Vulcan Energy commences first new Phase One Lionheart geothermal energy-lithium well

• Vulcan Energy (Vulcan, ASX: VUL, FSE: VUL, the Company) is pleased to announce its 100%-owned drilling subsidiary, Vercana, has commenced drilling the first new well for the Phase One Lionheart Project (the Project) at the Schleidberg well site near Landau, Germany.
• The Company currently operates four production and re-injection wells in its Phase One area, and the Field Development Plan for Phase One involves adding 24 production and re-injection wells to create a larger, integrated renewable energy and sustainable lithium project
• Commencement of drilling at Schleidberg represents the 5th well in Vulcan's Phase One Project Area, and start of project execution of sub-surface works for the Project. Full project execution, including mobilisation of various EPC and EPCm contractors and start of works for pipelines and lithium plants, will commence on completion of financing
• The new wells are designed to produce hot, lithium-rich brine, from which Vulcan plans to increase its current renewable geothermal energy production and commence commercial production of lithium
• The Company's Project targets production of around 24,000 tonnes per annum of lithium hydroxide monohydrate (LHM) for electric vehicle batteries, as well as renewable heating and power production, from hot, lithium-rich brines in the Upper Rhine Valley Brine Field.

Managing Director and CEO, Cris Moreno, commented: "Start of drilling new production wells to grow current production represents achievement of yet another critical milestone for our Lionheart Project.

"Importantly, all preparatory works have been diligently carried out by the team and safety checks assessed by authorities. Local stakeholders have also been extensively consulted, and the feedback has been overwhelmingly positive.

"This development means Vulcan is one step closer to delivering our mission of establishing a sustainable, European-based lithium supply chain, delivering both baseload renewable heating and lithium production for electric vehicle batteries."