Mr. Keith Henderson reports

VELOCITY RECEIVES TSX VENTURE APPROVAL FOR AMENDED ZLATUSHA COPPER-GOLD OPTION AGREEMENT

Velocity Minerals Ltd. has received TSX Venture Exchange approval for the previously announced binding letter agreement with Zelenrok EOOD, a wholly owned subsidiary of Raiden Resources Ltd. (see news release dated Jan. 24, 2023). Pursuant to the letter agreement, Velocity has been granted an exclusive option to acquire up to a 75-per-cent interest in and to the prospecting and exploration license covering the 195-square-kilometre Zlatusha gold-copper property, located in Bulgaria. The option consists of a first option to acquire up to a 51-per-cent interest and a second option to acquire an additional 24-per-cent (aggregate 75 per cent) interest in and to the property.

Letter agreement

The letter agreement has been amended (i) to add a price floor for the Velocity shares issuable under the option, such that the deemed issuance price per Velocity share will be equal to the greater of 16.25 cents per share and the 20-day volume weighted average price of the Velocity shares on the TSX-V ending on the trading day immediately prior to the issuance of the Velocity shares; and (ii) to change the initial consideration consisting of a $100,000 cash payment and $100,000 variable cash payment due within 10 business days of the TSX-V approval to the issuance to Raiden to $220,000 in Velocity shares, which have now been issued. The amendment to the letter agreement also provides that, during the term of the first option, Velocity can carry a drilling shortfall into the immediately following year, provided that Velocity cannot terminate the first option prior to having completed 3,000 metres of drilling on or prior to Sept. 23, 2024.

Zlatusha property and next steps

The Zlatusha gold-copper property is located within a prolific mineral belt stretching from Serbia through Bulgaria. Although certain prospects within the property have historically seen 52 drill holes (about 10,000 metres), the 195 square km property has never seen systematic modern exploration. The property is highly prospective for epithermal gold, porphyry copper-gold and skarn deposits, and a total of seven known mineral occurrences have already been identified.

Immediate exploration plans include a property-wide airborne magnetic geophysical survey, geochemical sampling, including extensive soil sampling surveys, as well as detailed mapping and prospecting.

Qualified person

The technical content of this release has been approved for disclosure by Daniel Marinov, RPGeo, a qualified person as defined by National Instrument 43-101 and the company's vice-president of operations. Mr. Marinov is not independent of the company as he is a director, officer and shareholder, and holds incentive stock options.

About Velocity Minerals Ltd.

Velocity is a precious metal and copper explorer focused in Eastern Europe. In Bulgaria, Velocity has a 70-per-cent interest in the Tintyava property, which includes the prefeasibility-stage Rozino deposit. Velocity also has a 70-per-cent interest in the Momchil property (which includes the Obichnik project), a 70-per-cent interest in the Nadezhda property (which includes the Makedontsi project), a 70-per-cent interest in the Dangovo property (which is contiguous with the Makedontsi project) and a 100-per-cent interest in the Iglika copper-gold exploration property. The company recently entered into a binding letter agreement to acquire a 75-per-cent interest in the Zlatusha copper-gold exploration property.

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