Vulcan Energy upgrades Europe’s largest lithium resource during September quarter

• Vulcan Energy (ASX:VUL) publishes its activities report for the September 2023 quarter, making significant progress toward Phase One execution of its Zero Carbon Lithium project
• The company expanded its lithium resource, making it the largest in Europe, and remains on track to initiate project-level debt and equity financing for Phase One in November
• Vulcan commissions its lithium extraction optimisation plant in Germany, facilitating the production of Europe’s first carbon-neutral lithium chemicals
• VUL shares last traded at $2.25

Vulcan Energy (ASX:VUL) has released its activities report for the September 2023 quarter, making significant progress toward Phase One execution of its Zero Carbon Lithium project.

During the quarter, Vulcan increased its lithium resource to become the largest in all of Europe and revealed that project-level debt and equity financing for Phase One remained on track to commence in November.

The company also commissioned its lithium extraction optimisation plant in Germany, which will fast-track the production of Europe’s first tonnes of fully domesticated lithium chemicals. These tonnes will be the world’s first carbon-neutral lithium chemicals.

“During the quarter, the Vulcan team worked tirelessly on all fronts to complete the remaining activities of the Bridging Phase, this has included advancements on land acquisition and permitting, as well as substantial progress on commissioning Europe’s first lithium extraction optimisation plant, which will produce the first tonnes of carbon-neutral lithium,” VUL Managing Director and CEO Cris Moreno said.

To ensure adequate land for the company’s phase one production of its lithium extraction plant, Vulcan has secured more land packages, with a final tenement currently under negotiation and expected to conclude during Q4.

Additionally, Vulcan received a geothermal and lithium brine exploration license to expand into Frankfurt and Main, areas with potential industrial customers, such as the Höchst Industrial Park and Frankfurt Airport.

Vulcan expects to complete phase one of its bridging study, now in its final stages, by early November.

“In the upcoming quarter, we will introduce brine into the plant for the lithium extraction process to begin, as well as completing construction of our Central Lithium Electrolysis Optimisation Plant ready for lithium hydroxide production early in the new year,” Mr Moreno said.

VUL shares last traded at $2.25.