Canaccord Initiate at BUY with $15 target

Saw that no one had posted this info yet. Small extract below.

Not unconventional... Untapped!

Zero Carbon - multiple drivers of value

Vulcan is developing the Zero Carbon Lithium project in the Upper Rhine Valley, Germany.
The 40ktpa lithium hydroxide/73MW geothermal energy project has the largest
lithium resource in Europe (>100 years in Resource at nameplate), is expected to have
first quartile operational costs (US$3,142/t) and is favorably located to be a flagship
project in Europe's transition to electrified transportation. Vulcan has a strong balance
sheet and a high-quality team to deliver the project. We expect first production in 2025
and at nameplate capacity, estimate VUL will generate an annual EBITDA of A$1bn. Our
base case generates a NAV of A$3,687m; our price target of A$15/sh is set at a 50%
risk weighting to NAV; initiate with a SPECULATIVE BUY (0.41x P/NAV).