Vulcan Energy Draws Down EUR 53.7 Million in Equity as Lionheart Stays on Course
Published on 11/09/2026 at 13:01 | Editorial boerse-global.de
Vulcan Energy has begun tapping the strategic equity partners lined up behind its Lionheart geothermal lithium project, reporting first drawdowns of EUR 53.7 million alongside EUR 10.7 million in German state subsidies already paid out. The company's quarterly report, dated 30 October, stressed that both sums represent money actually received rather than financing merely announced.
Lionheart Holds to Schedule and Budget
Drilling and construction at Lionheart both progressed within the planned timeframe and budget, according to the company. The operational highlight came after the reporting period: a completed test at well LSC-3a confirmed reinjection into the rock matrix under planned operating conditions. Vulcan estimated injection capacity at roughly 64 standard litres per second and framed the result as a de-risking milestone that bolsters confidence in the field's development plan. The investigation, the seventh well in the programme, was carried out after the quarter closed.
Cash Position and Development Spend
Vulcan ended the reporting period on 30 September 2026 with cash and cash equivalents of EUR 129.4 million, a figure also set out in its separately published cash flow statement. Net cash used in investing activities came to EUR 98 million, while development expenditure for the third quarter of 2026 reached EUR 88.8 million.
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Banks Trim Their Positions
Filings on disclosed holdings shifted as well. Citigroup Global Markets Australia Pty Limited reported a voting rights share of 9.8692% in Vulcan, down from 11.3823%, in an ASX notice dated 27 October that attributed the change to adjustments in relevant interests on the same day. On a combined basis of voting rights and financial instruments, Citigroup's stake fell from 7.71% to 6.38%, as disclosed roughly two weeks ago. Morgan Stanley likewise reported a reduced aggregate position, down to 3.96% from 5.12%.
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