Vulcan Energy Resources (VUL) Q3 2025 TU earnings summary

Executive summary

• Significant progress on Phase One Lionheart Project, targeting 275 GWh power and 24,000 tonnes LHM annually, supporting around 500,000 EVs per year.

• Secured €104m in German government grants and completed a €30m strategic placement, with BNP Paribas as a cornerstone investor.

• Major supply and technology contracts signed, including with NESI, Turboden/ROM Technik, and Jord Proxa.

• Offtake agreement signed with Glencore for 36,000–44,000 tonnes LHM over eight years.

• No Lost Time Injuries during the quarter; health and safety remain a priority.

Financial highlights

• Generated €1.1m gross revenue from 4.4 GWh renewable power at the Insheim plant, with an average selling price of €0.260/kWh.

• Exploration and evaluation expenditure was €0.1m; development expenditure was €17.7m, mainly for Schleidberg wellsite drilling and plant construction.

• Payments to related parties totaled €318,000 for the quarter.

Outlook and guidance

• Remainder of 2025 expected to be transformative, with focus on finalizing Phase One financing and executing remaining major supply contracts.

• Construction of Phase One to commence by January 2026, with completion of Raw Materials Fund equity investment by March 2026 as grant conditions.