Executive remuneration changes

Executive remuneration changes 

Vulcan Energy (Vulcan, ASX: VUL, FSE: VUL, the Company) announces that the Board of Vulcan has approved remuneration changes for the Chief Executive Officer and Chief Financial Officer, effective 1 January 2026. This follows a review prompted by the Company’s financing and move into construction of its Phase One Lionheart Project in Germany’s Upper Rhine Valley in December 2025.

Phase One Lionheart involves the construction of an integrated lithium and renewable energy project targeting production capacity of 24,000 tonnes of lithium hydroxide monohydrate (LHM), enough for ca. 500,000 electric vehicle batteries per annum, with a co-product of 275 GWh of renewable power and 560 GWh of heat per annum for local consumers, over an estimated 30-year project life[1].

The changes in remuneration consider the Company’s progression from development to execution phase, with delivery of its upstream Field Development Plan and construction of the Company’s commercial Geothermal Lithium Extraction Plant in Landau, which commenced in December 2025. The changes also reflect the increased size and complexity of international operations and governance, as the Company progresses towards its target of first commercial lithium production in 2028, while still maturing the rest of the Vulcan resource and technology portfolio.

The changes as follows:

• Increase in Managing Director and CEO Cris Moreno’s fixed compensation to $804,000, plus superannuation. Mr Moreno will also take on the role of Chair of the Advisory Boards of both Vulcan Energie Ressourcen GmbH, the Company’s primary German holding subsidiary; and VER GEO LIO GmbH, Vulcan’s asset level entity operating entity that owns Phase One Lionheart
• Increase in Executive Director and Group Chief Financial Officer Felicity Gooding’s fixed compensation to $670,000, plus superannuation. Ms Gooding has also been appointed joint Managing Director of Vulcan Energie Ressourcen GmbH
• Increase of the CEO and CFO STI from 25% opportunity to 50% opportunity, with the additional 25% tranche subject to 12-month additional vesting period post determination
• No change to LTI percentage, but a larger quantum given the increase in base
• CPI indexation thereafter until first production.

 <ENDS>

For and on behalf of the Board

Daniel Tydde | Company Secretary

Further information

Judith Buchan | Head of Corporate Communications | jbuchan@v-er.eu | +61 411 597 326

Please contact Vulcan’s Legal Counsel Germany, Dr Meinhard Grodde, for matters relating to the Frankfurt Stock Exchange listing on mgrodde@v-er.eu

About Vulcan Energy

Vulcan Energy (ASX: VUL, FSE: VUL) is building the world’s first carbon neutral, integrated lithium and renewable energy business to decarbonise battery production. Located in the Upper Rhine Valley Brine Field bordering Germany and France, Vulcan’s Lionheart Project is a global tier-one lithium project and Resource. Harnessing natural heat to produce lithium from sub-surface brines and to power conversion to battery-quality material and using its in-house industry-leading technology VULSORB®, Vulcan is building a local, low-cost source of carbon neutral lithium for European electric vehicle batteries. For more information, please go to https://v-er.eu/  

Disclaimer

Some of the statements appearing in this announcement may be in the nature of forward-looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Vulcan operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement. No forward-looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Vulcan’s control.

Vulcan does not undertake any obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Vulcan, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement.

This announcement is not an offer, invitation or recommendation to subscribe for, or purchase securities by Vulcan. Nor does this announcement constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision.

^[1] Based on the Phase One Lionheart production target capacity of 24kt p.a. from Bridging Engineering Study ASX announcement dated 16 November 2023 and Vulcan internal estimated average EV battery size and chemistry in Europe; refer to the Competent Person Statement within this announcement. Refer to the Key Risks in Appendix 3 of the Investor Presentation dated 3 December 2026 regarding the risks associated with resource exploration and development projects.