Mr. V-Bond Lee reports

VOLT CARBON ADVANCES GRAPHITE-TO-GRAPHENE AND EXPANDABLE GRAPHITE MANUFACTURING PLATFORM

Volt Carbon Technologies Inc. has developed a flexible downstream manufacturing process at its Guelph, Ont., facility and has produced multiple batches of graphene oxide and expandable graphite for product trials.

The process is designed to operate downstream from Volt's proprietary air classification technology. After crushed graphite ore is dry separated into a graphite concentrate, Volt's downstream process converts the concentrate into either graphene oxide or expandable graphite. Importantly, the same downstream processing equipment can be configured to produce either product, reducing the need for two separate processing lines.

Volt's objective has always been to help build a secure North American supply chain for advanced carbon materials. The company's graphite concentrate, graphene and expandable graphite are all targeted at North American markets that have historically relied heavily on foreign supply.

Graphene process advances from approximately five to three layers

Volt has also continued to improve its graphene manufacturing process. As previously announced on Oct. 2, 2025, Volt produced approximately five-layer reduced graphene oxide (rGO). When incorporated into epoxy test coupons, mechanical testing demonstrated a 40-per-cent to 60-per-cent improvement in mechanical properties compared with virgin epoxy. Since then, Volt has further optimized its process. Recent XRD characterization performed at University of Waterloo laboratories indicates approximately three graphene layers. Graphene oxide is a functionalized material that can be further processed into rGO and used as an additive in applications such as advanced composites.

Expandable graphite: 325 millilitres per gram

Expandable graphite is the second product that can be produced through Volt's flexible downstream process. As publicly reported by Green Battery Minerals Inc. on July 31, 2024, independent testing by ProGraphite GmbH of graphite processed using Volt's dry separation technology achieved an expansion rate of 325 mL/g and approximately 98.5-per-cent carbon after expansion. Green Battery's news release quoted ProGraphite as describing the expansion as an "excellent result" for 80-plus-mesh material and reported that the graphite was very suitable as precursor material for expandable graphite production. Expandable graphite is used in applications including passive fire protection and thermal management and can also be processed into expanded graphite and graphite foil.

Additional production equipment arrives in Guelph

As announced on May 6, 2026, Volt ordered additional equipment to support batch-scale production of graphene-based materials and expandable graphite. The equipment has now arrived at Volt's Guelph facility and is being incorporated into the company's downstream processing capabilities. Volt intends to continue producing batches of graphene oxide and expandable graphite for process optimization, characterization, and customer evaluation.

Volt's current batch-scale graphene production can support meaningful customer trials because graphene can be evaluated at very low loading levels. In the company's previous epoxy testing, a 0.5-per-cent loading represents approximately five kilograms per tonne of finished composite, with even lower loading levels being evaluated for applications such as carbon-fibre composites.

V-Bond Lee, chief executive officer, commented: "The concept is simple: start with natural graphite and create multiple higher-value products. One flexible processing platform can produce either graphene oxide or expandable graphite, and we have now produced multiple batches of both. We have also advanced our graphene from approximately five layers to approximately three layers based on recent XRD characterization at University of Waterloo laboratories. We are continuing to push toward the limits of what can be achieved with natural graphite while developing practical processes that can be scaled and used by customers. There is still a lot of work ahead, but our capabilities continue to improve every day."

About Volt Carbon Technologies Inc.

Volt Carbon is a publicly traded carbon science company focused on advanced carbon materials, energy storage and green energy technologies. The company is developing a vertically integrated platform designed to transform natural graphite resources into high-value carbon products, including graphite concentrates, graphene, battery materials and lithium batteries. Volt Carbon holds mineral interests in Quebec and British Columbia, Canada, and operates facilities supporting both carbon material processing and battery technology development.

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