JCap targets Vulcan Energy, page-46

Response to online reportVulcan Energy Resources Ltd. (“Vulcan”, “VUL”, “the Company”) has been requested by ASX to respond to a report published online by a group called “J Capital”.On J Capital’s website, the following information is included: “Be warned. We are activists, usually on the short side. We are biased.” It also states “...we will profit if these stocks decline...”, and the report states that J Capital is "short" Vulcan. J Capital also state that they do not hold an Australian Financial Services License (AFSL).The report is authored by a Mr. Tim Murray, co-founder of J-Capital, who according to his own bio has lived in China for 19 years and has a degree in “Chinese Political Economy”. Based on his online profile, it is not apparent that Mr. Murray has any technical qualifications in geothermal energy or lithium extraction.Mr. Murray’s report makes a large number of inaccurate statements and assertions regarding Vulcan and its Zero Carbon LithiumTM Project, in particular its Pre-Feasibility Study (PFS) published over nine months ago. Given the warning on J Capital’s website, it is clear the report is merely an attempt to profit from “shorting” Vulcan.Vulcan’s team of approximately 80 personnel, with globally unique experience in geothermal energy project development and direct lithium extraction, continue to work and remain focused towards executing on our Project, which we believe will be important in assisting with decarbonising the lithium-ion battery and electric vehicle supply chain in Europe, as well as to provide renewable energy for local communities at a time of energy crisis leading into COP26.We are highly motivated towards achieving our goals of decarbonising these industries, and will always happily dedicate time and effort to answer any questions about our Zero Carbon LithiumTM Project that come from stakeholders with a genuine interest in the Company and the Project.