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Corporate Presentation Q4 2026 ASX/FSE: VUL CLIMATE CHAMPION | DETERMINED | INSPIRING
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2 IMPORTANT: You must read the following before continuing The information contained in this presentation (Presentation) has been prepared by Vulcan Energy Resources Ltd (Vulcan or the Company). This Presentation is for informational purposes only and is not an offer of securities for sale in the United States of America, its territories or possessions, any state of the United States or the District of Columbia (collectively, the United States). This Presentation is not for use in the United States (other than in presentations to a limited number of "qualified institutional buyers" as defined in Rule 144A under the US Securities Act of 1933, as amended (the US Securities Act)) and may not be retransmitted, published, released or otherwise redistributed in or into the United States by any recipient hereof. The securities referred to herein have not been and will not be registered under the US Securities Act, or under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold, directly or indirectly, in or into the United States absent registration except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in accordance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offering of the securities referred to herein in the United States. Summary Information This Presentation contains summary information about Vulcan that is current as at the date of this Presentation (unless otherwise indicated). The information in this Presentation is general in nature, and does not purport to be complete. In particular, this Presentation does not contain all of the information that an investor may require in evaluating a possible investment in Vulcan Shares or in Vulcan generally, nor does it contain all information that would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act or any other law, and does not constitute, an invitation or offer of securities for subscription, purchase, or sale in any jurisdiction. In particular, this presentation does not constitute an invitation or offer of securities for subscription, purchase, or sale in any jurisdiction in which such an offer would be illegal. This Presentation has been prepared by Vulcan with due care, but no representation or warranty, express or implied, is provided in relation to the accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this Presentation by Vulcan or any Limited Party (defined below). Statements in this Presentation are made only as of the date of this Presentation, unless otherwise stated, and the information in this Presentation remains subject to change without notice. To the maximum extent permitted by law, Vulcan is not responsible for updating, and does not undertake to update, this Presentation. This Presentation should be read in conjunction with Vulcan's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au or the Company's website. Not an Offer This Presentation is not and should not be considered an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any securities in Vulcan. This Presentation has been made available for information purposes only and does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act, or any other offering document under Australian law or any other law (and will not be lodged with the Australian Securities and Investment Commission or any foreign regulator), and is not subject to the disclosure requirements affecting disclosure documents under Chapter 6D of the Corporations Act. This Presentation has been prepared for publication in Australia and does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Disclaimer, acknowledgement and agreement. Vulcan, to the maximum extent permitted by law, expressly excludes and disclaims all liability (including, without limitation, any liability arising out of fault or negligence on the part of any person) for any direct, indirect, consequential or contingent loss or damage, or any costs or expenses, arising from the use of this Presentation or its contents, or otherwise arising in connection with it. By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation, you acknowledge and agree to the terms set out in the "Disclaimer" sections of the Presentation. No investment or financial product advice. This Presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, or a recommendation to acquire Vulcan Shares, nor does it constitute, and is not intended to constitute, accounting, legal or tax advice. This Presentation does not, and will not, form any part of any contract for the acquisition of Vulcan Shares. This Presentation has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Before making an investment decision (including any investment in Vulcan Shares or Vulcan generally), prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs, and seek professional advice from their legal, financial, taxation or other independent adviser (having regard to the requirements of all relevant jurisdictions). DISCLAIMER FO-0762 V 1
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3 Forward-looking statements. General: This Presentation contains certain forward-looking statements. Often, but not always, forward-looking statements may be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "target", "propose", "anticipate", "continue", "outlook" and "guidance", or other similar words. By their nature, forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated, including those generally associated with the lithium industry and/or resources exploration companies. Any such forward-looking statements, opinions and estimates in this Presentation (including any statements about market and industry trends) are based on assumptions and contingencies, all of which are subject to change without notice, and may ultimately prove to be materially incorrect. Forward-looking statements are provided as a general guide only and should not be relied upon as, and are not, an indication or guarantee of future performance. Neither Vulcan nor any of its directors, officers, agents, consultants, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions, forward looking statements and conclusions contained in this Presentation. Production Targets: Any information in this announcement that relates to production targets for: (i) Project Lionheart is extracted from the Bridging Engineering Study Announcement; and (ii) Project Ludwig is extracted from the Project Ludwig PFS Announcement. These announcements are available to view on Vulcan's website at https://v-er.eu. Vulcan confirms that all material assumptions underpinning the production targets included in these announcements continue to apply and have not materially changed. Forecast Financial Information: This announcement may contain forecast financial information, including forecast financial information derived from the Company's production targets. Any forecast financial information is based on the material assumptions set out, or referred to,: (i) in the case of Project Lionheart - the Independent Expert Report included as section 17 to the "Information Memorandum" announcement on 11 December 2024 and the "Financing and FID presentation" announcement on 3 December 2025; and (ii) in the case of Project Ludwig - the Project Ludwig PFS Announcement. These announcements are available to view on Vulcan's website at https://v-er.eu. Vulcan confirms that the assumptions set out in these announcements continue to apply and have not materially changed. The Company believes that it has a reasonable basis for making the forward-looking statements in this announcement (including with respect to forecast financial information). Investment risks. As previously noted, an investment in Vulcan is subject to both known and unknown risks, some of which are beyond the control of Vulcan. Vulcan does not guarantee any particular return or its performance, nor does it guarantee any particular tax treatment. Prospective investors should have regard to the Previous Disclosures, when making their investment decision, and should make their own enquires and investigations regarding all information in this Presentation, including, but not limited to, the assumptions, uncertainties and contingencies that may affect Vulcan's future operations, and the impact that different future outcomes may have on Vulcan. Ore Reserves and Mineral Resources reporting. It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). Investors outside Australia should note that while ore reserve and mineral resource estimates of Vulcan in this Presentation comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) subpart 1300 of Regulation S-K under the US Securities Act of 1933, as amended (the "Securities Act"), which governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange Commission (“SEC”). Information contained in this Presentation describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws and investors are cautioned that there can be no assurance that the reserves and resources reported by the Company under the JORC Code would be the same had it prepared its reserve or resource estimates under the standards adopted under subpart 1300 of Regulation S-K. Technical information. Vulcan has carried out: (i) a preliminary feasibility study (PFS) for Project Ludwig, the results of which were announced to the ASX in the “Positive Preliminary Feasibility Study (PFS) outlines Vulcan’s second German project showcasing repeatable development growth strategy” announcement on 3 September 2026; and (ii) a definitive feasibility study (DFS) and bridging engineering study (Bridging Study) for the Lionheart Project, the results of which were announced to the ASX in the announcements “Phase 1 DFS Results” on 13 February 2023 and the “Bridging Engineering Study Results” announcement on 16 November 2023”. The above announcements are available to view on Vulcan's website at www.v-er.eu. This Presentation may include certain information relating to the PFS in relation to Project Ludwig, and the DFS and Bridging Study in relation to Project Lionheart. The PFS, DFS and Bridging Study are based on the material assumptions and parameters outlined in each respective announcement. While Vulcan considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the PFS, DFS or Bridging Study. This presentation may also include certain information relating to Future Phases projects. Vulcan has not yet carried out preliminary or definitive feasibility studies for Future Phases projects. DISCLAIMER (CONT) FO-0762 V 1
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4 Financial data. All monetary values expressed as EUR or€ in this Presentation are in Euros, unless stated otherwise. All monetary values expressed as "US$" in this Presentation are in US dollars, unless stated otherwise. The assumed exchange rate to convert Euros into US dollars (or vice versa) is shown in the footnote of the respective slide. In addition, prospective investors should be aware that financial data in this Presentation includes "non-IFRS financial information" under ASIC Regulatory Guide 230 'Disclosing non-IFRS financial information' published by ASIC and also 'non-GAAP financial measures' within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934. The non-IFRS financial measures do not have standardised meanings prescribed by Australian Accounting Standards and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards. Although Vulcan believes the non-IFRS financial information (and non-IFRS financial measures) provide useful information to readers of this Presentation, readers are cautioned not to place any undue reliance on any non-IFRS financial information (or non-IFRS financial measures). Similarly, non-GAAP financial measures do not have a standardised meaning prescribed by Australian Accounting Standards or International Financial Reporting Standards and therefore may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards or International Financial Reporting Standards. Although Vulcan believes that these non-GAAP financial measures provide useful information to readers of this Presentation, readers are cautioned not to place undue reliance on any such measures. Funding strategy. To achieve the range of outcomes indicated in the preliminary feasibility study for Project Ludwig, additional funding will be required. Investors should note that there is no certainty that Vulcan will be able to raise the amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to, or otherwise affect the value of, Vulcan’s existing shares. It is also possible that Vulcan could pursue other financing strategies such as a partial sale or joint venture of Project Ludwig. If it does, this could materially reduce Vulcan’s proportionate ownership of Project Ludwig. Effect of rounding. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. Competent Person Statement. Any information in this announcement that relates to: (i) Mineral Resources and Ore Resources in relation to Project Lionheart and the Future Phases projects is extracted from the "Bridging Engineering Study Results" announcement on 16 November 2023 (Bridging Engineering Study Announcement) and the "Future Phase Pipeline - Mannheim Resources Growth" announcement on 9 July 2025 (Mannheim Resources Growth Announcement); (ii) Mineral Resources and Geothermal Resources in relation to Project Ludwig is extracted from the "Positive Preliminary Feasibility Study (PFS) outlines Vulcan's second German project showcasing repeatable development growth strategy" announcement on 3 September 2026 (Project Ludwig PFS Announcement); and (iii) Exploration Results is extracted from the "Successful production test results from first new Lionheart well” announcement dated 21 January 2026, and the "Positive start to Phase One Lionheart Project field development" announcement on 19 November 2025, all of which are available to view on Vulcan's website at https://v-er.eu. Vulcan confirms that, in respect of: (i) Mineral Resources and Ore Reserves in relation to Project Lionheart and the Future Phases projects; (ii) Mineral Resources and Geothermal Resources in relation to Project Ludwig; and (iii) Exploration Results, included in this document: (a)it is not aware of any new information or data that materially affects the information included in the original market announcement; (b) all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed; and (c) the form and context in which the Competent Persons' findings are presented in this announcement have not been materially modified from the original market announcement Industry data. Certain market and industry data used in connection with or referenced in this Presentation may have been obtained from public filings, research, surveys or studies made or conducted by third parties, including as published in industry-specific or general publications. Neither Vulcan nor its advisers, nor their respective representatives, have independently verified any such market or industry data. To the maximum extent permitted by law, each of these persons expressly disclaims any responsibility or liability in connection with such data. Acknowledgement and agreement. By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation, you acknowledge and agree to the terms set out in the "Disclaimer" sections of the Presentation DISCLAIMER (CONT) FO-0762 V 1
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We are Europe’s lithium solution
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Integrated lithium chemicals and renewable geothermal energy from the same source, in the same place, across multiple projects Note(s): 1. See Mineral Resource Statement in the Appendix and the Competent Person Statement in the disclaimer slides for Lionheart and Project Ludwig Mineral Resource Estimates as a percentage of the combined Upper Rhine Valley Lithium Brine Mineral Resource estimate ; . 2. Refer to Competent Person Statement and associated Mineral Resource and Ore Reserve disclaimers. 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. INTRODUCING VULCAN Global Significance • Globally significant sub-surface geothermal-lithium brine asset in central Europe • Tier One Resource - 29.8Mt LCE Attractive Costs • Naturally heated with low impurities supports low-cost quartile production for two projects and counting. • Future projects to leverage same development blueprint to enable growth capital efficiencies Growth • ~2000km² license holding supports growth across brine field: “design one, build many” • First two projects aim to develop ~26%1 of resource for combined 45ktpa lithium chemicals, 275 GWh of renewable power and 3,400 GWh of heat p.a. over 30- year respective mine lives 2 Producing & Constructing • Lithium and geothermal value chain currently operational at demonstration scale • Team to deliver ‘flagship’ Project Lionheart for targeted 2028 production Product flexibility • Lionheart customer offtake in place for initial 6-10 years • Full product flexibility across lithium chemistries to cover current and future applications Strategic tailwinds • Strategically important projects for Europe’s battery supply chain resilience within short distance of customers
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7 7 PHASE ONE DELIVERS A REPEATABLE DEVELOPMENT PLATFORM FOR GROWTH1 World leading integrated geothermal energy and battery-grade lithium production Integrated In construction Delivery Lowest quartile production costs Cost Position Bankable inhouse lithium extraction technology Technology Sustainability driven Sustainability Note 1: Apart from the Project Ludwig PFS, Vulcan has not completed sufficient studies for future phases of its Project and there is no guarantee of Vulcan being able to replicate Phase One Lionheart on the same basis/metrics or at all and therefore these statements should be considered accordingly. Project Lionheart Under Construction
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8 CORPORATE SNAPSHOT Strong institutional shareholder base, aligned strategic partners and compelling value considering lithium peer group and capital invested Note(s): 1. As at 29 October 2026 ASX closing price A$1.315 per share; 2. Converted at €0.61/A$1.00; 3. The Company’s closing cash plus deposits accessible after 90 days was €209.4m at 30 September. This balance comprises the closing cash position of €129.4m plus €80.0m invested in high -interest term deposits with original maturities or notice periods exceedin g 90 days. 4. As at 16 October 2026 by size Equity analyst Coverage Canaccord Genuity Timothy Hoff Berenberg Sebastian Bray ABN AMRO Martijn Den Drijver Bell Potter Stuart Howe ASX/FSE Prime Standard VUL Shares on issue ~478m A$ € Market Capitalisation1,2 612m 373m Cash2,3 343.3m 209.4m Top shareholders4 HOCHTIEF Van Eck Bank Hapoalim Hancock Prospecting State Street 15.4% 5.0% 4.0% 3.7% 3.4% Shareholder composition Institutional Corporate Retail Other 40% 25% 11% 24%
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9 9 9 TEAM WITH PROJECT DELIVERY TRACK RECORD Team already in place with technical and finance experience to execute major projects and growth strategy Directors Key Management Marc Cleuziou VP, Project Execution 30 years’ major project and development experience across various countries, including Germany and Australia . Project delivery experience with Shell Independent Non-Executives Senior energy executive with 25+ years’ international leadership experience across oil & gas and energy transition industries, including Wintershall Dea, Dea and RWE Dea Manfred Boeckmann Chief Commercial Officer Dr Francis Wedin Founder 19+ years’ experience in the resources industry, including 13 years in lithium ; founder of Vulcan Energy Andres Zöldi VP, Subsurface International energy executive (20+ years’ experience). Former VP Operations at Parex Resources and Chevron alumnus. Holds Master’s in Petroleum Engineering and MBA Carsten Bachg Chief Operating Officer 25+ years’ global project management experience in petrochemical and chemical industry, including Jacobs and Worley, and one of Europe’s largest IT companies Thorsten Weimann Chief Development Officer 25+ years’ experience in fields of geothermal energy and drilling technology . Technical MD of the German Geothermal Association 20+ years’ finance and commercial experience in mining and energy including Fortescue Felicity Gooding Executive Director and Group CFO Cris Moreno Managing Director and Group CEO Senior energy executive with 20+ years’ international experience leading lithium and energy companies including Shell & Woodside Roberto Gallardo Non-Executive Director Amanda Lacaze Non-Executive Director Josephine Bush Non-Executive Director Dr Heidi Grön Non-Executive Director Dr Günter Hilken Non-Executive Director Angus Barker Non-Executive Chair
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10 10 10 STRONG SEPTEMBER QUARTER ACTIVITY PROGRESS Lionheart on schedule and within budget. Vulcan progress across construction, operations, growth and funding Continued operation of the integrated lithium and renewable energy value chain, with existing production facilities supporting lithium extraction technology performance, product validation and financing requirements. Completion of the Project Ludwig PFS highlighted strong project economics, improved capital efficiency and the scalability of Vulcan’s repeatable development model. Ludwig seismic and asset level equity activities commenced. Initial equity drawdowns and grant disbursements were received in the Quarter, reflecting continued financier satisfaction with Lionheart's progress, schedule and budget execution and field development performance. Highlights Across Key Segments Lionheart continued to de-risk with field development advancing as expected, with matrix re-injection being validated post the quarter end and commercial-scale VULSORB® production commenced. LIONHEART CONSTRUCTION On schedule & within budget 1 OPERATIONS Integrated value chain operating 2 GROWTH Project Ludwig PFS completed 4 FUNDING Milestones unlocking capital 3
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11 Project Lionheart – Integrated renewable energy and lithium ASX/FSE: VUL
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Lionheart Supply Chain
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Deep Resource: Lithium resource contained in geothermal brine (29.8Mt LCE)1 Lithium chloride solution is transported to the Lithium Chemical Plant Lithium Rich Brine Production Lithium Depleted Brine Reinjection TM ▪ Local utilities ▪ Internal consumption by VUL ▪ Chemical Co / Active material companies ▪ Traders ▪ Battery makers i.e. solid state ▪ Lithium hydroxide ▪ Lithium carbonate optionality Geothermal & Lithium Extraction Lithium Chemicals Resource/Drilling Technology INTEGRATED BRINE-TO-BATTERY VALUE CHAIN – ALREADY IN PRODUCTION SegmentOperational sitesApplication Products ▪ Regional heating ▪ Power ▪ Drilling services ▪ R&D, IP licencing, VULSORB® deployment ▪ High purity lithium chloride intermediate product ▪ Vulcan drilling ▪ Brine producers ▪ Lithium extraction optimisation Pipelines & Power Geothermal & Lithium Extraction Lithium Chemicals Resource/Drilling Technology Note(s): 1. Refer to the Global Mineral Resource Statement in the Appendix
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14 Vulcan’s funding package for Lionheart has reached Financial Close. Lionheart is now one of the only lithium projects globally with financial close and in construction. €1,838m Pre-tax NPV8 €1,152m Post-tax NPV8 15.6% Pre-tax unlevered IRR 13.7% Post-tax unlevered IRR €20,456/t LHM Average 10-year LHM realised price €566m Average revenue p.a. €1,476m CAPEX 75% Average EBITDA margin 24kt LHM 275GWh power 560GWh heat Phase One Lionheart capacity p.a.2 ~4.2 Mt LCE3 Lionheart Project Mineral Resources. Total lithium Resource in URVBF of 29.8Mt LCE, globally significant 30 years of Proven and Probable Mineral Reserves (570kt) Phase One – Lionheart - the numbers1 TechnologyRenewable energy Lithium €3,588/t LHM production cost, lowest quartile Note(s): 1. All figures on this slide represent estimated figures that have been rounded up or down to the nearest whole number except where otherwise noted. Refer also to Key Risks in and Economics in App endix 4 of the 3 December Investor Presentation 2. Phase One Lionheart production target capacity from Bridging Engineering Study announcement 16 November 2023 3. Refer to Mineral Resource and Ore Reserve di sclaimers. 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 Res ource @ 175 mg/L and 17.4Mt LCE of Inferred Resource @ 172mg/L.
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15 CONSTRUCTION PROGRESSING TO PLAN Execution plan in motion, activities underway across Lionheart Early bulk earthworks at the Frankfurt lithium chemical plant site Frankfurt lithium chemical plant site being prepared ahead of future civil activities Convergence of below ground activities with construction of the above ground infrastructure supporting it Site preparations at the Landau geothermal and lithium extraction facility. Powerlines now relocated Construction works at the fourth well site First foundation concrete layers for the Lionheart geothermal power plant in Landau
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16 Lionheart Targeted Milestones to First Production Geothermal Lithium Chemical Lithium Extraction Upstream Field Development Proven ‘demonstration’ scale battery grade lithium supply chain built and operated Secured long term lithium offtakes Long lead items committed Signing of Euro 2.2Bn Financing Package Positive Final Investment Decision for Phase One Project Lionheart 1st new production well completed (Jan 26) Early bulk earthworks commenced at Lithium Extraction and Lithium Chemical plants Commence civil works at Geothermal Powerplant Commence civil works at Lithium Extraction Plant Commence civil works at Lithium Chemical Plant Start construction of Geothermal Powerplant First process equipment packages arrive at Lithium Chemical Plant First process equipment packages arrive at Lithium Extraction Plant Mechanical completion at Lithium Extraction & Lithium Chemical Plant Start commissioning at Lithium Extraction & Lithium Chemical Plant Upstream start of production Lithium Chemical Plant start of production Ramp up of commercial production Note: event order from top to bottom
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17 Project Ludwig ASX/FSE: VUL
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18 18 18 Wells are drilled into the deep, hot, lithium-rich brine resource, which is pumped to the surface, followed by re-injection of brine. → A closed loop, circular system Resource: 3 to 5km deep reservoir Local heat consumers Lithium Carbonate distributed to the EU market Lithium extraction and conversion plant Well sites Energy Storage Geothermal and lithium brine field resource PIPELINES ICPP PIPELINES Hot Li-rich brine for production Cold Li-poor brine for reinjection Renewable heat and brine transferred to transfer point (TP) Integrated Pipeline & Power (ICPP) up to transfer point (TP) One integrated site TM PROJECT LUDWIG OVERVIEW – INTEGRATED UPSTREAM & DOWNSTREAM Integration of lithium extraction and lithium chemical plants to drive capital efficiency LiCl-rich brine A-DLE extraction LiCl eluate Concentration Refining Carbonation LiCl concentrate Crystallisation Drying & product load Li2CO3 Water recycle Battery Grade Li2CO3 Renewable heat internal process use Heat from brine Efficient integration of renewable heat into lithium production process TP
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19 Synergies with local heat consumers and low power requirement eliminates need for power generation. Conversion to Li2CO3 using simple, industry-standard process and equipment, with integrated heat source. One integrated site for the entire extraction, conversion and refining process to battery grade product. Capital efficiencies, engineered into Project Ludwig INTEGRATED LITHIUM PLANT DESIGN
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20 Targeting low-cost production through naturally preheated, low-impurity brine resource and efficient VULSORB® A-DLE technology Vulcan‘s C1 cost sit in the lowest cost quartile for highly competitive supply – driven by A-DLE lithium recoveries, favourable brine chemistry, and low- cost energy: ▪ Ludwig - estimated at US$4,716/ t LCE or €4,101 /t LCE, real 2026 ▪ Lionheart - estimated at US$4,728/t LCE (€3,588/t or US$4,162/t LHM) 2 real 2025 Target Total Capacity (‘000 tonnes) (2035) Brine (DLE) Mica Spodumene Brine (Legacy) Sedimentary Other 2,0001,5001,000500 2,500 3,000 3,500 4,000 4,500 5,000 10,000 15,000 20,000 25,000 Project Ludwig Project Lionheart Global projected 2035 lithium C1 cost curve unweighted supply (US$/t LCE, real 2026 terms) 1 Note(s): 1. Source: Benchmark Minerals Intelligence; excludes co -product credits from renewable heat, power and HCL; 2. Refer to slide 39 of the 3 December 2025 Investor Presentation, converted at US$1.16/€1.00 LIONHEART AND LUDWIG IN BOTTOM 10% OF GLOBAL LITHIUM COST CURVE
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Lithium market and offtake ASX/FSE: VUL
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22 SUPPLYING THE EUROPEAN AUTOMOTIVE AND BATTERY INDUSTRIES • Low counterparty risk: high quality European-focused offtake partners confirmed for Phase One Lionheart • Long term relationships: binding, take-or-pay contracts with certain pricing mechanisms • Pricing support: pricing mechanisms are a basket of fixed, floor-ceiling and floating prices during Phase One Lionheart debt payback period • Alignment: largest offtake partner, Stellantis, is also one of Vulcan’s largest shareholders through a €50m investment 2 Lionheart offtake committed for 10 years - contracts reflect ‘bankable’ status and provide downside pricing support 1 Offtake terms insulate against short term lithium pricing / market volatility Offtake partner Term Phase One Lionheart Volumes1,3 6 years 31kt of battery-quality LHM 6 years 23kt of battery-quality LHM 10 years 128kt of battery-quality LHM 8 years 40kt of battery-quality LHM 63% 9% 28% FloatingFixedFloor-Ceiling Contracted offtake volumes by type Total - 222kt over 10 years 72% downside price protection on contracted offtake volumes4 Note(s): 1. Refer to section 8.16.3 of the Prospectus dated 18 December 2024 for further information regarding the terms of t he Company’s lithium offtake agreements, including conditions precedent and termination rights and the dates for commencement of commercial delivery, in addition to ASX announcements dated 18 October 2021, 29 November 2021, 31 January 2022 and 13 October 2025 ; 2. Refer to ASX announcement dated 31 May 2023 . Refer to Key Risks in appendix 3 of the 3 December Investor Presentation including paragraph 2.3 about development of subse quent phases; 3. Volumes represent Phase One Lionheart volumes pursuant to the respective contracts. 4. Stellantis and Glencore both have flexibility to reduce some of the volumes during their respective offtake terms, mostly at the end of each term, with significant notice period to be given to enable Vulcan to re-allocate volumes if needed.
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23 0 100 200 300 400 500 600 700 800 900 1000 0 100 200 300 400 500 600 700 800 900 1,000 2028 2029 2030 2031 2032 2033 2034 2035 European Supply European Demand Targeted Phase One Supply Targeted Phase Two Supply RAPID EUROPEAN BATTERY AND LITHIUM DEMAND GROWTH Insufficient European supply coupled with EV sales growth and regulation on domestic resilience make Vulcan’s growth plan critical for Europe Global passenger EV sales1 September 26 YoY growth of New Car Registrations in European Top Markets2 Note(s): 1. Source: Bloomberg NEF, MarkLines, Jato Dynamics – EV Outlook 2026 , 2. Source: IEA Global EV Outlook 2026, Chart: Jan Rosenow, 3.Source Benchmark minerals intelligence data. Vulcan Energy targeted supply is based on Phase One Lionheart production target capacity from Vulcan’s Bridging Engineering Study Announcement 16 Nov 2023 of 24ktpa. Refer to Key Risks in 3 of the 3 Dec 2025 Investor Presentation regarding resource exploration and development projects. European supply-demand forecast (kt LCE)3 Market Share YoY Growth Market Share YoY Growth Germany 34.50% 97% 10.80% 0% France 41.70% 108% 6.50% 11% Italy 7.60% 50% 11.10% 44% Spain 18.50% 71% 15.50% 41% United Kingdom 28.20% 38% 16.60% 54% Battery electric vehicles Plug-in hybrid vehicles 0 5 10 15 20 25 2020 2021 2022 2023 2024 2025 2026e Million
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24 DIRECT LITHIUM EXTRACTION (DLE): THE INDUSTRY CHOICE Big investments in A-DLE – process accounts for >10%1 (and growing fast) of global production with ~30yr track record Lithium Iron Phosphate (LFP) Nickel-Cobalt-Manganese (NCM) Nickel-Cobalt-Aluminium (NCA) Others inc. LCO and SSB (LiCl precursor) Nickel-Cobalt-Manganese (NCM) Source: (1) Fastmarkets 2023-2030 DLE Forecast; (2) Adamus Intelligence with percentages reflecting deployment in EV market in Q1 2025 , Link Battery Energy Storage (BESS) DLE delivers Lowest Cost Quartile: Simpler & integrated lower energy process relative to hard rock mining DLE allows for Product Flexibility: LiCl intermediate Final product versatility inc. SSB Vulcan Energy – Market Driven Lithium Hydroxide2, ~40% Used for nickel-rich cathodes Lithium Carbonate2, ~60% Used for iron-based and lower-nickel cathodes Lithium Chloride Currently small market, future growth in solid state battery chemistries LiOH Li2CO3 LiCl Predominant chemistry for western demand USA driving demand BESS, PHEVs, long-medium range EVs Battery chemistry for low-cost EVs, anticipated to dominate Chinese EV market Renewable energy, cloud and AI data centres Growth sector – chloride is a main precursor for solid state
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25 ASX/FSE: VUL Delivery
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26 Deliver Phase One Lionheart execution milestones Deliver HSE targets during construction Deliver capital efficiency improvement through future phase feasibility study Secure strategic asset level funding for Phase Two project development SUMMARY: STRATEGY TO DELIVER VALUE AND GROWTH1 2026 H2 Focus and Catalysts 5 Year Plan Strategic Pillars Supporting the energy transition through the development of low cost lithium production and renewable geothermal energy in Europe Maintain best- in-class HSE, ESG and regulatory performance Deliver world- class support services capability Deliver Lionheart on time, on budget and to nameplate capacity Establish A-DLE technology business to unlock lithium brines globally Future Phases development Maintain Financial Sustainability Deliver on Commitments to Stakeholders Differentiate Through Strong Sustainability Deliver Phase One Lionheart Deliver Growth Note(s): 1. Refer to disclaimer re Forward-looking statement. On track On track Completed
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27 A TRANSFORMATIONAL TIME FOR VULCAN Offtakes and lithium product flexibility Major European- focused customers across value chain for initial 6-10 yr Lionheart contracts with 72% downside price protection. LiCl starting point means product flexibility for EV & BESS chemistries Attractive costs1 Naturally heated brine with low impurities reduces operating cost and creates co-products. Targeting bottom quartile across both Lionheart and Ludwig Capital efficiencies for growth projects courtesy of learnings and integration Producing & constructing Team to deliver - deep major project delivery track record. Vulcan proprietary bankable technology, in house drilling and engineering and execution teams to replicate the Lionheart ‘blueprint’ Already in operation at industrial demonstration scale Outstanding government support1 tailwinds €1.4bn from public- backed funding across Lionheart grants, equity and debt inc. EIB cornerstone Similar public funding targeted for growth projects Strategic tailwinds for supply chain resilience Substantial growth potential Only 5 of 18 licenses and small percentage of global mineral resource required for Lionheart and Ludwig Lionheart the blueprint for next phases that will benefit from efficiencies Technology licensing VUL holds the key to lithium growth in Europe with its repeatable development platform capable of delivering stronger returns and lower capital intensity across future phases Note(s): 1. Refer to slide 15, 21 and 22 of this Presentation; 2. As estimated and reported in accordance with the JORC Code 2012. Refer to Competent Person Statement and associated Mineral Resource and Ore Reserve disclaimers. 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. Globally significant project Tier One long life asset - energy, heat and lithium Significant 29.8 Mt LCE Resource2 Favourable reservoir chemistry means no chemical pre- treatment required before A-DLE
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28 Appendix ASX/FSE: VUL
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29 LUDWIG PFS: KEY OUTCOMES CONT’D - DISCLAIMERS Note 1: Project Ludwig economic metrics are based on the 2026 Pre-Feasibility Study (PFS) on the assumptions set out in this announcement, while Phase One Lionheart metrics are based on the material assumptions set out or referred to in slide 39 of the investor presentation announced on 3 December 2025 and the independent expert report included as section 17 to the ASX announcement titled ‘Information Memorandum’ released on 11 December 2024 (Lionheart Financial Forecast Announcements). Refer to the Lionheart Financial Forecast Announcements for the detailed breakdown of the Phase One Lionheart economics and economic assumptions to the estimated Phase One Lionheart economics. Comparisons are provided to illustrate relative project characteristics and should be considered in the context of the different study assumptions and development stages of each project. Note 2: Economic metrics are presented assuming capital costs are funded on a 100% equity basis, with no financing costs assumed. IRR metrics are unlevered. Note 3: Production and cost comparisons are presented on an LCE (Lithium Carbonate Equivalent) or LHM (Lithium Hydroxide Monohydrate) basis where applicable. Note 4: Design capacity of the plant. Note 5: Assuming FID is achieved in 2029. Note 6: Project Ludwig development CAPEX includes a 15% contingency. Note 7: Capital intensity is calculated as a ratio of Development Capex (with contingency) to plant capacity (tonnes). Note 8: C1 costs represent the direct operating costs of producing saleable lithium product and exclude sustaining capital, depreciation, financing costs and taxes. C1 costs are reported in real 2026 terms and include a 10% operating cost contingency for the life of the project. Note 9: Annual Average Revenue is on a nominal basis for the integrated Lithium and Geothermal Projects. For Project Ludwig total heat production includes some heat that is consumed internally. Annual average nominal heat revenue for Project Ludwig is approximately €42m/year. Note 10: Internal Rate of Return (IRR) values are unlevered and are presented for indicative comparison purposes only. Differences in IRR also reflect differing study assumptions, lithium products and project maturities. Note 11: Net Present Value discounted at 8% (NPV8) values reflect different effective dates aligned with each project’s Final Investment Decision (Project Ludwig: assumed 2029; Phase One Lionheart: 2025). NPV8 values are presented for indicative comparison purposes only and should not be interpreted as a like-for-like valuation comparison. Differences in NPV8 also reflect differing study assumptions, lithium products and project maturities. Note 12: The above economic outcomes are based on the key financial assumptions summarised in Table 8 of the Vulcan Energy Project Ludwig PFS ASX announcement of the same date. Note 13: The Project Ludwig Production Target is supported by Indicated Lithium Mineral Resources, and the forecast financial information is principally driven by lithium recovery and lithium product revenues.
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30 GLOBAL MINERAL RESOURCE STATEMENT Vulcan’s combined Upper Rhine Valley Lithium Brine Measured, Indicated and Inferred Mineral Resource estimates as at September 2026 Note: see Competent Person Statement contained in the Disclaimer Section. 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. License Reservoir Classification GRV Avg. NTG Avg. Phie Avg. Li Elemental Li km3 % % mg/L kt MUS, BST, ROT, BM Measured 12 68 9 181 135 MUS, BST, ROT, BM Indicated 2.7 69 9 181 30 Insheim MUS, BST, ROT, BM Measured 13.3 69 9 181 152 MUS, BST, ROT, BM Measured 9.5 70 9 181 110 MUS, BST, ROT, BM Indicated 29 71 9 181 355 BST Indicated 14.2 90 9 155 187 MUS, BST, ROT, BM Inferred 15.9 82 9 155 173 BST Indicated 3.6 90 10 155 48 MUS, BST, ROT, BM Inferred 20.4 88 9 155 246 BST Indicated 11 90 10 155 154 MUS, BST, ROT, BM Inferred 41 83 8 155 452 BST Indicated 7 90 10 181 115 BST Inferred 37 65 9 181 391 BST Indicated 5 90 10 181 76 BST Inferred 13 65 9 181 133 Kerner Ost MUS, BST, ROT Indicated 4.3 73 8 181 67 Taro MUS, BST, ROT Indicated 14.5 73 8 181 237 MUS, BST, ROT Indicated 57 73 8 181 659 BST Inferred 105 73 8 181 1,883 Measured Indicated Inferred TOTAL 2111 10,265 17,446 Ortenau 3,507 10,024 Therese 255 1,310 Kerner 406 705 355 1,263 Mannheim 820 2,405 Fuchs-mantel 613 2,082 808 Phase One Lionheart Phase Two Ludwig 29,822 LCE kt Landau Sued 717 158 Rift 586 1,892 Ludwig 996 920 Future Phases
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31 Note 1: Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. 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: To describe the Resource in terms of industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li2CO3, or LCE. Note 4: Reservoir abbreviations: MUS – Muschelkalk Formation, BST – Buntsandstein Group; ROT Rotliegend Group; BM - Variscan Basement Note 5: NTG and Phie averages have been weighted to the rock volume of the reservoir. Note 6: GRV refers to gross rock volume, also known as the aquifer volume. Note 7: FDZ refers to fault damage zone, HRM refers to host rock matrix. Note 8: Mineral Resources are considered to have reasonable prospects for eventual economic extraction under current and forecast lithium market pricing with application of Vulcan’s A-DLE processing. Note 9: 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. NOTES TO GLOBAL MINERAL RESOURCE STATEMENT
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