Vulcan Energy Secures €100 million in Capital Raise to Propel Lionheart Project

Highlights:

• Successful Capital Raise: Vulcan Energy Resources Limited (ASX: VUL) raised €100 million (A$164 million) through a fully underwritten institutional placement and strategic placement, issuing ~28 million shares at A$5.85 (€3.57) per share.
• Advancing Lionheart Project: Proceeds will fund critical activities for Phase One of the Lionheart Project, including drilling, equipment procurement, and development of geothermal and lithium extraction facilities.
• Share Purchase Plan (SPP): Eligible shareholders in Australia and New Zealand can participate in an SPP to raise up to €12.2 million (A$20 million), providing additional capital to support project development.

Institutional Placement Generates Strong Investor Support
Vulcan Energy Resources Limited (ASX: VUL, FSE: VUL) has successfully raised €100 million (A$164 million) through a fully underwritten institutional placement and strategic placement. The capital raise involved the issuance of approximately 28 million new fully paid ordinary shares at A$5.85 (€3.57) per share. At the time of writing, Vulcan shares are set to resume normal trading on the ASX.

The placement received robust support from both existing and new institutional investors, including prominent local and global entities. The proceeds will be pivotal in advancing Phase One of the Lionheart Project, an ambitious initiative to establish the world’s first carbon-neutral lithium and renewable energy project.

Utilization of Funds for Project Execution

The funds raised will be strategically deployed to initiate critical components of the Lionheart Project, including:

• Capital Expenditure (CAPEX): Procurement of equipment, commencement of drilling, and acquisition of land.
• EPC Contracts: Development of geothermal energy plants, substations, and lithium extraction facilities.
• Operating Expenditure (OPEX): Support for on-site execution and covering placement-related costs.

Cris Moreno, Vulcan's Managing Director and CEO, expressed gratitude to shareholders and emphasized the strategic importance of the Lionheart Project in Europe’s transition to renewable energy and electric mobility.

Share Purchase Plan for Retail Investors

In addition to the institutional placement, Vulcan will offer eligible shareholders a Share Purchase Plan (SPP) targeting an additional €12.2 million (A$20 million). This initiative allows shareholders in Australia and New Zealand to increase their stakes up to A$30,000 per investor at the same offer price. Proceeds from the SPP will bolster working capital and support further project development.

The SPP booklet will be available on or around December 20, 2024, providing detailed terms for interested shareholders.

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