Ressourcen GmbH ("HoldCo"), including the acquisition of a 14.49% ownership interest and commitments to provide additional funding through contributions to capital reserves for the development of the Lionheart Project. The transaction reached financial close on 27 May 2026, at which time KfW acquired its 14.49% ownership interest in HoldCo and HoldCo ceased to be a wholly owned subsidiary of the Group. In addition, Hochtief, Siemens and Demeter invested in VER GEO LIO GmbH ("Plat formCo") through the jointly owned investment vehicle Sequana Investment GmbH ("InvestmentCo"), acquiring a 10.35% ownership interest in the project company. These investors provide strategic and financial support for the development and construction of the Lionheart Project while sharing in the future economic returns generated by the project. Although external investors acquired minority equity interests in HoldCo and PlatformCo during the half-year, Vulcan retained control of these entities through its majority ownership interests and governance rights. Further details of the accounting treatment and related balances are set out in note 20. 22 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT.) (d) Going Concern The consolidated financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. As disclosed in the consolidated financial statements, the Group incurred a loss after tax and non-controlling interest of €50.4m and had net cash outflows from operating and investing activities of €13.777m and €286.161m respectively for the half-year ended 30 June 2026. As at that date, the Group had a net current asset surplus of €271.129m and cash and cash equivalents of €193.880m. The Directors believe that it is reasonably foreseeable that the consolidated entity will continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the half-year financial report after consideration of the following factors: x The Group completed a substantial €545 million equity raise in December 2025, providing additional liquidity to fund ongoing development activities, construction expenditure and corporate costs. The equity raising demonstrated strong support from strategic and institutional investors and provides a solid funding foundation for the Group's development plans. x The Group achieved Financial Close for the Lionheart financing package in May 2026, representing a significant milestone in the development of the Lionheart Project and providing access to the approved financing facilities, subject to customary drawdown conditions. Financial Close substantially reduced the Group's medium-term funding risk and provided a stable platform to execute the construction and development of Phase One Lionheart. x Subsequent to the reporting date, the Group received the first strategic project equity contribution in July 2026, with further strategic equity contributions expected prior to the first debt drawdown. The receipt of strategic equity funding demonstrates continued support from project investors and further evidences the progression of the Lionheart financing package beyond signing and Financial Close into execution. x Management has prepared detailed cash flow forecasts covering at least twelve months from the date of approval of the half-year financial report. These forecasts incorporate the Group's current development plans, expected operating and capital expenditure, available cash reserves, committed equity funding and approved project financing facilities. The Directors have reviewed these forecasts, including appropriate downside sensitivities, and are satisfied that the Group will be able to meet its obligations as and when they fall due. x As demonstrated over recent years, the Group has repeatedly and successfully accessed equity capital to fund its activities. This established track record, combined with the strategic importance of the Group’s projects and their alignment with European critical raw materials and decarbonisation objectives, provides further support for the Directors assessment that additional funding could be obtained if required. x The Board continues to actively monitor the Group’s liquidity position, funding arrangements and forecast cashflows. Mitigating actions, including the ability to defer discretionary expenditure or adjust development timelines, remain available should adverse conditions arise. Drawdowns under the strategic equity and debt facilities are linked to the achievement of defined project milestones. Accordingly, the Group’s ability to continu e as a going concern is dependent not only on the availability of committed funding, but also on the Group’s capacity to execute its development plan in line with agreed timelines and performance criteria. The Directors have assessed the Group’s execution capability having regard to x Progress achieved to date on the Lionheart Project x The experience and track record of management and key contractors x The availability of contingency measures, including the ability to defer discretionary expenditure or adjust development sequencing if required; and x The continued oversight by the Board and lenders through established governance and reporting frameworks. Based on this assessment, the Directors consider it reasonable to assume that the Group w ill continue to meet the relevant milestones required to access committed funding. 23 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT.) (d) Going Concern (cont.) Based on the above factors, the Directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future and that it is therefore appropriate to prepare the consolidated financial statements on a going concern basis. No material uncertainties have been identified that would cast significant doubt on the Group’s ability to continue as a going concern. NOTE 2 SEGMENT INFORMATION Accounting Policy Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Key Management Personnel. Management has determined that based on the reports reviewed by the Executive Key Management Personnel and used to make strategic decisions, that the consolidated entity has three reportable segments. Identification of reportable operating segments The consolidated entity is organised into three operating segments based on geographical location: Germany, Other European (comprised of France and Italy) and Australia. These operating segments are based on internal reports that are reviewed and used by the Executive Key Management Personnel (who are identified as the Chief Operating Decision Makers (CODM)) in assessing performance and in determining the allocation of resources. There is no aggregation of operating segments. The CODM reviews EBITDA (earnings before interest, tax, depreciation and amortisation). The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements. The information reported to the CODM is on a monthly basis. Types of products and services x Germany – the supply of geothermal energy, exploration and development related to the Company’s Lionheart Project and engineering services. x Other European (France and Italy) – exploration and development relating to battery materials and geothermal lithium. x Australia – administration and corporate support services. Intersegment transactions Intersegment transactions were made at market rates. Engineering services have been provided within the German segment. All intersegment receivables and payables, including the profit margin, are eliminated on consolidation. 24 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SEGMENT INFORMATION (CONT.) FOR THE HALF-YEAR ENDED 30 JUNE 2026 Segment performance Germany Other European Australia Total 1 Jan 26 to 30 Jun 26 €'000 €'000 €'000 €'000 Revenue Sales to external customers 2,255 - - 2,255 Total segment revenue 2,255 - - 2,255 Other income 184 - 776 960 EBITDA (14,390) (146) (19,211) (33,747) Depreciation and amortisation (9,940) - (34) (9,974) Finance expense (11,758) - (10) (11,768) Interest income 2,660 - 1,676 4,336 Loss before income tax expense (33,428) (146) (17,579) (51,153) Income tax expense (683) - - (683) Loss after income tax expense (34,111) (146) (17,579) (51,836) Material items include: Employee benefit expense (6,046) (143) (2,124) (8,313) AS AT 30 JUNE 2026 Assets and Liabilities Germany Other European Australia Total €'000 €'000 €'000 €'000 Assets Segment assets 903,937 211 1,006,792 1,910,940 Intersegment eliminations (965,381) Total assets 945,559 Total assets include: Exploration and evaluation expenditure additions 1,805 - - 1,805 Additions to property, plant and equipment 166,369 - - 166,369 Liabilities Segment liabilities 167,912 902 1,277 170,091 Intersegment eliminations (50,016) Total Liabilities 120,075 25 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SEGMENT INFORMATION (CONT.) FOR THE HALF-YEAR ENDED 30 JUNE 2025 Segment performance Germany Other European Australia Total 1 Jan 25 to 30 Jun 25 €'000 €'000 €'000 €'000 Revenue Sales to external customers 4,113 - - 4,113 Total segment revenue 4,113 - - 4,113 Other income 307 - - 307 EBITDA (20,333) (114) (4,729) (25,176) Depreciation and amortisation (6,093) - (33) (6,126) Finance expense (130) - (11) (141) Interest income 161 - 1,698 1,859 Loss before income tax expense (26,395) (114) (3,075) (29,584) Income tax expense (1,104) - - (1,104) Loss after income tax expense (27,499) (114) (3,075) (30,688) Material items include: Employee benefit expense (12,747) (76) (1,444) (14,267) AS AT 31 DECEMBER 2025 Assets and Liabilities Germany Other European Australia Total €'000 €'000 €'000 €'000 Assets Segment assets 695,728 225 973,693 1,669,646 Intersegment eliminations (712,635) Total assets 957,011 Total assets include: Exploration and evaluation expenditure additions 2,165 - - 2,165 Additions to property, plant and equipment 95,225 - - 95,225 Liabilities Segment liabilities 94,494 138 7,047 101,679 Intersegment eliminations - - - (1,614) Total Liabilities 100,065 26 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 3 REVENUE 6-months 30 Jun 26 6-months 30 Jun 25 €'000 €'000 Revenue from contracts with customers Sale of goods 1,684 2,303 Rendering of services 334 492 Drilling Personnel outsourcing 237 341 Other revenue - 977 Revenue from continuing operations 2,255 4,113 All revenues are derived in Germany. NOTE 4 OTHER INCOME 6-months 30 Jun 26 6-months 30 Jun 25 €'000 €'000 Gain on disposal of investment1 776 - Other income 184 307 960 307 1 On 27 May 2026, the Group completed a share-for-share transaction whereby its wholly owned subsidiary, Vulcan Energy SA Pty Ltd, transferred its entire shareholding in EAU Lithium Pty Ltd (606 ordinary shares) to Cosmos Exploration Limited. As consideration for the transfer, the Group received 10,844,870 fully paid ordinary shares in Cosmos Exploration Limited. As a result of the transaction, the Group recognised a gain of €776,000 in profit or loss, representing the difference between the fair value of Cosmos shares received and the carrying amount of the Group’s net interest in EAU Lithium Pty Ltd. In accordance with IFRS 9, the Cosmos shares were initially recognised at fair value and have subsequently been designated and measured at fair value through other comprehensive income. As part of the transaction, 5,422,435 Cosmos shares, representing 50% of the consideration shares received, are subject to voluntary escrow restrictions for a period of 12 months from the date of issue. During the escrow period, the restricted shares cannot be traded, transferred or otherwise disposed of except in accordance with the terms of the voluntary restriction deed. At 30 June 2026, the Group held 10,844,870 ordinary shares in Cosmos Exploration Limited with a fair value of €686,000. 27 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 5 EMPLOYEE BENEFIT EXPENSES 6-months 30 Jun 26 6-months 30 Jun 25 €'000 €'000 Gross employee benefit expenses 24,530 20,999 Other own work capitalised (16,217) (6,732) 8,313 14,267 NOTE 6 FINANCE COST 6-months 30 Jun 26 6-months 30 Jun 25 €'000 €'000 Commitment fees- debt facilities1 8,040 - Hedge ineffectiveness2 2,633 - Unwinding of discount on restoration provision3 417 - Interest expense - lease liabilities 678 141 11,768 141 1 In December 2025, the Group executed formal binding documentation for a €1,185 million financing package with a syndicate of 13 financiers, comprising the European Investment Bank, five Export Credit Agencies, and seven commercial banks (ABN AMRO, BNP Paribas, ING, Kommunalkredit, Natixis CIB, OCBC and UniCredit). The facilities provide the Group with committed access to longterm funding to support the development and construction of the Lionheart Project. Commitment fees relate to committed financing facilities that remain undrawn and represent costs incurred to maintain access to approved funding. 2The Group has designated interest rate swaptions and foreign currency forward contracts as cash flow hedges under IFRS 9. During the six months ended 30 June 2026, hedge ineffectiveness of €2,633,000 (30 June 2025: nil) was recognised in profit or loss and included within finance costs. The ineffectiveness primarily related to foreign currency forward contracts entered into to hedge forecast USD-denominated project funding, together with minor ineffectiveness arising from the Group's interest rate swaptions. The effective portion of changes in fair value of these hedging instruments was recognised in the cash flow hedge reserve within equity. 3Unwinding of discount on restoration provision represents the increase in the present value of the Group’s rehabilitation obligation due to the passage of time. The unwinding is recognised as a finance cost in the statement of profit or loss. 28 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 7 CASH AND CASH EQUIVALENTS 30 Jun 26 31 Dec 25 €'000 €'000 Cash at bank and in hand 63,043 496,265 Short-term deposits 130,837 63 Restricted cash1 - 21,511 193,880 517,839 1At 30 June 2026, cash balances of €39,705,000 were subject to restrictions under the Group's financing arrangements and are therefore presented within Other Financial Assets (refer note 9). Following satisfaction of the relevant conditions precedent and completion of the financing arrangements during the period, the funds are no longer available for the Group's general operating purposes without complying with the requirements of the financing documents. Accordingly, restricted cash balances are reported within Other Financial Assets rather than cash and cash equivalents (31 December 2025: €21,511,000). NOTE 8 TRADE AND OTHER RECEIVABLES 30 Jun 26 31 Dec 25 €'000 €'000 Trade receivables 770 866 Allowance for expected credit losses (10) (10) Prepayments 3,314 553 Other receivables 830 1,101 VAT receivable 24,825 2,982 29,729 5,492 29 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 9 OTHER FINANCIAL ASSETS 30 Jun 26 31 Dec 25 €'000 €'000 Bank guarantees1 2,698 5,092 Restricted cash2 39,705 - Long-term deposits3 80,000 - 122,403 5,092 1Bank guarantees at 30 June 2026 include €1,900,000 cash collateral paid to the mining authority. 2Restricted cash represents cash held in accounts that are subject to restrictions under the Group's financing arrangements. Following satisfaction of the relevant conditions precedent and completion of the financing arrangements during the period, the Group is required to maintain minimum cash and collateral balances to support letters of credit, guarantee facilities and certain obligations under the financing documents. Withdrawals from these accounts are subject to the terms of the financing arrangements, including the consent of the Security Agent and satisfaction of specified conditions. Accordingly, these balances are not available for general operating use and have been classified as Other Financial Assets. 3Long-term deposits comprise cash invested in interest-bearing deposit accounts that are restricted from withdrawal within 90 days unless the financial institution provides its consent. As the Group does not have an unconditional right to access these funds within 90 days, the deposits are not considered cash equivalents and are presented as Other Financial Assets in the statement of financial position. Accounting Policy Other financial assets Other financial assets represent cash deposits held with financial institutions as security for contractual obligations and cash restricted under the Group’s financing arrangements and not available for general use by the Group until the underlying obligations are satisfied. NOTE 10 OTHER ASSETS The Group has recognised the following other assets. 30 Jun 2 6 31 Dec 25 €'000 €'000 Prepayments relating to capital items - 851 Capitalised borrowing costs1 56,674 37,428 Other deposits 231 - Other investments - 28 56,905 38,307 1In December 2025, the Group executed a €1,185 million financing package with a syndicate of 13 financiers, comprising the European Investment Bank, five Export Credit Agencies, and seven commercial banks (ABN AMRO, BNP Paribas, ING, Kommunalkredit, Natixis CIB, OCBC and UniCredit). Capitalised borrowing costs included within other assets consist of legal, advisory and due diligence fees directly attributable to securing the financing package, and arrangement fees, establishment fees payable to financiers. 30 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 11 EXPLORATION AND EVALUATION EXPENDITURE 30 Jun 26 31 Dec 25 €'000 €'000 Carrying amount of exploration and evaluation expenditure 16,416 14,590 At the beginning of the period 14,590 13,124 Exploration expenditure incurred 1,805 2,165 Reclassification to Intangible Assets1 - (694) Foreign exchange gain/(loss) 21 (5) At the end of the period 16,416 14,590 1Costs relating to the Group’s patents were reclassified to intangible assets at 31 December 2025 to more clearly reflect the nature of costs. NOTE 12 PROPERTY, PLANT AND EQUIPMENT 30 Jun 26 31 Dec 25 €'000 €'000 Plant & Equipment 100,949 108,055 Land & Buildings 22,915 19,285 Assets under Construction 41,666 42,434 Mine Properties in Development 313,892 153,043 479,422 322,817 31 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 13 DERIVATIVE FINANCIAL ASSETS AND LIABILITIES Interest rate swaptions In December 2025, the Group entered into Euro and US dollar denominated interest rate swaptions, which were designated as cash flow hedges under IFRS 9 Financial Instruments. The swaptions were established to hedge the variability in future interest cash flows arising from highly probable forecast borrowings. The Group paid swaption premiums of €5,387,000 (EUR swaptions) and US$3,530,000 (USD swaptions). Premiums paid for interest rate swaptions are included in the initial carrying amount of the derivative and are subsequently measured at fair value at each reporting date in accordance with IFRS 9. Fair value movements are allocated between the effective portion (recognised in other comprehensive income) and hedge ineffectiveness (recognised in profit or loss). In March 2026, the Group entered into a series of EUR/USD foreign exchange forward contracts to manage exposure to fluctuations in foreign currency exchange rates associated with forecast USD-denominated cash flows. The forward contracts hedge 50% of the forecast USD funding expected to be drawn between April 2027 and April 2029 for a total notional value of approximately USD 117.9 million. The forward co ntracts have been designated as cash flow hedges under IFRS 9. The foreign exchange forward contracts are measured at fair value at each reporting date. Due to differences in contracted exchange rates and settlement dates, certain contracts were in a favourable position and resulted in derivative financial assets, while other contracts were in an unfavourable position and resulted in derivative financial liabilities as at 30 June 2026. The effective portion of fair value movements is recognised in the cash flow hedge reserve in other comprehensive income, while any hedge ineffectiveness is recognised in profit or loss. The derivative financial assets and liabilities arising from the foreign exchange forward contracts reflect changes in forward foreign exchange rates since contract inception and w ill be realised progressively as the contracts mature between April 2027 and April 2029. As at 30 June 2026, the Group recognised derivative financial assets and liabilities as follows: 30 Jun 26 31 Dec 25 Derivative financial assets €'000 €'000 Interest rate swaptions – EUR denominated 3,267 5,354 Interest rate swaptions – USD denominated 2,901 2,571 Foreign exchange USD forward contract 1 - 6,169 7,925 Derivative financial liabilities Foreign exchange USD forward contract 1,563 - 1,563 - 32 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 14 INTANGIBLE ASSETS 30 Jun 26 31 Dec 25 €'000 €'000 Customer contracts – at cost 1,809 1,809 Less: Accumulated amortisation (1,587) (1,563) 222 246 VULSORB® - at cost 2,412 2,308 Addition - 104 Less: Accumulated amortisation - - 2,412 2,412 Operating permit - at cost 2,194 1,500 Reclassification from exploration & evaluation expenditure - 694 Less: Accumulated amortisation (422) (376) 1,772 1,818 Software at cost 2,566 803 Addition 515 1,822 Disposal - (59) Less: Accumulated amortisation (1,097) (646) 1,984 1,920 Total Intangible Assets 6,390 6,396 33 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 15 TRADE AND OTHER PAYABLES 30 Jun 26 31 Dec 25 €'000 €'000 Trade payables 19,311 4,534 Other payables- debt facilities1 15,324 10,219 Other payables- D12 land acquisition2 - 14,418 Accrued expenses3 30,788 16,160 Other payables 3,742 2,545 69,165 47,876 1Other payables include arrangement fees, establishment fees, commitment fees and other financing-related costs payable under the Group's Lionheart Project debt financing facilities. These amounts arose in connection with achieving Financial Close of the €1.185 billion project financing package during the period and represent obligations that were due and payable at 30 June 2026. The financing facilities were provided by the European Investment Bank, export credit agencies and a syndicate of commercial banks. 2During December 2025, the Group entered into notarised agreements with the City of Landau in Rheinland- Pfalz for the acquisition of land located at the D12 site in Landau/Queichheim. The land will be used for the development of a lithium extraction plant, geothermal facilities, a heat centre and related infrastructure. The total consideration was recognised as other payables as at 31 December 2025, and the outstanding balance was settled in full prior to 30 June 2026. 3Accrued expenses principally comprise amounts owed to contractors, consultants and service providers for goods and services received prior to the reporting date but not yet invoiced or paid. The increase from 31 December 2025 primarily reflects the substantial ramp-up in development and construction activities relating to the Lionheart Project following achievement of Financial Close in May 2026 and progression into the execution phase of the project. NOTE 16 PROVISIONS 30 Jun 26 31 Dec 25 Non-Current: €'000 €'000 Other provisions 1,487 251 Restoration provision 11,156 11,714 12,643 11,965 34 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 17 RECOGNISED FAIR VALUE MEASUREMENTS Fair value hierarchy This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. 30 Jun 26 31 Dec 25 €'000 €'000 Level 1 Financial assets Financial assets at fair value through other comprehensive income Australian listed equity securities 885 541 Level 2 Derivative financial assets Interest rate swaptions – EUR denominated 3,267 5,354 Interest rate swaptions – USD denominated 2,901 2,571 Foreign exchange USD forward contract 1 - Derivative financial liabilities Foreign exchange USD forward contract 1,563 - There were no transfers between levels 1 and 2 for recurring fair value measurements during the period. The group’s policy is to recognise transfers into and out of fair value hierarchy levels as at the end of the reporting period. 35 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 18 CONTRIBUTED EQUITY 30 Jun 26 31 Dec 25 No.’000 €’000 No.’000 €’000 Fully paid ordinary shares 478,661 1,024,082 477,871 1,024,010 Date Number Issue Price € €’000 At 1 Jan 26 477,870,976 1,024,010 Shares issued as consideration for advisory services 12/02/2026 32,338 2.23 72 Exercise of Class AA performance rights 1/06/2026 9,724 - - Exercise of Class AC performance rights 1/06/2026 4,746 - - Exercise of Class IP performance rights 1/06/2026 742,953 - - At 30 Jun 26 478,660,737 1,024,082 NOTE 19 RESERVES 30 Jun 26 31 Dec 25 €'000 €'000 Share-based payment reserve 17,793 16,937 Revaluation reserve (4,107) (3,754) Foreign currency translation reserve 21,175 690 Cashflow hedge reserve (855) (169) Transactions with non-controlling interest1 (141,299) - Total (107,293) 13,704 1 A non-controlling interest arose as a result of the Lionheart Project financing arrangements. Refer to note 20 and note 1 for further details. Share-based Payment Reserve Number of Performance Rights €'000 Movement reconciliation On issue at 1 Jan 26 3,346,885 16,937 Issue of performance rights during the period (note 22) 652,199 - Exercise of Performance Rights during the period (757,423) - Recognition of share-based payment expense for performance rights issued to Directors and staff (note 22) - 856 Performance rights lapsed (213,522) - On issue at 30 Jun 26 3,028,139 17,793 36 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 19 RESERVES (CONT.) Foreign Currency Translation Reserve 30 Jun 26 31 Dec 25 €'000 €'000 Balance at the beginning of the period 690 (330) Movement during the period 20,485 1,020 Balance at the end of the period 21,175 690 The foreign currency translation reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations to Euro. The increase in foreign currency translation reserve primarily reflects the strengthening of the Australian Dollar against the Euro during the period (AUD/EUR: €0.57 at 31 December 2025 to €0.60 at 30 June 2026), resulting in higher cumulative translation gains on the Group's Australian Dollar denominated net assets recognised in equity. Revaluation Reserve 30 Jun 26 31 Dec 25 €'000 €'000 Balance at the beginning of the period (3,754) (2,960) Movement during the period (353) (794) Balance at the end of the period (4,107) (3,754) The revaluation reserve is used to recognise the revaluation of investments at fair value through other comprehensive income. Cashflow Hedge Reserve 30 Jun 26 31 Dec 25 €'000 €'000 Opening balance (169) - Initial recognition 3,631 Effective portion of changes in fair value recognised in OCI (686) (169) Amount realised to profit or loss - (3,631) Balance at the end of the period (855) (169) The cash flow hedge reserve represents the effective portion of changes in the fair value of hedging instruments designated as cash flow hedges under IFRS 9. During the period, the Group held interest rate swaptions to hedge future interest cash flows associated with forecast borrowings and EUR/USD foreign exchange forward contracts to hedge forecast USD-denominated cash flows. The effective portion of fair value movements on these hedging instruments was recognised in the cash flow hedge reserve within other comprehensive income, while any hedge ineffectiveness was recognised in profit or loss. As at 30 June 2026, the Group's cash flow hedge reserve comprised movements relating to both interest rate swaptions and foreign exchange forward contracts. 37 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 20 NON-CONTROLLING INTERESTS Further to the Lionheart Project financing arrangements described in Note 1, at 27 May 2026 the following transactions occurred: x Kreditanstalt für Wiederaufbau ("KfW") subscribed 7,784 ordinary shares of Vulcan Energie Ressourcen GmbH, equal to an ownership of 14.49%, x Sequana Investment GmbH subscribed 6,667 preferred shares of VER GEO LIO GmbH, equal to an ownership of 10.35%. As a result, HoldCo and PlatformCo ceased to be wholly owned by the Group and non-controlling interests arose in the consolidated financial statements: 30 Jun 26 €'000 Opening balance - Initial recognition of NCI 142,765 Share of loss attributable to NCI (1,436) Share of cashflow hedge reserve attributable to NCI (30) Balance at the end of the period 141,299 The transactions have been accounted for as changes in ownership interests in subsidiaries without loss of control. Accordingly, no gain or loss has been recognised in profit or loss. During the period, €1,436,000 of loss and €30,000 of other comprehensive loss were attributable to NCI. The carrying amount of NCI at 30 June 2026 was €141,299 ,000. Accounting Policy Preferred Shares The Group classifies instruments issued by subsidiaries as equity or financial liabilities by reference to the substance of the contractual arrangements and the definitions in AASB 132 Financial Instruments: Presentation. Instruments are classified as equity where they do not contain a contractual obligation for the issuer to deliver cash or another financial asset and are settled in the issuer’s own equity instruments in accordance with the contractual terms. Based on the terms in effect at 30 June 2026, the preferred shares issued by VER GEO LIO GmbH (“PlatformCo”) are classified as equity. Key estimates and assumptions Payment In kind As part of the Lionheart Project financing arrangements, VER GEO LIO GmbH ("PlatformCo") issued 6,667 preferred shares to InvestmentCo in exchange for an in itial investment of €120 million. The preferred shares do not carry cash dividend entitlements. Instead, investors are entitled to a Payment-in-Kind ("PIK") dividend entitlements, which accrue over time and will be settled through the issue of ordinary shares in accordance with the terms of the investment agreements. 38 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 20 NON-CONTROLLING INTERESTS (CONT.) The PIK arrangement also provides for additional returns on certain funding commitments, including standby funding arrangements, which continue to accrue until the mandatory conversion date (which is the earlier of project completion or 30 June 2032). Upon conversion, both the preferred shares and any accrued PIK entitlement will be exchanged for ordinary shar es in PlatformCo in accordance with the agreed conversion mechanisms. The conversion mechanics, including the treatment of accrued PIK entitlements, are predefined under the investment agreements and result in settlement through the issuance of PlatformCo ordinary shares. As the conversion formula and settlement terms were fixed at the commencement of the arrangement, the instrument has been classified as equity. While the timing of conversion may affect when conversion occurs, it does not alter the contractual basis on which the conversion entitlement is determined. As settlement occurs solely through the issue of equity instruments, no adjustment in non-contro lling interests is recognised in respect of the arrangement. As at 30 June 2026, the shares relating to the €120 million subscription had been issued and the associated non-controlling interest recognised in equity. While investors have committed to provide funding under the investment agreements, the funding instalments are receivable upon the achievement of specified project milestones. As such, the additional funding will be recognised when the relevant milestone conditions have been satisfied and the Group becomes entitled to receive the funding. NOTE 21 FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 30 Jun 26 31 Dec 25 €'000 €'000 Australian listed shares1 885 541 1On 27 May 2026, the Group completed a share-for-share transaction whereby its wholly owned subsidiary, Vulcan Energy SA Pty Ltd, transferred its entire shareholding in EAU Lithium Pty Ltd (606 ordinary shares) to Cosmos Exploration Limited. As consideration for the transfer, the Group received 10,844,870 fully paid ordinary shares in Cosmos Exploration Limited. The fair value of ordinary shares in Cosmos Exploration Limited is as follows: 30 Jun 26 Number of shares held 10,844,870 Share price €0.0632 Fair value (€’000) 686 Of the shares held at 30 June 2026, 5,422,435 shares, representing 50% of the holding, were subject to voluntary escrow restrictions for a period of 12 months from the date of issue. The carrying value of financial assets at fair value through other comprehensive income at 30 June 2026 also consists of the Group's investment in Kuniko Limited, comprising 13,749,435 ordinary shares with a fair value of €199,000 at the reporting date. Both investments are classified as Level 1 fair value measurements based on quoted market prices in active markets. 39 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 22 SHARE-BASED PAYMENTS 6-months 6-months 30 Jun 26 30 Jun 25 €'000 €'000 Recognised share-based payment transactions Performance rights issued to Directors and staff 201 337 Performance rights issued to Directors & staff in prior years 707 1,068 Performance rights lapsed during the period (52) (49) 856 1,356 Represented by Share-based payment expense 856 1,356 856 1,356 Details of new issues during the period At the AGM held on 28 May 2026, the Company issued performance rights (Incentive Securities) to Key Management Personnel (KMP) including the Managing Director & Chief Executive Officer (MD-CEO) and Group CFO & Executive Director. A short-term incentive (STI), designed to reward creation of exceptional short-term shareholder value (issued in three tranches) and a long-term incentive (LTI), designed to reward creation of exceptional long- term shareholder value (issued in four tranches). The incentives were issued as follows: Type Number of Rights Granted Share Based Payment expense for the period (€’000) Class MD-CEO - STI 111,170 59 IP MD-CEO - LTI 244,575 52 IP Group CFO - STI 92,642 47 IP Group CFO - LTI 203,812 43 IP Total 652,199 201 Details of the KMP STIs are as follows: 40 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 22 SHARE-BASED PAYMENTS (CONT.) Item MD-CEO Rights – STI Tranche 1 Tranche 2 Tranche 3 Grant date 28/05/2026 28/05/2026 28/05/2026 28/05/2026 28/05/2026 28/05/2026 Number of Rights 27,793 27,792 11,117 11,117 16,676 16,675 Fair value of each right (EUR) 2.23 2.23 2.23 2.23 2.23 2.23 Valuation per Tranche (€'000) 62 62 25 25 37 37 Commencement of performance period 1/01/2026 1/01/2026 1/01/2026 1/01/2026 1/01/2026 1/01/2026 Performance measurement date 31/12/2026 31/12/2027 31/12/2026 31/12/2027 31/12/2026 31/12/2027 Vesting date1 31/12/2026 31/12/2027 31/12/2026 31/12/2027 31/12/2026 31/12/2027 Expiry date 31/03/2031 31/03/2031 31/03/2031 31/03/2031 31/03/2031 31/03/2031 Item Group CFO & Executive Director Rights – STI Tranche 1 Tranche 2 Tranche 3 Grant date 28/05/2026 28/05/2026 28/05/2026 28/05/2026 28/05/2026 28/05/2026 Number of Rights 23,161 23,160 9,264 9,264 13,897 13,896 Fair value of each right (EUR) 2.23 2.23 2.23 2.23 2.23 2.23 Valuation per Tranche (€'000) 52 52 21 21 31 31 Commencement of performance period 1/01/2026 1/01/2026 1/01/2026 1/01/2026 1/01/2026 1/01/2026 Performance measurement date 31/12/2026 31/12/2027 31/12/2026 31/12/2027 31/12/2026 31/12/2027 Vesting date1 31/12/2026 31/12/2027 31/12/2026 31/12/2027 31/12/2026 31/12/2027 Expiry date 31/03/2031 31/03/2031 31/03/2031 31/03/2031 31/03/2031 31/03/2031 1 Half of the STI rights will have an extra 12-mo nth vesting period (making a total of 24-month vesting period) and will vest on 31 December 2027. The STI rights were granted with the following vesting conditions: Tranche 1 Tranche 1 will vest subject to various Project Milestones as follows (total equal weighting 50%): x The Company has successfully delivered Lionheart Project execution milestones as per baseline schedule; x The Company has delivered capital efficiency (CAPEX/ tonne LHM) improvement through future phase feasibility study; and x The Company has secured funding for a new project development and technology division. 4 1 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 22 SHARE-BASED PAYMENTS (CONT.) Tranche 2 Tranche 2 will vest subject to ESG Milestones as follows (total equal weighting 20%): x Environment: zero significant environmental incidents; x Safety: - meet year-on-year improvement of lost time injury frequency rate (LTIFR) (Safety Target); - achieve a total of 180 HSEQ leadership review; x Governance: - no material breaches with local authorities or regulatory authorities; and - obtain material cyber security improvements during the period. Tranche 3 Tranche 3 will vest subject to specific individual performance milestones (total weighting 30%). Details of the KMP LTIs are as follows: Item MD-CEO Rights – LTI Tranche 1 Tranche 2 ATSR Rights RTSR Rights Grant date 28/05/2026 28/05/2026 28/05/2026 28/05/2026 Number of Rights 24,457 24,457 73,373 122,288 Fair value of each right (EUR) 2.23 2.23 1.25 1.46 Valuation per Tranche (€'000) 55 55 92 179 Commencement of performance period 1/01/2026 1/01/2026 1/01/2026 1/01/2026 Performance measurement date 31/12/2028 31/12/2028 31/12/2028 31/12/2028 Vesting date 31/12/2028 31/12/2028 31/12/2028 31/12/2028 Expiry date 31/03/2031 31/03/2031 31/03/2031 31/03/2031 Volatility 70% 70% 70% 70% Risk-free rate 4.527% 4.527% 4.527% 4.527% Item Group CFO & Executive Director Rights – LTI Tranche 1 Tranche 2 ATSR Rights RTSR Rights Grant date 28/05/2026 28/05/2026 28/05/2026 28/05/2026 Number of Rights 20,381 20,381 61,144 101,906 Fair value of each right (EUR) 2.23 2.23 1.25 1.46 Valuation per Tranche (€'000) 46 46 76 149 Commencement of performance period 1/01/2026 1/01/2026 1/01/2026 1/01/2026 Performance measurement date 31/12/2028 31/12/2028 31/12/2028 31/12/2028 Vesting date 31/12/2028 31/12/2028 31/12/2028 31/12/2028 Expiry date 31/03/2031 31/03/2031 31/03/2031 31/03/2031 Volatility 70% 70% 70% 70% Risk-free rate 4.527% 4.527% 4.527% 4.527% 42 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 22 SHARE-BASED PAYMENTS (CONT.) The LTI rights were granted with the following vesting conditions: Business Returns (total equal weighting 10%) Tranche 1 Tranche 1 will vest subject to an improvement of at least 10% CAPEX Efficiency in relation to future phase projects, delivered via a published Definitive Feasibility Study (DFS). Sustainability Returns (total equal weighting 10%) Tranche 2 Tranche 2 will vest subject to improved Year-on-Year Sustainability Score through the EcoVadis Index. Market Based Measurements (total equal weighting 80%) ATSR Rights (30%): The number of Absolute Total Shareholder Return Rights (“ATSR Rights”) that vest is based on the Total Shareholder Return (TSR) of Vulcan over the performance period. The ATSR Rights will vest according to the following schedule: Company's TSR performance Percentage of ATSR Rights eligible to vest < 7.5% 0% Between 7.5% and 20% 0% to 100% >20% 100% RTSR Rights (50%): The number of Relative Total Shareholder Return Rights (“RTSR Rights”) that vest is based on the TSR of Vulcan over the performance period, relative to the returns of the Peer Group. The RTSR Rights will vest according to the following schedule: Company's TSR performance relative to the Peer Group Percentage of RTSR Rights eligible to vest Less than 50th percentile 0% At 50th percentile 50% Between 50th percentile and 75th percentile 50% - 99%, interpolated vesting on a straight line Greater than 75th percentile 100% 43 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 22 SHARE-BASED PAYMENTS (CONT.) Conversion of vested performance rights During the financial year, 757,423 vested performance rights have been converted to shares. Set out below are summaries of performance right movements during the period: As at 1 Jan 26 Granted Exercised Lapsed As at 30 Jun 26 Exercisable performance rights Class AA 9,724 - (9,724) - - - Class AB 206,500 - - (134,225) 72,275 72,275 Class AC 4,746 - (4,746) - - - Class IP 2,986,858 652,199 (742,953) (79,297) 2,816,807 529,284 Class AD 139,057 - - - 139,057 57,203 3,346,885 652,199 (757,423) (213,522) 3,028,139 658,762 No performance rights expired during the period. NOTE 23 COMMITMENTS Below are the commitments in relation to capital expenditure: 30 Jun 26 31 Dec 25 €'000 €'000 Within one year 178,740 160,521 One to five years 195,893 114,610 374,633 275,131 Capital commitments – major supplier and contractor agreements signed for the construction of the Group’s Lionheart Project As at 30 June 2026, the Group had entered into a number of significant supply and construction contracts in connection with the development and construction of the Group’s Lionheart Project. These contracts primarily relate to the engineering, procurement and construction of the Central Lithium Plant (CLP), Lithium Extraction Plant (LEP) and associated infrastructure. As at 30 June 2026, most contracts were newly commenced, with major physical deliveries and substantial construction scheduled for 2026–2028, and one product supply agreement extending until 2030. Certain major supplier and contractor contracts include termination for convenience clauses that permit the Group to terminate the contract prior to completion. Where such clauses apply, the Group would be required to compensate the counterparty in accordance with section 648 of the German Civil Code (Bürgerliches Gesetzbuch– “BGB”), which generally provides for payment of: x the value of work performed up to the date of termination; and x a reasonable share of profit on the portion of the contract not yet performed. 44 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 23 COMMITMENTS (CONT.) The determination of the commitment amounts disclosed in respect of these contracts requires the exercise of significant judgement. In assessing the minimum unavoidable commitment for contracts containing termination for convenience clauses, management has considered the legal framework under section 648 BGB and the commercial terms of the relevant agreements. While the ultimate amount payable upon termination would depend on the stage of completion and the specific circumstances at the date of termination, the Group has estimated a minimum commitment by assuming that compensation for unperformed work would include a minimum profit margin of 5% on the remaining contract value. This judgement represents management’s best estimate of the lowest reasonable level of compensation that could be payable in the event of termination for convenience and is intended to provide users of the financial statements with a prudent and transparent measure of the Group’s exposure under these arrangements. Actual amounts payable upon termination may differ from this estimate depending on contractual terms, progress achieved, and negotiations with counterparties at the relevant time. Total capital and other commitments disclosed in these financial statements therefore comprise: x the full committed amounts for contracts that are not cancellable by the Group without cause; and x for contracts that are cancellable for convenience, the estimated minimum commitment calculated on the basis described above. No provision has been recognised in respect of these commitments at 30 June 2026, as none of the contracts were onerous and no present obligation existed at the reporting date. NOTE 24 CONTINGENCIES The Group has given bank guarantees as at 30 June 2026 of €2,698,000, which includes €1,900,000 cash collateral paid to the mining authority (31 December 2025: €31,181,000). The Group has no contingent assets and liabilities as at 30 June 2026 (31 December 2025: nil). 45 | VULCAN ENERGY HALF YEAR REPORT 2026
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 25 DIVIDENDS No dividend has been declared or paid during the interim period ended 30 June 2026 (31 December 2025: Nil), and the Directors do not recommend the payment of a dividend in respect of the half-year ended 30 June 2026. NOTE 26 EVENTS AFTER THE REPORTING DATE On 3 September 2026, a PFS for a next phase of production at the Company’s Ludwig and Therese licence areas was released. The PFS focuses on a new production site, with integrated production to generate lithium chemicals on one site. Significant CAPEX reductions are targeted, through integration of upstream and downstream operations with the potential to sell renewable heat to industrial and/ or municipal parties. On 17 August 2026, the Company appointed Ms Amanda Lacaze as an Independent Non-Executive Director. Ms Lacaze is an experienced mining and resources executive and previously served as Managing Director and Chief Executive Officer of Lynas Rare Earths Limited until June 2026. Ms Lacaze has also joined the Company's Audit, Risk and ESG Committee. On 27 July 2026, the Group announced the commencement of civil construction activities at the Lionheart 30MW geothermal power plant site in Landau, Germany. The works include foundation and concrete construction, site infrastructure and road development, and represent the next stage of construction following completion of early bulk earthworks. The Lionheart Project is designed to integrate lithium production and renewable geothermal energy generation and remains on schedule in accordance with the Group's project execution plans. On 15 July 2026, the Group received the initial equity funding drawdown from its strategic investors under the €2.2 billion Lionheart Project financing package. The funding supports the ongoing development and construction of the Lionheart Project and is considered a non-adjusting event after the reporting date. Apart from the above, no other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. 46 | VULCAN ENERGY HALF YEAR REPORT 2026
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Directors’ Declaration DIRECTORS’ DECLARATION In the Directors’ opinion: x the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 ‘Interim Financial Reporting’, the Corporations Regulations 2001 and other mandatory professional reporting requirements; x the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 30 June 2026 and of its performance for the half-year ended on that date; and x there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. The declaration is made in accordance with a resolution of the Board of Directors made pursuant to section 303(5)(a) of the Corporations Act 2001. On behalf of the directors #ī 9īĊÆðĮ ÐÌðĊ 'ŘÐÆķĴðŒÐ ìðī Dz wÐĨĴÐĉÅÐī ǫǩǫǯ Dr Francis Wedin Executive Chair 9 September 2026 47 | VULCAN ENERGY HALF YEAR REPORT 2026
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INDEPENDENT AUDITOR’S REVIEW REPORT RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 www.rsm.com.au INDEPENDENT AUDITOR’S REVIEW REPORT To the Members of VULCAN ENERGY RESOURCES LIMITED REPORT ON THE HALF-YEAR FINANCIAL REPORT Conclusion We have reviewed the accompanying half-year financial report of Vulcan Energy Resources Limited which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the half-year ended on that date, notes comprising material accounting policy information and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Vulcan Energy Resources Limited is not in accordance with the Corporations Act 2001 including: (a) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2026 and of its performance for the half-year ended on that date; and (b) complying with Accounting Standard AASB 134 Interim Financial Reportingand the Corporations Regulations 2001. Basis for Conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Reportsection of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Vulcan Energy Resources Limited, would be in the same terms if given to the directors as at the time of this auditor’s review report. 48 | VULCAN ENERGY HALF YEAR REPORT 2026
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INDEPENDENT AUDITOR’S REVIEW REPORT Directors’ Responsibility for the Half-year Financial Report The directors of Vulcan Energy Resources Limited are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error. Auditor’s Responsibility for the Review of the Financial Report Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the consolidated entity’s financial position as at 30 June 2026 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. R S M A U S T R A L I A Perth, WA ALASDAIR WHYTE Dated: 9 September 2026 Partner 49 | VULCAN ENERGY HALF YEAR REPORT 2026
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APPENDIX Vulcan’s combined Mineral Resource and Ore Reserve tables Licence/Area Reservoir ăĮĮðťÆĴðďĊ GRV km3 Avg. NTG (%) Avg. Phie (%) Avg.Li mg/L Elemental Li (t) LCE (kt) Insheim *MUS, BST, ROT,BM Measured 13 69 9 181 151,823 808 Rift-North *MUS, BST, ROT,BM Measured 9.5 70 9 181 110,181 586 *MUS, BST, ROT,BM AĊÌðÆĴÐÌ 29 71 9 181 355,443 1,892 Landau Sued *MUS, BST, ROT,BM Measured 12 68 9 181 134,677 717 *MUS, BST, ROT,BM AĊÌðÆĴÐÌ 2.7 69 9 181 29,620 158 Fuchsmantel BST AĊÌðÆĴÐÌ 7 90 10 181 115,215 613 BST AĊåÐīīÐÌ 37 65 9 181 391,201 2,082 Kerner BST AĊÌðÆĴÐÌ 5 90 10 181 76,242 406 BST AĊåÐīīÐÌ 13 65 9 181 132,558 705 Kerner Ost *MUS, BST, ROT AĊÌðÆĴÐÌ 4.3 73 8 181 66,708 355 Taro *MUS, BST, ROT AĊÌðÆĴÐÌ 15 73 8 181 237,362 1,263 Ortenau *MUS, BST, ROT AĊÌðÆĴÐÌ 57 73 8 181 659,013 3,507 BST AĊåÐīīÐÌ 105 73 8 181 1,883,212 10,024 Mannheim BST AĊÌðÆĴÐÌ 11 90 10 155 154,000 820 MUS, BST, BM AĊåÐīīÐÌ 41 83 8 155 452,000 2,405 Ludwig BST AĊÌðÆĴÐÌ 14.2 90 9 155 187,000 996 MUS, BST, ROT,BM AĊåÐīīÐÌ 15.9 82 9 155 173,000 920 Therese BST AĊÌðÆĴÐÌ 3.6 90 10 155 48,000 255 MUS, BST, ROT,BM AĊåÐīīÐÌ 20.4 88 9 155 246,000 1,310 Mg/L kt Total LCE Measured 181 2,112 AĊÌðÆĴÐÌ 177 10,265 AĊåÐīīÐÌ 174 17,466 Total 29,822 APPENDIX qìĮÐZĊÐqīďþÐÆĴOðďĊìÐīĴăðÆÐĊÆÐĮȘ qìĮÐ}œďqīďþÐÆĴOķÌœðæăðÆÐĊÆÐĮȘ NOTES TO MINERAL RESOURCE STATEMENT Global Mineral Resources statement Note 1 Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. Refer to the Competent Person Statement in this Report for further information. Note 2 The weights are reported in metric tonnes (1,000 kg or 2,204.6 lbs). Numbers may not add up due to rounding of the resource value percentages. Note 3 Reservoir abbreviations: MUS – Muschelkalk Formation, BST – Buntsandstein Group; ROT Rotliegend Group; BM - Variscan Basement. Note 4 To describe the resource in terms of industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li2CO3, or Lithium Carbonate Equivalent (LCE). Note 5 NTG and Phie averages have been weighted to the thickness of the reservoir. Note 6 GRV refers to gross rock volume, also known as the aquifer volume. Note 7 Mineral Resources are considered to have reasonable prospects for eventual economic extraction under current and forecast lithium market pricing with application ofVulcan’s A-DLE processing. Note 8: The values shown are an approximation and with globalised rounding of values in the presented summary table as per JORC guidelines, cannot be multiplied through to achieve the Mineral Resource estimated volumes shown above. tÐĮÐīŒÐĮÆăĮĮðťÆĴðďĊ Lithium grade Economic Reserves Quantity at Wellhead Reference Point Mg/I Li Kt LCE Proved 181 318 Probable 181 252 Ore Reserves Estimate The following table sets out Vulcan’s Lionheart qīďþÐÆĴZīÐtÐĮÐīŒÐĮĮĴǢǟLķĊÐǡǟǡǥȘ Note: See Competent Person Statement contained in the Appendix. 50 | VULCAN ENERGY HALF YEAR REPORT 2026
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Table 1: Vulcan’s integrated lithium and renewable energy project licence table9 NAME STATE RESOURCES AREA (KM²) EXPIRY OWNERSHIP AS AT 30 JUNE 2026 CHANGE IN OWNERSHIP TYPE PHASE ONE LIONHEART Insheim RLP Geothermal 19 11.2037 ǠǟǟɦUĴļīăðÆìAĊĮìÐðĉ:ĉÅ>ȧǠǟǟɦ ĮķÅĮðÌðīřďå't:'ZOAZ:ĉÅ>Ȩ N/A Production LiThermEx (same area as Insheim) RLP Lithium 3.2032 ǠǟǟɦUĴļīăðÆìAĊĮìÐðĉ:ĉÅ>ȧǠǟǟɦ ĮķÅĮðÌðīřďå't:'ZOAZ:ĉÅ>Ȩ N/A Production Landau-Süd RLP Geothermal 19.41 5.2034 100% Geox GmbH (100% subsidiary of 't:'ZOAZ:ĉÅ>Ȩ N/A Production Ilka (same area as Landau-Süd) RLP Lithium 6.2026 N/A Production licence application being assessed in line with permitting plan, to replace exploration licence Rift-Nord RLP Geothermal & lithium 61,83 (VER share), 149.74 km² total 6.2027 50% Natürlich Sudpfalz GmbH, 50% GET, Natürlich Sudpfalz GmbH has rights to ÌÐŒÐăďĨĨīďÌķÆĴðďĊĨīďþÐÆĴĮœðĴìǠǟǟɦ ownership in the licence area N/A Exploration PHASE TWO LUDWIG Ludwig RLP Geothermal & lithium 96.34 12.2027 100% VER GmbH N/A Exploration Therese RLP Geothermal & lithium 81.12 12.2027 100% VER GmbH N/A Exploration FUTURE PHASE PIPELINE Ried Hessen Geothermal, brine & lithium 289.92 7.2027 100% VER GmbH N/A Exploration Luftbrücke Hessen Geothermal, brine & lithium 207.25 9.2026 100% VER GmbH N/A Exploration Waldnerturm BW Geothermal, brine & lithium 20.43 12.2026 100% VER GmbH N/A Exploration Lampertheim II Hessen Geothermal, brine & lithium 1.99 7.2027 100% VER GmbH N/A Exploration Ortenau II BW Geothermal, brine & lithium 374.1 12.2028 100% VER GmbH N/A Exploration Mannheim BW Geothermal, brine & lithium 144.49 6.2027 100% VERE Pty Ltd N/A Exploration Taro RLP Geothermal 32.68 9.2027 100% VER GmbH N/A Exploration Lisbeth RLP Lithium 9.2027 100% VER GmbH N/A Exploration Lampertheim Hessen Geothermal, brine & lithium 108.03 7.2027 100% VER GmbH N/A Exploration Kerner RLP Geothermal & lithium 72.26 12.2027 100% VER GmbH N/A Exploration Löwenherz RLP Geothermal & lithium 75.43 12.2026 100% VER GmbH N/A Exploration Flaggenturm 2023 RLP Geothermal 166.75 12.2027 100% VER GmbH N/A Exploration Fuchsmantel 2023 RLP Lithium 12.2027 100% VER GmbH N/A Exploration Darmstadt-West Hessen Brine & lithium 163,09 6.2027 100% VER GmbH N/A Exploration Kachelhoffa10 FR Geothermal 463.34 7.2029 100% Vulcan Énergie France, (100% subsidiary of VER GmbH) N/A Exploration Kachelhoffa minéral11 FR Lithium 7.2029 100 % Vulcan Énergie France (100% subsidiary of VER GmbH) N/A Exploration Cesano A} Geothermal & Lithium 11.46 01.2027 ǤǟɦķăÆĊ'ĊÐīæřAĴăřqĴřOĴÌȘȧǠǟǟɦ owned by Vulcan), 50% Enel Green Power N/A Exploration APPENDIX Ǩ }ìðĮĴÅăÐÆďĊĴðĊĮķăÆĊȸĮăðÆÐĊÆÐĮĮĴĴìÐÌĴÐďåĴìðĮ īÐĨďīĴșķĊăÐĮĮďĴìÐīœðĮÐĊďĴÐÌșœðĴìĴìÐOðďĊìÐīĴăðÆÐĊÆÐĮĮìÌÐÌðĊæīÐřȘķăÆĊìĮĴďĴăďåǡǢăðÆÐĊÆÐĮșœðĴìǡǟðĊ:ÐīĉĊřȘ}ìÐ:ÐīĉĊ licences are over 17 separate areas as Insheim and LiThermex, Landau-Süd and Ilka, Lisbeth and Taro, Flaggenturm and Fuchsmantel are separate lithium and geothermal licences over the same īÐĮĨÐÆĴðŒÐīÐĮȘ9ďīķăÆĊȸĮķăĴðĉĴÐðĊĴÐīÐĮĴðĊÐÆìăðÆÐĊÆÐĨăÐĮÐīÐåÐīĴďķăÆĊwĊĊďķĊÆÐĉÐĊĴĴðĴăÐÌȵ9ðĊĊÆðĊæĊÌ9A#ĨīÐĮÐĊĴĴðďĊȶșĮăðÌÐǠǦșīÐăÐĮÐÌďĊǢ#ÐÆÐĉÅÐīǡǟǡǤȘ 10 The Company notes the decision of the Nancy Administrative Couty of Appeal against the geothermal permit, and for the lithiu m exploration permit grant validation. Both decisions are subject to appeal and Vulcan will also continue to work in consultation with the government and local authorities. 11 The Mannheim Announcement relates solely to the lithium brine Resource estimation for the Mannheim sector. 51 | VULCAN ENERGY HALF YEAR REPORT 2026
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Competent Person Statement and Disclamers Ore Reserves, Mineral Resources and Exploration Results }ìÐðĊåďīĉĴðďĊðĊĴìðĮ>ăåȭÐītÐĨďīĴĴìĴīÐăĴÐĮĴďȚȧðȨTðĊÐīătÐĮďķīÆÐĮĊÌ:ÐďĴìÐīĉătÐĮďķīÆÐĮðĊīÐăĴðďĊĴďqīďþÐÆĴ OķÌœðæðĮÐŘĴīÆĴÐÌåīďĉĴìÐȵqďĮðĴðŒÐqīÐăðĉðĊīř9ÐĮðÅðăðĴřwĴķÌřȧq9wȨďķĴăðĊÐĮķăÆĊȸĮĮÐÆďĊÌ:ÐīĉĊĨīďþÐÆĴĮìďœÆĮðĊæ īÐĨÐĴÅăÐÌÐŒÐăďĨĉÐĊĴæīďœĴìĮĴīĴÐæřȶĊĊďķĊÆÐĉÐĊĴďĊǢwÐĨĴÐĉÅÐīǡǟǡǥȧProject Ludwig PFS Announcement); (ii) Mineral tÐĮďķīÆÐĮĊÌZīÐtÐĮďķīÆÐĮðĊīÐăĴðďĊĴďqīďþÐÆĴOðďĊìÐīĴĊÌĴìÐ9ķĴķīÐqìĮÐĮĨīďþÐÆĴĮðĮÐŘĴīÆĴÐÌåīďĉĴìÐȵ īðÌæðĊæ 'ĊæðĊÐÐīðĊæwĴķÌřtÐĮķăĴĮȶĊĊďķĊÆÐĉÐĊĴďĊǠǥUďŒÐĉÅÐīǡǟǡǢȧBridging Engineering Study AnnouncementȨĊÌĴìÐȵ9ķĴķīÐ qìĮÐqðĨÐăðĊÐȯTĊĊìÐðĉtÐĮďķīÆÐĮ:īďœĴìȶĊĊďķĊÆÐĉÐĊĴďĊǨLķăřǡǟǡǤȧMannheim Resources Growth Announcement)12; ĊÌȧðððȨ'ŘĨăďīĴðďĊtÐĮķăĴĮðĮÐŘĴīÆĴÐÌåīďĉĴìÐȵwķÆÆÐĮĮåķăĨīďÌķÆĴðďĊĴÐĮĴīÐĮķăĴĮåīďĉťīĮĴĊÐœOðďĊìÐīĴœÐăăȚĊĊďķĊÆÐĉÐĊĴ ÌĴÐÌǡǠLĊķīřǡǟǡǥșĊÌĴìÐȵqďĮðĴðŒÐĮĴīĴĴďqìĮÐZĊÐOðďĊìÐīĴqīďþÐÆĴťÐăÌÌÐŒÐăďĨĉÐĊĴȶĊĊďķĊÆÐĉÐĊĴďĊǠǨUďŒÐĉÅÐī ǡǟǡǤșăăďåœìðÆìīÐŒðăÅăÐĴďŒðÐœďĊķăÆĊȸĮœÐÅĮðĴÐĴìĴĴĨȚȥȥŒȭÐīȘÐķȘķăÆĊÆďĊťīĉĮĴìĴșðĊīÐĮĨÐÆĴďåȚȧðȨTðĊÐīă tÐĮďķīÆÐĮĊÌ:ÐďĴìÐīĉătÐĮďķīÆÐĮðĊīÐăĴðďĊĴďĴìÐOķÌœðæqīďþÐÆĴțȧððȨTðĊÐīătÐĮďķīÆÐĮĊÌZīÐtÐĮÐīŒÐĮðĊīÐăĴðďĊĴď qīďþÐÆĴOðďĊìÐīĴĊÌĴìÐ9ķĴķīÐqìĮÐĮĨīďþÐÆĴĮțĊÌȧðððȨ'ŘĨăďīĴðďĊtÐĮķăĴĮșðĊÆăķÌÐÌðĊĴìðĮÌďÆķĉÐĊĴȚ a. it is not aware of any new information or data tha t materially affects the information included in the original market announcement, b. that all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed; and c. ĴìÐåďīĉĊÌÆďĊĴÐŘĴðĊœìðÆìĴìÐ ďĉĨÐĴÐĊĴqÐīĮďĊĮȸťĊÌðĊæĮīÐĨīÐĮÐĊĴÐÌðĊĴìðĮĊĊďķĊÆÐĉÐĊĴìŒÐĊďĴÅÐÐĊĉĴÐīðăăř ĉďÌðťÐÌåīďĉĴìÐďīðæðĊăĉīāÐĴĊĊďķĊÆÐĉÐĊĴȘ Production Targets }ìÐðĊåďīĉĴðďĊðĊĴìðĮ>ăåȭÐītÐĨďīĴĴìĴīÐăĴÐĮĴďĨīďÌķÆĴðďĊĴīæÐĴĮåďīȚȧðȨqīďþÐÆĴOķÌœðæðĮÐŘĴīÆĴÐÌåīďĉĴìÐqīďþÐÆĴ OķÌœðæq9wĊĊďķĊÆÐĉÐĊĴțĊÌȧððȨqīďþÐÆĴOðďĊìÐīĴðĮÐŘĴīÆĴÐÌåīďĉĴìÐ īðÌæðĊæ'ĊæðĊÐÐīðĊæwĴķÌřĊĊďķĊÆÐĉÐĊĴȘ}ìÐ ÅďŒÐĊĊďķĊÆÐĉÐĊĴĮīÐŒðăÅăÐĴďŒðÐœďĊķăÆĊȸĮœÐÅĮðĴÐĴœœœȘŒȭÐīȘÐķȘķăÆĊÆďĊťīĉĮĴìĴăăĉĴÐīðăĮĮķĉĨĴðďĊĮ underpinning the production targets included in these announcements continue to apply and have not materially changed. Forecast Financial Information }ìðĮ>ăåȭÐītÐĨďīĴÆďĊĴðĊĮåďīÐÆĮĴťĊĊÆðăðĊåďīĉĴðďĊȧðĊÆăķÌðĊæåďīÐÆĮĴťĊĊÆðăðĊåďīĉĴðďĊÌÐīðŒÐÌåīďĉĴìÐ ďĉĨĊřȸĮ ĨīďÌķÆĴðďĊĴīæÐĴĮȨȘ}ìðĮåďīÐÆĮĴťĊĊÆðăðĊåďīĉĴðďĊðĮÅĮÐÌďĊĴìÐĉĴÐīðăĮĮķĉĨĴðďĊĮĮÐĴďķĴðĊȧďīīÐåÐīīÐÌĴďðĊȨȚȧðȨðĊĴìÐ ÆĮÐďåqīďþÐÆĴOķÌœðæȯĴìÐqīďþÐÆĴOķÌœðæq9wĊĊďķĊÆÐĉÐĊĴțĊÌȧððȨðĊĴìÐÆĮÐďåqīďþÐÆĴOðďĊìÐīĴȭĴìÐAĊÌÐĨÐĊÌÐĊĴ'ŘĨÐīĴ tÐĨďīĴðĊÆăķÌÐÌĮĮÐÆĴðďĊǠǦĴďĴìÐȵAĊåďīĉĴðďĊTÐĉďīĊÌķĉȶĊĊďķĊÆÐĉÐĊĴďĊǠǠ#ÐÆÐĉÅÐīǡǟǡǣĊÌĴìÐȵ9ðĊĊÆðĊæĊÌ9A# ĨīÐĮÐĊĴĴðďĊȶĊĊďķĊÆÐĉÐĊĴďĊǢ#ÐÆÐĉÅÐīǡǟǡǤȘ}ìÐÅďŒÐĊĊďķĊÆÐĉÐĊĴĮīÐŒðăÅăÐĴďŒðÐœďĊķăÆĊȸĮœÐÅĮðĴÐĴìĴĴĨĮȚȥȥ ŒȭÐīȘÐķȘķăÆĊÆďĊťīĉĮĴìĴĴìÐĮĮķĉĨĴðďĊĮĮÐĴďķĴðĊĴìÐĮÐĊĊďķĊÆÐĉÐĊĴĮÆďĊĴðĊķÐĴďĨĨăřĊÌìŒÐĊďĴĉĴÐīðăăřÆìĊæÐÌȘ APPENDIX 12 The Mannheim announcement relates solely to the lithium brine Resource estimation for the Mannheim sector. 52 | VULCAN ENERGY HALF YEAR REPORT 2026
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