Mr. Alex Wylie reports

VOLT LITHIUM ANNOUNCES CONTINUED OPERATIONAL SUCCESS AT ITS U.S. FIELD OPERATIONS IN WEST TEXAS, USA

Volt Lithium Corp. has significantly improved the operating capacity of its proprietary and proven next-generation direct lithium extraction (DLE) technology for processing oil field brines in the Delaware basin in West Texas, United States (a subbasin of the Permian basin), enabling an increase of throughput capacity while reducing future capital requirements.

Volt's U.S. field unit is modular, providing the flexibility for continued optimization, modifications and process improvements. Through the installation of Volt's generation 3 equipment at its field unit in the Delaware basin in West Texas, United States, recent direct lithium extraction cycle times have been consistently less than 30 minutes, representing a four-times improvement in operating capabilities, setting the stage for commercial production in the range of 5,000 to 10,000 barrels per day (bbl/d) of brine production by the end of 2024. Volt and its strategic partner will continually scale up its field unit, positioning the company as a low-cost and full-scale commercial producer.

"We have successfully transitioned the generation 3 system from Volt's simulation centre in Calgary to the field in Texas, paving the way for Volt to commence commercial operations by the end of 2024," commented Alex Wylie, president and chief executive officer of Volt Lithium. "The success in the field to date will allow Volt and our strategic partner to significantly scale-up operations in 2025 and beyond."

U.S. field operations update: continued optimization of proprietary DLE technology

The company is pleased to announce that, as a result of technical advancements and optimization from its generation 3 equipment, it has significantly improved its processing extraction time from oilfield brine to under 30 minutes while maintaining the technical standards of 99-per-cent lithium extraction rates. In addition, most recent results in the field have demonstrated up to 75-per-cent lithium extraction rates within a 10-minute lithium extraction cycle time. The improved cycle times will allow Volt to significantly increase throughput capacity in its operations in the Delaware basin in Texas.

In collaboration with its strategic partner's engineering, construction and technical teams, the company will continue to improve operational processes for our proprietary DLE technology that it believes will truly drive commercial success for the company into 2025 and beyond. The company will continue to cost-effectively and efficiently scale-up further to process commercial levels of brine through: 1) adding modules to increase processing capacity; 2) reducing lithium extraction time to increase volumes; and 3) implementing larger extraction modules.

As Volt's DLE process can successfully achieve rapid lithium extraction rates, the company can cost-effectively generate a high-quality eluate of lithium chloride (lithium chloride concentrate), as well as battery-grade lithium carbonate or battery-grade lithium hydroxide monohydrate. The company's phased scale-up approach, coupled with extensive testing at its field simulation centre mitigates project execution risk and accelerates timeline to full-scale commercialization. This plan minimizes capital at risk and allows for validation of Volt's proprietary DLE technology prior to full-scale commercialization.

The brine production from the Permian basin today is approximately 19 million bbl/d (barrels per day), representing an estimated potential of 325,000 tonnes per annum of lithium carbonate production. Assuming average economics from lithium extraction, sensitivities are as shown in the attached table at potential production levels and lithium concentrations and have been adjusted to reflect lithium carbonate production, as opposed to lithium hydroxide monohydrate production.

Appointment of industry veteran Dr. John McEwen as chief technology officer

Volt is pleased to announce the appointment of Dr. McEwen, PhD, chemistry, as chief technology officer of the company. Dr. McEwen has over 30 years of industry experience in technical services and research and development. Since 2018, Dr. McEwen has been director, technical services, for Sterling Chemicals and has been an advisory board member of Volt since 2022.

"John has been instrumental in the development of our proven proprietary direct lithium extraction technology and process since the inception of the company," commented Mr. Wylie, president and CEO of Volt Lithium. "His extensive specialized experience will continue to be a welcomed benefit for the company and will continue the advancement of our proprietary DLE technology and processes. By formalizing John's role at Volt, the company continues to strengthen its intellectual property around the extraction technology and process and aligns the Volt team for its planned 2025 scale-up of operations."

Qualified person's 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 are qualified persons 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 Volt Lithium Corp.

Volt is a lithium development and technology company aiming to be one of North America's first commercial producers of lithium carbonates and lithium hydroxide from oil field brine. Its 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 and process, Volt's innovative approach to development is focused on allowing the highest lithium recoveries with lowest costs, positioning us for future commercialization. It is committed to operating efficiently and with transparency across all areas of the business staying sharply focused on creating long-term, sustainable shareholder value.

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