{"success":true,"data":{"pressRelease":{"id":"172210","rtpr_id":"nNFC5sk8cR-20261019","ticker":"VLTA","exchange":"","all_tickers":["VLTA"],"title":"Volta More than Doubles Springer Indicated Resource to 122.4 Mt, Ranks Among North America's Five Largest Rare Earth Deposits by M&I Tonnage*, and Delivers First Gallium Estimate","author":"Newsfile Corp","published_at":"2026-10-19T10:00:18.160Z","article_body":"5th largest rare earth deposit in North America by Measured & Indicated tonnage*  122.4 Mt Indicated resource, up 116% since February 2026  +140%  at 1.00% TREO Indicated high-grade core, now 27.6 Mt  1st supplementary gallium estimate at Springer  \n\n \n\nHIGHLIGHTS\n* High-Grade Core Expands 140%. The Indicated High Grade domain grew 140% to\n27.6 million tonnes (\"Mt\") grading 1.00% total rare earth oxides (\"TREO\"),\nwith an estimated average net metal revenue (\"NMR\") of C$384/t. Inferred High\nGrade grew nearly nine-fold to 26.7 Mt at 0.94% TREO, with an estimated\naverage NMR of C$333/t, and remains open.\n* Indicated Mineral Resources More Than Double; Inferred Up 65%. Indicated\nMineral Resources increased 116% to 122.4 Mt grading 0.59% TREO, up from 56.6\nMt in February 2026. Inferred Mineral Resources increased 65% to 197.5 Mt\ngrading 0.53% TREO.\n* Magnet-Rich: 22.4% of TREO is MREO. Magnet rare earth oxides (\"MREO\": Nd,\nPr, Dy, Tb) with 63 g/t Dy₂O₃ and 14 g/t Tb₄O₇ in the Indicated\nhigh-grade core.\n* Resource Remains Robust at Higher NMR Cut-offs. 68% of Indicated tonnage\n(83.7 Mt at 0.72% TREO) is retained at a C$150/t NMR sensitivity cut-off, 3.5\ntimes the C$43/t reporting cut-off, within the same optimized pit shell.(1)\n* Initial Gallium Estimate: About 4,427 t of In Situ Gallium. The\nsupplementary estimate averages 36 grams per tonne (\"g/t\") gallium (\"Ga\")\nacross the 122.4 Mt Indicated Mineral Resource volume, including 14.8 Mt at 56\ng/t Ga in the Ga High Grade domain. Not yet assigned economic value.(2)\n* Low Strip Ratio and Exceptional Infrastructure. The optimized pit shell used\nto constrain the Mineral Resource has a conceptual strip ratio of 1.26 tonnes\nof waste per tonne of mineralized material. Springer sits beside the\nTrans-Canada Highway, with power, gas and rail within 8 km.(3)\nToronto, Ontario--(Newsfile Corp. - October 19, 2026) - Volta Metals Ltd.\n(CSE: VLTA) (OTCQB: VOLMF) (FSE: D0W) (\"Volta\" or the \"Company\") announces a\nsubstantially expanded Mineral Resource estimate (\"MRE\") for its Springer Rare\nEarth Element and Gallium Deposit (\"Springer\" or the \"Deposit\") near Sturgeon\nFalls, Ontario, in which Volta holds a 100% interest. Prepared independently\nby SLR Consulting (Canada) Ltd. (\"SLR\") and effective September 30, 2026, the\nMRE includes all 13 holes (5,445 m) from the 2026 drill program and, for the\nfirst time, a supplementary gallium estimate.\n\n\"We more than doubled our Indicated resource, grew our high-grade core by 140%\nand delivered our first gallium estimate. Next, we're working to advance\ngallium recovery and deliver a strong PEA in the first half of 2027. We\nbelieve Springer is shaping up as one of the few large, road-accessible\nsources of magnet rare earths, and potentially gallium, in North America, at a\ntime when the market is paying a premium for supply from outside China,\" said\nKerem Usenmez, President and CEO of Volta.\n\n* Ranked by Measured and Indicated tonnage, including Reserves, of North\nAmerican rare earth projects (S&P Global Market Intelligence database, May\n2025), with Springer updated to this MRE. Inferred resources are excluded. See\nFigure 1 and \"Cautionary Statements\".\n(1) Non-base sensitivity case (Table 2). Not a separate Mineral Resource\nestimate or an economic evaluation.\n(2) Supplementary estimate within the rare earth Mineral Resource volumes\n(Table 6); not a standalone gallium Mineral Resource. In situ, not recovered\nor payable metal. Excluded from the NMR, cut-off, pit optimization and RPEEE\nuntil recovery and payability are established.\n(3) From the conceptual optimized pit shell used to demonstrate RPEEE; not a\nmine design, production plan or economic result.\n\nEconomic Basis of the Mineral Resource Estimate. The economic basis of the\ncurrent MRE is limited to the four rare earth oxides comprising MREO:\nPr₆O₁₁, Nd₂O₃, Dy₂O₃, and Tb₄O₇. These are the only rare\nearth oxides assigned value in the NMR calculation used to determine the\nreporting cut-off and optimized pit constraint and to support Reasonable\nProspects for Eventual Economic Extraction (\"RPEEE\"). The other rare earth\noxides and gallium have been modelled and estimated but are assigned no\neconomic value in the current MRE. Ongoing metallurgical test work is\nevaluating the potential for gallium production. Gallium or other rare earth\noxides could be included in the economic basis of a future MRE if sufficient\nmetallurgical recovery, processing cost, product, payability, and market\nsupport are established.\n\nWHY IT MATTERS: THE WEST NEEDS MAGNET METALS AND GALLIUM FROM OUTSIDE CHINA\n\n Mineral                                     Main uses                                                                                         Supply and market (S&P Global, August 2026)                                                                                     Springer (Indicated)                                                                                                                                                                                \n Neodymium and praseodymium (NdPr)           Permanent magnets for EVs, wind turbines, robotics, electronics and defence systems.              China supplies about 84% of neodymium-praseodymium (\"NdPr\") oxide. Demand projected to grow from 108,000 t (2025) to 143,000 t  27.6 Mt high-grade core at 1.00% TREO, with 495 g/t praseodymium oxide (\"Pr₆O₁₁\") and 1,683 g/t neodymium oxide (\"Nd₂O₃\"). Overall, 122.4 Mt at 0.59% TREO (Table 1).                               \n                                                                                                                                               (2030). NdPr oxide rose from about US$74/kg (Dec 2025) to about US$150/kg (mid-2026), based on Platts pricing. In July 2025, the                                                                                                                                                                                                     \n                                                                                                                                               U.S. Department of Defense set a US$110/kg NdPr price floor with MP Materials. In March 2026, Japan Australia Rare Earths                                                                                                                                                                                                           \n                                                                                                                                               (JARE), backed by Japan's state agency JOGMEC, agreed a US$110/kg NdPr price floor with Lynas Rare Earths on 5,000 t per year                                                                                                                                                                                                       \n                                                                                                                                               through 2038. Australia is considering floor prices through offtakes for its A$1.2 billion critical minerals strategic reserve,                                                                                                                                                                                                     \n                                                                                                                                               which prioritizes rare earths and gallium, and in June 2026 the G7 agreed to explore price floors.                                                                                                                                                                                                                                  \n Dysprosium and terbium (heavy rare earths)  Keep magnets working at high temperatures in EV motors, wind turbines and defence systems.        China dominates heavy rare earth separation and placed rare earth magnets and related products under export licensing in April  63 g/t Dy₂O₃ and 14 g/t Tb₄O₇ in the 27.6 Mt high-grade core (Table 1). HREO is about 5.5% of Indicated TREO (Table 3).                                                                             \n                                                                                                                                               2025. In June 2026, G7 leaders set a goal of reducing dependence on any single supplier outside the G7 and partner countries to                                                                                                                                                                                                     \n                                                                                                                                               below 60% for rare earths and permanent magnets by 2030.                                                                                                                                                                                                                                                                            \n Gallium                                     Semiconductors for radar, 5G, power electronics, AI data centres and LEDs. Also used in magnets.  China produces approximately 99% of primary gallium; supply outside China is about 5 t/year. Demand projected to grow about 12% 14.8 Mt at 56 g/t Ga in the Ga High Grade domain (approximately 75 g/t Ga₂O₃), 36 g/t Ga on average across the resource, about 4,427 t of in-situ gallium in the Indicated category (Table 6).      \n                                                                                                                                               a year to 1,738 t by 2030. Prices outside China reached about US$2,100/kg in 2026, roughly seven times 2023 levels, versus about                                                                                                                                                                                                     \n                                                                                                                                               US$300/kg inside China.                                                                                                                                                                                                                                                                                                             \n\n \n\nAll three are designated critical minerals in Canada, the United States and\nthe European Union, and governments are now funding supply outside China. In\n2026, the Government of Canada committed up to C$400 million to support Teck's\nTrail operations expansion, targeting gallium, germanium and antimony, and\nconditionally approved up to C$18.95 million for a Rio Tinto and Indium\nCorporation gallium pilot plant. Even if every announced project outside China\nis built, S&P Global estimates the market outside China would still be short\nof gallium in 2030. Market figures are third-party estimates (S&P Global,\nAugust 2026; USGS). Price floor information is from Lynas Rare Earths (ASX\nannouncement, March 10, 2026), the Government of Australia and the G7 Leaders'\nDeclaration on Critical Minerals (June 17, 2026). Contained gallium is in situ\nand does not represent recovered or payable metal.\n\nWHAT'S NEXT: DRILLING, METALLURGY AND A PEA\n\nVolta is advancing Springer through a focused exploration and technical\ndevelopment program designed to expand its high-grade resource, evaluate\ngallium recovery and establish the Deposit's preliminary economic potential.\n* Expand the High-Grade Rare Earth and Gallium Zone. Additional drilling is\nplanned to expand the high-grade rare earth and gallium mineralized zones,\ntargeting further resource growth and opportunities to enhance the Deposit's\ngrade profile ahead of the PEA.\n* Advance Rare Earth and Gallium Metallurgy. Metallurgical test work is\nongoing to optimize rare earth recoveries and evaluate the potential for\ngallium production. Establishing a viable process to recover gallium into a\nsaleable product, together with associated processing costs and payability,\nwill be essential to determining its potential economic contribution.\n* Preliminary Economic Assessment (\"PEA\"). The PEA, targeted for the first\nhalf of 2027, will incorporate the updated MRE, relevant results from planned\ndrilling and ongoing metallurgical studies to evaluate Springer's preliminary\ndevelopment options and economic potential.\n* File Updated NI 43-101 Technical Report. An independent NI 43-101 Technical\nReport supporting the updated MRE will be filed on SEDAR+ within 45 days of\nthis news release.\n READING THE NUMBERS  TREO (total rare earth oxides) is the standard measure of rare earth content. 1.00% TREO = 10 kg of rare earth oxides per tonne of rock. MREO (magnet rare earth oxides) is the sum of the praseodymium, neodymium, dysprosium and terbium oxides, the four used in permanent magnets and the only four assigned values in this MRE. MREO as a % of TREO shows how much of the rare earth content is magnet metals. HREO (heavy rare earth oxides) includes dysprosium (Dy), terbium (Tb) and yttrium (Y), \n among others, which are scarcer and mostly separated in China. g/t = grams per tonne, the same as parts per million (ppm). Previous Volta drill results reported gallium as Ga₂O₃; multiply g/t Ga by 1.3442 to convert to g/t Ga₂O₃. NMR (net metal revenue) is the estimated value per tonne from the four magnet rare earth oxides and is used only to decide which blocks are included in the resource. Indicated Mineral Resources have closer drilling and higher confidence than Inferred Mineral Resources. Mineral     \n Resources are not Mineral Reserves and do not have demonstrated economic viability.                                                                                                                                                                                                                                                                                                                                                                                                                                             \n\n \n\nDETAILS\n\nSpringer Among North America's Largest Rare Earth Deposits\nWith 122.4 Mt of Indicated Mineral Resources, Springer ranks fifth among North\nAmerican rare earth projects by combined Measured and Indicated resource\ntonnage, based on the S&P Global Market Intelligence database (Figure 1).\nInferred Mineral Resources are shown separately for context and are excluded\nfrom the ranking. The comparison is based on resource tonnage and does not\naccount for differences in grade, cut-off criteria, reporting standards,\neffective dates, commodity mix, metallurgical assumptions, infrastructure,\ndevelopment stage, or project economics.\n\n(https://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_001full.jpg)\n\nFigure 1. North American rare earth projects ranked by Measured and Indicated\ntonnage, including Reserves where reported. Inferred tonnage is shown\nseparately for context and is not used in the ranking (S&P Global Market\nIntelligence database, May 2025; Springer at the September 30, 2026 MRE).\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_001full.jpg\n\nSpringer at a Glance\n\n Item                       Detail                                                                                                                                                                                                                                                                                                            \n Location                   About 70 km east of Sudbury and 8 km north of Sturgeon Falls, Ontario, on the traditional territory of the Nipissing First Nation.                                                                                                                                                                                \n Property                   4,879 hectares. Volta holds a 100% interest in the Springer Property.                                                                                                                                                                                                                                             \n Access and infrastructure  Trans-Canada Highway and Highway 64, paved roads, on-site power lines fed from the Crystal Falls hydroelectric dam, natural gas pipeline and Canadian National Railway service, all within 8 km of the deposit.                                                                                                   \n Drilling in the MRE        The project dataset comprises 39 drill holes from the 2011-2012, 2025, and 2026 programs, including 13 holes (5,445 m) drilled in 2026. Of these, 38 drill holes were included in the MRE dataset. Drill hole SL-11-07 was excluded because it is spatially isolated from the drilling that defines the deposit.  \n Resource shape             Open pit reporting shell with a low strip ratio of 1.26 tonnes of waste per tonne of mineralized material.                                                                                                                                                                                                        \n Rare earth resource        Indicated Mineral Resource of 122.4 Mt grading 0.59% TREO, including a higher-grade core of 27.6 Mt grading 1.00% TREO. Inferred Mineral Resource of 197.5 Mt at 0.53% TREO, including 26.7 Mt grading 0.94% TREO.                                                                                                \n Supplementary gallium      36 g/t Ga across the resource, including 14.8 Mt grading 56 g/t Ga (Indicated) and 19.6 Mt grading 53 g/t Ga (Inferred) in the Ga High Grade domain.                                                                                                                                                              \n Next steps                 Drilling to expand the high-grade rare earth and gallium zones, ongoing metallurgical test work, and a PEA targeted for the first half of 2027.                                                                                                                                                                   \n\n \n\nUpdated Mineral Resource Estimate\nSLR Consulting (Canada) Ltd. (SLR) prepared an updated rare earth Mineral\nResource estimate (MRE) for Volta Metals Ltd. (Volta) for the Springer Rare\nEarth Element and Gallium Deposit in Ontario, with an effective date of\nSeptember 30, 2026. Indicated Mineral Resources total 122.4 Mt at an average\nnet metal revenue (NMR) of C$223/t, grading 0.59% total rare earth oxides\n(TREO), and 0.13% magnet rare earth oxides (MREO), including 293 g/t\nPr₆O₁₁, 993 g/t Nd₂O₃, 33 g/t Dy₂O₃, and 8 g/t Tb₄O₇.\nInferred Mineral Resources total 197.5 Mt at an average NMR of C$191/t,\ngrading 0.53% TREO, and 0.11% MREO, including 258 g/t Pr₆O₁₁, 856 g/t\nNd₂O₃, 27 g/t Dy₂O₃, and 6 g/t Tb₄O₇. The supplementary gallium\nestimate within the Indicated Mineral Resource volume averages 36 g/t Ga,\nincluding 14.8 Mt grading 56 g/t Ga in the Ga High Grade domain. The\nsupplementary gallium estimate within the Inferred Mineral Resource volume\nalso averages 36 g/t Ga, including 19.6 Mt grading 53 g/t Ga in the Ga High\nGrade domain. Gallium is assigned no economic value because available\nmetallurgical test work has not established overall recovery to a saleable\ngallium product, processing costs, or commercial payability. Additional\nmetallurgical test work is in progress.\n\nTREO is the compositional total of the 15 rare earth oxides listed in the\nnotes to Table 1. MREO is the sum of Pr₆O₁₁, Nd₂O₃, Dy₂O₃, and\nTb₄O₇, expressed as a percentage. The rare earth Mineral Resource estimate\nis based on drilling and assay data available as of August 21, 2026 and is\nclassified in accordance with the CIM Definition Standards for Mineral\nResources and Mineral Reserves (May 2014). Reasonable prospects for eventual\neconomic extraction (RPEEE) were demonstrated for the rare earth Mineral\nResources by constraining the estimate within an optimized open pit shell and\nreporting blocks above a C$43/t NMR cut-off.\n\nNMR is the estimated value per tonne calculated from four rare earth oxides:\npraseodymium oxide (Pr₆O₁₁), neodymium oxide (Nd₂O₃), dysprosium\noxide (Dy₂O₃), and terbium oxide (Tb₄O₇). These four oxides comprise\nMREO and are the only rare earth oxides included in the pricing and recovery\nassumptions used to determine the reporting cut-off and pit constraint. TREO\nis a compositional total that also includes rare earth oxides that are not\nassigned value in the NMR calculation. Gallium is not included in the NMR\ncalculation, reporting cut-off, pit optimization, or RPEEE assessment.\n\nTable 1 summarizes the open pit rare earth Mineral Resources by classification\nand the High Grade and Main estimation domains. Table 2 presents block model\nsensitivities within the same optimized open pit shell at selected NMR cut-off\nvalues; C$43/t is the reporting cut-off, and the other cut-off values are\nnon-base sensitivity cases. Table 3 reports the average grades of all rare\nearth oxides (REOs), including light rare earth oxides (LREO) and heavy rare\nearth oxides (HREO), within the Mineral Resources by classification. Table 4\npresents the assumptions used to calculate NMR. Table 5 compares the current\nand previous open pit Mineral Resource estimates by classification and domain.\nTable 6 reports supplementary gallium grades and in situ content within the\nopen pit reporting constraints and C$43/t NMR cut-off of the rare earth\nMineral Resources reported in Table 1.\n\nTable 1: Summary of the Springer Open Pit Mineral Resources, September 30,\n2026\n\n Classification  Domain      Tonnage (Mt)  NMR (C$/t)  Grade                                                                             \n                 TREO (%)                  MREO (%)          Pr₆O₁₁ (g/t)             Nd₂O₃ (g/t)      Dy₂O₃ (g/t)      Tb₄O₇ (g/t)      \n Indicated       High Grade  27.6          384         1.00  0.23                495  1,683            63               14               \n                 Main        94.8          176         0.47  0.11                234  792              24               6                \n                 Total       122.4         223         0.59  0.13                293  993              33               8                \n Inferred        High Grade  26.7          333         0.94  0.20                464  1,507            43               10               \n                 Main        170.8         169         0.46  0.10                226  754              24               6                \n                 Total       197.5         191         0.53  0.11                258  856              27               6                \n\n \n\nMREO represents approximately 22.4% of TREO in the Indicated Mineral Resources\nand approximately 21.7% of TREO in the Inferred Mineral Resources.\n\nNotes:\n1. CIM (2014) definitions were followed for Mineral Resources.\n2. Open pit Mineral Resources are reported within an optimized pit shell and\nabove a C$43/t net metal revenue (NMR) cut-off. The cut-off is the rounded sum\nof C$40.00/t processing costs and C$2.74/t G&A costs. Pit optimization applies\na mining cost of C$4.00/t moved.\n3. The rare earth oxides included in the NMR calculation are Pr₆O₁₁,\nNd₂O₃, Dy₂O₃, and Tb₄O₇, collectively referred to as MREO. MREO is\nthe sum of these four oxides, expressed as a percentage. Only these oxides are\nassigned economic value in the NMR calculation; no other rare earth oxide, and\nno gallium, contributes to NMR.\n4. Total rare earth oxides (TREO) is the sum of La₂O₃, CeO₂,\nPr₆O₁₁, Nd₂O₃, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₄O₇,\nDy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and\nY₂O₃. TREO is a compositional total.\n5. Rare earth oxide price assumptions are US$160/kg Pr₆O₁₁, US$150/kg\nNd₂O₃, US$3,000/kg Tb₄O₇, and US$900/kg Dy₂O₃, using an exchange\nrate of C$1.35/US$1.00.\n6. Metallurgical recovery assumptions are 82.1% Pr₆O₁₁, 82.1% Nd₂O₃,\n75.4% Tb₄O₇, and 69.5% Dy₂O₃.\n7. NMR applies separation deductions of 15% to Pr₆O₁₁ and Nd₂O₃\nrevenue and 25% to Dy₂O₃ and Tb₄O₇ revenue. No royalty is applied.\n8. The NMR factors applied are C$0.151/t per g/t Pr₆O₁₁, C$0.141/t per\ng/t Nd₂O₃, C$2.29/t per g/t Tb₄O₇, and C$0.633/t per g/t Dy₂O₃.\n9. The average density of the reported Mineral Resource is 2.68 t/m³. Grades\nare reported as mass-weighted averages within the reporting constraints.\n10. Mineral Resources that are not Mineral Reserves do not have demonstrated\neconomic viability. No Mineral Reserves have been estimated.\n11. Totals may not add or multiply accurately due to rounding.\n\n(https://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_002full.jpg)\n\nFigure 2. Springer rare earth resource domains, High Grade and Main, within\nthe optimized pit shell, oblique view (Source: SLR, 2026).\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_002full.jpg\n\n(https://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_003full.jpg)\n\nFigure 3. Springer Mineral Resource classification, Indicated (green) and\nInferred (blue), within the optimized pit shell, oblique view (Source: SLR,\n2026).\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_003full.jpg\n\nSensitivity to Cut-off\nTable 2 presents block model sensitivities within the same optimized open pit\nshell at selected NMR cut-off values. The C$43/t NMR cut-off is the reporting\ncut-off used for the Mineral Resource estimate; all other cut-off values are\nnon-base sensitivity cases. As the cut-off increases, lower-value blocks are\nexcluded, and the reported tonnage decreases, while average NMR and grades\ngenerally increase. The non-base cases are provided solely to illustrate\nsensitivity to the selection of a reporting cut-off and are not separate\nMineral Resource estimates, alternative project cases, production targets, or\neconomic evaluations. The sensitivity results do not account for changes to\nthe optimized pit shell, mine design, mining sequence, dilution, recovery,\noperating costs, commodity prices, or other modifying factors that could apply\nat a different cut-off value.\n\nTable 2: Open Pit Mineral Resource Sensitivity to NMR Cut-off Value\n\n Classification  NMR Cut-off (C$/t)  Average Value and Grade                                                                                       \n                 Mass (Mt)                  NMR (C$/t)  TREO (%)  MREO (%)  Pr₆O₁₁ (g/t)        Nd₂O₃ (g/t)      Dy₂O₃ (g/t)      Tb₄O₇ (g/t)      \n Indicated       ≥150                83.7   272         0.72      0.16      358                 1,214            40               9                \n                 ≥100                114.1  233         0.62      0.14      306                 1,039            34               8                \n                 ≥80                 119.9  226         0.60      0.13      297                 1,008            34               8                \n                 ≥60                 122.2  224         0.59      0.13      293                 995              33               8                \n                 ≥43                 122.4  223         0.59      0.13      293                 993              33               8                \n Inferred        ≥150                125.7  234         0.65      0.14      319                 1,054            31               8                \n                 ≥100                179.2  202         0.56      0.12      274                 907              28               7                \n                 ≥80                 190.6  196         0.54      0.12      265                 876              27               7                \n                 ≥60                 196.4  192         0.53      0.12      259                 859              27               6                \n                 ≥43                 197.5  191         0.53      0.11      258                 856              27               6                \n\n \n\nNotes:\n1. CIM (2014) definitions were followed for Mineral Resources.\n2. The C$43/t NMR cut-off is the reporting cut-off for the open pit Mineral\nResource estimate. All other cut-off values are non-base block model\nsensitivity cases within the same optimized pit shell and should not be\ninterpreted as separate Mineral Resource estimates.\n3. The sensitivity results use the same block model, classification, density,\nNMR factors, commodity prices, metallurgical recovery assumptions, separation\ndeductions, and optimized pit shell as the reported Mineral Resources. The pit\nshell was not re-optimized at each cut-off value.\n4. The sensitivity results are not a mine plan, production schedule,\nproduction target, economic analysis, or statement of Mineral Reserves and do\nnot demonstrate economic viability at any cut-off value.\n5. NMR is calculated from Pr₆O₁₁, Nd₂O₃, Dy₂O₃, and Tb₄O₇\nonly. MREO is the sum of these four oxides, expressed as a percentage. TREO is\na compositional total. Gallium and all other rare earth oxides are assigned no\nvalue in NMR.\n6. Mineral Resources that are not Mineral Reserves do not have demonstrated\neconomic viability. No Mineral Reserves have been estimated.\n7. Totals may not add or multiply accurately due to rounding.\n\nTable 3: Springer Open Pit Mineral Resource Tonnage and Average Rare Earth\nOxide Grades, September 30, 2026\n\n Parameter     Unit  Indicated  Inferred  \n Tonnage       Mt    122.4      197.5     \n TREO          %     0.59       0.53      \n MREO          %     0.13       0.11      \n MREO / TREO   %     22.4       21.7      \n LREO          %     0.56       0.50      \n HREO          %     0.03       0.03      \n La₂O₃         g/t   1,426      1,290     \n CeO₂          g/t   2,757      2,497     \n Pr₆O₁₁        g/t   293        258       \n Nd₂O₃         g/t   993        856       \n Sm₂O₃         g/t   134        116       \n Eu₂O₃         g/t   31         26        \n Gd₂O₃         g/t   76         66        \n Dy₂O₃         g/t   33         27        \n Tb₄O₇         g/t   8          6         \n Ho₂O₃         g/t   5          4         \n Tm₂O₃         g/t   1          1         \n Er₂O₃         g/t   12         10        \n Yb₂O₃         g/t   8          7         \n Lu₂O₃         g/t   1          1         \n Y₂O₃          g/t   151        120       \n\n \n\nNotes:\n1. CIM (2014) definitions were followed for Mineral Resources.\n2. Average grades of each rare earth oxide are reported for the Indicated and\nInferred open pit Mineral Resources. The tonnage, optimized pit shell, and\nC$43/t net metal revenue (NMR) cut-off are those of the reported Mineral\nResources. TREO, MREO, LREO, HREO, the MREO/TREO ratio, and individual rare\nearth oxide grades are compositional reporting parameters and do not represent\nseparate Mineral Resource estimates.\n3. Open pit Mineral Resources are reported within an optimized pit shell and\nabove a C$43/t NMR cut-off. The cut-off is the rounded sum of C$40.00/t\nprocessing costs and C$2.74/t G&A costs. Pit optimization applies a mining\ncost of C$4.00/t moved.\n4. The rare earth oxides included in the NMR calculation are Pr₆O₁₁,\nNd₂O₃, Dy₂O₃, and Tb₄O₇, collectively referred to as MREO. MREO is\nthe sum of these four oxides, expressed as a percentage. Only these oxides are\nassigned economic value in the NMR calculation; no other rare earth oxide or\ngallium contributes to NMR. The assumptions used in the NMR calculation are\nprovided in the notes to the Mineral Resource statement.\n5. Total rare earth oxides (TREO) is the sum of La₂O₃, CeO₂,\nPr₆O₁₁, Nd₂O₃, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₄O₇,\nDy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and\nY₂O₃. TREO is a compositional total.\n6. The MREO/TREO ratio is calculated as MREO divided by TREO and represents\nthe proportion of TREO comprising the MREO oxides. It is a compositional ratio\nand does not represent metallurgical recovery, commercial payability, or\nrevenue contribution.\n7. Light rare earth oxides (LREO) are the sum of La₂O₃, CeO₂,\nPr₆O₁₁, Nd₂O₃, and Sm₂O₃. Heavy rare earth oxides (HREO) are the\nsum of Eu₂O₃, Gd₂O₃, Tb₄O₇, Dy₂O₃, Ho₂O₃, Er₂O₃,\nTm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃. LREO and HREO are compositional\nsubtotals.\n8. Rare earth elements were estimated as elemental grades and converted to\noxide grades using stoichiometric conversion factors. Individual oxide grades\nare reported in g/t; TREO, MREO, LREO, HREO, and the MREO/TREO ratio are\nreported as percentages.\n9. The average density of the reported Mineral Resources is 2.68 t/m³. Grades\nare reported as mass-weighted averages within the reporting constraints.\n10. Mineral Resources that are not Mineral Reserves do not have demonstrated\neconomic viability. No Mineral Reserves have been estimated.\n11. Totals may not add or multiply accurately due to rounding.\n\nRare Earth Estimation Methodology\nThe updated estimate incorporates drilling and assay data available up to\nAugust 21, 2026, including data from the 2011-2012, 2025, and 2026 drilling\nprograms. The resource dataset comprises 8,020 assay intervals from 38 drill\nholes, 4,089 rare earth element (REE) composites, and 548 density\nmeasurements. The updated interpretation includes revised High Grade and Main\nREE domains and an updated overburden surface. Overburden is excluded from the\nmineralized bedrock estimate.\n\nGeological interpretation and block modelling were completed in Leapfrog Geo\nand Edge. Two nested wireframe domains, High Grade and Main, were developed\nusing the combined grades of the four economic rare earth elements, Pr, Nd,\nDy, and Tb. The High Grade domain is a continuous interpreted zone of\nhigher-grade mineralization defined by a nominal combined Pr, Nd, Dy, and Tb\ngrade of 0.125%. The rare earth elements were estimated separately in the two\ndomains using ordinary kriging and variogram models that reflect spatial\ncontinuity. The model uses 20 m × 20 m × 12 m parent blocks, with\nsub-blocking to a minimum of 5 m × 5 m × 3 m, and assays were composited to\nnominal 3.0 m lengths within the estimation domains. Unsampled intervals were\nexcluded from compositing because no analytical result was available. The\nunsampled interval inventory is retained for follow-up sampling, and\napplicable results will be incorporated into a future Mineral Resource\nestimate.\n\nGrade estimation used two search passes of 90 m and 180 m in the High Grade\ndomain and an additional 240 m pass in the Main domain. The first pass\nrequired nine to 16 composites, and subsequent passes required five to 16\ncomposites. A maximum of four composites per drill hole was applied in the\nfirst two passes. A 20 m soft boundary allowed limited sample sharing between\nthe resource domains. No global assay cap was applied. In the second and third\npasses of the Main domain, the influence of elevated Pr, Nd, Dy, and Tb\ncomposite grades was restricted beyond approximately 60 m using grade\nthresholds of 450 g/t, 1,350 g/t, 40 g/t, and 10 g/t, respectively. These\nlocal restrictions limit high grade extrapolation rather than cap all assays\nor block grades.\n\nBulk density was estimated by inverse distance squared interpolation within\nthe combined High Grade and Main resource domains using two 250 m searches and\nthree to 12 samples. The first pass used a maximum of two samples per drill\nhole. Unestimated blocks within the combined resource domains and bedrock\noutside the resource domains were assigned a density of 2.70 t/m³. Overburden\nwas assigned a density of 1.80 t/m³. Model validation included comparisons\nwith composite grades and nearest-neighbour estimates, grade-distribution\nchecks, and spatial swath comparisons. Historical density measurements from\nthe 2011-2012 program were obtained in the field and are not supported by\nlaboratory density certificates; this limitation was considered in assessing\nthe density data used for the Mineral Resource estimate.\n\nResource classification considered geological and grade continuity, data\nquality, estimation support, and drill hole spacing. Indicated Mineral\nResources are supported by a maximum drill hole spacing of 100 m. Inferred\nMineral Resources are supported by drill hole spacing of up to approximately\n200 m. Inferred Mineral Resources have a lower level of confidence than\nIndicated Mineral Resources and cannot be converted directly to Mineral\nReserves. There is no certainty that further drilling will upgrade all\nInferred Mineral Resources.\n\nAnalytical Methods and Data Verification\nRecent drill core samples were analyzed by Activation Laboratories Ltd.\n(Actlabs) in Ancaster, Ontario, and SRC Geoanalytical Laboratories (SRC) in\nSaskatoon, Saskatchewan. Actlabs used fusion-based ICP-OES and ICP-MS methods\nfor REE analyses, while SRC used lithium metaborate fusion with ICP-MS.\nGallium grades used for estimation are based on the SRC assays rather than the\nActlabs results. Gallium was measured analytically and was not derived from\nregression against zinc or aluminum. Laboratory certificates include\nanalytical quality control results.\n\nQuality assurance and quality control (QA/QC) review by SLR covered the\n2011-2012 and 2025-2026 drilling and analytical datasets. The program included\ncertified reference materials, blanks, field duplicates, and laboratory\ncontrols and repeats. Control results were reviewed for accuracy,\ncontamination, and precision, with repeat analyses and geological review used\nto investigate discrepancies. Verification included selected comparisons of\ndatabase records with laboratory results and did not include independent\nreanalysis of every sample.\n\nMs. Katharine Masun, M.Sc., MSA, P.Geo., of SLR reviewed the sampling,\nanalytical, and QA/QC data and considers them adequate for the Mineral\nResource estimate and the supplementary gallium estimate. The limitations\nassociated with historical density measurements and preliminary metallurgical\nassumptions are described in this news release.\n\nReasonable Prospects for Eventual Economic Extraction\nRPEEE were assessed for the open pit rare earth Mineral Resources using a\nWhittle optimized open pit shell, a revenue factor of 1.0, and a C$43/t NMR\ncut-off. The shell incorporates a mining cost of C$4.00/t moved, an overall\npit slope angle of 50°, and a strip ratio of 1.26. The reporting shell is a\nconceptual constraint for Mineral Resource reporting and does not constitute a\nmine design or establish economic viability.\n\nTable 4: Assumptions Used to Calculate Net Metal Revenue\n\n Rare earth oxide  Price (US$/kg oxide)  Recovery (%)  Separation deduction (%)  NMR factor (C$/t per g/t oxide)  \n Pr₆O₁₁            160                   82.1          15                        0.151                            \n Nd₂O₃             150                   82.1          15                        0.141                            \n Dy₂O₃             900                   69.5          25                        0.633                            \n Tb₄O₇             3,000                 75.4          25                        2.290                            \n\n \n\nAn exchange rate of C$1.35 per US$1.00 is used. Separation deductions are 15%\nfor Pr₆O₁₁ and Nd₂O₃, and 25% for Dy₂O₃ and Tb₄O₇. No\nroyalty is applied in the NMR calculation. NMR factors are rounded to three\ndecimal places, and the rounded factors were applied to calculate NMR in the\nblock model.\n\nElemental block grades were converted to corresponding oxide grades. NMR was\ncalculated for each block using the four oxide grades and the factors\npresented in Table 4. The factors incorporate the oxide price, exchange rate,\nassumed recovery, and separation deduction and were used solely to support the\nreporting cut-off and optimized pit constraint for the Mineral Resource\nestimate. No other rare earth oxide or gallium is included in the NMR\ncalculation.\n\nThe four oxide grades are disclosed individually because they are the only REO\ngrades assigned value in the NMR calculation used to support the reporting\ncut-off and optimized pit constraint. MREO, which is also reported in the\nMineral Resource table, is the sum of Pr₆O₁₁, Nd₂O₃, Dy₂O₃, and\nTb₄O₇, expressed as a percentage. No other REOs contribute to NMR.\n\nAs reported in Volta's June 1, 2026 news release, the recovery assumptions are\nbased on bench-scale test work completed by SGS Canada Inc. (SGS) on a single\nmaster composite from Springer. The results are preliminary and do not\ndemonstrate recovery to a saleable product or consistent recovery across the\ndeposit. Additional test work is required to confirm these assumptions. The\nseparation deductions used in the Mineral Resource estimate are assumptions\nand not established commercial sales terms.\n\nThe estimate supersedes the Mineral Resource estimate effective December 31,\n2025, disclosed on February 23, 2026. Changes include additional drilling,\nrevised geological and estimation domains, local controls on high grade\nextrapolation, updated density estimation, revised recovery and oxide price\nassumptions, a new pit constraint, and the addition of a supplementary gallium\nestimate within the reported open pit Mineral Resource volumes. The current\nand previous estimates use different technical and economic assumptions;\nchanges in reported tonnes and grades cannot be attributed solely to drilling.\n\nThe Mineral Resource estimate may be materially affected by environmental,\npermitting, legal, title, taxation, socio-political, marketing, or other\nrelevant issues. The estimate is also sensitive to assumptions regarding metal\nprices, recoveries (based on preliminary test work), operating costs, and the\ngeologic interpretation. Additional metallurgical test work is in progress and\nmay affect future resource estimates.\n\nComparison to Previous Estimate\nTable 5 compares the current September 30, 2026 open pit Mineral Resource\nestimate with the previous December 31, 2025 estimate by classification and\ndomain. Indicated tonnage increased by 116%, from 56.6 Mt to 122.4 Mt, while\nInferred tonnage increased by 65%, from 119.5 Mt to 197.5 Mt. The increase\noccurred in both the High Grade domain and the current Main domain, which was\ndesignated the Low Grade domain in the previous estimate.\n\nThe current estimate contains more tonnes at lower average TREO, MREO, and\nindividual NMR-contributing rare earth oxide grades. Indicated TREO decreased\nfrom 0.70% to 0.59%, and Inferred TREO decreased from 0.58% to 0.53%.\nIndicated MREO decreased from 0.16% to 0.13%, and Inferred MREO decreased from\n0.12% to 0.11%. For Indicated Mineral Resources, average Pr₆O₁₁,\nNd₂O₃, Dy₂O₃, and Tb₄O₇ grades decreased by 15%, 16%, 13%, and\n11%, respectively. For Inferred Mineral Resources, the corresponding grades\ndecreased by 9%, 10%, 13%, and 14%, respectively. Despite the lower grades,\naverage NMR increased from C$159/t to C$223/t for Indicated Mineral Resources\nand from C$128/t to C$191/t for Inferred Mineral Resources. The current and\nprevious NMR values reflect different oxide prices, metallurgical recovery\nassumptions, separation deductions, domain interpretations, estimation\nparameters, and reporting constraints and should not be interpreted as a\ndirect comparison of project economics.\n\nThe current Main domain, designated the Low Grade domain in the previous\nestimate, is not directly equivalent to the previous domain because the\ninterpretation, geometry, estimation parameters, and reporting constraints\nhave changed. The comparison also reflects additional 2026 drilling, revised\ngeological and estimation domains, updated variography and search parameters,\nrestrictions on high-grade extrapolation in the Main domain, updated density\nestimation, revised classification support, and a new optimized pit\nconstraint. Therefore, the changes should not be viewed as a reconciliation\nlimited to drilling.\n\nTable 5: Comparison of Current and Previous Open Pit Mineral Resources by\nClassification and Domain\n\n Parameter           Domain            Indicated                   Inferred                       \n                     Previous                 Current  Change (%)  Previous  Current  Change (%)  \n Tonnage (Mt)        High Grade        11.5   27.6     +140        3.0       26.7     +790        \n                     Main / Low Grade  45.1   94.8     +110        116.5     170.8    +47         \n                     Total             56.6   122.4    +116        119.5     197.5    +65         \n NMR (C$/t)          High Grade        251    384      +53         254       333      +31         \n                     Main / Low Grade  136    176      +29         125       169      +35         \n                     Total             159    223      +40         128       191      +49         \n TREO (%)            High Grade        1.10   1.00     -9          1.16      0.94     -19         \n                     Main / Low Grade  0.60   0.47     -22         0.57      0.46     -19         \n                     Total             0.70   0.59     -16         0.58      0.53     -9          \n MREO (%)            High Grade        0.25   0.23     -8          0.25      0.20     -20         \n                     Main / Low Grade  0.14   0.11     -21         0.12      0.10     -17         \n                     Total             0.16   0.13     -19         0.12      0.11     -8          \n Pr₆O₁₁ (g/t)        High Grade        540    495      -8          559       464      -17         \n                     Main / Low Grade  296    234      -21         275       226      -18         \n                     Total             346    293      -15         282       258      -9          \n Nd₂O₃ (g/t)         High Grade        1,846  1,683    -9          1,848     1,507    -19         \n                     Main / Low Grade  1,017  792      -22         924       754      -18         \n                     Total             1,185  993      -16         947       856      -10         \n Dy₂O₃ (g/t)         High Grade        68     63       -7          70        43       -39         \n                     Main / Low Grade  30     24       -20         30        24       -20         \n                     Total             38     33       -13         31        27       -13         \n Tb₄O₇ (g/t)         High Grade        15     14       -7          15        10       -33         \n                     Main / Low Grade  7      6        -14         7         6        -14         \n                     Total             9      8        -11         7         6        -14         \n\n \n\nNotes:\n1. CIM (2014) definitions were followed for Mineral Resources.\n2. The previous estimate is the open pit Mineral Resource estimate effective\nDecember 31, 2025. The current estimate is the open pit Mineral Resource\nestimate effective September 30, 2026.\n3. The average density of the reported Mineral Resources is 2.7 t/m³ for the\nprevious estimate and 2.68 t/m³ for the current estimate.\n4. The current Main domain was called the Low Grade domain in the previous\nestimate. The domains differ in interpretation, geometry, estimation\nparameters, and reporting constraints and are not directly equivalent.\n5. Previous High Grade and Low Grade domain NMR values were calculated from\nthe previously reported NMR-contributing oxide grades using the NMR factors\napplied in the December 31, 2025 estimate. Total classification NMR values are\nthe same as previously reported.\n6. MREO is the sum of Pr₆O₁₁, Nd₂O₃, Dy₂O₃, and Tb₄O₇,\nexpressed as a percentage.\n7. The current estimate incorporates additional 2026 drilling, revised High\nGrade and Main domain interpretations, updated variography and search\nparameters, local restrictions on high grade extrapolation in the Main domain,\nupdated density estimation, revised classification support, revised oxide\nprices and metallurgical recovery assumptions, and a new optimized pit\nconstraint.\n8. The current and previous estimates use different technical and economic\nassumptions. Changes in reported tonnage, grades, and NMR should not be\ninterpreted as a drilling-only reconciliation or as a comparison of project\neconomics.\n9. Gallium is excluded from NMR and does not contribute to the reporting\ncut-off, pit optimization, RPEEE assessment, or comparison.\n10. Percentage change is calculated as the current value minus the previous\nvalue, divided by the previous value.\n11. Mineral Resources that are not Mineral Reserves do not have demonstrated\neconomic viability. No Mineral Reserves have been estimated.\n12. Totals may not add or multiply accurately due to rounding.\n\nSupplementary Gallium Estimate\nTable 6 presents a supplementary gallium estimate by nested Ga High Grade and\nGa Main domains within the open pit reporting constraints and C$43/t NMR\ncut-off of the rare earth Mineral Resources. The combined volume of the nested\nGa High Grade and Ga Main domains is equivalent to the combined volume of the\nHigh Grade and Main rare earth resource domains. The individual Ga High Grade\nand Ga Main domain volumes do not correspond directly to the individual rare\nearth resource domain volumes. The interpreted gallium mineralization does not\nextend beyond the combined rare earth resource domain volume; accordingly, no\ninterpreted gallium mineralization outside that volume was excluded from the\nsupplementary estimate.\n\nThe Indicated and Inferred classifications apply to the reported open pit\nMineral Resources and not to a standalone gallium Mineral Resource. Gallium is\nassigned no economic value and does not contribute to the NMR calculation,\nreporting cut-off, pit optimization, or the RPEEE supporting the open pit\nMineral Resources.\n\nTable 6: Supplementary Gallium Estimate within the Reported Open Pit Mineral\nResources, September 30, 2026\n\n Classification  Domain         Tonnage (Mt)  Grade   Metal  \n                 Ga (g/t)                     Ga (t)  \n Indicated       Ga High Grade  14.8          56      836    \n                 Ga Main        107.6         33      3,591  \n                 Total          122.4         36      4,427  \n Inferred        Ga High Grade  19.6          53      1,030  \n                 Ga Main        177.9         35      6,176  \n                 Total          197.5         36      7,206  \n\n \n\nNotes:\n1. CIM (2014) definitions were followed for Mineral Resources.\n2. Gallium is estimated within the gallium domain model and reported as\nsupplementary information within the classified open pit Mineral Resources and\ntheir reporting constraints, including the optimized pit shell and C$43/t NMR\ncut-off.\n3. Classification refers to the reported open pit Mineral Resource. No\nclassification is assigned to gallium independently.\n4. Gallium is assigned no economic value. It does not contribute to the NMR\ncalculation, reporting cut-off, pit constraint, or RPEEE of the reported open\npit Mineral Resource. The assumptions used in the NMR calculation are provided\nin the notes to the Mineral Resource statement.\n5. No overall recovery to a saleable gallium product or commercial payability\nhas been established.\n6. Gallium grades and in situ contained gallium are supplementary estimates\nwithin the reported Mineral Resource volumes and do not represent additional\nresource tonnage or a separate gallium Mineral Resource. Contained gallium\ndoes not represent recovered or payable metal.\n7. The average density of the reported Mineral Resource is 2.68 t/m³. Grades\nare reported as mass-weighted averages within the reporting constraints.\n8. Mineral Resources that are not Mineral Reserves do not have demonstrated\neconomic viability. No Mineral Reserves have been estimated.\n9. Totals may not add or multiply accurately due to rounding.\n\nGallium was estimated by ordinary kriging from nominal 3.0 m composites within\ntwo nested gallium grade domains, Ga High Grade and Ga Main, using gallium\nvariography. The Ga High Grade domain was guided by a nominal threshold of 50\ng/t Ga. The combined volume of the nested gallium domains corresponds to the\ncombined High Grade and Main rare earth resource domain volume reported in\nTable 1. However, the individual gallium domains do not correspond directly to\nthe individual rare earth resource domains. Grade estimation used search\npasses of 90 m, 180 m, and 240 m. A 20 m soft boundary allowed limited sample\nsharing between the gallium domains.\n\nInitial bench-scale flotation test work identified gallium in both the rare\nearth concentrate and flotation tailings. The available test work is\ninsufficient to establish overall recovery to a saleable gallium product,\nprocessing costs, commercial payability, or saleability. Additional\nmetallurgical test work is in progress. Until these factors are demonstrated,\ngallium is assigned no economic value and is reported only as supplementary\ninformation within the open pit Mineral Resource volumes. Gallium is not\nreported as a standalone Mineral Resource or included in the RPEEE assessment,\nand there is no certainty that it will be recovered or sold.\n\n(https://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_004full.jpg)\n\nFigure 4. Springer gallium domains, Ga High Grade (orange) and Ga Main\n(green), within the optimized pit shell, oblique view (Source: SLR, 2026).\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_004full.jpg\n\nCAUTIONARY STATEMENTS\n\nMineral Resources are not Mineral Reserves and do not have demonstrated\neconomic viability. Inferred Mineral Resources have a lower level of\nconfidence than Indicated Mineral Resources, and there is no certainty that\nfurther drilling will upgrade them. The cut-off sensitivity cases in Table 2\nare not separate Mineral Resource estimates, production targets or economic\nevaluations.\n\nGallium is reported only as a supplementary estimate within the rare earth\nMineral Resource and is assigned no economic value. Metallurgical test work\nhas not established overall recovery to a saleable gallium product, processing\ncosts, commercial payability or saleability. There is no certainty that\ngallium will be recovered or sold, or that it will be assigned value in any\nfuture estimate.\n\nThe North American ranking is based on a third-party database dated May 2025\nthat may not reflect the most recent estimates of other projects. Those\nestimates were prepared by other parties under different reporting standards\n(NI 43-101, SEC S-K 1300 and JORC), cut-offs and assumptions, and are not\ndirectly comparable. The ranking compares tonnage only. Market information in\nthis news release is from third-party sources and has not been independently\nverified by the Company. There is no assurance that the planned drilling will\nexpand the high-grade zone or that the PEA will be completed within the\nanticipated timeframe.\n\nQualified Persons\n\nThe rare earth Mineral Resource estimate and supplementary gallium estimate\ndisclosed in this news release were prepared by Ms. Katharine Masun, M.Sc.,\nMSA, P.Geo., Principal Resource Geologist with SLR Consulting (Canada) Ltd.,\nwho is independent of Volta. Ms. Masun is a Qualified Person as defined by\nNational Instrument 43-101. The rare earth Mineral Resources were classified\nin accordance with the CIM Definition Standards for Mineral Resources and\nMineral Reserves (May 2014). Ms. Masun has reviewed and approved the\nscientific and technical information in this news release relating to the rare\nearth Mineral Resource estimate and supplementary gallium estimate.\n\nDetails of the Mineral Resource estimate will be disclosed in an independent\ntechnical report prepared in accordance with National Instrument 43-101\nStandards of Disclosure for Mineral Projects (\"NI 43-101\") by SLR Consulting\n(Canada) Ltd. The NI 43-101 Technical Report will be filed on SEDAR+\n(www.sedarplus.ca) within 45 days of this news release.\n\nOther scientific and technical information in this news release has been\nreviewed and approved by Dr. Julie Selway, P.Geo., VP Exploration, and a\nQualified Person (\"QP\") as defined in National Instrument 43-101, Standards of\nDisclosure for Mineral Projects.\n\nABOUT VOLTA METALS LTD.\n\nVolta Metals Ltd. (CSE: VLTA) (OTCQB: VOLMF) (FSE: D0W) is a critical mineral\nexploration company focused on rare earths, gallium, lithium, cesium and\ntantalum in Ontario, one of the world's most prolific emerging hard-rock\ncritical mineral districts. Volta owns, has optioned and is exploring a\nportfolio of rare earth, gallium, lithium, cesium and tantalum projects in the\nprovince.\n\nVolta's flagship is the Springer Rare Earth Element and Gallium Deposit,\nwithin the 4,879-hectare Springer Property on the traditional territory of the\nNipissing First Nation, about 8 km north of Sturgeon Falls and 70 km east of\nSudbury, Ontario. The project has direct access via the Trans-Canada Highway\nand Highway 64, with paved roads, on-site power lines fed from the Crystal\nFalls hydroelectric dam, a natural gas pipeline and Canadian National Railway\nservice, all within 8 km of the deposit.\n\nTo learn more about Volta and its Springer and Aki projects, visit\nwww.voltametals.ca.\n\nON BEHALF OF THE BOARD\n\nFor further information, contact:\n\nKerem Usenmez, President & CEO\nTel: 416.919.9060 | Email: info@voltametals.ca | Website: www.voltametals.ca\n\nNeither the CSE nor the Canadian Investment Regulatory Organization (CIRO)\naccepts responsibility for the adequacy or accuracy of this release.\n\nForward-Looking Statements\n\nThis news release contains forward-looking statements relating to exploration\nactivities, plans, strategies and other statements that are not historical\nfacts. Forward-looking statements are often identified by terms such as\n\"will\", \"may\", \"should\", \"anticipate\", \"expects\", \"plans\", \"targeting\" and\nsimilar expressions. All statements other than statements of historical fact\nincluded in this news release are forward-looking statements that involve\nrisks and uncertainties. Forward-looking information in this news release\nincludes, but is not limited to, the filing of a Technical Report supporting\nthe MRE and its timing; the Company's plans to drill to expand the high-grade\nrare earth and gallium zone; the completion and timing of a Preliminary\nEconomic Assessment in the first half of 2027; the potential for gallium to be\nrecovered as a by-product and to be assigned value in any future estimate; the\nresults of metallurgical test work; the potential to expand the Mineral\nResources; and future supply, demand and prices of rare earth elements and\ngallium. There can be no assurance that such statements will prove to be\naccurate, and actual results and future events could differ materially from\nthose anticipated. Important factors that could cause actual results to differ\nmaterially from the Company's expectations include the risks detailed from\ntime to time in the filings made by the Company with securities regulators;\nfuture prices of and demand for rare earth elements and gallium; changes to\nexport control or trade measures affecting rare earth and gallium supply; the\nresults of metallurgical test work, including the absence to date of test work\ndemonstrating that gallium can be economically recovered from the Springer\nmineralization; changes in the assumptions underlying the MRE; the\navailability of drilling contractors, consultants and financing; and delays\nin, or the inability of the Company to obtain, any approvals, permits and\nauthorizations required to carry out its business plans. Readers are cautioned\nnot to place undue reliance on any forward-looking statements. Forward-looking\nstatements in this news release are made as of the date of this news release,\nand the Company disclaims any intention or obligation to update or revise\nthem, whether as a result of new information, future events or otherwise,\nother than as required by law.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/319617","article_body_html":"","raw_payload":{"data":{"id":"nNFC5sk8cR-20261019","title":"Volta More than Doubles Springer Indicated Resource to 122.4 Mt, Ranks Among North America's Five Largest Rare Earth Deposits by M&I Tonnage*, and Delivers First Gallium Estimate","author":"Newsfile Corp","ticker":"VLTA","created":"2026-10-19T10:00:18.160Z","tickers":["VLTA"],"exchange":"","article_body":"5th largest rare earth deposit in North America by Measured & Indicated tonnage*  122.4 Mt Indicated resource, up 116% since February 2026  +140%  at 1.00% TREO Indicated high-grade core, now 27.6 Mt  1st supplementary gallium estimate at Springer  \n\n \n\nHIGHLIGHTS\n* High-Grade Core Expands 140%. The Indicated High Grade domain grew 140% to\n27.6 million tonnes (\"Mt\") grading 1.00% total rare earth oxides (\"TREO\"),\nwith an estimated average net metal revenue (\"NMR\") of C$384/t. Inferred High\nGrade grew nearly nine-fold to 26.7 Mt at 0.94% TREO, with an estimated\naverage NMR of C$333/t, and remains open.\n* Indicated Mineral Resources More Than Double; Inferred Up 65%. Indicated\nMineral Resources increased 116% to 122.4 Mt grading 0.59% TREO, up from 56.6\nMt in February 2026. Inferred Mineral Resources increased 65% to 197.5 Mt\ngrading 0.53% TREO.\n* Magnet-Rich: 22.4% of TREO is MREO. Magnet rare earth oxides (\"MREO\": Nd,\nPr, Dy, Tb) with 63 g/t Dy₂O₃ and 14 g/t Tb₄O₇ in the Indicated\nhigh-grade core.\n* Resource Remains Robust at Higher NMR Cut-offs. 68% of Indicated tonnage\n(83.7 Mt at 0.72% TREO) is retained at a C$150/t NMR sensitivity cut-off, 3.5\ntimes the C$43/t reporting cut-off, within the same optimized pit shell.(1)\n* Initial Gallium Estimate: About 4,427 t of In Situ Gallium. The\nsupplementary estimate averages 36 grams per tonne (\"g/t\") gallium (\"Ga\")\nacross the 122.4 Mt Indicated Mineral Resource volume, including 14.8 Mt at 56\ng/t Ga in the Ga High Grade domain. Not yet assigned economic value.(2)\n* Low Strip Ratio and Exceptional Infrastructure. The optimized pit shell used\nto constrain the Mineral Resource has a conceptual strip ratio of 1.26 tonnes\nof waste per tonne of mineralized material. Springer sits beside the\nTrans-Canada Highway, with power, gas and rail within 8 km.(3)\nToronto, Ontario--(Newsfile Corp. - October 19, 2026) - Volta Metals Ltd.\n(CSE: VLTA) (OTCQB: VOLMF) (FSE: D0W) (\"Volta\" or the \"Company\") announces a\nsubstantially expanded Mineral Resource estimate (\"MRE\") for its Springer Rare\nEarth Element and Gallium Deposit (\"Springer\" or the \"Deposit\") near Sturgeon\nFalls, Ontario, in which Volta holds a 100% interest. Prepared independently\nby SLR Consulting (Canada) Ltd. (\"SLR\") and effective September 30, 2026, the\nMRE includes all 13 holes (5,445 m) from the 2026 drill program and, for the\nfirst time, a supplementary gallium estimate.\n\n\"We more than doubled our Indicated resource, grew our high-grade core by 140%\nand delivered our first gallium estimate. Next, we're working to advance\ngallium recovery and deliver a strong PEA in the first half of 2027. We\nbelieve Springer is shaping up as one of the few large, road-accessible\nsources of magnet rare earths, and potentially gallium, in North America, at a\ntime when the market is paying a premium for supply from outside China,\" said\nKerem Usenmez, President and CEO of Volta.\n\n* Ranked by Measured and Indicated tonnage, including Reserves, of North\nAmerican rare earth projects (S&P Global Market Intelligence database, May\n2025), with Springer updated to this MRE. Inferred resources are excluded. See\nFigure 1 and \"Cautionary Statements\".\n(1) Non-base sensitivity case (Table 2). Not a separate Mineral Resource\nestimate or an economic evaluation.\n(2) Supplementary estimate within the rare earth Mineral Resource volumes\n(Table 6); not a standalone gallium Mineral Resource. In situ, not recovered\nor payable metal. Excluded from the NMR, cut-off, pit optimization and RPEEE\nuntil recovery and payability are established.\n(3) From the conceptual optimized pit shell used to demonstrate RPEEE; not a\nmine design, production plan or economic result.\n\nEconomic Basis of the Mineral Resource Estimate. The economic basis of the\ncurrent MRE is limited to the four rare earth oxides comprising MREO:\nPr₆O₁₁, Nd₂O₃, Dy₂O₃, and Tb₄O₇. These are the only rare\nearth oxides assigned value in the NMR calculation used to determine the\nreporting cut-off and optimized pit constraint and to support Reasonable\nProspects for Eventual Economic Extraction (\"RPEEE\"). The other rare earth\noxides and gallium have been modelled and estimated but are assigned no\neconomic value in the current MRE. Ongoing metallurgical test work is\nevaluating the potential for gallium production. Gallium or other rare earth\noxides could be included in the economic basis of a future MRE if sufficient\nmetallurgical recovery, processing cost, product, payability, and market\nsupport are established.\n\nWHY IT MATTERS: THE WEST NEEDS MAGNET METALS AND GALLIUM FROM OUTSIDE CHINA\n\n Mineral                                     Main uses                                                                                         Supply and market (S&P Global, August 2026)                                                                                     Springer (Indicated)                                                                                                                                                                                \n Neodymium and praseodymium (NdPr)           Permanent magnets for EVs, wind turbines, robotics, electronics and defence systems.              China supplies about 84% of neodymium-praseodymium (\"NdPr\") oxide. Demand projected to grow from 108,000 t (2025) to 143,000 t  27.6 Mt high-grade core at 1.00% TREO, with 495 g/t praseodymium oxide (\"Pr₆O₁₁\") and 1,683 g/t neodymium oxide (\"Nd₂O₃\"). Overall, 122.4 Mt at 0.59% TREO (Table 1).                               \n                                                                                                                                               (2030). NdPr oxide rose from about US$74/kg (Dec 2025) to about US$150/kg (mid-2026), based on Platts pricing. In July 2025, the                                                                                                                                                                                                     \n                                                                                                                                               U.S. Department of Defense set a US$110/kg NdPr price floor with MP Materials. In March 2026, Japan Australia Rare Earths                                                                                                                                                                                                           \n                                                                                                                                               (JARE), backed by Japan's state agency JOGMEC, agreed a US$110/kg NdPr price floor with Lynas Rare Earths on 5,000 t per year                                                                                                                                                                                                       \n                                                                                                                                               through 2038. Australia is considering floor prices through offtakes for its A$1.2 billion critical minerals strategic reserve,                                                                                                                                                                                                     \n                                                                                                                                               which prioritizes rare earths and gallium, and in June 2026 the G7 agreed to explore price floors.                                                                                                                                                                                                                                  \n Dysprosium and terbium (heavy rare earths)  Keep magnets working at high temperatures in EV motors, wind turbines and defence systems.        China dominates heavy rare earth separation and placed rare earth magnets and related products under export licensing in April  63 g/t Dy₂O₃ and 14 g/t Tb₄O₇ in the 27.6 Mt high-grade core (Table 1). HREO is about 5.5% of Indicated TREO (Table 3).                                                                             \n                                                                                                                                               2025. In June 2026, G7 leaders set a goal of reducing dependence on any single supplier outside the G7 and partner countries to                                                                                                                                                                                                     \n                                                                                                                                               below 60% for rare earths and permanent magnets by 2030.                                                                                                                                                                                                                                                                            \n Gallium                                     Semiconductors for radar, 5G, power electronics, AI data centres and LEDs. Also used in magnets.  China produces approximately 99% of primary gallium; supply outside China is about 5 t/year. Demand projected to grow about 12% 14.8 Mt at 56 g/t Ga in the Ga High Grade domain (approximately 75 g/t Ga₂O₃), 36 g/t Ga on average across the resource, about 4,427 t of in-situ gallium in the Indicated category (Table 6).      \n                                                                                                                                               a year to 1,738 t by 2030. Prices outside China reached about US$2,100/kg in 2026, roughly seven times 2023 levels, versus about                                                                                                                                                                                                     \n                                                                                                                                               US$300/kg inside China.                                                                                                                                                                                                                                                                                                             \n\n \n\nAll three are designated critical minerals in Canada, the United States and\nthe European Union, and governments are now funding supply outside China. In\n2026, the Government of Canada committed up to C$400 million to support Teck's\nTrail operations expansion, targeting gallium, germanium and antimony, and\nconditionally approved up to C$18.95 million for a Rio Tinto and Indium\nCorporation gallium pilot plant. Even if every announced project outside China\nis built, S&P Global estimates the market outside China would still be short\nof gallium in 2030. Market figures are third-party estimates (S&P Global,\nAugust 2026; USGS). Price floor information is from Lynas Rare Earths (ASX\nannouncement, March 10, 2026), the Government of Australia and the G7 Leaders'\nDeclaration on Critical Minerals (June 17, 2026). Contained gallium is in situ\nand does not represent recovered or payable metal.\n\nWHAT'S NEXT: DRILLING, METALLURGY AND A PEA\n\nVolta is advancing Springer through a focused exploration and technical\ndevelopment program designed to expand its high-grade resource, evaluate\ngallium recovery and establish the Deposit's preliminary economic potential.\n* Expand the High-Grade Rare Earth and Gallium Zone. Additional drilling is\nplanned to expand the high-grade rare earth and gallium mineralized zones,\ntargeting further resource growth and opportunities to enhance the Deposit's\ngrade profile ahead of the PEA.\n* Advance Rare Earth and Gallium Metallurgy. Metallurgical test work is\nongoing to optimize rare earth recoveries and evaluate the potential for\ngallium production. Establishing a viable process to recover gallium into a\nsaleable product, together with associated processing costs and payability,\nwill be essential to determining its potential economic contribution.\n* Preliminary Economic Assessment (\"PEA\"). The PEA, targeted for the first\nhalf of 2027, will incorporate the updated MRE, relevant results from planned\ndrilling and ongoing metallurgical studies to evaluate Springer's preliminary\ndevelopment options and economic potential.\n* File Updated NI 43-101 Technical Report. An independent NI 43-101 Technical\nReport supporting the updated MRE will be filed on SEDAR+ within 45 days of\nthis news release.\n READING THE NUMBERS  TREO (total rare earth oxides) is the standard measure of rare earth content. 1.00% TREO = 10 kg of rare earth oxides per tonne of rock. MREO (magnet rare earth oxides) is the sum of the praseodymium, neodymium, dysprosium and terbium oxides, the four used in permanent magnets and the only four assigned values in this MRE. MREO as a % of TREO shows how much of the rare earth content is magnet metals. HREO (heavy rare earth oxides) includes dysprosium (Dy), terbium (Tb) and yttrium (Y), \n among others, which are scarcer and mostly separated in China. g/t = grams per tonne, the same as parts per million (ppm). Previous Volta drill results reported gallium as Ga₂O₃; multiply g/t Ga by 1.3442 to convert to g/t Ga₂O₃. NMR (net metal revenue) is the estimated value per tonne from the four magnet rare earth oxides and is used only to decide which blocks are included in the resource. Indicated Mineral Resources have closer drilling and higher confidence than Inferred Mineral Resources. Mineral     \n Resources are not Mineral Reserves and do not have demonstrated economic viability.                                                                                                                                                                                                                                                                                                                                                                                                                                             \n\n \n\nDETAILS\n\nSpringer Among North America's Largest Rare Earth Deposits\nWith 122.4 Mt of Indicated Mineral Resources, Springer ranks fifth among North\nAmerican rare earth projects by combined Measured and Indicated resource\ntonnage, based on the S&P Global Market Intelligence database (Figure 1).\nInferred Mineral Resources are shown separately for context and are excluded\nfrom the ranking. The comparison is based on resource tonnage and does not\naccount for differences in grade, cut-off criteria, reporting standards,\neffective dates, commodity mix, metallurgical assumptions, infrastructure,\ndevelopment stage, or project economics.\n\n(https://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_001full.jpg)\n\nFigure 1. North American rare earth projects ranked by Measured and Indicated\ntonnage, including Reserves where reported. Inferred tonnage is shown\nseparately for context and is not used in the ranking (S&P Global Market\nIntelligence database, May 2025; Springer at the September 30, 2026 MRE).\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_001full.jpg\n\nSpringer at a Glance\n\n Item                       Detail                                                                                                                                                                                                                                                                                                            \n Location                   About 70 km east of Sudbury and 8 km north of Sturgeon Falls, Ontario, on the traditional territory of the Nipissing First Nation.                                                                                                                                                                                \n Property                   4,879 hectares. Volta holds a 100% interest in the Springer Property.                                                                                                                                                                                                                                             \n Access and infrastructure  Trans-Canada Highway and Highway 64, paved roads, on-site power lines fed from the Crystal Falls hydroelectric dam, natural gas pipeline and Canadian National Railway service, all within 8 km of the deposit.                                                                                                   \n Drilling in the MRE        The project dataset comprises 39 drill holes from the 2011-2012, 2025, and 2026 programs, including 13 holes (5,445 m) drilled in 2026. Of these, 38 drill holes were included in the MRE dataset. Drill hole SL-11-07 was excluded because it is spatially isolated from the drilling that defines the deposit.  \n Resource shape             Open pit reporting shell with a low strip ratio of 1.26 tonnes of waste per tonne of mineralized material.                                                                                                                                                                                                        \n Rare earth resource        Indicated Mineral Resource of 122.4 Mt grading 0.59% TREO, including a higher-grade core of 27.6 Mt grading 1.00% TREO. Inferred Mineral Resource of 197.5 Mt at 0.53% TREO, including 26.7 Mt grading 0.94% TREO.                                                                                                \n Supplementary gallium      36 g/t Ga across the resource, including 14.8 Mt grading 56 g/t Ga (Indicated) and 19.6 Mt grading 53 g/t Ga (Inferred) in the Ga High Grade domain.                                                                                                                                                              \n Next steps                 Drilling to expand the high-grade rare earth and gallium zones, ongoing metallurgical test work, and a PEA targeted for the first half of 2027.                                                                                                                                                                   \n\n \n\nUpdated Mineral Resource Estimate\nSLR Consulting (Canada) Ltd. (SLR) prepared an updated rare earth Mineral\nResource estimate (MRE) for Volta Metals Ltd. (Volta) for the Springer Rare\nEarth Element and Gallium Deposit in Ontario, with an effective date of\nSeptember 30, 2026. Indicated Mineral Resources total 122.4 Mt at an average\nnet metal revenue (NMR) of C$223/t, grading 0.59% total rare earth oxides\n(TREO), and 0.13% magnet rare earth oxides (MREO), including 293 g/t\nPr₆O₁₁, 993 g/t Nd₂O₃, 33 g/t Dy₂O₃, and 8 g/t Tb₄O₇.\nInferred Mineral Resources total 197.5 Mt at an average NMR of C$191/t,\ngrading 0.53% TREO, and 0.11% MREO, including 258 g/t Pr₆O₁₁, 856 g/t\nNd₂O₃, 27 g/t Dy₂O₃, and 6 g/t Tb₄O₇. The supplementary gallium\nestimate within the Indicated Mineral Resource volume averages 36 g/t Ga,\nincluding 14.8 Mt grading 56 g/t Ga in the Ga High Grade domain. The\nsupplementary gallium estimate within the Inferred Mineral Resource volume\nalso averages 36 g/t Ga, including 19.6 Mt grading 53 g/t Ga in the Ga High\nGrade domain. Gallium is assigned no economic value because available\nmetallurgical test work has not established overall recovery to a saleable\ngallium product, processing costs, or commercial payability. Additional\nmetallurgical test work is in progress.\n\nTREO is the compositional total of the 15 rare earth oxides listed in the\nnotes to Table 1. MREO is the sum of Pr₆O₁₁, Nd₂O₃, Dy₂O₃, and\nTb₄O₇, expressed as a percentage. The rare earth Mineral Resource estimate\nis based on drilling and assay data available as of August 21, 2026 and is\nclassified in accordance with the CIM Definition Standards for Mineral\nResources and Mineral Reserves (May 2014). Reasonable prospects for eventual\neconomic extraction (RPEEE) were demonstrated for the rare earth Mineral\nResources by constraining the estimate within an optimized open pit shell and\nreporting blocks above a C$43/t NMR cut-off.\n\nNMR is the estimated value per tonne calculated from four rare earth oxides:\npraseodymium oxide (Pr₆O₁₁), neodymium oxide (Nd₂O₃), dysprosium\noxide (Dy₂O₃), and terbium oxide (Tb₄O₇). These four oxides comprise\nMREO and are the only rare earth oxides included in the pricing and recovery\nassumptions used to determine the reporting cut-off and pit constraint. TREO\nis a compositional total that also includes rare earth oxides that are not\nassigned value in the NMR calculation. Gallium is not included in the NMR\ncalculation, reporting cut-off, pit optimization, or RPEEE assessment.\n\nTable 1 summarizes the open pit rare earth Mineral Resources by classification\nand the High Grade and Main estimation domains. Table 2 presents block model\nsensitivities within the same optimized open pit shell at selected NMR cut-off\nvalues; C$43/t is the reporting cut-off, and the other cut-off values are\nnon-base sensitivity cases. Table 3 reports the average grades of all rare\nearth oxides (REOs), including light rare earth oxides (LREO) and heavy rare\nearth oxides (HREO), within the Mineral Resources by classification. Table 4\npresents the assumptions used to calculate NMR. Table 5 compares the current\nand previous open pit Mineral Resource estimates by classification and domain.\nTable 6 reports supplementary gallium grades and in situ content within the\nopen pit reporting constraints and C$43/t NMR cut-off of the rare earth\nMineral Resources reported in Table 1.\n\nTable 1: Summary of the Springer Open Pit Mineral Resources, September 30,\n2026\n\n Classification  Domain      Tonnage (Mt)  NMR (C$/t)  Grade                                                                             \n                 TREO (%)                  MREO (%)          Pr₆O₁₁ (g/t)             Nd₂O₃ (g/t)      Dy₂O₃ (g/t)      Tb₄O₇ (g/t)      \n Indicated       High Grade  27.6          384         1.00  0.23                495  1,683            63               14               \n                 Main        94.8          176         0.47  0.11                234  792              24               6                \n                 Total       122.4         223         0.59  0.13                293  993              33               8                \n Inferred        High Grade  26.7          333         0.94  0.20                464  1,507            43               10               \n                 Main        170.8         169         0.46  0.10                226  754              24               6                \n                 Total       197.5         191         0.53  0.11                258  856              27               6                \n\n \n\nMREO represents approximately 22.4% of TREO in the Indicated Mineral Resources\nand approximately 21.7% of TREO in the Inferred Mineral Resources.\n\nNotes:\n1. CIM (2014) definitions were followed for Mineral Resources.\n2. Open pit Mineral Resources are reported within an optimized pit shell and\nabove a C$43/t net metal revenue (NMR) cut-off. The cut-off is the rounded sum\nof C$40.00/t processing costs and C$2.74/t G&A costs. Pit optimization applies\na mining cost of C$4.00/t moved.\n3. The rare earth oxides included in the NMR calculation are Pr₆O₁₁,\nNd₂O₃, Dy₂O₃, and Tb₄O₇, collectively referred to as MREO. MREO is\nthe sum of these four oxides, expressed as a percentage. Only these oxides are\nassigned economic value in the NMR calculation; no other rare earth oxide, and\nno gallium, contributes to NMR.\n4. Total rare earth oxides (TREO) is the sum of La₂O₃, CeO₂,\nPr₆O₁₁, Nd₂O₃, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₄O₇,\nDy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and\nY₂O₃. TREO is a compositional total.\n5. Rare earth oxide price assumptions are US$160/kg Pr₆O₁₁, US$150/kg\nNd₂O₃, US$3,000/kg Tb₄O₇, and US$900/kg Dy₂O₃, using an exchange\nrate of C$1.35/US$1.00.\n6. Metallurgical recovery assumptions are 82.1% Pr₆O₁₁, 82.1% Nd₂O₃,\n75.4% Tb₄O₇, and 69.5% Dy₂O₃.\n7. NMR applies separation deductions of 15% to Pr₆O₁₁ and Nd₂O₃\nrevenue and 25% to Dy₂O₃ and Tb₄O₇ revenue. No royalty is applied.\n8. The NMR factors applied are C$0.151/t per g/t Pr₆O₁₁, C$0.141/t per\ng/t Nd₂O₃, C$2.29/t per g/t Tb₄O₇, and C$0.633/t per g/t Dy₂O₃.\n9. The average density of the reported Mineral Resource is 2.68 t/m³. Grades\nare reported as mass-weighted averages within the reporting constraints.\n10. Mineral Resources that are not Mineral Reserves do not have demonstrated\neconomic viability. No Mineral Reserves have been estimated.\n11. Totals may not add or multiply accurately due to rounding.\n\n(https://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_002full.jpg)\n\nFigure 2. Springer rare earth resource domains, High Grade and Main, within\nthe optimized pit shell, oblique view (Source: SLR, 2026).\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_002full.jpg\n\n(https://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_003full.jpg)\n\nFigure 3. Springer Mineral Resource classification, Indicated (green) and\nInferred (blue), within the optimized pit shell, oblique view (Source: SLR,\n2026).\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_003full.jpg\n\nSensitivity to Cut-off\nTable 2 presents block model sensitivities within the same optimized open pit\nshell at selected NMR cut-off values. The C$43/t NMR cut-off is the reporting\ncut-off used for the Mineral Resource estimate; all other cut-off values are\nnon-base sensitivity cases. As the cut-off increases, lower-value blocks are\nexcluded, and the reported tonnage decreases, while average NMR and grades\ngenerally increase. The non-base cases are provided solely to illustrate\nsensitivity to the selection of a reporting cut-off and are not separate\nMineral Resource estimates, alternative project cases, production targets, or\neconomic evaluations. The sensitivity results do not account for changes to\nthe optimized pit shell, mine design, mining sequence, dilution, recovery,\noperating costs, commodity prices, or other modifying factors that could apply\nat a different cut-off value.\n\nTable 2: Open Pit Mineral Resource Sensitivity to NMR Cut-off Value\n\n Classification  NMR Cut-off (C$/t)  Average Value and Grade                                                                                       \n                 Mass (Mt)                  NMR (C$/t)  TREO (%)  MREO (%)  Pr₆O₁₁ (g/t)        Nd₂O₃ (g/t)      Dy₂O₃ (g/t)      Tb₄O₇ (g/t)      \n Indicated       ≥150                83.7   272         0.72      0.16      358                 1,214            40               9                \n                 ≥100                114.1  233         0.62      0.14      306                 1,039            34               8                \n                 ≥80                 119.9  226         0.60      0.13      297                 1,008            34               8                \n                 ≥60                 122.2  224         0.59      0.13      293                 995              33               8                \n                 ≥43                 122.4  223         0.59      0.13      293                 993              33               8                \n Inferred        ≥150                125.7  234         0.65      0.14      319                 1,054            31               8                \n                 ≥100                179.2  202         0.56      0.12      274                 907              28               7                \n                 ≥80                 190.6  196         0.54      0.12      265                 876              27               7                \n                 ≥60                 196.4  192         0.53      0.12      259                 859              27               6                \n                 ≥43                 197.5  191         0.53      0.11      258                 856              27               6                \n\n \n\nNotes:\n1. CIM (2014) definitions were followed for Mineral Resources.\n2. The C$43/t NMR cut-off is the reporting cut-off for the open pit Mineral\nResource estimate. All other cut-off values are non-base block model\nsensitivity cases within the same optimized pit shell and should not be\ninterpreted as separate Mineral Resource estimates.\n3. The sensitivity results use the same block model, classification, density,\nNMR factors, commodity prices, metallurgical recovery assumptions, separation\ndeductions, and optimized pit shell as the reported Mineral Resources. The pit\nshell was not re-optimized at each cut-off value.\n4. The sensitivity results are not a mine plan, production schedule,\nproduction target, economic analysis, or statement of Mineral Reserves and do\nnot demonstrate economic viability at any cut-off value.\n5. NMR is calculated from Pr₆O₁₁, Nd₂O₃, Dy₂O₃, and Tb₄O₇\nonly. MREO is the sum of these four oxides, expressed as a percentage. TREO is\na compositional total. Gallium and all other rare earth oxides are assigned no\nvalue in NMR.\n6. Mineral Resources that are not Mineral Reserves do not have demonstrated\neconomic viability. No Mineral Reserves have been estimated.\n7. Totals may not add or multiply accurately due to rounding.\n\nTable 3: Springer Open Pit Mineral Resource Tonnage and Average Rare Earth\nOxide Grades, September 30, 2026\n\n Parameter     Unit  Indicated  Inferred  \n Tonnage       Mt    122.4      197.5     \n TREO          %     0.59       0.53      \n MREO          %     0.13       0.11      \n MREO / TREO   %     22.4       21.7      \n LREO          %     0.56       0.50      \n HREO          %     0.03       0.03      \n La₂O₃         g/t   1,426      1,290     \n CeO₂          g/t   2,757      2,497     \n Pr₆O₁₁        g/t   293        258       \n Nd₂O₃         g/t   993        856       \n Sm₂O₃         g/t   134        116       \n Eu₂O₃         g/t   31         26        \n Gd₂O₃         g/t   76         66        \n Dy₂O₃         g/t   33         27        \n Tb₄O₇         g/t   8          6         \n Ho₂O₃         g/t   5          4         \n Tm₂O₃         g/t   1          1         \n Er₂O₃         g/t   12         10        \n Yb₂O₃         g/t   8          7         \n Lu₂O₃         g/t   1          1         \n Y₂O₃          g/t   151        120       \n\n \n\nNotes:\n1. CIM (2014) definitions were followed for Mineral Resources.\n2. Average grades of each rare earth oxide are reported for the Indicated and\nInferred open pit Mineral Resources. The tonnage, optimized pit shell, and\nC$43/t net metal revenue (NMR) cut-off are those of the reported Mineral\nResources. TREO, MREO, LREO, HREO, the MREO/TREO ratio, and individual rare\nearth oxide grades are compositional reporting parameters and do not represent\nseparate Mineral Resource estimates.\n3. Open pit Mineral Resources are reported within an optimized pit shell and\nabove a C$43/t NMR cut-off. The cut-off is the rounded sum of C$40.00/t\nprocessing costs and C$2.74/t G&A costs. Pit optimization applies a mining\ncost of C$4.00/t moved.\n4. The rare earth oxides included in the NMR calculation are Pr₆O₁₁,\nNd₂O₃, Dy₂O₃, and Tb₄O₇, collectively referred to as MREO. MREO is\nthe sum of these four oxides, expressed as a percentage. Only these oxides are\nassigned economic value in the NMR calculation; no other rare earth oxide or\ngallium contributes to NMR. The assumptions used in the NMR calculation are\nprovided in the notes to the Mineral Resource statement.\n5. Total rare earth oxides (TREO) is the sum of La₂O₃, CeO₂,\nPr₆O₁₁, Nd₂O₃, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₄O₇,\nDy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and\nY₂O₃. TREO is a compositional total.\n6. The MREO/TREO ratio is calculated as MREO divided by TREO and represents\nthe proportion of TREO comprising the MREO oxides. It is a compositional ratio\nand does not represent metallurgical recovery, commercial payability, or\nrevenue contribution.\n7. Light rare earth oxides (LREO) are the sum of La₂O₃, CeO₂,\nPr₆O₁₁, Nd₂O₃, and Sm₂O₃. Heavy rare earth oxides (HREO) are the\nsum of Eu₂O₃, Gd₂O₃, Tb₄O₇, Dy₂O₃, Ho₂O₃, Er₂O₃,\nTm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃. LREO and HREO are compositional\nsubtotals.\n8. Rare earth elements were estimated as elemental grades and converted to\noxide grades using stoichiometric conversion factors. Individual oxide grades\nare reported in g/t; TREO, MREO, LREO, HREO, and the MREO/TREO ratio are\nreported as percentages.\n9. The average density of the reported Mineral Resources is 2.68 t/m³. Grades\nare reported as mass-weighted averages within the reporting constraints.\n10. Mineral Resources that are not Mineral Reserves do not have demonstrated\neconomic viability. No Mineral Reserves have been estimated.\n11. Totals may not add or multiply accurately due to rounding.\n\nRare Earth Estimation Methodology\nThe updated estimate incorporates drilling and assay data available up to\nAugust 21, 2026, including data from the 2011-2012, 2025, and 2026 drilling\nprograms. The resource dataset comprises 8,020 assay intervals from 38 drill\nholes, 4,089 rare earth element (REE) composites, and 548 density\nmeasurements. The updated interpretation includes revised High Grade and Main\nREE domains and an updated overburden surface. Overburden is excluded from the\nmineralized bedrock estimate.\n\nGeological interpretation and block modelling were completed in Leapfrog Geo\nand Edge. Two nested wireframe domains, High Grade and Main, were developed\nusing the combined grades of the four economic rare earth elements, Pr, Nd,\nDy, and Tb. The High Grade domain is a continuous interpreted zone of\nhigher-grade mineralization defined by a nominal combined Pr, Nd, Dy, and Tb\ngrade of 0.125%. The rare earth elements were estimated separately in the two\ndomains using ordinary kriging and variogram models that reflect spatial\ncontinuity. The model uses 20 m × 20 m × 12 m parent blocks, with\nsub-blocking to a minimum of 5 m × 5 m × 3 m, and assays were composited to\nnominal 3.0 m lengths within the estimation domains. Unsampled intervals were\nexcluded from compositing because no analytical result was available. The\nunsampled interval inventory is retained for follow-up sampling, and\napplicable results will be incorporated into a future Mineral Resource\nestimate.\n\nGrade estimation used two search passes of 90 m and 180 m in the High Grade\ndomain and an additional 240 m pass in the Main domain. The first pass\nrequired nine to 16 composites, and subsequent passes required five to 16\ncomposites. A maximum of four composites per drill hole was applied in the\nfirst two passes. A 20 m soft boundary allowed limited sample sharing between\nthe resource domains. No global assay cap was applied. In the second and third\npasses of the Main domain, the influence of elevated Pr, Nd, Dy, and Tb\ncomposite grades was restricted beyond approximately 60 m using grade\nthresholds of 450 g/t, 1,350 g/t, 40 g/t, and 10 g/t, respectively. These\nlocal restrictions limit high grade extrapolation rather than cap all assays\nor block grades.\n\nBulk density was estimated by inverse distance squared interpolation within\nthe combined High Grade and Main resource domains using two 250 m searches and\nthree to 12 samples. The first pass used a maximum of two samples per drill\nhole. Unestimated blocks within the combined resource domains and bedrock\noutside the resource domains were assigned a density of 2.70 t/m³. Overburden\nwas assigned a density of 1.80 t/m³. Model validation included comparisons\nwith composite grades and nearest-neighbour estimates, grade-distribution\nchecks, and spatial swath comparisons. Historical density measurements from\nthe 2011-2012 program were obtained in the field and are not supported by\nlaboratory density certificates; this limitation was considered in assessing\nthe density data used for the Mineral Resource estimate.\n\nResource classification considered geological and grade continuity, data\nquality, estimation support, and drill hole spacing. Indicated Mineral\nResources are supported by a maximum drill hole spacing of 100 m. Inferred\nMineral Resources are supported by drill hole spacing of up to approximately\n200 m. Inferred Mineral Resources have a lower level of confidence than\nIndicated Mineral Resources and cannot be converted directly to Mineral\nReserves. There is no certainty that further drilling will upgrade all\nInferred Mineral Resources.\n\nAnalytical Methods and Data Verification\nRecent drill core samples were analyzed by Activation Laboratories Ltd.\n(Actlabs) in Ancaster, Ontario, and SRC Geoanalytical Laboratories (SRC) in\nSaskatoon, Saskatchewan. Actlabs used fusion-based ICP-OES and ICP-MS methods\nfor REE analyses, while SRC used lithium metaborate fusion with ICP-MS.\nGallium grades used for estimation are based on the SRC assays rather than the\nActlabs results. Gallium was measured analytically and was not derived from\nregression against zinc or aluminum. Laboratory certificates include\nanalytical quality control results.\n\nQuality assurance and quality control (QA/QC) review by SLR covered the\n2011-2012 and 2025-2026 drilling and analytical datasets. The program included\ncertified reference materials, blanks, field duplicates, and laboratory\ncontrols and repeats. Control results were reviewed for accuracy,\ncontamination, and precision, with repeat analyses and geological review used\nto investigate discrepancies. Verification included selected comparisons of\ndatabase records with laboratory results and did not include independent\nreanalysis of every sample.\n\nMs. Katharine Masun, M.Sc., MSA, P.Geo., of SLR reviewed the sampling,\nanalytical, and QA/QC data and considers them adequate for the Mineral\nResource estimate and the supplementary gallium estimate. The limitations\nassociated with historical density measurements and preliminary metallurgical\nassumptions are described in this news release.\n\nReasonable Prospects for Eventual Economic Extraction\nRPEEE were assessed for the open pit rare earth Mineral Resources using a\nWhittle optimized open pit shell, a revenue factor of 1.0, and a C$43/t NMR\ncut-off. The shell incorporates a mining cost of C$4.00/t moved, an overall\npit slope angle of 50°, and a strip ratio of 1.26. The reporting shell is a\nconceptual constraint for Mineral Resource reporting and does not constitute a\nmine design or establish economic viability.\n\nTable 4: Assumptions Used to Calculate Net Metal Revenue\n\n Rare earth oxide  Price (US$/kg oxide)  Recovery (%)  Separation deduction (%)  NMR factor (C$/t per g/t oxide)  \n Pr₆O₁₁            160                   82.1          15                        0.151                            \n Nd₂O₃             150                   82.1          15                        0.141                            \n Dy₂O₃             900                   69.5          25                        0.633                            \n Tb₄O₇             3,000                 75.4          25                        2.290                            \n\n \n\nAn exchange rate of C$1.35 per US$1.00 is used. Separation deductions are 15%\nfor Pr₆O₁₁ and Nd₂O₃, and 25% for Dy₂O₃ and Tb₄O₇. No\nroyalty is applied in the NMR calculation. NMR factors are rounded to three\ndecimal places, and the rounded factors were applied to calculate NMR in the\nblock model.\n\nElemental block grades were converted to corresponding oxide grades. NMR was\ncalculated for each block using the four oxide grades and the factors\npresented in Table 4. The factors incorporate the oxide price, exchange rate,\nassumed recovery, and separation deduction and were used solely to support the\nreporting cut-off and optimized pit constraint for the Mineral Resource\nestimate. No other rare earth oxide or gallium is included in the NMR\ncalculation.\n\nThe four oxide grades are disclosed individually because they are the only REO\ngrades assigned value in the NMR calculation used to support the reporting\ncut-off and optimized pit constraint. MREO, which is also reported in the\nMineral Resource table, is the sum of Pr₆O₁₁, Nd₂O₃, Dy₂O₃, and\nTb₄O₇, expressed as a percentage. No other REOs contribute to NMR.\n\nAs reported in Volta's June 1, 2026 news release, the recovery assumptions are\nbased on bench-scale test work completed by SGS Canada Inc. (SGS) on a single\nmaster composite from Springer. The results are preliminary and do not\ndemonstrate recovery to a saleable product or consistent recovery across the\ndeposit. Additional test work is required to confirm these assumptions. The\nseparation deductions used in the Mineral Resource estimate are assumptions\nand not established commercial sales terms.\n\nThe estimate supersedes the Mineral Resource estimate effective December 31,\n2025, disclosed on February 23, 2026. Changes include additional drilling,\nrevised geological and estimation domains, local controls on high grade\nextrapolation, updated density estimation, revised recovery and oxide price\nassumptions, a new pit constraint, and the addition of a supplementary gallium\nestimate within the reported open pit Mineral Resource volumes. The current\nand previous estimates use different technical and economic assumptions;\nchanges in reported tonnes and grades cannot be attributed solely to drilling.\n\nThe Mineral Resource estimate may be materially affected by environmental,\npermitting, legal, title, taxation, socio-political, marketing, or other\nrelevant issues. The estimate is also sensitive to assumptions regarding metal\nprices, recoveries (based on preliminary test work), operating costs, and the\ngeologic interpretation. Additional metallurgical test work is in progress and\nmay affect future resource estimates.\n\nComparison to Previous Estimate\nTable 5 compares the current September 30, 2026 open pit Mineral Resource\nestimate with the previous December 31, 2025 estimate by classification and\ndomain. Indicated tonnage increased by 116%, from 56.6 Mt to 122.4 Mt, while\nInferred tonnage increased by 65%, from 119.5 Mt to 197.5 Mt. The increase\noccurred in both the High Grade domain and the current Main domain, which was\ndesignated the Low Grade domain in the previous estimate.\n\nThe current estimate contains more tonnes at lower average TREO, MREO, and\nindividual NMR-contributing rare earth oxide grades. Indicated TREO decreased\nfrom 0.70% to 0.59%, and Inferred TREO decreased from 0.58% to 0.53%.\nIndicated MREO decreased from 0.16% to 0.13%, and Inferred MREO decreased from\n0.12% to 0.11%. For Indicated Mineral Resources, average Pr₆O₁₁,\nNd₂O₃, Dy₂O₃, and Tb₄O₇ grades decreased by 15%, 16%, 13%, and\n11%, respectively. For Inferred Mineral Resources, the corresponding grades\ndecreased by 9%, 10%, 13%, and 14%, respectively. Despite the lower grades,\naverage NMR increased from C$159/t to C$223/t for Indicated Mineral Resources\nand from C$128/t to C$191/t for Inferred Mineral Resources. The current and\nprevious NMR values reflect different oxide prices, metallurgical recovery\nassumptions, separation deductions, domain interpretations, estimation\nparameters, and reporting constraints and should not be interpreted as a\ndirect comparison of project economics.\n\nThe current Main domain, designated the Low Grade domain in the previous\nestimate, is not directly equivalent to the previous domain because the\ninterpretation, geometry, estimation parameters, and reporting constraints\nhave changed. The comparison also reflects additional 2026 drilling, revised\ngeological and estimation domains, updated variography and search parameters,\nrestrictions on high-grade extrapolation in the Main domain, updated density\nestimation, revised classification support, and a new optimized pit\nconstraint. Therefore, the changes should not be viewed as a reconciliation\nlimited to drilling.\n\nTable 5: Comparison of Current and Previous Open Pit Mineral Resources by\nClassification and Domain\n\n Parameter           Domain            Indicated                   Inferred                       \n                     Previous                 Current  Change (%)  Previous  Current  Change (%)  \n Tonnage (Mt)        High Grade        11.5   27.6     +140        3.0       26.7     +790        \n                     Main / Low Grade  45.1   94.8     +110        116.5     170.8    +47         \n                     Total             56.6   122.4    +116        119.5     197.5    +65         \n NMR (C$/t)          High Grade        251    384      +53         254       333      +31         \n                     Main / Low Grade  136    176      +29         125       169      +35         \n                     Total             159    223      +40         128       191      +49         \n TREO (%)            High Grade        1.10   1.00     -9          1.16      0.94     -19         \n                     Main / Low Grade  0.60   0.47     -22         0.57      0.46     -19         \n                     Total             0.70   0.59     -16         0.58      0.53     -9          \n MREO (%)            High Grade        0.25   0.23     -8          0.25      0.20     -20         \n                     Main / Low Grade  0.14   0.11     -21         0.12      0.10     -17         \n                     Total             0.16   0.13     -19         0.12      0.11     -8          \n Pr₆O₁₁ (g/t)        High Grade        540    495      -8          559       464      -17         \n                     Main / Low Grade  296    234      -21         275       226      -18         \n                     Total             346    293      -15         282       258      -9          \n Nd₂O₃ (g/t)         High Grade        1,846  1,683    -9          1,848     1,507    -19         \n                     Main / Low Grade  1,017  792      -22         924       754      -18         \n                     Total             1,185  993      -16         947       856      -10         \n Dy₂O₃ (g/t)         High Grade        68     63       -7          70        43       -39         \n                     Main / Low Grade  30     24       -20         30        24       -20         \n                     Total             38     33       -13         31        27       -13         \n Tb₄O₇ (g/t)         High Grade        15     14       -7          15        10       -33         \n                     Main / Low Grade  7      6        -14         7         6        -14         \n                     Total             9      8        -11         7         6        -14         \n\n \n\nNotes:\n1. CIM (2014) definitions were followed for Mineral Resources.\n2. The previous estimate is the open pit Mineral Resource estimate effective\nDecember 31, 2025. The current estimate is the open pit Mineral Resource\nestimate effective September 30, 2026.\n3. The average density of the reported Mineral Resources is 2.7 t/m³ for the\nprevious estimate and 2.68 t/m³ for the current estimate.\n4. The current Main domain was called the Low Grade domain in the previous\nestimate. The domains differ in interpretation, geometry, estimation\nparameters, and reporting constraints and are not directly equivalent.\n5. Previous High Grade and Low Grade domain NMR values were calculated from\nthe previously reported NMR-contributing oxide grades using the NMR factors\napplied in the December 31, 2025 estimate. Total classification NMR values are\nthe same as previously reported.\n6. MREO is the sum of Pr₆O₁₁, Nd₂O₃, Dy₂O₃, and Tb₄O₇,\nexpressed as a percentage.\n7. The current estimate incorporates additional 2026 drilling, revised High\nGrade and Main domain interpretations, updated variography and search\nparameters, local restrictions on high grade extrapolation in the Main domain,\nupdated density estimation, revised classification support, revised oxide\nprices and metallurgical recovery assumptions, and a new optimized pit\nconstraint.\n8. The current and previous estimates use different technical and economic\nassumptions. Changes in reported tonnage, grades, and NMR should not be\ninterpreted as a drilling-only reconciliation or as a comparison of project\neconomics.\n9. Gallium is excluded from NMR and does not contribute to the reporting\ncut-off, pit optimization, RPEEE assessment, or comparison.\n10. Percentage change is calculated as the current value minus the previous\nvalue, divided by the previous value.\n11. Mineral Resources that are not Mineral Reserves do not have demonstrated\neconomic viability. No Mineral Reserves have been estimated.\n12. Totals may not add or multiply accurately due to rounding.\n\nSupplementary Gallium Estimate\nTable 6 presents a supplementary gallium estimate by nested Ga High Grade and\nGa Main domains within the open pit reporting constraints and C$43/t NMR\ncut-off of the rare earth Mineral Resources. The combined volume of the nested\nGa High Grade and Ga Main domains is equivalent to the combined volume of the\nHigh Grade and Main rare earth resource domains. The individual Ga High Grade\nand Ga Main domain volumes do not correspond directly to the individual rare\nearth resource domain volumes. The interpreted gallium mineralization does not\nextend beyond the combined rare earth resource domain volume; accordingly, no\ninterpreted gallium mineralization outside that volume was excluded from the\nsupplementary estimate.\n\nThe Indicated and Inferred classifications apply to the reported open pit\nMineral Resources and not to a standalone gallium Mineral Resource. Gallium is\nassigned no economic value and does not contribute to the NMR calculation,\nreporting cut-off, pit optimization, or the RPEEE supporting the open pit\nMineral Resources.\n\nTable 6: Supplementary Gallium Estimate within the Reported Open Pit Mineral\nResources, September 30, 2026\n\n Classification  Domain         Tonnage (Mt)  Grade   Metal  \n                 Ga (g/t)                     Ga (t)  \n Indicated       Ga High Grade  14.8          56      836    \n                 Ga Main        107.6         33      3,591  \n                 Total          122.4         36      4,427  \n Inferred        Ga High Grade  19.6          53      1,030  \n                 Ga Main        177.9         35      6,176  \n                 Total          197.5         36      7,206  \n\n \n\nNotes:\n1. CIM (2014) definitions were followed for Mineral Resources.\n2. Gallium is estimated within the gallium domain model and reported as\nsupplementary information within the classified open pit Mineral Resources and\ntheir reporting constraints, including the optimized pit shell and C$43/t NMR\ncut-off.\n3. Classification refers to the reported open pit Mineral Resource. No\nclassification is assigned to gallium independently.\n4. Gallium is assigned no economic value. It does not contribute to the NMR\ncalculation, reporting cut-off, pit constraint, or RPEEE of the reported open\npit Mineral Resource. The assumptions used in the NMR calculation are provided\nin the notes to the Mineral Resource statement.\n5. No overall recovery to a saleable gallium product or commercial payability\nhas been established.\n6. Gallium grades and in situ contained gallium are supplementary estimates\nwithin the reported Mineral Resource volumes and do not represent additional\nresource tonnage or a separate gallium Mineral Resource. Contained gallium\ndoes not represent recovered or payable metal.\n7. The average density of the reported Mineral Resource is 2.68 t/m³. Grades\nare reported as mass-weighted averages within the reporting constraints.\n8. Mineral Resources that are not Mineral Reserves do not have demonstrated\neconomic viability. No Mineral Reserves have been estimated.\n9. Totals may not add or multiply accurately due to rounding.\n\nGallium was estimated by ordinary kriging from nominal 3.0 m composites within\ntwo nested gallium grade domains, Ga High Grade and Ga Main, using gallium\nvariography. The Ga High Grade domain was guided by a nominal threshold of 50\ng/t Ga. The combined volume of the nested gallium domains corresponds to the\ncombined High Grade and Main rare earth resource domain volume reported in\nTable 1. However, the individual gallium domains do not correspond directly to\nthe individual rare earth resource domains. Grade estimation used search\npasses of 90 m, 180 m, and 240 m. A 20 m soft boundary allowed limited sample\nsharing between the gallium domains.\n\nInitial bench-scale flotation test work identified gallium in both the rare\nearth concentrate and flotation tailings. The available test work is\ninsufficient to establish overall recovery to a saleable gallium product,\nprocessing costs, commercial payability, or saleability. Additional\nmetallurgical test work is in progress. Until these factors are demonstrated,\ngallium is assigned no economic value and is reported only as supplementary\ninformation within the open pit Mineral Resource volumes. Gallium is not\nreported as a standalone Mineral Resource or included in the RPEEE assessment,\nand there is no certainty that it will be recovered or sold.\n\n(https://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_004full.jpg)\n\nFigure 4. Springer gallium domains, Ga High Grade (orange) and Ga Main\n(green), within the optimized pit shell, oblique view (Source: SLR, 2026).\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/9598/319617_a693a4df948cfb63_004full.jpg\n\nCAUTIONARY STATEMENTS\n\nMineral Resources are not Mineral Reserves and do not have demonstrated\neconomic viability. Inferred Mineral Resources have a lower level of\nconfidence than Indicated Mineral Resources, and there is no certainty that\nfurther drilling will upgrade them. The cut-off sensitivity cases in Table 2\nare not separate Mineral Resource estimates, production targets or economic\nevaluations.\n\nGallium is reported only as a supplementary estimate within the rare earth\nMineral Resource and is assigned no economic value. Metallurgical test work\nhas not established overall recovery to a saleable gallium product, processing\ncosts, commercial payability or saleability. There is no certainty that\ngallium will be recovered or sold, or that it will be assigned value in any\nfuture estimate.\n\nThe North American ranking is based on a third-party database dated May 2025\nthat may not reflect the most recent estimates of other projects. Those\nestimates were prepared by other parties under different reporting standards\n(NI 43-101, SEC S-K 1300 and JORC), cut-offs and assumptions, and are not\ndirectly comparable. The ranking compares tonnage only. Market information in\nthis news release is from third-party sources and has not been independently\nverified by the Company. There is no assurance that the planned drilling will\nexpand the high-grade zone or that the PEA will be completed within the\nanticipated timeframe.\n\nQualified Persons\n\nThe rare earth Mineral Resource estimate and supplementary gallium estimate\ndisclosed in this news release were prepared by Ms. Katharine Masun, M.Sc.,\nMSA, P.Geo., Principal Resource Geologist with SLR Consulting (Canada) Ltd.,\nwho is independent of Volta. Ms. Masun is a Qualified Person as defined by\nNational Instrument 43-101. The rare earth Mineral Resources were classified\nin accordance with the CIM Definition Standards for Mineral Resources and\nMineral Reserves (May 2014). Ms. Masun has reviewed and approved the\nscientific and technical information in this news release relating to the rare\nearth Mineral Resource estimate and supplementary gallium estimate.\n\nDetails of the Mineral Resource estimate will be disclosed in an independent\ntechnical report prepared in accordance with National Instrument 43-101\nStandards of Disclosure for Mineral Projects (\"NI 43-101\") by SLR Consulting\n(Canada) Ltd. The NI 43-101 Technical Report will be filed on SEDAR+\n(www.sedarplus.ca) within 45 days of this news release.\n\nOther scientific and technical information in this news release has been\nreviewed and approved by Dr. Julie Selway, P.Geo., VP Exploration, and a\nQualified Person (\"QP\") as defined in National Instrument 43-101, Standards of\nDisclosure for Mineral Projects.\n\nABOUT VOLTA METALS LTD.\n\nVolta Metals Ltd. (CSE: VLTA) (OTCQB: VOLMF) (FSE: D0W) is a critical mineral\nexploration company focused on rare earths, gallium, lithium, cesium and\ntantalum in Ontario, one of the world's most prolific emerging hard-rock\ncritical mineral districts. Volta owns, has optioned and is exploring a\nportfolio of rare earth, gallium, lithium, cesium and tantalum projects in the\nprovince.\n\nVolta's flagship is the Springer Rare Earth Element and Gallium Deposit,\nwithin the 4,879-hectare Springer Property on the traditional territory of the\nNipissing First Nation, about 8 km north of Sturgeon Falls and 70 km east of\nSudbury, Ontario. The project has direct access via the Trans-Canada Highway\nand Highway 64, with paved roads, on-site power lines fed from the Crystal\nFalls hydroelectric dam, a natural gas pipeline and Canadian National Railway\nservice, all within 8 km of the deposit.\n\nTo learn more about Volta and its Springer and Aki projects, visit\nwww.voltametals.ca.\n\nON BEHALF OF THE BOARD\n\nFor further information, contact:\n\nKerem Usenmez, President & CEO\nTel: 416.919.9060 | Email: info@voltametals.ca | Website: www.voltametals.ca\n\nNeither the CSE nor the Canadian Investment Regulatory Organization (CIRO)\naccepts responsibility for the adequacy or accuracy of this release.\n\nForward-Looking Statements\n\nThis news release contains forward-looking statements relating to exploration\nactivities, plans, strategies and other statements that are not historical\nfacts. Forward-looking statements are often identified by terms such as\n\"will\", \"may\", \"should\", \"anticipate\", \"expects\", \"plans\", \"targeting\" and\nsimilar expressions. All statements other than statements of historical fact\nincluded in this news release are forward-looking statements that involve\nrisks and uncertainties. Forward-looking information in this news release\nincludes, but is not limited to, the filing of a Technical Report supporting\nthe MRE and its timing; the Company's plans to drill to expand the high-grade\nrare earth and gallium zone; the completion and timing of a Preliminary\nEconomic Assessment in the first half of 2027; the potential for gallium to be\nrecovered as a by-product and to be assigned value in any future estimate; the\nresults of metallurgical test work; the potential to expand the Mineral\nResources; and future supply, demand and prices of rare earth elements and\ngallium. There can be no assurance that such statements will prove to be\naccurate, and actual results and future events could differ materially from\nthose anticipated. Important factors that could cause actual results to differ\nmaterially from the Company's expectations include the risks detailed from\ntime to time in the filings made by the Company with securities regulators;\nfuture prices of and demand for rare earth elements and gallium; changes to\nexport control or trade measures affecting rare earth and gallium supply; the\nresults of metallurgical test work, including the absence to date of test work\ndemonstrating that gallium can be economically recovered from the Springer\nmineralization; changes in the assumptions underlying the MRE; the\navailability of drilling contractors, consultants and financing; and delays\nin, or the inability of the Company to obtain, any approvals, permits and\nauthorizations required to carry out its business plans. Readers are cautioned\nnot to place undue reliance on any forward-looking statements. Forward-looking\nstatements in this news release are made as of the date of this news release,\nand the Company disclaims any intention or obligation to update or revise\nthem, whether as a result of new information, future events or otherwise,\nother than as required by law.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/319617"},"type":"article","timestamp":"2026-10-19T10:00:18.23904546Z","server_sent_at_ms":1792404018239},"received_at":"2026-10-19T10:00:18.504Z","source_url":"https://www.newsfilecorp.com/release/319617"},"analysis":{"id":"160350","press_release_id":"172210","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["Mineral Resources are not Mineral Reserves; no economic viability demonstrated and no PEA yet","Gallium assigned no economic value; no recovery or payability established","Current estimate reports lower average TREO/MREO grades than prior estimate; growth not attributable solely to drilling","Metallurgical recoveries based on preliminary bench-scale test work on a single composite","Pre-revenue explorer likely to require future financing"],"eventType":"operations_update","narrative":"Volta Metals more than doubled the Indicated Mineral Resource at its Springer rare earth deposit to 122.4 Mt grading 0.59% TREO, up 116% from February 2026, with the high-grade core growing 140% to 27.6 Mt at 1.00% TREO.\n\nThe independently prepared SLR estimate also includes a first supplementary gallium estimate of about 4,427 t of in-situ gallium at 36 g/t, which is assigned no economic value pending metallurgical recovery work.\n\nSpringer now ranks among North America's five largest rare earth deposits by Measured & Indicated tonnage, with a PEA targeted for the first half of 2027 and an NI 43-101 technical report to be filed within 45 days.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Resource doubling puts Springer in North America's top-5 rare earth deposits by M&I tonnage with an untouched gallium kicker ahead of the 1H27 PEA."},"keyFigures":{"customDimensions":{"pea_target":"first half of 2027","strip_ratio":"1.26","high_grade_treo":"1.00%","inferred_growth":"65%","gallium_grade_gt":36,"gallium_insitu_t":4427,"mreo_pct_of_treo":"22.4%","high_grade_growth":"140%","high_grade_core_mt":27.6,"nmr_indicated_cad_t":"C$223/t","indicated_grade_treo":"0.59%","inferred_resource_mt":197.5,"gallium_high_grade_gt":56,"gallium_high_grade_mt":14.8,"indicated_resource_mt":122.4,"indicated_resource_growth":"116%"}},"quotedText":"We more than doubled our Indicated resource, grew our high-grade core by 140% and delivered our first gallium estimate.","namedEntities":{"people":[{"name":"Kerem Usenmez","role":"President and CEO"},{"name":"Katharine Masun","role":"Principal Resource Geologist, SLR Consulting; Qualified Person"},{"name":"Julie Selway","role":"VP Exploration; Qualified Person"}],"products":["Springer Rare Earth Element and Gallium Deposit","Aki project"],"companies":[{"name":"Volta Metals Ltd.","ticker":"VLTA","relationship":"filer"},{"name":"SLR Consulting (Canada) Ltd.","relationship":"independent resource consultant"},{"name":"SGS Canada Inc.","relationship":"metallurgical test work provider"},{"name":"S&P Global Market Intelligence","relationship":"third-party ranking/market data source"},{"name":"MP Materials","relationship":"competitor/peer (price floor reference)"},{"name":"Lynas Rare Earths","relationship":"competitor/peer (price floor reference)"},{"name":"Teck","relationship":"peer (gallium funding reference)"},{"name":"Rio Tinto","relationship":"peer (gallium pilot plant reference)"}],"dollarAmounts":[{"amount":"C$384/t","context":"average NMR of Indicated high-grade domain"},{"amount":"C$43/t","context":"NMR reporting cut-off"},{"amount":"C$150/t","context":"NMR sensitivity cut-off retaining 68% of Indicated tonnage"},{"amount":"US$110/kg","context":"NdPr price floor set by US DoD with MP Materials and by JARE with Lynas"},{"amount":"US$2,100/kg","context":"gallium price outside China in 2026"},{"amount":"C$400 million","context":"Government of Canada support for Teck Trail operations expansion (context)"}]},"materialImpact":{"score":3,"reasoning":"Major resource expansion at the flagship Springer deposit (Indicated MRE up 116% to 122.4 Mt, high-grade core up 140%) plus a first supplementary gallium estimate. Material for a micro-cap explorer's valuation, but pre-PEA with no economics demonstrated."},"tickerRelevance":{"others":[{"ticker":"VOLMF","relevance":"OTCQB listing of same issuer"}],"primary":"VLTA"},"globalImportance":25,"audienceRelevance":22,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"micro-cap (CSE-listed explorer)","eventGravity":"major flagship-resource expansion","sectorWeight":"critical minerals thematic tailwind","developmentStage":"pre-PEA, no reserves"}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":3,"narrative":"Volta Metals more than doubled the Indicated Mineral Resource at its Springer rare earth deposit to 122.4 Mt grading 0.59% TREO, up 116% from February 2026, with the high-grade core growing 140% to 27.6 Mt at 1.00% TREO.\n\nThe independently prepared SLR estimate also includes a first supplementary gallium estimate of about 4,427 t of in-situ gallium at 36 g/t, which is assigned no economic value pending metallurgical recovery work.\n\nSpringer now ranks among North America's five largest rare earth deposits by Measured & Indicated tonnage, with a PEA targeted for the first half of 2027 and an NI 43-101 technical report to be filed within 45 days.","key_figures":{"customDimensions":{"pea_target":"first half of 2027","strip_ratio":"1.26","high_grade_treo":"1.00%","inferred_growth":"65%","gallium_grade_gt":36,"gallium_insitu_t":4427,"mreo_pct_of_treo":"22.4%","high_grade_growth":"140%","high_grade_core_mt":27.6,"nmr_indicated_cad_t":"C$223/t","indicated_grade_treo":"0.59%","inferred_resource_mt":197.5,"gallium_high_grade_gt":56,"gallium_high_grade_mt":14.8,"indicated_resource_mt":122.4,"indicated_resource_growth":"116%"}},"named_entities":{"people":[{"name":"Kerem Usenmez","role":"President and CEO"},{"name":"Katharine Masun","role":"Principal Resource Geologist, SLR Consulting; Qualified Person"},{"name":"Julie Selway","role":"VP Exploration; Qualified Person"}],"products":["Springer Rare Earth Element and Gallium Deposit","Aki project"],"companies":[{"name":"Volta Metals Ltd.","ticker":"VLTA","relationship":"filer"},{"name":"SLR Consulting (Canada) Ltd.","relationship":"independent resource consultant"},{"name":"SGS Canada Inc.","relationship":"metallurgical test work provider"},{"name":"S&P Global Market Intelligence","relationship":"third-party ranking/market data source"},{"name":"MP Materials","relationship":"competitor/peer (price floor reference)"},{"name":"Lynas Rare Earths","relationship":"competitor/peer (price floor reference)"},{"name":"Teck","relationship":"peer (gallium funding reference)"},{"name":"Rio Tinto","relationship":"peer (gallium pilot plant reference)"}],"dollarAmounts":[{"amount":"C$384/t","context":"average NMR of Indicated high-grade domain"},{"amount":"C$43/t","context":"NMR reporting cut-off"},{"amount":"C$150/t","context":"NMR sensitivity cut-off retaining 68% of Indicated tonnage"},{"amount":"US$110/kg","context":"NdPr price floor set by US DoD with MP Materials and by JARE with Lynas"},{"amount":"US$2,100/kg","context":"gallium price outside China in 2026"},{"amount":"C$400 million","context":"Government of Canada support for Teck Trail operations expansion (context)"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-19T10:00:27.528Z","global_importance":25,"audience_relevance":22,"importance_components":{"tickerTier":"micro-cap (CSE-listed explorer)","eventGravity":"major flagship-resource expansion","sectorWeight":"critical minerals thematic tailwind","developmentStage":"pre-PEA, no reserves"}},"durationMs":8988,"modelName":"glm-5.3-flashx"}}