Volta Metals Awarded Up to $500,000 from Ontario's Critical Minerals Innovation Fund

Executive Summary

• Ontario government awarded up to $500,000 under the Critical Minerals Innovation Fund (CMIF) to fund metallurgical and mineral processing work at the Springer REE and Gallium Project.
• The Company made its first anniversary option payment for the Springer project, consisting of $266,000 in cash and the issuance of 2,500,000 common shares to the vendor.
• Remaining earn-in obligations consist of a further 2,500,000 common shares and $502,000 in cash, due by June 9, 2027.

Key Details

• CMIF Funding: Up to $500,000 awarded, representing the maximum grant per project and covering up to 50% of eligible project costs.
• Funding Purpose: Metallurgical test work and flowsheet development to optimize recoveries of rare earth elements and gallium from the Springer Deposit.
• Option Payment (June 9, 2026): $266,000 cash paid, representing the Company's 80% share of the $332,500 total payment due to underlying property owners.
• Share Issuance: 2,500,000 common shares issued to the vendor, subject to a four-month-and-one-day hold period under Canadian securities laws.
• Remaining Earn-in Obligations: 2,500,000 common shares + $502,000 cash due on or before June 9, 2027 (second anniversary of the option agreement).
• Project Infrastructure: Springer REE & Gallium Project located ~70 km east of Sudbury, Ontario, with paved road access, on-site power lines (fed from Crystal Falls hydro dam), natural gas pipeline, and CN Railway service within 8 km.
• Company Portfolio: Volta Metals focuses on critical minerals (REE, gallium, lithium, cesium, tantalum) and is advancing its 4,750-hectare Springer deposit alongside the Aki Project.

Notable Quotes

• Stephen Lecce, Minister of Energy and Mines: "Ontario is doubling down on its leadership in the critical minerals sector, and our Critical Minerals Innovation Fund is a core component of this strategy... By backing companies like Volta Metals, we are securing Ontario's place as a key supplier of the critical minerals essential for a modern, competitive, and self-reliant economy."
• Kerem Usenmez, President & CEO: "We are extremely pleased to be the recipients of this funding and grateful for the Ontario government's continued support of our work at Springer... innovative process work funded through programs like the CMIF, alongside the Province's new $500 million Critical Minerals Processing Fund, is exactly the kind of support that will help build a Made-in-Ontario critical minerals supply chain."