Volt Resources Limited provided the following update regarding the status of operations at the Zavalievsky Graphite mine and processing plant (‘ZG'). Volt proceeded with the raising of capital to, amongst other uses, provide funds to ZG to address the working capital deficiency. In November 2022, energy supply disruptions commenced due to Russian missile attacks on power generation facilities affecting the entire Ukraine energy grid.

Combined with the continuation of supply disruptions, this has resulted in ZG management being unable to recommence production prior to the Ukraine winter. ZG usually ceases operations during winter, as temperatures below freezing cause issues with pumping of process water supply and tailings material. Energy supply disruptions continue and with winter conditions lasting to approximately March 2023, ZG operations remain suspended at this time.

Graphite production of 846 tonnes during August was achieved from only 14 days of processing operations with an average of 60.5 tonnes of graphite product per day prior to the working capital and supply chain issues suspending production. This production has been sold, apart from approximately 30 tonnes retained for battery anode material testwork and other uses, with prices achieved during the December 2022 quarter ranging between 520 per tonne FCA for low grade fine material to $1,900 per tonne DAP for purified graphite grading 99.5% TGC.