- Vulcan and Enel Green Power will co-own the Cesano license area 50:50.
- Vulcan received positive preliminary EIA results for its Taro license in Germany.
- Commissioning of Vulcan's Sorption Demo Plant is delayed to late Q4 due to supply chain issues.
- Vulcan's lithium hydroxide production Demo Plant is on track for late Q1 2023 commissioning.
Enel Green Power Agreement
Vulcan Energy Resources has entered into a binding collaboration agreement with Enel Green Power to develop the Cesano license in Italy. The agreement includes a joint scoping study and potential cooperation on other geothermal lithium projects in Italy. Enel Green Power, part of the Enel Group, is a global leader in geothermal energy with operations in Italy, Chile, and the United States. The Cesano Permit covers 11.5 km², 20 km NNW of Rome, and hosts wells with high lithium values.
Zero Carbon Lithium™ Project Update, Germany
Vulcan received positive preliminary EIA results for its Taro license, allowing the drilling of six wells for geothermal energy and lithium without a full environmental impact assessment. Community support for geothermal production is growing, with the Upper Rhine Council and the City Council of Landau showing favorable stances. Vulcan's Sorption Demo Plant commissioning is delayed to late Q4 due to global supply chain issues, while the lithium hydroxide production Demo Plant remains on track for late Q1 2023 commissioning.
Project Development and Resource Update
The multi-disciplinary DFS for Phase 1 renewable energy and lithium production is progressing, with an updated PFS for Phase 2 targeted for completion by H2 2022, though local approval processes may push this to Q1 2023. Vulcan aims to increase production in both phases due to rising customer demand. The Vulcan Energy Sub-Surface team is gathering data for a planned resource update in H2 2022, aiming to incorporate more license areas into the Upper Rhine Valley Brine Field resource.
