Mr. Thomas Yingling of Green Battery reports

GREEN BATTERY MINERALS AND VOLT CARBON TECHNOLOGIES ENTER INTO PRELIMINARY MINERAL PROCESSING AGREEMENT

Volt Carbon Technologies Inc. has signed a preliminary mineral processing agreement dated as of June 1, 2023.

Background

With reference to Green Battery Minerals Inc.'s prior news release dated May 16, 2023, Green Battery provided Volt Carbon with a single five-kilogram sample of crushed feedstock that was obtained from Green Battery's 100-per-cent-owned Berkwood graphite project in Quebec, Canada. Volt Carbon processed the sample using its proprietary dry separation process technology as a test. The test result yielded 146 grams of graphite flake per kilogram of crushed feedstock, reflecting a 14.6-per-cent yield of graphite flakes per kilogram of feedstock. The processed material was subsequently sent to a third party lab (Base Metallurgist Laboratories Ltd. in Kamloops, B.C.) for independent testing. Base Metallurgist Laboratories independently verified that the Volt Carbon-processed sample yielded a graphite content of 91.55 per cent, with total carbon showing at 97 per cent.

Volt Carbon's proprietary dry separation process

Volt Carbon has developed a proprietary dry separation process that uses air as its separation medium. The major benefits of the process compared to traditional processing are that the process: (i) does not use water, which eliminates a significant amount of waste traditionally associated with the purification of graphite due to its solventless and reagentless nature; (ii) does not produce an effluent; and (iii) the process results in the retention of the original quality of the graphite flakes (large plus-50-mesh and jumbo plus-35-mesh-sized flakes). Importantly, Green Battery and Volt Carbon believe that large and jumbo-sized flakes attain premium pricing due to their high-end performance as anode material for lithium-ion batteries (LIBs).

Thomas Yingling, chief executive officer of Green Battery Minerals, commented: "We are excited to team up with V-Bond Lee, president of Volt Carbon. Mr. Lee has successfully developed and commercialized new innovations and technologies for various Fortune 500 companies, Mr. Lee has over 35-plus years of engineering experience and holds patents in both automotive and aerospace industries. We look forward to working with Mr. Lee."

Path forward

Based on the results from the sample test, Green Battery and Volt Carbon negotiated and signed the preliminary mineral processing agreement. The preliminary mineral processing agreement outlines a path forward from initial feasibility studies to bulk sampling and testing and through to mine development and production.

In the feasibility phase, the graphite ore will be extracted from Green Battery's Berkwood graphite project, delivered to Volt Carbon's test processing facility located in Scarborough, Ont., and then processed by Volt Carbon using the process. The objective of the feasibility phase is to collect sufficient data so that Volt Carbon can reasonably estimate the capital expenditures required to manufacture the proprietary portable machinery needed to conduct the bulk-sampling phase. Although the ore processing is expected to cost an aggregate of $50,000 per tonne, Volt Carbon expects that it will be necessary to raise additional capital to finance the manufacture of the portable machinery.

Assuming the successful manufacture of he portable machinery required, in the bulk sampling phase, the graphite ore will be extracted from Green Battery's Berkwood graphite project, Green Battery will crush the graphite ore to four inches and deliver the same to Volt Carbon's facility for processing using the process. It is expected that the flake graphite extracted from the bulk samples will be saleable and Green Battery and Volt Carbon have agreed to share the profits from the sale of the same on a 50/50 basis.

In the mine production/development phase, the graphite ore will be extracted from Green Battery's Berkwood graphite project, Green Battery will crush the graphite ore to minus 12 mesh and deliver the same to Volt Carbon's facility for processing using the process. The profits from the sale of the graphite concentrate will be split on a 50/50 basis.

Mr. Yingling, CEO of Green Battery Minerals, commented: "Following our successful tests, we are pleased to now have formalized a processing agreement that will provide us with access to an exceptional technology that not only delivers higher-quality end product, but that does not produce toxic effluent. Furthermore, we have reasons to believe that the new technology has major cost benefits, which we will determine more accurately during this next phase. In conversations with major car manufacturers, the end market for most LIBs, it has become clear that the environmental footprint is a major deciding factor in supplier selection. Even with the shortage of graphite, having a process that provides such major improvements over traditional processing methods positions us well to become an important supplier of battery minerals to the EV [electric vehicle] industry and beyond."

"The mineral processing agreement is a great step forward for Volt Carbon to develop a recurring revenue stream in graphite purification. Our dry processes will enable sustainable mineral separation processes using no water. Our team is developing this method to be one of the most ESG [environmental, social and governance] friendly ways of mineral separation. I'm looking forward to seeing the scale-up of the dry separation process with GEM," said Mr. Lee, CEO of Volt Carbon Technologies.

About Volt Carbon Technologies Inc

Volt Carbon is a publicly traded carbon science company, with specific interests in energy storage and green energy creation, with holdings in mining claims in the provinces of Ontario, Quebec and British Columbia in Canada.

About Green Battery Minerals Inc.

Green Battery Minerals is managed by a team with over 150 years of collective experience with a proven record of mine discovery, commissioning and operation.

Qualified person

Christian Derosier, PGeo, PhD, is the qualified person as defined in National Instrument 43-101. Dr. Derosier has reviewed and approved the technical content of this news release.

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