Quarterly Activities Report Period Ending 30 September 2025

• Secured €104m grants from German government to enable domestic lithium production
• Completed €30m strategic placement with BNP Paribas Clean Energy Solutions Fund
• Increased lithium brine resource by 76% and completed maiden geothermal resource estimation

During the quarter ending 30 September 2025, Vulcan Energy continued to make strong progress on its Phase One Lionheart Project. Key highlights include: 1) Approval of €104m (~A$187m) grants by the German federal and state governments to enable strategic domestic lithium production and processing to service the European electric vehicle battery industry. 2) Successful completion of a €30m (~A$53.6m) strategic placement, with BNP Paribas' Clean Energy Solutions Fund contributing €15m (~A$26.8m). 3) Successful completion of an updated lithium brine Resource estimation, which increased the total lithium brine Resource (Indicated and Inferred) for the Mannheim sector by 76%. 4) Approval to purchase the land for the Geothermal and Lithium Extraction Plant (G-LEP) after the City of Landau Council voted in favour of the acquisition. 5) Securing the permit to build and operate the Central Lithium Plant (CLP) for Phase One and a future second phase. 6) Signing of major supply contracts with NORAM Electrolysis Systems and a consortium between Turboden and ROM Technik. The company also completed the drilling of a new sidetrack well, LSC-1a, and continues to make progress on future phase developments in Mannheim, Ludwigshafen, and Ortenau.

The Phase One Lionheart Project will have the capacity to produce 275 GWh of power and 24,000 tonnes of lithium hydroxide monohydrate per annum, enough for approximately 500,000 battery electric vehicles.

The remainder of 2025 is expected to be transformative for the company as it aims to finalise its financing package for Phase One, including execution of all remaining major supply contracts. Vulcan remains focused on delivering long-term value to its shareholders.