08:12 AM EST, 12/18/2024 (MT Newswires) -- Volt Lithium ( VLTLF ) said Wednesday that it achieved a milestone for its direct lithium extraction technology for processing oilfield brines, scaling up its U.S. field operations to process over 2,500 barrels per day (bbls/d) from the Permian Basin in Texas.

The company also completed over 200 operational runs in the field since commencing operations and achieving first lithium production in September.

"The Permian Basin is globally significant, currently producing approximately 19 million barrels of lithium-infused brine per day, making it one of the largest potential sources of lithium in the U.S.," said Alex Wylie, president and CEO of Volt. "With the scaling-up of our field operations, we continue to accelerate the company's trajectory for growth to becoming a significant North American lithium producer."

Volt said that its technology achieved up to 98% lithium extraction despite scaling up its production capacity.

Meanwhile, Volt said the Generation 5 Field Unit will be commissioned in late January 2025 to process up to 10,000 bbls/d.

Volt's share price jumped 5.3% on Tuesday to $0.30 on the TSXV.