Mr. Keith Henderson reports

VELOCITY ANNOUNCES APPOINTMENT OF MICHELLE ROTH AS AN INDEPENDENT DIRECTOR

Velocity Minerals Ltd. has appointed Michelle Roth to its board of directors as an independent director.

Michelle Roth

Ms. Roth is an entrepreneur and business leader who founded Roth Investor Relations in 1987. She successfully expanded this global consulting business through multiple investment cycles by formulating comprehensive shareholder engagement solutions for a global client base. Mining clients ranged from producers to developers and explorers with assets in North America, Australia, Africa, Europe and South America. Commodities included gold, silver, platinum, copper, diamond, nickel, and ferrochrome. Ms. Roth earned an MBA in Finance from Fordham University and a BA (Hons) in Political Science from the University at Albany. She will Chair Velocity's Audit Committee as well as serving on the Compensation Committee and the Governance and Nominating Committee.

Ms. Roth currently serves as Chairperson of Maple Gold Mines (TSXV: MGM) and Interim Non-Executive Chair of Ardiden Limited (ASX: ADV). She also acts as a strategic advisor to Brooks & Nelson, LLC. Previously, she was a strategic advisor to Nova Royalty Corporation (TSXV: NOVR), as well as to a privately held cell tower infrastructure/ IT managed services company and a cybersecurity solutions provider, where she advised both on growth opportunities.

In the public sector, Ms. Roth served as Mayor, Deputy Mayor and Planning Board Chairperson of Manalapan Township, New Jersey. She has also held appointed positions on other governmental boards. During her service, she gained experience with budgeting, succession planning, union negotiations, public/private partnerships and the setting and implementing of land use policy.

Incentive Stock Options

The Company announces that it has granted 300,000 common share stock options (each, an "Option") to Ms. Roth. The Options entitle Ms. Roth to purchase shares at a price of $0.13 per share (which price is the 5-day market VWAP) for a period of 5 years from the issue date. Options will vest over 3 years, beginning 6 months from the date of issue and vesting in equal tranches bi-annually thereafter. Including this issuance, the Company has now set Options representing 5.3% of the issued and outstanding stock.

Share Issuance

Velocity also announces that it has issued 125,000 common shares to Leede Jones Gable Inc. (the "Advisor"), in accordance with its previously announced advisory agreement (the "Advisory Agreement"). The common shares were issued with a deemed price of $0.13 per common share and were issued on September 29, 2023. In addition, the Company also confirms that on August 9, the Company issued 125,000 common shares at a deemed price of $0.15 per common shares to satisfy the first tranche of common shares payable under the Advisory Agreement. With the first and second tranches of common shares now issued to the Advisor, the Company has a further 250,000 common shares to be issued under the Advisory Agreement.

About Velocity Minerals Ltd.

Velocity is a precious metals and copper explorer focused on Eastern Europe. In Bulgaria, Velocity has a 70% interest in the Tintyava property, which includes the prefeasibility-stage Rozino deposit. Velocity also has a 70% interest in the Momchil property (which includes the Obichnik project), a 70% interest in the Nadezhda property (which includes the Makedontsi project), and a 70% interest in the Dangovo property (which is contiguous with the Makedontsi project). The Company holds a 100% interest in the Iglika copper-gold exploration property and recently entered into an option agreement with Dundee Precious Metals who have an option to earn a 75% interest in the property. The Company has also entered into agreements to acquire a 75% interest in the Zlatusha and Kalabak copper-gold exploration properties.

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