Vulcan Energy's VULSORB Production Kicks Off as Ilka Permit Extends Lionheart Runway to 2032

Vulcan Energy begins commercial VULSORB adsorbent output in Germany and adds a second six-year permit, as shares close at EUR 1.21 near a 52-week low.

Vulcan Energy has begun commercial output of VULSORB, its in-house lithium extraction adsorbent, at a German facility — a step that puts the company's proprietary technology into industrial-scale operation for the first time. The initial batches are earmarked to fill the A-DLE columns at the Lionheart project ahead of commissioning, with the plant itself slated to come online in the second half of 2028.

The development marks a shift from planning to execution for a business that has spent years assembling the legal and technical pieces of its German lithium venture. Between the first mining permits, the build-out of processing components and the eventual start of production, projects of this type typically run on multi-year timelines, leaving investors to judge how well management sequences each phase.

Second Six-Year Permit Secured

Media reports indicate Vulcan locked in a second six-year lithium extraction licence, known as Ilka, roughly two weeks ago. The permit runs through September 2032 and complements the company's existing authorisations for Lionheart. Combined with the in-house adsorbent manufacturing, the licence package is designed to give the project both a technical and a regulatory foundation stretching to the end of the decade — though substantial work remains before the targeted 2028 production start.

Parallel to these operational strides, the company's shareholder register and boardroom have seen notable activity. The Goldman Sachs Group, Inc. filed a notification under German securities trading rules covering the acquisition or disposal of instruments linked to Vulcan voting rights, with a threshold event dated 11 September 2026.

Wedin's Exit and Shareholding Disclosure

Dr Francis Wedin also stepped down from his director role, effective the same date, and filed his closing disclosure on holdings with the Australian Securities Exchange. The filing shows 15,655,785 directly held shares, 40,600 performance rights, and a further 812,500 shares held through Magni Associates Pty Ltd.

Such leadership transitions at the top often prompt a reassessment of responsibilities — particularly for capital-intensive resource ventures, where institutional investors watch for continuity in management. A clear division of duties becomes the bedrock for securing large-scale projects over the long haul.

Shares Near 52-Week Low

The governance changes and stake movements have landed against a backdrop of pronounced share price weakness. On Friday the stock fell 6.3% to close at EUR 1.21, leaving it just above its 52-week low of EUR 1.20. Since the start of the year, the shares have shed 53%.

For investors, the question now is whether operational milestones at Lionheart — including the VULSORB ramp-up, the Ilka permit and the earlier announcement on the Ludwig project's expansion stage about three weeks ago — can deliver the stability the market has so far withheld.