HIGHLIGHTS

• Drill holes SL26-37 and SL26-39 were mineralized over their entire assayed lengths of more than 400 m, demonstrating continuous rare earth and gallium mineralization.
• High-grade rare earths: SL26-37 returned 414 m at 0.41% TREO and 35.0 g/t Ga₂O₃ with 24.3%^† of the total rare earths being top four magnet rare earths, including a peak assay of 5.00% TREO and 74.1 g/t Ga₂O₃ over 0.65 m (301.35-302.0 m), with 1.20 %^† for the sum of the top four magnet rare earths, 9,366 g/t Neodymium oxide (Nd₂O₃) and 2,549 g/t Praseodymium oxide (Pr₆O₁₁).
• Strong mineralization in SL26-39 returned 417.5 m at 0.42% TREO and 38.4 g/t Ga₂O_3, with 22.6%^† of the total rare earths being top four magnet rare earths, including 88.5 m grading 0.68% TREO and 39.1 g/t Ga₂O₃ (231.0 m – 319.5 m) near the bottom of the hole.
• Broad interval near the bottom of SL26-37: SL26-37 returned 105.65 m grading 0.63% TREO and 33.7 g/t Ga₂O₃ (301.35 m – 407.00 m), including 8.75 m grading 1.46% TREO, 51.5 g/t Ga₂O₃ (398.25 m – 407.0 m), near the bottom of the 420 m long hole.

Volta Metals Ltd. (CSE: VLTA) (FSE: D0W) (OTCQB: VOLMF) announces assay results from drill holes SL26-37 and SL26-39, completed as part of the 2026 winter drill program at its Springer Rare Earth Element deposit (the “Property”), near Sturgeon Falls, Ontario, Canada.

“These two holes demonstrate the scale and continuity of the Springer system from surface to depth. SL26-39 confirms strong rare earth and gallium mineralization beginning near surface, while SL26-37 extends the system to more than 400 metres (“m”) downhole, with some of the strongest rare earth grades occurring near the bottom of the hole. Importantly, both holes carried continuous gallium mineralization over their entire assayed lengths. The combination of near-surface mineralization, continuity at depth and increasing grade in key intervals reinforces the growth potential we see at Springer as we advance toward our planned updated rare earth resource and initial gallium resource later this year,” said Kerem Usenmez, President and CEO of Volta.

DETAILS

Drill holes SL26-37 and SL26-39 demonstrate the continuity of the Springer rare earth-gallium system from both ends of the mineralized envelope, with SL26-39 confirming mineralization from near surface and at depth. Full assay results are shown in Table 1. An overview of the drill core assays for the entire 2026 program and drill hole collar coordinates is given in Tables 2 and 3.

SL26-37: REE Grades Strengthen with Depth

SL26-37 extends rare earth and gallium mineralization approximately 275 m below the current conceptual open pit (Figure 1).

The hole was continuously mineralized over 414 m (6.0 m – 420.0 m), averaging 0.41% TREO and 35.0 g/t Ga₂O₃ over the entire interval, with 24.3% of the TREO being high magnet rare earth oxide (Neodymium oxide, Praseodymium oxide, Terbium oxide and Dysprosium oxide).^† Mineralization strengthened with depth, with the lower 105.65m (301.35 m – 407.0 m) averaging 0.63% TREO and 33.7 g/t Ga₂O₃, including a high-grade interval near the end of the hole.

The hole returned the third highest-grade assay of the 2026 winter program to date:

• 5.00% TREO and 74.1 g/t Ga₂O₃ over 0.65 m (301.35 m -302.00 m).

This interval also contains exceptionally high concentrations of the key magnet rare earths:

• 9,366 g/t neodymium oxide (Nd₂O₃)
• 2,549 g/t praseodymium oxide (Pr₆O₁₁)
• 96 g/t dysprosium oxide (Dy₂O₃)
• 32 g/t terbium oxide (Tb₄O₇)

In addition, the interval is enriched in other light rare earths, including 2.41% cerium oxide (CeO₂) and 1.20% lanthanum oxide (La₂O₃).

The high-grade sample is hosted within a hematite-rich carbonatite vein cutting granitic gneiss. Metallurgical studies on Springer drill core have shown synchysite (CaCe(CO₃)₂F), the main REE mineral at Springer, is strongly associated with hematite within carbonatite veins (Mitchell, 2011; Mariano and Mariano, 2012). These types of veins are a key control on high-grade rare earth mineralization at Springer.

SL26-39: Near-Surface High Grade with Strong Continuity at Depth

Drilled as an infill definition drill hole between SL12-18 and SL25-26, SL26-39 is situated entirely within the current mineral resource shell and conceptual open pit (Figure 2). The hole transitions from syenite into granitic gneiss before returning to syenite at depth.

SL26-39 was continuously assayed over 417.5 m (5.5 m – 423.0 m), averaging 0.42% TREO and 38.4 g/t Ga₂O₃, within which a broad upper interval of 72.5 m returned 0.62% TREO and 45.6 g/t Ga from 5.5 m to 78.0 m in addition to a lower 88.5-m interval that graded 0.68% TREO and 39.1 g/t Ga₂O₃ (231.0 m – 319.5 m). The upper mineralized interval is hosted in fluorite- and hematite-bearing carbonatite veins, in black/orange rocks with white phenocrysts and in dark brown ferrocarbonatite. The lower mineralized interval is hosted in hematite-bearing carbonatite veins in granitic gneiss, black rocks and ferrocarbonatite. A mineralogy-petrology study is underway to get a better understanding of each of these rocks.

Narrow higher-grade intervals occur throughout the hole, including 3.13% TREO and 56.2 g/t Ga₂O₃ over 1.10 m (17.0 m – 18.1 m) and 4.5 m at 1.62% TREO and 40.5 g/t Ga₂O₃ (283.5 m – 288.0 m). Mineralization is associated with the same characteristic carbonatite veining observed throughout Springer, occurring both near surface and at depth.

Figure 1: Cross section of SL26-37 drill hole including 2026 open pit shell and resource shell.

Next Steps and Upcoming Milestones

Assays remain pending for 6 of Volta’s 13-hole, 5,452 m 2026 winter drill program (Table 3). The Company will report those results as they are received from the Saskatchewan Research Council.

Following receipt of all 2026 assay results, Volta is targeting completion of an updated mineral resource estimate for the Springer deposit by late 2026.

Figure 2: Cross section of SL26-39 drill hole including the 2026 conceptual open pit and mineral resource shell.

Table 1: Selected assay highlights from drill holes SL26-37 and SL26-39, Springer.

*

Magnet

*TREO (%) = La₂O₃ + CeO₂ + Pr₆O₁₁ + Nd₂O₃ + Sm₂O₃ + Eu₂O₃ + Gd₂O₃ + Tb₄O₇ + Dy₂O₃ + Ho₂O₃ + Er₂O₃ + Tm₂O₃ + Yb₂O₃ + Lu₂O₃ + Y₂O₃ (%).
**Ga₂O₃ (g/t) is calculated from assayed gallium (Ga) ppm using the stoichiometric factor 1.3442.
***Magnet 4 % of TREO = (Pr₆O₁₁ + Nd₂O₃ + Tb₄O₇ + Dy₂O₃) /TREO *100
†Magnet 4% of TREO is calculated directly from assay results and reflects the proportion of the total assayed rare earth oxide grade attributable to the four magnet rare earth oxides (praseodymium, neodymium, terbium and dysprosium oxides). It is a compositional ratio only, does not represent a recovered or recoverable grade, and does not assume or incorporate any level of metallurgical recovery. The Company’s current NI 43-101 Mineral Resource Estimate for Springer (effective December 31, 2025) applies conservative individual-element recovery assumptions, derived from the historic Mariano and Mariano (2012) study, of 72.7% (praseodymium), 48.5% (neodymium), 43.8% (terbium) and 41.8% (dysprosium). Initial bench-scale metallurgical testwork announced by the Company in 2026 achieved 88.2% total rare earth element recovery; however, that result is preliminary, is based on a single early-stage test program, and does not provide recovery rates for the individual rare earth oxides referenced above. There is no assurance that recoveries ultimately achieved for any individual rare earth element will meet or exceed the assumptions referenced in this note.

True thickness/width of mineralization is unknown; intervals are reported as downhole core lengths.

Table 2: All Boreholes drilled in 2026 with assays released and pending, Springer.

4

22.6

*: Results are pending
**Ga₂O₃ (g/t) is calculated from assayed gallium (Ga) ppm using the stoichiometric factor 1.3442.
***Magnet 4 % of TREO = (Pr₆O₁₁ + Nd₂O₃ + Tb₄O₇ + Dy₂O₃) /TREO *100
†Magnet 4% of TREO is calculated directly from assay results and reflects the proportion of the total assayed rare earth oxide grade attributable to the four magnet rare earth oxides (praseodymium, neodymium, terbium and dysprosium oxides). It is a compositional ratio only, does not represent a recovered or recoverable grade, and does not assume or incorporate any level of metallurgical recovery. The Company’s current NI 43-101 Mineral Resource Estimate for Springer (effective December 31, 2025) applies conservative individual-element recovery assumptions, derived from the historic Mariano and Mariano (2012) study, of 72.7% (praseodymium), 48.5% (neodymium), 43.8% (terbium) and 41.8% (dysprosium). Initial bench-scale metallurgical testwork announced by the Company in 2026 achieved 88.2% total rare earth element recovery; however, that result is preliminary, is based on a single early-stage test program, and does not provide recovery rates for the individual rare earth oxides referenced above. There is no assurance that recoveries ultimately achieved for any individual rare earth element will meet or exceed the assumptions referenced in this note.

True thickness/width of mineralization is unknown; intervals are reported as downhole core lengths.

Drill hole assays are reported as they are received not necessarily in order that the holes were drilled.

Table 3: Springer drill hole collar locations. UTM NAD 83, Zone 17.

Azimuth and dip are collar orientations.

Resource Estimate

On February 23, 2026, Volta reported an updated Mineral Resource Estimate (“MRE”) for the Springer deposit, effective December 31, 2025, prepared by SLR Consulting (Canada) Ltd. The MRE comprises 56.6 Mt Indicated at 0.70% TREO (including a near-surface high-grade core of 11.5 Mt at 1.10% TREO) and 119.5 Mt Inferred at 0.58% TREO (including a near-surface high-grade core of 3.0 Mt at 1.16% TREO). Resources are reported within an optimized open pit shell above a C$43/t net metal revenue cut-off. Revenue is driven primarily by praseodymium and neodymium, which together account for approximately 90% of total net metal value. The MRE placed Springer among the top 10 largest REE deposits in North America based on the S&P Global Market Intelligence database (2025). The Company cautions that mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineralization remains open in all directions. Gallium is not included in the current MRE and will be reported separately. An NI 43-101 Technical Report supporting the MRE was filed on SEDAR+ on April 9, 2026.

Subject to confirmatory metallurgical test results, currently in progress, the first is an initial gallium mineral resource estimate, which would be the first gallium resource declared for the Property. The second is an updated rare earth mineral resource estimate incorporating the 2026 infill and expansion drilling. Both estimates would be prepared in accordance with National Instrument 43-101 and CIM Definition Standards.

The Company cautions that the timing of both mineral resource estimates depends on receipt of all outstanding assay results, on the completion of supporting metallurgical and analytical work, and on the availability of the Company’s independent consultants. There is no assurance that either estimate will be completed within the anticipated timeframe, that a gallium mineral resource will be defined at all, or that any updated rare earth mineral resource estimate will be larger or higher grade than the current MRE. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

QA/QC 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 drill core obtained from the Springer property. The protocol included inserting reference materials, in this case high-concentration and low-concentration certified rare earth element and gallium 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. The samples were shipped from Volta’s core shack in Sturgeon Falls to the SRC’s facility in Saskatoon, Saskatchewan, using the Manitoulin Transport freight shipping company.

The drill core samples were analyzed at SRC using Lithium metaborate fusion with subsequent analysis by ICP-MS. SRC holds ISO/IEC 17025:2017 accreditation from the Standards Council of Canada (“SCC”). Syenite standard SY-5 from Natural Resources Canada was inserted by SRC in the sample stream for every 20 drill core samples. Standard SY-5 passed within two standard deviations for rare earth elements (La to Lu) and Ga. All internal standards and duplicates, and all external blanks, standards and core duplicates, passed a Quality Control review by the Qualified Person.

Qualified Person

The technical content of this press release has been reviewed and approved by Dr. Julie Selway, P.Geo., VP, Exploration, and Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

For more information about the Company, please visit Volta’s website at www.voltametals.ca.

References

Mariano, A.N. and Mariano, A. (2012): A Rare earth mineralogical and bench scale mineral processing study of selected samples from Springer Lavergne Deposit, Ontario, dated January 27, 2012, 54 pages (included within Ontario MINES assessment report 20013903).

Mitchell, R.H. (2012): Petrographic report – Springer Complex, Ontario Sample 599357 – Carbonatite, for Rare Earth Metals Inc., Thunder Bay, 15 pages (included within Ontario MINES assessment report 20013903).

CORPORATE ADVISORY ENGAGEMENT

Volta has entered into a strategic advisory agreement dated September 2, 2026 (the “Agreement”) with L5 Capital Inc. (“L5”), an arm’s-length consultant, pursuant to which L5 will provide strategic advisory and corporate development advisory services to the Company.

The term of the Agreement is initially for a three-month period commencing on the effective date of the Agreement and will automatically be extended for up to an additional three successive three-month service periods (together, the “Service Periods”) unless earlier terminated.

Under the Agreement, the Company will issue L5 an aggregate of 10,000,000 non-transferable warrants (the “Warrants”), with each Warrant entitling L5 to acquire one common share of the Company. The Warrants will be allocated among four tranches of 2,500,000 Warrants, with each tranche of Warrants corresponding to a Service Period. The Warrants for each tranche will only become exercisable after the applicable Service Period is completed and only if the Services are duly performed in accordance with the Agreement. The performance of the Services will constitute satisfaction of the exercise price of the Warrants. The common shares underlying the Warrants, if issued, will be issued at a deemed exercise price of $0.31 per share. The foregoing imputes a value of the services to be performed of $775,000 for each Service Period.

The Agreement may be terminated prior to the end of any Service Period by providing 30 days’ notice prior to the end of the prior Service Period. Warrants allocated to future Service Periods may be canceled if the Agreement is terminated in accordance with its terms. The Warrants and any Common Shares issued upon their exercise will be subject to a hold period of four months and one day from the date of issuance. The Agreement is subject to the approval of the Canadian Securities Exchange.

ABOUT VOLTA METALS LTD.

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

Volta is advancing its 4879-hectare Springer REE Deposit, located on the traditional territory of the Nipissing First Nation in Sturgeon Falls. The Springer Rare Earth Element deposit sits approximately 70 km east of Sudbury, Ontario, with direct access via the Trans-Canada Highway and Highway 64. The project benefits from well-developed infrastructure, including paved road access, on-site power lines fed from the Crystal Falls hydroelectric dam, a natural gas pipeline, and Canadian National Railway service, all within 8 km of the deposit.