Mr. Kerem Usenmez reports

VOLTA METALS ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Volta Metals Ltd. has closed its previously announced non-brokered private placement for aggregate gross proceeds of $220,000 through the issuance of 1.1 million common shares of the company that qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)) at a price of 20 cents per flow-through share.

The gross proceeds from the offering will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through critical mineral mining expenditures as such terms are defined in the Income Tax Act (Canada) related to the company's mineral projects in Northwestern Ontario, on or before Dec. 31, 2024. All qualifying expenditures will be renounced in favour of the subscribers of the flow-through shares with an effective date not later than Dec. 31, 2023.

The company paid a cash commission to a certain finder of an aggregate of $6,400. The flow-through shares issued under the offering will be subject to a hold period of four months and one day from their date of issuance in accordance with applicable Canadian securities laws.

The closing of the offering is subject to certain conditions including, but not limited to, the final acceptance of the Canadian Securities Exchange.

Certain directors and officers of the company (the insiders) subscribed to the offering for an aggregate of 700,000 flow-through shares. The issuance of the 700,000 flow-through shares to the insiders constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the flow-through shares to be acquired by the participating insiders nor the consideration to be paid by such insiders exceeds 25 per cent of the company's market capitalization.

About Volta Metals Ltd.

Volta Metals is a mineral exploration company focused on lithium, cesium and tantalum, and is based in Toronto, Ont. 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.

We seek Safe Harbor.