VOLT RESOURCES LIMITED — Capital/Financing Update 2018

Dec 12, 2018

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ASX ANNOUNCEMENT

By e-lodgement

13 December 2018

DSE Listing Approval for Volt’s Tanzania Note Issue

Tanzanian-focused flake graphite development company Volt Resources Limited ( ASX: VRC ) (“ Volt ” or “ the Company ”) is pleased to advise that it has received the final formal approval from the Dar es Salaam Stock Exchange PLC to list its Tanzanian Note Issue on the Dar es Salaam Stock Exchange (“DSE”).

This approval completes a key phase of the funding process, and Volt’s management remains confident of receiving final approval from the Tanzanian Capital Markets and Securities Authority (“CMSA”) to proceed with the Note Offer in the near-term.

As previously advised, funds raised will be deployed towards the Stage 1 development of the Bunyu Graphite Project. A Definitive Feasibility Study (“DFS”) on the large-scale Stage 2 Expansion at Bunyu will also be undertaken concurrently with the Stage 1 development. Volt has already received key development approvals covering the respective Stage 1 and Stage 2 developments of the Bunyu Graphite Project (see ASX release dated 22nd October 2018).

Volt looks forward to providing further updates on the CMSA approval process in due course.

-ENDS-

For and on behalf of Volt Resources Limited

Trevor Matthews Chief Executive Officer

For further information please contact:

Trevor Matthews Released through Sam Burns Chief Executive Officer Six Degrees Investor Relations Tel: +61 8 9486 7788 M: +61 400 164 067

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About Volt Resources Limited

Volt Resources Limited (“Volt”) is a graphite exploration and development company listed on the Australian Stock Exchange under the ASX code VRC. Volt is currently focused on the exploration and development of its wholly-owned

Volt Resources Limited ACN 106 353 253 Level 5, London House 216 St. Georges Terrace Perth WA 6000 Phone: +61 (8) 9486 7788

Bunyu Graphite Project in Tanzania. The Bunyu Graphite Project is ideally located near to critical infrastructure with sealed roads running through the project area and ready access to the deep-water port of Mtwara 140km away.

In July 2018, Volt reported the completion of the Feasibility Study (“FS”) into the Stage 1 development of the Bunyu Graphite Project. The Stage 1 development is based on a mining and processing plant annual throughput rate of 400,000 tonnes of ore to produce on average 23,700tpa of graphite products[1] . A key objective of the Stage 1 development is to establish infrastructure and market position in support of the development of the significantly larger Stage 2 expansion project at Bunyu.

1 Refer to Volt’s ASX announcement titled “Positive Stage 1 Feasibility Study Bunyu Graphite Project” dated 31 July 2018. The Company confirms that it is not aware of any new information or data that materially affects the information included in this document and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

Volt Resources Limited ACN 106 353 253 Level 5, London House 216 St. Georges Terrace Perth WA 6000 Phone: +61 (8) 9486 7788