Positive Preliminary Feasibility Study (PFS) outlines Vulcan’s second German project showcasing repeatable development growth strategy

Phase Two Preliminary Feasibility Study showcases improved economics and repeatable development growth strategy

Vulcan Energy (ASX: VUL, FSE: VUL), (Vulcan or the Company) is pleased to announce the completion of its Preliminary Feasibility Study (PFS) for Project Ludwig, its proposed second phase of lithium and geothermal energy production. Project Ludwig will be an integrated lithium chemical and renewable heat project in the Ludwigshafen region of the Upper Rhine Valley Brine Field, Germany.

Project Ludwig will build on learnings and experience from Vulcan’s first phase, Project Lionheart, to drive improved capital efficiency. The PFS is evidence that Lionheart is a repeatable development platform capable of delivering stronger returns and lower capital intensity across future phases.

Key highlights
 

• Located in the Ludwigshafen region of the URVBF, Project Ludwig is approximately 60km north of Lionheart. It can leverage the same regional brine system, proprietary extraction platform, in-house drilling capability, permitting experience and delivery organisation
• Project Ludwig delivers robust economics, with a pre-tax NPV₈ of €2.6 billion and IRR of 25.0%, post-tax NPV₈ of €1.7 billion and IRR of 20.2%, based on a 30-year planned operating life[1]
• Capital intensity reduced by 15% relative to Lionheart, with total CAPEX of €1.26 billion, reflecting Lionheart learnings, increased project maturity and simplification of the development concept¹
• Lowest industry quartile OPEX of €4,101/t LCE, driven by low-cost lithium production from brine, and integration of heat generation[2]
• Base case production of 21,100 tonnes per annum (tpa) of battery-grade lithium carbonate (Li₂CO₃), providing battery application flexibility to the Vulcan product offering, given lithium hydroxide production from Lionheart¹
• Co-production of 3,125 GWh per annum of renewable heat for internal Vulcan process demand and complementary external sales¹
• Project Ludwig Indicated Mineral Resources increased from 655 kt LCE to 1,251 kt LCE (+91%) at 155mg/l Li and Inferred Mineral Resources increased from 2,128kt LCE to 2,230kt LCE (+5%) at 155 mg/l Li[3]
• Project Ludwig maiden Geothermal Resources estimate of 193 PJ Indicated Classification and Inferred Classification of 295 PJ[4]
• Asset-level financing strategy commenced to advance Project Ludwig to be able to take a Final Investment Decision (FID) after successful start-up of Project Lionheart; strategic partner selection processes under way.

Vulcan’s Managing Director and CEO, Cris Moreno, commented: “Project Ludwig represents the strategic next step in our phased development of the Upper Rhine Valley Brine Field. We’re applying the technical, operational and commercial blueprint of Lionheart to a second development area with similar resource and geological characteristics.

“The growth potential of our assets is significant, and supports the potential for numerous future phase projects, where our engineering and construction teams can transition between developments. The Project Ludwig development plan combines lithium production with renewable heat supply for internal use and for sale to local partners.

“We look forward to advancing Project Ludwig using our existing blueprint in the same brine field, with the same bankable lithium extraction technology. In doing so, we're creating shareholder value without taking our focus away from delivering Lionheart. The PFS allows us to deliver on this plan.”
 

Project Ludwig – PFS Summary

The PFS was guided by Vulcan’s inhouse technical teams supported by Worley on integrated specialist study components. JordProxa developed the lithium carbonate process design package to PFS level definition. Worley then integrated these packages in the overall facility configuration and prepared Total Installed Cost estimate and Basis of Estimate for the lithium carbonate plant. GLJ Ltd. reviewed the updated lithium Mineral Resource estimates, and Geothermal Resource estimates and Competent Person disclosure.

Project Ludwig aims to further utilise Vulcan’s globally significant sub-surface Resource across its ~2,000 km² license area in the URVBF. The Company aims, beyond Phase One Lionheart, to target a new phase of production every 2-3 years in the URVBF, where the FID for a new project would be triggered by commencement of production in the preceding project, i.e. FID for Project Ludwig would be made after Lionheart commences production.

Project Ludwig will benefit from the pre-investment already made to develop Lionheart to FID, across drilling, lithium extraction technology and engineering. Cost savings are expected from having an integrated lithium extraction and lithium carbonate conversion process within a single facility configuration and leveraging infrastructure synergies at the project location. The development concept maximises supply of local heat rather than on-site power generation, allowing a simpler and more capital-efficient energy configuration while maintaining the benefits of geothermal heat integration.

The investment across the URVBF to date provides substantial advantages to Project Ludwig - across subsurface evaluation, lithium extraction technology development, piloting, well design, drilling optimisation, brine handling, project execution planning and market engagement. Further, Project Ludwig plans to leverage the knowledge transfer and skills rotation as development and project execution teams rotate and apply Lionheart learnings to Ludwig. This is particularly relevant as the brine and geology are expected to be materially the same across both projects.

Key PFS economic outcomes are summarised in Table 1 and highlight Project Ludwig's lower capital intensity and stronger returns relative to Phase One Lionheart for the equivalent lithium production capacity. Further details are provided in the Project Production Target and Economic Summary section below.  

Table 1 - Project Ludwig Economic Summary and Indicative Comparison to Lionheart[5]

Note 1: Project Ludwig economic metrics are based on the 2026 Pre-Feasibility Study (PFS) on the assumptions set out in this announcement, while Phase One Lionheart metrics are based on the material assumptions set out or referred to in slide 39 of the investor presentation announced on 3 December 2025 and the independent expert report included as section 17 to the ASX announcement titled ‘Information Memorandum’ released on 11 December 2024 (Lionheart Financial Forecast Announcements). Refer to the Lionheart Financial Forecast Announcements for the detailed breakdown of the Phase One Lionheart economics and economic assumptions to the estimated Phase One Lionheart economics. Comparisons are provided to illustrate relative project characteristics and should be considered in the context of the different study assumptions and development stages of each project.

Note 2: Economic metrics are presented assuming capital costs are funded on a 100% equity basis, with no financing costs assumed. IRR metrics are unlevered.

Note 3: Production and cost comparisons are presented on an LCE (Lithium Carbon Equivalent) or LHM (Lithium Hydroxide Monohydrate) basis where applicable.

Note 4: Design capacity of the plant. Note 5: Assuming FID is achieved in 2029. Note 6: Project Ludwig development CAPEX includes a 15% contingency.

Note 7: Capital intensity is calculated as a ratio of Development Capex (with contingency) to plant capacity (tonnes).

Note 8: C1 costs represent the direct operating costs of producing saleable lithium product and exclude sustaining capital, depreciation, financing costs and taxes. C1 costs are reported in real 2026 terms and include a 10% operating cost contingency for the life of the project.

Note 9: Annual Average Revenue is on a nominal basis for the integrated Lithium and Geothermal Projects. For Project Ludwig total heat production includes some heat that is consumed internally. Annual average nominal heat revenue for Project Ludwig is approximately €42m/year.

Note 10: Internal Rate of Return (IRR) values are unlevered and are presented for indicative comparison purposes only. Differences in IRR also reflect differing study assumptions, lithium products and project maturities.
Note 11: Net Present Value discounted at 8% (NPV₈) values reflect different effective dates aligned with each project’s Final Investment Decision (Project Ludwig: assumed 2029; Phase One Lionheart: 2025). NPV₈ values are presented for indicative comparison purposes only and should not be interpreted as a like-for-like valuation comparison. Differences in NPV₈ also reflect differing study assumptions, lithium products and project maturities.
Note 12: The above economic outcomes are based on the key financial assumptions summarised in Table 8.
Note 13: The Project Ludwig Production Target is supported by Indicated Lithium Mineral Resources, and the forecast financial information is principally driven by lithium recovery and lithium product revenues.

Figure 1 – Location of Project Ludwig in relation to Vulcan’s licenses across the Upper Rhine Valley Brine Field
 

Figure 2 – Schematic of the Project Ludwig Development Concept Plan

Table 2 – Key PFS Participants

Geology and Subsurface Summary

The Project Ludwig development area is approximately 60 km north of Lionheart, within the same regional geothermal and lithium-bearing brine system. Project Ludwig benefits from an extensive geological, geophysical and geothermal dataset accumulated through decades of exploration and development across the Upper Rhine Graben, supplemented by Vulcan’s own exploration, drilling and reservoir evaluation activities in the region.

From 2D seismic interpretation and interpretation of well data (off-property with geothermal-lithium brine data, on-property with oil and gas well data), the geological setting, target reservoir interval and lithium-bearing brine system are considered materially similar to those being developed at Lionheart, allowing Project Ludwig to benefit from Vulcan’s existing subsurface knowledge, reservoir understanding and development experience. The PFS development plan has relied on updated geological, geothermal and lithium evaluations, while future work will focus on further Resource de-risking, 3D seismic acquisition, reservoir model refinement and ongoing optimisation of the field development plan. Based on well evidence proximal to Project Ludwig, the brine system and reservoir temperatures are considered materially similar to Lionheart, to support application of the same proprietary lithium extraction technology/engineering, and overall development approach. Both projects are located within the URVBF, while being sufficiently separated that production from one development is not expected to materially affect the other.

Figure 3 - Schematic cross-section showing target reservoir and well trajectory

Figure 4 – Map showing location of Project Ludwig licenses and exploration data

Mineral and Geothermal Resources

Project Ludwig lithium Mineral Resource and Geothermal Resource estimate

Project Ludwig is supported by a substantial lithium Mineral Resource and Geothermal Resource base, providing the foundation for an estimated 30-year integrated lithium and renewable heat development. Updated Resource estimates underpin the selected development concept and support continued project maturation through future engineering, field development planning and project de-risking activities. The Mineral Resource estimates are in accordance with the JORC code (2012) - Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and have been independently reviewed by GLJ Ltd. with their Competent Person Statement included in this release. The Geothermal Resource estimates are in accordance with the Geothermal Code (2010) - Australian Code for Reporting of Exploration Results, Geothermal Resources and Geothermal Reserves, and have been independently reviewed by GLJ Ltd. with their Competent Person Statement included in this release.

Global Mineral Resources Statement

Vulcan’s combined Upper Rhine Valley Project (which includes Project Lionheart, Project Ludwig and other license areas) Measured, Indicated and Inferred Lithium Mineral Resource estimates reported as at 31 December 2025 have been updated to reflect the recent work on the Ludwig and Therese licenses which comprise Project Ludwig.

The update relates solely to the Ludwig and Therese licenses within Project Ludwig, with no changes to the remaining license areas. The revised estimates incorporate the results of recent technical studies and resource evaluation work, resulting in the conversion of a portion of the Mineral Resource from the Inferred to the Indicated category. Across the two licenses, the combined Indicated Mineral Resource increased by 596 kt, from 655 kt to 1,251 kt (+91%), while the combined total Mineral Resource increased by 698 kt, from 2,783 kt to 3,481 kt (+25%).

Table 3 - Vulcan’s Mineral Resource Estimates – Effective September 2026

Note 1: Mineral Resources are not Ore Reserves and do not have demonstrated economic viability.

Note 2: The weights are reported in metric tonnes (1,000 kg or 2,204.6 lbs). Numbers may not add up due to rounding of the resource value percentages.

Note 3: To describe the Resource in terms of industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li₂CO₃, or LCE.

Note 4: Reservoir abbreviations: MUS – Muschelkalk Formation, BST – Buntsandstein Group; ROT Rotliegend Group; BM - Variscan Basement

Note 5:  NTG and Phie averages have been weighted to the rock volume of the reservoir.

Note 6: GRV refers to gross rock volume, also known as the aquifer volume.

Note 7: FDZ refers to fault damage zone, HRM refers to host rock matrix.

Note 8: Mineral Resources are considered to have reasonable prospects for eventual economic extraction under current and forecast lithium market pricing with application of Vulcan’s A-DLE processing.

Note 9: The values shown are an approximation and with globalised rounding of values in the presented summary table as per JORC guidelines, cannot be multiplied through to achieve the Mineral Resource estimated volumes shown above.

Global Geothermal Resources Statement

A maiden Geothermal Resource Estimate was also carried out on Project Ludwig, to reflect the recent work on the Ludwig and Therese licenses. Vulcan has previously reported Geothermal Resources for Mannheim in 2025.

Table 4 – Vulcan’s Geothermal Resource Estimates – effective September 2026

Note 1: Geothermal Resources are not Geothermal Reserves and do not have demonstrated economic viability.

Note 2: The Recoverable Energy is reported in PetaJoules. Numbers may not add up due to rounding of the resource value percentages.

Note 3: Reservoir abbreviations: MUS – Muschelkalk Formation, BST – Buntsandstein Group; BM - Variscan Basement.

Note 4: NTG and Phie averages have been weighted to the thickness of the reservoir.

Note 5: GRV refers to gross rock volume, also known as the aquifer volume.

Note 6: Geothermal Resources are considered to have reasonable prospects for eventual economic extraction with application of modifying factors.

Field Development Plan

The Project Ludwig PFS reflects an integrated geothermal heat energy and lithium project. Geothermal brine is piped to a central processing facility, where lithium chloride concentrate is extracted using Vulcan's proprietary adsorption-based direct lithium extraction technology platform, incorporating VULSORB® sorbent technology, and converted into battery-grade lithium carbonate using industry-standard third-party technology. The thermal energy contained within the brine will be simultaneously utilised for regional heat supply and process heat requirements. This integrated configuration enables the development to generate dual revenue streams from the same resource while minimising external energy demand.

The field development plan comprises 14 production wells and 14 injection wells drilled from five strategically located well sites across the Ludwig and Therese license areas. The Ludwig field development will leverage the same established Phase One Lionheart techniques for drilling, well testing and sampling. Produced brine is gathered through a network of approximately 16 km of pipelines called the inter-connected pipeline and power network (ICPP) and delivered to a centrally located lithium production facility where direct lithium extraction, lithium carbonate conversion and heat utilisation infrastructure are integrated into a single development hub. The integrated plant has been designed to allow production 21,100tpa of battery-garde lithium carbonate while also supplying renewable heat to local customers.[6]

A defining feature of the development plan, analogous to Lionheart, is the direct utilisation of geothermal heat throughout the process flowsheet. Renewable heat generated by the production system is used internally to support lithium processing operations, with surplus heat to be made available for external sale. As a result, Project Ludwig is designed to remain net-energy-positive over its operating life, producing more renewable energy than it consumes and reducing exposure to external energy markets. This integrated energy model is a key contributor to the Project Ludwigs competitive operating cost position.

The development concept has been intentionally structured to build upon Vulcan’s technical, operational and permitting playbook established throughout Lionheart. Lessons gained from technology development, drilling execution, reservoir evaluation, engineering design, project delivery and stakeholder engagement have been incorporated into the Project Ludwig configuration, allowing simplification of infrastructure, reduction of project interfaces and improved overall capital efficiency. The resulting development strategy demonstrates Vulcan's ability to apply a proven integrated geothermal-lithium blueprint to additional areas of the URVBF and forms a key element of the Company's broader "design one, build many" growth strategy.

Permitting, Environmental and Social Compliance

Environmental, social and permitting matters for Project Ludwig have been assessed at a PFS level. No material environmental, social or permitting constraints have been identified that are expected to prevent project development, subject to completion of detailed engineering, environmental studies, stakeholder engagement and regulatory approvals in subsequent phases, in line with work already conducted at Lionheart.

Project Ludwig is located within an established industrial and geothermal region of the Upper Rhine Graben, which benefits from existing infrastructure and a proven regulatory framework for geothermal developments. Environmental and social impacts are expected to be primarily associated with temporary construction activities, including land disturbance, traffic, noise and dust, and are considered manageable through industry-standard design controls, mitigation measures and environmental and social management plans. Expected benefits include employment generation, regional investment, renewable heat supply opportunities and support for Europe's critical raw materials supply chain.

Project Ludwig will be developed under Germany's well-established mining and building permit framework, which has already been successfully applied by the Company to Project Lionheart. Vulcan has strong experience in permitting this type of project in the same German state courtesy of Phase One Lionheart, which can be directly applied to Project Ludwig.

Key approvals include mining operating plans, drilling permits and building permits for surface facilities. No unusual permitting hurdles have been identified, and early engagement with authorities, proven approval processes and careful site selection are expected to support project development and reduce permitting risk.

Vulcan will continue stakeholder engagement throughout the Project lifecycle in accordance with its Stakeholder Engagement Plan, focusing on transparent communication, early identification of stakeholder concerns and the delivery of community benefits, including renewable heat supply opportunities for industry and local communities.

Induced seismicity is a recognised consideration for geothermal developments and will be managed using Vulcan's established monitoring and operational control framework. Continuous seismic surveillance systems, Standard Operating Procedure (SOP) and Traffic Light System (TLS) protocols are already implemented across Vulcan-operated assets and are actively used to support current drilling, testing and operational activities at Phase One Lionheart. These systems will be extended to Project Ludwig, providing continuous monitoring of reservoir behaviour and predefined operational responses should elevated seismic activity be detected. Based on Vulcan's operational experience to date, including the absence of significant induced seismicity events across its operated assets, induced seismicity is considered a manageable operational risk within the Project's development framework.

Plant Design and Process Summary

Project Ludwig has been designed as an integrated lithium chemicals and renewable heat development that produces battery-grade lithium carbonate while simultaneously supplying renewable heat to local partners with the balance used for operations. The development combines geothermal brine production, lithium extraction, lithium carbonate conversion and heat utilisation within a single integrated facility configuration. This approach enables multiple value streams to be generated from the same geothermal brine resource, supporting both Europe's battery materials supply chain and heating decarbonisation objectives. The selected concept builds upon the technical and operational experience gained through Project Lionheart, while being specifically configured for lithium carbonate production and long-term renewable heat supply.

Lithium-rich geothermal brine produced from the field will be transported to a central lithium production facility, where lithium is extracted using VULSORB®.

The resulting intermediate lithium chloride solution is then concentrated and purified before entering the lithium carbonate conversion circuit developed by JordProxa. Within this process, lithium chloride is reacted with soda ash (sodium carbonate), precipitating battery-grade lithium carbonate crystals which are subsequently refined, dried and prepared for sale. Hydrochloric acid (HCl) and soda ash represent the principal chemical reagents within the downstream conversion circuit, supporting lithium recovery, purification and final product generation. The lithium carbonate process package has been integrated into the overall facility design by Worley, creating a streamlined process flow from geothermal brine production through to battery-grade lithium carbonate manufacture.

A defining feature of Project Ludwig is the direct integration of geothermal heat into the lithium production process. While Project Ludwig is expected to generate approximately 3,125 GWh per annum of renewable heat,[7] only a relatively small portion of this energy is required to support lithium processing operations, with the majority available for external heat customers. By using its own geothermal heat to satisfy internal process energy requirements, Project Ludwig significantly reduces reliance on externally sourced power while simultaneously creating an additional renewable heat revenue stream. This integrated energy model contributes to the competitive operating cost position and supports a low-carbon production pathway. The unified facility configuration also reduces major process interfaces and incorporates engineering, permitting and operating learnings from Project Lionheart, improving development efficiency while leveraging Vulcan's broader technology, execution and operational platform

Figure 6 illustrates the conceptual layout of the Project Ludwig Lithium Production Facility (LPF). The integrated facility combines direct lithium extraction, refining, lithium carbonate production and product handling infrastructure within a compact development footprint of approximately 250 m × 100 m.

Figure 6 - Conceptual 3D render of Lithium Production Facility

Capital Costs Summary

Project Ludwig leverages the Lionheart development blueprint with improved capital efficiency. The PFS development capital estimate of €1.26 billion (real 2026 and including 15% contingency), is approximately 15% lower than Lionheart on an equivalent LCE capacity basis. The Project Ludwig capital cost estimates are shown in Table 5. Capital efficiencies are driven by a simplified development configuration tailored to local market opportunities, including direct heat supply in place of on-site power generation, together with optimisation of the facility layout and the ability to leverage technology, engineering, permitting and execution capability already established through Lionheart. This demonstrates the value of Vulcan's strategy to replicate and scale an integrated geothermal lithium development model across the URVBF.

Table 5 – Ludwig PFS Summary Capital Cost Estimates

Note 1: The total development cost of €1261.1m does not include the Owners Costs and Decommissioning /Closure Costs.

Note 2: The financial model includes Decommissioning /Closure Cost estimates escalated and occurring two years after the cessation of production.

Operating Costs Summary

Project Ludwig is expected to deliver a competitive operating cost position, with estimated C1 costs of €4,101/t lithium carbonate equivalent (LCE) (real 2026 terms), broadly in line with Lionheart at €3,588/t LHM (€4,077/t LCE equivalent, real 2025 terms). This outcome is primarily driven by the integrated utilisation of geothermal energy across the development, allowing renewable heat produced from the geothermal brine to support both lithium production and external local heat sales, and use of Vulcan’s highly efficient proprietary VULSORB® DLE technology to extract lithium from brine. The selected development concept further benefits from a simplified process configuration, reduced infrastructure requirements and the application of operational experience gained through Lionheart, supporting a resilient operating cost structure across the project life.

Market and Strategic Rationale Summary

Project Ludwig’s planned lithium carbonate product route complements Lionheart’s lithium hydroxide production, broadening Vulcan’s exposure across key battery chemistries and end markets. Lithium carbonate plays an important role in lithium iron phosphate (LFP) batteries which are used in some electric vehicles and most battery energy storage systems, while lithium hydroxide remains a key product for high-nickel cathode chemistries used in higher energy density and higher performance electric vehicles.

At the core of both product routes is a lithium chloride (LiCl) intermediate generated using Vulcan’s proprietary VULSORB® adsorption-based direct lithium extraction (A-DLE) platform. The LiCl intermediate can be refined to a high-purity precursor and converted through phase-specific downstream processing into either battery-grade Li₂CO₃ or LHM. This common LiCl architecture maximises product flexibility across Vulcan’s phased growth strategy, enabling the same core extraction technology to support Li₂CO₃ production at Project Ludwig, LHM production at Lionheart and future product selection aligned with customer requirements and battery-market demand.

Project Ludwig extends Vulcan’s strategy of developing multiple integrated lithium and renewable energy assets in Europe: a “design one, build many” approach. Project Ludwig builds on the technical, operational and commercial foundations established through Lionheart while creating a potential second long-life development platform capable of supplying battery materials and renewable heat to European markets. Through Vulcan’s technology business, VULTEC, the Company retains ownership of key lithium extraction technology, process know-how and intellectual property developed during Lionheart. Through Vercana, Vulcans drilling business, the Company has established in-house drilling and well delivery capability. Together, these businesses provide Project Ludwig with access to technology, operational expertise and execution capability already developed and de-risked during Project Lionheart, supporting future phased developments across the URVBF.

The figures below illustrate how VULTEC’s common LiCl intermediate platform connects Vulcan’s geothermal-brine resource and proprietary extraction technology to multiple downstream lithium products and battery end markets.

Source (1): Fastmarkets 2023-2030 DLE Forecast; (2) Adamus Intelligence with percentages reflecting deployment in EV market in Q1 2025. https://www.adamasintel.com/lithium-carbonate-hydroxide-deployment-regions-2023/?utm_source=chatgpt.com

Figure 8 – Project Ludwig supply chain

Project Production Target and Economic Summary

The Production Target and forecast information for Project Ludwig have been prepared solely from the reported Indicated Mineral Resources and Geothermal Resources and are based on the development assumptions described in this PFS. No Lithium Inferred Mineral Resources have been included in the Production Target. No Ore Reserves or Geothermal Reserves have been estimated, and the Production Target should not be interpreted as being supported by an Ore Reserves or Geothermal Reserves.

The Project is expected to produce approximately 517 kt of battery-grade lithium carbonate (Li₂CO₃) over a 30-year operating life, with a plateau production rate of 21,100 tonnes per annum. The Company considers there to be a reasonable basis for the Production Target and forecast financial information.

Table 6 – Project Ludwig PFS Production Target Parameters

Project Ludwig delivers robust economics, generating a post-tax NPV₈ of €1,727 million and a post-tax IRR of 20.2% from an initial capital investment of €1,261 million, as shown in Table 7. The favourable economic outcome reflects the scale of the recoverable lithium and geothermal energy, capital efficiency, product pricing assumptions and integrated development concept.

Table 7 also shows an indicative comparison of Project Ludwig to Project Lionheart. Project Ludwig targets delivery of an estimated equivalent lithium production capacity to Project Lionheart with an estimated approximate 15% lower capital intensity and comparable operating costs. Project Ludwig generates higher post-tax IRR of 20.2% compared with 13.7% for Phase One Lionheart. Vulcan notes that Project Lionheart and Project Ludwig are at different stages of development and the economic modelling for each Project Lionheart and Project Ludwig are subject to separate financial assumptions as further detailed in “Note 1” to the table below. Comparisons are provided to illustrate relative project characteristics and should be considered in the context of the different study assumptions and development stages of each project.

Table 7 – Project Ludwig Economic Summary and Indicative Comparison to Lionheart[8]

Note 1: Project Ludwig economic metrics are based on the 2026 Pre-Feasibility Study (PFS) on the assumptions set out in this announcement, while Phase One Lionheart metrics are based on the material assumptions set out or referred to in slide 39 of the investor presentation announced on 3 December 2025 and the independent expert report included as section 17 to the ASX announcement titled ‘Information Memorandum’ released on 11 December 2024 (Lionheart Financial Forecast Announcements). Refer to the Lionheart Financial Forecast Announcements for the detailed breakdown of the Phase One Lionheart economics and economic assumptions to t