Volt Lithium Announces Executive Team Appointment, AGM and Proposed Strategic Name Change, Prepares for Future U.S. Transition
CALGARY, Alberta, May 27, 2025 (GLOBE NEWSWIRE) -- Volt Lithium Corp . (TSXV: VLT | OTCQB: VLTLF | FSE: I2D) ('Volt' or the 'Company') is pleased to announce that Marty Scase, Volt's co-founder and Board member, has agreed to join the Volt management team as Executive Chairman. This leadership enhancement, combined with recent operational milestones, supports the Company's strategy to expand growth and commercial opportunities within the U.S. critical minerals sector. Volt also announces details of its upcoming annual and special meeting ('AGM'), including a proposal for a strategic name change and continued corporate focus on corporate presence and operations within the United States. These initiatives reflect the Company's ongoing strategic alignment with U.S. policies supporting U.S. domestic critical mineral production.
Annual and Special Meeting Details
The AGM agenda will include a proposal to change the Company's name to LibertyStream Infrastructure Partners Inc. Full meeting details, including director elections, auditor appointments, and incentive plan approvals, are provided in the Management Information Circular available on SEDAR+ ( www.sedarplus.ca ) and the Company's website.
Management Appointment
Volt is pleased to announce that Volt co-founder, co-inventor of Volt's extraction technology, and member of the Board, Marty Scase, has agreed to join the management team as Executive Chairman. Mr. Scase's transition to Executive Chairman reflects his increased daily involvement in advancing the Company's extraction technologies as Volt moves toward commercial production. As the Company continues its rapid growth path in the U.S., Mr. Scase will continue to drive Volt's overall strategy for innovation and technology development as it transitions to commercial operations.
'Alex and I started Volt with the goal of efficiently extracting lithium from oilfield brines,' commented Marty Scase. 'With the new LibertyStream name reflecting our broader ambition, I'm excited to deepen my involvement and support the team as we further develop our extraction capabilities and explore additional opportunities from the resources we process.'
'I'm very pleased Marty is joining the management team,' commented Alex Wylie, Volt's President and CEO. 'His commitment and experience have always been central to our technology's development. Marty stepping into this expanded role, alongside our new name, highlights our intent to broaden the applications of the infrastructure we are integrating in field operations.'
Corporate Update and Strategic Rationale
Following the commissioning of its Field Simulation Centre in Calgary in late 2023, Volt established collaborations with U.S. oil and gas operators, validating the effectiveness of its lithium extraction technology.
In May 2024, a partnership and investment from a Permian Basin operator facilitated the deployment of Volt's initial Generation 1 Field Unit in Texas. In September 2024, the Generation 1 unit was deployed and began processing 600 barrels of oil field brine per day. Subsequently, in January and February 2025, Volt successfully installed and began operating its Generation 5 Field Unit, which can now process over 10,000 barrels of oilfield brine per day.
Since its installation, Volt has completed over 300 test runs with the Generation 5 Unit, effectively identifying optimal operating parameters to support economically viable commercial-scale lithium production, even at relatively low lithium concentration levels in the brine.
Additionally, as previously referred to in Volt News Release dated December 10, 2024, Volt, in partnership with Wellspring Hydro, secured supportive governmental backing, including a U.S. $2.5 million grant from the State of North Dakota, underscoring alignment with U.S. critical mineral production initiatives.
With these U.S. partnerships, Volt's Generation 5 Field Unit now represents the largest known operational Direct Lithium Extraction (DLE) system processing oilfield brines in North America. The modular design of the system is specifically intended for efficient and cost-effective scalability, offering the potential to quickly respond to growing domestic demand.
Strategic U.S. Corporate Transition and Name Change
Building upon progress made through U.S. partnerships, Volt seeks shareholder approval to rename the company LibertyStream Infrastructure Partners Inc. The proposed name, LibertyStream Infrastructure Partners Inc., reflects the Company's strategic evolution toward becoming an essential infrastructure partner for the U.S. oil and gas industry, focused on unlocking domestic critical mineral resources and engaging effectively with U.S. domestic customers to support supply chain security.
Volt's intended future transition to business primarily in the U.S. strategically positions the Company to align with favorable governmental policies and initiatives designed to enhance critical mineral supply.
Looking Ahead
With these foundational elements in place—proven technology, North America's largest operational DLE system processing oilfield brines, strategic U.S. partnerships, and a strengthened leadership team—Volt (to be LibertyStream Infrastructure Partners Inc. following shareholder approval in June 2025) is decisively advancing from demonstration to initial commercial-scale lithium production. Volt is now actively pursuing opportunities to meet the growing U.S. domestic demand for critical minerals and look forward to updating shareholders on our commercialization milestones. Further updates will be provided as additional commercialization milestones are achieved.
About Volt Lithium
Volt is a lithium development and technology company aiming to be one of North America's first commercial producers of lithium carbonates from oilfield brine. Our strategy is to generate value for shareholders by leveraging management's hydrocarbon experience and existing infrastructure to extract lithium deposits from existing wells, thereby reducing capital costs, lowering risks and supporting the world's clean energy transition. With four differentiating pillars, and a proprietary Direct Lithium Extraction ('DLE') technology and process, Volt's innovative approach to development is focused on generating the highest lithium recoveries with lowest costs, positioning us for future commercialization. We are committed to operating efficiently and with transparency across all areas of the business staying sharply focused on creating long-term, sustainable shareholder value. Investors and/or other interested parties may sign up for updates about the Company's continued progress on its website: https://voltlithium.com/.
Contact Information
For Investor Relations inquiries or further information, please contact:
Alex Wylie, President & CEO
T: +1.403.830.5811
E: [email protected]
Or
Bill McClain, Investor Relations
T: +1.604.773.9423
E: [email protected]
Forward Looking Statements
This news release includes certain 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. When used in this news release, the words 'anticipate', 'believe', 'estimate', 'expect', 'target', 'plan', 'forecast', 'may', 'will', 'would', 'could', 'schedule' and similar words or expressions, identify forward-looking statements or information. Statements, other than statements of historical fact, may constitute forward-looking information and include, without limitation, information with respect to the Company's anticipated operational milestones, the anticipated name change of the Company and transition to operations predominantly in the United States, the deployment of the Field Unit in the Permian Basin, the production of battery grade lithium by the Field Unit, and the commercial production of lithium from oilfield brine. With respect to the forward-looking information contained in this press release, the Company has made numerous assumptions. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies and may prove to be incorrect. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein including those known risk factors outlined in the Company's annual information form for the year ended June 30, 2024 and (final) short form base shelf prospectus dated July 20, 2023. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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Repurchase of common stock and payment of related excise taxes (734 ) (104,898 ) Tax withholdings on employee share-based awards (25,580 ) (18,512 ) Net cash provided by (used in) financing activities 755,994 (239,984 ) Net increase (decrease) in cash and cash equivalents 120,180 (172,387 ) Cash and cash equivalents at beginning of the period 206,482 378,869 Cash and cash equivalents at end of the period $ 326,662 $ 206,482 SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION Twelve months ended April 30, 2025 2024 Cash paid during the period for: Interest, net of amount capitalized $ 86,598 $ 63,449 Income taxes, net 89,771 105,000 Noncash investing and financing activities: Purchased property and equipment in accounts payable 46,427 45,617 Summary by Category (Amounts in thousands) Three months ended April 30, 2025 Prepared Food & Dispensed Beverage Grocery & General Merchandise Fuel Other Total Revenue $ 391,655 $ 1,021,938 $ 2,438,937 $ 140,228 $ 3,992,758 Gross profit $ 226,406 $ 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EBITDA is not considered to be a GAAP measure, and should not be considered as a substitute for net income, cash flows from operating activities or other income or cash flow statement data. This measure has limitations as an analytical tool, and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. We believe EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and it is regularly used by the Company for internal purposes including our capital budgeting process, evaluating acquisition targets, assessing performance, and awarding incentive compensation. Because non-GAAP financial measures are not standardized, EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of this non-GAAP financial measure with those used by other companies. The following table contains a reconciliation of net income to EBITDA for the three and twelve months ended April 30, 2025 and 2024: (In thousands) Three Months Ended April 30, Twelve Months Ended April 30, 2025 2024 2025 2024 Net income $ 98,307 $ 87,020 $ 546,520 $ 501,972 Interest, net 27,916 14,494 83,951 53,441 Federal and state income taxes 29,351 25,168 165,929 154,188 Depreciation and amortization 107,443 92,344 403,647 349,797 EBITDA $ 263,017 $ 219,026 $ 1,200,047 $ 1,059,398 NOTES: Gross Profit is defined as revenue less cost of goods sold (exclusive of depreciation and amortization) Inside is defined as the combination of Grocery and General Merchandise and Prepared Food and Dispensed Beverage This release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities, performance at our stores. There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any results expressed or implied by these forward-looking statements, including but not limited to the execution of our strategic plan, the integration and financial performance of acquired stores, wholesale fuel, inventory and ingredient costs, distribution challenges and disruptions, the impact and duration of the conflict in Ukraine or other geopolitical disruptions, as well as other risks, uncertainties and factors which are described in the Company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission and available on our website. Any forward-looking statements contained in this release represent our current views as of the date of this release with respect to future events, and Casey's disclaims any intention or obligation to update or revise any forward-looking statements in the release whether as a result of new information, future events, or otherwise. Corporate information is available at this website: Earnings will be reported during a conference call on June 10, 2025. The call will be broadcast live over the Internet at 7:30 a.m. CDT. To access the call, go to the Events and Presentations section of our website at No access code is required. A webcast replay of the call will remain available in an archived format on the Events and Presentations section of our website at for one year after the call. CASY-IR View source version on Contacts Investor Relations Contact:Brian Johnson (515) 446-6587 Media Relations Contact: Katie Petru (515) 446-6772
