Toronto, Ontario--(Newsfile Corp. - November 6, 2023) - Volta Metals Ltd. (CSE: VLTA) ("Volta" or the "Company") is pleased to announce that it has signed exploration agreements with the Whitesand and Animbiigoo Zaagi'igan Anishinaabek ("AZA") First Nations (the "Exploration Agreements"), outlining a framework for collaboration on the Phase 2 Exploration Program for the Falcon West Lithium Property (the "Property") (Figure 1).

Figure 1. Regional location and claim boundaries for the Falcon West Lithium Property (along with the Crescent Lake and Junior Lake properties).

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Volta recognizes the significance of the affected lands to the First Nations. In return, the First Nations have provided their consent for the Company's exploration activities. The Exploration Agreements contain measures to accommodate, prevent, mitigate and address concerns, including impacts to Indigenous rights, cultural values, and the environment in relation to Volta's exploration programs.

Volta's President and CEO, Kerem Usenmez, P.Eng., commented, "These agreements solidify our mutually beneficial working relationship with the communities in the traditional territories where we are advancing our exploration efforts. As part of Volta's commitment to work collaboratively and respectfully with all Indigenous groups, we are aligned with their commitment to protect and enhance the resource-based economy in their traditional territories. These Exploration Agreements come in a very timely manner, as we advance the Falcon West Lithium Project including initial drill testing and expansion of the known and recently discovered pegmatite dikes."

The Phase 2 exploration program is anticipated to commence immediately and will include mechanized stripping of the overburden around the discovered pegmatites, in addition to diamond drilling to test the orientation and size of the Lithium-Cesium-Tantalum ("LCT") pegmatites.

Warrant Issuance

Under the terms of the Exploration Agreement with AZA, Volta has agreed to grant an aggregate of 100,000 common share purchase warrants ("Warrants") to the AZA First Nation. Each Warrant will entitle the holder to purchase one common share of the Company (a "Warrant Share") at an exercise price of [$X.10] per Warrant Share for a period of five years following the date of issuance of such Warrants. The Warrants will be subject to a hold period of four months and one day from their date of issuance.

ABOUT VOLTA METALS LTD.

Volta Metals Ltd. (CSE: VLTA) is a mineral exploration company focused on lithium, cesium, and tantalum and is based in Toronto, Ontario. It has optioned and is currently exploring a critical minerals portfolio of lithium, cesium, and tantalum projects in northwestern Ontario, which is considered to be one of the most prolific emerging hard-rock lithium districts in the world. To find out more about Volta and its flagship Falcon West Lithium Project, please visit www.voltametals.ca.

ON BEHALF OF THE BOARD

For further information, contact:

Kerem Usenmez, President & CEO
Tel: 416.919.9060
Email: info@voltametals.ca
Website: www.voltametals.ca

Neither the CSE nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements relating to product development, plans, strategies, and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. Forward-looking information in this news release includes, but is not limited to, including the Company's planned exploration activities and the Company's aim to prevent and minimize impacts on the First Nations through a variety of mitigation measures and offsetting benefits. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include: the risks detailed from time to time in the filings made by the Company with securities regulators; the fact that Volta's interests in the Property are options only and there are no guarantee that such interest, if earned, will be certain; the future prices and demand for lithium; and delays or the inability of the Company to obtain any necessary approvals, permits and authorizations required to carry out its business plans. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required by law.

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