Vulcan Energy Lines Up Reagent Supply as JPMorgan and Citigroup Disclose Stakes
Published on 10/25/2026 at 20:31 | Editorial boerse-global.de
Vulcan Energy has begun commercial-scale output of VULSORB, its proprietary lithium adsorbent, in Germany — a step that fills the extraction columns at its Lionheart project well ahead of first production. The milestone concerns the sorbent itself, not the start-up of the project, which is targeted for the second half of 2028. The first production campaign is earmarked for charging Lionheart's extraction columns before commissioning.
Word of the manufacturing run emerged in media reports and lands alongside a separate technical update from the field. Roughly two weeks ago, Vulcan reported results from injection testing at the Lionheart well LSC-3a, which delivered an estimated injection capacity of about 64 standard litres per second under planned operating conditions. The field development plan had assumed roughly 40 standard litres per second for matrix injection wells, so the test came in above the design basis.
Vulcan said the result confirms a key assumption underpinning its base case and lowers the risks attached to the Lionheart field development plan, strengthening confidence in its execution. The capacity figure remains an estimate for the tested well under the intended operating conditions.
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Custody filings put two banks on the register
The operational news coincided with a pair of disclosure notices. JPMorgan Chase & Co. reported a significant holding in Vulcan on Friday, with its disclosed voting rights at 5.38% as of Tuesday. The mandatory notification also captures securities held under lending, custody and trading arrangements, meaning those agreements sit within the bank's disclosed interests in the company.
Citigroup's previously reported increase shows a voting rights stake of 11.3823%, up from 9.6615%. That filing covers Citigroup Global Markets Australia and other companies in the group, and likewise describes securities lending transactions and arrangements made in the ordinary course of market business. Vulcan also published further mandatory notices on Friday concerning a change in a significant holding and the crossing of a significant threshold.
Shares slip as the calendar turns to October
The stock fell 5.6% on Friday to close at €0.6565. Investors now have a confirmed date to work with: 28 October, when Vulcan has said it will publish its September quarterly report.
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