If I recall, Vulcan's resources are in mainland Europe and require processes that are not currently used at commercial scale on any project? Vulcan is not a simply mining / extraction story is it? There are other pieces of the puzzle which add considerable risk and cost, right?
I take your point about Azure, but a cursory look at Azure shows that's its Australian based and exploring in WA, thats a far more conventional story. WA is already a big producer of lithium and Azure adding to that isnt exactly a stretch of the imagination, how much it should be valued is another story though.
VUL megathread, page-6204
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