4 questions lodged at 2026 Vulcan Energy (VUL) hybrid AGM
May 30, 2026
Below is the text of the 4 written questions submitted at the 45 minute Vulcan Energy (VUL) 3pm hybrid AGM in Perth time and via the excellent Automic platform. See notice of meeting detailing 7 resolutions. Market cap $1.7b on AGM day as they power ahead with Germany's biggest lithium project. Biggest protest 7.5% against director Josephine Bush. In 2025 it was 10% against rem report. The proxies were not disclosed early with these 32 AGM slides.
Please disclose the proxies earlier and were there any protest vote
Q1. It would have been better if you'd disclosed the proxies to the ASX along with 32 slide presentation pack. Why remove the proxies slide? Please disclose it earlier next year to allow more time for question preparation. Which proxy advisers covered us this year, did any recommend a vote against this remuneration report item and, if so, what were the concerns raised and did this translate into a material against vote?
Answer: Disappointing question censorship and summarising by Vulcan Energy founder and chair Francis Wedin who shouldn't have been empowered to read the written questions himself. He confused early disclosure of the proxy votes with proxy adviser recommendations on this one. Watch video of exchange via Twitter.
Who selectively briefed The AFR's Street Talk column on our equity raise?
Q2. Wanted to submit this: "There were some governance issues with the structuring and communication of the $943m equity raising last December. Who authorised the selective briefing of The AFR's Street Talk column which published the details of the raise at 8.49am on December 3. It wasn't until 9.06am that we went into a trading halt and then the official announcement landed on the ASX platform at 9.42am. The ASX should be the primary place for price-sensitive announcements to inform all shareholders simultaneously. Was it under-writers Canaccord and Morgan Stanley who did the selective briefing to the journalists who write behind a paywall that most of our 26,246 shareholders don't subscribe to."
But had to cut it down to this to fit Automic's 500 character limit: "There were some governance issues with the $943m equity raising. Who authorised the selective briefing of The AFR's Street Talk column which published the details of the raise at 8.49am on December 3. It wasn't until 9.42am when the official announcement landed on the ASX platform. The ASX should be the primary place for price sensitive announcements to inform all shareholders simultaneously. Was it under-writers Canaccord and Morgan Stanley who did the selective briefing to the journalists?"
Answer: “That's the first I've heard of that one”, said Vulcan Energy chair Francis Wedin when challenged over the Street Talk leaks. He shouldn't have been reading the questions as they badly mangled it. The Gina Rinheart question below was twinned with the Street Talk leaks questions. Watch video of exchange via Twitter.
Where are things at with Gina Rinehart?
Q3. The leaked story to The AFR was head-lined "Gina Rinehart-backed Vulcan Energy launches $1.1b equity raising". However, once the dust had settled, Australia's richest person only took up 3.5m new shares at $4 for $14m and was diluted down from 6.49% of Vulcan to below 5%. It was a shrewd move with the stock down to $3.64 today. What is the history of our relationship with Ms Rinehart and the current state of the relationship. Is she still on the register and engaged with the company?
Answer: Chair Francis Wedin said it was a great relationship and Hancock Prospecting had also participated in the project financing which had been announced on the morning of the AGM, a fact which wasn't in the announcement. Watch video of exchange via Twitter.
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