06:43 AM EDT, 08/26/2024 (MT Newswires) -- Volt Lithium ( VLTLF ) on Monday said it has successfully installed and began function-testing its first proprietary direct lithium extraction field unit in the Permian Basin in Texas, paving the way for first lithium production.

The field unit will be capable of processing over 200,000 liters, or 1,250 barrels, of oilfield brine per day, more than doubling Volt's previous processing capacity.

Volt's field unit is modular and allows the company to efficiently scale up further to process commercial levels of brine by adding modules.

Based on historical modeling, Volt will continually scale up its initial field unit over the next year to achieve commercial production of 100,000 barrels per day.

Volt also granted a total of 500,000 options to new employees to purchase 500,000 common shares under the company's stock option plan. The options are exercisable at $0.44 per share for a four-year period, expiring on Aug. 25, 2028.