Mr. V-Bond Lee reports

VOLT CARBON SIGNS VERMICULITE TOLL AGREEMENT UTILIZING ITS PATENTED AIR CLASSIFIER FOR A MINIMUM ANNUAL VOLUME OF 40,000 TONNES

Volt Carbon Technologies Inc. entered into a commercial toll processing agreement with Northern Ore Resources Inc. on July 3, 2026, marking the first commercial deployment of the company's patented Air Classifier with an initial one-year term which automatically renews for successive one-year terms unless terminated in accordance with its provisions.

The agreement provides for a minimum annual committed processing volume of 40,000 metric tonnes of vermiculite and a contractual minimum annual revenue commitment of $4.0-million (U.S.), subject to the terms and conditions of the agreement including the satisfaction of mutually agreed recovery rates. Concurrently, the parties entered into a share issuance agreement pursuant to which Volt will receive a 2.5-per-cent equity interest in Northern Ore, subject to required approvals and the terms of the share issuance agreement.

In addition to the vermiculite processing program, Northern Ore has identified a high-grade graphite occurrence on its property. Six rock samples, selected by Northern Ore as being representative of the graphite-bearing vein, were submitted to Volt Carbon's Guelph laboratory for thermogravimetric analysis (TGA). The unseparated samples averaged approximately 49.8 per cent graphite (Cg), with four of the six samples returning graphite grades in excess of 50 per cent Cg. Initial Air Classifier processing trials demonstrated the potential to produce flake graphite concentrates. The testing completed to date is preliminary in nature, based on a limited number of samples provided by Northern Ore, and is not necessarily representative of the overall graphite occurrence, any mineral resource or future commercial production results.

The agreement establishes a framework for the future commercialization of this graphite resource and includes a contractual commitment by Northern Ore to supply a minimum of 10,000 tonnes of graphite material annually to Volt for processing. The graphite program remains subject to laboratory testing, Air Classifier trials and product qualification. Subject to successful completion of this work, the parties intend to negotiate a downstream commercial agreement for the production of flake graphite concentrates and graphene products. The parties currently intend that profits from these value-added products will be shared equally, subject to the execution of definitive agreements.

For the remainder of 2026, the company expects to generate modest processing revenues consistent with the operational outlook disclosed in its May 6, 2026, news release while completing engineering integration, equipment commissioning and process optimization activities in preparation for commercial operations under the agreement. Actual results may differ from the expectations described in this news release.

The company intends to commence development activities utilizing its second Air Classifier, previously announced in the company's July 16, 2025, news release, to support customer qualification and process optimization. Over the following 18 months, the company expects to design, construct and commission a larger commercial Air Classifier to support the minimum annual committed processing volume under the agreement. Based on current engineering estimates, the company anticipates capital expenditures of approximately $750,000 (U.S.) for equipment fabrication, installation and commissioning to support commercial operations under the agreement.

Subject to equipment commissioning, customer material deliveries and other customary operating conditions, Volt anticipates commencing and ramping commercial operations under the agreement during 2027, with processing capacity expected to ramp up to full throughput during 2028.

"This agreement marks an important milestone in the commercialization of our technology," said V-Bond Lee, PEng, chief executive officer of Volt Carbon Technologies. "Our investment in developing and protecting this intellectual property was always aimed at creating a mineral upgrading platform for the mining and quarry industries, not just graphite. While there is still plenty of work ahead, this agreement is an important first step toward realizing that vision."

About Volt Carbon Technologies Inc.

Volt Carbon is a publicly traded carbon science company focused on advanced carbon materials, energy storage and green energy technologies. The company is developing a vertically integrated platform designed to transform natural graphite resources into high-value carbon products, including graphite concentrates, graphene, battery materials and lithium batteries. Volt Carbon holds mineral interests in Quebec and British Columbia, and operates facilities supporting both carbon material processing and battery technology development.

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