Vulcan Energy is pleased to report the start of execution works on its integrated Phase One integrated renewable energy and lithium project, with mobilisation of its V20 drilling rig (V20) to the Phase One Schleidberg well site near Landau, Germany.

The Company’s Phase One LionheartProject targets production of around 24,000 tonnes per annum lithium hydroxide monohydrate for electric vehicle batteries, as well as renewable heating and power production, from hot, lithium-rich brines in the Upper Rhine Valley Brine Field. Increasing brine production from deep wells to augment Vulcan’s existing brine production is a key part of Phase One.

Key highlights:

• After successful completion of key infrastructure works, including well pad construction, crew
  camp establishment, and build of access roads, mobilisation of Vulcan’s electric V20 rig has
  commenced by Vulcan’s in-house geothermal well execution company, Vercana
• The V20 is a 2500 horsepowerdrilling rig and has 550 tonnes of hook load capacity, and is equipped with 7500 psi fluid pressure system
• The Special Operations Plan and transport permits for the V20 rig were approved by the Mining Authority in Q4 2024, with additional permits granted for specific rig components
• During mobilisation, increased transport activity will be observed as equipment and associated project components are delivered to site. The Company has engaged proactively with local stakeholders for smooth execution and minimal community disruption
• Following assembly, routine commissioning procedures and technical testing will be carried out for the safe operation of V20 and associated equipment. Well execution operations are currently scheduled to commence in Q2 2025, subject to successful commissioning of the rig
• Vercana’s other electric drilling rig, V10, will be mobilised to Vulcan’s new planned Trappelberg well site, after Vulcan’s Phase One financing closes.

Managing Director and CEO, Cris Moreno, commented: “The mobilisation of the V20 drilling rig is not only an important milestone for our Phase One Lionheart Project, but in Vulcan’s mission to establish a sustainable, European-based lithium supply chain. With two fully refurbished, state-of-the-art rigs and hugely experienced team, Vercana is well positioned to safely deliver new geothermal and lithium production and injection wells for many years to come in Central Europe, delivering both baseload renewable heating and lithium production for electric vehicle batteries. We are entering the next phase of development with a strong focus on safety, execution quality, operational excellence, and will need to have close collaboration with all key partners and stakeholders to assist us to achieve this goal. We look forward to keeping our shareholders and investors informed as we further progress towards the commencement of drilling in the coming months. As lithium demand continues to grow, reducing Europe’s dependence on imported raw materials is critical. By developing a fully integrated, sustainable lithium supply chain, Vulcan will be a keycontributor to Europe’s energy and mobility transition.”

Media

Annabel Roedhammer | Vice President Communications | aroedhammer@v-er.eu | +49 1511 410 1585

Judith Buchan | Communications Lead – APAC | jbuchan@v-er.eu | +61 411 597 326