The company's undiluted capitalisation now exceeds A$500 million, compared to about $12 million about one year ago.
In share price terms, the stock has gone from 25c to more than $6 as fervor for a project combining renewable energy and lithium hydroxide production (and, critically, a claimed net zero carbon footprint), in the centre of Europe has gone exponential.
Prefeasibility numbers have included an initial net present value of about $1.1 billion, and initial capital expenditure requirements of about the same.
The zero-carbon footprint posits the project perfectly for the green revolution zeitgeist.
In simple terms, Vulcan plans to produce battery-quality lithium hydroxide by combining geothermal energy and lithium brine from aquifers beneath Germany's Upper Rhine Valley.
A capital raising would seem imminent given reported cash of about $5 million and the company's incredible share price rise.
Issued capital totals about 80 million shares, up from just less than 50 million 12 months ago.
Vulcan last raised cash in June 2020 when investors bought new shares priced at 40c each - raising the company $4.8 million.
Shares in Vulcan were up nearly 30% to A$6.42 in morning trade, capitalising the company at $507 million.