Vulcan Energy director Wedin ceases to be substantial holder after share dilution

Dr. Francis Wedin, a director of Vulcan Energy Resources Limited, ceased to be a substantial holder on December 11, 2025, due to dilution from an institutional entitlement offer and placement. This capital raise involved approximately 178 million new shares, impacting Dr. Wedin's voting power derived from 15,646,061 fully paid ordinary shares. Magni Associates Pty Ltd, an associate of Dr. Wedin, was also affected, with its holding of 812,500 fully paid ordinary shares diluted for the same reason.

Additionally, other directors, Josephine Bush, Dr. Günter Hilken, and Angus Jack Rutherford Barker, increased their direct or indirect shareholdings on the same date. Josephine Bush acquired 10,000 shares for A$40,000, bringing her total to 54,665 shares and 32,555 performance rights. Dr. Günter Hilken acquired 5,000 shares for A$20,000, increasing his total to 14,491 shares and 29,162 performance rights.

Angus Jack Rutherford Barker, through Trouville Pty Ltd ATF Esmerelda Trust, acquired 22,277 shares for A$89,108, resulting in a total of 47,405 shares and 49,531 performance rights. These acquisitions were part of the institutional entitlement offer, which was announced on December 3, 2025.