Mr. Keith Henderson reports

VELOCITY ANNOUNCES EXERCISE OF WARRANTS AND GRANTING OF STOCK OPTIONS

Velocity Minerals Ltd. has received proceeds of $1,316,387 from exercise of warrants expiring on Dec. 19, 2025. A total of 98 per cent of outstanding warrants were exercised at an exercise price of 18 cents and the company has no additional outstanding share purchase warrants.

The company also announces that it has granted 3,665,000 common share stock options to various directors, officers, employees and consultants of the company and its affiliates. The options will form part of the company's annual grant of long-term incentives. The options entitle the holder to purchase shares at a price of 18 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 8.9 per cent of the issued and outstanding stock.