Vulcan Energy Resources Quarterly Activities Report

Vulcan Energy Resources Limited (Vulcan, ASX: VUL, FSE: VUL) has made significant progress towards the execution of Phase One of its integrated renewable energy and ZERO CARBON LITHIUM™ Project. The company reported highlights including the advancement of EIB financing to the 'Under Appraisal' stage, the appointment of Ms Felicity Gooding as Group Chief Financial Officer, and the production of the first domestically produced lithium chemicals in Europe from its Lithium Extraction Optimisation Plant (LEOP).

Executive Commentary from Mr Cris Moreno, Managing Director and CEO

We kicked off a pivotal year for Vulcan with a first Quarter that sets the course for delivering on our plan for 2024 and beyond. We have seen strong tailwinds supporting our strategy, with the proposed financing from the European Investment Bank (EIB) of up to €500m(~A$825m). This progression in EIB's financial appraisal is a positive step forward in the financing process and is a strong signal of confidence towards completion of our Phase One debt and project level equity financing. Our core focus now and in the coming months is on consistent production of Europe's first fully domestically produced lithium chemicals from Vulcan's optimisation plants. With the start of production at LEOP in early-April, we have taken a major step towards revolutionising domestic lithium raw material supply for Europe's Battery industry.

Quarterly Report Summary and Outlook

Vulcan Energy Resources has made significant strides in its Phase One of the integrated renewable energy and ZERO CARBON LITHIUM™ Project. The company's progress in securing financing from the European Investment Bank (EIB) and achieving domestic production of lithium chemicals marks a significant milestone. With the proposed financing from EIB and the successful start of production at LEOP, Vulcan is well-positioned to revolutionize the domestic lithium raw material supply for Europe's battery industry. The company's commitment to sustainability is evident through its focus on renewable energy and the production of sustainable lithium. Vulcan's ambitions to become Europe's leading ZERO CARBON LITHIUM™ business and its strategic positioning in the European electric vehicle market indicate a promising outlook for the company's future endeavors.