Vulcan Energy Spends EUR 88.8 Million on Lionheart as Two Banks Cut Voting Stakes
Published on 11/09/2026 at 05:11 | Editorial boerse-global.de
Vulcan Energy put EUR 88.8 million into property, plant and equipment during the quarter ended 30 September 2026, according to its quarterly report published on 30 October. The drilling and construction work at the Lionheart lithium and heat project continues to run on schedule and within budget, the company said.
Liquidity split between cash and term deposits
At the close of the quarter, Vulcan reported cash and cash equivalents including deposits accessible after 90 days of EUR 209.4 million. Of that total, EUR 129.4 million sat as cash at the end of the period, while a further EUR 80.0 million was held in term deposits and was therefore not immediately available.
On the inflow side, the company booked EUR 53.7 million in strategic equity contributions received during the quarter, alongside EUR 10.7 million in disbursements of German state subsidies. Those figures reflect money that actually arrived rather than financing merely announced, and they sit on the opposite side of the cash flow statement from the capital expenditure.
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Reinjection test confirms matrix flow at LSC-3a
The report also covered technical progress made after the quarter closed. Testing at the seventh well, LSC-3a, confirmed matrix reinjection, according to the company. Local press had reported the successful return-flow test at the Schleidberg site near Insheim roughly two weeks earlier, describing it as a step toward the Lionheart project.
Vulcan drew a distinction between the measured test result and modelled capacity. For the planned operating conditions, the company calculated roughly 64 standard litres per second, while its development assumption had been based on about 40 standard litres per second. The higher figure is therefore a modelling output rather than an operating value measured directly.
Morgan Stanley and Citigroup trim positions
Institutional holdings shifted over the same stretch. Morgan Stanley cut its reported total voting stake in Vulcan to 3.96%, down from 5.12%, according to a mandatory disclosure published on Thursday. Citigroup, for its part, reduced its total voting share to 6.38% from 7.71%, as set out in a notification released on Tuesday. Reuters covered the Morgan Stanley reduction and did not draw a confirmed link to the share price performance.
A separate Australian shareholding notice from Citigroup Global Markets Australia detailed changes including interests arising from securities lending. The voting share disclosed there fell to 9.8692% from 11.3823%.
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