Vulcan Energy Resources Limited announced the successful completion of its PFS, which was conducted with world-leading experts in the fields of lithium extraction, chemistry, chemical engineering, geothermal plant engineering and geology. Hatch Ltd. led the lithium processing plant design, engineering and cost estimates. German geothermal experts gec-co and Geo-T lead the engineering studies and cost estimates for the geothermal plant and the sub-surface well design and production study respectively. GLJ Ltd. provided review and sign-off on the Maiden Probable JORC Ore Reserves. APEX Geoscience Ltd. conducted the resource modelling and estimation for the Upper Rhine Valley Project (URVP) Li-brine Indicated Resources used in the PFS as announced to market on November 12, 2020 (Taro Licence) and December 15, 2020 (Ortenau Licence). Laboratory test work was conducted at brine experts IBZ Salzchemie, among other providers. Optiro Ltd. carried out the financial modelling. The PFS was guided by Vulcan's team of in-house experts in DLE, lithium chemistry, chemical engineering and lithium markets. Vulcan's LHM products will potentially have the lowest carbon footprint in the world, as well as the lowest operating costs per tonne of LHM based on current global operations. This is a unique differentiator for the Vulcan project. Vulcan considers that it is appropriate to compare the estimates from the PFS to actual results from projects currently in production because: Vulcan's process is unique and a comparison to other processes for producing lithium hydroxide is important to enable investors to contextualise the PFS results; and actual data from projects currently in production is the best available guide to benchmark the PFS results.