End of Year Shareholder Letter

Most shareholders should receive this end of year letter by email - I'm posting it here for anyone who doesn't. IMHO it's an impressive list of achievements, much more than the 2-3 thin paragraphs I got from some my other holdings!

Figaro

1		Dear Shareholders and Vulcan Community, As 2024 comes to a close, I am both proud and inspired by the remarkable milestones we have achieved this year. It has been a transformative period for Vulcan, marked by significant progress in our Phase One Lionheart Project and beyond. These advancements are a testament to the vision, resilience, and commitment of our OneVulcan team and partners. Let us take a moment to reflect on this extraordinary year. As the Phase One Lionheart Project evolves, so too does our OneVulcan team and its leadership. This year, we expanded our team to meet critical delivery milestones and welcomed new leadership. We were pleased to welcome Felicity Gooding as our Group Chief Financial Officer. Felicity’s expertise has been instrumental as we finalise the close of our Phase One debt financing process. In September, we saw important changes to our Board with the appointment of Angus Barker as Non-Executive Director. At the same time, we bid farewell to Gavin Rezos, Ranya Alkadamani, and Annie Liu, whose vision and dedication have been pivotal in shaping Vulcan’s journey. Their contributions have laid a solid foundation for the future. Starting 1 January 2025, Felicity Gooding will also commence as Executive Director, and Angus Barker will assume the roles of Lead Independent Director and Deputy Chair of our Board. One of our defining achievements has been the signing of a €879m conditional debt commitment letter with Export Finance Australia and a group of seven commercial banks for the financing of Vulcan's Phase One Lionheart Project. In addition, the European Investment Bank has approved financing for up to €500 million — a major endorsement of Vulcan’s vision and impact. Earlier this month, we announced the successful completion of a fully underwritten institutional placement and concurrent strategic placement totaling €100m (A4m) to commence execution of the critical path scope for our Phase One Lionheart Project. This financial injection further complimented the strategic investments of €40 million (~A million) by CIMIC Group and Hancock Prospecting earlier this year. Our Green Financing Framework, developed with Natixis CIB, received a Dark Green rating in October — the highest ever awarded to a metals and mining company globally. This recognition highlights our leadership in sustainability and our commitment to responsible financing. Operationally, 2024 has been groundbreaking. We produced our first lithium chloride in April at the Lithium Extraction Optimisation Plant (LEOP) in Landau — a first for Europe. By November, we celebrated the production of the first fully sustainable lithium hydroxide at the Central Lithium Electrolysis Optimisation Plant (CLEOP) in Frankfurt Höchst, completing the integrated supply chain within Europe. These milestones demonstrate Vulcan’s position as Europe’s most advanced integrated lithium producer and our unique ability to deliver on the promise of a circular and sustainable lithium supply chain. In November, the German Federal Ministry of Economics and Climate Protection approved €100 million in funding for our HEAT4LANDAU Project, which will help deliver the geothermal parts of our Phase One project. This grant not only reinforces our position as a key player in Europe’s energy transition but also strengthens our financial strategy as we head into 2025. Furthermore, we signed an optional agreement with the City of Landau to secure the property in the D12 development plan. The City of Landau had already given a clear signal of support for the project in December 2023 and the approval of the D12 development plan in June 2024. With the now-signed option agreement, Vulcan has secured the necessary basis for the preparation of the construction work. We’ve also formed several new strategic partnerships, including MoUs with ABB, Jordproxa, and AVEVA, ensuring a strong foundation for future development. In November, we announced an exciting partnership with BASF to explore the use of geothermal energy for base load power requirements at their Ludwigshafen site. While our focus remains steadfast on our Phase One Lionheart Project execution, we have also commenced global licencing of our lithium extraction technology. By commercialising VULSORB® as a leading-edge technological asset, Vulcan is strengthening its decarbonisation efforts beyond its current use in the Upper Rhine Valley Brine Field and is setting the standard for future A-DLE projects globally. The commercialisation of VULSORB® will provide Vulcan with an additional revenue source and gain exposure to other lithium production during Phase One project construction. As we close the year, one final achievement stands out: the production of our first lithium hydroxide monohydrate this week at CLEOP which has been years in the making and represents the first fully domestic lithium supply chain in Europe, from brine resource to battery grade material. This milestone plus all the others mentioned above, mark the culmination of a year of hard work and the dawn of a new chapter for Vulcan. To our shareholders and partners: Thank you for your unwavering support and belief in our vision. Together, we are reshaping the future of lithium production and renewable energy. I wish you and your loved ones a Merry Christmas and a Happy New Year. I look forward to sharing more milestones and successes with you in 2025. Warm regards, Cris Moreno Managing Director & CEO Vulcan Energy