Vulcan Energy Secures €100m for Lionheart Project Phase One

Vulcan Energy Resources Limited has successfully completed a €100 million placement to advance its Lionheart Project's Phase One. The funding, sourced from approximately 28 million new shares offered at €3.57 each, aims to drive initial critical path scope execution, including capital expenditure and operating costs.

The placement enjoyed strong support from existing and new investors. Proceedings will focus on capital expenditure for the Field Development Plan, commencement of drilling activities, and procurement. In parallel, the company will initiate EPC contracts for a geothermal renewable energy plant and limited lithium plant contracts.

The proceeds will also aid operational expenditure crucial for on-site project execution. Trading for new shares is scheduled to begin on December 19, 2024.