The financing package is designed to fund the construction of Lionheart through a combination of arrangements at the project, subsidiary and company level.
Located in the Upper Rhine Valley Brine Field between Germany and France, Lionheart – Vulcan’s first phase of production – is a lighthouse project for Europe’s energy and critical raw material resilience. Lionheart involves the construction of an integrated lithium and renewable energy project targeting production capacity of 24 000 t 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.
In December 2025, Vulcan secured its financing package, made a concurrent positive Final Investment Decision, settled its underwritten institutional placement and entitlement offer and commenced Lionheart construction. Now with Financial Close, the balance of the financing package can be accessed subject to ongoing conditions for drawdown, as is customary for such financing arrangements. The company expects these remaining conditions to be satisfied in line with disbursements and drawdown schedules sequenced to Lionheart’s budgeted construction schedule and capital expenditure profile.
Vulcan’s Executive Director and Group Chief Financial Officer, Felicity Gooding, commented: “Reaching Financial Close is a significant milestone and reflects the continued support from our financing partners, including European and German government agencies, commercial banks, and strategic industrial partners.
“We continue to enact our strategic plan to deliver Lionheart on time, on budget and to nameplate capacity.”