Vulcan Reaches Financial Close for Phase One Lionheart Financing Package

Vulcan Energy has reached Financial Close for the equity and debt financing arrangements underpinning the Phase One Lionheart Project, further advancing the construction of its flagship lithium and renewable energy development in Germany.

The achievement follows the successful completion of the project's financing package and Final Investment Decision in December 2025, when construction activities officially commenced.

Located in the Upper Rhine Valley, Phase One Lionheart is designed to produce 24,000 tonnes of lithium hydroxide monohydrate annually, enough for approximately 500,000 electric vehicle batteries each year. The project will also generate around 275 GWh of renewable electricity and 560 GWh of renewable heat annually for local communities and industry over an anticipated operating life of approximately 30 years.

Reaching Financial Close confirms that the financing structure, which combines funding at the project, subsidiary and corporate levels, is now established. The milestone reflects continued support from a broad group of financial institutions, government agencies and strategic partners backing the project.

With construction underway, funding drawdowns will continue in line with the project's development schedule and capital expenditure requirements, supporting the delivery of key infrastructure and processing facilities.

Commenting on the milestone, Felicity Gooding, Executive Director and Group Chief Financial Officer, said:

"Reaching Financial Close is a significant achievement and reflects the strong support we continue to receive from our financing partners, including European and German government agencies, commercial banks and strategic industrial partners.

We remain focused on delivering Lionheart safely, on schedule and to planned production capacity."

Financial Close represents another important step toward bringing a domestic European lithium supply chain into production and supporting Europe's growing demand for battery raw materials and renewable energy.