Vulcan Energy (ASX: VUL, FSE: VUL), (Vulcan or the Company) is pleased to announce the completion of its Preliminary Feasibility Study (PFS) for Project Ludwig, its proposed second phase of lithium and geothermal energy production. Project Ludwig will be an integrated lithium chemical and renewable heat project in the Ludwigshafen region of the Upper Rhine Valley Brine Field, Germany.  

Project Ludwig will build on learnings and experience from Vulcan’s first phase, Project Lionheart, to drive improved capital efficiency. The PFS is evidence that Lionheart is a repeatable development platform capable of delivering stronger returns and lower capital intensity across future phases. 

PFS outlines Vulcan’s second combined lithium and renewable heat project, targeting capital efficiencies and other cost savings due to single site plant integration, local use of internally generated heat and skills knowledge transfer from prior phase project.

Development ‘blueprint’ (adopted for the first phase of production at Vulcan’s foundation project, Project Lionheart or Lionheart) is targeted to be a repeatable development platform delivering stronger returns and lower capital intensity across multiple future phases. Located in the Ludwigshafen region of Germany’s Upper Rhine Valley Brine Field (URVBF), Project Ludwig is approximately 60km north of Lionheart. It will leverage the same regional brine system, proprietary extraction platform, in-house drilling capability, permitting experience and delivery organisation.

Project Ludwig delivers robust economics, with a pre-tax NPV₈ of €2.6 billion and IRR of 25.0%, post-tax NPV₈ of €1.7 billion and IRR of 20.2%, based on a 30-year planned operating life. Base case production of 21,100 tonnes per annum (tpa) of battery-grade lithium carbonate (Li₂CO₃), providing battery application flexibility to the Vulcan product offering, given lithium hydroxide production from Lionheart. Co-production of 3,125 GWh per annum of renewable heat for internal Vulcan process demand and complementary external sales.

Capital intensity reduced by 15% relative to Lionheart, with total CAPEX of €1.3 billion, reflecting Lionheart learnings, increased project maturity and simplification of the development concept. Lowest industry quartile OPEX of €4,101/t LCE, driven by low-cost lithium production from brine, and integration of heat generation.

Project Ludwig Indicated Mineral Resources increased from 655 kt LCE to 1,251 kt LCE (+91%) at 155mg/l Li and Inferred Mineral Resources increased from 2,128kt LCE to 2,230kt LCE (+5%) at 155 mg/l Li. Project Ludwig maiden Geothermal Resources Resource estimate of 193 PJ Indicated Classification and Inferred Classification of 295 PJ.

Asset-level financing strategy implemented to advance Project Ludwig to be able to take a financial investment decision (FID) after successful start-up of Project Lionheart; partner selection processes under way.

2392988  02-Sep-2026 CET/CEST