{
  "schema_version": "1.0.0",
  "ticker": "VUL",
  "company_name": "Vulcan Energy Resources Limited",
  "cutoff_date": "2026-10-31",
  "reviewed_at": "2026-10-31",
  "coverage_note": "Dated registered accounts and separately dated group relevant interests overlap and are not additive.",
  "register": {
    "as_of_date": "2026-03-20",
    "issued_shares": 477903314,
    "source_ids": [
      "annual"
    ],
    "holders": [
      {
        "holder_id": "register-01",
        "name": "HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED",
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        "percentage": 19.79,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": [
          "Registered account; beneficial owner not inferred."
        ]
      },
      {
        "holder_id": "register-02",
        "name": "HOCHTIEF LITHIUM HOLDING GMBH",
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        "shares": 73661261,
        "percentage": 15.41,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": []
      },
      {
        "holder_id": "register-03",
        "name": "BNP PARIBAS NOMINEES PTY LTD <CLEARSTREAM>",
        "classification": "nominee_custodian",
        "shares": 66699520,
        "percentage": 13.96,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": [
          "Registered account; beneficial owner not inferred."
        ]
      },
      {
        "holder_id": "register-04",
        "name": "CITICORP NOMINEES PTY LIMITED",
        "classification": "nominee_custodian",
        "shares": 55347116,
        "percentage": 11.58,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": [
          "Registered account; beneficial owner not inferred."
        ]
      },
      {
        "holder_id": "register-05",
        "name": "J P MORGAN NOMINEES AUSTRALIA PTY LIMITED",
        "classification": "nominee_custodian",
        "shares": 35942905,
        "percentage": 7.52,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": [
          "Registered account; beneficial owner not inferred."
        ]
      },
      {
        "holder_id": "register-06",
        "name": "BNP PARIBAS NOMS PTY LTD",
        "classification": "nominee_custodian",
        "shares": 26676806,
        "percentage": 5.58,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": [
          "Registered account; beneficial owner not inferred."
        ]
      },
      {
        "holder_id": "register-07",
        "name": "PSA AUTOMOBILES SA",
        "classification": "direct_holder",
        "shares": 11448959,
        "percentage": 2.4,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": []
      },
      {
        "holder_id": "register-08",
        "name": "MR FRANCIS EDWARD BARNABAS WEDIN — rank 8",
        "classification": "direct_holder",
        "shares": 6096667,
        "percentage": 1.28,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
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        "notes": []
      },
      {
        "holder_id": "register-09",
        "name": "BNP PARIBAS NOMINEES PTY LTD <AGENCY LENDING A/C>",
        "classification": "nominee_custodian",
        "shares": 5104172,
        "percentage": 1.07,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": [
          "Registered account; beneficial owner not inferred."
        ]
      },
      {
        "holder_id": "register-10",
        "name": "MR FRANCIS EDWARD BARNABAS WEDIN — rank 10",
        "classification": "direct_holder",
        "shares": 3452727,
        "percentage": 0.72,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": []
      },
      {
        "holder_id": "register-11",
        "name": "DR HORST DIETER KREUTER",
        "classification": "direct_holder",
        "shares": 1994096,
        "percentage": 0.42,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": []
      },
      {
        "holder_id": "register-12",
        "name": "MONSLIT PTY LTD <ANTHONY TORRESAN A/C>",
        "classification": "direct_holder",
        "shares": 1600000,
        "percentage": 0.33,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": []
      },
      {
        "holder_id": "register-13",
        "name": "BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT>",
        "classification": "nominee_custodian",
        "shares": 1461495,
        "percentage": 0.31,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": [
          "Registered account; beneficial owner not inferred."
        ]
      },
      {
        "holder_id": "register-14",
        "name": "MR JOHN LANGLEY HANCOCK",
        "classification": "direct_holder",
        "shares": 1286938,
        "percentage": 0.27,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": []
      },
      {
        "holder_id": "register-15",
        "name": "MR HOANG HUY NGUYEN",
        "classification": "direct_holder",
        "shares": 1278965,
        "percentage": 0.27,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": []
      },
      {
        "holder_id": "register-16",
        "name": "HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C",
        "classification": "nominee_custodian",
        "shares": 1088004,
        "percentage": 0.23,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": [
          "Registered account; beneficial owner not inferred."
        ]
      },
      {
        "holder_id": "register-17",
        "name": "LHO LA PTY LTD <ACME FOUNDATION A/C>",
        "classification": "direct_holder",
        "shares": 1018559,
        "percentage": 0.21,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": []
      },
      {
        "holder_id": "register-18",
        "name": "SNOWBALL 3 PTY LTD <ANTONIO TORRESAN SUPER A/C>",
        "classification": "direct_holder",
        "shares": 965000,
        "percentage": 0.2,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": []
      },
      {
        "holder_id": "register-19",
        "name": "MR HOANG HUY NGUYEN <HOANG HUY NGUYEN FAMILY A/C>",
        "classification": "direct_holder",
        "shares": 910513,
        "percentage": 0.19,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": []
      },
      {
        "holder_id": "register-20",
        "name": "MAGNI ASSOCIATES PTY LTD",
        "classification": "direct_holder",
        "shares": 812500,
        "percentage": 0.17,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-03-20",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "annual"
        ],
        "notes": []
      }
    ]
  },
  "substantial_holders": [
    {
      "holder_id": "citi",
      "name": "Citigroup Global Markets Australia and related entities",
      "classification": "reporting_group",
      "shares": 47240163,
      "percentage": 9.8692,
      "percentage_basis": "voting_power",
      "as_of_date": "2026-10-27",
      "investor_id": null,
      "identity_note": null,
      "source_ids": [
        "citi"
      ],
      "notes": [
        "Relevant interests include securities lending and may overlap other groups."
      ],
      "caveat": "Historic disclosure; positions may change."
    },
    {
      "holder_id": "jpm",
      "name": "JPMorgan Chase & Co. and affiliates",
      "classification": "reporting_group",
      "shares": 33417781,
      "percentage": 6.98,
      "percentage_basis": "voting_power",
      "as_of_date": "2026-10-21",
      "investor_id": null,
      "identity_note": null,
      "source_ids": [
        "jpm"
      ],
      "notes": [
        "Relevant interests include securities lending and may overlap other groups."
      ],
      "caveat": "Historic disclosure; positions may change."
    },
    {
      "holder_id": "vaneck",
      "name": "Van Eck Associates Corporation and associates",
      "classification": "reporting_group",
      "shares": 24135953,
      "percentage": 5.0424,
      "percentage_basis": "voting_power",
      "as_of_date": "2026-09-18",
      "investor_id": null,
      "identity_note": null,
      "source_ids": [
        "vaneck"
      ],
      "notes": [
        "Manager reporting relevant interests."
      ],
      "caveat": "Historic disclosure; positions may change."
    },
    {
      "holder_id": "hochtief",
      "name": "Hochtief Lithium Holding GmbH and related bodies",
      "classification": "reporting_group",
      "shares": 73661261,
      "percentage": 15.41,
      "percentage_basis": "voting_power",
      "as_of_date": "2025-12-30",
      "investor_id": null,
      "identity_note": null,
      "source_ids": [
        "hochtief"
      ],
      "notes": [
        "Notice names 30 December as change date but describes an acquisition dated 31 December."
      ],
      "caveat": "Notice has internally conflicting dates; exact measurement date remains unresolved."
    }
  ],
  "sources": [
    {
      "source_id": "annual",
      "title": "Annual Report 2025",
      "publisher": "Vulcan Energy via ASX",
      "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03072673-6A1318120",
      "publication_date": "2026-03-27",
      "accessed_date": "2026-10-31",
      "locator": "downloads/VUL/2026/2026-03-27_Annual Report - Period Ending 31 December 2025_8c2dadf7a959ca41.pdf, pages 153–154",
      "detail": "20 ordinary-share accounts at 20 March 2026."
    },
    {
      "source_id": "citi",
      "title": "Citigroup change in substantial holding",
      "publisher": "citi via ASX",
      "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03155342-6A1352434",
      "publication_date": "2026-10-29",
      "accessed_date": "2026-10-31",
      "locator": "downloads/VUL/2026/2026-10-29_Change in substantial holding_4f4374658e3ce657.pdf, page 1",
      "detail": "47,240,163 votes and 9.8692% following 27 October changes."
    },
    {
      "source_id": "jpm",
      "title": "JPMorgan change in substantial holding",
      "publisher": "jpm via ASX",
      "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03152648-6A1351128",
      "publication_date": "2026-10-26",
      "accessed_date": "2026-10-31",
      "locator": "downloads/VUL/2026/2026-10-26_Change in substantial holding_ff1dfc6566ead736.pdf, page 1",
      "detail": "33,417,781 shares and 6.98% on 21 October."
    },
    {
      "source_id": "vaneck",
      "title": "Van Eck change in substantial holding",
      "publisher": "vaneck via ASX",
      "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03138166-6A1344940",
      "publication_date": "2026-09-22",
      "accessed_date": "2026-10-31",
      "locator": "downloads/VUL/2026/2026-09-22_Change in substantial holding_9dd72fe477e827e7.pdf, page 1 visually reviewed",
      "detail": "24,135,953 shares and 5.0424% on 18 September."
    },
    {
      "source_id": "hochtief",
      "title": "Hochtief change in substantial holding",
      "publisher": "hochtief via ASX",
      "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03042862-6A1305821",
      "publication_date": "2026-01-02",
      "accessed_date": "2026-10-31",
      "locator": "downloads/VUL/2026/2026-01-02_Change in substantial holding_68400b7b472b7f36.pdf, page 1",
      "detail": "73,661,261 shares and 15.41%, notice has conflicting 30/31 December dates."
    }
  ],
  "limitations": [
    "Nominee accounts conceal underlying beneficial owners.",
    "The annual table duplicates the entire rank-8 Wedin row in its text; it is counted once. A separate rank-10 Wedin account is retained.",
    "Hochtief notice has internally conflicting 30 and 31 December 2025 dates.",
    "Group relevant interests include securities-lending positions and are not necessarily beneficial ownership."
  ]
}
