VOLT GROUP LIMITED — Capital/Financing Update 2021

May 19, 2021

VOLT POWER GROUP LIMITED ABN: 62 009 423 189

ASX CODE: VPR

ASX ANNOUNCEMENT

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20 May 2021

Simon Higgins Non-Executive Chairman

Adam Boyd CEO & Managing Director

Peter Torre Non-Executive Director

680M Unlisted Options

CEO / MANAGING DIRECTOR EXERCISE OF OPTIONS

Volt Power Group Limited (Volt or Company) advises that the Company’s CEO and Managing Director, Mr Adam Boyd, has exercised 175,000,000 Options at $0.002 per share for a total value of $350,000.

The exercise of Options by Mr Boyd further demonstrates his commitment to the Company and its ongoing strategy. Mr Boyd and related entities collectively remain the Company’s single largest shareholder at a combined holding of 18.97% of the total Shares on issue.

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Kewdale WA 6105

Issued by: Volt Power Group Limited ACN 009 423 189

Kewdale WA 6105

Authorised by : The Board of Volt Power Group Limited

For further information contact:

Mr Adam Boyd CEO & Managing Director

P: + 61 8 9437 4966 M: +61 439 888 103 E: info@voltpower.com.au

Adam Boyd CEO & Managing Director Ph: +61 439 888 103

About Volt

www.voltpower.com.au

Volt Power Group Limited (ASX: VPR) is a transitioning power generation and infrastructure asset / equipment developer and owner. The Company’s businesses commercialise innovative proprietary equipment delivering “step change” client productivity and cost benefits achieving annuity earnings for the Company.

Business Activity Summary

These activities of our businesses include:

• ATEN (100%) – ATEN (Accretive Thermal Efficiency Node) is a zeroemission waste heat to electricity generation solution developed by Volt. ATEN secured an Australian Innovation Patent (AIP) in December 2020 and is at an advanced stage of initial commercialization. Further ATEN detail is provided below;

• Wescone (100%) – the proprietary owner of the globally unique Wescone W300 sample crusher predominantly deployed throughout the global iron ore sector. Wescone has a successful 25+ year operating track record and recently developed a new crusher with larger dimensional acceptance, reduction ratio and durability specifications;

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ASX ANNOUNCEMENT (CONTINUED)

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• EcoQuip (~67%) – a developer and owner of a ‘best in class’ Mobile Solar Lighting & Communications Tower equipment solution incorporating robust design attributes including US military spec design & build quality, solar / lithium (LFP) battery and storage solution and advanced power management, data telemetry & control system capable of LED lighting, LTE Wi-Fi mesh repeater, point to point microwave, environmental monitoring and CCTV technology retro-fit; and

• Acquisition / Development Strategy – The Company actively pursues opportunities to expand its renewable / low emission power generation and infrastructure asset / innovative equipment & delivery capability footprint.

About the ATEN Technology (AIP): The ATEN comprises a modular, power generation equipment package capable of harvesting ‘low’ grade industrial waste heat to generate zero emission baseload electricity.

ATEN generated electricity is expected to significantly reduce ‘energy intensive’ industry operating costs via the displacement of grid sourced electricity or fossil fuel usage associated with electricity generation.

The global industrial complex vents a significant quantity of ‘low’ grade waste heat to atmosphere. This quantity of unexploited waste heat presents an outstanding opportunity for the commercial roll-out of the ATEN Technology.

The ATEN’s simple, high efficiency design and modular configuration - developed to maximise its integration capability - provides a low capex, uniquely compatible and scalable solution for the exploitation of ‘low grade’ industrial waste heat from multiple sources. Volt’s priority target markets for the commercialization of the ATEN Technology include the resources and industrial processing sectors.

The salient ATEN Waste Heat to Power technology benefits that resonate with power station owners include:

• Baseload, zero emission incremental power generation (Scope 1 Emission reduction);

• Levelised Cost of Electricity (LCOE)* up to ~40% lower than gas and ~80% lower than diesel generation;

• LCOE* ~25% - 50% lower than Solar / LFP Battery installations based on identical annual generation and zero emission performance;

• CAPEX ~60% lower than Solar / LFP Battery installations based on identical annual generation and zero emission performance;

• Zero cost compatibility with Solar and Hydrogen fuel transition solutions;

• Carbon Credits (CFI) Act 2011 Offset Project / ACCU eligibility; and

• Zero water & operational personnel requirements

*** Levelised Cost of Energy (LCOE) is based on new zero emission capacity and variable costs of fuelled generation (where relevant) and the ARENA LCOE calculation methodology @ 8% discount rate and 20-year project life including ACCUs ($13/ACCU) and RECs ($30/REC) as applicable.**