• Vulcan announces fully underwritten $XXX million placement and entitlement offer
• Funds to be used for Phase One of Lionheart lithium project development
• Final investment decision made to proceed with Phase One construction

Vulcan Energy Resources Ltd has announced a fully underwritten $XXX million capital raising, comprising a placement to institutional investors and an accelerated non-renounceable entitlement offer to eligible shareholders. The funds raised will be used to advance Phase One of the company's Lionheart lithium project development. Vulcan has also made a final investment decision to proceed with the construction of Phase One of the Lionheart project. The Lionheart project is a key part of Vulcan's strategy to develop a sustainable lithium supply to support the global transition to electric vehicles and renewable energy. The capital raising and final investment decision represent significant milestones for the company as it moves forward with its plans to become a leading producer of battery-quality lithium hydroxide. Vulcan remains committed to its goal of producing lithium with a net zero carbon footprint, in line with its mission to support a better tomorrow.