ASX · VUL.AX

Vulcan Energy

1 construction1 development

≈ 34 kt LCE/yr attributable

As of 24 Oct 2026
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Share price

ASX:VUL

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Capacity by value-chain step

Attributable kt LCE/yr, by stage · As of 24 Oct 2026
Upstream: mines and brines34 kt LCE/yr
Construction 16Development 18
Downstream: refineries—

Net seller of lithium units (mines exceed own refining)

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 reported cost (width = capacity). Highlighted: this company's mines. The dashed line is the stake- and capacity-weighted average. 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.

Lithium assets on Li3atlas

2 assets · As of 24 Oct 2026
AssetCountryStageOwnershipCapacityAttrib. kt LCELanded US$/t LCEVerified
Upstream: mines and brines · subtotal 34 kt LCE/yr attributable (16 construction, 18 development)
Vulcan LionheartGermanyConstruction76.66%Phase One target 24 ktpa LHM (LiOH·H2O); under construction16≈$4,40324 Oct 2026
Project Ludwig (Vulcan Phase 2)GermanyDevelopment85.51%PFS (Sep 2026): 21.1 ktpa battery-grade Li2CO3 plateau, 517 kt over 30-yr life; 3,125 GWh/yr renewable heat; capex €1.26bn; FID after Lionheart start-up18—Pending

Headline counts mines and brines only. Refineries are listed with their attributable conversion capacity, which is shown under Downstream above and not added to the headline, so lithium is not counted twice. Cell plants are demand, not supply. Landed cost uses the assumptions set on the cost curve.

Catalyst calendar

Dated milestones with their source · As of 24 Oct 2026

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