Multiple Pegmatite Outcrops Discovered over a 6

HIGHLIGHTS

Initial exploration at Root Lithium Project identified 22 evolved pegmatites suspected to be of Lithium-Cesium-Tantalum (LCT) type, spanning a 6-kilometre trend

Rock chip samples collected at the Root, Kim and Store Lake properties are currently being assayed, with results expected late July / early August

Phase 1 reconnaissance exploration on Wakeman continues

Toronto, Ontario--(Newsfile Corp. - July 18, 2023) - Volta Metals Ltd. (CSE: VLTA) ("Volta" or the "Company") announces that it has completed prospecting programs in the Kim Lake, Root Lake and Store Lake properties in northwest Ontario (Figure 1). The prospecting program on Wakeman Lake property is underway with a follow-on MMI soil program planned.

Figure 1. Volta properties in northwest Ontario

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Root Lake

Phase 1 field work on the Root Lake Lithium project concentrated on the northern portion of the property where outcropping pegmatite outcrops were noted. The exploration team has mapped and sampled multiple suspected LCT pegmatite outcrops identified along 6km strike (Figure 2).

A total of 22 white, muscovite-bearing pegmatites containing abundant tourmaline and garnets were sampled. Pegmatite widths ranged from 10 to 300 cm and were traced up to 60 m along a strike of N60°E. Quartz cores were locally present along with plumose muscovite textures. (Figure 2).

Figure 2. Map of Root Lake property pegmatite outcrops

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Kim Lake

Kim Lake was extensively covered due to the well-developed logging and grid roads throughout the property. The mapping and prospecting teams mainly encountered pink to white, and gneissic to massive granites mainly trending in the east-west direction. Multiple granitic, fine to coarse grained dikes were observed cross cutting and following the gneissic banding.

Store Lake

Prospecting and mapping of the Store Lake property was limited to the eastern portion due to the lack of road and lake access to the central and western parts of the claim. The covered areas mainly contained pink gneissic granites trending in the east-west direction. At some of the topographic highs, massive pink granites were observed.

Wakeman Lithium Property

Geologically the Wakeman Property is located within the fertile Allison Lake Batholith, which is believed to be the source intrusion of the Lithium-Cesium-Tantalum (LCT) pegmatite occurrences in the emerging Lithium field (Figure 3). The field crew is prospecting the southern portion of the Wakeman Lithium Project, as part of the Phase 1 exploration program.

Phase 2 will include MMI soil sampling, which will be following up on the Company's technical advisor Dr. Breaks' earlier work which returned anomalous Li, Rb, and Cs levels in addition to indicator minerals indicating advanced pegmatite evolution, all permissive signatures for the development of a Lithium bearing pegmatite system.

Figure 3. Geology of Wakeman Property

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Shares to be issued

Pursuant to the applicable Option Agreements, Volta will issue 167,866 Common Shares as part of the commitment to earn a 100% interest on the Root Property and 95,923 Common Shares as part of the commitment to earn a 100% interest on the Whitelights Property. The Common Shares will be issued at a deemed issue price of $0.2085 per Common Share.

The Common Shares will be subject to a four-month hold period under applicable securities laws in Canada.

Qualified Person

This technical content of this news release has been reviewed and approved by Andrew Tims, P.Geo., 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 historic information on the Properties, particularly regarding historical exploration, neighbouring companies, and government geological work.

For more information about the Company, view Volta's website: voltametals.ca

ABOUT VOLTA METALS LTDVolta 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 Project, please visit voltametals.ca.

ON BEHALF OF THE BOARD

For further information, contact:

Kerem Usenmez, President & CEOTel: 416.919.9060Email: [email protected]: 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 receipt of all necessary regulatory and CSE approvals, authorizations and consents and corporate and shareholder approvals required in connection therewith; Corporation's share options, including the timing thereof; the Optioned Properties, including whether any such properties will be further explored or developed; the makeup of the Resulting Issuer's management team upon completion of the Transaction; the anticipated business plans and timing of future activities of the Resulting Issuer; and the anticipated benefits and results of the Transaction. 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 Corporation's expectations include: the failure to satisfy the conditions of the CSE and other risks detailed from time to time in the filings made by the Corporation with securities regulators; the fact that LICAN's interests in the Optioned Properties are options only and there is no guarantee that such interest, if earned, will be certain; the future prices and demand for lithium; and delays or the inability of the Corporation 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 Corporation. 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 Corporation will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

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