Positive Preliminary Feasibility Study (PFS) Outlines Vulcan's Second German Project Showcasing Repeatable Development Growth Strategy

• Located in the Ludwigshafen region of the URVBF, Project Ludwig is approximately 60km north of Lionheart. It can leverage the same regional brine system, proprietary extraction platform, in-house drilling capability, permitting experience and delivery organisation
• Project Ludwig delivers robust economics, with a pre-tax NPV8 of €2.6 billion and IRR of 25.0%, post-tax NPV8 of €1.7 billion and IRR of 20.2%, based on a 30-year planned operating life[1]
• Capital intensity reduced by 15% relative to Lionheart, with total CAPEX of €1.26 billion, reflecting Lionheart learnings, increased project maturity and simplification of the development concept¹
• Lowest industry quartile OPEX of €4,101/t LCE, driven by low-cost lithium production from brine, and integration of heat generation[2]
• Base case production of 21,100 tonnes per annum (tpa) of battery-grade lithium carbonate (Li2CO3), providing battery application flexibility to the Vulcan product offering, given lithium hydroxide production from Lionheart¹
• Co-production of 3,125 GWh per annum of renewable heat for internal Vulcan process demand and complementary external sales¹
• Project Ludwig Indicated Mineral Resources increased from 655 kt LCE to 1,251 kt LCE (+91%) at 155mg/l Li and Inferred Mineral Resources increased from 2,128kt LCE to 2,230kt LCE (+5%) at 155 mg/l Li[3]
• Project Ludwig maiden Geothermal Resources estimate of 193 PJ Indicated Classification and Inferred Classification of 295 PJ[4]
• Asset-level financing strategy commenced to advance Project Ludwig to be able to take a Final Investment Decision (FID) after successful start-up of Project Lionheart; strategic partner selection processes under way.

Note 1: Project Ludwig economic metrics are based on the 2026 Pre-Feasibility Study (PFS) on the assumptions set out in this announcement, while Phase One Lionheart metrics are based on the material assumptions set out or referred to in slide 39 of the investor presentation announced on 3 December 2025 and the independent expert report included as section 17 to the ASX announcement titled 'Information Memorandum' released on 11 December 2024 (Lionheart Financial Forecast Announcements). Refer to the Lionheart Financial Forecast Announcements for the detailed breakdown of the Phase One Lionheart economics and economic assumptions to the estimated Phase One Lionheart economics. Comparisons are provided to illustrate relative project characteristics and should be considered in the context of the different study assumptions and development stages of each project.

Note 2: Economic metrics are presented assuming capital costs are funded on a 100% equity basis, with no financing costs assumed. IRR metrics are unlevered.

Note 3: Production and cost comparisons are presented on an LCE (Lithium Carbon Equivalent) or LHM (Lithium Hydroxide Monohydrate) basis where applicable.

Note 4: Design capacity of the plant. Note 5: Assuming FID is achieved in 2029. Note 6: Project Ludwig development CAPEX includes a 15% contingency.

Note 7: Capital intensity is calculated as a ratio of Development Capex (with contingency) to plant capacity (tonnes).

Note 8: C1 costs represent the direct operating costs of producing saleable lithium product and exclude sustaining capital, depreciation, financing costs and taxes. C1 costs are reported in real 2026 terms and include a 10% operating cost contingency for the life of the project.

Note 9: Annual Average Revenue is on a nominal basis for the integrated Lithium and Geothermal Projects. For Project Ludwig total heat production includes some heat that is consumed internally. Annual average nominal heat revenue for Project Ludwig is approximately €42m/year.

Note 10: Internal Rate of Return (IRR) values are unlevered and are presented for indicative comparison purposes only. Differences in IRR also reflect differing study assumptions, lithium products and project maturities.
Note 11: Net Present Value discounted at 8% (NPV8) values reflect different effective dates aligned with each project's Final Investment Decision (Project Ludwig: assumed 2029; Phase One Lionheart: 2025). NPV8 values are presented for indicative comparison purposes only and should not be interpreted as a like-for-like valuation comparison. Differences in NPV8 also reflect differing study assumptions, lithium products and project maturities.
Note 12: The above economic outcomes are based on the key financial assumptions summarised in Table 8.
Note 13: The Project Ludwig Production Target is supported by Indicated Lithium Mineral Resources, and the forecast financial information is principally driven by lithium recovery and lithium product revenues.

Figure 1 – Location of Project Ludwig in relation to Vulcan's licenses across the Upper Rhine Valley Brine Field

Figure 2 – Schematic of the Project Ludwig Development Concept Plan

Table 2 – Key PFS Participants

Geology and Subsurface Summary

The Project Ludwig development area is approximately 60 km north of Lionheart, within the same regional geothermal and lithium-bearing brine system. Project Ludwig benefits from an extensive geological, geophysical and geothermal dataset accumulated through decades of exploration and development across the Upper Rhine Graben, supplemented by Vulcan's own exploration, drilling and reservoir evaluation activities in the region.

From 2D seismic interpretation and interpretation of well data (off-property with geothermal-lithium brine data, on-property with oil and gas well data), the geological setting, target reservoir interval and lithium-bearing brine system are considered materially similar to those being developed at Lionheart, allowing Project Ludwig to benefit from Vulcan's existing subsurface knowledge, reservoir understanding and development experience. The PFS development plan has relied on updated geological, geothermal and lithium evaluations, while future work will focus on further Resource de-risking, 3D seismic acquisition, reservoir model refinement and ongoing optimisation of the field development plan. Based on well evidence proximal to Project Ludwig, the brine system and reservoir temperatures are considered materially similar to Lionheart, to support application of the same proprietary lithium extraction technology/engineering, and overall development approach. Both projects are located within the URVBF, while being sufficiently separated that production from one development is not expected to materially affect the other.

Figure 3 - Schematic cross-section showing target reservoir and well trajectory

Figure 4 – Map showing location of Project Ludwig licenses and exploration data

Mineral and Geothermal Resources

Project Ludwig lithium Mineral Resource and Geothermal Resource estimate

Project Ludwig is supported by a substantial lithium Mineral Resource and Geothermal Resource base, providing the foundation for an estimated 30-year integrated lithium and renewable heat development. Updated Resource estimates underpin the selected development concept and support continued project maturation through future engineering, field development planning and project de-risking activities. The Mineral Resource estimates are in accordance with the JORC code (2012) - Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and have been independently reviewed by GLJ Ltd. with their Competent Person Statement included in this release. The Geothermal Resource estimates are in accordance with the Geothermal Code (2010) - Australian Code for Reporting of Exploration Results, Geothermal Resources and Geothermal Reserves, and have been independently reviewed by GLJ Ltd. with their Competent Person Statement included in this release.

Global Mineral Resources Statement

Vulcan's combined Upper Rhine Valley Project (which includes Project Lionheart, Project Ludwig and other license areas) Measured, Indicated and Inferred Lithium Mineral Resource estimates reported as at 31 December 2025 have been updated to reflect the recent work on the Ludwig and Therese licenses which comprise Project Ludwig.

The update relates solely to the Ludwig and Therese licenses within Project Ludwig, with no changes to the remaining license areas. The revised estimates incorporate the results of recent technical studies and resource evaluation work, resulting in the conversion of a portion of the Mineral Resource from the Inferred to the Indicated category. Across the two licenses, the combined Indicated Mineral Resource increased by 596 kt, from 655 kt to 1,251 kt (+91%), while the combined total Mineral Resource increased by 698 kt, from 2,783 kt to 3,481 kt (+25%).

Table 3 - Vulcan's Mineral Resource Estimates – Effective September 2026

Note 1: Mineral Resources are not Ore Reserves and do not have demonstrated economic viability.

Note 2: The weights are reported in metric tonnes (1,000 kg or 2,204.6 lbs). Numbers may not add up due to rounding of the resource value percentages.

Note 3: To describe the Resource in terms of industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li2CO3, or LCE.

Note 4: Reservoir abbreviations: MUS – Muschelkalk Formation, BST – Buntsandstein Group; ROT Rotliegend Group; BM - Variscan Basement

Note 5: NTG and Phie averages have been weighted to the rock volume of the reservoir.

Note 6: GRV refers to gross rock volume, also known as the aquifer volume.

Note 7: FDZ refers to fault damage zone, HRM refers to host rock matrix.

Note 8: Mineral Resources are considered to have reasonable prospects for eventual economic extraction under current and forecast lithium market pricing with application of Vulcan's A-DLE processing.

Note 9: The values shown are an approximation and with globalised rounding of values in the presented summary table as per JORC guidelines, cannot be multiplied through to achieve the Mineral Resource estimated volumes shown above.

Global Geothermal Resources Statement

A maiden Geothermal Resource Estimate was also carried out on Project Ludwig, to reflect the recent work on the Ludwig and Therese licenses. Vulcan has previously reported Geothermal Resources for Mannheim in 2025.

Table 4 – Vulcan's Geothermal Resource Estimates – effective September 2026

Note 1: Geothermal Resources are not Geothermal Reserves and do not have demonstrated economic viability.

Note 2: The Recoverable Energy is reported in PetaJoules. Numbers may not add up due to rounding of the resource value percentages.

Note 3: Reservoir abbreviations: MUS – Muschelkalk Formation, BST – Buntsandstein Group; BM - Variscan Basement.

Note 4: NTG and Phie averages have been weighted to the thickness of the reservoir.

Note 5: GRV refers to gross rock volume, also known as the aquifer volume.

Note 6: Geothermal Resources are considered to have reasonable prospects for eventual economic extraction with application of modifying factors.

Field Development Plan

The Project Ludwig PFS reflects an integrated geothermal heat energy and lithium project. Geothermal brine is piped to a central processing facility, where lithium chloride concentrate is extracted using Vulcan's proprietary adsorption-based direct lithium extraction technology platform, incorporating VULSORB® sorbent technology, and converted into battery-grade lithium carbonate using industry-standard third-party technology. The thermal energy contained within the brine will be simultaneously utilised for regional heat supply and process heat requirements. This integrated configuration enables the development to generate dual revenue streams from the same resource while minimising external energy demand.

The field development plan comprises 14 production wells and 14 injection wells drilled from five strategically located well sites across the Ludwig and Therese license areas. The Ludwig field development will leverage the same established Phase One Lionheart techniques for drilling, well testing and sampling. Produced brine is gathered through a network of approximately 16 km of pipelines called the inter-connected pipeline and power network (ICPP) and delivered to a centrally located lithium production facility where direct lithium extraction, lithium carbonate conversion and heat utilisation infrastructure are integrated into a single development hub. The integrated plant has been designed to allow production 21,100tpa of battery-garde lithium carbonate while also supplying renewable heat to local customers.[6]

A defining feature of the development plan, analogous to Lionheart, is the direct utilisation of geothermal heat throughout the process flowsheet. Renewable heat generated by the production system is used internally to support lithium processing operations, with surplus heat to be made available for external sale. As a result, Project Ludwig is designed to remain net-energy-positive over its operating life, producing more renewable energy than it consumes and reducing exposure to external energy markets. This integrated energy model is a key contributor to the Project Ludwigs competitive operating cost position.

The development concept has been intentionally structured to build upon Vulcan's technical, operational and permitting playbook established throughout Lionheart. Lessons gained from technology development, drilling execution, reservoir evaluation, engineering design, project delivery and stakeholder engagement have been incorporated into the Project Ludwig configuration, allowing simplification of infrastructure, reduction of project interfaces and improved overall capital efficiency. The resulting development strategy demonstrates Vulcan's ability to apply a proven integrated geothermal-lithium blueprint to additional areas of the URVBF and forms a key element of the Company's broader "design one, build many" growth strategy.

Permitting, Environmental and Social Compliance

Environmental, social and permitting matters for Project Ludwig have been assessed at a PFS level. No material environmental, social or permitting constraints have been identified that are expected to prevent project development, subject to completion of detailed engineering, environmental studies, stakeholder engagement and regulatory approvals in subsequent phases, in line with work already conducted at Lionheart.

Project Ludwig is located within an established industrial and geothermal region of the Upper Rhine Graben, which benefits from existing infrastructure and a proven regulatory framework for geothermal developments. Environmental and social impacts are expected to be primarily associated with temporary construction activities, including land disturbance, traffic, noise and dust, and are considered manageable through industry-standard design controls, mitigation measures and environmental and social management plans. Expected benefits include employment generation, regional investment, renewable heat supply opportunities and support for Europe's critical raw materials supply chain.

Project Ludwig will be developed under Germany's well-established mining and building permit framework, which has already been successfully applied by the Company to Project Lionheart. Vulcan has strong experience in permitting this type of project in the same German state courtesy of Phase One Lionheart, which can be directly applied to Project Ludwig.

Key approvals include mining operating plans, drilling permits and building permits for surface facilities. No unusual permitting hurdles have been identified, and early engagement with authorities, proven approval processes and careful site selection are expected to support project development and reduce permitting risk.

Vulcan will continue stakeholder engagement throughout the Project lifecycle in accordance with its Stakeholder Engagement Plan, focusing on transparent communication, early identification of stakeholder concerns and the delivery of community benefits, including renewable heat supply opportunities for industry and local communities.

Induced seismicity is a recognised consideration for geothermal developments and will be managed using Vulcan's established monitoring and operational control framework. Continuous seismic surveillance systems, Standard Operating Procedure (SOP) and Traffic Light System (TLS) protocols are already implemented across Vulcan-operated assets and are actively used to support current drilling, testing and operational activities at Phase One Lionheart. These systems will be extended to Project Ludwig, providing continuous monitoring of reservoir behaviour and predefined operational responses should elevated seismic activity be detected. Based on Vulcan's operational experience to date, including the absence of significant induced seismicity events across its operated assets, induced seismicity is considered a manageable operational risk within the Project's development framework.

Plant Design and Process Summary

Project Ludwig has been designed as an integrated lithium chemicals and renewable heat development that produces battery-grade lithium carbonate while simultaneously supplying renewable heat to local partners with the balance used for operations. The development combines geothermal brine production, lithium extraction, lithium carbonate conversion and heat utilisation within a single integrated facility configuration. This approach enables multiple value streams to be generated from the same geothermal brine resource, supporting both Europe's battery materials supply chain and heating decarbonisation objectives. The selected concept builds upon the technical and operational experience gained through Project Lionheart, while being specifically configured for lithium carbonate production and long-term renewable heat supply.

Lithium-rich geothermal brine produced from the field will be transported to a central lithium production facility, where lithium is extracted using VULSORB®.

The resulting intermediate lithium chloride solution is then concentrated and purified before entering the lithium carbonate conversion circuit developed by JordProxa. Within this process, lithium chloride is reacted with soda ash (sodium carbonate), precipitating battery-grade lithium carbonate crystals which are subsequently refined, dried and prepared for sale. Hydrochloric acid (HCl) and soda ash represent the principal chemical reagents within the downstream conversion circuit, supporting lithium recovery, purification and final product generation. The lithium carbonate process package has been integrated into the overall facility design by Worley, creating a streamlined process flow from geothermal brine production through to battery-grade lithium carbonate manufacture.

A defining feature of Project Ludwig is the direct integration of geothermal heat into the lithium production process. While Project Ludwig is expected to generate approximately 3,125 GWh per annum of renewable heat,[7] only a relatively small portion of this energy is required to support lithium processing operations, with the majority available for external heat customers. By using its own geothermal heat to satisfy internal process energy requirements, Project Ludwig significantly reduces reliance on externally sourced power while simultaneously creating an additional renewable heat revenue stream. This integrated energy model contributes to the competitive operating cost position and supports a low-carbon production pathway. The unified facility configuration also reduces major process interfaces and incorporates engineering, permitting and operating learnings from Project Lionheart, improving development efficiency while leveraging Vulcan's broader technology, execution and operational platform

Figure 6 illustrates the conceptual layout of the Project Ludwig Lithium Production Facility (LPF). The integrated facility combines direct lithium extraction, refining, lithium carbonate production and product handling infrastructure within a compact development footprint of approximately 250 m × 100 m.

Figure 6 - Conceptual 3D render of Lithium Production Facility

Capital Costs Summary

Project Ludwig leverages the Lionheart development blueprint with improved capital efficiency. The PFS development capital estimate of €1.26 billion (real 2026 and including 15% contingency), is approximately 15% lower than Lionheart on an equivalent LCE capacity basis. The Project Ludwig capital cost estimates are shown in Table 5. Capital efficiencies are driven by a simplified development configuration tailored to local market opportunities, including direct heat supply in place of on-site power generation, together with optimisation of the facility layout and the ability to leverage technology, engineering, permitting and execution capability already established through Lionheart. This demonstrates the value of Vulcan's strategy to replicate and scale an integrated geothermal lithium development model across the URVBF.

Table 5 – Ludwig PFS Summary Capital Cost Estimates

Note 1: The total development cost of €1261.1m does not include the Owners Costs and Decommissioning /Closure Costs.

Note 2: The financial model includes Decommissioning /Closure Cost estimates escalated and occurring two years after the cessation of production.

Operating Costs Summary

Project Ludwig is expected to deliver a competitive operating cost position, with estimated C1 costs of €4,101/t lithium carbonate equivalent (LCE) (real 2026 terms), broadly in line with Lionheart at €3,588/t LHM (€4,077/t LCE equivalent, real 2025 terms). This outcome is primarily driven by the integrated utilisation of geothermal energy across the development, allowing renewable heat produced from the geothermal brine to support both lithium production and external local heat sales, and use of Vulcan's highly efficient proprietary VULSORB® DLE technology to extract lithium from brine. The selected development concept further benefits from a simplified process configuration, reduced infrastructure requirements and the application of operational experience gained through Lionheart, supporting a resilient operating cost structure across the project life.

Market and Strategic Rationale Summary

Project Ludwig's planned lithium carbonate product route complements Lionheart's lithium hydroxide production, broadening Vulcan's exposure across key battery chemistries and end markets. Lithium carbonate plays an important role in lithium iron phosphate (LFP) batteries which are used in some electric vehicles and most battery energy storage systems, while lithium hydroxide remains a key product for high-nickel cathode chemistries used in higher energy density and higher performance electric vehicles.

At the core of both product routes is a lithium chloride (LiCl) intermediate generated using Vulcan's proprietary VULSORB® adsorption-based direct lithium extraction (A-DLE) platform. The LiCl intermediate can be refined to a high-purity precursor and converted through phase-specific downstream processing into either battery-grade Li2CO3 or LHM. This common LiCl architecture maximises product flexibility across Vulcan's phased growth strategy, enabling the same core extraction technology to support Li2CO3 production at Project Ludwig, LHM production at Lionheart and future product selection aligned with customer requirements and battery-market demand.

Project Ludwig extends Vulcan's strategy of developing multiple integrated lithium and renewable energy assets in Europe: a“design one, build many” approach. Project Ludwig builds on the technical, operational and commercial foundations established through Lionheart while creating a potential second long-life development platform capable of supplying battery materials and renewable heat to European markets. Through Vulcan's technology business, VULTEC, the Company retains ownership of key lithium extraction technology, process know-how and intellectual property developed during Lionheart. Through Vercana, Vulcans drilling business, the Company has established in-house drilling and well delivery capability. Together, these businesses provide Project Ludwig with access to technology, operational expertise and execution capability already developed and de-risked during Project Lionheart, supporting future phased developments across the URVBF.

The figures below illustrate how VULTEC's common LiCl intermediate platform connects Vulcan's geothermal-brine resource and proprietary extraction technology to multiple downstream lithium products and battery end markets.

Source (1): Fastmarkets 2023-2030 DLE Forecast; (2) Adamus Intelligence with percentages reflecting deployment in EV market in Q1 2025.

Figure 8 – Project Ludwig supply chain

Project Production Target and Economic Summary

The Production Target and forecast information for Project Ludwig have been prepared solely from the reported Indicated Mineral Resources and Geothermal Resources and are based on the development assumptions described in this PFS. No Lithium Inferred Mineral Resources have been included in the Production Target. No Ore Reserves or Geothermal Reserves have been estimated, and the Production Target should not be interpreted as being supported by an Ore Reserves or Geothermal Reserves.

The Project is expected to produce approximately 517 kt of battery-grade lithium carbonate (Li2CO3) over a 30-year operating life, with a plateau production rate of 21,100 tonnes per annum. The Company considers there to be a reasonable basis for the Production Target and forecast financial information.

Table 6 – Project Ludwig PFS Production Target Parameters

Project Ludwig delivers robust economics, generating a post-tax NPV8 of €1,727 million and a post-tax IRR of 20.2% from an initial capital investment of €1,261 million, as shown in Table 7. The favourable economic outcome reflects the scale of the recoverable lithium and geothermal energy, capital efficiency, product pricing assumptions and integrated development concept.

Table 7 also shows an indicative comparison of Project Ludwig to Project Lionheart. Project Ludwig targets delivery of an estimated equivalent lithium production capacity to Project Lionheart with an estimated approximate 15% lower capital intensity and comparable operating costs. Project Ludwig generates higher post-tax IRR of 20.2% compared with 13.7% for Phase One Lionheart. Vulcan notes that Project Lionheart and Project Ludwig are at different stages of development and the economic modelling for each Project Lionheart and Project Ludwig are subject to separate financial assumptions as further detailed in“Note 1” to the table below. Comparisons are provided to illustrate relative project characteristics and should be considered in the context of the different study assumptions and development stages of each project.

Table 7 – Project Ludwig Economic Summary and Indicative Comparison to Lionheart [8]

Note 1: Project Ludwig economic metrics are based on the 2026 Pre-Feasibility Study (PFS) on the assumptions set out in this announcement, while Phase One Lionheart metrics are based on the material assumptions set out or referred to in slide 39 of the investor presentation announced on 3 December 2025 and the independent expert report included as section 17 to the ASX announcement titled 'Information Memorandum' released on 11 December 2024 (Lionheart Financial Forecast Announcements). Refer to the Lionheart Financial Forecast Announcements for the detailed breakdown of the Phase One Lionheart economics and economic assumptions to the estimated Phase One Lionheart economics. Comparisons are provided to illustrate relative project characteristics and should be considered in the context of the different study assumptions and development stages of each project.

Note 2: Economic metrics are presented assuming capital costs are funded on a 100% equity basis, with no financing costs assumed. IRR metrics are unlevered.

Note 3: Production and cost comparisons are presented on an LCE (Lithium Carbon Equivalent) or LHM (Lithium Hydroxide Monohydrate) basis where applicable.

Note 4: Design capacity of the plant. Note 5: Assuming FID is achieved in 2029. Note 6: Project Ludwig development CAPEX includes a 15% contingency.

Note 7: Capital intensity is calculated as a ratio of Development Capex (with contingency) to plant capacity (tonnes).

Note 8: C1 costs represent the direct operating costs of producing saleable lithium product and exclude sustaining capital, depreciation, financing costs and taxes. C1 costs are reported in real 2026 terms and include a 10% operating cost contingency for the life of the project.

Note 9: Annual Average Revenue is on a nominal basis for the integrated Lithium and Geothermal Projects. For Project Ludwig total heat production includes some heat that is consumed internally. Annual average nominal heat revenue for Project Ludwig is approximately €42m/year.

Note 10: Internal Rate of Return (IRR) values are unlevered and are presented for indicative comparison purposes only. Differences in IRR also reflect differing study assumptions, lithium products and project maturities.

Note 11: Net Present Value discounted at 8% (NPV8) values reflect different effective dates aligned with each project's Final Investment Decision (Project Ludwig: assumed 2029; Phase One Lionheart: 2025). NPV8 values are presented for indicative comparison purposes only and should not be interpreted as a like-for-like valuation comparison. Differences in NPV8 also reflect differing study assumptions, lithium products and project maturities.

Note 12: The above economic outcomes are based on the key financial assumptions summarised in Table 8.

Note 13: The Project Ludwig Production Target is supported by Indicated Lithium Mineral Resources, and the forecast financial information is principally driven by lithium recovery and lithium product revenues.

The economic outcomes, in respect of Project Ludwig, presented in Table 7 are based on the key financial assumptions summarised below in Table 8. The pricing assumptions reflect the Company's current view of the long-term market in Europe and form the basis of the forecast financial information presented in this PFS. Pricing is consistent with Vulcan's average forecast realised price for LHM in Project Lionheart from European customers from binding offtakes over the first 10 years of production. This is also broadly consistent with spot prices at the date of PFS release, and long-term price forecast (real) from lithium analysts at Canaccord Genuity.

Table 8 – Key Financial Assumptions

Note 1: The financial model has been prepared using nominal cash flows. Lithium carbonate prices, renewable heat prices and operating costs are based on real 2026 values and are escalated by 2.0% per annum over the life of the Project. Future cash flows are discounted at a nominal rate of 8.0%.

Note 2: Taxation assumptions comprise corporate income tax of 10.55% (from 2032 onward) and trade tax of 14.875%, resulting in a combined tax rate of 25.425%.

Figure 10 – NPV 8 Post-Tax Sensitivities to CAPEX, OPEX and Lithium Carbonate Price

Figure 9 and 10 show the impact of ±30% sensitivities to CAPEX, OPEX and lithium price on post-tax IRR and NPV8. Project economics are most sensitive to lithium price. IRR is more sensitive to CAPEX than OPEX, while CAPEX and OPEX have a broadly similar impact on NPV8. The similar NPV8 sensitivities to CAPEX and OPEX reflect the long operating life of the Project (30 years) and the material contribution of operating costs to life-of-project cash flows.

Recent Activities and Relevant Market Developments Summary

Project Ludwig has been developed against the backdrop of continued advancement of Project Lionheart, with drilling, subsurface evaluation, lithium extraction development, piloting and demonstration activities providing technical and operational learnings. Vulcan has spent approximately 8 years developing Project Lionheart which has included technology maturation from lab scale, pilot, demonstration scale (with industrial scale equipment) and ongoing optimisation. Vulcan is operating commercial demonstration plants, and commercial-scale wells, across the entire lithium value chain and continuously generating intermediate and final chemical product samples, all of these activities supporting what is a bankable technology. Vulcan has acquired its own drilling business (Vercana), its significant intellectual property assets are housed within a subsidiary called VULTEC and both support Vulcan's autonomous ability to operate across the integrated supply chain. At the time of FID, Lionheart had attracted approximately €500 million of investment over the past eight years, including around €95 million dedicated to the development of Vulcan's lithium extraction technology. Beyond the substantial technical knowledge and intellectual property generated, the Company has established a strong reputation and earned a valuable social license to operate. Project Ludwig is expected to leverage this foundation, benefiting from the expertise, technological advancements, stakeholder relationships, and investment made to date.

During the PFS, Vulcan further refined the development concept, including the direct lithium carbonate production route, renewable heat supply configuration and integrated field development plan. Key technical studies included completion of the lithium carbonate process design package by JordProxa, integration of the facility design and Class 4 cost estimate by Worley, and independent review of updated lithium Mineral Resource and Geothermal Resource estimates by GLJ Ltd.

Project Ludwig is also aligned with the growing European focus on securing sustainable domestic supply chains for critical raw materials and heating decarbonisation. The European Union's Critical Raw Materials Act identifies lithium as a strategic raw material and establishes targets to increase domestic extraction, processing and recycling capacity within Europe by 2030. Further, European industrial policy is increasingly tilting toward local production. Proposals under the EU's Industrial Accelerator Act (IAA) point to tighter localisation requirements for EV and battery investment, including closer scrutiny of greenfield projects, local ownership, employment commitments, and eligibility for subsidies and public procurement. In addition, Germany continues to support geothermal heat and industrial/district heating decarbonisation initiatives with royalty exemptions in place across many German jurisdictions for both geothermal energy and lithium production.

Funding Strategy

Vulcan is targeting an asset-level financing strategy to advance Project Ludwig to FID and beyond. Partner selection processes are under way with the aim to secure project level equity from strategic partners. Vulcan will seek to bring in minority investors in this manner and maintain a majority control position. At FID, Vulcan will seek to secure asset-level project finance on favourable terms to the Company given anticipated risk reduction following outcomes from Project Lionheart construction and commencement of commercial production (both must occur prior to an FID on Project Ludwig). In addition, Vulcan will seek to secure public funding support, both during project development and for the FID financing of Project Ludwig. Vulcan intends to pursue a staged development approach, with initial development funding supporting appraisal, permitting and Definitive Feasibility Study activities prior to a Final Investment Decision. While financing arrangements for Project Ludwig remain subject to future studies, market conditions and approvals, Vulcan expects funding through an appropriate combination of project finance, strategic partnerships and available government support.

Figure 11 – Diagram showing where Project Ludwig sits in the Vulcan corporate structure relative to Phase One Lionheart and any future phases

Note 1: Apart from the Project Ludwig PFS, Vulcan has not completed sufficient studies for future phases and there is no guarantee of Vulcan being able to replicate Phase One Lionheart on the same basis/metrics or at all and these statements should be considered and relied upon accordingly.
Note 2: Refer to ASX announcement, 3 December 2025 (slide 20) for specifics relating to the (1) KFW investment to earn into 14% of the Vulcan German HoldCo and (2) Siemens, Hochtief and Demea earn into ~15% of Project Lionheart Co.

Next Steps

• Advance Project Ludwig into the next phase of project definition and optimisation, building on the outcomes of the PFS and the experience gained through Lionheart development.
• Further develop the Resource through seismic acquisition, subsurface evaluation, appraisal well drilling and testing, and continued refinement of the geological and reservoir models.
• Optimise the field development plan, including well placement, production strategy and reservoir management approach, to support future project development decisions.
• Progress engineering definition, cost estimation and execution planning through the Definitive Feasibility Study phase.
• Continue maturation of the integrated lithium carbonate and renewable heat development concept, including commercial discussions relating to heat offtake and integration opportunities.
• Advance Project Ludwig toward a future FID as Vulcan's next potential growth development within the URVBF.