Ms. Nicole Morcombe reports

VELOX ANNOUNCES GRANT OF DEFERRED SHARE UNITS

Effective today, Velox Energy Materials Inc. has granted an aggregate of four million deferred share units (DSUs) to Vincent Algar, a director of the company, pursuant to the company's long-term incentive plan.

Each DSU represents a right to receive one common share of the company, subject to the terms and conditions of the company's existing long-term incentive plan. The DSUs were granted in accordance with the plan, which is a rolling 10-per-cent security-based compensation plan.

The DSUs will vest in accordance with the terms of the plan and the applicable award agreement. In accordance with the plan, the DSUs will be settled in common shares of the company upon the holder ceasing to be an eligible participant, or such earlier vesting date as may be determined by the board of directors, and in all cases in accordance with applicable policies of the TSX Venture Exchange.

The number of DSUs granted was determined by the board of directors in its discretion, consistent with the terms of the plan.

The grant remains subject to acceptance by the TSX-V.

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 a CIM-compliant (Canadian Institute of Mining, Metallurgy and Petroleum) indicated mineral resource of 61.33 million tonnes at 0.34 per cent V2O5 (vanadium pentoxide) and 234.6 parta per million MoO3 (molybdenum trioxide), along with an inferred mineral resource of 144.87 million tonnes at 0.33 per cent V2O5 (cut-off grade of 0.25 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.

We seek Safe Harbor.