VULCAN ENERGY RESOURCES LIMITED (VUL)
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VUL

VUL - VULCAN ENERGY RESOURCES LIMITED

FNArena Sector : New Battery Elements
Year End: December
GICS Industry Group : Materials
Debt/EBITDA: -0.89
Index: ASX200 | ASX300 | ALL-ORDS

Vulcan Energy Resources is developing an integrated renewable energy and lithium business in Germany’s Upper Rhine Valley, using geothermal brines to produce lithium and renewable heat and power.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.64

27 Jul
2026

0.050

OPEN

$2.64

1.93%

HIGH

$2.68

1,310,472

LOW

$2.61

TARGET
$6.10 131.1% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
VUL: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) N/A xxx
DPS (cps) N/A xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio N/A xxx
Dividend Yield 0.0% xxx
Div Pay Ratio(%) N/A xxx
This company reports in EUR.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
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Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-51.8
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx12.9 M
Book Value Per Share xxxxxxxxxxxxxxx315.8
Net Operating Cash Flow xxxxxxxxxxxxxxx-120.9 M
Net Profit Margin xxxxxxxxxxxxxxx-946.60 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-11.61 %
Return on Invested Capital xxxxxxxxxxxxxxx-11.31 %
Return on Assets xxxxxxxxxxxxxxx-10.49 %
Return on Equity xxxxxxxxxxxxxxx-11.61 %
Return on Total Capital xxxxxxxxxxxxxxx-9.58 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-205.2 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx21 M
Long Term Debt xxxxxxxxxxxxxxx50 M
Total Debt xxxxxxxxxxxxxxx72 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx912 M
Price To Book Value xxxxxxxxxxxxxxx1.40

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx87.9 M
Capex % of Sales xxxxxxxxxxxxxxx683.37 %
Cost of Goods Sold xxxxxxxxxxxxxxx66 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx51 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx15 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

14/01/2026

1

Speculative Buy

$6.10

131.06%

Bell Potter notes lithium prices rebounded strongly in the December quarter, with SC6 price up 35% q/q and lithium carbonate up 18%. Spot prices have surged further due to improving demand and normalising inventories.

Pricing strength reflects continued EV growth, rising ESS demand and policy support, particularly in China, with spodumene responding faster than contract lithium chemicals.

The broker upgraded its outlook, estimating lithium carbonate at US$16,000/t in 2026-27, a material uplift from prior assumptions and US$18,000 in 2028 from US$16,750/t. The long-term estimate is unchanged at US$19,000/t from 2030.

Target for Vulcan Energy Resources $6.10, and it assumes an upside-case long-term LC price of US$20,900/t, 10% above the base case. Speculative Buy is unchanged.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -29.10 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

03/06/2026

1

Speculative Buy

$10.75

307.20%

Canaccord Genuity maintains a Speculative Buy rating for Vulcan Energy Resources with a $10.75 target price following the financial close of the EUR2.2bn Lionheart Project funding package.

Accessing these combined debt and equity facilities enables uninterrupted construction on Phase One in Germany, which commenced full-scale works in April 2026.

The installation targets first commercial production in 2028 to deliver 24ktpa of lithium hydroxide alongside simultaneous renewable power and heating capacity.

The broker highlights key milestone tracking over the next two years will centre on extraction well testing and cost discipline across the primary lithium processing plant builds.

The report concludes standalone direct lithium extraction capability is increasingly validated by peer proof of concept ramp-ups globally.
Access Extra Coverage Research History >

VUL STOCK CHART

FNArena News on VUL

1
Next Week At A Glance – 20-25 Jul 2026

Jul 17 2026 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Jun 03, 2026

Jun 03 2026 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – May 04, 2026

May 04 2026 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Apr 30, 2026

Apr 30 2026 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Apr 29, 2026

Apr 29 2026 - Daily Market Reports

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