Ann: Agreement with Stellantis for phased project agreement, page-2

Great sideline development with lots of potential. Looks to be pretty risk-free for Vulcan too:

Material Terms of the Agreement

• VUL will carry out a Pre-Feasibility Study for the development of geothermal renewable energy projects in Rüsselsheim as the first phase of the multiphase Project (Phase A).
• The parties will seek public funding opportunities together to advance the Project.
• VUL will still own 100% of its Ried license at the end of Phase A, and the parties will each own100% of their data and studies following Phase A.
• VUL will also perform a lithium mineral resource assessment according to the JORC Code(Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves).
• Stellantis is to pay back 50% of VUL’s contributions in the case the Project does not go to thenext phase after Phase A.
• Stellantis will aim to source and provide funding for 50% of the next phase of the Project. Thebusiness model and project structure for the Project’s development in Phase B onwards will benegotiated based on the results of Phase A.
• The Agreement will continue until validly terminated in the ordinary course, or the event of a “No-go” decision at the end of one of the phases and Vulcan will continue to keep the market updated on developments in relation to the BTS and Project.