Join our daily newsletter At The Bell to receive exclusive market insights
- Vulcan Energy (ASX:VUL) upgrades its lithium brine resource in Germany’s Upper Rhine Valley region
- The company boosted its resource to 27.7 million tonnes of brine feedstock containing 175mg/L of lithium carbonate equivalent
- The resource previously sat lower at 26.6 million tonnes at 174mg/L
- Vulcan recently streamlined its infrastructure buildout plans scaling down two lithium extraction plants and two geothermal power plants to one of each respectively
- Shares last traded at $2.91
Vulcan Energy (ASX:VUL) has expanded the company’s lithium mineral resource associated with its Zero Carbon Lithium project based in Germany, marking a significant increase in Europe’s largest lithium resource.
The mineral resource upgrade precedes Vulcan’s forthcoming bridging study for its phase one development in the Upper Rhine Valley region.
The company has highlighted new subsurface work, showcasing enhanced well data from the Insheim target, updated 3D seismic data for improved underfoot brine reservoir modelling, and enhanced reservoir engineering to formulate an optimised development plan aimed at reducing capital expenditure.
Vulcan’s lithium resource has now grown to 27.7 million tonnes of brine feedstock containing 175 mg/L lithium carbonate equivalent, up from 26.6 million tonnes at 174 mg/L.
The resource upgrade pertains to the phase one Lionheart target area. The bridging study is set to conclude in November, initiating the search for financing for its phase one project.
Vulcan will enter the market seeking “project-level strategic equity and debt,” which it deems achievable based on a market assessment conducted earlier this year.
The company intends to consolidate its two lithium extraction plants (LEPs) and two geothermal power plants into a single central LEP and geothermal power plant, maintaining the original annual output of 24 kilotonnes per annum of lithium hydroxide equivalent.
Vulcan notes that this consolidation should result in economies of scale.
VUL shares last traded at $2.91.
