Vulcan Energy Resources Limited appointed Mr. Cris Moreno, Deputy CEO since 2022, and with 20 years of global experience delivering major capital projects in the energy and chemicals sector, including recent success in leading "green" scale up companies into commercial production, has been appointed to Managing Director. Since 1 November 2022, Mr. Moreno has been instrumental in successfully transitioning Vulcan from a development company to an integrated project development, execution and production company. Mr. Moreno has leveraged his expertise from the energy and chemicals industry with over 20 years of global experience in successfully delivering major, unique and challenging capital projects, including in the lithium chemicals, cathode and LNG sectors. In the LNG sector, Mr. Moreno held leadership roles with Santos, Woodside, and Shell, including working on the Browse, Gorgon and Prelude LNG projects, with experience mainly in the execution phase, financially responsible for budgets over USD 1 billion and leading teams of up to 1,000 personnel. Prior to joining Vulcan last year, Mr. Moreno worked in the lithium chemicals and battery cathode sector in Europe, as Senior Director Programs for Northvolt -Cathode Active Material (CAM) Business Unit, and Vice President - Engineering and Development for Aurora Lithium, Northvolt's lithium hydroxide refinery Joint Venture with Galp in Europe. Mr. Moreno's experience in driving downstream lithium chemicals projects and the synergies of Vulcan's project to integrated upstream and downstream oil and gas projects makes him ideally suited to drive Vulcan forward during the Company's next phase toward commercial production of carbon neutral lithium and renewable energy. Dr. Wedin founded Vulcan Energy and the Zero Carbon LithiumTM Project in 2018, an integrated renewables and lithium chemicals project and the world's first carbon neutral lithium project. Dr. Wedin is a battery materials and renewable energy industry executive, focused on developing global scale decarbonisation opportunities, with a highly successful track record of discovering and developing critical battery raw materials projects globally, in particular in the lithium sector. Dr. Wedin has led the Company as CEO to grow to over 300 personnel, become a commercial renewable energy producer, complete three years of successful lithium extraction piloting and test work, develop its own in-house lithium extraction technology, complete a Definitive Feasibility Study for the project, build out an in-house drilling division, execute binding lithium hydroxide offtakes with the leading auto and battery manufacturers globally, and raise over $500m of capital, including the first ever equity investment in a listed lithium company by an automaker, to ensure the Company is well funded to commence the execution stage. In his role of Executive Chair, Dr. Wedin will continue to work as an executive, with a specific focus on investor relations working with the CEO to drive the project forward, and providing strategic leadership and guidance. Mr. Rezos has been instrumental as Chair in the success of Vulcan since it began its Zero Carbon
LithiumTM Project strategy in 2019. Mr. Rezos will provide continuity to the Board and guidance to Dr. Wedin during this transition phase. Vulcan will continue to leverage Mr. Rezos' many years of Australian and international corporate, project finance and investment banking experience and networks as a former Investment Banking Director of HSBC Group with prior Regional group roles as Head of Legal and Compliance for HSBC across Australasia as well as the Middle East, South Asia, North Africa and Central Asia. In addition, Mr. Rezos' experience in board positions of development companies in the materials, technology and resources sector in Australia, the US and the UK, including 10 years on the Board of major Australian resources company, Iluka Resources, will be invaluable to support Vulcan into the future.