Highlights:
- 3D and 2D seismic data acquisition1 complete which significantly shortcuts exploration and development time.
- Production study under way targeting high brine-flow rate fault zones.
- Resource modelling under way aiming to upgrade resources to Indicated category in Taro and Ortenau licenses.
- Pre-Feasibility Study (PFS) progressing on track for completion by end 2020.
- Multiple meetings conducted with European offtakers in the cathode, lithium-ion battery and automotive sectors.
Vulcan Managing Director, Dr. Francis Wedin, commented: “Having just
returned from an extended period with our team at the Vulcan Karlsruhe
office, I am pleased to report on the progress of the Zero Carbon Lithium™
Project. We have completed the acquisition of key 2D and 3D seismic data
over our project areas, which significantly shortcuts development time.
The geological team is now working hard to model high brine-flow rate
fault zones from the data, from which we plan to upgrade the confidence
category in our some of our resource areas. Our engineering partners are
progressing well on the lithium and geothermal plant studies towards our
PFS. We believe that the PFS will be a significant milestone and inflexion
point for the Zero Carbon Lithium™ Project.
The business development team has held numerous meetings with
European lithium offtakers, in line with our goal of securing offtake
agreements in the world’s fastest growing lithium market, the European
electric vehicle market. These meetings were spear-headed by our new VP
Business Development and lithium industry expert Vincent Pedailles,
assisted by former Tesla director Jochen Rudat. We look forward to
keeping shareholders abreast of our progress during this exciting time in
the industry.”
Recent activities by the Company (https://v-er.com/investor-centre/asx-announcements/):
- Appointment of former Tesla director Jochen Rudat to Business Development team.
- Taro license grant and increased global Mineral Resource Estimate.
- Appointment of lithium industry expert Vincent Pedailles to Business Development team.
- Appointment of lithium chemistry expert Dr. Katharina Gerber to the Executive team.
- Excellent recoveries of over 90% from lithium extraction test work on Upper Rhine Valley brine.
- Securing EU backing support package, and EU-backed investment agreement into the Vulcan Zero Carbon Lithium™ project.
- $4.8m institutional and ESG investor equity placement.
- Agreement to acquire 3D seismic package to accelerate project development. Commencement of lithium test work for Pre-Feasibility Study. Completion of positive Scoping Study.
About Vulcan
Vulcan Energy Resources is aiming to become the world’s first Zero Carbon Lithium™ producer, by
producing a battery-quality lithium hydroxide chemical product with net zero carbon footprint from its
combined geothermal and lithium resource, which is Europe’s largest lithium resource, in the Upper
Rhine Valley of Germany. Vulcan will use its unique Zero Carbon Lithium™ process to produce both
renewable geothermal energy, and lithium hydroxide, from the same deep brine source. In doing so, it
will fix lithium’s current problems for the EU market: a very high carbon and water footprint of
production, and total reliance on imports, mostly from China. Vulcan aims to supply the lithium-ion
battery and electric vehicle market in Europe, which is the fastest growing in the world. Vulcan has a
resource which can satisfy Europe’s needs for the electric vehicle transition, from a zero-carbon source,
many years to come.