Volt Lithium Corp. provided an operational update that confirms a continued acceleration of the Company's business strategy centered on achieving commercial extraction of lithium from oilfield brines across North America. Pilot plant operations (the "Pilot") for Volt's Rainbow Lake Lithium Project ("Rainbow Lake") in Northwest Alberta were successfully conducted in the spring of 2023 at Regina, Saskatchewan facilities.

Building on this Pilot, the Company has commissioned permanent Demonstration Plant which is capable of testing oilfield brines from multiple basins across North America in real-time. This permanent Demonstration Plant incorporates technology improvements over the proven Pilot plant for the Rainbow Lake brine, thereby opening up a vast market opportunity to process oilfield brines from any basin across North America. This effectively enables Volt to use proprietary DLE technology to extract lithium regardless of the brine's original lithium concentrations.

Outcomes from the permanent Demonstration Plant are expected to also inform the Company's preliminary economic assessment (the "PEA") for Rainbow Lake. One of the most important outcomes from the previously announced collaborations that Volt has with the Zeng Lab and the Advanced Water Treatment Lab, both based out of the University of Alberta in Edmonton, Alberta (the "Collaborations") is Volt's ability to now extract lithium from oilfield brines produced all across North America, over and above Rainbow Lake. The technological advancements Volt realized from both the Pilot and the Collaborations over the summer of 2023 were incorporated into the design and development of the Company's permanent Demonstration Plant.

Volt directed a portion of the proceeds generated through a recent financing to the commissioning of equipment required for permanent Demonstration Plant. The location for the permanent Demonstration Plant in Calgary, Alberta was selected during the third quarter of 2023, and it now serves as anchor facility for processing brines. The permanent Demonstration Plant simulates field conditions for extracting lithium from oilfield brines and converting into lithium hydroxide and lithium carbonates.

With the knowledge and experience gained from Volt's successful Pilot, along with the nanotechnology and water processing expertise afforded by the Collaborations, the Company has been able to successfully remove contaminants from oilfield brines being used for proprietary direct lithium extraction ("DLE") technology. This is a critical step in the DLE process, and contributes to enhancements such as operating cost improvements driven by reduced reagent use, customized brine conditions using filtration to increase lithium chloride (?LiCl?) concentrations for Volt?s eluate and further streamlining the extraction process.