Mr. Robert Kopple of KF Business Ventures reports

ROBERT KOPPLE NEWS RELEASE

KF Business Ventures LP (KFBV) has made the following announcement in accordance with National Instrument 62-103 (the Early Warning System and Related Take Over Bids and Insider Reporting Issues).

KFBV advises that it has filed an early warning report in connection with the issuance by Velocity Minerals Ltd. to KFBV of 4,971,824 units of Velocity on May 2, 2018, each unit consisting of one common share and one-half of one common share purchase warrant. The units were acquired by KFBV pursuant to a previously disclosed non-brokered private placement being undertaken by Velocity.

In addition, and also on May 2, 2018, Velocity granted one million common share stock options to Robert C. Kopple in connection with a consulting agreement between Velocity and Mr. Kopple, pursuant to which Mr. Kopple will provide consulting services as a member of Velocity's advisory board. Mr. Kopple may be considered a joint actor with KFBV in that he is the president of the general partner of KFBV.

Immediately before the issuance of the units and options, Mr. Kopple beneficially owned and controlled 3,028,176 shares and 220,588 warrants in the capital of Velocity. As a result of the subscription of units by KFBV and the options granted to Mr. Kopple, KFBV and Mr. Kopple beneficially own and control eight million shares, 2,706,500 warrants and one million options, representing 11.80 per cent (16.37 per cent on partially diluted basis) of the currently issued and outstanding common shares of Velocity.

Either KFBV or Mr. Kopple may acquire additional securities of Velocity, or may sell some or all of the securities now held by them from time to time in the future, but neither has present intentions in either regard. Similarly, neither currently has any plans or intentions to: (a) undertake a corporate transaction, such as a merger, reorganization or liquidation, involving Velocity or any of its subsidiaries; (b) sell or transfer any other material assets to Velocity; or cause Velocity to sell or dispose of any of its material assets; (c) change the board of directors or management of Velocity, including any plans or intentions to change the number or term of directors or to fill any existing vacancy on its board; (d) effect a material change in the present capitalization or dividend policy of Velocity; (e) effect a material change in Velocity's business or corporate structure; (f) effect a change in Velocity's charter, bylaws or similar instruments, or another action which might impede the acquisition of control of Velocity by any person or company; (g) cause any class of securities of Velocity to be delisted from, or cease to be authorized to be quoted on, a marketplace; (h) cause Velocity to cease to be a reporting issuer in any jurisdiction of Canada; (i) solicit proxies from securityholders; or (j) any action similar to any of those enumerated above.

A copy of the early warning report may be found under Velocity's profile on SEDAR.