Mr. Kerem Usenmez reports

VOLTA OPTIONS SPRINGER RARE EARTH AND GALLIUM DEPOSIT

Further to Volta Metals Ltd.'s press release issued on Feb. 27, 2025, the company has entered into a definitive option agreement dated June 9, 2025, with RZJ Capital Management LLC (the vendor) to acquire an initial 80-per-cent interest and up to a 100-per-cent interest (the second option) in the Lavergne-Springer rare-earth and gallium project located 80 kilometres east of Sudbury, Ont., Canada, subject to certain encumbrances as noted below.

The project consists of 5,000 hectares of patented and non-patented claims and contains a historic National Instrument 43-101 mineral resource for total rare-earth oxides (TREO) of 4,167,000 tonnes at 1.073 per cent TREO indicated and 12.73 mt (million tonnes) at 1.119 per cent TREO in the inferred resource category at a cut-off of 0.9 per cent. Mineralization starts at surface, the deposit remains open for expansion, and the large property is underexplored for REE-Ga mineralization.

Project highlights

• Advanced rare-earth project (REE) with associated high-grade light REE and gallium near Sturgeon Falls, Ont.;
• Excellent infrastructure with paved road access (one hour from the Sudbury Mining Hub), rail and hydroelectric power servicing the property;
• Multiple wide, shallow intercepts of plus 100 m at greater than 1 per cent TREO, including one of the final drill holes finishing in 12 m at 5 per cent TREO with no subsequent follow-up drilling;
• Consistent elevated gallium intercepts ranging from 57 to 120 grams per tonne over thick intervals, including 87.5 m at 76.4 g/t and 88 m at 62 g/t gallium;
• Positive initial laboratory scale metallurgical test work to produce an upgraded light rare-earth concentrate;
• 5,000-hectare property with patented claims covering the known deposit and unpatented claims covering potential extensions to the east and west.

The Springer deposit

Tetra Tech Wardrop of Toronto completed the (historic) resource estimate in May, 2012, for Rare Earth Metals Inc., which was a junior exploration company listed on the TSX venture Exchange (Table 1 and 2). The mineral resource estimate was completed in accordance with CIM Best Practices and Disclosure guidelines in accordance with NI 43-101 at that time, and Volta has no reason to believe that the mineral resources estimate contained is not relevant or reliable as of the date hereof.

The mineral resource, based on 22 diamond drill holes, was estimated by the ordinary kriging interpolation method on uncapped grades for all 15 rare-earth oxides (REO). The TREO per cent is a sum of the 15 individual interpolations of the REOs. The resource estimate was prepared using a single interpreted domain using a grade shell of 0.31 TREO per cent. A cut-off grade of 0.9 TREO per cent was chosen for the deposit resource estimate based on comparable deposits at the time (Table 1 and Table 2). No recoveries have been applied to the interpolated estimates. Volta is unaware of any other work having been completed on the project since the 2012 mineral resource estimate.

The resource estimate presented for the Springer project is historic in nature. Volta's qualified person has not completed sufficient work to confirm the results of the historical resource. Volta is not treating this as a current mineral resource but is considering it relevant as a guide to future exploration and is included for reference purposes only. Volta will require further drilling to verify the historic estimate as current mineral resources.

Infrastructure

The project is located eight km outside of Sturgeon Falls, Ont., near the Trans-Canada Highway, the Sturgeon Falls power station and the Railway Station. The Crystal Falls power station is located seven km east of the project site, and power lines and paved roads run across the property. The project site is accessible from Sudbury and North Bay and is workable year-round.

Gallium intercepts

Historic drilling also returned thick intercepts of high-grade gallium (Table 3). For reference, the Codero deposit in Nevada is one of the largest unmined primary gallium deposits in North America, with a reported resource of 15 million tonnes at 47.7 ppm (parts per million), with a cut-off grade at 30 ppm.

Gallium is a critical component in the semiconductors, telecommunications and renewable energy sectors, and may also be considered as a possible heat exchange medium in nuclear reactors. Canada and the United States rely on gallium for telecommunications, defence and green energy. Gallium is also used in semiconductors, AI circuitry, radar and microchips. On Dec. 3, 2024, China announced an immediate ban on the export of multiple critical metals, including gallium, exacerbating supply chain challenges.

China currently accounts for 98 per cent of worldwide primary low-purity gallium production.

Examination of the drill database and 3-D modelling by the company as part of its due diligence suggests that the Springer deposit may contain a significant gallium resource. There has been no petrographic or metallurgical testwork completed on the gallium; consequently, it is currently unknown if it is recoverable and/or could form a potentially valuable byproduct. Future work will seek to address this. The company intends to drill and update the 2012 resource estimate in the upcoming exploration season.

Transaction terms

The patented claims that comprise the property are subject to an underlying option agreement between the vendor, as optionee and certain optionors. The company has the right to become the optionee under the underlying agreement in the event of a default by the vendor under such agreement.

In order to earn an 80-per-cent interest in the property, Volta must:

• On the closing date of the definitive agreement, issue an aggregate of 10 million common shares to the vendor, make a cash payment of $100,000 to the vendor and an aggregate cash payment of $220,400 to the underlying optionors;
• On or before the first anniversary of the execution date of the definitive agreement issue an aggregate of 2.5 million common shares to the vendor (the first anniversary shares) and make an aggregate cash payment of $266,000 to the underlying optionors;
• On or before the second anniversary of the execution date, issue an aggregate of 2.5 million common shares to the vendor (the second anniversary shares), make an aggregate cash payment of $266,000 to the underlying optionors, a cash payment of $160,000 to the vendor and an additional cash payment of $76,000 to the underlying optionors.

Upon exercise of the first option, the company will grant the vendor a 2.0-per-cent net smelter returns royalty on the unpatented claims which comprised the property, of which of which 1 per cent of the granted royalty may be bought back for $1-million and assume the obligation to pay 80 per cent of the existing 2.85-per-cent net smelter returns royalty on the patented claims which comprise the property, of which 0.95 per cent of the existing royalty may be bought back for $950,000. The patented claims which comprise the property are subject to the rights of a certain owner of a 5-per-cent interest in such claims, accordingly, the first option is with respect to an 80-per-cent interest to 95 per cent of the patented claims and 100 per cent of the unpatented claims.

Pursuant to the definitive agreement, the company may acquire the remaining 20-per-cent interest until the date that is 12 months following the completion of a feasibility study on the property by paying the vendor the fair market value of the remaining interest at the time of exercise.

Closing of the transaction is subject to certain terms and conditions, including but not limited to the approval of the Canadian Securities Exchange. All common shares issued pursuant to the transaction will be subject to a hold period of four months and one day from the date of issuance. In addition, certain of the closing shares shall be subject to the following trading restrictions: 2.5 million closing shares shall not be tradeable until after the date that is six months from the closing date, 2.5 million closing shares shall not be tradeable until after the date that is 12 months from the closing date and 2.5 million closing shares shall not be tradeable until after the date that is 18 months from the closing date.

Qualified person

The technical content of this news release has been reviewed and approved by Andrew Tims, PGeo, 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 project.

About Volta Metals Ltd.

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

We seek Safe Harbor.