Mr. Glen Lynch reports

VOLATUS EXPANDS POWER UTILITY DRONE INSPECTIONS WITH NEW MULTI-YEAR CONTRACT OF UP TO $60M

Volatus Aerospace Corp. has secured a three-year contract on Oct 24, 2023, with a potential value of up to $60-million with a major United States power utility to provide drone inspection services and reporting on its transmission and distribution towers (T&D), expanding the company's already growing T&D inspection activities in the U.S. Under the contracts, Volatus will collect and process drone data and perform analytic reporting services. The expected margins from this contract align with the company's past performance in this services segment.

"This past year, we have demonstrated our ability to scale rapidly, bringing significant value to our clients," said Rob Walker, chief operating officer of Volatus Aerospace. "In 2023, we'll inspect over 10,000 T&D structures for various utility clients. Starting January, 2024, we will add work on the West Coast and anticipate inspecting upward of 25,000 structures in North America, more than doubling this year's volume. This is a result of adding to our portfolio, expanding existing contracts and building capacity."

"What makes this announcement particularly important is the timetable for the execution of these contracts," began Glen Lynch, chief executive officer of Volatus Aerospace. "Q1 is typically a seasonal quarter for Volatus, due to the winter weather in Canada and Northern U.S. These contracts are being flown in regions that will enable us to launch early in Q1 of 2024, generating material revenue during a traditionally slower time for drone services."

This contract places electric utilities alongside oil and gas as the company's top two operating sectors. As future regulations standardize beyond visual line of sight and autonomous operations, the company's expertise in winning regulatory authorizations and its record in aerial intelligence and long linear inspections will put it in a strong strategic position to capture the market.

About Volatus Aerospace Corp.

Volatus Aerospace is a leading provider of integrated drone solutions throughout North America and growing into Latin America and globally. Volatus serves civil, public safety and defence markets with imaging and inspection, security and surveillance, equipment sales and support, training, as well as research and development, design, and manufacturing. Through its subsidiary, Volatus Aviation, Volatus is introducing green and innovative drone solutions to supplement and replace traditional aircraft and helicopters for long-linear inspections such as pipeline, energy, rail and cargo services. Volatus is committed to carbon neutrality; the fostering of a safe, equitable and inclusive workplace; and responsible governance.

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