Vulcan Energy Resources : Local Council Approvals and License Grant

Local council approvals and license grant at

Zero Carbon Lithium™ Project

ASX Release 26 July 2022

ASX:VUL

FSE:VUL

Fast Facts

Issued Capital: 143,335,301

Market Cap (@$7.11): $1.02B

onlyHighlights

	• Eight local councils have approved Vulcan's upcoming 3D seismic programme of works in
use	Rhineland-Palatinate region
• Exploration Licence area increased by 277km2 to a total of 1,440km2
Summary
	• Vulcan Energy Resources Limited (Vulcan; ASX: VUL, FSE: VUL, the Company) has received
personal	approval to carry out a 3D seismic survey from eight local councils across the Company's license
area in the German state of Rhineland-Palatinate. Vulcan has received support for its work plan
Ried, following an agreement with Rhein Petroleum GmbH to purchase 3D seismic and drilling
	applications from all of the following councils that have voted:
	• City of Landaun der Pfalz
	• Municipality of Herxheim bei Landau Pfalz
	•	Municipality of Rohrbach
	•	Municipality of Insheim
	• Municipality of Offenbach an der Queich
	• Municipality of Billigheim-Ingenheim
	•	Municipality of Impflingen
	• Municipality of Erlenbach bei Kandel
	• Pre-design is ongoing for the 3D seismic survey work, which is planned to commence in
	September 2022. The 3D seismic work will assist with future development drill planning in
	Vulcan's Phase One areas
	• Vulcan has been granted a new exploration license, increasing the Company's license area in the
	Upper Rhine Valley Brine Field (URVBF) by 277km2 to a total of 1,440km2
	• Vulcan already has some existing 3D seismic data over the new exploration license, designated
For	data in November 2021 (see ASX release 10 November 2021). Further 3D seismic data is available
and purchase discussions are ongoing

Vulcan's Managing Director Dr Francis Wedin commented: "We welcome the decision of the eight councils in the German state of Rhineland-Palatinatefor Vulcan to commence 3D seismic work, as we continue to experience increasing positive momentum at a local level for the Zero Carbon Lithium™ Project. So far, all local votes for Vulcan's work plan applications in our Phase 1 area have been positive, which is a strong endorsement for our Project, as well as for the reputation and professionalism for the Vulcan team; many of whom have worked in the geothermal industry and the local area for many years.

"Our new exploration license, Ried, increases our license exploration area by 24%, for what is already the largest JORC compliant lithium resource in Europe. A strength of the Upper Rhine Valley region is the extensive exploration and development historically conducted by oil and gas companies, and Vulcan continues to leverage the work performed by the hydrocarbons industry to accelerate the Zero Carbon

Contact

Level 11, Brookfield Place	Vulcan Energie Ressourcen GmbH
125 St Georges Terrace	Baischstr. 8
Perth WA 6000 Australia	76133 Karlsruhe
08 6189 8767

Lithium™ Project by reducing the amount of time required to gather data. The grant of the Ried exploration onlylicense allows us to realise this data acquisition strategy, first executed last year. We are now well positioned to progress work in this area more efficiently and cost effectively, at a time of unprecedented

demand for lithium for electric vehicles, and for renewable energy in Europe."

Vulcan's Zero Carbon Lithium™ Project License areas

usepersonalFigure 1: Upper Rhine Valley Brine Field (URVBF), showing license areas and key operations areas making up Vulcan's integrated renewable geothermal energy and Zero Carbon Lithium™ business.

*The map is not to scale and is a high level, visual representation of Vulcan's license area. For

only	Vulcan Zero Carbon Lithium™ Project Granted Licenses
				Area		Area		license
	Name		State				Type
			(ha)		(km2)
	Upper Rhine Valley Geothermal-Lithium Brine Field
	Insheim		Rheinland-Pfalz		1,900		19		Production
use	Ortenau		Baden-Württemberg		37,360		373.6		Exploration
				License
Mannheim		Baden-Württemberg		14,427		144.27		Exploration
					License
	Lampertheim		Hessen		10,803		108.03		Exploration
					License
	Taro/Lisbeth		Baden-Württemberg		3,268		32.68		Exploration
					License
personal	Ludwig		Rheinland-Pfalz		9,641		96.41		Exploration
				License
	Therese		Rheinland-Pfalz		8,109		81.09		Exploration
					License
	Kerner		Rheinland-Pfalz		7,226		72.26		Exploration
					License
	Löwenherz		Rheinland-Pfalz		7,543		75.43		Exploration
					License
	Landau		Rheinland-Pfalz		1,94937		19.494		Production
					license
	Flaggenturm/
	Fuchsmantel		Rheinland-Pfalz		14,114		141.14		Exploration
									License
	Ried		Hessen		27,724		277.24		Exploration
					License
For	Cesano Field
Cesano		Italy		1,150		11.5		Research
					Permit

Expiry date	Ownership		Change in
(MM/YYYY)	at End of				Ownership
Quarter
	100%
11/2037				N/A
06/2023	100%				N/A
06/2024	100%				N/A
07/2024	100%				N/A
08/2022	100%				N/A
12/2024	100%				N/A
12/2024	100%				N/A
12/2024	100%				N/A
12/2024	100%				N/A
N/A	Brine offtake		agreement
with owner/operator
12/2022	100%		100%
TBA	0%*		100%
*Licenses		granted	after	30
	June 2022
					N/A
	100%*
01/2025	Subsequent to the quarter, the
Cesano license	area	will
	become co-owned 50:50 by
	Vulcan and EGP.

About Vulcan

onlyVulcan is aiming to become the world's first lithium producer with net zero greenhouse gas emissions. Its Zero Carbon Lithium™ Project intends to produce a battery-quality lithium hydroxide chemical product from its combined geothermal energy and lithium resource, which is Europe's largest lithium resource, in Germany. Vulcan's unique, Zero Carbon Lithium™ Project aims to produce both renewable geothermal energy, and lithium hydroxide, from the same deep brine source. In doing so, Vulcan intends to address lithium's EU market requirements by reducing the high carbon and water footprint of production, and total reliance on imports. Vulcan aims to supply the lithium-ion battery and electric vehicle market in Europe, which is the fastest growing in the world. The Vulcan Zero Carbon Lithium™ Project has a resource which could satisfy Europe's needs for the electric vehicle transition, from a

usesource with net zero greenhouse gas emissions, for many years to come. personalFor

onlyCorporate Directory Managing Director Chairman Non-Executive Director Non-Executive Director Non-Executive Director

useNon-Executive Director Non-Executive Director Non-Executive Director Executive Director, Germany Company Secretary

Dr Francis Wedin

Gavin Rezos

Ranya Alkadamani

Annie Liu

Dr Heidi Grön

Josephine Bush

Dr Günter Hilken

Mark Skelton

Dr Horst Kreuter

Daniel Tydde

personalFor and on behalf of the Board Daniel Tydde | Company Secretary

Media and Investor Relations contact

Germany:

Beate Holzwarth, Chief Communications Officer | [e-mail]| + 49 (0) 171 440 7844

Australia:

Jessica Bukowski, PR & IR Manager| [e-mail]| [phone]

For
Please contact Vulcan's Legal Counsel Germany, Dr Meinhard Grodde, for matters relating to the Frankfurt
Stock Exchange listing on [e-mail].
Reporting calendar
June Quarterly Activities and Cashflow Reports	28 July 2022
FY22 Results	22 September 2022
September Quarterly Activities and Cashflow Reports	27 October 2022