Adding more quality to the project; BUY confirmed

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What's it all about ?

Vulcan continues to deliver positive news flow, thus showing promising progress of its Zero Carbon Lithium project. Vulcan is partnering with Nobian, a leading European chlor-alkali producer. In a multi-phased agreement, both companies will assess the development and the subsequent joint operation of the CLP (Central Lithium Plant). In our view, Nobian’s experience and expertise will deliver a positive contribution to Vulcan’s ambitions for a commercial lithium production and thereby further lower the risk profile. At the same time, Vulcan has been granted five new exploration licenses in the Upper Rhine Valley. By expanding the granted license area by nearly 50%, the new exploration licenses bear potential for future volume expansion. We confirm our PT of AUD 25.00, equivalent to EUR 15.92, and reiterate our BUY recommendation.