Mr. Simon Coyle reports

BOARD CHANGES

Velox Energy Materials Inc. has provided an update on board changes ahead of the company's dual listing on Australian Securities Exchange, anticipated to occur during the March, 2024, quarter.

The company is pleased to announce the appointment of experienced mining executive Mark Connelly as non-executive director of the company. Mr. Connelly will transition to non-executive chair upon successful dual listing on ASX. Caroline Keats, who has served as a non-executive director of the company since April 11, 2023, resigned effective Jan. 1, 2024, due to competing priorities.

A biography for Mr. Connelly follows.

Biography of Mr. Connelly

Mr. Connelly has extensive experience and involvement in exploration, development and mining projects, including the merger of Papillon Resources with B2 Gold Corp. and the merger of Adamus Resources with Endeavour Mining. He is currently non-executive chairman at Calidus Resources Ltd. (appointed January, 2018), Omnia Metals Group Ltd. (appointed May, 2021), Alto Metals Ltd. (appointed October, 2022), Warriedar Resources Ltd. (appointed November, 2022), NickelSearch Ltd. (appointed April, 2023) and BeMetals Corp. (appointed July, 2020) and a non-executive director at Renegade Exploration Ltd. (appointed February, 2022).

Mr. Connelly is a member of the Australian Institute of Company Directors, a member of the Australian Institute of Management, and a member of the Society of Mining, Metallurgy and Exploration.

Velox president and chief executive officer, Simon Coyle, commented:

"We are excited to welcome Mark to the Velox board. His considerable experience in the natural resources sector will be invaluable in guiding Velox forward, as we move to a dual-listed company on the TSX-V and ASX during the March, 2024, quarter.

"We thank Caroline for her contribution as a board member and wish her well in her future endeavours."

About Velox Energy Materials Inc.

Velox Energy Materials is a publicly traded energy materials company developing and progressing high-value assets in resource and research-friendly jurisdictions. The company's priority focus is the advanced NQV project in Queensland, Australia. The NQV project hosts the Cambridge deposit with an indicated mineral resource of 61.33 million tonnes at 0.34 per cent vanadium oxide and 234.6 parts per million molybdenum trioxide along with an inferred mineral resource of 144.87 Mt at 0.33 per cent V2O5 and 241.9 ppm MoO3 (Dufresne et al., 2022). The company is targeting shallow, high-grade mineralization that can be developed using low-cost mining and processing options.

The company additionally owns Kotai Energy and the option to acquire 100 per cent of the intellectual property rights associated with the solid-state hydrogen storage project from Curtin University in Western Australia. Kotai is focused on the commercialization of technology that can produce high-pressure hydrogen following transport as an inert powder.

In October, 2023, the company applied for a package of tenements that are prospective for lithium in eastern Quebec.

Qualified persons

The Velox Energy Materials scientific and technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved on behalf of Velox Energy Materials by Michael Griffiths, FAusIMM, director and vice-president, exploration, for Velox Energy Materials, a qualified person.

We seek Safe Harbor.