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VUL
ASX (primary) and Frankfurt Stock Exchange Prime Standard
Vulcan Energy Resources Limited
v8.1 · vul-20261031t172753-full- Last 2026-11-06
- A$1.115
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$533.7M
- EV
- A$239.3M
- Cash
- €129.4M
- Debt
- €0
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Our rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 13All sources ▸- Quarterly Activities Report - Period Ending 30 September 2026Operations
- Quarterly Cashflow Report - Period Ending 30 September 2026Results
- Corporate Presentation - Q4 2026Presentation
- Half Year Report for the Period Ending 30 June 2026Results
- Interim Management Report 2026Governance
- Phase Two Preliminary Feasibility Study (Project Ludwig)Study
- Quarterly Cashflow Report - Period Ending 30 June 2026Results
- Quarterly Cashflow Report - Period Ending 31 March 2026Results
- German State grants royalty exemption for lithium productionPermitting
- Annual Report - Period Ending 31 December 2025Results
- Quarterly Cashflow Report Period Ending 31 December 2025Results
- Opening of Retail Entitlement Offer (financing and FID presentation, offer booklet)Financing
Event calendar · next 12 months
12 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Q4 2026 | ABB main electrical supply contract award | Construction Or Commissioning | Company Guided | Medium | Last major supply contract; cost certainty against the EUR1,476m capex budget. |
| before 31 December 2026 | EUR80m term deposits become accessible within 90 days | Financing | Company Guided | Medium | Lifts accessible liquidity from EUR129.4m cash toward EUR209.4m. |
| Q4 2026 | Start of ICPP section 2 pipeline construction | Construction Or Commissioning | Company Guided | Medium | Pipeline sections link the wells to the plant; on-time starts support the 2028 first-production date. |
| Q4 2026 | Award of ICPP sections 3 to 7 contracts | Construction Or Commissioning | Company Guided | Medium | Fixes the price of the remaining pipeline scope against the EUR257m ICPP budget. |
| end of Q4 2026 | Insheim power plant returns to service after maintenance | Production | Company Guided | Medium | Restores the existing renewable-power revenue and proves reliability of the field. |
| Q4 2026 | Second drill rig V10 mobilises to the Trappelberg well site | Construction Or Commissioning | Company Guided | Medium | Doubles drilling capacity for the production and re-injection wells that set field deliverability. |
| 12.2026 expiry | Waldnerturm and Loewenherz exploration licences reach expiry | Permitting | Company Guided | Medium | Portfolio review aims to relinquish weaker licences; renewals or lapses change the future-phase pipeline. |
| Q1 2027 | First senior debt drawdown and further strategic equity instalments | Financing | Company Guided | High | Starts the EUR1,185m debt draw that funds most remaining capex; milestone conditions must be met. |
| late January to March 2027 (customary timing) | FY2026 annual report and December 2026 quarterly report | Results | Inferred | Medium | Updates capex-to-date, cash and construction progress against the budget profile. |
| Q3 2027 | Completion of ICPP section 1 | Construction Or Commissioning | Company Guided | Medium | First physical pipeline delivery milestone on the way to mechanical completion. |
| no date given | Ludwig asset-level strategic partner selection | Financing | Company Guided | Medium | A partner for Ludwig determines the retained interest and funding of Phase Two. |
| subject to appeal, no date given | Appeal outcome on the French (Nancy) geothermal and lithium permit decisions | Permitting | Company Guided | Medium | The court decision cuts against the Kachelhoffa licence; appeals are pending. |
Executive roster
As of 2026-10-30Background checks ▸Executive directors, group executives and company secretary named in the annual report, the September 2026 board succession and the October 2026 corporate presentation; non-executive directors excluded. Appointment dates are given only where disclosed.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Cris Moreno | Managing Director and Group Chief Executive Officer | Executive Director · Chief Executive | — | Corporate Presentation - Q4 2026 · Half Year Report for the Period Ending 30 June 2026 |
| Felicity Gooding | Executive Director and Group Chief Financial Officer | Executive Director · Finance | — | Corporate Presentation - Q4 2026 · Half Year Report for the Period Ending 30 June 2026 |
| Dr Francis Wedin | Founder (previously Executive Chair until 10 September 2026) | Senior Management | — | Quarterly Activities Report - Period Ending 30 September 2026 · Half Year Report for the Period Ending 30 June 2026 |
| Daniel Tydde | Company Secretary and General Counsel | Company Secretary | — | Annual Report - Period Ending 31 December 2025 · Half Year Report for the Period Ending 30 June 2026 |
| Carsten Bachg | Chief Operating Officer | Operations | — | Corporate Presentation - Q4 2026 |
| Manfred Boeckmann | Chief Commercial Officer | Commercial | — | Corporate Presentation - Q4 2026 |
| Thorsten Weimann | Chief Development Officer | Technical | — | Corporate Presentation - Q4 2026 |
| Dr Horst Kreuter | Chief Representative Germany and Board advisor | Senior Management | — | Annual Report - Period Ending 31 December 2025 |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals)
DE
Construction72.7% ownedLithium
Under construction since FID on 3 December 2025 and Financial Close in May 2026; seven wells drilled or drilling (four historical operating), 30MW geothermal plant civil works under way, ICPP section 1 under construction, first commercial LHM targeted for 2028; reported on schedule and within budget. Economic interest is 72.7% after the 14.49% KfW stake in the German holding company and the strategic investors InvestmentCo 10.35% (rising to 15% by PIK).
- Study
- FID case (updated End of Validation Study), December 2025
- Post-tax NPV (study prices, attributable)
- €837.5md
- NPV restated at our deck (attributable)
- Locked
- IRR
- 1,370.0%s
- Initial capex (100%)
- €1.5bs
- Capital intensity
- €69,953/(t/yr)d
- LoM AISC
- —
- Mine life
- 30.0 yrss
Published study economicsIssuer or study metrics
NPV€1.2B8% discount
IRR13.7%Published return
Initial capex€1.5BPublished capital estimate
Operating cost3,588EUR/t LHM
100% basis, unlevered, nominal 8%, mid-period, valuation date 28 November 2025; pre-tax NPV8 EUR1,838m
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured | 2.1M t LCE | 181 mg/L Li | Lithium | 2025-12-31 |
| Mineral Resource | Indicated | 2M t LCE | 181 mg/L Li | Lithium | 2025-12-31 |
| Ore Reserve | Proved and Probable | 570K t LCE | 181 mg/L Li | Lithium | 2025-12-31 |
Tenements3
Milestones6
- Final investment decision and construction start
Achieved · High materiality
- Financial close of the EUR2.2bn package
Achieved · High materiality
- First strategic equity and grant drawdowns
Achieved · High materiality
- First senior debt drawdown
Pending · High materiality
- ICPP section 1 completion
Pending · Medium materiality
- First commercial LHM production
Pending · High materiality
Permits & approvals3
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Major construction permits for Phase One | Rhineland-Palatinate and Hesse | Granted | — | Yes |
| Ilka lithium production licence (granted 9 Sept 2026) | Rhineland-Palatinate | Granted | — | Yes |
| Lithium field-royalty exemption to 31 Dec 2030 | Rhineland-Palatinate | Granted | 2030-12-31 | No |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Lionheart FID case (updated End of Validation Study) | Updated Feasibility | Current | 2025-12-03 | Post-tax NPV8 EUR1,152m, unlevered post-tax IRR 13.7%, capex EUR1,476m, average realised 10-year LHM price EUR20,456/t, C1 EUR3,588/t LHM (real), 24ktpa LHM for 30 years. |
| End of Validation Study (December 2024) | DFS | Superseded | 2024-12-11 | Post-tax NPV8 EUR2,173m at EUR22,355/t LHM and capex EUR1,431m; superseded by the FID case (lower price deck, 15% contingency, later start). |
Material
Project Ludwig (Phase Two, Ludwigshafen)
DE
PFS Developer85.5% ownedLithium
PFS released 3 September 2026: 21.1ktpa battery-grade lithium carbonate and 3,125GWh/yr heat for EUR1,261m (real 2026); FID only after Lionheart starts production; asset-level financing with strategic partners being sought.
- Study
- Preliminary Feasibility Study (PFS), 3 September 2026
- Post-tax NPV (study prices, attributable)
- €1.5bd
- NPV restated at our deck (attributable)
- Locked
- IRR
- 2,020.0%s
- Initial capex (100%)
- €1.3bs
- Capital intensity
- €59,763/(t/yr)d
- LoM AISC
- —
- Mine life
- 30.0 yrss
Published study economicsIssuer or study metrics
NPV€1.7B8% discount
IRR20.2%Published return
Initial capex€1.3BPublished capital estimate
Operating cost4,101EUR/t Li2CO3
100% equity, unlevered, nominal 8%, FID assumed 2029; pre-tax NPV8 EUR2,607m
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 1.3M t LCE | 155 mg/L Li | Lithium | 2026-09-03 |
| Mineral Resource | Inferred | 2.2M t LCE | 155 mg/L Li | Lithium | 2026-09-03 |
Tenements2
Milestones1
- Ludwig FID (after Lionheart production starts)
Pending · Medium materiality
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Project Ludwig PFS | PFS | Current | 2026-09-03 | Post-tax NPV8 EUR1,727m at assumed 2029 FID, post-tax IRR 20.2%, capex EUR1,261m, C1 EUR4,101/t Li2CO3, Li2CO3 EUR20,588/t real 2026. |
Other
Upper Rhine future-phase licences (Mannheim, Ortenau, Kerner, Flaggenturm, Taro and others)
DE · FR · IT
Resource Stage85.5% ownedLithium
Exploration-stage licences holding about 22.2Mt LCE of the 29.8Mt group resource beyond Lionheart and Ludwig; Mannheim 3D seismic reprocessing and an airborne survey under way, portfolio review to relinquish weaker licences; French licence in legal dispute.
- Contained metal (attributable)
- 19.0m td
- Resource grade
- NM
- % Measured + Indicated
- 31.4%d
- Resource tonnes
- NM
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 7M t LCE | 155-181 mg/L Li | Lithium | 2026-09-30 |
| Mineral Resource | Inferred | 15.2M t LCE | 155-181 mg/L Li | Lithium | 2026-09-30 |
Tenements2
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
EUR129.4m cash plus EUR80.0m term deposits accessible after 90 days (EUR209.4m) at 30 September 2026, and EUR39.7m of restricted cash (30 June) held under the financing documents. EUR53.7m of strategic equity and EUR10.7m of grants were received in the September quarter. The EUR1,185m senior facilities are undrawn until first drawdown expected in Q1 2027 and drawdowns of debt, strategic equity and grants are milestone-linked; capital commitments were EUR374.6m at 30 June 2026.
Capital structure
Ownership and dilution
- Ordinary shares
- 478.7M
- Fully diluted
- 481.7M
477,870,976 shares at 31 Dec 2025 plus 32,338 advisory-fee shares (12 Feb 2026) and 757,423 shares from performance-right exercises (1 Jun 2026) gives 478,660,737 at 30 Jun 2026; no listed or unlisted options and no buy-back; 3,028,139 performance rights outstanding give 481,688,876 fully diluted. Strategic investors hold subsidiary preferred shares (PIK conversion into PlatformCo shares), not VUL shares, so the VUL share count is unaffected. The share count sat near 478m at the October 2026 presentation.
Security classes1
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Performance rights (classes AB, AD and IP), nil exercise price, 658,762 currently exercisable | Performance Right | 3M | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2024AA | FY2025AA |
|---|---|---|---|---|
| Profit and loss | ||||
| Revenue | AUDm | 13.4 | 12.1 | |
| Operating, corporate and development costs net of other income | AUDm | 70.5 | 103.2 | |
| EBITDA | AUDm | (57.1) | (91.1) | |
| Depreciation and amortisation | AUDm | 15.8 | 22.0 | |
| Net finance cost (income negative) | AUDm | (2.8) | (1.6) | |
| Income tax expense (benefit negative) | AUDm | (0.3) | 3.1 | |
| Net profit after tax (100%, before non-controlling interests) | AUDm | (69.8) | (114.6) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (50.5) | (78.6) | |
| Capex (plant and equipment payments, plus capitalised exploration from 2026) | AUDm | 96.0 | 79.4 | |
| Free cash flow (operating less capex) | AUDm | (146.5) | (158.0) | |
| Balance sheet | ||||
| Cash and term deposits (excluding restricted cash) | AUDm | 159.8 | 852.8 | |
| Debt (senior debt drawn plus lease liabilities) | AUDm | 6.3 | 50.4 | |
| Net debt (cash negative) | AUDm | (153.5) | (802.4) | |
| Per share | ||||
| Ordinary shares at year end | m shares | 214.5 | 477.9 | |
| Earnings per share (consolidated, basic) | AUD/share | (0.33) | (0.24) | |
| Dividends per share | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (4.5) | (2.8) | |
| P / E (x, current market cap) | x | (7.9) | (4.8) | |
| FCF yield (current market cap) | % | -26.6% | -28.7% | |
| EBITDA margin | % | -427.0% | -752.3% | |
| Net debt / EBITDA (x) | x | 2.7 | 8.8 | |
KPI history
Operating metrics · Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals)
| Metric | Unit | Trend | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|---|
| Closing cash (Appendix 5B) | EUR | 523,130,000 | 364,343,000 | 193,880,000 | 129,432,000 | |
| Payments for property, plant and equipment | EUR | 14,862,000 | 75,997,000 | 91,985,000 | 88,771,000 |
Operating metric source table8
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Closing cash (Appendix 5B) | Lionheart | Q4 2025 | Point In Time | 523,130,000 EUR | Reported |
| Closing cash (Appendix 5B) | Lionheart | Q1 2026 | Point In Time | 364,343,000 EUR | Reported |
| Closing cash (Appendix 5B) | Lionheart | Q2 2026 | Point In Time | 193,880,000 EUR | Reported |
| Closing cash (Appendix 5B) | Lionheart | Q3 2026 | Point In Time | 129,432,000 EUR | Reported |
| Payments for property, plant and equipment | Lionheart | Q4 2025 | Quarter | 14,862,000 EUR | Reported |
| Payments for property, plant and equipment | Lionheart | Q1 2026 | Quarter | 75,997,000 EUR | Reported |
| Payments for property, plant and equipment | Lionheart | Q2 2026 | Quarter | 91,985,000 EUR | Reported |
| Payments for property, plant and equipment | Lionheart | Q3 2026 | Quarter | 88,771,000 EUR | Reported |
Company guidance13
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Lionheart CAPEX Profile | lionheart | 2026 | 481,000,000 | 481,000,000 EUR | Current |
| Lionheart CAPEX Profile | lionheart | 2027 | 575,000,000 | 575,000,000 EUR | Current |
| Lionheart CAPEX Profile | lionheart | 2028 | 296,000,000 | 296,000,000 EUR | Current |
| Lionheart CAPEX Profile | lionheart | 2029 | 52,000,000 | 52,000,000 EUR | Current |
| Lionheart Total CAPEX Budget (15% Contingency) | lionheart | 2025-2029 | 1,476,000,000 | 1,476,000,000 EUR | Current |
| Lionheart Lhm Nameplate Capacity | lionheart | from 2028 | 24,000 | 24,000 t/yr LHM | Current |
| Lionheart First Commercial Lhm Production | lionheart | 2028 | 2,028 | 2,028 year | Current |
| Lionheart C1 Cost (Real 2025, Average) | lionheart | life of project | 3,588 | 3,588 EUR/t LHM | Current |
| Lionheart Average 10 Year Lhm Realised Price (Nominal) | lionheart | first 10 production years | 20,456 | 20,456 EUR/t LHM | Current |
| Contracted Offtake Volume | lionheart | 10 years from first production | 222,000 | 222,000 t LHM | Current |
| Icpp Section 1 Completion | lionheart | Q3 2027 | 2,027 | 2,027 year (Q3) | Current |
| Ludwig CAPEX At Fid (Real 2026) | ludwig | at FID | 1,261,000,000 | 1,261,000,000 EUR | Current |
| Ludwig Lithium Carbonate Capacity | ludwig | plateau | 21,100 | 21,100 t/yr Li2CO3 | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2025-12-30Ann. 2025-12-10 | RaisingOrdinary Shares | €147.2M | 65.7M | €2.24 | Completed | Retail entitlement offer; HOCHTIEF sub-underwrote up to EUR130m of shortfallMax 90.5M |
| 2025-12-11Ann. 2025-12-03 | RaisingOrdinary Shares | €398.1M | 177.7M | €2.24 | Completed | Underwritten institutional placement and accelerated entitlement offer (1-for-1.128) at A$4.00Max 177.7M |
| 2026-05-27Ann. 2025-12-03 | Debt | €1.2B | — | — | Completed | — |
| 2026-05-27Ann. 2025-12-03 | RaisingShares In Vulcan Energie Ressourcen Gmbh (Subsidiary) | €150M | — | — | Ongoing | KfW Raw Materials Fund subscribed for 14.49% of the German holding company; instalments follow Lionheart funding milestonespro-rata contributions from Q2 2026 |
| 2026-05-27Ann. 2025-12-03 | RaisingPreferred Shares In Ver Geo Lio Gmbh (Subsidiary) | €133M | 6.7K | — | Ongoing | HOCHTIEF, Siemens Financial Services and Demeter (Sequana InvestmentCo) hold 10.35% of the Lionheart project company, rising to 15% by payment-in-kind; mandatory conversion by 30 June 2032EUR120m base plus EUR13m standby |
| 2025-07-17Ann. 2025-07-10 | RaisingOrdinary Shares | €30M | 15.8M | €1.9 | Completed | EUR30m (A$53.6m) strategic placementMax 15.8M |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Offtakes, project-level equity partners, the state royalty exemption, grants, senior debt, hedges and technology licensing named in the annual report, half-year report, October 2026 presentation and ASX releases; offtake price floors and ceilings are not disclosed in the documents read.
Six-year take-or-pay offtake of 31kt battery-quality LHM with a basket of fixed, floor-ceiling and floating prices; floor levels are not disclosed.
Offtake · Active- Counterparties
- LG Energy Solution
- Applies to
- Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals) · Lithium
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Volume: 31,000 t LHM
Term: 6 years
How it affects our valuation
No valuation treatment is available for this arrangement.
Six-year offtake of 23kt battery-quality LHM; pricing basket as for the other contracts.
Offtake · Active- Counterparties
- Umicore
- Applies to
- Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals) · Lithium
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Volume: 23,000 t LHM
Term: 6 years
How it affects our valuation
No valuation treatment is available for this arrangement.
Ten-year offtake of 128kt LHM (58% of contracted volume); Stellantis (PSA Automobiles 2.4%) is also a EUR50m shareholder and has flexibility to reduce volumes, mostly at the end of its term.
Offtake · Active- Counterparties
- Stellantis
- Applies to
- Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals) · Lithium
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Volume: 128,000 t LHM
Term: 10 years
How it affects our valuation
No valuation treatment is available for this arrangement.
Eight-year offtake of 40kt LHM; Glencore may reduce some volumes at the end of its term.
Offtake · Active- Counterparties
- Glencore
- Applies to
- Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals) · Lithium
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Volume: 40,000 t LHM
Term: 8 years
How it affects our valuation
No valuation treatment is available for this arrangement.
KfW owns 14.49% of the German holding company that owns the Lionheart project company, Ludwig and other German licences; it funds pro-rata, holds board and reserved-matter rights and cannot transfer shares until the earlier of one year after Lionheart completion or 30 June 2032.
Joint Venture · Active- Counterparties
- KfW Raw Materials Fund (German Federal Government)
- Applies to
- Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals) · Project Ludwig (Phase Two, Ludwigshafen) · Upper Rhine future-phase licences (Mannheim, Ortenau, Kerner, Flaggenturm, Taro and others) · Lithium
- Economic direction
- Burden
- Period
- From 2026-05-27; no end date stated
- Key terms
- Ownership: 14.49 percent
Investment: 150,000,000 EUR
How it affects our valuation
No valuation treatment is available for this arrangement.
The consortium holds 10.35% of the Lionheart project company, converting by PIK to 15%; it has a veto over certain matters while above 5% and a first right to participate in future phases.
Joint Venture · Active- Counterparties
- HOCHTIEF · Siemens Financial Services · Demeter (Sequana Investment GmbH)
- Applies to
- Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals) · Lithium
- Economic direction
- Burden
- Period
- From 2026-05-27; no end date stated
- Key terms
- Initial ownership: 10.35 percent
End-state ownership: 15 percent
Investment: 133,000,000 EUR
How it affects our valuation
No valuation treatment is available for this arrangement.
The state has exempted lithium production from the Federal Mining Act field royalty to 31 December 2030; the rate and treatment after 2030 are undisclosed, geothermal has been exempt since 2009.
Royalty · Active- Counterparties
- State of Rhineland-Palatinate
- Applies to
- Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals) · Lithium
- Economic direction
- Burden
- Period
- 2026-04-13 to 2030-12-31
- Key terms
- Exemption period: 5 years
Royalty rate after exemption: — percent
How it affects our valuation
No valuation treatment is available for this arrangement.
Non-dilutive grants of EUR204m disbursed against construction milestones (EUR10.7m received in the September 2026 quarter).
Other · Active- Counterparties
- German Federal Ministry of Economic Affairs and Energy · States of Rhineland-Palatinate and Hesse
- Applies to
- Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals) · Lithium
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Total grants: 204,000,000 EUR
Received to 30 Sept 2026: 10,700,000 EUR
How it affects our valuation
No valuation treatment is available for this arrangement.
EUR1,185m senior project debt signed December 2025 and effective at financial close in May 2026, with a EUR125m working-capital and EUR29m VAT facility; first drawdown expected Q1 2027.
Other · Active- Counterparties
- European Investment Bank · Export Development Canada · Export Finance Australia · Export and Investment Fund of Denmark · Bpifrance AE and SACE covered lenders · ABN AMRO, BNP Paribas, ING, Kommunalkredit, Natixis, OCBC, UniCredit
- Applies to
- Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals) · Lithium
- Economic direction
- Mixed
- Period
- From 2026-05-27; no end date stated
- Key terms
- Facilities: 1,185,000,000 EUR
Standby budget: 197,000,000 EUR
How it affects our valuation
No valuation treatment is available for this arrangement.
EUR/USD forwards hedge half of the USD-denominated debt funding; fair value is a net EUR1.6m liability and the hedge ineffectiveness booked was EUR2.6m.
FX Hedge · Active- Counterparties
- Hedge counterparties (not named)
- Applies to
- Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals)
- Economic direction
- Benefit
- Period
- From 2026-03-31; no end date stated
- Key terms
- Notional: 117,900,000 USD
How it affects our valuation
No valuation treatment is available for this arrangement.
Interest-rate swaptions hedge the variability of forecast borrowings; fair value EUR6.2m at 30 June 2026.
Other · Active- Counterparties
- Hedge counterparties (not named)
- Applies to
- Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals)
- Economic direction
- Mixed
- Period
- From 2025-12-03; no end date stated
- Key terms
- Premium: 5,387,000 EUR
How it affects our valuation
No valuation treatment is available for this arrangement.
VULSORB licence, pilot-plant sale and project-development services agreement for Bolivian brine; immaterial revenue to date.
Strategic Partnership · Active- Counterparties
- EAU Lithium (Cosmos Exploration Limited)
- Applies to
- Phase One Lionheart (Landau geothermal and lithium extraction, Frankfurt chemicals) · Lithium
- Economic direction
- Benefit
- Period
- From 2026-09-30; no end date stated
- Key terms
- Cosmos shares held: 10,844,870 shares
How it affects our valuation
No valuation treatment is available for this arrangement.
Heat-offtake partnerships intended for Ludwig and Mannheim; terms to be negotiated with each project stage and not binding.
Offtake · Conditional- Counterparties
- BASF (Ludwigshafen) · MVV (Mannheim)
- Applies to
- Project Ludwig (Phase Two, Ludwigshafen) · Lithium
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Heat capacity: 3,125 GWh/yr
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Issuer disclosures describe a team with relevant energy and project experience, but independently verified individual delivery and adverse-event screening are limited. A French court annulled a geothermal permit; disclosed acquisitions from two executives provide governance context without establishing wrongdoing.
Decision-relevant facts
Material summary
Cris Moreno
Managing Director and Group Chief Executive Officer
Role FitAnalyst Inference · Medium materiality
Relevant issuer-reported experience
The issuer describes more than 20 years in energy and lithium, including Shell and Woodside.
Responsibility not applicable · The source reports professional roles; it does not establish individual project outcomes.
Corporate Presentation Q4 2026 · p.9, key management and directors
Company SuccessIssuer Reported · Medium materiality
Project financing and construction
The issuer reports completing a €2.2 billion project financing and starting construction in 2025. Lionheart commercial operations were not established as completed by the October 2026 quarterly disclosure.
Role overlaps event; causation unproven · Moreno is identified as CEO; the cited source does not allocate his individual contribution.
Annual Report 2025 · pp.9–10, project funding and construction
Quarterly Activities Report September 2026 · pp.1, 3, construction and project update
LegalDocumented · Medium materiality
French geothermal exploration permit annulled
The Nancy administrative appeal court annulled the geothermal exploration permit, citing missing EU publication and public consultation, while rejecting separate challenges to the lithium exploration permit. Later appeal status was not established.
Role overlaps event; causation unproven · The matter concerns the French subsidiary and no individual wrongdoing or personal involvement by Moreno is established.
Permis de recherches de mines de lithium et de gîtes géothermiques dans le Haut-Rhin · Decision summary, 12 February 2026
Annual Report 2025 · p.15, French permit ruling
Evidence gaps · 3
- The documented screening is incomplete across prior employers, individual topics, regulator/court databases and later adverse-event outcomes; it is not a legal, criminal or sanctions clearance.
- Education, credentials, earlier role dates and personally attributable outcomes were not independently verified.
- The final appeal status of the French geothermal permit ruling was not established.
Felicity Gooding
Executive Director and Group Chief Financial Officer
Role FitAnalyst Inference · Medium materiality
Relevant issuer-reported experience
The issuer describes more than 20 years in mining and energy finance and commercial roles, including Fortescue.
Responsibility not applicable · The source reports professional roles; it does not establish individual project outcomes.
Corporate Presentation Q4 2026 · p.9, key management and directors
Evidence gaps · 2
- The documented screening is incomplete across prior employers, individual topics, regulator/court databases and later adverse-event outcomes; it is not a legal, criminal or sanctions clearance.
- Education, credentials, earlier role dates and personally attributable outcomes were not independently verified.
Dr Francis Wedin
Founder and consultant
Role FitAnalyst Inference · Medium materiality
Relevant issuer-reported experience
The issuer identifies Wedin as Vulcan founder and reports lithium and resources experience.
Responsibility not applicable · The source reports professional roles; it does not establish individual project outcomes.
Corporate Presentation Q4 2026 · p.9, key management and directors
Evidence gaps · 2
- The documented screening is incomplete across prior employers, individual topics, regulator/court databases and later adverse-event outcomes; it is not a legal, criminal or sanctions clearance.
- Education, credentials, earlier role dates and personally attributable outcomes were not independently verified.
Daniel Tydde
Company Secretary
Role FitAnalyst Inference · Medium materiality
Relevant issuer-reported experience
The issuer’s annual report identifies Tydde as company secretary; its legacy biography describes corporate legal experience.
Responsibility not applicable · The source reports professional roles; it does not establish individual project outcomes.
Annual Report 2025 · Printed p.161, corporate directory
Our Team (legacy issuer site) · Company Secretary Daniel Tydde biography
Evidence gaps · 3
- The documented screening is incomplete across prior employers, individual topics, regulator/court databases and later adverse-event outcomes; it is not a legal, criminal or sanctions clearance.
- Education, credentials, earlier role dates and personally attributable outcomes were not independently verified.
- The V8 roster also labels Tydde general counsel, but the issuer currently names Gavan Sproule general counsel; the date and exact division of responsibilities are not established.
Carsten Bachg
Chief Operating Officer
Role FitAnalyst Inference · Medium materiality
Relevant issuer-reported experience
The issuer reports global petrochemical and chemical project-management experience including Jacobs and Worley.
Responsibility not applicable · The source reports professional roles; it does not establish individual project outcomes.
Corporate Presentation Q4 2026 · p.9, key management and directors
Evidence gaps · 2
- The documented screening is incomplete across prior employers, individual topics, regulator/court databases and later adverse-event outcomes; it is not a legal, criminal or sanctions clearance.
- Education, credentials, earlier role dates and personally attributable outcomes were not independently verified.
Manfred Boeckmann
Chief Commercial Officer
Role FitAnalyst Inference · Medium materiality
Relevant issuer-reported experience
The issuer reports international energy leadership experience including Wintershall Dea.
Responsibility not applicable · The source reports professional roles; it does not establish individual project outcomes.
Corporate Presentation Q4 2026 · p.9, key management and directors
Company SuccessIssuer Reported · Medium materiality
Argentina pilot activity
Wintershall Dea described completed pilot drilling and stimulation and identified Boeckmann as managing director Argentina; full field development was an ambition at that time, not a demonstrated outcome.
Role overlaps event; causation unproven · The role and pilot overlap; individual contribution was not quantified.
Starting gate for development of Vaca Muerta · Company announcement, Argentina Vaca Muerta development
Evidence gaps · 2
- The documented screening is incomplete across prior employers, individual topics, regulator/court databases and later adverse-event outcomes; it is not a legal, criminal or sanctions clearance.
- Education, credentials, earlier role dates and personally attributable outcomes were not independently verified.
Thorsten Weimann
Chief Development Officer
Role FitAnalyst Inference · Medium materiality
Relevant issuer-reported experience
The issuer reports geothermal and drilling experience, including his German Geothermal Association role.
Responsibility not applicable · The source reports professional roles; it does not establish individual project outcomes.
Corporate Presentation Q4 2026 · p.9, key management and directors
GovernanceIssuer Reported · Medium materiality
Disclosed acquisition from executives
The issuer prospectus describes the 2021 acquisition of GGH from Kreuter and Weimann for company shares and other transactions involving their geothermal companies. Weimann was a counterparty. The fairness and approvals were not independently assessed.
Individual involvement documented · The source identifies the individual as a seller; a disclosed transaction alone does not establish wrongdoing.
Frankfurt prospectus · printed pp.90–91, sections 9.1.2.1–2
Evidence gaps · 3
- The documented screening is incomplete across prior employers, individual topics, regulator/court databases and later adverse-event outcomes; it is not a legal, criminal or sanctions clearance.
- Education, credentials, earlier role dates and personally attributable outcomes were not independently verified.
- The 2021 transaction valuation and approval record were not independently verified.
Dr Horst Kreuter
Chief Representative Germany and Board advisor
Role FitAnalyst Inference · Medium materiality
Relevant issuer-reported experience
The issuer identifies Kreuter as chief representative Germany and board adviser.
Responsibility not applicable · The source reports professional roles; it does not establish individual project outcomes.
Annual Report 2025 · Printed p.161, corporate directory
GovernanceIssuer Reported · Medium materiality
Disclosed acquisition from executives
The issuer prospectus describes the 2021 acquisition of GGH from Kreuter and Weimann for company shares and other transactions involving their geothermal companies. Kreuter was a counterparty. The fairness and approvals were not independently assessed.
Individual involvement documented · The source identifies the individual as a seller; a disclosed transaction alone does not establish wrongdoing.
Frankfurt prospectus · printed pp.90–91, sections 9.1.2.1–2
Evidence gaps · 3
- The documented screening is incomplete across prior employers, individual topics, regulator/court databases and later adverse-event outcomes; it is not a legal, criminal or sanctions clearance.
- Education, credentials, earlier role dates and personally attributable outcomes were not independently verified.
- The 2021 transaction valuation and approval record were not independently verified.
Marc Cleuziou
Vice President, Project Execution
Role FitAnalyst Inference · Medium materiality
Relevant issuer-reported experience
The issuer reports 30 years of major-project and development experience including Shell project delivery.
Responsibility not applicable · The source reports professional roles; it does not establish individual project outcomes.
Corporate Presentation Q4 2026 · p.9, key management and directors
Evidence gaps · 2
- The documented screening is incomplete across prior employers, individual topics, regulator/court databases and later adverse-event outcomes; it is not a legal, criminal or sanctions clearance.
- Education, credentials, earlier role dates and personally attributable outcomes were not independently verified.
Andres Zöldi
Vice President, Subsurface
Role FitAnalyst Inference · Medium materiality
Relevant issuer-reported experience
The issuer describes Zöldi as a former Parex operations vice-president and Chevron alumnus, with petroleum engineering and business qualifications.
Responsibility not applicable · The source reports professional roles; it does not establish individual project outcomes.
Corporate Presentation Q4 2026 · p.9, key management and directors
Evidence gaps · 2
- The documented screening is incomplete across prior employers, individual topics, regulator/court databases and later adverse-event outcomes; it is not a legal, criminal or sanctions clearance.
- Education, credentials, earlier role dates and personally attributable outcomes were not independently verified.
Gavan Sproule
General Counsel
Role FitAnalyst Inference · Medium materiality
Issuer-reported experience
The issuer describes prior senior legal work, including with Hancock Prospecting and in energy projects.
Responsibility not applicable · This is issuer-reported role experience, not independently attributed project delivery.
Our team · Executive Leadership Team, General Counsel
Evidence gaps · 2
- The undated issuer site lists Sproule as general counsel; the precise start date and division of responsibilities with Tydde are not established.
- The documented prior-employer, dedicated individual-topic and regulator screening is incomplete; qualifications and personal outcomes are unverified.
Dr Stefan Brand
Chief Technology Officer
Role FitAnalyst Inference · Medium materiality
Issuer-reported experience
The issuer describes specialty chemicals and process-innovation experience, including Clariant.
Responsibility not applicable · This is issuer-reported role experience, not independently attributed project delivery.
Our Team (legacy issuer site) · Chief Technology Officer biography
Evidence gaps · 2
- The legacy issuer site names Brand CTO and the 2023 release records his appointment, but the modern team page and October presentation omit him. His continued role at the cutoff is not independently established.
- The documented prior-employer, dedicated individual-topic and regulator screening is incomplete; qualifications and personal outcomes are unverified.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-03-20 · 477,903,314 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 19.79% | 94,582,473 | |
| 2 | 15.41% | 73,661,261 | |
| 3 | 13.96% | 66,699,520 | |
| 4 | 11.58% | 55,347,116 | |
| 5 | 7.52% | 35,942,905 | |
| 6 | 5.58% | 26,676,806 | |
| 7 | 2.40% | 11,448,959 | |
| 8 | 1.28% | 6,096,667 | |
| 9 | 1.07% | 5,104,172 | |
| 10 | 0.72% | 3,452,727 | |
| 11 | 0.42% | 1,994,096 | |
| 12 | 0.33% | 1,600,000 | |
| 13 | 0.31% | 1,461,495 | |
| 14 | 0.27% | 1,286,938 | |
| 15 | 0.27% | 1,278,965 | |
| 16 | 0.23% | 1,088,004 | |
| 17 | 0.21% | 1,018,559 | |
| 18 | 0.20% | 965,000 | |
| 19 | 0.19% | 910,513 | |
| 20 | 0.17% | 812,500 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 15.41%Voting power | 2025-12-30 | |
| 9.87%Voting power | 2026-10-27 | |
| 6.98%Voting power | 2026-10-21 | |
| 5.04%Voting power | 2026-09-18 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and 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.
Sources
- Annual Report 2025
Vulcan Energy via ASX · Published 2026-03-27 · Accessed 2026-10-31
20 ordinary-share accounts at 20 March 2026.
downloads/VUL/2026/2026-03-27_Annual Report - Period Ending 31 December 2025_8c2dadf7a959ca41.pdf, pages 153–154
- Citigroup change in substantial holding
citi via ASX · Published 2026-10-29 · Accessed 2026-10-31
47,240,163 votes and 9.8692% following 27 October changes.
downloads/VUL/2026/2026-10-29_Change in substantial holding_4f4374658e3ce657.pdf, page 1
- JPMorgan change in substantial holding
jpm via ASX · Published 2026-10-26 · Accessed 2026-10-31
33,417,781 shares and 6.98% on 21 October.
downloads/VUL/2026/2026-10-26_Change in substantial holding_ff1dfc6566ead736.pdf, page 1
- Van Eck change in substantial holding
vaneck via ASX · Published 2026-09-22 · Accessed 2026-10-31
24,135,953 shares and 5.0424% on 18 September.
downloads/VUL/2026/2026-09-22_Change in substantial holding_9dd72fe477e827e7.pdf, page 1 visually reviewed
- Hochtief change in substantial holding
hochtief via ASX · Published 2026-01-02 · Accessed 2026-10-31
73,661,261 shares and 15.41%, notice has conflicting 30/31 December dates.
downloads/VUL/2026/2026-01-02_Change in substantial holding_68400b7b472b7f36.pdf, page 1
Disclosed activity
Insider transactions
Trading activity1 buy · 1 sell shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-08-10 | Cristobal MorenoCristobal Moreno
Details & evidence for Cristobal Moreno on 2026-08-10Currency and trading exchange not specified. As disclosed: purchase
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y-CMoreno ↗ Appendix 3Y-CMoreno ↗ | PurchaseFully paid ordinary shares | 7,000 | — | AUD 2.91Disclosed price | — |
| 2026-07-28 | Dr Francis WedinDr Francis Wedin
Details & evidence for Dr Francis Wedin on 2026-07-28Separate vesting of 40,600 rights noted; no resulting share issue stated. As disclosed: Performance rights lapsed following testing
director · Start not disclosed Magni Associates Pty Ltd · Related party of director. Appendix 3Y - Dr Francis Wedin ↗ Appendix 3Y - Dr Francis Wedin ↗ | ExpiryPerformance rights | 75,400 | —Non Cash | — | — |
| 2026-07-28 | Cristobal MorenoCristobal Moreno <C Moreno Family A/C>
Details & evidence for Cristobal Moreno on 2026-07-28Separate vesting of 18,725 rights noted; no resulting share issue stated. As disclosed: Performance rights lapsed following testing
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ Appendix 3Y - C Moreno ↗ | ExpiryPerformance rights | 34,775 | —Non Cash | — | — |
| 2026-06-24 | Cristobal MorenoCristobal Moreno <C Moreno Family A/C>
Details & evidence for Cristobal Moreno on 2026-06-24Issued following shareholder approval to the indirect family-account interest. The 134,710 shares in the same account are unchanged. The estimated award value is not cash consideration. As disclosed: Issue of performance rights following shareholder approval.
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ Appendix 3Y - C Moreno ↗ | Grantperformance rights (111,170 STI and 244,575 LTI) | 355,745 | —Non Cash | — | 922,062 |
| 2026-06-24 | Felicity GoodingGooding Murphy Pty Ltd ATF The Felicity Gooding Family Trust
Details & evidence for Felicity Gooding on 2026-06-24Issued following shareholder approval. The trust's rights increase from 266,677 to 563,131; 202,500 rights remain directly held by Ms Gooding. The filing's estimated award value is not cash consideration. As disclosed: Issue of performance rights following shareholder approval.
director · Start not disclosed Gooding Murphy Pty Ltd ATF The Felicity Gooding Family Trust · beneficiary and director of the named family trust; the filing reports indirect rights held through it Appendix 3Y - F Gooding ↗ Appendix 3Y - F Gooding ↗ | Grantperformance rights (92,642 STI and 203,812 LTI) | 296,454 | —Non Cash | — | 563,131 |
| 2026-06-01to 2026-06-02 | Cristobal Moreno
Details & evidence for Cristobal Moreno on 2026-06-01The source identifies the transferor as Mr Moreno but does not name a registered account. As disclosed: 566,317 performance rights transferred from Mr Cristobal Moreno to Mr Cristobal Moreno <C Moreno Family A/C>.
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ Appendix 3Y - C Moreno ↗ | Transfer Outperformance rights | 566,317 | —Non Cash | — | — |
| 2026-06-01to 2026-06-02 | Cristobal MorenoCristobal Moreno <C Moreno Family A/C>
Details & evidence for Cristobal Moreno on 2026-06-01As disclosed: 566,317 performance rights transferred from Mr Cristobal Moreno to Mr Cristobal Moreno <C Moreno Family A/C>.
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ Appendix 3Y - C Moreno ↗ | Transfer Inperformance rights | 566,317 | —Non Cash | — | — |
| 2026-06-01to 2026-06-02 | Cristobal Moreno
Details & evidence for Cristobal Moreno on 2026-06-01The filing does not identify the account from which the shares were sold. As disclosed: 119,808 shares sold to cover tax obligations.
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ Appendix 3Y - C Moreno ↗ | Saleshares | 119,808 | —Not Disclosed | — | — |
| 2026-06-01to 2026-06-02 | Cristobal Moreno
Details & evidence for Cristobal Moreno on 2026-06-01The filing reports the post-change shares in the C Moreno Family A/C but does not allocate the share conversion to a registered account. As disclosed: 134,710 shares acquired following conversion of vested performance rights.
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ Appendix 3Y - C Moreno ↗ | Exerciseshares | 134,710 | —Non Cash | — | — |
| 2026-06-01to 2026-06-02 | Cristobal Moreno
Details & evidence for Cristobal Moreno on 2026-06-01The notice does not separately list rights cancelled for exercise; 134,710 is the number of shares expressly reported as acquired following conversion. As disclosed: 134,710 shares following conversion of vested performance rights.
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ Appendix 3Y - C Moreno ↗ | Exerciseperformance rights | 134,710 | —Non Cash | — | — |
| 2026-06-01 | Dr Francis Wedin
Details & evidence for Dr Francis Wedin on 2026-06-01As disclosed: 9,724 shares acquired by conversion of vested performance rights.
director · Start not disclosed Magni Associates Pty Ltd · Related party of director. Appendix 3Y - Dr F Wedin ↗ Appendix 3Y - Dr F Wedin ↗ | Exerciseshares | 9,724 | —Non Cash | — | 16,468,285 |
| 2026-06-01 | Dr Francis Wedin
Details & evidence for Dr Francis Wedin on 2026-06-01As disclosed: Conversion of vested performance rights.
director · Start not disclosed Magni Associates Pty Ltd · Related party of director. Appendix 3Y - Dr F Wedin ↗ Appendix 3Y - Dr F Wedin ↗ | Exerciseperformance rights | 9,724 | —Non Cash | — | 116,000 |
| 2026-06-01 | Dr Günter Hilken
Details & evidence for Dr Günter Hilken on 2026-06-01As disclosed: 4,746 shares acquired by conversion of vested performance rights.
director · Start not disclosed Appendix 3Y - Dr Guenter Hilken ↗ Appendix 3Y - Dr Guenter Hilken ↗ | Exerciseshares | 4,746 | —Non Cash | — | 19,237 |
| 2026-06-01 | Dr Günter Hilken
Details & evidence for Dr Günter Hilken on 2026-06-01As disclosed: Conversion of vested performance rights.
director · Start not disclosed Appendix 3Y - Dr Guenter Hilken ↗ Appendix 3Y - Dr Guenter Hilken ↗ | Exerciseperformance rights | 4,746 | —Non Cash | — | 24,416 |
| 2026-03-20 | Cristobal Moreno
Details & evidence for Cristobal Moreno on 2026-03-20As disclosed: Cancellation of performance rights following testing
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ Appendix 3Y - C Moreno ↗ | Expiryperformance rights | 2,749 | —Non Cash | — | 701,027 |
| 2026-03-20 | Felicity GoodingGooding Murphy Pty Ltd ATF The Felicity Gooding Family Trust
Details & evidence for Felicity Gooding on 2026-03-20As disclosed: Cancellation of performance rights following testing
director · Start not disclosed Gooding Murphy Pty Ltd ATF The Felicity Gooding Family Trust · beneficiary and director of the named family trust; the filing reports indirect rights held through it Appendix 3Y - F Gooding ↗ Appendix 3Y - F Gooding ↗ | Expiryperformance rights | 1,886 | —Non Cash | — | 266,677 |
Disclosed holding observations17 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-09-11 | Dr Francis Wedin
Details & evidence for Dr Francis Wedin on 2026-09-11Final director position, not a transaction.
director · Start not disclosed Magni Associates Pty Ltd · Related party of director. Appendix 3Z - FW ↗ | FinalFully paid ordinary shares | 812,500 | — |
| 2026-09-11 | Dr Francis Wedin
Details & evidence for Dr Francis Wedin on 2026-09-11Final director position, not a transaction.
director · Start not disclosed Magni Associates Pty Ltd · Related party of director. Appendix 3Z - FW ↗ | FinalPerformance rights | 40,600 | — |
| 2026-09-11 | Dr Francis Wedin
Details & evidence for Dr Francis Wedin on 2026-09-11Final director position, not a transaction.
director · Start not disclosed Magni Associates Pty Ltd · Related party of director. Appendix 3Z - FW ↗ | FinalFully paid ordinary shares | 15,655,785 | — |
| 2026-08-17 | Amanda Lacaze
Details & evidence for Amanda Lacaze on 2026-08-17Initial director position, not a transaction.
director · Start not disclosed Appendix 3X - Amanda Lacaze ↗ | InitialFully paid ordinary shares | 39,350 | — |
| 2026-06-24 | Felicity Gooding
Details & evidence for Felicity Gooding on 2026-06-24The notice explicitly says 202,500 rights remain held by Ms Gooding; no change to that position is reported.
director · Start not disclosed Gooding Murphy Pty Ltd ATF The Felicity Gooding Family Trust · beneficiary and director of the named family trust; the filing reports indirect rights held through it Appendix 3Y - F Gooding ↗ | Positionperformance rights | 202,500 | — |
| 2026-06-24 | Felicity Gooding
Details & evidence for Felicity Gooding on 2026-06-24The form declares this as an indirect interest, but does not specify the account for the 70,445 shares in the rights split. No account allocation is inferred.
director · Start not disclosed Gooding Murphy Pty Ltd ATF The Felicity Gooding Family Trust · beneficiary and director of the named family trust; the filing reports indirect rights held through it Appendix 3Y - F Gooding ↗ Appendix 3Y - F Gooding ↗ | Positionfully paid ordinary shares | 70,445 | — |
| 2026-06-24 | Felicity Gooding
Details & evidence for Felicity Gooding on 2026-06-24Indirect position held through the family trust named in the notice.
director · Start not disclosed Gooding Murphy Pty Ltd ATF The Felicity Gooding Family Trust · beneficiary and director of the named family trust; the filing reports indirect rights held through it Appendix 3Y - F Gooding ↗ Appendix 3Y - F Gooding ↗ | Positionperformance rights | 563,131 | — |
| 2026-06-24 | Cristobal Moreno
Details & evidence for Cristobal Moreno on 2026-06-24Indirect performance-rights position reported for the C Moreno Family A/C.
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ Appendix 3Y - C Moreno ↗ | Positionperformance rights | 922,062 | — |
| 2026-06-24 | Cristobal Moreno
Details & evidence for Cristobal Moreno on 2026-06-24Indirect holding through the C Moreno Family A/C, unchanged in the notice.
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ Appendix 3Y - C Moreno ↗ | Positionfully paid ordinary shares | 134,710 | — |
| 2026-06-02 | Cristobal Moreno
Details & evidence for Cristobal Moreno on 2026-06-02Ending position reported in the C Moreno Family A/C; no intraday snapshot time is specified.
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ | Finalperformance rights | 566,317 | — |
| 2026-06-02 | Cristobal Moreno
Details & evidence for Cristobal Moreno on 2026-06-02Ending position reported in the C Moreno Family A/C; no intraday snapshot time is specified.
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ | Finalshares | 134,710 | — |
| 2026-06-01 | Dr Günter Hilken
Details & evidence for Dr Günter Hilken on 2026-06-01Direct rights position reported for Dr Hilken.
director · Start not disclosed Appendix 3Y - Dr Guenter Hilken ↗ Appendix 3Y - Dr Guenter Hilken ↗ | Positionperformance rights | 24,416 | — |
| 2026-06-01 | Dr Günter Hilken
Details & evidence for Dr Günter Hilken on 2026-06-01Direct share position reported for Dr Hilken.
director · Start not disclosed Appendix 3Y - Dr Guenter Hilken ↗ Appendix 3Y - Dr Guenter Hilken ↗ | Positionshares | 19,237 | — |
| 2026-06-01 | Cristobal Moreno
Details & evidence for Cristobal Moreno on 2026-06-01Reported before the changes dated 1 and 2 June; the notice does not specify an account allocation or exact snapshot time.
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ | Initialperformance rights | 701,027 | — |
| 2026-06-01 | Cristobal Moreno
Details & evidence for Cristobal Moreno on 2026-06-01Reported before the changes dated 1 and 2 June; the notice does not specify an account allocation or exact snapshot time.
director · Start not disclosed Cristobal Moreno <C Moreno Family A/C> · Beneficiary of family account. Appendix 3Y - C Moreno ↗ | Initialshares | 119,808 | — |
| 2026-06-01 | Dr Francis Wedin
Details & evidence for Dr Francis Wedin on 2026-06-01Direct rights position reported for Dr Wedin and related parties.
director · Start not disclosed Magni Associates Pty Ltd · Related party of director. Appendix 3Y - Dr F Wedin ↗ Appendix 3Y - Dr F Wedin ↗ | Positionperformance rights | 116,000 | — |
| 2026-06-01 | Dr Francis Wedin
Details & evidence for Dr Francis Wedin on 2026-06-01Direct share position reported for Dr Wedin and related parties.
director · Start not disclosed Magni Associates Pty Ltd · Related party of director. Appendix 3Y - Dr F Wedin ↗ Appendix 3Y - Dr F Wedin ↗ | Positionshares | 16,468,285 | — |
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Narrative and provenance
Research & Sources
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Sign in or enter a guest codeChronological evidenceSource-document inventory19 documents
Market snapshot (miners.v8db.market_snapshot VUL --cutoff 2026-10-31)Market Data · HighExtracted
Local snapshot at the cutoff: 52-week range A$1.035-6.84, returns 1m -38.0%, 3m -54.9%, 12m -81.6%, 3y -44.4% (relative to the mining index -27.9%, -50.4%, -90.5%, -84.9%), 20-day average traded value A$6.66m, market cap A$550.5m on 478.66m shares; no published peer shares the lithium commodity in the stock database (peers added from outside research).
- Document ID
- market-snapshot-2026-10-31
- Published UTC
- 2026-10-30T22:00:00Z
- Projects
- lionheart
- Commodities
- lithium
Quarterly Activities Report - Period Ending 30 September 2026Operations · HighExtracted
Lionheart construction on schedule and within budget: seventh well LSC-3a injection test about 64 sL/s versus 40 sL/s assumption, Ilka production licence granted, ICPP section 1 under construction, 30MW geothermal plant civil works started. EUR53.7m of strategic equity and EUR10.7m of grants drawn; cash EUR129.4m plus EUR80.0m deposits (EUR209.4m). Q3 development spend EUR88.8m (YTD EUR256.8m). Project Ludwig PFS released; Ms Amanda Lacaze appointed director and Mr Angus Barker became independent chair.
- Document ID
- q3-2026
- Published UTC
- 2026-10-29T21:06:44Z
- Projects
- lionheart · ludwig · urvbf-pipeline
- Commodities
- lithium
Quarterly Cashflow Report - Period Ending 30 September 2026Results · MediumExtracted
Appendix 5B for the quarter ended 30 Sep 2026: operating cash flow EUR-11.1m, payments for property, plant and equipment EUR88.8m, closing cash EUR129.4m.
- Document ID
- cf-q3-2026
- Published UTC
- 2026-10-29T21:05:19Z
- Projects
- lionheart
- Commodities
- lithium
Corporate Presentation - Q4 2026Presentation · HighExtracted
October 2026 presentation: Lionheart FID-case metrics (post-tax NPV8 EUR1,152m, capex EUR1,476m, 24kt LHM, 570kt LCE reserves), offtake table (LG Energy Solution 31kt/6y, Umicore 23kt/6y, Stellantis 128kt/10y, Glencore 40kt/8y; 63% floor-ceiling, 9% fixed, 28% floating), global resource 29.8Mt LCE (Sept 2026), shares about 478m, top holders (HOCHTIEF 15.4%, Van Eck 5.0%, Bank Hapoalim 4.0%, Hancock 3.7%, State Street 3.4%), directors and key management, analyst coverage.
- Document ID
- pres-q4-2026
- Published UTC
- 2026-10-29T21:07:39Z
- Projects
- lionheart · ludwig · urvbf-pipeline
- Commodities
- lithium
VUL.AX ASX close 30 October 2026 (miners.reference_price)Market Data · HighExtracted
Local reference-price lookup `python -m miners.reference_price VUL --valuation-date 2026-10-31`: raw ASX close A$1.15 on 2026-10-30 (open 1.30, high 1.30, low 1.135), volume 6,906,217, provider market data provider via miners.collect_stock_prices, security basis one ASX VUL ordinary share, freshness 1 day.
- Document ID
- vul-close-2026-10-30
- Published UTC
- 2026-10-30T06:40:15Z
- Projects
- lionheart
- Commodities
- lithium
Guangzhou Futures Exchange lithium carbonate settlement 29 October 2026 (local metal_prices.db)Commodity Data · HighExtracted
GFEX most-active lithium carbonate futures settlement CNY91,140/t on 2026-10-29 (VAT-inclusive), versus CNY189,000-205,000 in May 2026, 1-year average CNY142,908, low CNY77,580; October 2026 average CNY101,408 and monthly series from 2025. Converted at AUD/CNY 4.7177 and AUD/USD 0.6941 and removing 13% VAT gives about US$11,870/t LCE.
- Document ID
- gfex-lithium-2026-10-29
- Published UTC
- 2026-10-29T07:00:00Z
- Projects
- lionheart
- Commodities
- lithium
AUD cross rates (local metal_prices.db fx_rates)Market Data · HighExtracted
AUD/USD 0.6941, AUD/EUR 0.6072, AUD/CNY 4.7177 at 30 October 2026 (A$1 buys EUR0.6072; EUR1 = A$1.6469; EUR/USD 1.143).
- Document ID
- fx-2026-10-30
- Published UTC
- 2026-10-30T06:40:15Z
- Projects
- lionheart
- Commodities
- lithium
ASX lithium peer closes and market capitalisations (local asx_mining_companies.db, 30 October 2026)Market Data · HighExtracted
Local ASX mining database: closes on 2026-10-30 of PLS A$2.64, LTR A$0.62, CXO A$0.21, EMH A$0.14 and INF A$0.005; share counts implied from the database market capitalisation and price at the 9 August 2026 refresh (market cap divided by latest price); 12-month returns from daily closes. Resource figures for EMH (Cinovec 7.39Mt LCE) and INF (San Jose 1.68Mt LCE) are taken from the company peer table in the December 2025 offer pack.
- Document ID
- peer-prices-2026-10-30
- Published UTC
- 2026-10-30T06:40:15Z
- Projects
- lionheart
- Commodities
- lithium
Lithium Daily: lithium prices in negative, still with players pricing 2027 supply-demand expectations (Mysteel)Commodity Data · MediumExtracted
Mysteel 15 October 2026: GFEX most-traded lithium carbonate contract fell 4.3% intraday as traders priced an expected 2027 surplus rather than October production; October battery and cathode output rose month on month (LFP cathode +3.6%) without lifting futures. No absolute price quoted in the article; used for market direction only, dated.
- Document ID
- mysteel-lithium-2026-10-15
- Published UTC
- 2026-10-15T01:25:00Z
- Projects
- lionheart
- Commodities
- lithium
Half Year Report for the Period Ending 30 June 2026Results · HighExtracted
Reviewed half-year accounts to 30 June 2026 (EUR): revenue EUR2.3m, EBITDA EUR-33.7m, loss EUR51.8m; cash EUR193.9m plus EUR80.0m term deposits and EUR39.7m restricted cash in other financial assets; equity EUR825.5m including EUR141.3m non-controlling interest from the KfW (14.49% of the German holding company) and Sequana InvestmentCo (10.35% of PlatformCo, PIK to 15%) investments; 478.66m shares; lease liabilities EUR30.7m; capital commitments EUR374.6m; no dividend.
- Document ID
- hy-2026
- Published UTC
- 2026-09-09T22:20:38Z
- Projects
- lionheart
- Commodities
- lithium
Interim Management Report 2026Governance · MediumPartial
German-format interim group management report: lithium and geothermal market outlook, EU and German policy measures (Industrial Accelerator Act, Battery Booster, Critical Raw Materials Act), capex and opex outlook (capex elevated through 2026, underlying opex stable in H2 2026), 444 employees (435 FTE) at 30 June 2026.
- Document ID
- imr-2026
- Published UTC
- 2026-09-09T22:20:48Z
- Projects
- lionheart
- Commodities
- lithium
Phase Two Preliminary Feasibility Study (Project Ludwig)Study · HighExtracted
Project Ludwig PFS: 21.1ktpa battery-grade lithium carbonate, 3,125 GWh/yr heat, capex EUR1,261m (real 2026), C1 EUR4,101/t, pre-tax NPV8 EUR2,607m and post-tax NPV8 EUR1,727m at assumed 2029 FID, post-tax IRR 20.2%; lithium carbonate price EUR20,588/t real 2026, 2% inflation, 25.425% combined tax; Indicated resource up to 1,251kt LCE; FID only after Lionheart starts production, with asset-level partner financing.
- Document ID
- pfs-ludwig-2026
- Published UTC
- 2026-09-02T22:18:29Z
- Projects
- ludwig
- Commodities
- lithium
Quarterly Cashflow Report - Period Ending 30 June 2026Results · MediumExtracted
Appendix 5B for the quarter ended 30 Jun 2026: operating cash flow EUR-7.4m, payments for property, plant and equipment EUR92.0m, closing cash EUR193.9m.
- Document ID
- cf-q2-2026
- Published UTC
- 2026-07-28T22:23:59Z
- Projects
- lionheart
- Commodities
- lithium
Quarterly Cashflow Report - Period Ending 31 March 2026Results · MediumExtracted
Appendix 5B for the quarter ended 31 Mar 2026: operating cash flow EUR-6.4m, payments for property, plant and equipment EUR76.0m.
- Document ID
- cf-q1-2026
- Published UTC
- 2026-04-29T22:26:55Z
- Projects
- lionheart
- Commodities
- lithium
German State grants royalty exemption for lithium productionPermitting · MediumExtracted
Rhineland-Palatinate granted a lithium field-royalty exemption for an initial five years to 31 December 2030 with a review one year earlier; geothermal royalty has been exempt since 2009. Lionheart upstream facilities are in the state and benefit.
- Document ID
- royalty-2026
- Published UTC
- 2026-04-12T22:52:11Z
- Projects
- lionheart
- Commodities
- lithium
Annual Report - Period Ending 31 December 2025Results · HighExtracted
FY2025 audited accounts in EUR: revenue EUR7.35m, EBITDA EUR-55.3m, loss after tax EUR69.6m, operating cash flow EUR-47.7m, plant and equipment payments EUR48.2m. Cash EUR517.8m at 31 Dec 2025 after EUR586m equity raised; 477.87m shares at 31 Dec 2025 (214.53m at 31 Dec 2024). Resource and reserve statement (Lionheart ore reserve 570kt LCE at wellhead; 29.1Mt LCE total resource), 20 March 2026 top-20 register (HOCHTIEF 15.41%, Van Eck 5.04%) and board skills matrix.
- Document ID
- ar-2025
- Published UTC
- 2026-03-26T21:16:42Z
- Projects
- lionheart · ludwig · urvbf-pipeline
- Commodities
- lithium
Quarterly Cashflow Report Period Ending 31 December 2025Results · MediumExtracted
Appendix 5B for the quarter ended 31 Dec 2025: operating cash flow EUR-7.2m, payments for property, plant and equipment EUR14.9m.
- Document ID
- cf-q4-2025
- Published UTC
- 2026-01-30T01:36:55Z
- Projects
- lionheart
- Commodities
- lithium
Opening of Retail Entitlement Offer (financing and FID presentation, offer booklet)Financing · HighExtracted
December 2025 offer pack containing the 3 December 2025 FID and financing presentation: EUR2,200m Phase One package (EUR1,185m senior debt from 13 financiers, EUR204m grants, EUR150m KfW for 14% of the German holding company, EUR133m consortium equity for 10-15% of the project entity, EUR528m underwritten equity at A$4.00), uses of funds, capex profile (EUR73m/481m/575m/296m/52m 2025-2029), FID-case economics (NPV8 post-tax EUR1,152m at 28 Nov 2025, 8% nominal), key risks.
- Document ID
- fid-pack-2025
- Published UTC
- 2025-12-09T21:55:35Z
- Projects
- lionheart
- Commodities
- lithium
Successful completion of Institutional Placement and Institutional Entitlement Offer bookbuildFinancing · HighExtracted
A$4.00 (EUR2.24) fully underwritten placement and 1-for-1.128 accelerated entitlement offer raised EUR398m from about 178m shares; HOCHTIEF sub-underwrote up to EUR130m of retail shortfall; includes the FID-case versus EOV economics table (EUR20,456/t average 10-year LHM price, EBITDA EUR427m, capex EUR1,476m, NPV8 post-tax EUR1,152m).
- Document ID
- placement-2025-12
- Published UTC
- 2025-12-03T22:12:21Z
- Projects
- lionheart
- Commodities
- lithium
Evidence facts37
7350000 EUR
2025-12-31-55291000 EUR
2025-12-31-69575000 EUR
2025-12-31-47734000 EUR
2025-12-31517839000 EUR
2025-12-31477870976 shares
2025-12-31214527816 shares
2024-12-31570000 t LCE
2025-12-3115.41 percent
2026-03-20825484000 EUR
2026-06-30141299000 EUR
2026-06-3014.49 percent
2026-05-2710.35 percent
2026-05-27478660737 shares
2026-06-30374633000 EUR
2026-06-300 EUR/share
2026-06-30209400000 EUR
2026-09-3088800000 EUR
2026-09-3053700000 EUR
2026-09-3010700000 EUR
2026-09-301152000000 EUR
2025-11-281476000000 EUR
2025-11-28222000 t LHM
2026-10-301727000000 EUR
2029-01-011261000000 EUR
2026-09-0320588 EUR/t Li2CO3
2026-09-031185000000 EUR
2025-12-032200000000 EUR
2025-12-031838000000 EUR
2025-11-28427000000 EUR/yr
2025-12-04None None
2030-12-311.15 AUD/share
2026-10-306906217 shares
2026-10-306.84 AUD/share
2026-10-3091140 CNY/t
2026-10-290.6072 EUR per AUD
2026-10-300.14 AUD/share
2026-10-30Conflicts requiring judgment1
- Lionheart post-tax NPV8 valuation date
Both the December 2025 pack and the Ludwig PFS quote Lionheart post-tax NPV8 EUR1,152m at an FID-date basis of 28 November 2025 (nominal 8%, mid-period); the Ludwig PFS NPV is at a 2029 FID date. The December 2025 pack is used for Lionheart and the PFS only for Ludwig, never compared like for like.