- Binding agreement signed to acquire 100% of Global Geothermal Holding UG (GGH), subject to shareholder approval. GGH is Vulcan’s joint venture partner holding the granted Taro license in the Upper Rhine Valley. The Taro license has a JORC Resource Estimation of 2.27 Mt contained Lithium Carbonate Equivalent (LCE) at a grade of 181 mg/l Li (Indicated and Inferred) out of the total 15.85 Mt LCE at 181 mg/l Li across the Vulcan Project1.
- Vulcan has earned a 51% interest in the Taro license and has a right to earn up to 80% with GGH holding the balance.
- GGH also holds other exploration license applications in the Upper Rhine Valley region which are subject to the Vulcan joint venture.
- This acquisition consolidates Vulcan’s major strategic holding in the Upper Rhine Valley, as part of the plan to rapidly advance the Zero Carbon Lithium® project towards production.
- Agreement involves entirely share-based payments, 90% of which are based on project development milestones.