VULCAN ENERGY RESOURCES LIMITED (VUL)
Share Price Analysis and Chart

24/09/2025

1

Speculative Buy

$6.25

-0.95%

Bell Potter attended a popular site visit to Vulcan Energy Resources' Phase 1 Lionheart lithium project in Germany's Upper Rhine Valley last week. The analysts noted the high quality of the executive team and senior management, and the technical de-risking of the project.

First production is underway, both on time and on budget. Brine from Vulcan's wells is being taken and producing lithium chloride solutions as planned.

The company is completing debt funding for the Phase 1 project with conditional commitments of EUR1.4bn from seven commercial banks and the European Investment Bank, as well as EUR100m in grant funding.

Bell Potter expects a project manager partner will help with the EUR2.2bn funding, including the -EUR1.4bn in capex.

Target lifts to $6.25 from $6.10. No change to Speculative Buy rating.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 170.90 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -28.50 cents.

06/11/2025

1

Speculative Buy

$10.00

58.48%

 Germany has reintroduced EV subsidies through a EUR4bn program, offering up to EUR4k per vehicle for fully electric cars priced under EUR45k, with plug-in hybrids excluded. For the first time, used EVs will also qualify, a move expected to support mass-market adoption and help counter competition from low-cost Chinese models.

Vulcan Energy Resources highlights renewed consumer incentives align with Germany’s broader backing of the EV supply chain, including significant government support for Vulcan Energy’s Lionheart Project, which has already received EUR204m in grants with a further EUR150m potentially available.

The EU’s energy storage market is emerging as another strong source of lithium demand, with battery capacity expected to expand rapidly by 2029.

The company ended the quarter with EUR47m cash and plans to complete financing and FID before year-end.

Target is lifted to $10.00 from $9.75. No change to Speculative Buy rating.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -18.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -9.00 cents.