Voltaic Strategic Resources Limited provided an update on its Paddys Well REE Project, located in the Gascoyne region of Western Australia. An auger- vacuum drill rig has been mobilised and is currently on route to the Paddys Well project site to commence the Company's phase-1 shallow drilling campaign This phase-1 drill campaign will comprise ~1,250 m across several priority target areas within the highly prospective ‘CSZ 1' REE corridor and will be concentrated around an area where several historical drillholes have identified anomalous Total Rare Earth Element Oxide (TREO) results within both shallow oxide The primary aim of the campaign is to confirm (‘twin') the historical holes, delineate the extent of the clay-hosted anomalous REE area, and screen other key priority target areas of interest. Additionally, Voltaic's exploration team will also undertake the next round of field reconnaissance target generation at Paddys Well simultaneously with the drilling program.

If the Company receive favourable results from the phase-1 campaign, the program will be extended in February 2023 (phase-2). It should be noted that the primary target of this AV drill campaign is the upper shallow oxide (clay) horizon and enables low cost, expeditious vectoring towards potential deeper primary basement mineralisation. The phase-1 drill campaign will commence in late Dec-2022 and extend into Jan-2023.

The aim is to: `twin' (the oxide /clay component) of historical Cameco drillhole GAD0004 with anomalous REEs and improve the resolution of composite sampling; test and expand the extent of the REE anomalism within the target area utilising wide-spaced gridlines; and screen other key priority target areas of interest. Should the Company receive favourable results from the phase-1 campaign, the program will be extended in February 2023 (phase-2). An AV rig is a highly effective and efficient tool for expeditious geochemical vectoring as it: allows large areas of clay-hosted cover to be drill-tested in short timeframes; it is highly mobile (tractor mounted) and suited to areas with challenging logistical access; it is significantly less costly per meter drilled compared to other drill methods, such as reverse circulation (RC) or diamond drilling (DD); It produces an extremely clean sample with minimal cross-contamination from adjacent areas; it has a very low environmental impact.

The AV rig is limited to areas with low moisture content and to depths less than approximately 45 m enabling expeditious confirmation of clay-hosted REE anomalism and vectoring towards source mineralisation. Accordingly, subsequent deeper RC or diamond drilling campaigns are much more targeted and efficient. Voltaic has engaged the services of Strataprobe Pty Ltd. for the Gascoyne projects shallow drilling programs. Additional activities planned for Fourth Quarter 2022/First Quarter 2023 exploration at the Paddys Well project include generation and refinement of targets through the acquisition of enhanced radiometrics /magnetics /UAV drone imagery, and supporting field activities to advance these targets.