Key Highlights

  • Drilling and construction at the Lionheart Project are progressing on schedule and within budget.
  • Strategic equity and grant drawdowns commenced during the quarter after conditions and milestones were satisfied.
  • Testing of the seventh Lionheart well was completed after quarter end.
  • A Preliminary Feasibility Study was released for Project Ludwig, citing improved capital efficiency.

Vulcan Energy Resources Limited (ASX:VUL) published its quarterly activities report for the period ending 30 September 2026 on 30 October 2026. The company said it continued to advance its flagship Lionheart Project, with drilling and construction progressing on schedule and within budget. The report also covers the release of a Preliminary Feasibility Study for the Project Ludwig growth pipeline.

Lionheart Project Progress

Drilling and construction at Lionheart progressed during the quarter, and the company says both are on schedule and within budget. The report links this progress to the execution of the project's financing and development plan.

Following quarter end, testing of the seventh Lionheart well was completed. The company describes the result as direct field validation of matrix injection, which it regards as key evidence for the base case production scenario.

The report states that the company's approach is to complete its work on Lionheart before expanding into new projects. The timing of the drawdowns and the testing results mark the stages of the project that the company is now moving through, and the report links each of these stages to the stated development plan.

Financing Drawdowns

Strategic equity and grant drawdowns began during the quarter after the relevant conditions and project milestones were met. The company presents this as a further step in carrying out the financing plan for Lionheart.

The report does not provide a breakdown of the amounts drawn, so the scale of the funding received in the period is not stated in the quarterly summary.

Project Ludwig Study

The Preliminary Feasibility Study for Project Ludwig was released during the period. The company said the study shows improved capital efficiency and highlights its repeatable development strategy across projects.

The release presents the study findings as the company's own assessment. The quarterly report does not indicate the timing of any further study stage for Ludwig, so the next step is not yet defined in this document.

Final Word

Vulcan Energy's quarterly update points to progress on Lionheart, with drilling, construction and financing steps reported as on track during the period. The Project Ludwig preliminary study adds a second development track to the company's disclosures. Future quarterly reports will show how the funding drawdowns and well results translate into project milestones.