Mr. Keith Henderson reports

VELOCITY ANNOUNCES COMMENCEMENT OF PHASE II DRILLING AT IGLIKA PROPERTY, BULGARIA

Drilling has restarted at Velocity Minerals Ltd.'s Iglika copper-gold property, located in southeast Bulgaria. The drill program is fully financed by Dundee Precious Metals Inc. (DPM).

Phase II drilling highlights

The phase II drill program is planned at approximately 7,000 metres of drilling in 13 drill holes, with 2,500 m planned to be completed by year-end and the remainder in Q1 2024. The drilling campaign is simultaneously focused on testing geochemical and geophysical targets as well as establishing geological stratigraphy on the property, with drill holes planned to reach a maximum depth of 1,000 m. Drilling completed in August, 2023, totalled 3,275 m, which together with the current phase II will total approximately 10,075 m.

Holistic exploration approach

The property has potential for multiple mineral deposit types, including copper porphyry, copper skarn and epithermal gold. Surface exploration completed at the property to date includes approximately 610 rock samples, 2,750 soil samples, 2,300 multihorizon soil samples, 600 line-kilometres of magnetic data, 110 line km of induced polarization and 15,000 radiometric measurements. This work, together with extensive mapping and prospecting, has identified multiple target areas for drill testing.

Quality assurance/quality control

The work programs in Bulgaria are designed and supervised by Daniel Marinov, MAIG, RPGeo, the company's vice-president, operations, who is responsible for all aspects of the work, including the quality assurance/quality control program. On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to the ALS Global laboratory in Romania (soil samples) or SGS Mineral Services laboratory in Bor, Serbia (drill core), for sample preparation and subsequent analysis. Drill core samples are prepared and analyzed by fire assay using a 30-gram charge and multielement analysis with four-acid digestion using an inductively coupled mass spectrometer in compliance with industry standards at the SGS Mineral Services laboratory. Soil samples are prepared in compliance with industry standards at ALS's Romanian laboratory then a sample split of the milled material (pulp) is shipped to ALS's Irish laboratory for trace detection limit method for a gold plus multielement package by aqua regia digestion for acid extractable gold -- 25 grams. Field duplicate samples, blanks and independent controlled reference material (standards) are added to every batch. Geophysical surveys are carried out by geophysical consultants using up-to-date technologies, with the results checked by a third party independent geophysicist for quality control. Raw geophysical data are processed and corrected, and the results are interpreted by two independent groups of geophysicists under the direction of company staff.

Qualified person

The technical content of this release has been approved for disclosure by Mr. Marinov, RPGeo, a qualified person as defined by National Instrument 43-101 and the company's vice-president, 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 metals 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) and a 70-per-cent interest in the Dangovo property (which is contiguous with the Makedontsi project). The company holds a 100-per-cent interest in the Iglika copper-gold exploration property and recently entered into an option agreement with DPM which has an option to earn a 75-per-cent interest in the property. The company has also entered into agreements to acquire a 75-per-cent interest in the Zlatusha and Kalabak copper-gold exploration properties.

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