Vulcan has been granted 100m EUR (ca. 176m AUD) for the renewable energy side of the Phase One Lionheart Project from the German Federal Government, and we have applied for a similar sized federal grant on the lithium side.
We have also applied for a 150m EUR equity investment from the German Raw Materials Fund, and we are in a process with them to include it as part of the financing mix.
There are further opportunities that we are applying for from the EU, of similar magnitude, that we expect to hear back on later this year. However, we already have a 500m EUR debt financing envelope approved by the European Investment Bank, so the EU is a cornerstone supporter. We are targeting all to be complete in H2 2025, aligned with our financing timeline.
We are also in discussions for investment up to 50% of Phase One project equity with strategic investors.
Re: Bolivian brines, our VULSORB technology has produced excellent results on these brines thus far. Separately, we have our AGM next Wednesdaywhich is a good opportunity to hear from Managing Director and CEO, Cris Moreno, about developments of the past 12 months and, importantly, the remainder of the year.
VUL Price at posting:
$4.20 Sentiment: Buy Disclosure: Held
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