corporate presentation

Research Reports

corporate presentation

AlsterResearch

14 January 2022

Adding More Quality To The Project, BUY Confirmed

“Vulcan continues to deliver positive news flow, thus showing promising progress of its Zero Carbon Lithium project. Vulcan is partnering with Nobian, a leading European chlor-alkali producer. In a multi-phased agreement, both companies will assess the development and the subsequent joint operation of the CLP (Central Lithium Plant). In our view, Nobian’s experience and expertise will deliver a positive contribution to Vulcan’s ambitions for a commercial lithium production and thereby further lower the risk profile.”

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Canaccord Genuity Capital Markets

12 January 2022

A Marathon At Sprint Pace

“In mid-December, Vulcan agreed to acquire the Insheim geothermal plant and secured offtake rights for spent brine from the Landau geothermal plant. The acquisition, which was effective 1 Jan 2022, transitions Vulcan into an operator with revenues. However, more importantly, it is a platform for Vulcan to demonstrate its DLE technology in a commercial operation and how geothermal reservoirs operate (Li grades, flow rates, subsurface conditions).”

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AlsterResearch

10 December 2021

Once An Exploration Company, Now An Incumbent Operator; PT Raised, Remains BUY

“1 January 2022 marks a fundamental transition of Vulcan. The company will take over the operational geothermal plant in Insheim, Germany. Vulcan will be an incumbent operator, producing renewable power for approximately 8,000 households. Moreover, from now on, there is virutally no risk anymore that Vulcan could be circumvented by potential competitors when it comes to lithium production in the Upper Rhine Valley, as Vulcan has underpinned its indispensable role on the path to commercial lithium extraction.”

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Canaccord Genuity Capital Markets

9 December 2021

Executing To Plan

“Vulcan has announced it has acquired the Insheim geothermal plant in Germany for €31.5m (Funded through cash). The plant generated €2.9m in EBITDA (10.8x) in 2020. The plant has been operating below its 4.8MW nameplate capacity, producing ~2.9MW of power, however, Vulcan intends to expand and modernise the plant.”

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Canaccord Genuity Capital Markets

8 December 2021

Das Auto!

“Vulcan has signed a definitive offtake agreement with Volkswagen for 34-42kt of lithium hydroxide over five years from 2026. This follows on from the 81-99kt offtake agreeement signed with Stellantis at the end of November.”

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Canaccord Genuity Capital Markets

29 November 2021

Locking Away More Offtake

“Vulcan has announced that it has signed a binding offtake agreement with Stellantis for 81-99kt of lithium hydroxide over five years from 2026. We believe this is the largest hydroxide offtake agreement by tonnage signed globally to date and represents a significant step in Vulcan securing its customer pipeline with tier 1 customers.”

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Berenberg

9 November 2021

Green Lithium in the Black Forest

“We initiate at Buy: The news of “white gold” beneath the Rhine has spread quickly, pushing Vulcan’s valuation to 0.49x our estimated NAV. This is a level of discount that we think still offers some upside, even when accounting for a margin of safety for execution risks all the way from now to when the company envisages meaningful revenues, by 2025E.”

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Canaccord Genuity Capital Markets

3 November 2021

Back to Fundamentals

“We reiterate our support for the project given its potential to: supply lithium to the European market, fundamentally shift the lithium industry carbon cost curve; and produce high quality lithium products at low unit costs.”

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AlsterResearch

29 October 2021

Concerns in Short-Seller Report seem Unfounded; PT Confirmed, BUY

“We see nothing new in the accusations and confirm our view: Vulcan Energy provides a rare opportunity to benefit from the strongly growing lithium growth trajectory and, by the same token, to participate in a porject directly located in Germany, a heartland of automotive industry. We confirm our PT of AUD22.00, equivalent to EUR14.21, and reiterate our BUY recommendation. Upside 76%.”

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Canaccord Genuity Capital Markets

21 October 2021

Vulcan Securing Centre Stage in the European Lithium Race

“We have included the capital raising in our model, accounting for dilution, rolled forward our valuation period to DecQ’22 and increased our risking from 50% to 60% to account for the potential of a brownfields acquisition. We continue to focus on Vulcan’s rapid delivery of milestones as it moves towards becoming the leading European lithium producer. Our PT has increased 25% to A$21/sh (Prev. A$16.75/sh).”

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AlsterResearch

15 September 2021

AUD 220m Fresh Cash to Expedite Transformation; PT up, BUY Reiterated

“Due to the placement, Vulcan will have the scope to execute a targeted acqusition of exisitng brownfield energy and brine infrastructure. The addition capital also widens the leeway to act opportunistically, and thus to accelerate the process of ramping up production further. .. We raise our PT to AUD 22.00 (old PT:AUD 19.50), equivalent to EUR 13.65, and reiterate our BUY recommendation. Upside 38%.”

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Canaccord Genuity Capital Markets

13 April 2021

Not Unconventional… Untapped!

“We believe the Zero Carbon Lithium project represents an untapped lithium resource class which will be needed to meet expected lithium demand over the long term. The project proposes to use an innovative approach, extracting hot brines to generate geothermal power, then use Direct Lithium Extraction (DLE) and electrolysis to produce battery-quality lithium hydroxide.”

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AlsterResearch

15 September 2021

AUD 220m Fresh Cash to Expedite Transformation; PT up, BUY Reiterated

“Due to the placement, Vulcan will have the scope to execute a targeted acqusition of exisitng brownfield energy and brine infrastructure. The addition capital also widens the leeway to act opportunistically, and thus to accelerate the process of ramping up production further. .. We raise our PT to AUD 22.00 (old PT:AUD 19.50), equivalent to EUR 13.65, and reiterate our BUY recommendation. Upside 38%.”

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