VOLT LITHIUM CORP. ANNOUNCES SUCCESSFUL PILOT PROJECT

VOLT LITHIUM CORP. ANNOUNCES SUCCESSFUL PILOT PROJECT,
CONFIRMING 90% LITHIUM RECOVERY, COMMERCIAL ECONOMICS
AND UNPRECEDENTED BREAKTHROUGH

• Pilot Project achieved 90% lithium recoveries at concentrations as low as 34 mg/L
• 97% recoveries achieved using 120 mg/L concentrations under simulated operating conditions
• Operating costs under CAD$4,000 per tonne at 120 mg/L expected to drive robust economics
• Novel breakthrough confirms commercial lithium extraction at low concentrations
• Pilot Project results set the stage for preparation of Preliminary Economic Assessment
  Calgary, Alberta, Canada, May 24, 2023 – Volt Lithium Corp. (TSX-V: VLT, OTCQB: VLTLF, FSE:
  I2D) (“Volt” or the “Company”) is very pleased to announce the results from a successful pilot
  project to test its proprietary direct lithium extraction (“DLE”) technology in a simulated commercial
  environment (the “Pilot Project”). The Pilot Project proved the Company’s ability to achieve
  lithium recoveries of 90% based on concentrations of only 34 mg/L. The Company also simulated
  operating conditions at concentrations of 120mg/L and achieved recoveries of up to 97% with
  operating costs under CAD$4,000 per tonne, assuming sustained average annual production of
  20,000 tonnes (tpa) of lithium hydroxide monohydrate (“LHM”). Further, in an unprecedented
  result, the Pilot Project proved Volt’s DLE technology can maintain 90% lithium recoveries in
  concentrations as low as 34 mg/L, and still maintain commercial economics, an achievement that
  has yet to be reported by other lithium producers.
  “Volt has achieved remarkable and ground-breaking results through the Pilot Project, and
  achieved an impressive 97% recovery rate with 120 mg/L concentrations under simulated
  operating conditions. I want to thank the entire R&D, operational and engineering teams for their
  dedication and hard work in successfully executing this first phase,” commented Alex Wylie,
  President and CEO of Volt. “These results confirm that Volt’s proprietary technology is a true
  game-changer. With this accomplishment, we are poised to lead the way in North America as the
  first commercial producer of lithium from oilfield brines, which we are targeting for the second half
  of next year.”
  Volt is pleased to be participating in a webinar hosted by Energy Prospectus Group later this
  morning, Wednesday, May 24 at 11AM ET (9AM MT / 8AM PT) to discuss the Company, the
  significance of these results and what lies ahead for Volt and its stakeholders. All interested
  parties are encouraged to join the live webinar by clicking HERE.
  PILOT PROJECT PROVES COMMERCIALITY OF VOLT’S TECHNOLOGY
  In March of 2023, Volt commenced its Pilot Project which was designed to simulate a commercial
  operating environment and allow the Company to confirm economic recoveries of lithium at
  concentrations of up to 120 mg/L, an equivalent concentration to that found in the Muskeg aquifer
  at Volt’s Rainbow Lake Property as outlined in the Company’s press release issued May 18, 2023.
  The Pilot Project enables Volt to verify the extraction capabilities of its IES-300 technology and to
  determine operating costs for the DLE process, a key factor in determining viability for commercial
  applications and ultimate profitability.
  The Company consistently achieved extraction recoveries up to 90% using IES-300 at low lithium
  concentrations of 34 mg/L. Volt simulated pilot conditions using brine concentrated to 120 mg/L
  and achieved lithium extraction results as high as 97% with realized operating costs of less than
  CAD$4,000 per tonne, assuming sustained average production of 20,000 tpa of LHM. The
  Company intends to process brines with lithium concentrations of 120 mg/L through the Pilot
  Project in the next week to validate in practice the results Volt realized in its simulated
  environment.
  As outlined in the Company’s technical report, Volt has a total inferred mineral resource of 4.3
  million tonnes of lithium carbonate equivalent (“LCE”) (4.9 million tonnes of LHM) at its Rainbow
  Lake property, more than 215 times its targeted sustained average production of 20,000 tpa, with
  lithium concentrations as high as 121 mg/L. This affords Volt ample brine sources at varying
  lithium concentrations in its current asset base to continue advancing commercial development,
  including commencing discussions to secure the required refining infrastructure needed to
  generate commercial quantities of LHM.
  Volt’s R&D and operational team, led by Dr. John McEwen, PhD, Chem, believe the operating
  conditions have been successfully achieved for lithium extraction culminating in a successful Pilot
  Project.
  PROPRIETARY TWO-STAGE DLE TECHNOLOGY PROCESS
  Volt’s proprietary DLE technology involves a two-stage process to extract lithium from oilfield
  brine. In Stage One, the oilfield brine is treated using proven equipment and established
  processes, and during the Pilot Project, Volt confirmed the ability to effectively remove up to 99%
  of contaminants in the preparation of clean brine for the DLE process. This is critical as having
  contaminants in the brine causes interference during the DLE process and can lead to
  uneconomic processes.
  In Stage Two, Volt uses the Company’s proprietary IES-300 technology to extract lithium from the
  brine, which is concentrated down into a lithium chloride solution that will ultimately be upgraded
  to LHM, an essential raw material required for batteries, and in particular, electric vehicle
  batteries. Volt’s IES-300 technology reduces the amount of re-agent required to treat oilfield brine
  as it enters the extraction process.
  The combination of continued high lithium extraction levels, a streamlined process and ongoing
  efficiency improvements has resulted in lower operating costs for Volt, demonstrated at less than
  CAD$4,000 per tonne in the Pilot Project, driving robust economics that can support sustainability
  and anticipated profitability over the long-term.
  STRATEGIC IMPORTANCE OF PILOT PROJECT BREAKTHROUGH
  While the Company’s asset base offers significant development opportunities at the higher lithium
  concentration levels, Volt recognized that expanding its asset base and access to brine
  necessitates achieving extraction recovery levels of at least 90% using brine that contains much
  lower lithium concentrations.
  Through the Pilot Project, the Company
  simulated a number of operating conditions
  and various cycle times for its proprietary IES300 technology in order to determine the
  parameters for eventual commercial
  operations and confirm IES-300 was robust
  enough to successfully extract lithium from the
  lowest concentration brine in oilfields and other
  reservoirs. Volt succeeded in achieving
  recoveries of 90% at concentrations as low as
  34 mg/L, with the operating costs associated
  with varying concentration levels under
  commercial operating assumptions shown in
  Figure A. This technological discovery
  effectively opens up multiple oilfield reservoirs across North America that can now offer
  commercial lithium extraction using Volt’s proprietary DLE process.
  The operating cost estimates presented in Figure A included reagent, direct and indirect costs for
  the DLE process, with approximately 63% of the total operating costs based on usage of reagent
  and other consumables that are required to extract lithium from the brine, as well as conversion
  to LHM. Since the Company did not seek to optimize reagent usage during the Pilot Project, Volt
  anticipates that future reagent consumption can be optimized and will be explored once a
  permanent pilot plant is commissioned.
  NEXT STEPS
  Based upon the successful execution of the Pilot Project, Volt will look to establish a permanent
  pilot plant in order to continue refining its IES-300 technology, test the optimization of reagent
  usage, and continue to improve operating conditions with the goal of continually driving down
  operating costs to achieve improved economics that underpin commencing commercial
  operations.
  $3,944 *
  $5,951
  $8,627
  120 mg/L 75 mg/L 50 mg/L
  Figure A
  Total Opex at Varying Concentrations
  $CAD / tonne
  *Assumes 20,000 tpa
  In addition, Volt will continue to focus on upgrading its resource estimate and commencing the
  preparation of a Preliminary Economic Assessment based on the successful extraction and
  operating results of this Pilot Project and the Company’s recently published NI 43-101 resource
  report. Volt will also advance the engineering design phase to determine the optimal commercial
  parameters for its DLE process which will ultimately support the achievement of commercial
  production by the second half of 2024.
  QUALIFIED PERSON
  Scientific and technical information contained in this press release has been prepared under the
  supervision of Doug Ashton, P.Eng, and Meghan Klein, P.Eng of Sproule Associates Limited,
  each of whom are qualified persons within the meaning of National Instrument 43-101 –
  Standards of Disclosure for Mineral Projects (“NI 43-101”).
  About Volt
  Volt is a lithium development and technology company aiming to be North America’s first
  commercial producer of LHM and lithium carbonates from oilfield brine. Our 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, Volt’s innovative approach to
  development is focused on allowing the highest lithium recoveries with lowest costs, positioning
  us well for future commercialization. We are committed to operating efficiently and with
  transparency across all areas of the business staying sharply focused on creating long-term,
  sustainable shareholder value. Investors and/or other interested parties may sign up for updates
  about the Company’s continued progress on its website: https://voltlithium.com/.
  Contact Information
  For Investor Relations inquiries or further information, please contact:
  Alex Wylie, President & CEO
  awylie@voltlithium.com
  M: +1.403.830.5811
  Forward Looking Statements
  This news release includes certain “forward-looking statements” and “forward-looking
  information” within the meaning of applicable Canadian securities laws. When used in this news
  release, the words “anticipate”, “believe”, “estimate”, expect”, “target”, “plan”, “forecast”, “may”,
  “would”, “could”, “schedule” and similar words or expressions, identify forward-looking statements
  or information. Statements, other than statements of historical fact, may constitute forward looking
  information and include, without limitation, statements about future exploration activities; the
  preparation and disclosure of a NI 43-101 technical report; the merits of the Rainbow Lake Project;
  the disclosure of additional technical information and recommended exploration activities for the
  Rainbow Lake Project; the financial position, assets, liabilities and loss position of Volt; Volt’s
  future financial commitments; Volt’s expected financial position and financial commitments
  following completion of the Acquisition; the satisfaction of closing conditions and completion of
  the Acquisition; the merits of the Acquisition; the ownership and management of the Company
  upon closing; the minerals targeted by Volt; that the Acquisition accelerates the execution of the
  Company’s strategy; and the expected closing of the Acquisition. Forward-looking statements and
  forward-looking information also include any statements relating to future mineral production,
  liquidity, enhanced value and capital markets profile of Volt , future growth potential for Volt and
  its business, and future exploration plans. With respect to the forward-looking information
  contained in this news release, the Company has made numerous assumptions regarding, among
  other things, the closing of the Acquisition; the approval of the TSXV; and the ability of the parties
  to complete the Acquisition as contemplated in the Agreement. Assumptions have also been
  made regarding, among other things, the price of copper, lithium and other metals; no escalation
  in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated
  costs of development of exploration projects; Volt’s ability to operate in a safe and effective
  manner and its ability to obtain financing on reasonable terms, that the geological, metallurgical,
  engineering, financial and economic advice that the Company has received is reliable and are
  based upon practices and methodologies which are consistent with industry standards. While the
  Company considers these assumptions to be reasonable, these assumptions are inherently
  subject to significant uncertainties and contingencies and may prove to be incorrect. Additionally,
  there are known and unknown risk factors which could cause the Company’s actual results,
  performance or achievements to be materially different from any future results, performance or
  achievements expressed or implied by the forward-looking information contained herein. Known
  risk factors include, among others: fluctuations in commodity prices and currency exchange rates;
  uncertainties relating to interpretation of well results and the geology, continuity and grade of
  mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates,
  production estimates and estimated economic return; inability to obtain TSXV approval on terms
  acceptable to the Company and the Vendors; inability to satisfy the closing conditions of the
  Agreement; inability to realize the expected synergies from the Acquisition; the need for
  cooperation of government agencies in the exploration and development of properties and the
  issuance of required permits; the need to obtain additional financing to develop properties and
  uncertainty as to the availability and terms of future financing; the possibility of delay in exploration
  or development programs or in construction projects and uncertainty of meeting anticipated
  program milestones; uncertainty as to timely availability of permits and other governmental
  approvals; increased costs and restrictions on operations due to compliance with environmental
  and other requirements; increased costs affecting the metals industry and increased competition
  in the metals industry for properties, qualified personnel, and management. All forward-looking
  information herein is qualified in its entirety by this cautionary statement, and the Company
  disclaims any obligation to revise or update any such forward-looking information or to publicly
  announce the result of any revisions to any of the forward-looking information contained herein to
  reflect future results, events or developments, except as required by law.