Vulcan ensured it is fully funded for its PFS by completion of an agreement for a direct investment by EU-backed EIT InnoEnergy, at a premium to 30-day VWAP. This followed the previous oversubscribed $4.8m institutional and ESG investor equity placement, also completed at a premium to 30-day VWAP.
Vulcan is now well-funded with cash of $5.1m at 30 September.
London-based Natural Resources Global Capital Partners Limited (“NRG”) was appointed to provide strategic and financial advice in connection with the Zero Carbon Lithium™ Project. NRG will assist Vulcan with financial advice related to potential future transactions surrounding funding for its Definitive Feasibility Study (“DFS”) and first commercial lithium hydroxide production plant.
Direct Lithium Extraction (DLE) testwork was successfully concluded, using commercially available adsorbents, which achieved initial recovery rates in excess of 90%. Optimisation work is underway to achieve enhanced recovery rates.
Taro license was granted and Vulcan’s overall Upper Rhine Valley (URVP) mineral resource estimate was updated. This is now estimated to collectively contain 15.37 million tonnes (Mt) Lithium Carbonate Equivalent (LCE) at a grade of 181 mg/l Li (Indicated & Inferred; 95% of which is in the Inferred Resource category), the largest JORC lithium resource in Europe1.
Vulcan’s team was bolstered by the following Senior Executive appointments:
Former Tesla Director Jochen Rudat and lithium industry expert Vincent Ledoux-Pedailles to the Business Development team, who are now leading discussions with potential lithium hydroxide offtakers.
Engineering expert Dr. Thomas Aicher as Chemical Engineering Lead.
Lithium chemistry expert Dr. Katharina Gerber to the Executive team.