VOLT RESOURCES LIMITED — Regulatory Filings 2021

May 20, 2021

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21 May 2021

Ms Belinda Giles Adviser, Listings Compliance (Perth) ASX Limited Level 40, Central Park 152 – 158 St Georges Terrace PERTH WA 6000

By email: ListingsCompliancePerth@asx.com.au.

Dear Belinda,

VOLT RESOURCES LIMITED – APPENDIX 5B QUERY

We refer to your letter dated 18 May 2021 in relation to the Appendix 5B quarterly report for the period ended 31 March 2021 released by Volt Resources Limited ( Volt or the Company ) to the ASX on 29 April 2021 ( Appendix 5B Query ) and respond as follows.

Unless otherwise defined below, capitalised terms have the meaning given to them in your Appendix 5B Query.

1. How much of VRC’s expenditure during the quarter was spent on the due diligence referred to in part 8.8.1 of the Appendix 5B?

The Company incurred due diligence costs in relation to the proposed Ukraine acquisition of $12,927 in the quarter. Further due diligence costs will be incurred in the June 2021 quarter, with those due diligence enquiries expected to be completed in the June 2021 quarter.

1. Does VRC expect that its net operating costs and exploration expenditure will continue at the current level, with the exception of the $350,000 payment for interest and due diligence costs referred to in the preceding answer?

Yes.

1. Has VRC taken any steps to secure further funding for its operations and exploration expenditure other than the placement of $650,000 worth of shares issued to directors as approved by shareholders on 17 May 2021?

As stated in the Appendix 5B, in addition to the $650,000 in placement funds to be received from Volt’s directors, the Company is currently evaluating funding options

3452-6519-6052v1Voltesources Limited ACN 106 353 253 Level 25, 108 St. Georges Terrace Perth WA 6000 Australia Phone: +61 (0)8 9486 7788 Email: info@voltresources.com Web: www.voltresources.com

to fund the purchase price for the Ukraine acquisition and provide additional working capital, which may be equity, debt or a combination of the two. The funding process has progressed to negotiations with a number of parties regarding debt, mezzanine and/or equity facilities. Once finalised, the Company will immediately announce the proposed funding option to ASX.

1. Please confirm that VRC is complying with the Listing Rules and, in particular, Listing Rule 3.1.

The Company confirms that it is complying with the Listing Rules and, in particular, Listing Rule 3.1.

1. Please confirm that VRC’s responses to the questions above have been authorised and approved in accordance with its published continuous disclosure policy or otherwise by its board or an officer of VRC with delegated authority from the board to respond to ASX on disclosure matters.

The Company confirms that its responses to the questions above have been authorised by the Board.

Yours sincerely,

VOLT RESOURCES LIMITED

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Trevor Matthews Managing Director

3452-6519-6052v1page 2

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18 May 2021

Reference: 34862

Ms Susan Park Company Secretary Volt Resources Limited

By email

Dear Ms Park

Volt Resources Limited (‘VRC’): Appendix 5B - Query

ASX refers to the following:

• A. VRC’s Appendix 5B quarterly reports for the period ended 31 March 2021 lodged with ASX Market Announcements Platform on 29 April 2021 (the ‘Appendix 5B’) which estimated that VRC had approximately 0.38 quarters of funding available.

• B. VRC’s response to point 8.8.1 of the Appendix 5B which stipulated that VRC expected that an interest payment of $350,000 and due diligence made during the relevant quarter would not continue into future quarters.

• C. VRC’s response to point 8.8.2 of the Appendix 5B which stipulated that VRC expected an additional $650,000 of funding from the placement of shares to directors (which was approved by shareholders on 17 May 2021).

ASX notes that, even by removing $350,000 from VRC’s net cash used in operating activities (item 1.9 of the Appendix 5B) and adding $650,000 to VRC’s cash and cash equivalents (item 4.6 of the Appendix 5B), VRC still has only approximately 1.12 quarters of funding available.

Request for Information

In view of that, ASX asks VRC to answer separately each of the following questions and provide the following confirmations in a format suitable for release to the market under Listing Rule 18.7A:

1. How much of VRC’s expenditure during the quarter was spent on the due diligence referred to in part 8.8.1 of the Appendix 5B?

2. Does VRC expect that its net operating costs and exploration expenditure will continue at the current level, with the exception of the $350,000 payment for interest and due diligence costs referred to in the preceding answer?

3. Has VRC taken any steps to secure further funding for its operations and exploration expenditure other than the placement of $650,000 worth of shares issued to directors as approved by shareholders on 17 May 2021?

4. Please confirm that VRC is complying with Listing Rule 3.1 and that there is no information about its financial condition that should be given to ASX in accordance with that rule that has not already been released to the market.

5. Please confirm that VRC’s responses to the questions above have been authorised and approved under its published continuous disclosure policy or otherwise by its board or an officer of VRC with delegated authority from the board to respond to ASX on disclosure matters.

ASX Customer Service Centre 131 279 | asx.com.au

ASX Limited [[Listings]]

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Please also provide any other information that VRC considers may be relevant to ASX forming an opinion on whether VRC is complying with Listing Rule 12.2 that a listed entity’s financial condition must, in ASX’s opinion, be adequate to warrant the continued quotation of its securities and its continued listing.

When and where to send your response

This request is made under Listing Rule 18.7. Your response is required as soon as reasonably possible and, in any event, by no later than 3:00 PM AWST Friday, 21 May 2021 . You should note that if the information requested by this letter is information required to be given to ASX under Listing Rule 3.1 and it does not fall within the exceptions mentioned in Listing Rule 3.1A, VRC’s obligation is to disclose the information ‘immediately’. This may require the information to be disclosed before the deadline set out in the previous paragraph and may require VRC to request a trading halt immediately.

Your response should be sent to me by e-mail at ListingsCompliancePerth@asx.com.au . It should not be sent directly to the ASX Market Announcements Office. This is to allow me to review your response to confirm that it is in a form appropriate for release to the market, before it is published on the ASX Market Announcements Platform.

Trading halt

If you are unable to respond to this letter by the time specified above, you should discuss with us whether it is appropriate to request a trading halt in VRC’s securities under Listing Rule 17.1. If you wish a trading halt, you must tell us:

• the reasons for the trading halt;

• how long you want the trading halt to last;

• the event you expect to happen that will end the trading halt;

• that you are not aware of any reason why the trading halt should not be granted; and

• any other information necessary to inform the market about the trading halt, or that we ask for.

We require the request for a trading halt to be in writing. The trading halt cannot extend past the commencement of normal trading on the second day after the day on which it is granted. You can find further information about trading halts in Guidance Note 16 Trading Halts & Voluntary Suspensions .

Suspension

If you are unable to respond to this letter by the time specified above, ASX will likely suspend trading in VRC’s securities under Listing Rule 17.3.

Listing Rules 3.1 and 3.1A

In responding to this letter, you should have regard to VRC’s obligations under Listing Rules 3.1 and 3.1A and also to Guidance Note 8 Continuous Disclosure : Listing Rules 3.1 – 3.1B. It should be noted that VRC’s obligation to disclose information under Listing Rule 3.1 is not confined to, nor is it necessarily satisfied by, answering the questions set out in this letter.

Release of correspondence between ASX and entity

We reserve the right to release a copy of this letter, your reply and any other related correspondence between us to the market under Listing Rule 18.7A.

2/3 ASX Customer Service Centre 131 279 | asx.com.au

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Questions

If you have any questions in relation to the above, please do not hesitate to contact me.

Yours faithfully

Belinda Giles

Adviser, Listings Compliance (Perth)

3/3 ASX Customer Service Centre 131 279 | asx.com.au