VULCAN ENERGY RESOURCES LIMITED (VUL)
Share Price Analysis and Chart

31/07/2026

1

Speculative Buy

$4.50

108.33%

Vulcan Energy Resources has commenced the development of its Phase 1 Lionheart project in Germany. Financial close has been achieved on the final components of a EUR2.2bn funding package.

Upstream brine development is underway and the project remains on budget and scheduled for production from 2028. The project is expected to produce 24,000tpa of lithium hydroxide monohydrate, 275GWh/year of electricity and 650GWh/year of heat from a geothermal brine resource.

Bell Potter assesses the project's potential for subsequent staged expansion supports a valuation of $4.50 (target price). Speculative Buy rating retained.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -7.30 cents.
Bell Potter forecasts a full year FY27 EPS of 37.28 cents.

14/09/2026

1

Speculative Buy

$10.75

397.69%

Canaccord Genuity maintains a Speculative Buy rating for Vulcan Energy Resources with a $10.75 target price following the release of a Phase 2 preliminary feasibility study for the Ludwig project in Germany's Upper Rhine Valley.

The study outlines a 30-year integrated lithium carbonate and renewable heat operation producing 21.1ktpa of battery-grade lithium carbonate, generating a post-tax net present value of EUR1.73bn and an internal rate of return of 20.2% for EUR1.26bn in development capital.

The analyst notes the asset delivers equivalent lithium production capacity to the phase one Lionheart development with 15% lower capital intensity, validating the scalability of the company's regional design platform.

Modelled operating costs of EUR4,101 per tonne align closely with Canaccord Genuity's EUR3,904 per tonne estimates, with Canaccord Genuity viewing the simplified energy configuration and integrated extraction facilities as significantly de-risking the expansion.

The proposed Ludwig development accesses 3.48m tonnes of lithium carbonate equivalent resources, representing 12% of the broader regional inventory, which Canaccord Genuity believes provides substantial long-term value runway beyond the initial operational phase.