HIGHLIGHTS

• Three channel sample lines returned high-grade Li₂O:
  • Far West North: 1.47% Li₂O over 3m
  • Far West South: 1.59% Li₂O over 8.6m
  • Newly discovered AJ: 1.2% Li₂O over 5m
• Highest grades obtained were;
  • 2.47% Li₂O and up to 193 ppm Cesium over 1m, and
  • 223 ppm Cesium over 0.5m at Falcon West South Pegmatite dyke
• Latest discovery, AM Spodumene Pegmatite, channel sampled, assays pending
• Mechanized removal of till and overburden cover around the pegmatite outcrops, followed by diamond drilling planned in Q4 2023

Toronto, Ontario--(Newsfile Corp. - October 3, 2023) - Volta Metals Ltd. (CSE: VLTA) ("Volta" or the "Company") is pleased to report channel sample assay results collected from three spodumene-bearing pegmatite dykes, located at its Falcon West Lithium property in the emerging Seymour-Falcon Lithium field in Northwestern Ontario, Canada (Figure 1). Consolidated channel sample results are shown in Table 1.

Figure 1. Satellite photo map showing the location of the channel sampling sites on the Falcon West Lithium property. The significant Li₂O % intervals are reported on the map.

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Table 1. Composite sample results from Falcon West Lithium Pegmatites

All three channel samples taken from each spodumene-bearing pegmatite returned intervals containing high lithium grades ranging from 0.85% to 2.47% Li₂O (Table 2). Eight additional channel samples were taken from the recently discovered AM Spodumene Pegmatite. These samples were delivered to ActLabs with the assay results pending. The Company continues to explore the property and plans for mechanized stripping and trenching to generate additional targets for its upcoming drilling program in Q4.

Table 2. Table of Selected Individual Lithium (>0.5% Li₂O) Channel Sample Results

Volta's CEO, Kerem Usenmez, P.Eng., commented, "We are highly pleased and encouraged with the assay results we obtained from three outcrops, validating its high-grade nature across the pegmatite body on surface."

The Company's technical advisor, Dr. Fred Breaks, commented, "The high-grade Li₂O assay results confirm our visual observations of large spodumene crystals uniformly spread across the surface of these pegmatites. The pegmatites are likely of the albite-spodumene-type, and such pegmatites can occur as large tonnage, tabular bodies with fairly homogenous lithium values (Cerny 1989)."

Figure 2. Channel sampling across newly discovered JT Spodumene pegmatite

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QA/QC Protocol

Volta implemented a strict QA/QC protocol in processing all rock samples collected from the channel samples obtained from the Falcon West Lithium property. The protocol included inserting and monitoring appropriate reference materials, in this case, high-concentration and low-concentration certified OREAS lithium standards, blanks, and duplicates, to validate the accuracy and precision of the assay results. All collected rock samples were put in sturdy plastic bags, tagged, and sealed by professional geologists. Sample bags were then put in rice pouches and kept secure before being sent by road transport to Activation Laboratories Ltd. in Thunder Bay, Ontario. Lithium was analyzed by Peroxide Fusion ICP-OES method (8-Li package).

Qualified Person

The technical content of this news release has been reviewed and approved by Andrew Tims, P.Geo., who is an independent Qualified Person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP and the Company have not completed sufficient work to verify the historical information on the Properties, particularly regarding historical exploration, neighbouring companies, and government geological work.

For more information about the Company, view Volta's website at www.voltametals.ca.

ABOUT VOLTA METALS LTD.

Volta Metals Ltd. (CSE: VLTA) is a mineral exploration company focused on lithium, cesium, and tantalum, and is based in Toronto, Ontario. It has optioned and is currently exploring a critical minerals portfolio of lithium, cesium, and tantalum projects in Northwestern Ontario, which is considered to be one of the most prolific emerging hard-rock lithium districts in the world. To find out more about Volta and its flagship Falcon West Project, please visit www.voltametals.ca.

ON BEHALF OF THE BOARD

For further information, contact:

Kerem Usenmez, President & CEO
Tel: 416.919.9060
Email: info@voltametals.ca
Website: www.voltametals.ca

Neither the CSE nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition, belief, estimate or opinion, or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "interpreted", "pending", "suggests", "preliminary", "estimates", "confident", "may", "aims", "targets", "could", "would", "will", or "plans" and similar expressions, or that events or conditions "will, "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based upon information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information.

Forward-looking information in this news release could include, but is not limited to the Company's objectives, goals or future plans, statements, potential mineralization, the interpretation of drilling, assay results, and other analytical test work, cost estimates and plans to execute and complete exploration programs; future exploration and mine development plans; and the timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to the failure to identify mineral resources, the preliminary nature of assay and metallurgical test results, unusual geological or technical problems, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations, legislative and regulatory changes, uncertainties relating to the availability and costs of financing needed in the future to fund outstanding property option payments and continued exploration programs, changes in equity markets, inflation, the cost of skilled and unskilled labour, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required by law.

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