Mr. Alex Wylie reports

VOLT LITHIUM SUCCESSFULLY CLOSES FINANCING RAISING APPROXIMATELY $6.2 MILLION AND CONCURRENT NON-BROKERED PRIVATE PLACEMENT

Volt Lithium Corp. has raised approximately $6.2-million under its previously announced public financing. The offering was undertaken on a best effort agency basis led by Canaccord Genuity Corp. pursuant to the terms and conditions of an agency agreement dated Nov. 13, 2024, entered into between the company and the agent. Volt Lithium was also advised on the offering by 3L Capital Inc.

Under the offering, Volt Lithium issued 19.93 million units at a price of 31 cents per unit and raised gross proceeds of approximately $6.2-million, which included the exercise in full of the overallotment option granted to the agent to purchase an additional 2.43 million units. The offering was completed pursuant to the prospectus supplement of Volt Lithium dated Nov. 13, 2024, to the (final) short form base shelf prospectus of Volt Lithium dated July 20, 2023.

Pursuant to the agency agreement, all of the directors and officers of Volt Lithium have entered into lock-up agreements with the agent for a period of 90 days from the date hereof prohibiting their disposition of securities of the company, subject to certain customary exceptions.

Concurrent with the closing of the offering, certain subscribers purchased a total of 1,128,709 units at the offering price on a private placement basis, raising gross proceeds of approximately $350,000 in the first tranche closing. The units issued pursuant to the concurrent private placement are subject to a four-month hold period expiring on March 20, 2025. The company expects to close a second tranche of the concurrent private placement in the coming weeks. Through both the offering and concurrent private placement, Volt Lithium raised gross proceeds of approximately $6.5-million.

In connection with the offering and the concurrent private placement, the company paid to the agent and any other syndicate members a cash commission of $385,200, which was equal to 6.0 per cent of the gross proceeds from the offering, and issued an aggregate of 1,242,581 broker warrants, equal to 6.0 per cent of the number of units sold pursuant to the offering, subject to a reduction to 3.0 per cent in cash commission and 3.0 per cent in broker warrants in respect of all units sold under the concurrent private placement. Each broker warrant is exercisable for one unit at the offering price for a period of 24 months following the date hereof.

Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of 44 cents for 24 months following the date hereof.

Use of proceeds

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.

About Volt Lithium Corp.

Volt Lithium 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 Lithium's innovative approach to development is focused on allowing the highest lithium recoveries with lowest costs, positioning it 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.

We seek Safe Harbor.