• Institutional Offer raised €398m (A$710m) from issue of ~178m new shares
• Proceeds to fully fund Phase One Lionheart development costs
• Retail Entitlement Offer expected to raise up to €205m (A$366m)

Vulcan Energy Resources Limited (Vulcan, ASX: VUL, FSE: VUL) has successfully completed its fully underwritten institutional placement and fully underwritten institutional entitlement offer, raising €398m (A$710m) from the issue of ~178m new shares. The new shares were issued at a fixed price of €2.24 (A$4.00) per share, representing a 34.7% discount to the last traded price on ASX and a 21.0% discount to the Theoretical Ex-Rights Price. The institutional offer received strong support from existing and new institutional shareholders. The proceeds, together with Vulcan's broader Phase One Financing Package, will be applied to fully fund the Phase One Lionheart development costs through construction, commissioning and start-up and into first cash flow generation. The retail component of the entitlement offer is expected to raise up to a further €205m (A$366m) via the issue of approximately 91 million new shares. Hochtief has agreed to subscribe for up to €130m (A$232m) of any shortfall under the retail entitlement offer.

The estimated Phase One Lionheart economics for the FID Case include an average annual revenue of €566m, average annual EBITDA of €427m (75% EBITDA margin), CAPEX of €1,476m, and OPEX (C1) of €3,588/t LHM. The project has a pre-tax NPV8 of €1,838m and pre-tax IRR of 15.6% unlevered and 19.0% levered.