Volt Carbon Reports Strong Commercialization Progress and Financial Results

Alberta-based Volt Carbon Technologies Inc. reported financial and operational results for the three months ended July 31, 2026, alongside updates on its commercialization programs. The company received purchase orders totaling approximately US$4.1 million, with Northern Ore's previously announced US$4.0 million vermiculite toll-processing order and approximately US$90,000 in battery technology development and contracted services.

For the quarter, Volt reported revenue of C$4,945 and a net loss of C$805,930, or C$0.003 per share, including C$432,433 of non-cash stock-based compensation. The company's financial performance reflects ongoing investments in research and development.

Volt Carbon is advancing its battery technology, dry air-classification process, and downstream graphite materials. The company is conducting process-development work using Northern Ore's materials, with a focus on developing vermiculite for potential use in spray-applied fire-resistant materials for structural steel. This application is significant, as it aligns with recommendations from the U.S. National Institute of Standards and Technology (NIST) following the World Trade Center collapses.

Since the contract award, Volt is working with Northern Ore and its end customer to develop processed vermiculite for potential use in fire-resistant materials. The company is optimizing particle size, expansion, and other material characteristics at its Guelph facility. Suitability for a finished product and compliance with applicable requirements remain subject to testing and qualification.

In other fire-mitigation work, Volt is developing expandable graphite for potential use in fire-protection formulations for wood and other combustible building materials. Certain grades of expandable graphite begin expanding at approximately 160°C to 200°C, forming an insulating layer when exposed to heat. Volt is evaluating the expansion characteristics of its material for these applications, with performance dependent on the grade and finished formulation.

Volt received graphitic rock samples from Northern Ore for evaluation at its Guelph facility. The company's internal thermogravimetric analysis (TGA) of six unseparated samples selected by Northern Ore returned an average grade of approximately 49.8% graphitic carbon (Cg), with four samples exceeding 50% Cg. In a subsequent preliminary trial using Volt's dry air-classification technology, the company produced a concentrate measured by TGA at approximately 94% total carbon. Volt intends to continue optimizing the dry-separation process and evaluating the resulting concentrate for potential value-added applications.

These results build on Volt's work with other natural flake graphite feedstocks. In previously announced testing of material from Green Battery Minerals' Berkwood project, Volt reported a dry-separated concentrate grading up to 98.4% total carbon. Results from one feedstock should not be assumed to apply to Northern Ore's material.

Volt continues to advance the commercialization program on the schedule outlined in its July 7, 2026, news release. Subject to equipment commissioning, customer material deliveries, successful completion of process development and qualification, financing, and other operating conditions, Volt anticipates commencing and ramping commercial processing during 2027, with capacity expected to increase toward full throughput during 2028. Actual timing and ramp-up may differ from current expectations.

Separately, Volt has continued producing batches of graphene-based material through its downstream process. As previously announced on August 18, 2026, X-ray diffraction characterization performed at University of Waterloo laboratories indicated approximately three graphene layers, compared with approximately five layers reported in earlier work. The company has since produced additional batches with similar results and continues to assess potential applications.