Vulcan Energy Resources Ltd. announced the completion of the maiden Indicated Lithium-Brine Mineral Resource Estimate at the Insheim Licence, in the Upper Rhine Valley (or Upper Rhine Graben) of South-West Germany. The resource estimation (and previous Vulcan resource estimations) were completed by APEX Geoscience Ltd. and were conducted in consideration of, and in accordance with JORC (2012). Vulcan has acquired direct access to lithium-enriched brine at the operating Insheim Geothermal Plant and Insheim Exploitation Licence through a binding Memorandum of Understanding with German utility Pfalzwerke geofuture GmbH. The Insheim Geothermal Plant is currently pumping hot (approximately 165º C), high-flow, lithium-enriched brine from aquifer depths of >2,980 m to the surface for power generation. Pfalzwerke geofuture GmbH is not processing or extracting lithium as part of the power generation circuit before the reinjecting the brine back down into the reservoir and the Memorandum of Understanding grants Vulcan an initial collaboration period that allows access to the Insheim Licence brine and data, with a pathway to construct a lithium extraction demonstration plant at Insheim in the future. The agreement marks a material milestone for Vulcan as the Company has obtained access (and a pathway to co-production lithium rights) to lithium-enriched brine from within the deep aquifer underlying the Insheim Exploitation Licence. The Insheim Licence is 19 square kilometres and brings Vulcan's total land position in the Upper Rhine Graben to 807.19 square kilometres (80,719 hectares; Figure 2). A total of 7 cross-sectional slices of interpreted geology from surface to basement spaced approximately 1 km apart were used to create the 3-D subsurface stratigraphic model. The original cross-sections were derived from GeORG, a publicly-available digital geological atlas of geothermal information. The subsurface model for the Insheim Licence was validated against 2-D seismic profiles and geothermal well data provided by Pfalzwerke geofuture GmbH. Using the commercial mine planning software MicroMine (v 18.0), a resource domain area consisting of the Lower Triassic Buntsandstein and Permocarboniferous Rotliegend groups (Permo-Triassic strata) were wireframed as the main aquifer domain for the Insheim resource. The Permo-Triassic strata, which has an average thickness of 438 m, corresponds with Insheim production well perforation windows in which the well currently derives brine forgeothermal power production. The Insheim Licence Permo-Triassic aquifer domain, or resource area, was clipped to the boundaries of the Insheim Licence. The Insheim Permo-Triassic aquifer domain was used to define the Insheim Licence aquifer volume. Based on a review of over 1,800 publicly-available effective porosity measurements of the Permo-Triassic strata in the Upper Rhine Graben (and general region) a conservative average porosity of 9.0% was used in the Insheim resource calculation. Geothermal projects in the URG have documented sufficiently high flow rates and the Insheim Geothermal Plant is operated with a flow rate of 70 liters/second. It is assumed that brine accounts for 100% of the pore space within Permo-Triassic strata; hydrocarbons are situated within younger Tertiary stratums and at in-situ reservoir pressures, there is no gas phase present as the dissolved carbon species has not transformed to CO 2. Resources have been estimated using a cutoff grade of 100 mg/L lithium. The average porosity and pore space percentage, together with the aquifer volume, was used to define the Insheim Licence brine volume. The study of the Insheim Licence lithium-brine concentration was aided by the inclusion of 24 Insheim-specific brine analyses that included brine measured by Pfalzwerke geofuture GmbH (2015-2018), Vulcan (2019), the Competent Person (2019) and historical data (2016). The Insheim Exploitation Licence has been classified as an Indicated Resource because of the binding Memorandum of Understanding between Vulcan and Pfalzwerke geofuture GmbH, which permits access to the Permo-Triassic aquifer brine, and the enhanced understanding of the Insheim subsurface geology via seismic and well log data. The maiden Indicated Vulcan Li-Brine Resource estimation for the Insheim Licence is estimated at 136,000 tonnes of elemental lithium (Table 2). In order to describe the resource in terms of industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li2CO3, or Lithium Carbonate Equivalent (LCE); the total LCE for the main Indicated Resource is 722,000 tonnes LCE. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. The total Exploration Target (that is, the sum of Exploration Targets from all four licences) was calculated using a range of potential volume, porosity and lithium concentration and estimated between 889,000 tonnes to 3.00 million tonnes of elemental lithium, or 4.73 to 15.98 million tonnes of LCE. The Exploration Target's potential quantity and grade is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Targets should not be misrepresented or misconstrued as an estimate of a Mineral Resource or Ore Reserve. Exploration works will continue targeting resource definition in areas with Exploration Targets, and to upgrade confidence category in areas with Inferred or Indicated Resources. These works are likely to include the collection of bulk brine sample(s) for lithium processing and recovery testwork, seismic data acquisition and processing, and further geochemical sampling from wells in the region.