Mr. V-Bond Lee reports

VOLT CARBON RECEIVES INITIAL 40,000 TONNE TOLL PROCESSING PURCHASE ORDER AND PROVIDES NORTHERN ORE COMMERCIALIZATION UPDATE

Volt Carbon Technologies Inc. has provided an update on the commercial toll processing agreement with Northern Ore Resources, originally announced on July 7, 2026. Since execution of the agreement, the parties have achieved several commercialization milestones:

• Volt has received its previously announced 2.5-per-cent equity interest in Northern Ore.
• Northern Ore has issued Volt its initial purchase order for tolling of 40,000 metric tonnes of vermiculite.
• Process optimization has commenced at Volt's Guelph, Ont., facility to finalize the commercial flow sheet.
• Preliminary testing indicates the vermiculite requires no more than two passes through Volt's proprietary dry air classification process to remove sand and grit, substantially fewer than typically required for many graphite feedstocks processed by the company.

The initial purchase order represents the first annual commitment under the previously announced toll processing agreement. As previously disclosed, the agreement provides for approximately $4.0-million (U.S.) in annual processing revenue, which is based on a processing fee of $100 (U.S.) per metric tonne, subject to the terms and conditions of the agreement.

To support future growth, the company intends to size the commercial production air classification system with an upperbound processing capacity of up to 100,000 metric tonnes per year based on input from Northern Ore. Assuming this full capacity is ultimately utilized and processed at the same toll processing fee of $100 (U.S.) per metric tonne, the agreement would imply an illustrative annual toll processing revenue potential of approximately $10.0-million (U.S.). This figure is presented solely to illustrate the potential economic value of the company's planned commercial processing capacity under these assumptions and does not represent financial guidance, a forecast or a projection of future revenues. Actual revenues, if any, will depend on customer demand, purchase orders, commercial operations and the terms of future processing agreements.

The company continues to evaluate financing alternatives for the approximately $750,000 (U.S.) capital expenditure required for commercial deployment. As the commercial air classification system is being custom designed and built internally, the company has the flexibility to phase the capital expenditures throughout 2027. Management remains focused on minimizing shareholder dilution through a combination of internally generated toll processing revenues, potential exercises of outstanding warrants, government incentive programs, including the scientific research and experimental development program, and other strategic financing alternatives, with the objective of minimizing the need for traditional retail equity financing.

Given the company's significant investment in research and development at its Guelph facility, management believes the recent enhancements to Canada's scientific research and experimental development program have the potential to provide a meaningful source of refundable, non-dilutive government funding. Unlike traditional tax deductions, refundable SR&ED benefits may provide direct cash funding to eligible companies, supporting commercialization while minimizing shareholder dilution.

The company continues to target commercial deployment of the larger production air classification system in 2028, consistent with the commercialization road map outlined in its July 7, 2026, news release. In the interim, the company expects to complete process optimization in-house at its Guelph facility, utilize its second air classifier to produce engineering and end customer qualification samples, continue process development, and advance the design, financing and construction of the commercial production system, subject to financing, customer demand, regulatory approvals and customary commercial milestones.

Aaron Hopkins, president of Northern Ore Resources, added: "We are very pleased with the progress made since entering into our commercial toll processing agreement with Volt Carbon. A significant portion of our planned production is intended for international markets where product consistency and quality are critical. Volt's state-of-the-art dry air classification technology and laboratory capabilities are providing valuable support as we advance toward commercial production."

"This project continues to advance from agreement to commercialization," said V-Bond Lee, PEng, chief executive officer of Volt Carbon. "While there remains a significant amount of work ahead, receiving our equity interest, the initial purchase order and commencing process optimization are important milestones. It has been a pleasure working with Aaron Hopkins, whose practical understanding of resource development and collaborative leadership experience have been invaluable, as we advance this commercialization program. The early technical results support the development of a simplified continuous processing flow, and we remain focused on advancing toward commercial deployment in 2028."

About Volt Carbon Technologies Inc.

Volt Carbon is a publicly traded carbon science company focused on advanced carbon material, 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, Canada, and operates facilities supporting both carbon material processing and battery technology development.

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