Mr. Alex Wylie reports

VOLT LITHIUM ANNOUNCES $5 MILLION MARKETED PUBLIC OFFERING OF UNITS AND $1.1 MILLION CONCURRENT PRIVATE PLACEMENT OF UNITS

Volt Lithium Corp. has entered into an engagement letter with Canaccord Genuity Corp. pursuant to which the Canaccord Genuity has agreed to lead, on a best-efforts marketed basis, a public offering of up to 16.2 million units of the company at a price of 31 cents per unit for aggregate gross proceeds to the company of up to $5-million. Closing of the offering is expected to take place on or about Nov. 19, 2024, or on such other date as may be mutually agreed upon by the company and the agent, acting reasonably.

The offering

Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of 44 cents for 24 months following the completion of the offering.

The company has also granted the agent an option, exercisable in whole or in part, to purchase up to an additional 2.43 million 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 approximately $5.75-million.

The units sold under the offering are offered by way of: 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; 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 to exemptions from registration provided for under the U.S. Securities Act and the applicable securities laws of any state of the United States; and in jurisdictions outside of Canada and the United States as are agreed to by the company and Canaccord Genuity.

The concurrent private placement

In addition to the offering, the company intends to issue to certain accredited investors, on a private placement basis, concurrent with the closing of the offering, up to approximately 3.55 million units at the offering price for gross proceeds to the company of up to approximately $1.1-million. The agent will receive up to 3 per cent of the gross proceeds of the units sold to purchasers under the concurrent private placement and that number of broker warrants exercisable at any time, at a price of 44 cents per broker warrant, from the date of completion of the concurrent private placement, which is anticipated to be the closing date, to the date that is 24 months from such date, to acquire in aggregate that number of units which is equal to 3 per cent of the number of units sold to purchasers under the concurrent private placement. The aggregate gross proceeds from the offering (assuming full exercise of the overallotment option) and the concurrent private placement will be approximately $6.85-million.

The offering and the concurrent private placement

The net proceeds of the sale of the units will be used to develop the company's direct lithium extraction technology to improve operating efficiencies; to continue the scale-up of operations at its field unit in the Delaware basin in Texas; and for general working capital and corporate purposes.

The offering and the concurrent private placement are expected to close on or about Nov. 19, 2024, 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 and the concurrent private placement, the company will pay to the agent a cash commission equal to 6 per cent of the gross proceeds from the offering and issue the number of broker 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 broker warrants for up to $1.1-million of units sold under the concurrent private placement. Each broker warrant shall be exercisable for one unit at the offering price for a period of 24 months following the completion of the offering.

Prospective investors under the offering 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 filing thereof, are, or will be, as applicable, available on the company's SEDAR+ profile.

3L Capital Inc., the company's investor relations and capital market advisory services provider, is providing advisory services to the company in connection with the offering. 3L is a Toronto-based financial and services company that provides advisory services to metals and mining, oil and gas, renewable energy, and technology companies.

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 (DLE) 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.

We seek Safe Harbor.