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

31/07/2026

1

Speculative Buy

$4.50

264.37%

Vulcan Energy Resources has commenced the development of its Phase 1 Lionheart project in Germany. Financial close has been achieved on the final components of a EUR2.2bn funding package.

Upstream brine development is underway and the project remains on budget and scheduled for production from 2028. The project is expected to produce 24,000tpa of lithium hydroxide monohydrate, 275GWh/year of electricity and 650GWh/year of heat from a geothermal brine resource.

Bell Potter assesses the project's potential for subsequent staged expansion supports a valuation of $4.50 (target price). Speculative Buy rating retained.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -7.30 cents.
Bell Potter forecasts a full year FY27 EPS of 36.82 cents.

20/10/2026

1

Speculative Buy

$10.00

709.72%

Canaccord Genuity maintains a Speculative Buy rating for Vulcan Energy Resources with a $10.00 target price following the release of test results from the LSC-3a well.

The reinjection test delivered a temperature-adjusted flow rate of 64L/s, standing 60% above the 40L/s development assumption for the project.

The analyst notes this first direct field validation of matrix-injection strengthens confidence in core project assumptions and highlights low pressures during testing as a positive indicator for potential reservoir porosity.

Higher porosity could ultimately support an uplift to the resource estimate, while the higher flow rates present an opportunity to reduce the number of required drill holes and lower operating costs.

Canaccord Genuity observes the company has completed three of 24 new wells at the site, adding to the four existing producing wells in the broader field development plan.