Vulcan Energy Resources Limited: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

Notification of Major Holdings

1. Details of issuer

Name:	Vulcan Energy Resources Limited
Street:	Unit 1, Level 11, 1 Spring Street
Postal code:	WA 6000
City:	Perth Australia
Legal Entity Identifier (LEI):	8945006OYFHQ9HE4XE54

2. Reason for notification

X	Acquisition/disposal of shares with voting rights
	Acquisition/disposal of instruments
	Change of breakdown of voting rights
X	Other reason: voluntary group notification with triggered threshold on subsidiary level

3. Details of person subject to the notification obligation

Legal entity: Citigroup Inc. City of registered office, country: Wilmington, United States of America (USA)

4. Names of shareholder(s)
holding directly 3% or more voting rights, if different from 3.

Citigroup Global Markets Limited

5. Date on which threshold was crossed or reached:

23 Oct 2026

6. Total positions

	% of voting rights attached to shares (total of 7.a.)	% of voting rights through instruments (total of 7.b.1 + 7.b.2)	Total of both in % (7.a. + 7.b.)	Total number of voting rights pursuant to Sec. 41 WpHG
New	7.49 %	0.22 %	7.71 %	478,660,737
Previous notification	5.82 %	0.21 %	6.03 %	/

7. Details on total positions
a. Voting rights attached to shares (Sec. 33, 34 WpHG)

ISIN	Absolute		In %
	Direct (Sec. 33 WpHG)	Indirect (Sec. 34 WpHG)	Direct (Sec. 33 WpHG)	Indirect (Sec. 34 WpHG)
AU0000066086	0	35,839,868	0.00 %	7.49 %
Total	35,839,868		7.49 %

b.1. Instruments according to Sec. 38 (1) no. 1 WpHG

Type of instrument	Expiration or maturity date	Exercise or conversion period	Voting rights absolute	Voting rights in %
			0	0.00 %
		Total	0	0.00 %

b.2. Instruments according to Sec. 38 (1) no. 2 WpHG

Type of instrument	Expiration or maturity date	Exercise or conversion period	Cash or physical settlement	Voting rights absolute	Voting rights in %
SWAP	23.12.2026-02.06.2028		Cash	1,067,614	0.22 %
			Total	1,067,614	0.22 %

8. Information in relation to the person subject to the notification obligation

	Person subject to the notification obligation is not controlled nor does it control any other undertaking(s) that directly or indirectly hold(s) an interest in the (underlying) issuer (1.).
X	Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity:

Name	% of voting rights (if at least 3% or more)	% of voting rights through instruments (if at least 5% or more)	Total of both (if at least 5% or more)
Citigroup Inc.	%	%	%
Citicorp LLC	%	%	%
Citibank, N.A.	%	%	%
-	%	%	%
Citigroup Inc.	%	%	%
Citigroup Global Markets Holdings Inc.	%	%	%
Citigroup Financial Products Inc.	%	%	%
Citigroup Global Markets Inc.	%	%	%
-	%	%	%
Citigroup Inc.	%	%	%
Citigroup Global Markets Holdings Inc.	%	%	%
Citigroup Financial Products Inc.	%	%	%
Citigroup Global Markets Holdings Bahamas Limited	%	%	%
Citigroup Global Markets Limited	5.04 %	%	5.21 %

9. In case of proxy voting according to Sec. 34 para. 3 WpHG
(only in case of attribution of voting rights in accordance with Sec. 34 para. 1 sent. 1 No. 6 WpHG)

Date of general meeting:
Holding total positions after general meeting (6.) after annual general meeting:

Proportion of voting rights	Proportion of instruments	Total of both
%	%	%

10. Other explanatory remarks:

This notification is triggered by the crossing of the 5% threshold for both the total voting rights attached to shares and the voting rights attributed Citigroup Global Markets Limited (CGML). Citigroup Inc. remains within the 5% to 10% range and has not crossed a new notification threshold.

Date

27 Oct 2026