Volt Lithium Corp. (TSXV: VLT | OTCQB: VLTLF I FSE: I2D)
("
Volt" or the "
Company")
announces the successful deployment, installation and commenced
function-testing of its first Field Unit located in the Permian
Basin in Texas, paving the way for first lithium production. The
Company is also pleased to announce that the Field Unit will be
capable of processing over 200,0001 litres (1,250 barrels) of
oilfield brine per day, representing a two-times scale-up from
Volt’s previous processing capabilities of 96,0001 litres (600
barrels) per day, as announced in its July 17, 2024, press release.
“Our team is thrilled to share that we have
successfully deployed, installed and commenced function-testing of
the Field Unit on-site at our strategic partner’s Permian Basin
location in West Texas. The introduction of this initial Field Unit
marks the achievement of another critical milestone of our strategy
to become one of North America’s first commercial producers of
lithium from oilfield brine,” commented Alex Wylie, President &
CEO of Volt Lithium. “Volt has reached a critical inflection point
with this achievement and is well positioned to commence DLE
operations in the field during Q3 2024, which aligns with our
previous guidance. We look forward to providing updates as we
continue to progress.”
U.S. Field Unit and Future Commercial
Operations
Volt deployed and completed installation of its
Field Unit in the Permian Basin in August, 2024, which represents a
1:83 scale to future commercial production. Following the
installation, the Company commenced function-testing of the Field
Unit, positioning Volt on a clear path to full-scale
commercialization in the near-term.
Building on the success of Volt’s previous
scale-up efforts at its field simulation centre in Calgary, Alberta
(the “Field Simulation Centre”), the Company
developed this next generation Field Unit, capable of processing in
excess of 200,000 litres (1,250 barrels) per day of oilfield brine.
Volt’s Field Unit is modular and provides the Company with the
ability to cost-effectively and efficiently scale-up further to
process commercial levels of brine through the following
methods:
a) Adding
modules to increase processing capacity;
b) Reducing
lithium extraction time to increase volumes; and
c) Implementing
larger extraction modules.
Based on the detailed historical modelling
completed by the Company’s engineering team, Volt will continually
scale-up its initial field unit over the next year to achieve
commercial production of 100,000 barrels per day, positioning the
Company as a near-to-market, low-cost and full-scale commercial
producer.
Volt’s business model, strategy and ability to
execute provide clear competitive advantages, regardless of the
macro business environment. Volt’s phased scale-up approach,
extensive testing at its Field Simulation Centre and strategic
investment partnership, as well as its low operating cost model,
positions the Company to mitigate project execution risk while
accelerating the timeline to full-scale commercialization. In
addition, this approach minimizes Volt’s capital at risk and allows
for additional validation of the Company’s proprietary DLE
technology prior to full-scale commercialization.
Option Grant
Volt announces the grant of an aggregate of
500,000 options (the "Options") to new employees
of the Company to purchase 500,000 commons shares (the
“Shares”) in the capital of the Company pursuant
to Volt’s stock option plan. The Options vest over a six month
period and are exercisable at $0.44 per Share for a period of four
years from the date of grant, expiring on August 25, 2028.
These grants represent compensation to the to
the individuals and consultants for their respective service to the
Company and as an incentive mechanism to foster and align the
interest of such persons in the long-term success of Volt.
Qualified Person’s
Statement
Scientific and technical information contained
in this press release has been reviewed and approved by Doug
Ashton, P.Eng, and Meghan Klein, P.Eng of Sproule Associates
Limited, each of whom are qualified persons within the meaning of
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). Mr. Ashton and Ms. Klein consent to the
inclusion of the data in the form and context in which it
appears.
About Volt
Volt is a lithium development and technology
company aiming to be one of North America’s first commercial
producers of lithium hydroxide and lithium carbonates from oilfield
brine. Our strategy is to generate value for shareholders by
leveraging management’s hydrocarbon experience and existing
infrastructure to extract lithium deposits from existing wells,
thereby reducing capital costs, lowering risks and supporting the
world’s clean energy transition. With four differentiating pillars,
and a proprietary Direct Lithium Extraction
(“DLE”) technology and process, Volt’s innovative
approach to development is focused on allowing the highest lithium
recoveries with lowest costs, positioning us well for future
commercialization. We are committed to operating efficiently and
with transparency across all areas of the business staying sharply
focused on creating long-term, sustainable shareholder value.
Investors and/or other interested parties may sign up for updates
about the Company’s continued progress on its website:
https://voltlithium.com/.
Contact Information
For Investor Relations inquiries or further
information, please contact:
Alex Wylie, President &
CEO T:
+1.403.830.5811E: info@voltlithium.com
Or
Greg Foofat, Vice President, Investor
RelationsT: +1.587.888.5213E: info@voltlithium.com
Forward Looking Statements
This news release includes certain
“forward-looking statements” and “forward-looking information”
within the meaning of applicable Canadian securities laws. When
used in this news release, the words “anticipate”, “believe”,
“estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “will”,
“would”, “could”, “schedule” and similar words or expressions,
identify forward-looking statements or information. Statements,
other than statements of historical fact, may constitute
forward-looking information and include, without limitation,
information with respect to the terms of the operational milestone,
Volume Scale-up. Extraction Time Improvements and Continuous
Processing vs Batch Processing, the deployment of the Field Unit in
the Permian Basin, the production of battery grade lithium by the
Field Unit, and the commercial production of lithium from oilfield
brine. With respect to the forward-looking information contained in
this press release, the Company has made numerous assumptions.
While the Company considers these assumptions to be reasonable,
these assumptions are inherently subject to significant
uncertainties and contingencies and may prove to be incorrect.
Additionally, there are known and unknown risk factors which could
cause the Company’s actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information contained herein including those known risk factors
outlined in the Company’s annual information form dated February
29, 2024 and (final) short form base shelf prospectus dated July
20, 2023. All forward-looking information herein is qualified in
its entirety by this cautionary statement, and the Company
disclaims any obligation to revise or update any such
forward-looking information or to publicly announce the result of
any revisions to any of the forward-looking information contained
herein to reflect future results, events or developments, except as
required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
1 The figures presented assume continuous production with no
downtime for equipment maintenance or failure.