The Vulcan Energy Resources Ltd (ASX: VUL) share price is up 0.69% amid the company posting its quarterly activities and cash flow reports for the September 2022 quarter this morning.
Shares of the ASX lithium stock are currently trading for $7.32 apiece. Earlier, they hit a high of $7.38 and a low of $7.18.
Let's go over the highlights of these reports from the lithium developer.
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What did Vulcan Energy Report?
- Net cash used in operating activities: €5.13 million ($7.97 million)
- Net cash used in investing activities: €12.52 million ($19.45 million)
- Cash and cash equivalents down 9.81% from the previous quarter to €158.20 million ($245.79 million)
- Estimated quarters of funding available: 15
One of Vulcan's highlights for the September quarter was the beginning of on-site works at its sorption demo plant in Landau, Germany. This site will be important for training its staff in a pre-commercial setting.
Another achievement was producing "the highest grade lithium hydroxide samples that [Vulcan] has yielded to date". These were produced through its phase 1 definitive feasibility study that should be completed by the end of Q1 FY23.
Meanwhile, work also commenced at its Insheim and Landau-Süd licence areas to create an integrated lithium and geothermal energy project in the future.
What else happened in the September quarter?
A binding agreement was made with Enel Green Power for exploring geothermal lithium in Italy.
The company's first sustainability report was released covering the financial year of 2022. The report focused on climate-related financial disclosures (TCFD) and Vulcan's approach to sustainability practices.
Vulcan appointed a new deputy CEO, Cris Moreno, who has worked on lithium hydroxide and battery cathode plants in Europe.
What did management say?
Vulcan's managing director and CEO Francis Wedin said:
With winter approaching, and as Germany and Europe grapple with an energy crisis, Vulcan is making a positive impact by generating baseload, renewable power from our Insheim geothermal renewable energy plant. We are focused on delivering a significant contribution to renewable energy supply in Europe, by developing multiple large-scale renewable heat and power projects across the Upper Rhine Valley Brine Field.
As global supply chains continue to be challenging, Vulcan is leveraging our strong cash position to be strategic and proactive in procuring long lead items and key equipment. Our drilling company, Vercana, has secured long lead items required for the first drilling project and orders have been placed for all key equipment for the electrolysis demonstration plant, LiLy.
Vulcan Energy share price snapshot
The Vulcan Energy share price is down around 29% year to date. That's more than the S&P/ASX 200 Index (ASX: XJO), which has lost 8% over the same period.
The company's market capitalisation is around $1.04 billion.
