Ann: Zero Carbon Lithium Project Phase 1 DFS Results, page-53

Interesting response by the market. Clearly spooked by the CAPEX. However if Vulcan can pull this off the upside is huge! Personally I am a believer in the management who have so far proved themselves very competent. Whilst CAPEX is high I still see Vulcan achieving funding, probably through a combination capital raise, European investment banks debt, debt / offtake prepayment arrangement through Stellantis. Stellantis as a major shareholder is really going to assist Vulcan here. Stellantis want this project to succeed as it will save them money in the long term through savings in carbon emissions / banking credits/offsets.