Short Seller Report, page-157

Indeed, I feel a lot of discomfort since I follow the whole story of "Vulcan Energy Zero Carbon Lithium " in the Upper Rhine Valley. By the way , I am living here in this region since my birth ,not far away from Insheim, Ortenau and Strassbourg in Alsace/France. I was, however, extremely astonished when I read about the procedure of water samples taken by Vulcan Energy.Because they don't have any allowance for drilling in their Ortenau claim, they bought some containers of water, presumably from Fonroches Vendenheim/France source,the only one nearby .This water was taken from a borehole of 5 km depth by vertical drilling and penetrating the granite/sandstone stratum, below this layer you can find (perhaps) hot water which contains 180 mg Lithium .

( Above this variegated sandstone layer you find in 1-3 km depth only water sources with a content of 1-40 mg lithium/Lit.To be demonstrated by analysis of different thermal waters in Spa-locations like Bad Schönborn (Lithium : 38,50 mg/Lit....https://www.thermarium.de/therme/heilquelle/..) Baden-Baden(Lithium 7,4 mg/Lit.https://www.carasana.de/de/caracalla-therme/badeundsaunalandschaft/thermalwasser.html ),Badenweiler or Bad Krozingen). It is mentioned in some report of Vulcan Energy, that the water samples were taken 6 km outside of the Ortenau claim, but the place wasn't named exactly.With the argument ,that the water inside the Ortenau claim, only at 6 km distance in the underground, should have the same qualitiy and composition.
But this source /borehole of Fonroches/Vendenheim in France near Strasbourg was exactly the place, where the drillings have caused the strong earthquakes in this region 1 year ago !!!
The water received in Vendenheim ,with this kind of drilling in 5 km depth , caused several earthquakes ,which finally led to the Drilling Stop by the Prefect of Strassbourg/Alsace, and therefore geothermical drillings in this region were legally forbidden !!!
https://www.stadtanzeiger-ortenau.de/kehl-stadt/c-lokales/praefektur-stoppt-geothermie_a50942

So why these circumstances were not communicated clearly by the management of Vulcan Energy to the whole Shareholder Community ?And the risk,that drillings in the Ortenau claim could cause the same seismic disturbances as in Strassbourg ?
One could guess , that this type of behavior and communication could have been done on purpose ,in order to avoid concerns of the Shareholders about the whole Zero Carbon Lithium Project.
Inhabitants of the Upper Rhine Valley are very sensitive to environmental protection problems ,there is no general harmony and acceptance with geothermal projects which could disturb their rural tranquility and life quality, and could cause cracks in their houses.
And therefore I think that Mr. Tim Murray's of J.Cap. researches and disclosures are in the interest of all Shareholders and the Public.