Mr. Alex Wylie reports

VOLT LITHIUM SCALES-UP U.S. FIELD OPERATIONS IN TEXAS, PAVING WAY FOR SIGNIFICANT GROWTH IN 2025

Volt Lithium Corp. has achieved another pivotal milestone on the path to commercializing its proprietary and proven next-generation direct lithium extraction (DLE) technology for processing oil field brines. The company has scaled up its U.S. field operations to process over 2,500 barrels per day (equivalent to 480,000 litres per day) from the Permian basin in Texas. Additionally, Volt has completed over 200 operational runs in the field since commencing operations and achieving first lithium production in September, 2024.

"The Permian basin is globally significant, currently producing approximately 19 million barrels of lithium-infused brine per day, making it one of the largest potential sources of lithium in the United States," commented Alex Wylie, president and chief executive officer of Volt. "With the scaling up of our field operations, we continue to accelerate the company's trajectory for growth to becoming a significant North American lithium producer."

"The experience gained in the field through Volt's first 200 operational runs has been invaluable," added John McEwen, chief technology officer of Volt. "The Volt engineering and operational teams have leveraged the technical data acquired from field operations to significantly optimize Volt's next-generation system (Generation 5) that will produce up to 10,000 barrels of oil field brine per day."

Permian basin field operations update -- continued field unit optimization

Volt's U.S. field unit is modular, providing the flexibility for continued optimization. Since commencing field operations in September, 2024, Volt has focused on accumulating technical data to continuously optimize its field unit. The operations team has completed over 200 runs of the Generation 3 and Generation 4 field units at Volt's strategic partner's site in the Permian basin in Texas to date. The Generation 5 field unit will be commissioned in late January, 2025, to process up to 10,000 barrels per day (1.9 million litres per day).

The technical and operational data and improvements have been critical building blocks to Volt's scale-up process in the field. The system modifications made by the operations team have been incorporated into the Generation 5 field unit system and include the following:

• DLE system optimization -- design modifications to Volt's DLE system to enhance drainage, allowing for increased daily processing capacity;
• Acid recovery refinement -- modifications to the acid recovery phase have successfully increased the concentration of lithium in the lithium chloride eluate while also decreasing cycle times; Volt's technical team is dedicated to further refining the acid recovery process to maximize lithium concentration and extraction efficiency; this continuing optimization is expected to enhance the overall economic performance of Volt's Generation 5 field unit.

Through the scale-up of Volt's production capacity, the technical standards of achieving up to 98-per-cent lithium extraction have been maintained and verified by an independent third party.

Since October, 2024, Volt's proprietary DLE process has successfully built up an inventory of high-quality eluate that is being converted into a 99.5-per-cent-pure battery-grade lithium carbonate. Samples of lithium carbonate have been created and verified through third party testing for review for potential offtake partners. Volt will continue to produce lithium chloride concentrate as well as technical-grade and battery-grade lithium carbonate in the field.

Permian basin brine production

The brine production from the Permian basin today is approximately 19 million 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 follows at potential production levels and lithium concentrations.

North Dakota field unit update

Volt has utilized the funding from the State of North Dakota to purchase the equipment for the North Dakota field unit. The field unit is fully financed and the company expects to deploy the North Dakota field unit during the first half of 2025. Volt and Wellspring will apply for an additional $2-million (U.S.) of funding for the field study from the State of North Dakota in early 2025. Volt will not require any new financing for the field unit in North Dakota.

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 it appears.

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 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 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 the company well for future commercialization. The company 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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