Mr. Alex Wylie reports

VOLT LITHIUM SUCCESSFULLY INSTALLS FIELD UNIT IN PERMIAN BASIN AND SCALES-UP PRODUCTION CAPACITY TO OVER 200,000 LITRES (1,250 BARRELS) PER DAY

Volt Lithium Corp. has deployed, installed and commenced function testing of its first field unit located in the Permian basin in Texas, paving the way for first lithium production. The company is also pleased to announce that the field unit will be capable of processing over 200,000 litres (1,250 barrels) of oil field brine per day, representing a two-times scale-up from Volt's previous processing capabilities of 96,000 litres (600 barrels) per day, as announced in its July 17, 2024, press release.

"Our team is thrilled to share that we have successfully deployed, installed and commenced function-testing of the field unit on-site at our strategic partner's Permian basin location in West Texas. The introduction of this initial field unit marks the achievement of another critical milestone of our strategy to become one of North America's first commercial producers of lithium from oil field brine," commented Alex Wylie, president and chief executive officer of Volt Lithium. "Volt has reached a critical inflection point with this achievement and is well positioned to commence DLE operations in the field during Q3 2024, which aligns with our previous guidance. We look forward to providing updates as we continue to progress."

U.S. field unit and future commercial operations

Volt deployed and completed installation of its field unit in the Permian basin in August, 2024, which represents a 1:83 scale to future commercial production. Following the installation, the company commenced function-testing of the field unit, positioning Volt on a clear path to full-scale commercialization in the near term.

Building on the success of Volt's previous scale-up efforts at its field simulation centre in Calgary, Alta., the company developed this next-generation field unit, capable of processing in excess of 200,000 litres (1,250 barrels) per day of oil field brine. Volt's field unit is modular and provides the company with the ability to cost-effectively and efficiently scale up further to process commercial levels of brine through the following methods:

1. Adding modules to increase processing capacity;
2. Reducing lithium extraction time to increase volumes;
3. Implementing larger extraction modules.

Based on the detailed historical modelling completed by the company's engineering team, Volt will continually scale up its initial field unit over the next year to achieve commercial production of 100,000 barrels per day, positioning the company as a near-to-market, low-cost and full-scale commercial producer.

Volt's business model, strategy and ability to execute provide clear competitive advantages, regardless of the macro business environment. Volt's phased scale-up approach, extensive testing at its field simulation centre and strategic investment partnership, as well as its low operating cost model, positions the company to mitigate project execution risk while accelerating the timeline to full-scale commercialization. In addition, this approach minimizes Volt's capital at risk and allows for additional validation of the company's proprietary DLE technology prior to full-scale commercialization.

Option grant

Volt announces the grant of an aggregate of 500,000 options to new employees of the company to purchase 500,000 commons shares in the capital of the company pursuant to Volt's stock option plan. The options vest over a six-month period and are exercisable at 44 cents per share for a period of four years from the date of grant, expiring on Aug. 25, 2028.

These grants represent compensation to the to the individuals and consultants for their respective service to the company and as an incentive mechanism to foster and align the interest of such persons in the long-term success of Volt.

Qualified person's 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 are qualified persons 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 they 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 hydroxide and lithium carbonates from oilfield 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 it well 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.

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