Vulcan Energy Resources Ltd (ASX:VUL) experienced a significant downturn in the intraday trading session, with its stock plummeting 8.17%. This sharp decline comes on the heels of an announcement regarding delays in the company's Phase One Lionheart project.
According to a filing with the Australian Securities Exchange, Vulcan Energy has extended the timeline for its Phase One Lionheart project. The company now aims to finalize agreements and commence full construction in the second half of the year. This delay is attributed to ongoing discussions with the German government regarding potential funding participation.
The German government is currently conducting detailed due diligence on Vulcan Energy's application to be included in the 1 billion euro German Raw Materials Fund. This fund is designed to support projects that contribute to the German domestic economy through the long-term procurement of critical raw materials. While the potential inclusion in this fund could provide significant financial backing, the extended timeline and uncertainty surrounding the approval process appear to have rattled investors, leading to the substantial stock price decline.
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