Vulcan Energy Resources Ltd. has been granted five new exploration licenses for geothermal energy,
and lithium in the Upper Rhine Valley, Germany. The licenses cover 325km2 of area which is considered by Vulcan to be prospective for deep geothermal and lithium brine, and increases Vulcan's granted license area by nearly 50% to over 1,000km. Vulcan's license holding stretches across three states in the Upper Rhine Valley, with the latest licenses in the states of Rhineland-Pfalz complementing existing licenses in this state, as well as in Hessen and Baden-Württemberg. The Company is targeting completion of its Phase 1 Definitive Feasibility Study (DFS) in second half of 2022 and first commercial production of lithium by 2024. Vulcan is seeking to grow its Zero Carbon LithiumTM Project to service the European market, following strong demand from offtake customers for both lithium chemicals and renewable heating. These licenses will potentially provide a larger pipeline of projects, as Vulcan works to integrate further production capacity and additional project areas into its Phase 1 and 2 plans.