2012 was another year of significant growth for your Company. Both the Kiaka Gold Project and the Gaoua Copper-Gold Porphyry Project demonstrated notable increases in resources and overall value.

Currently, the resource at Kiaka is an impressive 153,259,000 tonnes @ 0.99 g/t gold in the Measured and Indicated categories for 4,862,000 ounces of gold, with another 33,737,000 tonnes @ 0.93 g/t gold for another 1,006,000 ounces of gold reported in the Inferred category. The Gaoua copper-gold resource grew an amazing 182% to 282,410,000 tonnes at 0.53% CuEQ (0.32% Cu and 0.35 g/t Au) for 2,007,980,000 pounds of copper and 3,169,600 ounces of gold (0.30% CuEQ cut-off) in the Inferred category and, in addition, 7% of the Mineral Resource was converted from Inferred to the Indicated category at Gongondy representing 22,020,000 tonnes at 0.49% CuEQ (0.29% Cu and 0.33 g/t Au) for 138,577,000 pounds of copper and 236,300 ounces of gold.

2012, however, was also a year of extreme turbulence in the junior mining sector. Particularly visible was increased negative sentiment towards developing junior companies with significant capital requirements. For this reason Volta decided to embark on a Feasibility Study at Kiaka based on a phased, selective mining, approach. The new resource demonstrates discrete and continuous higher grade lenses within the broader lower grade envelope in the Kiaka Central Area. The approach will entail installing initial processing capacity of 6.0 Mt per annum (significantly lowering CAPEX) for the initial years and scaling up to 12.0 Mt per annum for the remainder of the mine life. The Feasibility Study is due to be finalized by the end of Q3 this year. We will continue to drive toward production at Kiaka which to date has demonstrated robust economic parameters in the Pre-Feasibility Study.

Even as Volta continues to add value and de-risk Kiaka, the general market sentiment and risk profile have changed tremendously. In this unfavourable environment Volta's share price has seen considerable downward pressure. Nevertheless, your Company is well placed to succeed in even adverse market conditions. With a large advanced near-term production project with robust economics and a very strong cash position, Volta has the attributes to benefit disproportionately when market sentiment improves. Also, in order to guard its strong cash position, Volta has decided to bolster it by rationalizing its non-core holdings. To this end we have engaged BMO Capital Markets to initiate a strategic review process to consider alternatives in relation to its Gaoua copper-gold porphyry project. Strategic alternatives include, but are not limited to, the sale of all or a portion of the Company's interest in the Gaoua project. Volta is also in the process of ongoing rationalization of its property portfolio in order to focus on continued development of the Kiaka Gold Project, the largest undeveloped gold project in Burkina Faso.

The Company has engaged Standard Bank to provide advice on securing the project financing for the Kiaka Gold Project development and is in advanced talks with several potential lenders. Volta's finance team is working closely with its advisors and with operating management to determine the optimum capital components for the project financing. Our objective is to determine a capital structure that provides maximum financial flexibility with the lowest cost of capital to drive the optimum return on investment for shareholders.

The future growth and development of the Kiaka region looks very positive with the interpreted results from a recent airborne geophysical survey enabling us to identify a number of quality targets occurring in structurally equivalent areas to where our world class Kiaka gold deposit is located. Ground follow up of the prioritised targets has yielded very encouraging results thus far and supports previous excellent results obtained by Randgold during their regional exploration over this ground.

Despite challenging equity markets in 2012, Volta has adjusted and adapted to ensure longevity in these fluctuating markets and remains confident and excited about its future. By defining the largest undeveloped gold deposit and also the largest copper-gold porphyry project in West Africa, Volta's team has proven itself throughout these turbulent times.

My sincere appreciation goes out to our loyal shareholders who continue to support our efforts and growth. I would also like to recognize the efforts of the management and employees of Volta and its subsidiaries for their tireless work during 2012 as well as the efforts of our directors who have provided invaluable guidance throughout the year.

Sincerely,

Kevin Bullock
President and Chief Executive Officer
May 7, 2013