Volt Resources Limited provided an update on the Zavalievsky Graphite ("ZG") operations for the month of December 2021. ZG produced 807 tonnes of graphite product during the month, an increase of 44% from November production, at an average of approximately 50 tonnes of product per operating day. European graphite prices continued to increase during the month.

Ore mined for December was lower than November as mining operations focussed on the mining of waste at a level required for appropriate open pit mine development. Mobile equipment availability was impacted by the age of the equipment which affected ore production. ZG continues to evaluate the use of contract mining for waste removal due to the increased material movement required in the next 12 months.

Replacement of the existing ZG owned mining fleet is also being evaluated which is expected to substantially improve future mined graphite ore production. With the plant operating for approximately 16 days, production performance was reasonable for the period averaging approximately 50 tonnes of concentrate production per day of operation. During the winter months plant operations can be disrupted by very low temperatures which freeze process water pipelines and tailings material in pipelines.

Replacement with insulated piping and other options are being evaluated to provide a permanent solution which will result in significantly higher graphite production levels during the winter months.