Vulcan Energy Resources Limited (Vulcan, ASX: VUL, FSE: VUL, the Company) has been assessed by leading independent ratings agency, S&P Global Ratings, and awarded a Dark Green rating overall, the highest ever received by a Metals and Mining company globally. Vulcan was also awarded a Dark Green rating across the Green Enabling Project and Renewable Energy categories.

This has been completed as part of its Green Financing Framework (Framework) with the bank Natixis CIB, as ESG Co-ordinator, highlighting the Company’s sustainability credentials to international lenders as part of its Phase One Project financing.

An S&P Global Second Party Opinion (SPO) assesses whether the Framework aligns with third-party published sustainable finance principles, including the International Capital Market Association (ICMA) Green Bond Principles and Green Enabling Projects Guidance, and the Loan Market Association (LMA) Green Loan Principles. S&P Global Ratings’ Shades of Green methodology includes six shades which can be designated to activities, with a Dark Green rating awarded to activities that correspond to the long-term vision of the low-carbon climate resilient future.

Vulcan’s integrated ZERO CARBON LITHIUM™ Project (the Project) consists of co-producing renewable energy and battery-grade lithium through lower-impact production and processing methods when compared to legacy methods. The Company applies Adsorption-type Direct Lithium Extraction (A-DLE), through its proprietary inhouse sorbent, VULSORB®, to efficiently produce lithium from brines.

Vulcan’s Phase One Project will produce 24,000 tonnes per annum of battery grade lithium hydroxide, sufficient to supply around half a million electric vehicles (EVs) per annum, as well as renewable energy of up to 275 GWh power p.a. and up to 560 GWh heat p.a.

The Company recently issued an updated debt package, including detailed due diligence reports, to its structuring group, consisting of the European Investment Bank, export credit agencies from France, Canada, Australia and Italy, and structuring banks ABN AMRO, ING, Natixis CIB and UniCredit. The current stage of the financing of Phase One involves widening the lending pool to other commercial banks, with the Framework seen by Vulcan as a key endorsement of the Project’s importance in the European energy transition.

Group Chief Financial Officer, Felicity Gooding, commented: “A world-first Dark Green global rating by S&P for a resources company has reaffirmed Vulcan’s sustainability credentials, coming at an important time in Phase One Project financing.

“In awarding Vulcan a Dark Green rating – across multiple categories – S&P Global has cemented our sustainability credentials and expectation that the Project will have a substantial positive environmental impact. Vulcan is rightfully regarded as a global leader in the green energy transition, and this development validates the integrity and transparency of our operations.”

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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