Volt Lithium Highlights Major 2023 Operational Milestones and Provides Outlook for 2024
January 25 2024 - 8:30AM
Volt Lithium Corp. (TSXV: VLT) ("
Volt" or the
"
Company") is pleased to profile the achievement
of several significant milestones through 2023 and provide the
Company’s outlook for 2024.
Since inception, Volt has focused on becoming a
leader in direct lithium extraction (“DLE”) from
oilfield brines by leveraging its proprietary DLE technology,
strategic relationships, and significant experience efficiently
handling the large volumes of water produced through oil and gas
operations. Over the past 12 months, Volt successfully executed on
numerous strategic milestones, all of which help set the stage to
achieve commercial operations, which are initially targeted at the
Company’s Rainbow Lake property in Alberta. In conjunction, the
Volt team is rapidly pursuing opportunities to apply the Company’s
DLE technology to extract lithium from brines that have been
produced from other basins across North America.
Major 2023 Milestones:
-
Demonstrated High Lithium Extraction from Low Concentration
Brines
-
Between 90% and 99% lithium
extraction was consistently achieved by Volt through the various
tests, from brines having concentrations of lithium ranging from 34
mg/L up to 119 mg/L during Pilot operations in the first half of
2023 and its permanent Demonstration Plant commissioned in the
fourth quarter of 2023. This positions Volt to cost-effectively
process oilfield brines from multiple oil and gas reservoirs across
North America and economically extract lithium, including from
brines with low lithium concentrations under 50 mg/L.
-
Constructed and Commissioned a Permanent Demonstration
Plant
- Volt’s
permanent Demonstration Plant simulates various field conditions
for extracting lithium from oilfield brines. With the ongoing
testing and processing of oilfield brines from basins across North
America in real-time, Volt has continued to expand its potential
commercial market. Deploying the Company’s proprietary and low-cost
DLE process at the Demonstration Plant supports attractive
economics, while also providing an environmentally friendly
solution for oil and gas producers to address produced water
complications.
-
Published Initial Independent Resource Estimate
- Volt’s
independent resource report for the Rainbow Lake asset indicated an
inferred mineral resource of 4.3 million tonnes of
lithium carbonate equivalent in the stacked reservoir.
-
Delivered Preliminary Economic Assessment (“PEA”)
- Volt’s PEA for
the Rainbow Lake project demonstrated a pre-tax IRR of
45% and NPV8 of US$1.5
billion.
-
Executed on Collaborations Bringing Unparalleled Industry
Expertise
- To further
refine and enhance its technology and process, Volt secured unique
collaborations with the Zeng Lab and the Advanced Water Treatment
Lab, both based out of the University of Alberta (the
“Collaborations”). The Collaborations provide Volt
access to nanotechnology and water processing expertise which are
critical for effective removal of contaminants from oilfield brine.
Leveraging the Collaborations has proven successful in reducing
operating costs due to lower reagent use along with streamlining of
the extraction process.
“I am very proud of our team’s dedication and
success that was achieved in 2023 as we leveraged our technology
and operational expertise to establish Volt’s presence,” commented
Volt’s President and CEO, Alex Wylie. “The delivery of
industry-leading innovation and results, on-time and on-budget, has
positioned Volt as a natural solution to economically and
environmentally address complexities associated with oilfield
brines, for both governments and the North American oil and gas
sector.”
2024 Outlook
Given lithium is a crucial component in the
production of electric vehicles, it represents a key factor in
helping society achieve the goal of net zero emissions and as such,
is anticipated to face continued strong demand. The North American
zero-emission vehicle market alone is estimated to reach $174
billion by 20301 and Volt believes the Company is well positioned
to make a meaningful contribution to the energy transition. Over
the course of 2024, the Company intends to:
- Build on Volt’s
demonstrated ability to recover high levels of lithium from
oilfield brines, even at low concentrations by advancing
partnership and potential client discussions, continuing to refine
and enhance its technology, and pursue commercial
arrangements;
- Strengthen the
breadth and depth of the Volt team through strategic hires;
- Produce lithium
carbonate in-house while continuing to further prove the
capabilities and efficiencies of Volt’s proprietary DLE technology,
accelerating towards a marketable product;
- Focus on
securing partnerships with oilfield operators in North America who
can utilize the Company’s proprietary DLE technology to extract
lithium from prolific basins, offering both financial returns and
environmental solutions;
- Apply for grant
funding from the Canadian Government, whose Critical Minerals
Strategy is backed by nearly $4 billion, with significant
investments targeted at accelerating project development in the
electric vehicle battery industries1; and
- Further engage
with First Nations to explore potential partnerships that may open
up opportunities to secure additional funding sources, including
several identified grants that could support pilot field operations
and a commercial unit.
About Volt
Volt is a lithium development and technology
company aiming to be North America’s first commercial producer of
lithium hydroxide and lithium carbonates from oilfield brine. Our
strategy is to generate value for shareholders by leveraging
management’s hydrocarbon experience and existing infrastructure to
extract lithium deposits from existing wells, thereby reducing
capital costs, lowering risks and supporting the world’s clean
energy transition. With four differentiating pillars, and a
proprietary Direct Lithium Extraction (“DLE”)
technology and process, Volt’s innovative approach to development
is focused on allowing the highest lithium recoveries with lowest
costs, positioning us well for future commercialization. We are
committed to operating efficiently and with transparency across all
areas of the business staying sharply focused on creating
long-term, sustainable shareholder value. Investors and/or other
interested parties may sign up for updates about the Company’s
continued progress on its website: https://voltlithium.com/.
Contact Information
For Investor Relations inquiries or further
information, please contact:
Alex Wylie, President &
CEOawylie@voltlithium.comM: +1.403.830.5811
Forward-Looking Statements
This news release includes certain
“forward-looking statements” and “forward-looking information”
within the meaning of applicable Canadian securities laws. When
used in this news release, the words “anticipate”, “believe”,
“estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “would”,
“could”, “schedule” and similar words or expressions, identify
forward-looking statements or information. Statements, other than
statements of historical fact, may constitute forward looking
information and include, without limitation, statements about the
qualification of the FT Units as “flow-through shares” under the
Tax Act, which is subject to the risks set out in the Prospectus
Supplement; the use of proceeds from the Offering and the
Concurrent Private Placement; the ability of the Company to incur
qualified Canadian Exploration Expenses with the gross proceeds of
the sale of the FT Units; the conduct of the Company’s preliminary
economic assessment for the Rainbow Lake project; the Company’s
continued exploration of its mineral properties; and general
business and economic conditions. With respect to the
forward-looking information contained in this news release, the
Company has made numerous assumptions. While the Company considers
these assumptions to be reasonable, these assumptions are
inherently subject to significant uncertainties and contingencies
and may prove to be incorrect. Additionally, there are known and
unknown risk factors which could cause the Company’s actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking information contained herein
including those known risk factors outlined in the Company’s
amended and restated annual information form and the Shelf. All
forward-looking information herein is qualified in its entirety by
this cautionary statement, and the Company disclaims any obligation
to revise or update any such forward-looking information or to
publicly announce the result of any revisions to any of the
forward-looking information contained herein to reflect future
results, events or developments, except as required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
1
https://www.canada.ca/en/campaign/critical-minerals-in-canada/canadian-critical-minerals-strategy.html#a1
Volt Lithium (TSXV:VLT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Volt Lithium (TSXV:VLT)
Historical Stock Chart
From Sep 2023 to Sep 2024