Vulcan Energy Resources Ltd (ASX:VUL) saw its stock price surge 7.79% in intraday trading, following the announcement that its Phase One Lionheart Project in Europe has been granted strategic project status under the European Commission's Critical Raw Materials Act.

The company revealed in a filing with the Australian Securities Exchange that this new status will enable Vulcan to access both public and private funding, significantly facilitating the project's progression. This development is seen as a major boost for the company's operations in Europe, particularly in the critical raw materials sector.

The strategic project status underscores the importance of Vulcan Energy's Lionheart Project in the context of Europe's push for securing critical raw materials. It also highlights the potential for accelerated development and increased investor interest in the company's European operations. The ability to access additional funding sources is likely to strengthen Vulcan's financial position and expedite the project's timeline, which has evidently excited investors.