Vulcan’s Retail Entitlement Offer Nets €147M, Total Equity Raising Hits €545M
Vulcan Energy Resources has successfully closed its retail entitlement offer, raising €147 million and increasing HOCHTIEF's ownership to over 15%, eliminating the need for a conditional placement.
- Retail entitlement offer raises approximately €147 million at A$4.00 per share
- Total equity raising reaches about €545 million including institutional components
- HOCHTIEF subscribes to 58 million shortfall shares, lifting stake to 15.41%
- Conditional placement withdrawn due to HOCHTIEF’s increased ownership
- Proceeds to fully fund Phase One Lionheart project through to cash flow
Successful Retail Entitlement Offer Completion
Vulcan Energy Resources Limited (ASX, VUL) has announced the completion of the retail component of its accelerated non-renounceable entitlement offer, raising approximately €147 million (A$263 million) at a fixed price of A$4.00 per new share. The offer closed on 23 December 2025, with eligible retail shareholders subscribing for around 7.7 million new shares, including oversubscriptions.
The retail offer forms part of a larger equity raising package, which together with institutional components and placements, totals approximately €545 million (A$973 million). This substantial capital injection is earmarked to fully fund the Phase One development of Vulcan’s flagship Lionheart Project, located in the Upper Rhine Valley, a key lithium resource area spanning Germany and France.
HOCHTIEF’s Increased Ownership and Conditional Placement Withdrawal
HOCHTIEF Aktiengesellschaft, a strategic investor in Vulcan, has agreed to subscribe for approximately 58 million shortfall shares under the retail entitlement offer. This subscription boosts HOCHTIEF’s ownership stake in Vulcan to an estimated 15.41%, surpassing the 10% threshold that had previously triggered plans for a conditional top-up placement.
As a result, Vulcan has withdrawn Resolution 2 from its upcoming Extraordinary General Meeting, which sought shareholder approval for the conditional placement. This development simplifies Vulcan’s capital structure and avoids further dilution for existing shareholders, while solidifying HOCHTIEF’s position as a significant stakeholder.
Strategic Implications for Vulcan’s Lithium and Renewable Energy Ambitions
The funds raised through this equity raising will be applied to the construction, commissioning, and start-up phases of the Lionheart Project, which aims to produce carbon-neutral lithium for European electric vehicle batteries. Vulcan’s innovative approach harnesses geothermal energy and proprietary technology to extract lithium sustainably from subsurface brines, positioning the company as a pioneer in green lithium production.
New shares issued under the retail entitlement offer are scheduled for allotment on 30 December 2025, with trading expected to commence on the ASX the following day. These shares will rank equally with existing Vulcan shares, reflecting the company’s commitment to maintaining shareholder value amid its rapid growth trajectory.
With Canaccord Genuity and Morgan Stanley acting as joint global coordinators and underwriters, and legal advice from Ashurst, the equity raising underscores strong institutional support for Vulcan’s ambitious Phase One development and broader decarbonisation goals.
Bottom Line?
Vulcan’s successful capital raise and HOCHTIEF’s expanded stake set the stage for a pivotal year ahead as the Lionheart Project moves toward production.
Questions in the middle?
- How will Vulcan manage shareholder dilution following the equity raising?
- What are the key milestones and timelines for the Lionheart Project’s Phase One completion?
- Could HOCHTIEF’s increased ownership influence Vulcan’s strategic direction or governance?
