Volt Lithium Corp. (TSXV: VLT | OTCQB: VLTLF I FSE: I2D)
("
Volt" or the "
Company")
announces that the company has significantly improved the operating
capacity of its proprietary and proven next-generation Direct
Lithium Extraction (“DLE”) technology for processing oilfield
brines in the Delaware Basin in West Texas, USA (a sub-basin of the
Permian Basin), enabling an increase of throughput capacity while
reducing future capital requirements.
Volt’s U.S. Field Unit (“Field Unit”) is
modular, providing the flexibility for continued optimization,
modifications and process improvements. Through the installation of
Volt’s Generation 3 equipment at its Field Unit in the Delaware
Basin in West Texas, USA, recent direct lithium extraction cycle
times have been consistently less than 30 minutes, representing a
four times improvement in operating capabilities, setting the stage
for commercial production in the range of 5,000 to 10,000 barrels
per day (“bbls/d”) of brine production by the end of 2024. Volt and
its Strategic Partner will continually scale-up its Field Unit,
positioning the Company as a low-cost and full-scale commercial
producer.
“We have successfully transitioned the
Generation 3 System from Volt’s Simulation Centre in Calgary to the
field in Texas, paving the way for Volt to commence commercial
operations by the end of 2024”, commented Alex Wylie, President
& CEO of Volt Lithium. “The success in the field to date will
allow Volt and our Strategic Partner to significantly scale-up
operations in 2025 and beyond.”
U.S. Field Operations Update: Continued
Optimization of Proprietary DLE Technology
The Company is pleased to announce that as a
result of technical advancements and optimization from its
Generation 3 equipment, it has significantly improved its
processing extraction time from oilfield brine to under 30 minutes
while maintaining the technical standards of 99% lithium extraction
rates. In addition, most recent results in the field have
demonstrated up to 75% lithium extraction rates within a 10 minute
lithium extraction cycle time. The improved cycle times will allow
Volt to significantly increase throughput capacity in its
operations in the Delaware Basin in Texas.
In collaboration with our Strategic Partner’s
engineering, construction and technical teams, the Company will
continue to improve operational processes for our proprietary DLE
technology that we believe will truly drive commercial success for
the Company into 2025 and beyond. The Company will continue to
cost-effectively and efficiently scale-up further to process
commercial levels of brine through: 1) Adding modules to increase
processing capacity; 2) Reducing lithium extraction time to
increase volumes; and 3) Implementing larger extraction
modules.
As Volt’s DLE process can successfully achieve
rapid lithium extraction rates, the Company can cost-effectively
generate a high-quality eluate of lithium chloride (lithium
chloride concentrate), as well as battery-grade lithium carbonate
or battery-grade lithium hydroxide monohydrate. The Company’s
phased scale-up approach, coupled with extensive testing at its
Field Simulation Centre mitigates project execution risk and
accelerates timeline to full-scale commercialization. This plan
minimizes capital at risk and allows for validation of Volt’s
proprietary DLE technology prior to full-scale
commercialization.
The brine production from the Permian Basin
today is approximately 19 million bbls/d, representing an estimated
potential of 325,000 tonnes per annum of lithium carbonate
production1. Assuming average economics from lithium extraction,
sensitivities are as follows at potential production levels and
lithium concentrations 2,3 and have been adjusted to reflect
lithium carbonate production, as opposed to lithium hydroxide
monohydrate production.
Brine Production per day (bbls) |
Lithium Carbonate Produced per annum
(tonnes)(31 mg/L) |
Operating Cash Flow4 per
annum(31 mg/L) ($US) |
Lithium Carbonate Production per annum
(tonnes)(55 mg/L) |
Operating Cash Flow4 per
annum(55 mg/L) ($US) |
100,000 |
900 |
14,500,000 |
1,600 |
27,600,000 |
500,000 |
4,500 |
72,300,000 |
8,000 |
137,800,000 |
1,000,000 |
9,000 |
145,000,000 |
16,000 |
275,700,000 |
2,000,000 |
18,000 |
289,000,000 |
32,000 |
551,400,000 |
Appointment of Industry Veteran Dr. John
McEwen as Chief Technology Officer
Volt is pleased to announce the appointment of
Dr. John McEwen, PhD Chemistry, as Chief Technology Officer of the
Company. Dr. McEwen has over 30 years of industry experience in
technical services and research and development. Since 2018, Dr.
McEwen has been Director, Technical Services, for Sterling
Chemicals and has been an Advisory Board Member of Volt since
2022.
“John has been instrumental in the development
of our proven proprietary direct lithium extraction technology and
process since the inception of the Company,” commented Alex Wylie,
President & CEO of Volt Lithium. “His extensive specialized
experience will continue to be a welcomed benefit for the Company
and will continue the advancement of our proprietary DLE technology
and processes. By formalizing John’s role at Volt, the Company
continues to strengthen its intellectual property around the
extraction technology and process and aligns the Volt team for its
planned 2025 scale-up of operations.”
Qualified Person’s
Statement
Scientific and technical information contained
in this press release has been reviewed and approved by Doug
Ashton, P.Eng, and Meghan Klein, P.Eng of Sproule Associates
Limited, each of whom are qualified persons within the meaning of
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). Mr. Ashton and Ms. Klein consent to the
inclusion of the data in the form and context in which it
appears.
About Volt
Volt is a lithium development and technology
company aiming to be one of North America’s first commercial
producers of lithium carbonates and lithium hydroxide 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 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 &
CEO T:
+1.403.830.5811E: info@voltlithium.com
Or
Greg Foofat, Vice President, Investor
RelationsT: +1.587.888.5213E: info@voltlithium.com
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”, “will”,
“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,
information with respect to the terms of the operational milestone,
Volume Scale-up. Extraction Time Improvements and Continuous
Processing vs Batch Processing, the deployment of the Field Unit in
the Permian Basin, the production of battery grade lithium by the
Field Unit, and the commercial production of lithium from oilfield
brine. With respect to the forward-looking information contained in
this press 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 annual information form dated February
29, 2024 and (final) short form base shelf prospectus dated July
20, 2023. 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 press release.
1 Assumes 55 mg/L lithium concentration.2 Assumes pricing of
US$20,000/tonne lithium carbonate and a 30 minute cycle time.3
Based upon Volt’s preliminary estimates processing brine at lithium
concentrations similar to the Permian Basin.4 Operating cash flow
is calculated as revenue less operating costs and does not include
taxes or royalties utilizing the company’s internal economic
model.
Volt Lithium (TSXV:VLT)
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