Vulcan Energy Resources Limited — Major Shareholding Notification 2025

Nov 18, 2025

Form 604 Corporations Act Section 671B

Notice of change of interests of substantial shareholder

To: Vulcan Energy Resources Ltd (“VUL”, Ordinary Fully Paid)

1. Details of substantial shareholder

Citigroup Global Markets Australia Pty Limited (ACN 003 114 832) and each of the related bodies corporate in the Citigroup group of companies worldwide (for more details please visit www.citigroup.com).

The previous notice was dated and given to the company on 11 November 2025.

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

scheme, are as follows:
Class of securities	Previous notice		Present notice
	Person’s votes	Voting power	Person’s votes	Voting power
OrdinaryFullyPaid	15,759,260	6.7224%	12,479,351	5.3233%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

	scheme are as follows:	scheme are as follows:
Dach	te ofane	Person whoserelevant interes	t	Nature of change		Class asecurit	nd numbees affecte	r of
	g	changed
17 November2025				Citibank, N.A. Sydn	ey Branch
				holds a decreasedinterest in these sh	relevantares acting as
	vember025	Citibank, N.A.Sydney Branch		Agent Lender and asecurities subject to	s the holder ofan obligation	Ordin	-2,700ary Fully Pa
				to return under a selending agreement.	curitiesRefer to
				Annexure A.
17 November2025		Citigroup GlobalMarkets AustraliaPty Limited		Citigroup Global Markets AustraliaPty Limited holds an increasedrelevant interest in these sharespursuant to contracts entered intosubject to an obligation to returnunder a securities lendingagreement**and**pursuant tocontracts entered into in theordinary course of business on astock market of a stock exchange,		144,647Ordinary Fully Paid

		containing no terms andconditions other than standardterms and conditions. Refer toAnnexure A.
17 November2025	Citigroup GlobalMarkets Limited	Citigroup Global Markets Limitedholds a decreased relevantinterest in these shares pursuantto contracts entered into subject toan obligation to return under asecurities lending agreement.Refer to Annexure A.	-3,421,856Ordinary Fully Paid

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

change are	as follows:
Holder ofRelevantinterest	Registeredholder ofsecurities	Nature of change	Class and number ofsecurities
Citibank, N.A.Sydney Branch	Various	Citibank, N.A. Sydney Branchholds a relevant interest in theseshares acting as Agent Lenderand as the holder of securitiessubject to an obligation to returnunder a securities lendingagreement. Refer to Annexure A.	739,521Ordinary Fully Paid
Citigroup GlobalMarkets AustraliaPty Limited	CiticorpNominees PtyLimited	Citigroup Global Markets AustraliaPty Limited holds a relevantinterest in these shares pursuantto contracts entered into subject toan obligation to return under asecurities lending agreement**and**pursuant to contracts entered intoin the ordinary course of businesson a stock market of a stockexchange, containing no termsand conditions other thanstandard terms and conditions.Refer to Annexure A.	371,005Ordinary Fully Paid
Citigroup GlobalMarkets Inc	CiticorpNominees PtyLimited	Citigroup Global Markets Inc holdsa relevant interest in these sharespursuant to contracts entered intosubject to an obligation to returnunder a securities lendingagreement. Refer to Annexure A.	2,113,925Ordinary Fully Paid
Citigroup GlobalMarkets Limited	CiticorpNominees PtyLimited	Citigroup Global Markets LimitedInc holds a relevant interest inthese shares pursuant tocontracts entered into subject toan obligation to return under asecurities lending agreement.RefertoAnnexureA.	9,254,900Ordinary Fully Paid

5. Changes in association

The persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, the substantial holder in relation to voting interests in the company or scheme are as follows:

No changes in association.

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Citibank, N.A. Sydney Branch	Two Park2 Park St Sydney, NSW 2000 Australia
Citigroup Citigroup Global Markets Pty Limited	Two Park2 Park St Sydney, NSW 2000 Australia
Citigroup Citigroup Global Markets Inc	388 Greenwich StNew York, NY 10013, United States
Citigroup Global Markets Limited	Citigroup Centre, Canary Wharf33 Canada SquareLondon, E14 5LB, United Kingdom

Dated this day, 19 November 2025.

Alyson Sosa

Citigroup Global Markets Australia Pty Limited

T: +61 2 8225 4845

Annexure A

This is Annexure A of 2 pages referred to in Form 604 ‘ Notice of change of interests of substantial shareholder”

Schedule (Loan)	Schedule (Loan)	Schedule (Loan)
Type of Agreement			AMSLA / GMSLA / MSLA
Parties to Agreement			Various
Transfer date			Various
Holder of voting rights			Borrower
Are there any restrictions on voting rights?			No
Scheduled returndate			Unknown
Does the borrower have the right to return**early? **			Yes
Ifyes, details			StandardAMSLA/ GMSLA/MSLAterms
Doeearl	s the lender have thy?	e right to recall	Yes
Ifye	s, details		StandardAMSLA/ GMS	LA/MSLAterms
Willsettl	the securities be re	turned on	n/a
	**ement? **
Statement	ement		If requested by the comp	any to whom the

Schedule (Agency Lending Agreement)
Type of Agreement	SecuritiesLendingAgencyAgreement (SLAA)
Parties to Agreement	Various
Circumstances under which the agent lendercan exercise the authorisations in relation tothe securities	Agent Lender can only exercise authority, asagent, in relation to the lender’s securities asdefined and agreed in the Securities LendingAgencyAgreement.
Circumstances under which the agent lenderis subject to any restrictions in how it candeal with the securities	Lenders will define the restrictions and/orsecurities lending parameters in the SecuritiesLending Agency Agreement entered into with thelending agent. Such restrictions/parametersinclude specific designated accounts, lendablelimits, acceptable collateral and/or cashreinvestment guidelines.
Does the agent lender have the right to recallearly?	Agent Lenders have the right to early recall onbehalf of Lender’s instructions. However, theexpectation is the Lender and Borrower wouldhave mutually agreed no sales/recall of thesecurities during the duration of the loan term.Hence, borrowers are not obligated to return thesecurities early for termed loans.
If yes, details	Authorised under the standard SecuritiesLending Agency Agreement terms.
Statement	If requested by the company to whom theprescribed form must be given, or if requestedby ASIC, Citi will give a copy of the authorisationagreement to the company or ASIC.