Volt Lithium Corp. announce the completion of an initial resource report, prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, indicating an inferred mineral resource of 4.3 million tonnes of lithium carbonate equivalent at the Company's Rainbow Lake Property. Key Highlights: 4.3 million tonnes of LCE in the Inferred Mineral Resource category from the Devonian aged Sulphur Point, Muskeg and Keg River (the "Elk Point Group") aquifers; Rainbow Lake Property has an estimated 99.0 billion barrels (15.7 billion cubic metres (m3)) of brine, more than 20 billion barrels higher than the 78 billion barrels previously estimated, with lithium concentrations as high as 121 mg/L and an estimated average associated lithium concentration of 51 mg/L; The Inferred Mineral Resource equates to 215 times the estimated peak production of 20,000 tonnes per year, demonstrating the sheer size and scale of this lithium asset; Results from Volt's current pilot project are anticipated before the end of Q2/23; Volt's total land position at Rainbow Lake equals ~430,000 acres (~670 sections) and features over 1,300 producing wells from which to source brine; Volt intends to focus development on those areas of its asset base featuring the highest lithium concentrations, including the regions highlighted on the map below, where testing demonstrated concentrations between 101 and 121 mg/L in the Muskeg Formation, levels that are expected to drive strong economic returns and robust cash flows.

Estimate Methodology: The estimate was completed using volumetric analytics based on geological parameters that include aquifer geometry, porosity, permeability, pressure, and lithium concentrations. The mineral resource estimate benefited from a considerable amount of data compiled by the oil and gas industry and made public by the Government of Alberta. Key data sets used to determine aquifer brine parameters in the resource area include: drill stem tests (pressure, water quality, and permeability), core plug analyses (porosity and permeability), core logging and facies description (geometry of the aquifer), downhole wireline logs (lithology, total porosity, effective porosity, and permeability), sampling compositional analysis (lithium concentration), and historical production volumes of hydrocarbons and water (context for aquifer pressure and continuity).

Within each of the three Elk Point Group aquifers, the lithium concentrations are as follows: Muskeg aquifer: concentrations in the range of 34.2 to 121.0 mg/L, with an average of 92.3 mg/L based on testing conducted by Volt and verified by third party labs, while Government Data was in the range of 36.0 to 52.0 mg/L with an average of 42.7 mg/L; Keg River aquifer: concentrations in the range of 36.7 to 62.1 mg/L, with an average of 48.7 mg/L based on testing conducted by Volt and verified by third party labs, while Government Data was in the range of 32.0 to 54.0 mg/L with an average of 40.4 mg/L; Sulphur Point aquifer: concentrations in the range of 29.0 to 51.0 mg/L with an average of 40.3 mg/L, based on Government Data.