Volt Resources: Share Placement to Continue Development Plans

Highlights

- Share Placement to raise $2.5 million from existing shareholders and new sophisticated investors

- Volt’s Chairman to subscribe for $0.5 million in placement shares, subject to shareholder approval

- Funds raised are to continue the development plans to become a battery graphite materials producer in the US and Europe

- Funds will also be used to advance the Bunyu development funding, debt servicing and when appropriate, make further investment in the Zavalievsky Graphite mine and processing plant

Graphite producer and battery anode material developer Volt Resources Limited (ASX: VRC) (“Volt” or “the Company”) is pleased to announce it has received firm commitments from professional and sophisticated investors for a placement to raise $2.0 million (before costs) (“Placement”) through the issue of 181,818,181 fully paid ordinary shares at $0.011 per share (“Placement Shares”). In addition, Volt’s Chairman, Asimwe Kabunga, subscribed for 45,454,546 fully paid ordinary shares for an additional $500,000 on the same terms as the Placement, subject to shareholder approval, for a total commitment of $2.5 million (“Director Placement”).

Proceeds from the Placement will be utilised to advance activities at Volt’s projects including:

- Continue the development plans to become a battery graphite materials producer in the United States and Europe

- Advance the Bunyu project development funding

- Debt servicing

- When appropriate, make further investment in the Zavalievsky Graphite mine and processing plant; and

- General working capital requirements

Managing Director, Trevor Matthews said “I am very pleased with the level of support from existing shareholders and new investors with this capital raising. Once again Volt’s chairman, Asimwe Kabunga, has shown his strong commitment to the Company through his cornerstone participation in the capital raising.

The Volt Board welcomes all new shareholders and looks forward to a long and successful association. We have a lot of activities in progress, and I look forward to providing further updates to shareholders in due course.”

The Company will issue 181,818,181 of the Placement Shares using its 10% placement capacity under ASX Listing Rule 7.1A.

Volt will seek shareholder approval for the participation of Director Mr Asimwe Kabunga for a total of 45,454,546 Placement Shares.

The issue price of $0.011 per Placement Share under the Placement is a 44% discount to the 15-day VWAP of the trading price of the Company's shares prior to the stock being placed in a Trading Halt on 28 February 2022.

-ENDS-

This announcement was authorised for release by the Board of Volt Resources Ltd.

For further information please contact:

Trevor Matthews

Managing Director

Tel: +61 8 9486 7788

Alex Cowie

Investor Relations

Tel: +61 412 952610

Volt Resources Ltd ACN 106 353 253

Level 25, 108 St George’s Terrace, Perth WA 6000

Telephone: +61 (0)8 9486 7788

About Volt Resources Limited

Volt Resources Limited (“Volt”) is a graphite producer/developer and gold exploration company listed on the Australian Stock Exchange under the ASX code VRC. Volt has a 70% controlling interest in the Zavalievsky Graphite business in Ukraine. Zavalievsky is in close proximity to key markets with significant developments in LIB facilities planned to service the European based car makers and renewable energy sector. ZG benefits from an existing customer base and graphite product supply chains based on excellent transport infrastructure covering road, rail, river and sea freight combined with reliable grid power, ample potable ground water supply and good communications1 [i].

Volt acquired three licence applications that are considered to be prospective for lithium-borate mineralisation. The licence applications are in respect to a total area of 291km2, located in Serbia and are west and south-west of the Serbian capital, Belgrade [ii].

Volt is progressing the development of its large wholly-owned Bunyu Graphite Project in Tanzania, as well as gold exploration in Guinea leveraging the Company’s existing extensive networks in Africa.

The Bunyu Graphite Project is ideally located near to critical infrastructure with sealed roads running through the project area and ready access to the deep-water port of Mtwara 140km from the Project. In 2018, Volt reported the completion of the Feasibility Study (“FS”) into the Stage 1 development of the Bunyu Graphite Project. The Stage 1 development is based on a mining and processing plant annual throughput rate of 400,000 tonnes of ore to produce on average 23,700tpa of graphite products [iii]. A key objective of the Stage 1 development is to establish infrastructure and market position in support of the development of the significantly larger Stage 2 expansion project at Bunyu.

The Guinea Gold Projects comprise 6 permits in Guinea, West Africa having a total area of 348km. The Projects are located in the prolific Siguiri Basin which forms part of the richly mineralised West African Birimian Gold Belt.

[i] Refer to Volt’s ASX announcements titled “Volt to Acquire European Graphite Business following Completion of Due Diligence” dated 14 May 2021 and “Completion of the ZG Group Transaction Following Execution of New Convertible Securities Facility” dated 26 July 2021.

[ii] Refer to Volt’s ASX announcement titled “Strategic European Lithium Acquisition – Jadar North” dated 18 November 2021.

[iii] Refer to Volt’s ASX announcement titled “Positive Stage 1 Feasibility Study Bunyu Graphite Project” dated 31 July 2018. The Company confirms that it is not aware of any new information or data that materially affects the information included in this document and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.