Volt Lithium Corp. (TSXV: VLT | OTCQB: VLTLF I FSE: I2D) (“Volt” or the “Company”) announces that the Company has commenced U.S. field operations in the Permian Basin in Texas, achieving the significant milestone of first lithium production.
“Achieving first lithium production establishes Volt as a leader in direct lithium extraction from North American oilfield brines and marks the Company’s strategic shift from development to production,” commented Alex Wylie, President & CEO of Volt Lithium. “I would like to thank our strategic partner and our dedicated staff that enabled Volt to achieve this significant milestone.”
Volt Lithium’s Clear Path to Commercialization: First Lithium Production Achieved
Volt successfully deployed and brought online its proprietary DLE U.S. field unit in the Permian Basin on September 17, 2024, positioning the Company on a clear path to full-scale commercialization. Underpinned by its low operating cost structure, Volt is poised for long-term, cost-effective growth as it continues to scale up its U.S. operations.
Volt has been operating its DLE system in the field Since September 17, 2024, and is in the process of optimizing its field unit. The Company successfully produced lithium concentrate from its field unit paving the way for future commercial operations.
Volt’s focus over the remainder of the year will be to scale-up operations to build an inventory of lithium concentrate and lithium carbonate for future commercial sales.
2024-2025 Outlook
As Volt continues to scale-up production for commercial operations, the Company plans to initially produce lithium chloride concentrate in the field. Conversion to battery grade lithium carbonate will initially occur at Volt Lithium’s Field Simulation Centre in Calgary, Alberta, with future downstream refining to take place onsite once the Company has scaled-up to full-scale operations.
The following represents Volt’s targets over the next phase of operations:
- Produce lithium concentrate in the field for the remainder of 2024;
- Scale-up Volt’s field unit operations to achieve commercial sales by the end of 2024;
- Commence cash generation by the end of 2024 with the goal to be cash flow positive in the first half of 2025; and
- Scale up commercial production to 100,000 barrels per day of brine production during the second half of 2025.
