VOLT RESOURCES LIMITED — Capital/Financing Update 2018

Oct 21, 2018

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ASX ANNOUNCEMENT

By e-lodgement 22 October 2018

Volt Receives Bunyu Mining Licences

Tanzanian-focused flake graphite development company Volt Resources Limited ( ASX: VRC ) (“ Volt ” or “ the Company ”) is pleased to advise that it has formally received mining licences ML 591/2018 and ML 592/2018 from the Mining Commission of the Ministry of Minerals of Tanzania. As previously advised the two Mining Licences cover the respective Stage 1 and Stage 2 developments of the Bunyu Graphite Project.

The two ML’s cover a combined area of 17.71km[2] and provide Volt with the exclusive right to develop the graphite resources in the ML area. The ML’s are effective for a period of 10 years and there is a right of further 10 year renewals under section 53 of the Mining Act.

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Stage 1 and Stage 2 Project layout.

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

Now that the Company has formally received the ML’s, the completion of the Tanzanian Note Issue for the Bunyu development is the remaining key milestone prior to Volt’s subsidiary Volt Graphite Tanzania Ltd (VGT) proceeding with front end engineering and design work for the initial Stage 1 operations and the ordering of long lead time components.

Concurrently with the Stage 1 development, VGT plans to be undertaking the Definitive Feasibility Study on the large-scale Stage 2 expansion at Bunyu.

-ENDS-

For and on behalf of Volt Resources Limited

Trevor Matthews Chief Executive Officer

For further information please contact:

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