Mr. Kerem Usenmez reports

VOLTA ANNOUNCES CLOSING OF OVERSUBSCRIBED PRIVATE PLACEMENT, COMMENCES EXPLORATION AND AGREES TO ACQUIRE CLAIMS TO EXPAND ITS FOOTPRINT IN THE SEYMOUR LITHIUM CAMP, ONTARIO

Volta Metals Ltd. has closed its previously announced non-brokered private placement by issuing 4.82 million units of the company at a price of five cents per unit for aggregate gross proceeds of $241,000.

Highlights

• Closed oversubscribed financing -- insiders increased holdings;
• Crew is being mobilized to Dempster lithium and REE (rare-earth elements) pegmatite located in newly acquired ZigZag project, for reconnaissance exploration program;
• Volta acquires a 100-per-cent interest in strategic claims situated within greenstone belt along strike, and contiguous to the Seymour and Falcon lithium trends.

Each unit consists of one common share of the company and one-half of one common share purchase warrant of the company, with each warrant entitling the holder thereof to purchase an additional share at an exercise price of 10 cents per warrant share for a period of 24 months from the closing of the offering.

The company intends to use the net proceeds from the offering to conduct first-pass screening on the newly acquired ZigZag project, an option payment on the Falcon West property, and for general corporate and working capital purposes. Crews are being mobilized to the ZigZag project to collect chip channel samples and prospecting as an initial first pass.

As in every financing the company has completed to date, directors and officers of the company have participated in the offering, thereby continuing to increase insider holdings. The insiders acquired an aggregate of 2.52 million units under the offering. The issuance of the units to the insiders constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to Section 5.5(a) and Section 5.7(1)(a) of MI 61-101, on the basis that the participation in the offering by the insider does not exceed 25 per cent of the fair market value of the company's market capitalization.

The securities issued under the offerings will be subject to a statutory hold period in Canada of four months and a day from the date of issuance in accordance with applicable securities laws. The closing of the offering is subject to the receipt of all required regulatory approvals, including the approval of the Canadian Securities Exchange (the CSE).

Claim acquisition

The company is also pleased to announce that it has agreed to acquire additional claims contiguous to its Lee Creek claims, and to the north end of the Seymour deposit owned by Green Technology Metals (MRE (mineral resource estimate) 10.3 Mt (million tonnes) at 1.03 per cent Li2O), and west of its Falcon-ZigZag claim group, with a total surface area of 1,520 hectares (15.2 square kilometres). The company will acquire a 100-per-cent interest in these newly acquired claims and upon closing, will grant the vendors a 1.5-per-cent net smelter returns royalty.

The company paid $7,875 in cash and will issue 150,000 common shares in its capital to the vendors of the newly acquired claims. This will provide the company with additional ground to explore within the highly prospective greenstone belt. Closing of the acquisition will be on or around five days following the date hereto, as required by the policies of the Canadian Securities Exchange. The common shares will be subject to a four-month hold period under applicable securities laws in Canada.

About Volta Metals Ltd.

Volta Metals is a mineral exploration company based in Toronto, Ont., focused on lithium, cesium and tantalum. It has optioned and is currently exploring a critical minerals portfolio of lithium, cesium, tantalum and gallium projects in Northwestern Ontario, considered one of the world's most prolific, emerging hard-rock lithium districts.

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