Velocity Provides Transaction Update

About this update from Velocity Minerals Ltd.

Velocity Provides Transaction UpdateAmends Artemis Investment AgreementVancouver, British Columbia--(Newsfile Corp. - November 4, 2025) - Velocity Minerals Ltd. (TSXV: VLC) (OTCQB: VLCJF) ("Velocity" or the "Company") provides an update on the February 2025 share purchase and option agreement between Türker Global Madencilik Sanayi ve Ticaret A.Ş. ("Türker") and Velocity (the "Türker Transaction") (see previous news releases, including dated April 16, 2025). Türker Transaction UpdateIn connection with the Türker Transaction, Velocity received a first tranche payment (previous news released dated June 9, 2025). Future closing of the Türker Transaction will occur within 18 months from June 23, 2025, or earlier at Türker's discretion. If the transaction closes within 12 months, on or before June 23, 2026, then the amount of the second and final tranche will be reduced by USD $1.5 million. Velocity and Türker have signed a Funding and Technical Services Agreement, dated July 18, 2025 (as amended), pursuant to which Türker will be responsible for funding 100% of all costs required to (i) keep the Subject Assets in good standing, (ii) complete field work supporting Türker's planned Feasibility Study (to be prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects), and (iii) file an Environmental Impact Assessment report "EIA Report") required under local mine permitting regulations. The Feasibility Study is in progress with planned completion in Q2 2026. The EIA Report was completed in Q3 and filed with the relevant authorities on August 8, 2025. Amended Agreement DetailsThe Company also announces that it has entered into an agreement to amend the terms of an investment agreement with Artemis Gold Inc. ("Artemis") dated January 16, 2019 (the "2019 Investment Agreement"). The amendment dated November 3, 2025 (the "Amendment Agreement"), provides that:Distribution of Net Profits - the net profits of the Company (including the net proceeds from the disposition of assets) available for distribution will be distributed to shareholders of the Company. Cap on Board of Directors - the number of directors of Velocity will be capped at five members.Board Composition - the board of directors will continue to include Keith Henderson, Daniel Marinov, Mark Cruise, and a nomine...

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