Ann: Binding Lithium Offtake Term Sheet Signed with LG, page-54

That’s correct - the 40,000tpa is just the current project as proposed in the PFS and being worked through now in the DFS. However, Vulcan Management have stated several times that they have the resource size to meet all of Europe’s needs. The recent granting of additional prospective geothermal brine tenements just adds to Vulcan’s dominant position and prevents competitors entering the space.

I believe there will be forthcoming announcements regarding a partnership with VW and possibly Stellantis whereby the auto OEM’s will invest into Vulcan to expand the size and scale of the 40,000tpa operation to provide the necessary capex to add additional geothermal plants/DLE extraction plants to meet their Lithium requirements.

This investment could easily double, triple, quadruple VUL’s planned output and avoid significant dilution to shareholders by tapping into the deep pockets of the OEMs to scale the project with the lowest cost of capital. I would be very surprised if we don’t hear something on this in the next few months - so today’s announcement is just the start of even better news flow to come in 2021!