Vulcan Energy Wins Second Permit as Leadership Shuffle Fails to Lift the Stock
Published on 09/23/2026 at 11:50 | Editorial boerse-global.de
Europe's push for raw-material independence makes for compelling conference-stage rhetoric: anyone building a domestic battery cell industry needs lithium, and the safest place to dig for it is close to home. The gap between that political vision and industrial reality, however, is exactly where Vulcan Energy operates — and where the stock market has been handing out its verdict.
Since the start of the year, the shares have shed 47%, a decline that tells its own story. Investors are registering the technical milestones, but the remaining stretch before regular revenue arrives weighs heavily on sentiment. At a current price of EUR 1.36, the market capitalisation stands at EUR 659.28 million — hardly a vote of no confidence, but no longer enough to fuel sustained upside on planning progress alone.
Permits in Place, Production Still Years Out
On the administrative front, the company is moving according to plan. Roughly two weeks ago, the mining authority of Rhineland-Palatinate granted the second lithium extraction licence for the Ilka area, valid for six years through September 2032. Vulcan intends to merge that approval with its existing LiThermEx licence, locking in the legal framework for extraction in the Upper Rhine Valley for the long haul.
The technical groundwork is advancing too. Commercial output of VULSORB, the company's in-house adsorbent, has begun in Germany — a prerequisite for filling the extraction columns ahead of Lionheart's launch. According to the company, the material reached an extraction efficiency of up to 95% after thousands of cycles under real-world conditions.
That is where engineering achievement meets market patience. A working extraction process in pilot and preparatory operation is one thing; a fully commissioned commercial plant is another. Lionheart is not scheduled to come online until the second half of 2028, and in a market that demands quick results, another two years of preparation looks like a long road. Every interim step reminds shareholders that the capital-intensive phase, with no operating extraction revenue, will drag on for some time yet.
Should investors sell immediately? Or is it worth buying Vulcan Energy?
A Second Leg at Ludwigshafen
Beyond Lionheart, Vulcan is pushing ahead with Project Ludwig, a second-phase development for lithium and geothermal energy in the Ludwigshafen region. The preliminary feasibility study was announced about two weeks ago, and the stock has since given up 17.4% — a reminder of how the market treats even positive project news when financing needs loom large.
The study puts development capital at EUR 1.26 billion, based on real 2026 costs and including a 15% buffer. Measured against comparable lithium carbonate equivalent capacity, that outlay sits roughly 15% below the figures for Lionheart. Over a 30-year operating life, the study projects a pre-tax net present value of EUR 2.6 billion and an internal rate of return of 25%.
New Chair, Familiar Founder
Alongside the project work, the leadership team has been reorganised for the next phase. Just over a week ago, Angus Barker — previously Lead Independent Director and deputy chairman — took over as Non-Executive Chair. Founder Dr. Francis Wedin stepped down from the Executive Chair role at the same time, moving into a dedicated founder position focused on the growth portfolio and business development. The reshuffle has coincided with a 4.7% slide in the share price.
Wedin remains closely tied to the venture, as his disclosed holdings show: 15,655,785 shares and 40,600 performance rights held directly, plus further interests through the associated company Magni Associates Pty Ltd.
The Chart Still Points Down
Technically, the picture offers little comfort. At EUR 1.37, the stock trades 34% below its 200-day moving average of EUR 2.07, keeping the broader trend firmly negative on the German exchange. The licence award itself was followed by an 8.8% decline, underscoring how scepticism about the massive capital required for the geothermal and extraction plants continues to dominate.
For the management team, the coming months are about proving that the calculated cost advantages and timelines hold up in practice before production starts in 2028. For investors, Vulcan remains a test of endurance: a bet not on short-term catalysts, but on whether the industrial ramp-up in the Upper Rhine Valley genuinely delivers its promised contribution to Europe's raw-material supply by the end of the decade.
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