Mr. Kerem Usenmez reports

VOLTA METALS ANNOUNCES UPSIZING OF PREVIOUSLY ANNOUNCED OFFERING

As a result of excess demand, Volta Metals Ltd. has increased the size of its previously announced non-brokered private placement to raise gross proceeds of up to an aggregate of $2.1-million. In all other respects, the terms of the offering will remain as previously disclosed in the announcement press release dated Dec. 15, 2025.

The offering will include the issuance of up to 9,130,435 common shares of the company issued on a flow-through basis at a price of 23 cents per flow-through share. The flow-through shares will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada). The company reserves the right to increase the size of the offering by up to 25 per cent, such that up to an additional 2,282,608 flow-through shares may be issued to raise gross proceeds of up to $2,625,000.

The company will use the gross proceeds from the offering to incur eligible Canadian exploration expenses that will qualify as flow-through critical mineral mining expenditures as such terms are defined in the Income Tax Act (Canada) related to the company's Springer and Aki projects in Ontario, on or before Dec. 31, 2026. All qualifying expenditures will be renounced in favour of the subscribers of the flow-through shares with an effective date not later than Dec. 31, 2025.

It is expected that certain directors and officers of the company (the insiders) may participate in the offering. The participation of insiders in the offerings will constitute a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company anticipates relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the flow-through shares to be acquired by the participating insiders nor the consideration to be paid by such insiders is anticipated to exceed 25 per cent of the company's market capitalization.

The offering is expected to close on or about Dec. 22, 2025, and is subject to certain closing conditions, including, but not limited to, the receipt of all necessary approvals, including the acceptance by the Canadian Securities Exchange. The company expects to use the proceeds of the offering to follow up on exploration targets by drilling, prospecting, sampling and geochemical analyses. The company may issue finders fees in connection with the offering of cash commission of up to 6 per cent for proceeds placed by eligible finders and finder warrants of up to 6 per cent of the flow-through shares placed by eligible finders, with each finder's warrant exercisable for one common share of the company at 23 cents for a period of 24 months from the date of issuance.

The securities issued under the offering will be subject to a statutory hold period in Canada of four months and a day from the date of issuance in accordance with applicable securities laws.

About Volta Metals Ltd.

Volta Metals is a mineral exploration company based in Toronto, Ont., focused on rare-earth elements, gallium, lithium, cesium and tantalum. It owns, has optioned and is currently exploring a critical minerals portfolio of rare earths, gallium, lithium, cesium and tantalum projects in Ontario, one of the world's most prolific mining and mineral exploration districts.

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