Citigroup lifts stake in Vulcan Energy Resources

Citigroup Global Markets Australia Pty Limited and its related bodies corporate have increased their substantial holding in Vulcan Energy Resources Ltd (VUL). An updated notice of change of interests, dated December 16, 2025, reveals Citigroup’s voting power increased from 8.0125% to 9.4497%, now representing 38,945,951 votes. This change occurred since their previous notification on December 15, 2025, which reported 33,022,521 votes.

The increase in relevant interest stems from multiple transactions on December 15, 2025. Citibank, N.A. Sydney Branch, acting as agent lender, increased its holding by 9,639,555 ordinary fully paid shares. Concurrently, Citigroup Global Markets Australia Pty Limited acquired an additional 2,791,841 ordinary fully paid shares through contracts. Other changes included Citigroup Global Markets Inc increasing its interest by 1,267,403 shares, while Citigroup Global Markets Limited decreased its interest by 7,775,369 shares.

Separately, an initial substantial holder notice from First Sentier Group Limited and its associates, dated December 16, 2025, indicated they became a substantial holder on December 12, 2025, with a 6.76% voting power, representing 27,848,177 fully paid ordinary shares. Their relevant interest includes 8,750,000 shares held by First Sentier Investors (Australia) IM Ltd and 19,098,177 shares where Mitsubishi UFJ Financial Group has voting power.