Volta Metals drills 688 m carbonatite at Springer

Executive Summary

• Volta Metals Ltd. reported a significant drill intercept of 688 meters of continuous carbonatite mineralization in hole SL26-35 at its Springer Rare Earth Element (REE) deposit in Ontario. This is among the widest continuous carbonatite intersections reported globally and the deepest hole completed at the site to date.
• The company simultaneously released an updated Mineral Resource Estimate (MRE) effective December 31, 2025, showing a massive increase in resources: 176 million tonnes total, including 56.6 Mt indicated and 119.5 Mt inferred at 0.70% and 0.58% TREO respectively. This represents a 1,248% increase in indicated resources and an 841% increase in inferred resources compared to the 2012 estimate.
• The deposit is characterized by synchysite-hosted REEs and gallium, with mineralization extending well beyond current drill depths, suggesting a large, structurally intact carbonatite pipe. Assay results for the new drill hole are expected in Q2 2026.

Key Details

• Drill Hole SL26-35 Intercepts:
  • Carbonatite Mineralization: 688 meters of continuous, uninterrupted carbonatite from 5 meters to 693 meters (end of hole).
  • Carbonatite Content: Variable veining within syenite brecciated host rock, ranging from 2-6% to over 50-60% carbonatite within the interval.
  • Significance: Ranks among the widest continuous carbonatite drill intersections globally; represents a structurally intact, undeformed carbonatite pipe of considerable vertical extent.
  • Next Steps: Core submitted to Saskatchewan Research Council (SRC) for REE and critical mineral analysis; results expected in Q2 2026.
• Updated Mineral Resource Estimate (Effective Dec. 31, 2025):
  • Total Resource: 176 million tonnes of rare-earth mineralization.
  • Indicated: 56.6 Mt at 0.70% TREO (includes near-surface high-grade core of 11.5 Mt at 1.10% TREO).
  • Inferred: 119.5 Mt at 0.58% TREO (includes near-surface high-grade core of 3.0 Mt at 1.16% TREO).
  • Cut-off: $43/t net metal revenue cut-off within an optimized open pit shell.
  • Growth: 1,248% increase in indicated resources and 841% increase in inferred resources vs. prior 2012 estimate.
  • Ranking: Places Springer among the top 10 largest REE deposits in North America (per S&P Global Market Intelligence 2025).
  • Revenue Drivers: Praseodymium and neodymium account for ~90% of total net metal value.
• Geological Context:
  • Host Mineral: Synchysite (calcium-cerium fluorocarbonate), which concentrates light REEs (Ce, La, Nd, Pr) and heavy REEs (Dy, Tb), plus gallium.
  • Deposit Model: Carbonatite-hosted REE deposit with fenitization halos; analogous to major global deposits like Mountain Pass, Bayan Obo, and Palabora.
  • Mineralization Status: Open in all directions; extends ~100m from recent resource shell.
• Program Status:
  • Current Program: 5,415 m winter drill program.
  • Progress: 11 holes completed for 4,824 m since Jan 2026.
  • Future: Fully financed 5,000-metre phase 2 drill program currently underway.
  • Gallium: Results from fall 2025 program not included in current MRE; to be reported separately.
  • Technical Report: NI 43-101 technical report expected on SEDAR+ within 45 days of Feb 23, 2026 release.

Notable Quotes

• "The scale of this carbonatite intersection, 688 m of continuous, uninterrupted carbonatite to end of hole, speaks for itself. It appears to represent a structurally intact, essentially undeformed carbonatite pipe of considerable vertical extent. Systems of this nature are among the world's most significant hosts of rare-earth elements and critical minerals, and Springer is increasingly demonstrating the hallmarks of a large to very large, bulk-tonnage system." — Kerem Usenmez, President and CEO