Mr. Kerem Usenmez reports

VOLTA INTERSECTS HIGH-GRADE GALLIUM MINERALIZATION AT THE SPRINGER REE PROJECT IN ONTARIO, CANADA

Volta Metals Ltd. has released initial gallium assay results from its Springer rare earth project in Sturgeon Falls, Ont., Canada. The newly received assays from drill hole SL25-23 confirm thick, continuous gallium mineralization over a 116.8-metre interval grading 77 grams per tonne Ga2O3 (gallium oxide), including multiple high-grade zones exceeding 100 g/t Ga2O3.

Highlights:

• Broad, continuous gallium mineralization confirmed in borehole SL25-23 with 117 metres assayed to date:
  • 77 g/t Ga2O3 over 117 m (from 59.0 m to 175.8 m);
  • Including 120 g/t Ga2O3 over 11.1 m (from 153.0 m to 164.1 m);
  • Up to 332.0 g/t Ga2O3 over 1.0 m (from 82.0 m to 83 m);
• Results rank among the highest-grade gallium assays reported in North America to date, based on publicly available data;
• Gallium is on the critical mineral list for Canada, Europe, Australia and the United States, and the gallium market is expected to grow significantly from $2.5-billion (U.S.) in 2024 to $21.5-billion (U.S.) by 2034.

These initial Springer results show gallium mineralization within the high-grade range, reinforcing the project's potential to emerge as a leading North American gallium-bearing REE (rare earth element) system (Table 1).

Globally, gallium is primarily produced as a secondary byproduct of aluminum and zinc refining, making primary natural gallium occurrences uncommon. Industry benchmarks generally classify gallium grades as:

• Low grade: less than 35 g/t Ga2O3;
• Moderate grade: 35 to 60 g/t Ga2O3;
• High grade: greater than 60 g/t Ga2O3.

The sampled interval (58.0 m to 175.8 m) from hole SL25-23 ended in 118.3 g/t Ga2O3, with the remainder of the hole (to 372 m) currently undergoing gallium assay.

These results represent the widest and most consistent high-grade gallium intercept identified at Springer to date and demonstrates the project's multicommodity critical minerals potential in addition to its high-grade REE mineralization.

Chief executive officer Kerem Usenmez commented: "These gallium assays further reinforce Springer's position as one of North America's most advanced and strategically important critical minerals projects. The presence of long, continuous intervals with consistently high gallium grades is rare in North America."

Gallium is on the critical mineral list for Canada, Europe, Australia and the United States, with the gallium market expected to grow significantly from approximately $2.5-billion (U.S.) in 2024 to $21.5-billion (U.S.) by 2034. Subject to continuing metallurgical test work, Springer could produce notable byproduct gallium alongside light and heavy rare earth elements.

The global gallium market

The gallium market is overwhelmingly dominated by China, which controls 98 per cent of global gallium production.

Expanding demand across multiple sectors

Demand for gallium has expanded dramatically across a range of high-technology sectors, placing sustained upward pressure on prices. The global gallium market is projected to grow from approximately $2.32-billion (U.S.) in 2024 to $2.91-billion (U.S.) in 2025, representing a compound annual growth rate (CAGR) of 25.4 per cent. More aggressive forecasts suggest the market could reach $17-billion (U.S.) by 2032, expanding at a CAGR of 24.5 per cent. Continued demand growth across the semiconductor, telecommunications, defence and renewable energy sectors is expected to support continuing price strength.

Price increase and market dynamics

Gallium prices have experienced significant volatility in recent years, with a clear upward trend driven by tightening supply and accelerating demand. In December, 2024, gallium price surged to $575 (U.S.) per kilogram, representing a 17-per-cent increase over previous levels and the highest price since 2011.

The most significant factor driving recent price increases has been China's strategic export restrictions. Initial export controls introduced in August, 2023, disrupted global supply chains and pushed prices higher. By December, 2024, China had escalated these measures, announcing a comprehensive ban on gallium exports to the United States, further intensifying market pressures. With China accounting for approximately 98 per cent of global gallium production, these export restrictions have had a disproportionate impact on global supply and pricing. China's production advantage stems from its integration of gallium recovery with its massive aluminum industry as gallium is typically extracted from the alumina processing stream.

Gallium applications

Semiconductor applications and integrated circuits: The semiconductor industry represents the largest demand driver for gallium, with approximately 74 per cent of gallium imported into the United States in 2023 used in integrated circuits. Gallium arsenide (GaAs) and gallium nitride (GaN) have become critical semiconductor materials across a wide range of industries, including high technology, automotive, aerospace, health care and telecommunications. Gallium nitride semiconductors are particularly valuable due to their superior power density and heat resistance properties. Traditionally used primarily in military applications, GaN is now finding increased adoption in commercial applications, including 5G networks, wireless infrastructure, power electronics, satellites, electric vehicles and consumer electronics. As one manufacturer noted, "GaN offers higher power density, more reliable operation and improved efficiency over traditional silicon-only based solutions."

Optoelectric devices: Approximately 25 per cent of gallium consumption goes toward optoelectronic devices such as laser diodes, light-emitting diodes (LEDs), photodetectors and solar cells. Continued growth in consumer electronics devices (such as mobile phones, laptops, televisions and advanced lighting applications) continues to drive demand in this segment. These applications are particularly important for fibre optic communications and high-speed data transmission technologies, both of which represent key long-term growth areas.

Renewable energy applications: The renewable energy sector represents an emerging but potentially significant source of future gallium demand. Thin-film solar panels rely heavily on gallium for their high efficiency, and, as renewable energy adoption accelerates globally, gallium requirements are expected to grow substantially. Europe alone is projected to consume up to 26 times more gallium by 2030 compared with current levels, according to the Fraunhofer Institute. The scale of potential demand is staggering: Austria's planned renewable energy projects, despite serving a population of only nine million, would require approximately 4.5 times the current global gallium production. This statistic underscores the looming supply-demand imbalance as gallium becomes increasingly integral to both energy independence and environmental commitments worldwide.

About the Springer rare earth deposit

The 2012 mineral resource estimate presented for the Springer rare earth project is historical in nature. Volta's qualified person has not completed sufficient work to confirm the results of the historical resource. Volta does not treat this as a current mineral resource but considers it relevant as a guide to future exploration and includes it for reference purposes only. The historical resource was estimated by Tetra Tech Wardrop in 2012. The gallium was not included in this initial mineral resource estimate.

The block model and mineral resource for the Springer rare earth project are classified as having both indicated and inferred mineral resources based on the number of boreholes, borehole spacing and sample data populations used in the estimation of the blocks. The mineral resource estimate for the deposit, at a cut-off of 0.9 per cent total rare earth oxide (TREO), is an indicated resource of 4.2 million tonnes at 1.14 per cent TREO and 0.02 per cent ThO2 (thorium dioxide), with approximately 6 per cent of the TREO being made up of HREOs (heavy rare earth oxides); and an inferred resource of 12.7 million tonnes at 1.17 per cent TREO and 0.01 per cent ThO2, with approximately 4 per cent of the TREO being made up of HREOs.

The 2012 mineral resource, based on 22 diamond boreholes, was estimated by ordinary kriging interpolation on uncapped grades for all 15 REOs and thorium dioxide. The TREO percentage is a sum of the 15 individual interpolations of the REOs (rare earth oxides). No recoveries have been applied to the interpolated estimates.

The 2012 mineral resource estimate categories are not compliant with the current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definition standards. No other resource estimates have been undertaken since the 2012 Tetra Tech Wardrop report. Further drilling will be required by Volta to verify the historical estimate as a current mineral resource.

Quality assurance/quality control protocol

All drilling was completed by a diamond drill rig producing NQ-size core. Volta implemented a strict QA/QC protocol in processing all rock samples collected from the diamond core samples obtained from the Springer REE property. The protocol included inserting reference materials, in this case, high-concentration and low-concentration certified rare earth elements standards, blanks and drill core duplicates, to validate the accuracy and precision of the assay results. All collected rock core samples were cut in half by a rock saw, placed in sturdy plastic bags and zip-tied shut while under the supervision of a professional geologist. The remaining half core was returned to the core box, which is stored on the property. Sample bags were then put in rice bags and kept secure before being sent by road transport to Activation Laboratories Ltd.'s preparation facility in North Bay, Ont. Sample preparation (code RX1) consists of drying and crushing (less than seven kilograms) up to 80 per cent passing two millimetres, riffle splitting (250 grams), and pulverizing (mild steel) to 95 per cent passing 105 micrometres.

The samples from SL25-23 were subsequently analyzed at the Saskatchewan Research Council (SRC) site in Saskatoon, Sask., using Code 8-REE assay (lithium metaborate/tetraborate fusion with subsequent analysis by ICP and ICP/MS). Syenite standard SY-5 from Natural Resources Canada was inserted in the sample stream for every 20 drill core samples. Standard SY5 passed within two standard deviations for rare earth elements (lanthanum to lutetium) and gallium. The rare earth elements assayed by SRC were similar to those previously assayed by Actlabs to further confirm the REE assays from the Springer project.

Qualified person

The technical content of this news release has been reviewed and approved by Dr. Julie Selway, PGeo, who is an independent qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. The qualified person and the company have not completed sufficient work to verify the historical information on the Springer deposit, and it is considered as historical, particularly regarding historical exploration and government geological work.

About Volta Metals Ltd.

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

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