An anonymous director reports

VOLT LITHIUM ANNOUNCES $6 MILLION MARKETED PUBLIC OFFERING OF UNITS

Volt Lithium Corp. has entered into an engagement letter with Canaccord Genuity Corp., pursuant to which Canaccord Genuity has agreed to lead, on behalf of a syndicate of agents including Paradigm Capital, on a best efforts marketed basis, a public offering of any combination of: (i) flow-through units of the company at a price of 24 cents per FT unit; and (ii) units of the company at a price of 22 cents per hard-dollar unit for aggregate gross proceeds to the company of up to $6-million.

Each FT unit will consist of one common share in the capital of the company and one-half common share purchase warrant, which FT units will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada) (which shall include such amendments or specific proposals publicly announced by or on behalf of the Minister of Finance (including those contemplated in the federal budget released by the Minister of Finance on March 28, 2023)), and each HD unit will consist of one common share and one-half warrant (the HD units will be issued without the benefit of any flow-through tax consequences). Each warrant will entitle the holder to purchase one common share at an exercise price of 33 cents for 24 months following the completion of the offering.

The company has also granted to the agents an option, exercisable in whole or in part, to purchase up to an additional 4,090,909 HD units for a period of 30 days from and including the closing date of the offering to cover overallotments, if any, and for market stabilization purposes. If the overallotment option is exercised in full, the aggregate gross proceeds of the offering will be $6.9-million.

The units will be offered by way of: (i) a prospectus supplement to Volt's short form base shelf prospectus dated July 20, 2023, which prospectus supplement will be filed with the securities commissions and other similar regulatory authorities in each of the provinces of Canada, other than Quebec; (ii) in the United States or to or for the account or benefit of U.S. persons, as defined by Regulation S under the United States Securities Act of 1933, as amended, by way of private placement pursuant exemptions from registration provided for under the U.S. Securities Act of 1933 and the applicable securities laws of any state of the United States; and (iii) in jurisdictions outside of Canada and the United States as are agreed to by the company and Canaccord Genuity, on behalf of the agents.

The gross proceeds of the sale of the FT units will be used to incur Canadian exploration expenses that will be flow-through critical mineral mining expenditures (as such terms are defined in the Income Tax Act (Canada)) on the company's mineral properties. The net proceeds of the sale of the HD units will be used to finance the company's preliminary economic assessment for the Rainbow Lake project, for the company's continued exploration of its mineral properties, and for general corporate purposes.

The offering is expected to close on or about Aug. 4, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

In connection with the offering, the company will pay to the agents and any other syndicate members a cash commission equal to 6 per cent of the gross proceeds from the offering and issue the number of brokers' warrants equal to 6 per cent of the number of units sold pursuant to the offering, subject to a reduction to 3 per cent cash commission and 3 per cent brokers' warrants for up to $2-million of units sold to president's-list purchasers. Each broker's warrant shall be exercisable for one HD unit at the offering price of the HD units for a period of 24 months following the completion of the offering.

Prospective investors should read the shelf, the prospectus supplement, once filed, and the documents incorporated by reference therein before making an investment decision. Copies of the shelf and the prospectus supplement, following the filing thereof, are, or will be, as applicable, available on the company's SEDAR profile.

Volt has also engaged 3L Capital Inc. to provide investor relations and capital market advisory services, effective immediately. 3L is a Toronto-based financial services company that provides advisory services to metals and mining, oil and gas, renewable energy, and technology companies. Under the engagement, 3L will be paid $12,500 per month for a minimum of six months, with the engagement to be automatically renewed on a month-to-month basis thereafter. After the initial term, the engagement may be terminated by either party upon one-month written notice to the other party. More specifically, 3L will provide services such as organizing and administering road shows, drafting additional marketing materials, providing traditional and social media support, advising on the company's business and financial development plan and assistance in the development of the company's financial plan, as well as other services as required by the company. In certain circumstances, the company may elect to pay the monthly fee in common shares, subject to the approval of the TSX-V and pricing in accordance with the rules and policies of the TSX-V.

About Volt Lithium Corp.

Volt is a lithium development and technology company aiming to be North America's first commercial producer of LHM and lithium carbonates from oilfield brine. The company's strategy is to generate value for shareholders by leveraging management's hydrocarbon experience and existing infrastructure to extract lithium deposits from existing wells, thereby reducing capital costs, lowering risks and supporting the world's clean-energy transition. With four differentiating pillars, and a proprietary direct lithium extraction technology, Volt's innovative approach to development is focused on allowing the highest lithium recoveries with the lowest costs, positioning it well for future commercialization. The company is committed to operating efficiently and with transparency across all areas of the business, staying sharply focused on creating long-term, sustainable shareholder value.

We seek Safe Harbor.