Mr. Alex Wylie reports

VOLT LITHIUM REDUCES OPERATING COSTS BY 64 per cent, ACHIEVING OPERATIONAL MILESTONE

Volt Lithium Corp. has achieved another critical milestone on the path to commercializing its proprietary and proven next-generation direct lithium extraction (DLE) technology for processing oil field brines at the company's permanent demonstration plant in Calgary. As a result of continued DLE technology process improvements, led by Volt's scientific and engineering teams, the company has achieved a 64 per cent reduction in full-cycle DLE operating costs to process brine from its Rainbow Lake, Alberta project at Volt's demonstration plant. This reduction builds on the company's past success streamlining the DLE process and driving down costs in order to support robust margins for Volt's production of lithium carbonate, even within a volatile price environment for lithium.

"Volt is well on our way to become the low-cost commercial producer of battery-grade lithium from oil field brines in North America," commented Alex Wylie, Volt's President & CEO. "The Volt engineering and technical teams continue to improve operational processes for our proprietary DLE technology that we believe will truly drive commercial success for the company. As demand for high-quality lithium continues to grow, Volt's latest achievement positions us to help meet the world's expanding need for this critical mineral, and to do so in an environmentally sustainable and lower-impact manner."

DLE Operational Improvements

Volt continues to accelerate process improvements related to its proprietary DLE technology at the company's demonstration plant. The associated operating cost reductions are highlighted in the table below, showing continuous improvement over three key periods in Volt's ongoing advancement of its DLE technology, including: 1) May 2023 pilot operations; 2) December 2023 demonstration plant operations for the Preliminary Economic Assessment ("PEA"); and 3) Year to Date 2024 process improvements achieved at the demonstration plant by the company's scientific and engineering teams. Brine used in each of the periods 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 mg/L.

The operating costs in Table 1 below reflect Volt's costs to produce a marketable lithium carbonate of approximately 90 per cent purity at the company's field operations. This saleable, 90 per cent purity lithium carbonate product can then be further refined into battery-grade lithium by an existing third party refiner.

In addition to driving meaningful cost reductions, the impact of Volt's technological advancements has also resulted in significantly improved lithium extraction results, which rose from 90 per cent in the May 2023 Pilot to 98 per cent in the recent February 2024 testing at the demonstration plant.

Given Volt's DLE process is able to successfully remove 99 per cent of impurities from the brine before processing, and achieve a 98 per cent lithium extraction rate, the company can cost-effectively generate a high-quality eluate of 90 per cent lithium carbonate. This 90 per cent lithium carbonate is a product that can be sold to existing third-party refiners for further processing into a 99.5 per cent battery-grade lithium carbonate or lithium hydroxide. A schematic outlining Volt's proprietary DLE process and ultimate production of battery grade lithium carbonate is shown below.

Option Grant

The company also announces the grant of an aggregate of 1,200,000 incentive stock options (the "Options") to certain consultants (the "Option Recipients") to purchase common shares (the "Shares") in the capital of the company pursuant to Volt's stock option plan (the "Option Plan"). The Options, which vest in equal tranches every six months over an 18-month period, are exercisable at a price of $0.20 per Share for a period of four years from the date of grant, and expire on February 14, 2028.

These grants represent compensation to the Option Recipients for their respective service to the company and as an incentive mechanism to foster and align the interest of such persons in the long-term success of Volt.

Qualified Person's Statement

Scientific and technical information contained in this press release has been reviewed and approved by Doug Ashton, P.Eng, and Meghan Klein, P.Eng of Sproule Associates Limited, each of whom are qualified persons within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Ashton and Ms. Klein consent to the inclusion of the data in the form and context in which it appears.

About Volt

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. Our 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 ("DLE") technology and process, Volt's innovative approach to development is focused on allowing the highest lithium recoveries with lowest costs, positioning us well for future commercialization. We are committed to operating efficiently and with transparency across all areas of the business staying sharply focused on creating long-term, sustainable shareholder value. Investors and/or other interested parties may sign up for updates about the company's continued progress on its website: https://voltlithium.com/.

We seek Safe Harbor.