Mr. Keith Henderson reports

VELOCITY PROVIDES NOTICE OF TERMINATION TO RAIDEN RESOURCES REGARDING THE KALABAK OPTION AGREEMENT

Velocity Minerals Ltd. has issued a 60-day notice of termination to Zelenrok EOOD (a wholly owned subsidiary of Raiden Resources Ltd.) under a letter agreement dated Aug. 8, 2023, between the company and Raiden. Pursuant to the letter agreement, the company was granted the right and option to acquire a 75-per-cent indirect interest in the Kalabak project in southeast Bulgaria. Surface geochemistry completed in Q3 and Q4 2023 did not return positive results and the property is of no further interest. The option and the letter agreement are terminated, effective Jan. 9, 2024.

Share issuance

Velocity has issued 125,000 common shares to Leede Jones Gable Inc. in accordance with its previously announced advisory agreement. The common shares were issued with a deemed price of 11 cents per common share and were issued on Jan. 2, 2024. The company has issued 375,000 common shares under the advisory agreement to date and has a further 125,000 common shares to be issued.

Incentive stock options

The company has granted 3,455,000 common share stock options to various directors, officers, employees and consultants of the company and its affiliates. The options entitle the holder to purchase shares at a price of 11 cents per share for a period of five years from the issue date. Options will vest over three years, beginning six months from the date of issue and vesting in equal tranches biannually thereafter. Including this issuance, the company has now set options representing 5.94 per cent of the issued and outstanding stock.

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) 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 Dundee Precious Metals, which has an option to earn a 75-per-cent interest in the property. The company has also entered into an agreement to acquire a 75-per-cent interest in the Zlatusha copper-gold exploration property.

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