Mr. Alex Wylie reports

VOLT LITHIUM ANNOUNCES SUCCESSFUL PRODUCTION OF BATTERY-GRADE LITHIUM CARBONATE AT THE COMPANY'S PERMANENT DEMONSTRATION PLANT IN CALGARY, ALBERTA

Volt Lithium Corp. has successfully produced 99.5-per-cent battery-grade lithium carbonate, a commercial and saleable lithium product, in-house at Volt's permanent demonstration plant in Calgary. The company processed oil field brine from the Keg River formation at its Rainbow Lake, Alta., asset to produce lithium carbonate with its proprietary and proven next-generation direct lithium extraction (DLE) technology. This represents a significant milestone for Volt as the company now has the capability to process oil field brine and then refine its eluate into lithium carbonate that meets the specifications required to produce a saleable battery-grade lithium carbonate or lithium hydroxide.

"I am thrilled to confirm that the Volt team continues to advance our DLE capabilities at our demonstration plant and showcased our ability to transform oil field brine into a commercially saleable grade of lithium carbonate. Bringing the full-cycle process in-house greatly reduces the cost to produce lithium carbonate, which is expected to enhance margins and position Volt as a low-cost operator," commented Alex Wylie, Volt's president and chief executive officer. "We believe oil and gas producers across North America who are keen to monetize value from their produced water can benefit from Volt's fully self-contained, cost-effective and environmentally sustainable solution to help meet the world's growing need for lithium."

"With Volt's commitment to innovation and sustainability, we are excited to continue optimizing our proprietary DLE technology and very proud to report increasing success in processing oil field brine from our initial Rainbow Lake asset," added Dr. John McEwen, PhD, vice-president, R&D (research and development) and technical services. "Having the demonstration plant offers a key differentiator for Volt relative to our peers as it enables us to simulate field operations while testing brines from all over North America. Having this capability further allows the company to prove the broad utility of our DLE technology as we efficiently advance towards a marketable product."

Volt's in-house lithium carbonate production

Volt's proprietary DLE technology comprises a three-stage process to extract lithium from oil field brine, as depicted in the accompanying diagram. In Stage 1, Volt uses proven equipment and established processes to treat and purify oil field brine. Through recent developments at its demonstration plant, the company confirmed the ability to effectively remove up to 99 per cent of contaminants in the preparation of clean brine for the DLE process. In Stage 2, Volt uses the company's proprietary DLE technology to extract lithium from the brine, which, on average, yields up to 98-per-cent lithium extraction results to produce eluate. In the final Stage 3, Volt purifies and concentrates the eluate, which is then refined in-house to a lithium carbonate up to 99.5-per-cent purity, capable of meeting industry specifications for battery-grade lithium.

Brine used for the production of lithium carbonate outlined herein was sourced from the 15-1-111-06W6M well (the feedstock well), producing from the Keg River formation at Rainbow Lake, and had an initial lithium concentration of 34 milligrams per litre. Brine from the feedstock well was also used for DLE processing during Volt's pilot conducted in the second quarter of 2023 and to inform its preliminary economic assessment in December, 2023. Volt processed the brine using its proprietary DLE technology at flow rates simulating field pilot operating conditions. Volt's DLE process successfully removed 99 per cent of the impurities, followed by 98-per-cent lithium extraction, which resulted in a high-quality eluate that was converted into a 99.5-per-cent-pure lithium carbonate that meets the specifications for producing saleable battery-grade lithium carbonate or lithium hydroxide.

Qualified person statement

Scientific and technical information contained in this press release has been reviewed and approved by Doug Ashton, PEng, and Meghan Klein, PEng, of Sproule Associates Ltd., each of whom is a qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Ashton and Ms. Klein consent to the inclusion of the data in the form and context in which they appear.

About Lithium Corp.

Volt is a lithium development and technology company aiming to be North America's first commercial producer of lithium hydroxide and lithium carbonates from oil field 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 a proven and proprietary direct lithium extraction (DLE) technology and process, Volt's innovative approach to development is focused on allowing the highest lithium recoveries with lowest costs, positioning the company well for future commercialization. Volt 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.