Volt Lithium Corp. announced 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. 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. 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. 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 IES-300 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. 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 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. 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.

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.