Volt Resources Limited: Ukraine Graphite Business Update
March 1, 2022, Graphite producer and battery anode material developer Volt Resources Limited (ASX: VRC) (“Volt” or “the Company”) provides the following information in relation to the Zavalievsky Graphite (“ZG”) business and its operations in western Ukraine. The invasion of Ukraine by the Russian military has been well publicised since its commencement last Thursday 24 February 2022.
Since the commencement of the invasion, Volt has been in regular contact with ZG management to understand the situation as it affects the ZG people and the graphite business. First and foremost, the Company is focused and remains concerned for the safety and wellbeing of the ZG staff and their families. The situation in Kyiv is dynamic and is an area of high risk. The Kyiv corporate and marketing office is closed and staff remain at home.
Operations at Zavallya were suspended immediately and all staff requested to remain at home following the commencement of the invasion. The town of Zavallya is located in a rural area with no military or major infrastructure targets in the region. There has been no military action near Zavallya and ZG management see little risk to ZG staff, their families and the business assets during this conflict.
Volt continues to monitor the conflict in Ukraine closely and assess and discuss the situation with our local executive management team and understand what support Volt can provide for ZG staff and their families. Volt will continue to provide updates on the Company's Ukraine staff and/or its business.
Volt also acknowledges and has passed on messages of support from Volt shareholders for Ukraine, its people and particularly the ZG people.
See next page for a map of Ukraine and the location of the ZG mine and processing facility in western Ukraine.
A map of Ukraine showing the location of the Zavalievsky graphite mine and processing facility near the town of Zavallya.
-ENDS-
Authorised for release by:
Trevor Matthews
Managing Director
Volt Resources Ltd
For further information please contact:
Trevor Matthews
Managing Director
Tel: +61 8 9486 7788
Alex Cowie
Investor Relations
Tel: +61 412 952610
Follow us on Twitter @ASXVolt
About Volt Resources Limited
Volt Resources Limited (“Volt”) is a graphite producer/developer and gold exploration company listed on the Australian Stock Exchange under the ASX code VRC. Volt has a 70% controlling interest in the Zavalievsky Graphite business in Ukraine. Zavalievsky is in close proximity to key markets with significant developments in LIB facilities planned to service the European based car makers and renewable energy sector. ZG benefits from an existing customer base and graphite product supply chains based on excellent transport infrastructure covering road, rail, river and sea freight combined with reliable grid power, ample potable ground water supply and good communications1[1].
Volt acquired three licence applications that are considered to be prospective for lithium-borate mineralisation. The licence applications are in respect to a total area of 291km2, located in Serbia and are west and south-west of the Serbian capital, Belgrade[2].
Volt is progressing the development of its large wholly-owned Bunyu Graphite Project in Tanzania, as well as gold exploration in Guinea leveraging the Company’s existing extensive networks in Africa.
The Bunyu Graphite Project is ideally located near to critical infrastructure with sealed roads running through the project area and ready access to the deep-water port of Mtwara 140km from the Project. In 2018, Volt reported the completion of the Feasibility Study (“FS”) into the Stage 1 development of the Bunyu Graphite Project. The Stage 1 development is based on a mining and processing plant annual throughput rate of 400,000 tonnes of ore to produce on average 23,700tpa of graphite products[3]. A key objective of the Stage 1 development is to establish infrastructure and market position in support of the development of the significantly larger Stage 2 expansion project at Bunyu.
The Guinea Gold Projects comprise 6 permits in Guinea, West Africa having a total area of 348km. The Projects are located in the prolific Siguiri Basin which forms part of the richly mineralised West African Birimian Gold Belt.
[1] Refer to Volt’s ASX announcements titled “Volt to Acquire European Graphite Business following Completion of Due Diligence” dated 14 May 2021 and “Completion of the ZG Group Transaction Following Execution of New Convertible Securities Facility” dated 26 July 2021.
[2] Refer to Volt’s ASX announcement titled “Strategic European Lithium Acquisition – Jadar North” dated 18 November 2021.
[3] Refer to Volt’s ASX announcement titled “Positive Stage 1 Feasibility Study Bunyu Graphite Project” dated 31 July 2018. The Company confirms that it is not aware of any new information or data that materially affects the information included in this document and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.
