Mr. Daniel Marinov reports

EARLY WARNING NEWS RELEASE

Marinov Ltd., on July 21, 2017, acquired ownership and control of 6.3 million common shares in the capital of the issuer pursuant to a purchase and sale agreement dated Jan. 24, 2017, whereby the issuer acquired all of the issued and outstanding common shares in the capital of 1077076 B.C. Ltd., in consideration and in exchange for common shares of the issuer. Of the 6.3 million subject shares, Marinov acquired 4.5 million at a deemed issuance price of 25 cents per share and 1.8 million through common share purchase warrants, which were each exercised for one common share in the capital of the issuer at 7.5 cents per share. Effective July 25, 2017, the Velocity shares will be listed for trading on the TSX Venture Exchange; however, the transaction did not occur on a stock exchange or other market that represents a published market for securities.

Immediately before the completion of the transaction, Marinov did not beneficially own or control any Velocity shares. As a result of the transaction, Marinov beneficially owns or controls 6.3 million Velocity shares, representing approximately 10.98 per cent of the currently issued and outstanding Velocity shares.

Marinov acquired the Velocity shares for investment purposes. However, Marinov will review its holdings from time to time, and may, in the future, increase or decrease its ownership or control over securities of the issuer as circumstances dictate.

An early warning report will be filed under the issuer's profile on the SEDAR website. A copy of the early warning report can also be obtained by contacting Daniel Marinov at 604-484-1233.

Marinov makes this announcement in accordance with National Instrument 62-103 -- The Early Warning System and Related Take Over Bids and National Instrument 62-104 00 Take-Over Bids and Issuer Bids. Marinov is controlled by Mr. Marinov, a director of Velocity Minerals.

The issuer's head office is located at Suite 2300, 1177 West Hastings St., Vancouver, B.C., V6E 2K3.