Mr. V-Bond Lee reports

VOLT CARBON REPORTS GRAPHENE ASSOCIATED THERMAL AND EMI SHIELDING PERFORMANCE FROM DRY SEPARATED NATURAL GRAPHITE FOIL

Volt Carbon Technologies Inc. has released independent third party testing results from the University of Waterloo relating to the company's first expanded graphite foil trials derived from graphite processed using Volt's dry separation technology.

The testing program evaluated thermal conductivity and electromagnetic interference shielding performance characteristics of expanded graphite foils produced from Volt processed graphite materials as part of the company's continuing advanced material development initiatives.

Thermal conductivity testing provided by the University of Waterloo demonstrated average in plane thermal conductivity values of approximately 219 watts per metre Kelvin for Volt derived graphite foil at a thickness of approximately 0.189 millimetre. For general reference purposes, published engineering reference sources such as Engineering Toolbox, including "Thermal Conductivity of Metals and Alloys" and "Aluminum Thermophysical Properties," report thermal conductivity values for stainless steel in the range of approximately 15 watts per metre Kelvin, while aluminum is commonly reported near approximately 205 watts per metre Kelvin depending on alloy composition and test conditions.

The expanded graphite foil evaluated in these trials exhibited a density of approximately 1.5 grams per cubic centimetre. For general reference purposes, aluminum is commonly reported to exhibit density values near approximately 2.7 grams per cubic centimetre while stainless steel is commonly reported in the range of approximately 7.7 to 8.0 grams per cubic centimetre depending on alloy composition and processing conditions. Although these density values may provide general context regarding potential thermal management and shielding design considerations, material property comparisons between differing material systems may not be directly comparable due to variations in structure, composition, operating environment and application specific performance requirements when considered in engineering design applications.

EMI shielding evaluations conducted in the X band frequency range demonstrated total shielding effectiveness of approximately 42.7 decibels for Volt derived graphite foil at a thickness of 0.189 millimetre. EMI shielding effectiveness measured in decibels represents attenuation of electromagnetic energy. Volt's results correspond to signal attenuation greater than approximately 99.99 per cent.

Expanded graphite foil is fundamentally composed of highly aligned graphitic and graphene-like carbon layers. Expanded graphite has a reduced number of graphitic layers compared with bulk graphite. Published literature, including Y. Liu et al., "Graphene Enhanced Flexible Expanded Graphite Film with High Electric, Thermal Conductivities and EMI Shielding at Low Graphene Content," Carbon, 2018, has reported expanded graphite and graphene enhanced expanded graphite films exhibiting thermal conductivity, electrical conductivity and EMI shielding characteristics relevant to conductive carbon material applications.

The company believes the thermal conductivity and EMI shielding performance observed in these first trials support continued evaluation for Volt's dry separated natural graphite for potential use in graphene related and conductive carbon material applications. Published scientific literature, including A. Kausar, "Graphene Nanocomposites for Electromagnetic Interference Shielding", Journal of Composites Science, 2023, and X. Li et al., "Revealing Synergistic Relationship of Thermal Conduction and Electromagnetic Interference Shielding in Graphene Film," Materials Chemistry and Physics, 2025, has reported graphene and conductive carbon materials exhibiting strong thermal conductivity and EMI shielding performance characteristics.

The company continues to observe from continuing testing results that preservation of graphite crystallinity through its dry separation process contributes to downstream conductive, thermal and material performance enhancements observed in expandable graphite, graphite foil and graphene-related development programs.

These results represent early-stage expanded graphite foil development trials. Additional optimization, densification, scale-up and application specific validation work remain in progress as the company continues evaluating potential commercial applications for these materials, including continuing discussions and evaluation activities with industry participants under confidentiality agreements.

Volt plans to continue evaluating dry separated graphite materials for applications, including expanded graphite products, thermal management materials, conductive composites and energy storage technologies. The company has previously disclosed the addition of equipment supporting batch scale production and evaluation of expandable graphite and graphene-related materials as part of its downstream development initiatives.

Dr. Aiping Yu, university research chair professor at the University of Waterloo, fellow of the Canadian Academy of Engineering and board member, has reviewed and approved the contents of this press release. Dr. Yu is internationally recognized for her work in graphene and advanced nanomaterials, has written more than 260 refereed scientific publications and holds multiple patents in the field.

Dr. Yu commented: "These first expanded graphite foil trials are encouraging because they demonstrate functional thermal management and EMI shielding characteristics within ranges reported for certain graphene and conductive carbon material systems. The ability to potentially achieve these characteristics using scalable natural graphite derived materials represents an interesting area for continued development and optimization."

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.

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