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Vulcan Energy Resources Ltd ASX:VUL

0 opened or increased0 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

31 Dec 2024 to today

Commentary Showing 2 of 3

DateManagerActionSummary

31 Jan 2026Quest Asset PartnersExitQuest Asset Partners exited their position in Vulcan Energy Resources during the month. No detailed rationale is provided beyond the exit itself.

Monthly Report, price recorded $3.90

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31 Dec 2025Quest Asset PartnersInitiatedQuest Asset Partners initiated a position in Vulcan Energy Resources when the company undertook a large equity and debt raising to fund its final investment decision for its German lithium and renewable energy project. Quest notes it had been previously sceptical of the company's ability to progress the development but that the raising was supported by a range of government agencies, banks and key industry participants. The project is expected to be the first of its kind in Europe, targeting a first-quartile cost position with expansion upside.

Monthly Report, price recorded $4.41

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 2 managers first commented on VUL.

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About Vulcan Energy Resources Ltd

Materials, Metals and Mining

Vulcan Energy Resources (ASX:VUL), a lithium developer in Germany, was briefly held by Quest Asset Partners around its financing. In December 2025, Quest added Vulcan to its portfolio when the company undertook a large equity and debt raising to finance a final investment decision for its project, and in January 2026 Quest exited the position. Vulcan Energy Resources operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 3 comments from 2 fund managers, including Quest Asset Partners. Founded in 2018 by Francis Wedin and Horst Kreuter and headquartered in Perth, Vulcan is developing its Zero Carbon Lithium project in Germany's Upper Rhine Valley, which aims to extract lithium from geothermal brines while generating renewable heat and power, supplying battery-grade lithium hydroxide to European automakers, and has secured offtake agreements and government and lender support for its first phase.

Market cap: $548m
Price to earnings: Loss-making
Return on equity: -11.5%
Dividend yield: 0.0%
Price to book: 1.51x
Net margin: -946.6%
52-week range: $1.13 to $7.43

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Vulcan Energy Resources Ltd (ASX:VUL)?

Fund managers including Seneca Financial Solutions and Quest Asset Partners have invested in Vulcan Energy Resources Ltd (ASX:VUL).

What opportunities or catalysts do fund managers highlight for Vulcan Energy Resources Ltd?

Quest highlights the large equity and debt raising that funded Vulcan's final investment decision, a major de-risking step for its geothermal lithium project.

What are the key risks to the Vulcan Energy Resources Ltd investment thesis, according to fund managers?

Quest exited shortly after the raise, and Vulcan's project carries significant construction, technology and lithium price risks.

What does Vulcan Energy Resources Ltd (ASX:VUL) do?

Vulcan Energy Resources Ltd. is a Perth-based lithium producer founded in 2018 by Francis Wedin and Horst Kreuter. The company focuses on its Zero Carbon Lithium project, which aims to produce battery-quality lithium hydroxide with net zero greenhouse gas emissions. Vulcan utilizes a combination of geothermal energy and lithium resources to support the transition to sustainable battery production. This integrated approach positions the company as a key player in the green energy supply chain.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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