Volt Resources Limited implementing plans to become a battery materials producer in Europe and the United States based on an integrated supply chain using flake graphite from its mine and processing plant in Ukraine and the development ready Bunyu graphite project in Tanzania. Battery Anode Material (Spherical Graphite) The Company has completed successful LIB cell cycle testing using coated spheroinised purified graphite ("CSPG") produced from natural graphite originated from the Bunyu Resource in Tanzania. The testwork demonstrated highly consistent performance with negligible degradation of electrochemical characteristics from cycle to cycle.

The flat capacity curve signals that Bunyu graphite can compete not only with other natural graphite battery anode material ("BAM"), but also with higher cost synthetic graphite BAM offerings, in its long-term cycling performance. The testwork confirmed Volt's flake graphite is well-suited for use in the production of battery-ready anode material for energy storage applications. Volt will be adopting the inverted flow sheet for its downstream operations following the successful spheronization and purification results achieved during the testwork program.

The use of this proprietary process enables Volt to not only convert a significant portion of its graphite feed with yields of 74% achieved in the production of battery-ready anode material for lithium-ion batteries, but also generate a range of ultra-high purity by-products for use as electrically conductive diluents in battery cathodes and in a variety of valuable non-battery applications. Energy Supply Developers ("ESD") has selected Volt to be the CSPG supplier for its Gigafactory/Super Site that is expected to commence operations in 2025. ESD is developing a unique integrated LIB facility with planned capacity of up to 50 gigawatt-hours.

The Super Site facilities will be developed by ESD to incorporate battery materials suppliers, LIB cell manufacturer(s), R & D facilities and associated utilities and infrastructure. A well-known U.S. based cell developer has progressed with their testing of the Volt CSPG product and has requested further product sample with specific characteristics to meet their BAM requirements. The requested product sample is being prepared along with discussions on how Volt could supply the cell developer's forecast demand for BAM product.

Ultra-High Purity Graphite The non-spherical ultra-high purity graphite ("UHPG") is a by-product of the spheroidization of purified graphite when producing LIB anode material. Volt will reap the benefits from the inverted flowsheet to produce not only spherical purified graphite for lithium-ion batteries, but also higher- margin UHPG that can be used in applications such as conductivity enhancement and other specialty uses. Alkaline Batteries - Urban Electric Power: The Joint Development Agreement ("JDA") entered into with Urban Electric Power ("UEP") targets improvements in alkaline battery performance while benefitting the end users - consumers of UEP's alkaline battery technologies - by offering a more attractive cost structure than the currently available industry solutions on the market.

Following the successful completion of the graphite technology programs for use in alkaline batteries, UEP and Volt plan to enter into an offtake agreement for the supply of ultra-high purity graphite-based coatings and additives in addition to potential licensing benefits derived from the intellectual property developed. Lead-acid Batteries - Apollo Energy Systems Lead-acid batteries containing Volt's graphite were tested side-by-side with the control formulation whose expander was based on the formulation of traditional carbon materials such as carbon black and ligna sulfonate. Cells containing Volt's graphite consistently delivered higher capacity than the control.

With Volt's graphite expander product, the capacity of the battery continued to gradually increase during cycling which can be attributed to the unique capacitance effect of the Bunyu flake.