Vulcan Energy Resources Ltd. announced that it has received a conditional, non-binding Letter of Support from Export Finance Australia (EFA) for up to $200 million (~ EUR 120 million) for the upcoming financing of Phase One of Vulcan's Zero Carbon Lithium Project. Highlights: The conditional, non-binding Letter of Support of AUD 200 million of finance from the Australian Government's export credit agency EFA will be used towards the Phase One financing of Vulcan's Zero Carbon Lithium Project. Following a successful market sounding period, Phase One project level debt and strategic equity financing is formally due to commence in mid-November, after completion of the Bridging Study.

Vulcan's Phase One financing process start is also timed to coincide with public funding applications in Germany. Vulcan has already secured substantial in-principle government-backed ECA support, subject to customary conditions, from Bpifrance Assurance Export, the French ECA, SACE, the Italian ECA, and EDC, the Canadian ECA. EFA's Letter of Support could be converted into a binding agreement following customary conditions and financing terms being met, including but not limited to a confirmed level of Australian content; legal, technical, market and environmental due diligence reports; and acceptable lender and other contracts in place.