Announcement • Sep 05

Vulcan Energy Resources Limited Announces Positive Preliminary Feasibility Study Outlines Vulcan’s Second German Project Showcasing Repeatable Development Growth Strategy

Vulcan Energy announced the completion of its Preliminary Feasibility Study (PFS) for Project Ludwig, its proposed second phase of lithium and geothermal energy production. Project Ludwig – PFS Summary The PFS was guided by Vulcan’s inhouse technical teams supported by Worley on integrated specialist study components. JordProxa developed the lithium carbonate process design package to PFS level definition. Worley then integrated these packages in the overall facility configuration and prepared Total Installed Cost estimate and Basis of Estimate for the lithium carbonate plant. GLJ Ltd. reviewed the updated lithium Mineral Resource estimates, and Geothermal Resource estimates and Competent Person disclosure. Project Ludwig aims to further utilise Vulcan’s globally significant sub-surface Resource across its ~2,000 km license area in the URVBF. Project Ludwig will benefit from the pre-investment already made to develop Lionheart to FID, across drilling, lithium extraction technology and engineering. Cost savings are expected from having an integrated lithium extraction and lithium carbonate conversion process within a single facility configuration and leveraging infrastructure synergies at the project location. The development concept maximises supply of local heat rather than on-site power generation, allowing a simpler and more capital-efficient energy configuration while maintaining the benefits of geothermal heat integration. This is particularly relevant as the brine and geology are expected to be materially the same across both projects. Geology and Subsurface Summary The Project Ludwig development area is approximately 60 km north of Lionheart, within the same regional geothermal and lithium-bearing brine system. Project Ludwig benefits from an extensive geological, geophysical and geothermal dataset accumulated through decades of exploration and development across the Upper Rhine Graben, supplemented by Vulcan’s own exploration, drilling and reservoir evaluation activities in the region. From 2D seismic interpretation and interpretation of well data (off-property with geothermal-lithium brine data, on-property with oil and gas well data), the geological setting, target reservoir interval and lithium-bearing brine system are considered materially similar to those being developed at Lionheart, allowing Project Ludwig to benefit from Vulcan’s existing subsurface knowledge, reservoir understanding and development experience. The PFS development plan has relied on updated geological, geothermal and lithium evaluations, while future work will focus on further Resource de-risking, 3D seismic acquisition, reservoir model refinement and ongoing optimisation of the field development plan. Based on well evidence proximal to Project Ludwig, the brine system and reservoir temperatures are considered materially similar to Lionheart, to support application of the same proprietary lithium extraction technology/engineering, and overall development approach. Both projects are located within the URVBF, while being sufficiently separated that production from one development is not expected to materially affect the other. Mineral and Geothermal Resources Project Ludwig lithium Mineral Resource and Geothermal Resource estimate Project Ludwig is supported by a substantial lithium Mineral Resource and Geothermal Resource base, providing the foundation for an estimated 30-year integrated lithium and renewable heat development. Updated Resource estimates underpin the selected development concept and support continued project maturation through future engineering, field development planning and project de-risking activities. The Mineral Resource estimates are in accordance with the JORC code (2012) – Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and have been independently reviewed by GLJ Ltd. with their Competent Person Statement included in this release. The thermal energy contained within the brine will be simultaneously utilised for regional heat supply and process heat requirements. This integrated configuration enables the development to generate dual revenue streams from the same resource while minimising external energy demand. The Ludwig field development will leverage the same established Phase One Lionheart techniques for drilling, well testing and sampling. Produced brine is gathered through a network of approximately 16 km of pipelines called the inter-connected pipeline and power network (ICPP) and delivered to a centrally located lithium production facility where direct lithium extraction, lithium carbonate conversion and heat utilisation infrastructure are integrated into a single development hub. Hydrochloric acid (HCl) and soda ash represent the principal chemical reagents within the downstream conversion circuit, supporting lithium recovery, purification and final product generation. The lithium carbonate process package has been integrated into the overall facility design by Worley, creating a streamlined process flow from geothermal brine production through to battery-grade lithium carbonate manufacture. A defining feature of Project Ludwig is the direct integration of geothermal heat into the lithium production process. While Project Ludwig is expected to generate approximately 3,125 GWh per annum of renewable heat, [7] only a relatively small portion of this energy is required to support lithium processing operations, with the majority available for external heat customers. By using its own geothermal heat to satisfy internal process energy requirements, Project Ludwig significantly reduces reliance on externally sourced power while simultaneously creating an additional renewable heat revenue stream. The integrated facility combines direct lithium extraction, refining, lithium carbonate production and product handling infrastructure within a compact development footprint of approximately 250 m × 100 m.

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