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Vulcan Energy Resources (VUL) investor relations material
Vulcan Energy Resources Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Presentation summary2 Dec, 2025
Project overview and strategy
Phase One Lionheart aims to produce 24,000 tpa lithium hydroxide monohydrate (LHM), 275 GWh power, and 560 GWh heat annually from geothermal brine in Germany, targeting the European EV battery market.
The project is underpinned by Europe's largest lithium resource, with 29.1 Mt LCE, and a 30-year project life.
Integrated brine-to-battery solution leverages proprietary A-DLE technology and a closed-loop, low-carbon system.
Future phases plan to replicate Phase One capacity, with strategic partnerships for heat offtake and further CAPEX efficiencies.
VULSORB® A-DLE technology and in-house drilling (Vercana) provide scalability and cost advantages for future growth.
Financing and capital structure
€2.2bn total funding secured: €1.34bn senior debt, €204m government grants, €150m KfW Raw Materials Fund equity, €133m project equity from HOCHTIEF, Siemens, Demeter, and €528m underwritten equity raising.
Debt package includes EIB, ECAs, and commercial banks, with maturities to 2038 and a mix of euro and USD tranches.
Government grants include €100m for geothermal energy and €104m for lithium production, with disbursements tied to project milestones.
Strategic equity investments align key industrial partners with project delivery and governance.
HOCHTIEF to become the largest shareholder, increasing its stake up to 15.7% via cornerstone investment.
Project economics and cost position
Pre-tax NPV: €1,838m; post-tax NPV: €1,152m; CAPEX: €1,476m; pre-tax IRR: 15.6%; post-tax IRR: 13.7%.
Average LHM production cost: €3,588/t, placing the project in the lowest quartile of the global lithium cost curve.
Average 10-year LHM realised price: €20,456/t; average annual revenue: €566m; EBITDA margin: 75%.
15% CAPEX contingency included; project self-consumes geothermal electricity to optimise grant receipt and economics.
All major permits received; construction to commence imminently, with first production targeted for 2028.
Clarify cost overrun funding mechanisms
Detail Phase Two CAPEX efficiency drivers
Update on Volkswagen offtake agreement status
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Next Vulcan Energy Resources earnings date
H2 202525 Mar, 2026
Next Vulcan Energy Resources earnings date
H2 202525 Mar, 2026
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Frequently asked questions
Vulcan Energy Resources Limited is an Australian mineral exploration and development company focused on producing lithium with net-zero carbon emissions. The company’s primary project, located in Germany’s Upper Rhine Valley, involves extracting lithium from geothermal brine, a process designed to minimize environmental impact by combining lithium extraction with renewable geothermal energy generation. Vulcan's lithium production is intended for use in electric vehicle batteries, aligning with the growing demand for sustainable energy storage solutions in Europe and beyond. The company emphasizes a zero-carbon approach to meet the needs of a low-emission future. The company is headquartered in Perth, Australia, and its shares are listed on the ASX.
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