Mine / resource · Germany

Vulcan Lionheart

ConstructionVerified 24 Oct 2026As of 25 Oct 2026
Owner
Vulcan Energy Resources ~76.7% look-through; KfW 14.49% of Vulcan Energie Ressourcen GmbH; Sequana Investment (HOCHTIEF, Siemens, Demeter) 10.35% of project company VER GEO LIO GmbH
Listed via
VUL.AX
Product
LiOH
Deposit type
Geothermal brine
Capacity
Phase One target 24 ktpa LHM (LiOH·H2O); under construction
≈ 21 kt LCE/yr (planned)
Location
49.19°, 8.15°
Source
Filing used for verification

€2.2bn Lionheart financing reached Financial Close on 27 May 2026; first strategic equity drawdown received 15 Jul 2026.

Ownership structure

Effective economic interest of listed owners · As of 24 Oct 2026
Vulcan EnergyVUL.AX76.66%Other / unlisted23.34%Vulcan LionheartMine / resource

Attributable capacity

Listed ownerStakekt LCE/yr
Vulcan Energy VUL.AX76.66%≈16

Structure: Vulcan Energy Resources ~76.7% look-through; KfW 14.49% of Vulcan Energie Ressourcen GmbH; Sequana Investment (HOCHTIEF, Siemens, Demeter) 10.35% of project company VER GEO LIO GmbH. 23.34% is held by unlisted or untracked owners.

Value chain

Owners, buyers and the refineries on Li3atlas they feed · As of 24 Oct 2026
Listed ownersVulcan EnergyVUL.AX · 76.66%
Mine / resourceVulcan LionheartPhase One target 24 ktpa LHM (LiOH·H2O); under construction
Buyers (offtakes)GlencoreLHM (battery-quality lithium hydroxide monohydrate) · 36–44 kt LHM totalLG Energy SolutionLHM (battery-quality lithium hydroxide monohydrate) · not stated in this filingStellantisLHM (battery-quality lithium hydroxide monohydrate) · not stated in this filingUmicoreLHM (battery-quality lithium hydroxide monohydrate) · not stated in this filing

Resource and mine life

As of 24 Oct 2026
Resource
4.16 Mt LCE
Reserve
0.57 Mt LCE
Grade
181 mg/L Li
Mine life
30 years
As of
16 Nov 2023

Unit cost

Basis
C1 OPEX, FID Case, per t LHM (LiOH·H2O), 100% basis
Period
FID Case (3 Dec 2025)

Cost bridge to US$/t LCE

Reported unit cost
EUR 3,588/t LiOH
In US$ (fixed FX)
× 1.08 = $3,875/t LiOH
Landed cost
$4,403/t LCE

Quartiles appear once 4 operations have a cost.

Integrated chemical producer: the reported cost already covers conversion. The conversion, freight and royalty settings are shared with the cost curve on the map page (Economics).

Position on the cost curve

Landed US$/t LCE, same assumptions as the cost curve · As of 24 Oct 2026
Hombre Muerto West (HMW): $3,963/t LCEQarhan Salt Lake: $4,292/t LCE (implied)Vulcan Lionheart: $4,403/t LCE (Study estimate)Cauchari-Olaroz: $5,897/t LCEYichun lepidolite belt: $6,012/t LCE (implied)Greenbushes: $6,201/t LCEPilgangoora: $7,330/t LCEMibra: $7,416/t LCEWodgina: $7,489/t LCEFinniss: $7,913/t LCEZabuye Salt Lake: $8,265/t LCE (implied)Mt Marion: $9,166/t LCEGrota do Cirilo: $9,503/t LCEKathleen Valley: $10,203/t LCENorth American Lithium: $11,166/t LCE$11,1660

Study estimate Vulcan Lionheart: $4,403/t LCE · would be cheaper than about 94% of today's producing supply

Grey: every producing mine with a cost (width = capacity). Highlighted: this asset. Lighter dashed bars are implied costs (no reported unit cost). Projects are drawn as dashed outlines at their study cost; they are not producing and not in the percentages.

Milestones

As of 24 Oct 2026

Upcoming (5)

  • Q4 2026Next Lionheart production well site completed (second rig V10 to mobilise)Other · source
  • 28 Oct 2026September 2026 Quarterly Activities ReportReport · source
  • Q1 2027First debt drawdown under Lionheart project financeFinancing · source
  • 30 Jan 2027December 2026 Quarterly Activities ReportReport · source
  • 2028Lionheart first commercial LHM productionFirst production · source

Completed (10)

  • 11 Sept 2026Second lithium production licence (Ilka) grantedPermit · source
  • 28 May 2026Financial Close of €2.2bn Lionheart financing packageFinancing · source
  • 17 Mar 2026First lithium production licence for Lionheart (LiThermEx)Permit · source
  • 3 Dec 2025Positive Final Investment Decision on Phase One LionheartFID · source
  • 3 Dec 2025€2.2bn Phase One Lionheart financing package securedFinancing · source
  • Q4 2025Building permit for upstream Lithium Extraction Plant (Landau); all major construction permits receivedPermit · source
  • 10 Sept 2025Permit to build and operate Central Lithium Plant (Höchst, Frankfurt)Permit · source
  • 23 Jul 2025€104m German federal and state lithium grants approvedFinancing · source
  • Q2 2025Building permits for 30MW geothermal power plant and substationPermit · source
  • Q1 2025Main operating plan approved for Lithium Extraction Plant construction (Landau)Permit · source

Offtakes and supply chain

As of 24 Oct 2026

Sells to

  • GlencoreLHM (battery-quality lithium hydroxide monohydrate) · 36–44 kt LHM total · initial 8 years · source
  • LG Energy SolutionLHM (battery-quality lithium hydroxide monohydrate) · not stated in this filing · 6–10 years (range across Phase One agreements) · source
  • StellantisLHM (battery-quality lithium hydroxide monohydrate) · not stated in this filing · 6–10 years (range across Phase One agreements) · source
  • UmicoreLHM (battery-quality lithium hydroxide monohydrate) · not stated in this filing · 6–10 years (range across Phase One agreements) · source

Country risk · Germany

Policy risk: Low As of 24 Oct 2026

Change history

Approved changes with their source · As of 25 Oct 2026
DateFieldChangeSource
25 Oct 2026Map position49.200°, 8.200° → 49.187°, 8.145°Vulcan Quarterly Activities Report for the period ending 30 June 2026 (ASX, 29 Jul 2026)
24 Oct 2026Capacity24 kt LiOH (phase 1) → Phase One target 24 ktpa LHM (LiOH·H2O); under constructionVulcan Energy Resources Half Year Report 1 January – 30 June 2026 (ASX, 10 Sep 2026)
24 Oct 2026OwnerVulcan Energy Resources → Vulcan Energy Resources ~76.7% look-through; KfW 14.49% of Vulcan Energie Ressourcen GmbH; Sequana Investment (HOCHTIEF, Siemens, Demeter) 10.35% of project company VER GEO LIO GmbHVulcan Energy Resources Half Year Report 1 January – 30 June 2026 (ASX, 10 Sep 2026)
24 Oct 2026Stake100.00 → VUL.AX: 76.66%Vulcan Energy Resources Half Year Report 1 January – 30 June 2026 (ASX, 10 Sep 2026)
24 Oct 2026Milestonenew: Q1 2025 · Main operating plan approved for Lithium Extraction Plant construction (Landau) Permit CompletedVulcan Quarterly Activities Report for the period ending 31 March 2025 (ASX, 30 Apr 2025)
24 Oct 2026Unit costnew: EUR 3,588 · C1 OPEX, FID Case, per t LHM (LiOH·H2O), 100% basis · FID Case (3 Dec 2025)Vulcan: €2,200 million financing package secured to fully fund Phase One Lionheart; positive FID (ASX, 3 Dec 2025)
24 Oct 2026Milestonenew: Q2 2025 · Building permits for 30MW geothermal power plant and substation Permit CompletedVulcan Quarterly Activities Report for the period ending 30 June 2025 (ASX, 30 Jul 2025)
24 Oct 2026Mine lifenew: 30Vulcan: €2,200 million financing package secured to fully fund Phase One Lionheart; positive FID (ASX, 3 Dec 2025)

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