FY2021
Placement and pre-feasibility study
The year to 30 June 2021 included an A$120m share placement and a positive Zero Carbon Lithium pre-feasibility study; the study economics are project scenarios, not statutory earnings.
ASX: VUL · Five-year financial review
Vulcan Energy Resources Limited (ASX: VUL) - Five-Year Financial Review FY2021-FY2025
A statutory financial view of Vulcan's shift toward Lionheart project construction. Read the period lengths, currency change and FY2024 comparative presentation alongside the figures.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
FY2025 revenue
€7.35m
Continuing operations, year ended 31 December 2025
FY2025 after-tax loss
€69.575m
Statutory loss
Cash at 31 December 2025
€517.839m
Cash and cash equivalents; restricted balances classified separately
Lionheart package
approximately €2.2bn
Announced financing package; facility drawing conditions differ from headline package
Five years in context
The first column is a June 2021 Australian-dollar financial year. Its performance summary calls A$631,542 revenue, but the consolidated profit-or-loss statement classifies the amount as other income. Vulcan then adopted a December year-end; its FY2022 column covers only six months and is reported in euros. FY2023–FY2025 are full calendar years in euros. These changes limit direct five-column trend comparisons.
The later period combines geothermal energy revenue with investment in lithium and geothermal development. FY2025 brought the announced Lionheart financing package and a positive final investment decision, while the year-end senior facility remained undrawn. The company's revenue and cash flows therefore describe a development and construction phase rather than commercial lithium production.
Events behind the numbers
FY2022
December year-end transition
The 31 December 2022 report covers six months following the change in balance date, with euro presentation and cash of €134.107m at period end.
FY2023
First full calendar year
The first 12-month December reporting year recorded €6.783m revenue and €92.460m net investing cash outflow as project work advanced.
FY2024
Development assets and financing
Lionheart exploration and evaluation spending was reclassified to mine properties in development after the company judged feasibility and viability demonstrable. Conditional debt commitments and grants were disclosed.
FY2025
Financing package and FID
In December 2025 Vulcan announced an approximately €2.2bn Lionheart package and a positive final investment decision. The documented €1,185m senior facility remained undrawn at year end.
FINANCIAL REVIEW / 01
Revenue and statutory performance
The FY2021 statement's A$631,542 is other income, distinct from the continuing-operations revenue line reported from FY2022 onward. The statutory loss remains separately reported. The FY2025 loss includes a larger depreciation and amortisation charge, impairment expense and foreign-exchange loss than the FY2024 comparative; the table shows the component amounts.
Revenue and after-tax loss
€'000; signed income/(expense)
Revenue from continuing operationsLoss after income tax
AI-generated presentation · values from Consolidated profit or loss composition; no missing values plotted as zero.
Revenue and statutory loss by reporting period
FY2021 A$; FY2022–FY2025 €'000 unless row unit differs
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue from continuing operations | not separately presented | 3,622 | 6,783 | 8,119 | 7,350 |
| FY2021 statement: other income (not revenue)FY2021 A$ | 631,542 | Not applicable | Not applicable | Not applicable | Not applicable |
| Loss after income tax | (10,744,614) | (13,450) | (26,963) | (42,358) | (69,575) |
| Basic loss per shareFY2021 A cents; FY2022 euro cents; FY2023–FY2025 euros | (12.32) | (9.52) | (0.17) | (0.23) | (0.30) |
The FY2021 performance summary R000345 labels A$631,542 'Revenue', whereas the FY2021 consolidated profit-or-loss statement R000606 labels that same amount 'Other income'. The table follows the statutory statement classification, so FY2021 revenue is not separately presented; no zero is inferred.
FY2021 is the 12 months to 30 June 2021 in Australian dollars. FY2022 is the six months to 31 December 2022 in euros; the 12 months to 30 June 2022 is a different comparative, not this column.
The EPS unit changes and the raw source loss signs are normalized to parentheses using the issuer's loss labels. Do not read this as an equal-duration or single-currency trend.
Basis and presentation notes (5)
- Revenue from continuing operations / FY2021 — not separately presented: The consolidated FY2021 profit-or-loss statement classifies A$631,542 as other income; a distinct revenue line is not established by that statement.
- FY2021 statement: other income (not revenue) / FY2022 — Not applicable: This is explicitly the FY2021 statement's A$631,542 other-income classification (R000606); it is not a FY2022 line. Later income appears in its own period and currency.
- FY2021 statement: other income (not revenue) / FY2023 — Not applicable: This is explicitly the FY2021 statement's A$631,542 other-income classification (R000606); it is not a FY2023 line. Later income appears in its own period and currency.
- FY2021 statement: other income (not revenue) / FY2024 — Not applicable: This is explicitly the FY2021 statement's A$631,542 other-income classification (R000606); it is not a FY2024 line. Later income appears in its own period and currency.
- FY2021 statement: other income (not revenue) / FY2025 — Not applicable: This is explicitly the FY2021 statement's A$631,542 other-income classification (R000606); it is not a FY2025 line. Later income appears in its own period and currency.
Source: Vulcan Energy Resources annual reports, selected consolidated statements and notes.
Consolidated profit or loss composition
€'000; signed income/(expense)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Revenue from continuing operations | 8,119 | 7,350 |
| Other income | 1,433 | 4,409 |
| Loss from equity accounted investments | (92) | 0 (nil) |
| Raw materials and purchased services | (750) | (2,955) |
| Employee benefit expenses | (24,899) | (16,699) |
| Depreciation and amortisation | (9,597) | (13,386) |
| Impairment expenses | 0 (nil) | (7,758) |
| Share-based payments expense | (851) | (4,564) |
| Other expenses | (19,085) | (29,229) |
| Net foreign exchange gain/(loss) | 1,456 | (5,845) |
| Finance income | 1,889 | 2,823 |
| Finance costs | (173) | (1,824) |
| Loss before income tax | (42,550) | (67,678) |
| Income tax benefit/(expense) | 192 | (1,897) |
| Loss after income tax | (42,358) | (69,575) |
FY2024 is the comparative in the FY2025 consolidated statement. Its equity-investee loss is €92 thousand and its impairment expense is nil; FY2025 reports nil equity-investee loss and €7,758 thousand impairment expense.
The FY2025 tax expense is shown as a negative amount, consistent with its expense label and the reconciliation from pre-tax to after-tax loss.
Source: Vulcan Energy Resources annual reports, selected consolidated statements and notes.
FINANCIAL REVIEW / 02
Cash, assets and equity
At 31 December 2025 the balance sheet held €517.839m cash and €322.817m of property, plant and equipment. The 2025 report's FY2024 asset and liability comparatives differ from the FY2024 report's original totals by €1.776m, with unchanged equity; the original FY2024 figures are displayed and the difference remains unresolved in this extraction scope.
Consolidated financial position at each balance date
FY2021 A$; FY2022–FY2025 €'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 114,705,865 | 134,107 | 78,728 | 97,054 | 517,839 |
| Property, plant and equipment | 1,480,672 | 70,280 | 138,605 | 237,329 | 322,817 |
| Total assets | 131,744,081 | 250,135 | 296,883 | 381,028 | 957,011 |
| Total liabilities | 2,759,534 | 16,974 | 28,602 | 29,476 | 100,065 |
| Total equity | 128,984,547 | 233,161 | 268,281 | 351,552 | 856,946 |
Balance dates are 30 June 2021 and then 31 December 2022, 2023, 2024 and 2025. FY2021 is in Australian dollars without a thousands scale; later columns are euro thousands.
FY2023 total assets use the consolidated FY2023 comparative carried in the FY2024 annual report, corroborated by FY2023 current and non-current asset subtotals; the starter's R003988 was only current assets.
FY2024 assets and liabilities are the FY2024 report's originally presented 381,028 and 29,476. The FY2025 annual report carries 379,252 and 27,700 for its FY2024 comparative, while equity remains 351,552. The existing extraction does not establish the reason for the 1,776 difference; these bases are not silently merged.
Source: Vulcan Energy Resources annual reports, selected consolidated statements and notes.
FINANCIAL REVIEW / 03
Operating, investing and financing cash
The FY2025 operating outflow of €47.734m and investing outflow of €66.350m sit beside €540.171m net financing inflow. Proceeds from share issues are a cash-flow line, distinct from the total announced project-financing package and undrawn senior facility.
Consolidated cash flows
FY2021 A$; FY2022–FY2025 €'000; signed cash inflow/(outflow)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Receipts from customers | Not separately presented | 3,496 | 8,315 | 8,578 | 7,980 |
| Payments to suppliers and employees | (3,446,209) | (12,941) | (37,711) | (41,278) | (57,533) |
| Net cash used in operating activities | (2,841,145) | (7,418) | (24,331) | (30,679) | (47,734) |
| Exploration and evaluation payments | (5,832,409) | (10,429) | (19,003) | (12,024) | (2,025) |
| Plant and equipment payments | (1,312,818) | (20,094) | (73,629) | (58,290) | (48,203) |
| Subsidiary acquisition cash-flow line | 0 (nil) | 0 (nil) | (150) | (371) | (16,036) |
| Net cash used in investing activities | (7,145,227) | (31,768) | (92,460) | (75,983) | (66,350) |
| Proceeds from share issues | 120,000,000 | 0 (nil) | 67,350 | 134,032 | 586,187 |
| Share issue costs | (6,139,997) | 0 (nil) | (2,770) | (2,436) | (14,825) |
| Lease repayments, as labelled in each report | (22,888) | (462) | (1,744) | (1,197) | (1,446) |
| Net cash from/(used in) financing activities | 118,267,924 | (462) | 62,755 | 125,147 | 540,171 |
| Cash and cash equivalents at period end | 114,705,865 | 134,107 | 78,728 | 97,054 | 517,839 |
FY2022 is the six-month transition period. FY2021 uses Australian dollars and is not plotted against the euro columns.
Source dashes in individual cash-flow lines are shown as nil only where the extraction explicitly identifies nil; an absent line is not treated as zero.
Cash acquired with subsidiaries, loans, financial assets, tax and financing costs are separate statement lines where present; the selected rows are not a complete arithmetic bridge to every subtotal. Lease payment descriptions change across reports and are not assumed to share a constant principal/interest definition. The FY2021 nil acquisition line is net cash acquired, while FY2022 onward disclose payment-to-acquire lines; the line definitions are not a constant cash-flow metric.
Basis and presentation notes (2)
- Receipts from customers / FY2021 — Not separately presented: The selected FY2021 cash-flow statement does not give a separate receipts-from-customers line. The later euro cash-flow line cannot establish an Australian-dollar FY2021 amount.
- Subsidiary acquisition cash-flow line / FY2021 — 0 (nil): FY2021 source R000580 is net cash acquired from acquisition of a subsidiary, rather than a payment to acquire one. It is nil on its own disclosed basis; do not compare its sign directly with later payment lines.
Source: Vulcan Energy Resources annual reports, selected consolidated statements and notes.
FINANCIAL REVIEW / 04
Share capital and project finance
Issued ordinary shares and contributed equity increased through equity financing. FY2024 commitment letters were conditional; the FY2025 senior facility was documented but had no draw or recognized interest-bearing debt at the balance date. No dividend was declared or paid for FY2022–FY2025, and FY2021 directors recommended none.
Lionheart financing and development milestones
Issuer-stated amounts and status; not an additive cash-flow statement
| Metric | FY2024 | FY2025 |
|---|---|---|
| FY2024 conditional debt commitment lettersapproximately € million | almost €1,000m | Not applicable |
| FY2024 grant funding secured€ million | €100m | Not applicable |
| FY2025 announced comprehensive financing package€ billion | Not applicable | approximately €2.2bn |
| FY2025 binding senior facility documentation€ million | Not applicable | €1,185m |
These are milestone snapshots with different conditions and ownership levels, not four terms to sum. The €1,185m senior facility had not reached financial close and was undrawn at 31 December 2025 (R006816). Not applicable cells belong to the other dated milestone year and do not add a funding amount.
Basis and presentation notes (4)
- FY2024 conditional debt commitment letters / FY2025 — Not applicable: This row records a dated FY2024 funding milestone (R005342), not a second FY2025 funding amount. FY2025 milestones are shown in their own rows.
- FY2024 grant funding secured / FY2025 — Not applicable: This row records a dated FY2024 funding milestone (R005345), not a second FY2025 funding amount. FY2025 milestones are shown in their own rows.
- FY2025 announced comprehensive financing package / FY2024 — Not applicable: This package announcement is a FY2025 milestone (R006563), not an FY2024 amount.
- FY2025 binding senior facility documentation / FY2024 — Not applicable: This binding senior facility documentation is a FY2025 milestone (R006815), not an FY2024 amount.
Source: Vulcan Energy Resources annual reports, selected consolidated statements and notes.
FINANCIAL REVIEW / 05
Geothermal operations and lithium project stage
The Insheim geothermal plant supplied renewable power in FY2025. Separately, the downstream optimisation plant started battery-quality lithium hydroxide production for qualification in January 2025; that milestone precedes full commercial plant completion and commercial production.
Natürlich Insheim geothermal operating snapshot
FY2025 issuer-stated site measures; units by row
| Metric | FY2025 |
|---|---|
| Gross baseload renewable power producedGWh | approximately 19.51 |
| Average selling price€ per kWh | €0.26 |
| Issuer-stated gross revenue€ million | €4.1m |
Site-level gross operating measures from issuer narrative. Gross revenue is not the group's statutory revenue from continuing operations and these metrics do not represent commercial lithium production.
Source: Vulcan Energy Resources annual reports, selected consolidated statements and notes.
Reading the figures
- FY2021 is A$ and ends 30 June; FY2022 is a six-month euro transition period. Figures are not currency translated or annualised.
- FY2024 assets and liabilities in the FY2025 annual comparative are each €1.776m below the FY2024 original, while equity agrees. The reason is not established by the frozen extraction records used here.
- The selected cash-flow rows omit some named investing, tax and financing lines; statement subtotals are source-reported, not calculated from the displayed components.
- No independent visual or semantic reviewer approval is represented by this author candidate; publication is unapproved.
Annual-report source registry
- 2021 Annual ReportIssuer: Vulcan Energy Resources Limited; balance date 2021-06-30; document date 2021-09-03.
- Annual Report 31 December 2022Issuer: Vulcan Energy Resources Limited; balance date 2022-12-31; document date 2023-03-27.
- Annual Report 31 December 2023Issuer: Vulcan Energy Resources Limited; balance date 2023-12-31; document date 2024-03-28.
- Annual Report for period ending 31 December 2024Issuer: Vulcan Energy Resources Limited; balance date 2024-12-31; document date 2025-03-26.
- Annual Report - Period Ending 31 December 2025Issuer: Vulcan Energy Resources Limited; balance date 2025-12-31; document date 2026-03-27.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
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AI-led method
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