Volt Carbon Technologies Inc. announced, with reference to its news release dated February 5, 2024, that it has received final approval from the TSX Venture Exchange for the arm's length option agreement with E-Power Resources Inc. ("EPR") pursuant to which Volt is to acquire an interest in EPR's Tetepisca Graphite Project, located in Northern Quebec. Under the terms of the Agreement, EPR has agreed to: (i) grant Volt an option to acquire an undivided 5% interest in the Property that is exercisable until December 31, 2025; and (ii) issue 6,600,000 shares of EPR to Volt. As consideration for the Property Option and the Shares, Volt has agreed to expend $680,000 on the Property prior to December 31, 2024.

Should Volt choose to exercise the Property Option, in addition to the Exploration Expenditures, Volt will be required to make a cash payment of $1,500,000 to EPR. If, after Volt exercises the Property Option, an arm's length third party presents a bona fide offer to purchase all or substantially all of the assets of EPR, to merge with EPR or complete another form of business combination with EPR, then EPR has the option to buy-back the Property Option. Should EPR exercise the EPR Option, EPR shall pay Volt the greater of: (i) $1,800,000; or (ii) 5% of the consideration paid to EPR pursuant to the EPR Takeover Transaction, in cash.