• Excellent drilling performance and positive subsurface results
• Lithium grade, heat, reservoir quality and matrix permeability confirmed
• Enhanced subsurface confidence with reduced uncertainty

Vulcan Energy (ASX: VUL, FSE: VUL) is pleased to report strong drilling performance and positive subsurface results from the LSC-1 vertical well and LSC-1a sidetrack in the Phase One Lionheart Project Field Development Plan, within the Upper Rhine Valley Brine Field (URVBF), Germany. The Phase One Lionheart Project will have the capacity to produce 24,000 tonnes of lithium hydroxide monohydrate (LHM), enough for around 500,000 battery electric vehicles per annum, in addition to 275 GWh of power and 560 GWh of heat. Key highlights include excellent drilling performance, confirmation of lithium grade, heat, reservoir quality and matrix permeability consistent with the Field Development Plan, and enhanced subsurface confidence with reduced uncertainty. The LSC-1 vertical well successfully acquired new geological and petrophysical data, with logging confirming the main (Buntsandstein) reservoir to be approximately 440m thick, compared to ~380m pre-drilling expectations. Detailed wireline logging and Modular Formation Dynamics Tester (MDT) data indicate overall higher matrix permeability across the Buntsandstein reservoir than previously assumed. The LSC-1a sidetrack experienced expected complete fluid losses, indicating strong formation permeability and connectivity, and a representative brine sample returned a lithium concentration of ~183 mg/L, consistent with Vulcan's resource grade estimation. These results reinforce confidence in the continuity and quality of the Buntsandstein brine system in the URVBF.

The Phase One Lionheart Project will have the capacity to produce 24,000 tonnes of lithium hydroxide monohydrate (LHM), enough for around 500,000 battery electric vehicles per annum, in addition to 275 GWh of power and 560 GWh of heat.