Vulcan Zero Carbon Lithium™ Project: Lithium Extraction Test Work Commences

Vulcan Zero Carbon Lithium™ Project:  Lithium Extraction Test Work Commences

Highlights

Commencing lithium extraction test work after defining one of the largest
lithium resources in the world, in the Upper Rhine region of Germany;
• Positive Scoping Study has given Vulcan strong confidence to proceed to
next steps in bench-scale lithium extraction;
• Geothermal brine from the project will be used for Direct Lithium
Extraction (DLE) test work;
• Well-developed DLE extraction methods previously piloted on geothermal
brines will be demonstrated with a focus on process routes which will
enable Zero Carbon Lithium™ production and minimal operating cost;
• DLE will be demonstrated at bench scale in preparation for pilot scale test
work on-site in Germany, planned for this year;
• Pre-Feasibility Study programme on track.

Vulcan Energy Resources Ltd (‘Vulcan’ or the ‘Company’ | ASX: VUL) is
pleased to announce the commencement of lithium processing test work at its
Vulcan Zero Carbon Lithium™ Project in Germany, the largest lithium resource in
Europe, which it is rapidly developing.

Test Work Programme

Following positive results from the recently completed Scoping Study on the
Vulcan Project, Vulcan is progressing with its test work programme to advance
its innovative Zero Carbon Lithium™ flowsheet. The Scoping Study showed the
potential for production of battery-quality lithium hydroxide monohydrate
products from the Project, which could be produced with a uniquely net zero
carbon footprint. The Company believes this will be a premium, highly desirable
product for the European electric vehicle market. The Test Work Programme
includes the following steps:

• Geothermal brine from the project will be used for Direct Lithium
Extraction (DLE) test work, initially conducted offsite;

Well-developed DLE extraction methods previously piloted on geothermal brines will be demonstrated
with a focus on process routes which will enable Zero Carbon Lithium™ production and minimal
operating cost;
• DLE will be demonstrated at bench scale in preparation for pilot scale test work on-site in Germany,
planned for this year. Results of both will be incorporated into Vulcan’s Pre-Feasibility Study.

Technology Driven Solutions

Vulcan, with guidance from its CTO-DLE, has chosen to advance DLE technology solutions which:
• are most likely to result in flowsheets which produce low CO2 intensity, low cost products, and
• are most advanced to avoid the need for technology development cycles which might otherwise slow
down project development.

Managing Director, Dr. Francis Wedin commented:

“Despite globally turbulent times, we are maintaining our momentum by pushing ahead with developing and
technically de-risking our globally important Zero Carbon Lithium™ project. This next step of lithium extraction
test work will provide us with valuable data which will be used in our PFS. We look forward to keeping our
shareholders informed in the coming weeks and months as we progress this.”