Vulcan Energy's Lionheart Build-Out Presses Ahead as Shareholders Keep Their Distance
Published on 09/24/2026 at 22:30 | Editorial boerse-global.de
Vulcan Energy's equity came under renewed selling pressure on Thursday, with the stock shedding 3.1% to change hands at EUR 1.29. No company-specific catalyst was behind the move, which instead extends a bruising stretch that has erased 49% of the share price since the start of the year. A day earlier, the stock had slipped 2.9% to EUR 1.30 under similarly quiet news flow — a reminder that investors remain on the sidelines even as the company ticks off operational milestones.
Those milestones have been stacking up in recent weeks. Construction and development work at the Lionheart project in Germany's Upper Rhine Valley is running to schedule, according to the company, with first production of lithium hydroxide monohydrate targeted for 2028 and commissioning earmarked for the second half of that year. The project's permitting path also gained firmer footing roughly two weeks ago, when Vulcan secured a second lithium extraction licence for the Ilka area — a decision handed down by Rhineland-Palatinate's mining authority covering the brine field. That approval sits alongside the existing LiThermEx 1 licence and strengthens the regulatory groundwork for Lionheart.
VULSORB Enters Commercial Production
A key piece of the technical puzzle fell into place with the start of commercial manufacturing of VULSORB, Vulcan's proprietary adsorbent, on German soil. Output will be handled over the next 18 to 24 months by a local tolling partner, supplying the initial fill for the direct lithium extraction (A-DLE) columns. Before reaching this stage, the material was put through thousands of operating cycles at industrial demonstration scale, where it delivered extraction efficiency of up to 95% under real-world conditions, per the company. Vulcan positions the product as a bankable Western alternative after China imposed export restrictions on the technology in early 2025.
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Beyond Lionheart, the company is advancing a feasibility study for the Ludwig project, which is designed to lean on existing infrastructure to trim future operating and capital costs. The plan envisages expanding capacity across additional licences.
Boardroom Reshuffle Takes Shape
Leadership changes have accompanied the operational progress. Amanda Lacaze joined the supervisory board as a non-executive member, while founder Dr. Francis Wedin shifted into a dedicated advisory role focused on the geothermal and lithium resource pipeline and the VULTEC technology unit. Wedin had previously served as Lead Independent Director and Deputy Chair.
None of this has been enough to steady the shares. With commercial lithium output in Germany still years away, the project demands heavy construction and development spending — a profile that tests the patience of investors in capital-intensive sectors. Until fresh financing details or nearer-term triggers emerge, the stock looks likely to stay exposed to broad market swings. Whether disciplined execution on the 2028 targets can win back market confidence is the question the coming months will have to answer.
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