Voltaic Strategic Resources Limited provided an update on its Paddys Well REE Project, located in the Gascoyne region of Western Australia. An auger-vacuum drilling campaign (phase 1) has commenced at the Paddys Well project (tenement E09/2414) and comprises approximately 2,500 m across several priority target areas within the highly prospective "CSZ 1" REE corridor. The majority of the holes are planned within and proximal to an area where several historical drillholes and recent surface geochemical sampling have identified anomalous TREO results.

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 simultaneously with the drilling program. If favourable results are received from the phase-1 campaign, the program will be extended into February 2023 (phase-2) utilising an aircore/RC rig for areas where the AV has depth limitations.

It should be noted that the primary target of this drill campaign is the upper shallow oxide (clay) horizon and enables low cost, expeditious vectoring towards potential deeper primary basement mineralisation. Assays have been received for the phase 1 rockchips from Paddys Well and are highly encouraging as several samples had TREO assays >1,000ppm and have expanded Neo target area of potential subsurface occurrence to 2.4 km by 1.5 km, part of which will be shallow drill-tested during this campaign. Paddys Well Project (EL 09/2414) Drill Campaign: Drilling is now underway at Paddys Well utilising an auger vacuum (AV) drill rig, which 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 less costly per meter drilled compared to other drill methods, such as reverse circulation (RC); 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. Follow up `phase-2' drilling will be undertaken using an aircore/RC drill rig for areas where the AV has depth limitations. The objectives of the phase-1 drill campaign are to: `twin' (the oxide /clay component) of historical drillholes with anomalous REEs, such as Cameco's drillhole GAD0004 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 into February 2023 (phase-2). Follow up `phase-2' drilling will be undertaken using an aircore/RC drill rig for areas where the AV had depth limitations.